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<!-- Created: Wed Mar 28 14:07:06 UTC 2012 -->
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  <dei:EntityRegistrantName contextRef="c2_From1Jan2011To31Dec2011">Daxor Corporation</dei:EntityRegistrantName>
  <dei:DocumentType contextRef="c2_From1Jan2011To31Dec2011">10-K</dei:DocumentType>
  <dei:CurrentFiscalYearEndDate contextRef="c2_From1Jan2011To31Dec2011">--12-31</dei:CurrentFiscalYearEndDate>
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  <dei:EntityPublicFloat unitRef="usd" contextRef="c33_AsOf30Jun2011" decimals="0">10055445</dei:EntityPublicFloat>
  <dei:AmendmentFlag contextRef="c2_From1Jan2011To31Dec2011">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey contextRef="c2_From1Jan2011To31Dec2011">0000027367</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c2_From1Jan2011To31Dec2011">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c2_From1Jan2011To31Dec2011">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c2_From1Jan2011To31Dec2011">Smaller Reporting Company</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c2_From1Jan2011To31Dec2011">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c2_From1Jan2011To31Dec2011">2011</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c2_From1Jan2011To31Dec2011">FY</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c2_From1Jan2011To31Dec2011">2011-12-31</dei:DocumentPeriodEndDate>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (1) BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Business&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Daxor Corporation is a medical device manufacturing company&#xd;
      that offers additional biotech services, such as cryobanking,&#xd;
      through its wholly-owned subsidiary, Scientific Medical&#xd;
      Systems Corp. The main focus of Daxor Corporation has been&#xd;
      the development and marketing of an instrument that rapidly&#xd;
      and accurately measures human blood volume. This instrument&#xd;
      is used in conjunction with a single use diagnostic injection&#xd;
      and collection kit that the Company also sells to its&#xd;
      customers.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: Black&quot;&gt;&#xd;
      As further discussed in Note 12, the Company was found to be&#xd;
      an investment company as defined by the Investment Company&#xd;
      Act of 1940 by an Administrative Law Judge of the SEC.&#xd;
      &amp;#160;The Company plans to file a Form N-8A (Notification of&#xd;
      Registration Filed Pursuant to Section 8(a) of the Investment&#xd;
      Company Act of 1940) shortly after our Form 10-K for the year&#xd;
      ended December 31, 2011 is filed. We have 90 days from when&#xd;
      the N-8A is filed to file our Form N-2 which is the&#xd;
      Registration Statement. The Company plans to file the N-2 as&#xd;
      soon as possible after the N-8A is filed and to begin&#xd;
      reporting as an Investment Company effective January 1, 2012.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;&lt;u&gt;Significant Accounting Policies&lt;/u&gt;&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Principles of Consolidation&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The consolidated financial statements include the accounts of&#xd;
      Daxor Corporation and Scientific Medical Systems Corp, a&#xd;
      wholly-owned subsidiary (together, the&#xd;
      &amp;#8220;Company&amp;#8221;). All significant intercompany&#xd;
      transactions and balances have been eliminated in&#xd;
      consolidation.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Use of Estimates&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The preparation of financial statements in conformity with&#xd;
      accounting principles generally accepted in the United States&#xd;
      of America requires management to make estimates and&#xd;
      assumptions that affect the reported amounts of assets and&#xd;
      liabilities and disclosures of contingent assets and&#xd;
      liabilities at the date of the financial statements and the&#xd;
      reported amounts of revenues and expenses during the&#xd;
      reporting period. Actual results could differ from those&#xd;
      estimates.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Reclassifications&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Reclassifications occurred to certain prior year amounts in&#xd;
      order to conform to the current year classifications. The&#xd;
      reclassifications have no effect on the reported net income.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Segment Information&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The Company has two operating segments: Equipment Sales and&#xd;
      Related Services, and Cryobanking and Related Services.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Equipment Sales and Related Services segment comprises&#xd;
      the Blood Volume Analyzer equipment and related activity.&#xd;
      This includes equipment sales, equipment rentals, equipment&#xd;
      delivery fees, BVA-100 kit sales and service contract&#xd;
      revenues.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The Cryobanking and Related Services segment is comprised of&#xd;
      activity relating to the storage of blood and semen, and&#xd;
      related laboratory services and handling fees.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Although not deemed an operating segment, the Company reports&#xd;
      a 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, and&#xd;
      expenses relating to these investments.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Cash and Cash Equivalents&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company considers all highly liquid investments and debt&#xd;
      instruments with an original maturity of 90 days or less to&#xd;
      be cash equivalents.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Fair Value of Financial Instruments&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The 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 a&#xd;
      market rate of interest.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Fair Value Measurements&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company accounts for its investments under the provision&#xd;
      of 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 value&#xd;
      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 to&#xd;
      transfer a liability (an exit price) in the principal or most&#xd;
      advantageous market for the asset or liability in an orderly&#xd;
      transaction between market participants on the measurement&#xd;
      date. ASC 820 establishes a fair value hierarchy which&#xd;
      requires an entity to maximize the use of observable inputs&#xd;
      and minimize the use of unobservable inputs when measuring&#xd;
      fair value. The standard describes three levels of inputs&#xd;
      that may be used to measure fair values which are discussed&#xd;
      below.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      Level 1 - Quoted prices in active markets for identical&#xd;
      assets or liabilities.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      Level 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.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      Level 3 - Unobservable inputs that are supported by little or&#xd;
      no market activity and that are significant to the fair value&#xd;
      of the assets or liabilities. Level 3 assets and liabilities&#xd;
      include financial instruments whose value is determined using&#xd;
      pricing models, discounted cash flow methodologies, or&#xd;
      similar techniques, as well as instruments for which the&#xd;
      determination of fair value requires significant management&#xd;
      judgment or estimation. This category includes auction rate&#xd;
      securities where independent pricing information was not able&#xd;
      to be obtained.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The 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 in&#xd;
      footnote 2, Fair Value Measurements.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Puts and Calls at Fair Value&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      As 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. In&#xd;
      accordance with FASB ASC 815, &amp;#8220;Derivatives and&#xd;
      Hedging&amp;#8221; (&amp;#8220;ASC 815&amp;#8221;), &lt;i&gt;&amp;#160;&lt;/i&gt; these&#xd;
      options are marked to market for each reporting period using&#xd;
      readily available market quotes, and this fair value&#xd;
      adjustment is recorded as a gain or loss in the Statement of&#xd;
      Operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Upon 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 expire.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify&quot;&gt;&#xd;
      &lt;b&gt;Receivable from Broker&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The 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.The securities loaned are shares loaned to UBS&#xd;
      to cover short positions held by other customers of the&#xd;
      broker. UBS pays the Company interest for the loan of these&#xd;
      securities. The restricted cash is held by the brokers to&#xd;
      satisfy margin requirements.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The following table summarizes Receivable from Broker at&#xd;
      December 31, 2011 and 2010:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: justify&quot;&gt;&#xd;
          Description&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 64%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Restricted Cash&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 14%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          23,040,664&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 14%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          22,266,641&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Money Market Accounts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          10,115,798&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt; padding-bottom: 1pt&quot;&gt;&#xd;
          Securities Loaned&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          38,111&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Total Receivable from Broker&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          23,078,775&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          32,382,439&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Available for Sale Securities&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Available-for-sale securities represent investments in debt&#xd;
      and equity securities (primarily common and preferred stock&#xd;
      of utility companies) that management has determined meet the&#xd;
      definition of available-for-sale under FASB ASC 320,&#xd;
      &amp;#8220;Investments - Debt and Equity Securities&amp;#8221;&#xd;
      (&amp;#8220;ASC 320&amp;#8221;). Accordingly, these investments are&#xd;
      stated at fair market value and all unrealized holding gains&#xd;
      or losses are recorded in the Stockholders&amp;#8217; Equity&#xd;
      section as Accumulated Other Comprehensive Income (Loss).&#xd;
      Conversely, all realized gains, losses and earnings are&#xd;
      recorded in the Statement of Operations under Other Income&#xd;
      (Expense).&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company will also engage in the short selling of stock.&#xd;
      When this occurs, the short position is marked to the market&#xd;
      and this adjustment is recorded in the Statement of&#xd;
      Operations. Any gain or loss is recorded for the period&#xd;
      presented.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company&amp;#8217;s investment goals, strategies and policies&#xd;
      are as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          1.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;4&quot; style=&quot;padding-right: 3.8pt; line-height: 115%&quot;&gt;&#xd;
          The Company&amp;#8217;s investment goals are capital&#xd;
          preservation, maintaining returns on capital with a high&#xd;
          degree of safety and generating income from dividends and&#xd;
          option sales to help offset operating losses.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 7%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 78%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;4&quot; style=&quot;padding-right: 3.8pt; line-height: 115%&quot;&gt;&#xd;
          In order to achieve these goals, the Company maintains a&#xd;
          diversified securities portfolio comprised primarily of&#xd;
          electric utility common and preferred stocks. The Company&#xd;
          also sells covered calls on portions of its portfolio and&#xd;
          also sells puts on stocks it is willing to own. It also&#xd;
          sells uncovered calls and may have net short positions in&#xd;
          common stock up to 15% of the value of the portfolio. The&#xd;
          Company&amp;#8217;s net short position may temporarily rise&#xd;
          to 15% of the Company&amp;#8217;s portfolio without any&#xd;
          specific action because of changes in valuation, but&#xd;
          should not exceed this amount. The Company&amp;#8217;s&#xd;
          investment policy is to maintain a minimum of 80% of its&#xd;
          portfolio in electric utilities. The Board of Directors&#xd;
          has authorized this minimum to be temporarily lowered to&#xd;
          70% when Company management deems it to be necessary.&#xd;
          Investments in utilities are primarily in electric&#xd;
          companies. Investments in non-utility stocks will&#xd;
          generally not exceed 20% of the value of the portfolio.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          3.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;4&quot; style=&quot;padding-right: 3.8pt; line-height: 115%&quot;&gt;&#xd;
          Investment in speculative issues, including short sales,&#xd;
          maximum of 15%.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          4.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;4&quot; style=&quot;padding-right: 3.8pt; line-height: 115%&quot;&gt;&#xd;
          Limited use of options to increase yearly investment&#xd;
          income.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          a.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &lt;u&gt;The use of &amp;#8220;Call&amp;#8221; Options&lt;/u&gt; . Covered&#xd;
          options can be sold up to a maximum of 20% of the value&#xd;
          of the 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 may&#xd;
          have preferred to retain. Therefore, a limitation of 20%&#xd;
          is placed on the amount of stock on which options can be&#xd;
          written. The amount of the portfolio on which options are&#xd;
          actually written is usually between 3-10% of the&#xd;
          portfolio. The historical turnover of the portfolio is&#xd;
          such that the average holding period is in excess of five&#xd;
          years for available for sale securities.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          b.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &lt;u&gt;The use of &amp;#8220;Put&amp;#8221; options&lt;/u&gt; . Put options&#xd;
          are written on stocks which the company is willing to&#xd;
          purchase. While the company does not have a high rate of&#xd;
          turnover in its portfolio, there is some turnover; for&#xd;
          example, due to preferred stocks being called back by the&#xd;
          issuing company, or stocks being called away because call&#xd;
          options have been written. If the stock does not go below&#xd;
          the put exercise price, the company records the proceeds&#xd;
          from the sale as income. If the put is exercised, the&#xd;
          cost basis is reduced by the proceeds received from the&#xd;
          sale of the put option. There may be occasions where the&#xd;
          cost basis of the stock is lower than the market price at&#xd;
          the time the option is exercised.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          c.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &lt;u&gt;Speculative Short Sales/Short Options&lt;/u&gt; . The&#xd;
          Company normally limits its speculative transactions to&#xd;
          no more than 15% of the value of the portfolio. The&#xd;
          Company may sell uncovered calls on certain stocks. If&#xd;
          the stock price does not rise to the price of the call,&#xd;
          the option is not exercised and the company records the&#xd;
          proceeds from the sale of the call as income. If the call&#xd;
          is exercised, the Company will have a short position in&#xd;
          the related stock. The Company then has the choice of&#xd;
          covering the short position, or selling a put against it.&#xd;
          If the put is exercised, then the short position is&#xd;
          covered. The Company&amp;#8217;s current accounting policy is&#xd;
          to mark to the market at the end of each quarter any&#xd;
          short positions, and include it in the income statement.&#xd;
          While the Company may have so-called speculative&#xd;
          positions equal to 15% of its accounts, in actual&#xd;
          practice the net short stock positions usually account&#xd;
          for less than 10% of the assets of the company.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          5.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;7&quot; style=&quot;padding-right: 3.8pt; line-height: 115%&quot;&gt;&#xd;
          In the event of a merger, the Company will elect to&#xd;
          receive shares in the new company if this is an option.&#xd;
          If the proposed merger is a cash only offer, the Company&#xd;
          will receive cash and be forced to sell the stock.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td style=&quot;width: 7%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 76%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Securities borrowed at fair value&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      When a call option that has been sold short is exercised, a&#xd;
      short position is created in the related common stock. The&#xd;
      recorded cost of these short positions is the amount received&#xd;
      on the sale of the stock plus the proceeds received from the&#xd;
      underlying call option. These positions are shown on the&#xd;
      Balance Sheet as &amp;#8220;Securities borrowed at fair&#xd;
      value&amp;#8221; and the carrying value is reduced or increased&#xd;
      at the end of each quarter by the mark to market adjustment&#xd;
      which is recorded in accordance with ASC 320.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Accounts Receivable&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Accounts receivable are reviewed by the Company at the end of&#xd;
      each reporting period to determine the collectability based&#xd;
      upon the aging of the balances and the history of the&#xd;
      customer.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Inventory&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Inventory is stated at the lower of cost or market, using the&#xd;
      first-in, first-out method (FIFO), and consists primarily of&#xd;
      raw materials.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Prepaid Expenses and Other Current Assets&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Prepaid expenses and other current assets generally consist&#xd;
      of prepayments for future services and corporate capital&#xd;
      base/personal holding taxes. Prepayments are expensed when&#xd;
      the services are received or as the prepaid capital&#xd;
      base/personal holding taxes are offset by the related tax&#xd;
      liability. All prepaid expenses and taxes are expensed within&#xd;
      one year of the Balance Sheet date and are thus classified as&#xd;
      Current Assets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Property and Equipment&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Property and equipment is stated at cost. These assets are&#xd;
      depreciated under the straight-line method, over their&#xd;
      estimated useful lives, which range from 5 to 39 years.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Amounts spent to repair or maintain these assets arising out&#xd;
      of the normal course of business are expensed in the period&#xd;
      incurred. The cost of betterments and additions are&#xd;
      capitalized and depreciated over the life of the asset. The&#xd;
      cost of assets disposed of or determined to be non-revenue&#xd;
      producing, together with the related accumulated depreciation&#xd;
      applicable thereto, are eliminated from the accounts, and any&#xd;
      gain or loss is recognized.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In accordance with FASB ASC 360, &amp;#8220;Accounting for the&#xd;
      Impairment or Disposal of Long-Lived Assets&amp;#8221;,&#xd;
      management reviews long-lived assets for impairment whenever&#xd;
      events or changes in circumstances indicate that the carrying&#xd;
      amount of an asset may not be recoverable. Currently,&#xd;
      management does not believe there is any impairment of any&#xd;
      long-lived assets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Revenue Recognition&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company recognizes operational revenues from several&#xd;
      sources. The first source is the sale of equipment, the Blood&#xd;
      Volume Analyzer, to customers. The second source is the sale&#xd;
      of single use tracer doses supplied as Volumex kits that are&#xd;
      injected into the patient and measured by the Blood Volume&#xd;
      Analyzer. The third source of revenue is service contracts on&#xd;
      the Blood Volume Analyzer, after it has been sold to a&#xd;
      customer. The fourth source of revenue is the storage fees&#xd;
      associated with cryobanked blood and semen specimens, and&#xd;
      associated laboratory tests.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company currently offers three different methods of&#xd;
      purchasing the Blood Volume Analyzer equipment. A customer&#xd;
      may purchase the equipment directly, lease the equipment, or&#xd;
      rent the equipment on a month-to-month basis. The revenue&#xd;
      generated by a direct sale is recognized in the period in&#xd;
      which the equipment is shipped. The revenues generated by a&#xd;
      monthly rental are recognized commencing in the period in&#xd;
      which the equipment is shipped. If a customer is to select&#xd;
      the &amp;#8220;lease&amp;#8221; option, the Company refers its&#xd;
      customer to a third party finance company with which it has&#xd;
      established a relationship, and if the lease is approved, the&#xd;
      Company receives 100% of the sales proceeds from the finance&#xd;
      company and recognizes 100% of the revenue in the period in&#xd;
      which the equipment is shipped. The finance company then&#xd;
      deals directly with the customer with regard to lease&#xd;
      payments and related collections. Daxor Corporation does not&#xd;
      guarantee payments to the leasing company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The sales of the single-use radioisotope doses (Volumex) that&#xd;
      are used in conjunction with the Blood Volume Analyzer are&#xd;
      recognized as revenue in the period in which the doses are&#xd;
      shipped.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      When Blood Volume Analyzer equipment has been sold to a&#xd;
      customer, the Company offers a one year warranty on the&#xd;
      product, which covers all mechanical failures. This one year&#xd;
      warranty is effective on the date of sale of the equipment.&#xd;
      After the one year period expires, customers may purchase a&#xd;
      service contract through the Company, which is usually&#xd;
      offered in one-year increments. These service contracts are&#xd;
      recorded by the Company as deferred revenue and are amortized&#xd;
      into income in the period in which they apply.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      As at December 31, 2011 and December 31, 2010, deferred&#xd;
      revenue pertaining to the kit sales and historical service&#xd;
      contracts was $26,375 and $45,122, respectively. Deferred&#xd;
      revenue related to the storage fees was $12,296 and $6,798,&#xd;
      respectively. The total deferred revenues were $38,671 and&#xd;
      $51,920 respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The storage fees associated with the cryobanked blood and&#xd;
      semen samples are recognized as income in the period for&#xd;
      which the fee applies. The Company invoices customers for&#xd;
      storage fees on a quarterly basis. The Company will only&#xd;
      recognize revenue for those storage fees that are earned in&#xd;
      the current reporting period, and will defer the remaining&#xd;
      revenues to the period in which they are earned.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Income Taxes&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company accounts for income taxes under the provisions of&#xd;
      FASB ASC 740, &amp;#8220;Income Taxes.&amp;#8221; This pronouncement&#xd;
      requires recognition of deferred tax assets and liabilities&#xd;
      for the estimated future tax consequences of events&#xd;
      attributable to differences between the financial statement&#xd;
      carrying amounts of existing assets and liabilities and their&#xd;
      respective tax bases and operating loss and tax credit carry&#xd;
      forwards. Deferred tax assets and liabilities are measured&#xd;
      using enacted tax rates in effect for the year in which the&#xd;
      differences are expected to be recovered or settled. The&#xd;
      effect on deferred tax assets and liabilities of changes in&#xd;
      tax rates is recognized in the statement of operations in the&#xd;
      period in which the enactment rate changes. Deferred tax&#xd;
      assets and liabilities are reduced through the establishment&#xd;
      of a valuation allowance at such time as, based on available&#xd;
      evidence, it is more likely than not that the deferred tax&#xd;
      assets will not be realized.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company accounts for uncertainties in income taxes under&#xd;
      the provisions of FASB ASC 740-10-05, &amp;#8220;Accounting for&#xd;
      Uncertainties in Income Taxes&amp;#8221; The ASC clarifies the&#xd;
      accounting for uncertainty in income taxes recognized in an&#xd;
      enterprise&amp;#8217;s financial statements. The ASC prescribes a&#xd;
      recognition threshold and measurement attribute for the&#xd;
      financial statement recognition and measurement of a tax&#xd;
      position taken or expected to be taken in a tax return. The&#xd;
      ASC provides guidance on de-recognition, classification,&#xd;
      interest and penalties, accounting in interim periods,&#xd;
      disclosure and transition.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Comprehensive Income&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company reports components of comprehensive income under&#xd;
      the requirements of FASB ASC 220, &amp;#8220;Comprehensive&#xd;
      Income.&amp;#8221; This statement establishes rules for the&#xd;
      reporting of comprehensive income and requires certain&#xd;
      transactions to be presented as separate components of&#xd;
      stockholders&amp;#8217; equity. The Company currently reports the&#xd;
      unrealized holding gains and losses on available-for-sale&#xd;
      securities, net of deferred taxes, as accumulated other&#xd;
      comprehensive income.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Warranties and Indemnification Obligations&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company recognizes warranty and indemnification&#xd;
      obligations under FASB ASC 450, &amp;#8220;Contingencies.&amp;#8221;&#xd;
      The pronouncement requires a guarantor to recognize and&#xd;
      disclose a liability for obligations it has undertaken in&#xd;
      relation to the issuance of the guarantee.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company warrants that its products are free from defects&#xd;
      in material and workmanship for a period of one year from the&#xd;
      date of initial acceptance by our customers. The warranty&#xd;
      does not cover any losses or damage that occurs as a result&#xd;
      of improper installation, misuse or neglect and repair or&#xd;
      modification by anyone other than the Company or its&#xd;
      authorized repair agent. The Company&amp;#8217;s policy is to&#xd;
      accrue anticipated warranty costs based upon historical&#xd;
      percentages of items returned for repair within one year of&#xd;
      the initial sale. The Company&amp;#8217;s repair rate of product&#xd;
      under warranty has been minimal, and a historical percentage&#xd;
      has not been established. The Company has not provided for&#xd;
      any reserves for such warranty liability.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      When a Blood Volume Analyzer has been sold to a customer, the&#xd;
      Company offers a one year warranty on the product, which&#xd;
      covers all mechanical failures. This one year warranty is&#xd;
      effective on the date of sale of the unit. All major&#xd;
      components of the equipment are purchased and warranted by&#xd;
      the original third party manufacturers. After the one year&#xd;
      period expires, customers may purchase a service contract&#xd;
      through the Company, which is usually offered in one-year&#xd;
      increments. To date, the Company has not experienced any&#xd;
      major mechanical failures on any equipment sold. In addition,&#xd;
      the majority of the potential liability would revert to the&#xd;
      original manufacturer. Due to this history, a liability has&#xd;
      not been recorded with respect to product or warranty&#xd;
      liability.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Research and Development&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Costs associated with the development of new products are&#xd;
      charged to operations as incurred. Research and development&#xd;
      costs for the years ended December 31, 2011 and 2010 were&#xd;
      $2,705,952 and $3,041,640. These amounts have been calculated&#xd;
      according to the criteria specified in FASB ASC 730,&#xd;
      &amp;#8220;Research and Development.&amp;#8221;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Earnings Per Share&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company computes earnings per share in accordance with&#xd;
      FASB ASC 260, &amp;#8220;Earnings per Share.&amp;#8221; Basic&#xd;
      earnings per common share is computed by dividing income or&#xd;
      loss available to common stockholders by the weighted average&#xd;
      number of common shares outstanding for the period. Diluted&#xd;
      earnings per common share are based on the average number of&#xd;
      common shares outstanding during each period, adjusted for&#xd;
      the effects of outstanding stock options.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Certain stock options were not included in the computation of&#xd;
      earnings per share due to their anti-dilutive effect. The&#xd;
      number of anti-dilutive options totaled 42,800 and 53,800 for&#xd;
      the years ended December 31, 2011 and December 31, 2010,&#xd;
      respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Leased Employees&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      We have a contract with ADP Total Source to provide certain&#xd;
      professional employment services such as health insurance to&#xd;
      our employees at rates that we would not qualify for&#xd;
      otherwise, as well as, a retirement plan and payroll services&#xd;
      to our personnel. Pursuant to this contract, our personnel&#xd;
      are employees of, and paid by, ADP Total Source as part of an&#xd;
      employee leasing arrangement. We lease the services of these&#xd;
      employees from ADP, and reimburse ADP for the costs of&#xd;
      compensation and benefits. All of the employees referred to&#xd;
      in the Annual Report are full time employees. For purposes of&#xd;
      our Annual Report, we consider employees of ADP covered by&#xd;
      this contract to be employees of the Company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company records these payments using the same&#xd;
      classifications for which the reimbursement is made (i.e.&#xd;
      wage reimbursements are recorded as wage expense).&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Stock Based Compensation&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company records compensation expense associated with&#xd;
      stock 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 pricing&#xd;
      model.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Recent Accounting Pronouncements&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On January 1, 2011, the Company adopted Accounting Statement&#xd;
      Update (ASU) 2009-13, &amp;#8220;Revenue Recognition (Topic 605):&#xd;
      Multiple-Deliverable Revenue Arrangements,&amp;#8221; which&#xd;
      eliminates the residual method of allocation, and instead&#xd;
      requires companies to use the relative selling price method&#xd;
      when allocating revenue in a multiple deliverable&#xd;
      arrangement. When applying the relative selling price method,&#xd;
      the selling price for each deliverable shall be determined&#xd;
      using vendor specific objective evidence of selling price, if&#xd;
      it exists, otherwise using third-party evidence of selling&#xd;
      price. If neither vendor specific objective evidence nor&#xd;
      third-party evidence of selling price exists for a&#xd;
      deliverable, companies shall use their best estimate of the&#xd;
      selling price for that deliverable when applying the relative&#xd;
      selling price method. The Company has elected to adopt this&#xd;
      guidance prospectively for all revenue arrangements entered&#xd;
      into or materially modified after the date of adoption. The&#xd;
      adoption of the provisions of ASU 2009-13 did not have a&#xd;
      material effect on the financial position, results of&#xd;
      operations or cash flows of the Company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On 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.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      In 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 IFRS.&amp;#160;&amp;#160;The&#xd;
      amendments in this Update result in common fair value&#xd;
      measurement and disclosure requirements in U.S. GAAP and&#xd;
      IFRSs. Consequently, the amendments change the wording used&#xd;
      to describe many of the requirements in U.S. GAAP for&#xd;
      measuring fair value and for disclosing information about&#xd;
      fair value measurements. For many of the requirements, the&#xd;
      Board does not intend for the amendments in this Update to&#xd;
      result in a change in the application of the requirements in&#xd;
      Topic 820. The amendments in this Update should be applied&#xd;
      prospectively and are effective for fiscal years, and interim&#xd;
      periods within those years, beginning on or after December&#xd;
      15, 2011. Early application is not permitted.&amp;#160;&amp;#160;The&#xd;
      Company does not expect the provisions of ASU 2011-04 to have&#xd;
      a material effect on the financial position, results of&#xd;
      operations or cash flows of the Company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      In 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 income&#xd;
      and its components followed consecutively by a second&#xd;
      statement that should present total other comprehensive&#xd;
      income, the components of other comprehensive income, and the&#xd;
      total of comprehensive income. The amendments in this Update&#xd;
      should be applied retrospectively and are effective for&#xd;
      fiscal years, and interim periods within those years,&#xd;
      beginning on or after December 15, 2011. Early adoption is&#xd;
      permitted, because compliance with the amendments is already&#xd;
      permitted.&amp;#160;&amp;#160;The Company does not expect the&#xd;
      provisions of ASU 2011-05 to have a material effect on the&#xd;
      financial position, results of operations or cash flows of&#xd;
      the Company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Management does not believe that any other recently issued,&#xd;
      but not yet effective, accounting standard if currently&#xd;
      adopted would have a material effect on the accompanying&#xd;
      financial statements.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
  <us-gaap:MarketableSecuritiesTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (2) AVAILABLE FOR SALE SECURITIES&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company uses the historical cost method in the&#xd;
      determination of its realized and unrealized gains and&#xd;
      losses. The following tables summarize the Company&amp;#8217;s&#xd;
      investments and short positions:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Available for Sale Securities at December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Type of Security&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Cost Basis&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; width: 36%&quot;&gt;&#xd;
          Equity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          55,804,364&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          36,463,635&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          27,322,697&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; width: 1%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          (7,981,968&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Put and Call Options at December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Description&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Proceeds Received&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 36%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Puts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,895,535&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,502,208&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,514,395&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,907,722&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Calls&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          207,913&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          452,213&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          285,758&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (41,458&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Puts and Calls&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          7,103,448&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,954,421&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,800,153&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,949,180&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Securities Borrowed at Fair Value at December 31,&#xd;
      2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Type of Security&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Proceeds Received&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt; width: 36%&quot;&gt;&#xd;
          Equity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          23,136,820&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          16,845,833&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          288&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right; width: 11%&quot;&gt;&#xd;
          (6,291,275&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Daxor Corporation&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Summary of Unrealized Losses on Available for Sale Securities&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      As at December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Less Than Twelve Months&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Twelve Months or Greater&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 22%; text-align: left; text-indent: -9pt; padding-left: 9pt&quot;&gt;&#xd;
          Marketable Equity Securities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          6,834,546&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          3,680,525&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          3,566,012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          4,301,443&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          10,400,558&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          7,981,968&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Daxor Corporation&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Summary of Unrealized Gains on Available for Sale Securities&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      As at December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Less Than Twelve Months&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Twelve Months or Greater&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 22%; text-align: left; text-indent: -9pt; padding-left: 9pt&quot;&gt;&#xd;
          Marketable Equity Securities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          237,324&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          27,697&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          45,166,482&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          27,295,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          45,403,806&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          27,322,697&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Available for Sale Securities at December 31, 2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Type of Security&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Cost Basis&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 36%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          Equity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          53,876,071&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          30,967,959&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          23,498,072&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (589,960&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Put and Call Options at December 31, 2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Description&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Proceeds Received&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 36%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Puts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,764,234&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          8,116,480&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          5,426,402&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (74,156&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Calls&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,565,835&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,780,147&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          792,892&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (578,580&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Puts and Calls&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,330,069&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          9,896,627&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,219,294&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (652,736&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Summary of Securities Borrowed at Fair Value at December 31,&#xd;
      2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Type of Security&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Market Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Proceeds Received&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Losses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 36%; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt&quot;&gt;&#xd;
          Equity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          22,406,036&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          19,287,024&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          13,310&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (3,132,322&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Daxor Corporation&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Summary of Unrealized Losses on Available for Sale Securities&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      As at December 31, 2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Less Than Twelve Months&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Twelve Months or Greater&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 22%; text-align: left; text-indent: -9pt; padding-left: 9pt&quot;&gt;&#xd;
          Marketable Equity Securities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          8,263,313&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          74,480&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          2,216,443&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          515,480&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          10,479,756&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          589,960&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Daxor Corporation&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Summary of Unrealized Gains on Available for Sale Securities&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      As at December 31, 2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Less Than Twelve Months&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Twelve Months or Greater&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 22%; text-align: left; text-indent: -9pt; padding-left: 9pt&quot;&gt;&#xd;
          Marketable Equity Securities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          2,423,702&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          384,011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          40,972,613&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          23,114,061&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          43,396,315&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; text-align: right&quot;&gt;&#xd;
          23,498,072&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011 and December 31, 2010, available for&#xd;
      sale securities consist mostly of preferred and common stocks&#xd;
      of utility companies.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Our 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. Operating under this policy,&#xd;
      Management&amp;#8217;s investment strategy is to purchase utility&#xd;
      stocks which it considers to be undervalued relative to the&#xd;
      market in anticipation of an increase in the market price.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      It 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 we&#xd;
      purchased it. When that occurs, we follow the provisions of&#xd;
      &lt;i&gt;SEC Staff Accounting Bulletin: Codification of Staff&#xd;
      Accounting Bulletins, Topic 5-M (&amp;#8220;SAB 5-M&amp;#8221;):&#xd;
      Miscellaneous Accounting, Other Than Temporary Investments in&#xd;
      Debt and Equity Securities&lt;/i&gt; in determining whether an&#xd;
      investment is other than temporarily impaired. The factors we&#xd;
      review and/or consider include the following:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 5%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 90%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          The extent to which the market value has been less than&#xd;
          cost.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          An evaluation of the financial condition of an issuer&#xd;
          including a review of their profit and loss statements&#xd;
          for the most recent completed fiscal year and the&#xd;
          preceding two years.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          The examination of the general market outlook of the&#xd;
          issuer. This could include but is not limited to the&#xd;
          issuer having a unique product or technology which would&#xd;
          appear likely to have a positive impact on future&#xd;
          earnings.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          A review of the general market conditions.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Our intent and ability to retain the investment for a&#xd;
          period of time sufficient to allow for the anticipated&#xd;
          recovery in market value.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Specific adverse conditions related to the financial&#xd;
          health of, and business outlook for, the issuer.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Changes in technology in the industry and its affect on&#xd;
          the issuer&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#9679;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Changes in the issuer&amp;#8217;s credit rating .&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;b&gt;Unrealized Losses on Available for Sale Securities&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      &amp;#160;&amp;#160;&amp;#160; &amp;#160;At December 31, 2011, 82.1% or&#xd;
      $6,550,065 of the total unrealized losses of $7,981,968 was&#xd;
      comprised of the following three securities: $4,078,970 for&#xd;
      Bank of America, $872,787 for Citigroup Inc. and $1,598,308&#xd;
      for USEC.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      &lt;u&gt;Bank of America&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011, Daxor owned 612,095 shares of Bank of&#xd;
      America with a cost basis of $12.22 per share and a market&#xd;
      value of $5.56 per share. On March 14, 2012, the market value&#xd;
      was $8.84 per share which is $3.38 or 28% lower than our cost&#xd;
      basis of $12.22 per share. As of December 31, 2011, the book&#xd;
      value of the Company was $20.09 per share which is&#xd;
      substantially more than the current market price and the cost&#xd;
      basis of the shares owned by Daxor.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Revenue, net of interest expense for the year ended December&#xd;
      31, 2011 decreased to $93.4 billion from $110.2 billion&#xd;
      during the year ended December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On January 19, 2012, Bank of America reported net income of&#xd;
      $1.4 billion for the year ended December 31, 2011 versus a&#xd;
      net loss of $2.2 billion for the same period in 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      In 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 December 31,&#xd;
      2011, the Tier 1 Capital Ratio was 12.40%, the Total Capital&#xd;
      Ratio was 16.75% and the leverage ratio was 7.53%. Bank of&#xd;
      America is considered &amp;#8220;well capitalized&amp;#8221; under&#xd;
      the federal regulatory agency definitions at December 31,&#xd;
      2011.&amp;#160;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify&quot;&gt;&#xd;
      &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 the&#xd;
      market price exceeds our cost as it did at March 31, 2011,&#xd;
      management has determined that an impairment charge is not&#xd;
      necessary at December 31, 2011 on Bank of America.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      &lt;u&gt;Citigroup&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011, Daxor owned 48,940 shares of Citigroup&#xd;
      with a cost basis of $44.14 per share and a market value of&#xd;
      $26.31. On March 14, 2012, the market value was $35.21 per&#xd;
      share which is $8.93 or 20% lower than our cost basis of&#xd;
      $44.14 per share. During the first quarter of 2009, the stock&#xd;
      was at $10.00 per share and as of March 5, 2012, was trading&#xd;
      at $33.68 per share. As of December 31, 2011, the book value&#xd;
      of the Company was $60.70 which is substantially more than&#xd;
      the current market price and the shares owned by Daxor.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Citigroup reported net income of $11.0 billion for the year&#xd;
      ended December 31, 2011 versus net income of $10.6 billion&#xd;
      for the year ended December 31, 2010. Revenue was $78.3&#xd;
      billion during the current year versus $86.6 billion for the&#xd;
      same period in 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Citigroup has increased headcount to 266,000 at December 31,&#xd;
      2011 from 260,000 at December 31, 2010. This is still less&#xd;
      than the peak level of 375,000 from 2007. Total Operating&#xd;
      Expenses were 8% higher during the year ended December 31,&#xd;
      2011 as compared to the same period in 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      During 2009, Citigroup repaid $20 billion of TARP (Troubled&#xd;
      Asset 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 assistance&amp;#8221;&#xd;
      under TARP.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      In 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 December 31,&#xd;
      2011, the Tier 1 Capital Ratio was 13.6%, Total Capital Ratio&#xd;
      was 17.0% and the Leverage Ratio was 7.2%. Citigroup is&#xd;
      considered &amp;#8220;well capitalized&amp;#8221; under the federal&#xd;
      regulatory agency definitions at December 31, 2011 and all of&#xd;
      these percentages have improved since December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The operating environment for Citigroup continues to be&#xd;
      difficult but the stock price has mostly been trending upward&#xd;
      since the first quarter of 2010. Citigroup has now recorded a&#xd;
      profit for eight consecutive quarters versus a loss for the&#xd;
      year ended December 31, 2009. Citigroup is no longer deemed&#xd;
      to be a beneficiary of &amp;#8220;exceptional financial&#xd;
      assistance&amp;#8221; under TARP and is considered to be&#xd;
      &amp;#8220;well capitalized&amp;#8221; under the federal regulatory&#xd;
      agency definitions at December 31, 2011.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt&quot;&gt;&#xd;
      &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 the&#xd;
      market price exceeds our cost, management has determined that&#xd;
      an impairment charge is not necessary at December 31, 2011 on&#xd;
      Citigroup.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      &lt;u&gt;USEC&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011, Daxor owned 444,100 shares of USEC with&#xd;
      a cost basis of $4.74 per share and a market value of $1.14&#xd;
      per share. On March 14, 2012 the market value of USEC was&#xd;
      $1.27 per share which is $3.47 or 73% less than our cost&#xd;
      basis of $4.74 per share.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The stock price has decreased by 79% from January 1, 2011&#xd;
      through March 14, 2012, going from $5.99 per share to $1.27&#xd;
      per share. As of December 31, 2012, the Book Value of the&#xd;
      Company was approximately $5.78 per share. This is&#xd;
      substantially more than the current market price and the cost&#xd;
      basis of the shares owned by Daxor.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      USEC Inc., together with its subsidiaries, supplies low&#xd;
      enriched uranium (LEU) to commercial nuclear power plants in&#xd;
      the United States and internationally. It also performs&#xd;
      contract work for the U.S. Department of Energy (DOE) and DOE&#xd;
      contractors at the Paducah and Portsmouth gaseous diffusion&#xd;
      plants. USEC Inc&amp;#8217;s contract work includes support&#xd;
      services and the maintenance of Portsmouth gaseous diffusion&#xd;
      plant in a state of cold shutdown. In addition, the company&#xd;
      provides nuclear energy solutions and services, including the&#xd;
      design, fabrication, and implementation of spent nuclear fuel&#xd;
      technologies; nuclear materials transportation and storage&#xd;
      systems; and nuclear fuel cycle and energy consulting&#xd;
      services.&amp;#160;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      USEC reported a net loss of $540.7 million for the year ended&#xd;
      December 31, 2011, versus net income of $7.5 million for the&#xd;
      same period in 2010. Revenue for the current year was $1.67&#xd;
      billion which is an 18% decrease from 2010. The Gross Profit&#xd;
      Margin was 5.0% during the year ended December 31, 2011&#xd;
      versus 7.8% for the year ended December 31, 2011. In spite of&#xd;
      having a net loss, USEC had positive cash flow from operating&#xd;
      activities of $56.3 million during the current year.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      USEC expensed $136.7 million of capitalized work-in-progress&#xd;
      cost related to damaged centrifuges as well as earlier&#xd;
      machines that were determined to no longer be compatible with&#xd;
      the commercial plant design. The Company also recorded a full&#xd;
      valuation allowance for the net deferred tax assets of $369.1&#xd;
      million due to cumulative losses incurred in recent years and&#xd;
      the substantial uncertainty of generating future taxable&#xd;
      income that would lead to realization of the net deferred tax&#xd;
      assets. The charge and the valuation allowance did not affect&#xd;
      the company&amp;#8217;s cash flow from operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The market price of USEC has declined by approximately 70%&#xd;
      since a tsunami caused an accident at a nuclear plant in&#xd;
      Fukishima, Japan in March of 2011. One year after the&#xd;
      accident, the total number of reactors in operation and&#xd;
      development in the world has not changed. This means that the&#xd;
      long term demand for uranium has not diminished since last&#xd;
      year, even though short-term demand may have been affected by&#xd;
      the minor decrease in reactors currently operating.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &amp;#160;&#xd;
      &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 the&#xd;
      market price exceeds our cost, management has determined that&#xd;
      an impairment charge is not necessary at December 31, 2011 on&#xd;
      USEC.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Daxor Corporation&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      Summary of Unrealized Losses on Bank of America, Citigroup&#xd;
      and USEC&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      As of December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 11.6pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Less Than Twelve Months&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 11.6pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Twelve Months or Greater&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;6&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 11.6pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; font-weight: bold; text-align: justify&quot;&gt;&#xd;
          Security&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 0.05in; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Total Cost&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 0.05in; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid&quot;&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;Unrealized&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;&amp;#160;Loss&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 0.05in; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid&quot;&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;Unrealized&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;Loss&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 0.05in; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Fair Value&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid&quot;&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;Unrealized&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
          &lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center&quot;&gt;&#xd;
            &lt;b&gt;&amp;#160;Loss&lt;/b&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 22%; padding-right: 1.6pt; line-height: 115%; text-align: justify&quot;&gt;&#xd;
          Bank of America&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          7,482,218&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,482,296&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,513,806&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,920,952&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,565,164&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,403,248&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 8%; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,078,970&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: justify&quot;&gt;&#xd;
          Citigroup&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,160,398&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          828,765&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          299,530&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          458,846&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          573,257&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,287,611&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          872,787&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 1.6pt; line-height: 115%; text-align: justify&quot;&gt;&#xd;
          USEC&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,104,582&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          249,660&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          682,330&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          256,614&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          915,978&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          506,274&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,598,308&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          11,747,198&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,560,721&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,495,666&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,636,412&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,054,399&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          5,197,133&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 1.6pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,550,065&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:MarketableSecuritiesTextBlock>
  <us-gaap:AllowanceForCreditLossesTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (3) VALUATION AND QUALIFYING ACCOUNTS&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The allowance for doubtful accounts for the years ended&#xd;
      December 31, 2011 and December 31, 2010 is as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Classifications&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Balance at Beginning of Year&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Charged to Costs and Expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Deductions From Reserves&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Balance at End of Year&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Year ended December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;width: 37%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Allowance for Doubtful Accounts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          125,402&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          5,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          130,402&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Year ended December 31, 2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Allowance for Doubtful Accounts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          92,421&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          33,744&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          763&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          125,402&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company has reviewed its inventory valuation and does not&#xd;
      believe a reserve for slow moving or obsolete inventory is&#xd;
      required as of December 31, 2011 and December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:AllowanceForCreditLossesTextBlock>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (4) PROPERTY AND EQUIPMENT&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Property and equipment as at December 31, 2011 and 2010,&#xd;
      respectively, consists of:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 68%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Machinery and Equipment&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,977,092&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,943,707&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          BVA Equipment on trial&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          680,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          595,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Land and Land Improvements&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          196,991&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          196,991&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Buildings&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          598,422&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          598,422&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Furniture and fixtures&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          369,204&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          369,204&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Construction in progress&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,870,435&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Building Improvements&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,175,862&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          300,662&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Leasehold improvements&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          310,903&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          310,903&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,308,474&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,185,324&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Accumulated depreciation&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (2,307,123&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (2,016,332&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Property and equipment, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,001,351&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,168,992&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      For the years ended December 31, 2011 and 2010, depreciation&#xd;
      expense for the above listed assets was $290,791 and&#xd;
      $296,554.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
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  <us-gaap:DebtDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (5) LOANS AND MORTGAGE PAYABLE&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;u&gt;LOANS PAYABLE&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Any short term margin debt due to brokers is secured by the&#xd;
      Company&amp;#8217;s marketable securities and totaled $13,751,008&#xd;
      at December 31, 2011 and $4,638,197 at December 31,&#xd;
      2010.&amp;#160;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Interest expense on short term margin debt was $72,877 for&#xd;
      the year ended December 31, 2011 and $16,049 for the year&#xd;
      ended December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      SHORT-TERM BORROWINGS&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      Years Ended December 31, 2011 and 2010:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column A&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column B&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column C&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column D&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column E&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column F&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Category of aggregate short-term borrowings&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Balance at the end of the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted average interest rate at end of the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Maximum amount outstanding during this period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Average amount outstanding during the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted average interest rates during the period&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Brokers&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          13,751,008&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.13&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          13,751,008&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,933,105&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.05&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column A&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column B&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column C&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column D&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column E&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Column F&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Category of aggregate short-term borrowings&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Balance at the end of the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted average interest rate at end of the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Maximum amount outstanding during this period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Average amount outstanding during the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted average interest rates during the period&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Brokers&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,638,197&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.11&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,638,197&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,926,188&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9px; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          0.83&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The average borrowings were determined on the basis of the&#xd;
      amounts outstanding at each month-end. The weighted interest&#xd;
      rate during the year was computed by dividing actual interest&#xd;
      expense in each year by average short-term borrowings in such&#xd;
      year.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;u&gt;MORTGAGE PAYABLE&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Daxor financed the purchase of the land and two buildings in&#xd;
      Oak 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.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On July 19, 2011, the Company signed a new five year mortgage&#xd;
      agreement for the remaining principal balance of $319,927&#xd;
      plus interest. As of December 31, 2011, the remaining&#xd;
      principal balance&amp;#160;was $302,008. The interest rate is&#xd;
      fixed at 5.75% and the first payment was made on September 2,&#xd;
      2011 and the last payment is due August 2, 2016.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The future payments of principal on the mortgage for the next&#xd;
      five years are as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.75pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          12/31/12&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          12/31/13&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          12/31/14&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          12/31/15&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; vertical-align: top; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          12/31/16&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;vertical-align: bottom; padding-right: 1.75pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: top; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: top; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: top; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: top; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;vertical-align: top; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 2%; vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 20%; vertical-align: bottom; padding-right: 0.75pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          58,054&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 4%; vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; vertical-align: bottom; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          61,530&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 4%; vertical-align: bottom; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 14%; vertical-align: top; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          65,163&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; vertical-align: top; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 14%; vertical-align: top; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          69,010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; vertical-align: top; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 15%; vertical-align: top; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          48,251&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011 and 2010, the remaining principal due on&#xd;
      the mortgage is $302,008 and $346,861, respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (6) SECURITIES BORROWED AT FAIR VALUE&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011 and 2010, the Company maintained short&#xd;
      positions in certain marketable securities. The liability for&#xd;
      short sales of securities is included in &amp;#8220;Securities&#xd;
      borrowed, at fair value&amp;#8221; in the accompanying balance&#xd;
      sheets. The cost basis of these positions or proceeds&#xd;
      received for these short sales were $16,845,833 and&#xd;
      $19,287,024 at December 31, 2011 and 2010, respectively, and&#xd;
      had respective market values of $23,136,820 and $22,406,036&#xd;
      resulting in mark to market adjustments of ($6,290,987) and&#xd;
      ($3,119,012) at December 31, 2011 and 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock>
  <us-gaap:DerivativesAndFairValueTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (7) PUTS AND CALLS OPTIONS AT FAIR VALUE&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011 and 2010, the Company had open positions&#xd;
      of put and call options on various stocks the company is&#xd;
      willing to buy or sell.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The following summarizes the Company&amp;#8217;s Put and Call&#xd;
      Options as of December 31, 2011 and December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; padding-left: 0.25in; line-height: 115%; font-weight: bold; text-indent: -0.25in&quot;&gt;&#xd;
          Put and Call Options&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Selling price&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Fairvalue&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; font-weight: bold; text-align: center&quot;&gt;&#xd;
          Mark to Market Adjustment&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; font-weight: bold&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 54%; padding-right: 0.8pt; padding-left: 0.25in; line-height: 115%; text-indent: -0.25in&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,954,421&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          7,103,448&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (149,027)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 0.25in; line-height: 115%; text-indent: -0.25in&quot;&gt;&#xd;
          December 31, 2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          9,896,627&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,330,069&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          5,566,558&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      As 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. In&#xd;
      accordance with ASC 815 &lt;i&gt;&amp;#160;&lt;/i&gt; these options are&#xd;
      marked to market for each reporting period using readily&#xd;
      available market quotes, and this fair value adjustment is&#xd;
      recorded as a gain or loss in the Statement of Operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      Upon 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 expire.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      For the year ended December 31, 2011, the Company recorded a&#xd;
      loss of $5,715,585 from marking put and call options to&#xd;
      market. For the year ended December 31, 2010, the Company&#xd;
      recorded a gain of $210,205 from marking put and call options&#xd;
      to market.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      All 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 and&#xd;
      call options, at fair value.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:DerivativesAndFairValueTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (8) STOCK OPTIONS&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In June 2004, the Company created the 2004 Stock Option Plan&#xd;
      in an effort to provide incentive to employees, officers,&#xd;
      agents, consultants, and independent contractors through&#xd;
      proprietary interest. The Board of Directors shall act as the&#xd;
      Plan Administrator, and may issue these options at its&#xd;
      discretion. The maximum number of shares that may be issued&#xd;
      under this Plan is 200,000 or 5% of the Company&amp;#8217;s&#xd;
      outstanding shares, whichever is greater. Prior to June 2004,&#xd;
      the Company issued options to various employees under the&#xd;
      previous Stock Option Plan that was also administered by the&#xd;
      Board of Directors. All issuances have varying vesting and&#xd;
      expiration timelines. As at December 31, 2011 and December&#xd;
      31, 2010, 42,800 and 53,800 outstanding options were&#xd;
      exercisable, respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011, the Company has one non-qualified&#xd;
      stock-based compensation plan, the 2004 Stock Option Plan.&#xd;
      This Non-Qualified Plan allows for the issuance of a maximum&#xd;
      of 200,000 shares of common stock or 5% of the outstanding&#xd;
      balance of shares of the Company on the date of grant,&#xd;
      whichever is greater. Under the provisions of the Option&#xd;
      Plan, the exercise price of any stock options issued is a&#xd;
      minimum of 110% of the closing market price of the&#xd;
      Company&amp;#8217;s stock on the grant date of the option.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011, there was $5,839 unvested stock-based&#xd;
      compensation expense to recognize. Total share-based&#xd;
      compensation expense recognized in the Statement of&#xd;
      Operations aggregated $9,731 for the year ended December 31,&#xd;
      2011 and $0 for the year ended December 31, 2010. The&#xd;
      aggregate intrinsic value was calculated based on the&#xd;
      positive difference between the closing market price of the&#xd;
      Company&amp;#8217;s common stock and the exercise price of the&#xd;
      underlying options.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      To calculate the option-based compensation, the Company used&#xd;
      the Black-Scholes option-pricing model. The Company&amp;#8217;s&#xd;
      determination of fair value of option-based awards on the&#xd;
      date of grant using the Black-Scholes model is affected by&#xd;
      the Company&amp;#8217;s stock price as well as assumptions&#xd;
      regarding a number of subjective variables. These variables&#xd;
      include, but are not limited to, the Company&amp;#8217;s expected&#xd;
      stock price volatility over the term of the awards, risk-free&#xd;
      interest rate, and the expected life of the options. The&#xd;
      risk-free interest rate is based on a treasury instrument&#xd;
      whose term is consistent with the expected life of the stock&#xd;
      options. The expected volatility, holding period, and&#xd;
      forfeitures of options are based on historical experience.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In 2011, there were a total of 9,000 stock options issued&#xd;
      with an exercise price of $11.91. In 2010, no stock options&#xd;
      were issued under the 2004 Stock Option Plan.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Of the options that were issued in 2011, 5,000 were issued to&#xd;
      members of the Board of Directors and 4,000 were issued to&#xd;
      various employees.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The details of employee option activity for the years ended&#xd;
      December 31, 2011 and 2010 are as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Number of Shares&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted Average Exercise Price&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 67%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Outstanding, December 31, 2009&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          67,300&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          16.35&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Cancelled/Expired&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (13,500&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          22.16&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-align: justify; text-indent: -9pt&quot;&gt;&#xd;
          Outstanding and Exercisable, December 31, 2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          53,800&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          14.89&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Granted&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          9,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          11.91&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Cancelled/Expired&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (20,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          17.80&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Outstanding and Exercisable, December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          42,800&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12.91&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The following table summarizes information concerning&#xd;
      currently outstanding and exercisable options at December 31,&#xd;
      2011:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Range of Exercise Prices&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Number Outstanding and Exercisable at December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted Average Remaining Contractual Life at December&#xd;
          31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Weighted Average Exercise Price at December 31,&amp;#160;2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 19%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          Below - $16.00&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 4%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 19%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          35,200&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 4%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 25%; padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          1.90 years&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 4%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 19%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          11.99&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $ 16.01 -$18.00&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          5,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          0.37 years&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          16.10&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $ 18.01 -$20.00&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: windowtext 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,600&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          1.58 years&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          19.24&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          42,800&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          1.70 years&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12.91&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (9) PROVISION FOR INCOME TAXES&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The provision for income taxes for the years ended December&#xd;
      31, 2011 and 2010 is comprised of the following:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Year Ended December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Year Ended December 31, 2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Federal:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;width: 68%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Regular&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (2,068,031&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,412,174&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Undistributed Personal Holding Company Tax&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          852,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          State Franchise Taxes&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          116,224&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          134,760&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Current Income Tax (Benefit )Provision&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,951,807&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,398,934&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Deferred Taxes&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (3,190,269&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,017,042&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Tax (Benefit) Provision&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,142,076&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,381,892&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The current federal income tax benefit for 2011 is comprised&#xd;
      of estimated tax overpayments and the carry back of current&#xd;
      year losses. The 2010 federal income tax is comprised of a&#xd;
      regular tax and the personal holding company (PHC) income tax&#xd;
      assessment.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Under Internal revenue code section 542 a company is defined&#xd;
      as a PHC if it meets both an ownership test and an income&#xd;
      test. The ownership test is met if a company has five or&#xd;
      fewer shareholders that own more than 50% of the company,&#xd;
      which is applicable to Daxor. The income test is met if PHC&#xd;
      income items such as dividends, interest and rents exceed 60%&#xd;
      of adjusted ordinary gross income. Adjusted ordinary income&#xd;
      is defined as all items of income except capital gains. For&#xd;
      the years ended December 31, 2011 and 2010, more than 60% of&#xd;
      Daxor&amp;#8217;s adjusted gross income came from items defined&#xd;
      as PHC income.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Determining the PHC tax liability requires computing&#xd;
      Daxor&amp;#8217;s &amp;#8220;undistributed PHC income&amp;#8221; and&#xd;
      taxing such PHC income at the statutory rate of 15%.&#xd;
      Undistributed PHC income is current year taxable income of&#xd;
      the Company, exclusive of the net operating loss carry&#xd;
      forward deduction that is allowed for regular tax purposes.&#xd;
      The Company incurred no liability for PHC for the year ended&#xd;
      December 31, 2011 because there was no undistributed PHC&#xd;
      income. Undistributed PHC income for the year ended December&#xd;
      31, 2010 was $5,500,000.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The calculation does allow for certain deductions and the&#xd;
      most significant of these deductions are long-term capital&#xd;
      gains and dividends paid. In 2011 the Company had long term&#xd;
      capital gains of $1,015,022 and paid dividends of&#xd;
      $1,054,450.In 2010,the Company had minimal long-term capital&#xd;
      gains and paid dividends of $4,229,520.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In 2011 and 2010, the Company had short-term capital gains&#xd;
      totaling $3,545,000 and $17,872,000, respectively. Short term&#xd;
      capital gains are not a deduction for PHC tax purposes, and&#xd;
      therefore the Company had undistributed PHC income in 2010 of&#xd;
      $5,500,000 that gave rise to the PHC tax liability. The&#xd;
      Company had no PHC tax liability in 2011 due to the loss that&#xd;
      was incurred.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The long and short term capital gains are shown on the Income&#xd;
      Statement as part of &amp;#8220;Realized gains on sales of&#xd;
      securities, net&amp;#8221;.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The following is reconciliation between the federal statutory&#xd;
      rate of 35% and the effective rate:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(234,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 44%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Computed expected provision at the Statutory rates&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (4,320,929&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          35.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,915,690&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          35.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Non-deductible items&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (2,941&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          0.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (35,029&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -0.4&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(234,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Under accrual of prior overpayments&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (198,031&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.6&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          0.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Undistributed PHC tax&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          0.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          852,000&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          10.2&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(234,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Franchise tax, net of benefit&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          116,224&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -0.9&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          134,760&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.6&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Dividends Deduction&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (782,808&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (544,967&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(234,249,232)&quot;&gt;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          122,366&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -1.0&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (67,735&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -0.8&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Other&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (75,957&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          0.6&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          127,173&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1.5&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(234,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,142,076&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%;padding-bottom: 2.5pt&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          41.6&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%;padding-bottom: 2.5pt&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,381,892&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          40.6&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%;padding-bottom: 2.5pt&quot;&gt;&#xd;
          %&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company is currently undergoing one audit. Certain&#xd;
      allocation percentages used on the Daxor New York City Income&#xd;
      Tax Returns for the years ended December 31, 2007, 2008 and&#xd;
      2009 are currently under audit by the New York City&#xd;
      Department of Taxation and Finance. As the audit has not been&#xd;
      completed, the Company cannot determine if New York City will&#xd;
      assess additional tax, interest and penalties.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      At December 31, 2011 and 2010, the Company had no material&#xd;
      unrecognized tax benefits and no adjustments to liabilities&#xd;
      or operations were required. The Company does not expect that&#xd;
      its unrecognized tax benefits will materially increase within&#xd;
      the next twelve months.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Interest and penalties related to income taxes are recorded&#xd;
      as general and administrative expenses. The Company&#xd;
      recognized a $55,000 penalty related to the underpayment of&#xd;
      quarterly estimated payments for its fiscal 2010 federal&#xd;
      income tax return in 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <dxr:DeferredIncomeTaxesTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (10) DEFERRED INCOME TAXES&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Deferred income taxes result from differences in the&#xd;
      recognition of gains and losses on marketable securities,&#xd;
      stock options and mark-to-market short positions as well as&#xd;
      depreciation differences for tax and financial statement&#xd;
      purposes.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The deferred tax expense or benefit that results from the net&#xd;
      change in the unrealized gains on the marketable securities&#xd;
      does not flow through the Statement of Operations due to the&#xd;
      classification of the marketable securities as&#xd;
      available-for-sale. Instead, the deferred tax expense or&#xd;
      benefit is recorded in Accumulated Other Comprehensive Income&#xd;
      in the Stockholders&amp;#8217; Equity section of the Balance&#xd;
      Sheet.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The deferred tax liability, computed at federal statutory&#xd;
      rates of 35% in 2011 and 2010, is composed of the following&#xd;
      items:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          2010&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Deferred Tax Liabilities (Assets):&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;padding-right: 1.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;width: 70%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Fair value adjustment for available-for-sale securities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,769,255&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          8,017,839&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Mark to market short positions&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (2,254,005&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          856,641&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Property and Equipment&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          147,938&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          168,941&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Allowance for doubtful accounts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (51,202&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (39,475)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Other&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (47,932&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          -&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,564,054&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          9,003,946&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</dxr:DeferredIncomeTaxesTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (11) STOCKHOLDERS EQUITY&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;u&gt;Treasury Stock&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company has a program in place which allows for the&#xd;
      purchase of up to 250,000 shares of Daxor Common Stock each&#xd;
      year. During the years ended December 31, 2011 and 2010, the&#xd;
      Company purchased 23,766 and 24,181 shares of Daxor Common&#xd;
      Stock, respectively. The total amount spent on these&#xd;
      purchases was $230,337 and $242,934, respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The stock is purchased as funds are available and if the&#xd;
      stock is trading at a price which management feels is&#xd;
      undervalued. This is usually when the market capitalization&#xd;
      of the Company is less than the net value of its assets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      &lt;u&gt;Dividends&lt;/u&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      For the year ended December 31, 2011, the Company paid total&#xd;
      dividends of $1,054,450 or $0.25 per share. The $0.25 per&#xd;
      share was paid as follows: $0.10 per share on June&#xd;
      16&lt;sup&gt;th&lt;/sup&gt; and $0.15 per share on November&#xd;
      30&lt;sup&gt;th&lt;/sup&gt;.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      For the year ended December 31, 2010, the Company paid total&#xd;
      dividends of $4,229,520 or $1.00 per share. The $1.00 per&#xd;
      share was paid as follows: $0.10 per share on June 16th,&#xd;
      $0.25 per share on September 30 th and a special dividend of&#xd;
      $0.65 per share on December 30, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      It is the policy of Company Management to pay dividends when&#xd;
      there are available earnings.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <dxr:ConcentrationAndContingencyDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (12) CERTAIN CONCENTRATIONS AND CONTINGENCIES&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Financial instruments which potentially subject the Company&#xd;
      to concentrations of credit risk consist primarily of the&#xd;
      common stock of marketable electric utilities. At December&#xd;
      31, 2011, stocks representing 99.32% of the market value of&#xd;
      common stocks held by the Company were listed on the New York&#xd;
      Stock Exchange (NYSE). The Company maintains its investments&#xd;
      in three different brokerage accounts, two at UBS and one at&#xd;
      TD Ameritrade. The limits of this insurance which is offered&#xd;
      by the Securities Investor Protection Corporation (SIPC) is&#xd;
      up to $100,000 for the total amount of cash on deposit and up&#xd;
      to $500,000 for the total amount of securities held at UBS.&#xd;
      UBS and TD Ameritrade both provide supplemental insurance up&#xd;
      to the face value of the securities in excess of the SIPC&#xd;
      limit of $500,000.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      These brokerage houses are well known in the industry and&#xd;
      management does not believe that these securities bear any&#xd;
      risk of loss over and above the basic risk that a security&#xd;
      bears through the normal activity of the securities markets.&#xd;
      However, as at December 31, 2011, the fair market value of&#xd;
      securities in excess of the insured limits is $2,533,400.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company&amp;#8217;s Volumex syringes are filled by an FDA&#xd;
      approved radio pharmaceutical manufacturer. This manufacturer&#xd;
      is the only one approved by the FDA in the United States to&#xd;
      manufacture Volumex for interstate commerce. If this&#xd;
      manufacturer were to cease filling the Volumex syringes for&#xd;
      Daxor before the Company had a chance to make alternative&#xd;
      arrangements, the effect on Daxor&amp;#8217;s business could be&#xd;
      material.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In the Company&amp;#8217;s fiscal year ended December 31, 2011,&#xd;
      the sale of Blood Volume Kits accounted for 67.0% of the&#xd;
      Company&amp;#8217;s total consolidated operating revenue. There&#xd;
      were four customers (hospitals) that accounted for 63.7% of&#xd;
      the Company&amp;#8217;s revenue from the sale of Blood Volume&#xd;
      Kits.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Management believes that the loss of any one of these&#xd;
      customers would have an adverse effect on the Company&amp;#8217;s&#xd;
      consolidated business for a short period of time. All four of&#xd;
      these hospitals have purchased their BVA-100 equipment.&#xd;
      Management believes that when more hospitals purchase&#xd;
      equipment, they will continue to purchase Volumex kits. The&#xd;
      Company continues to seek new customers, so that any one&#xd;
      hospital will represent a smaller percentage of overall&#xd;
      sales.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      As disclosed in our previous filings, the Centers for&#xd;
      Medicare and Medicaid Services (CMS) implemented a&#xd;
      significant policy change affecting the reimbursement for all&#xd;
      diagnostic radiopharmaceutical products and contrast agents&#xd;
      which was effective as of January 1, 2008. Diagnostic&#xd;
      radiopharmaceuticals such as Daxor&amp;#8217;s Volumex will not&#xd;
      be separately reimbursable by Medicare for outpatient&#xd;
      services. At this time, it is unclear if this policy change&#xd;
      will also be implemented by private third party health&#xd;
      insurance companies.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In response to Medicare&amp;#8217;s change in its reimbursement&#xd;
      policy for diagnostic radiopharmaceuticals, Daxor has lobbied&#xd;
      CMS both individually and as a member of the Society of&#xd;
      Nuclear Medicine&amp;#8217;s APC Task Force, which is a select&#xd;
      group of representatives from industry and healthcare that&#xd;
      represents the more than 16,000 nuclear medicine&#xd;
      professionals in the United States. One of the missions of&#xd;
      the APC Task Force is to work directly with the CMS in an&#xd;
      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 current policy 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 at&#xd;
      December 31, 2011.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Daxor has also begun to concentrate its marketing and sales&#xd;
      effort on inpatient diagnostic services by demonstrating the&#xd;
      cost savings associated with the use of the blood volume&#xd;
      analysis in the care of critically ill patients.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      From 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 on&#xd;
      its business or results of operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      In 2005 and 2007, the Company and Dr. Joseph Feldschuh, its&#xd;
      President and Chief Executive Officer, respectively, received&#xd;
      Wells Notices from the Securities and Exchange Commission&#xd;
      (&amp;#8220;SEC&amp;#8221;) requesting their comments on the SEC&#xd;
      Staff&amp;#8217;s view that the Company was in violation of&#xd;
      Section 7(a) of the Investment Company Act in that it was&#xd;
      operating as an unregistered investment company. The Company&#xd;
      and Dr. Feldschuh responded to those requests when made.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      In November 2009, the staff of the Northeast Regional Office&#xd;
      of the SEC contacted the Company and invited both the Company&#xd;
      and Dr. Feldschuh to make a new Wells submission based upon&#xd;
      more recent operations and results. The Company and Dr.&#xd;
      Feldschuh responded to the staff&amp;#8217;s invitation on&#xd;
      December 20, 2009.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The Company disclosed in its Form 10-Q for September 30,&#xd;
      2010, Form 10-K for December 31, 2010 and Form 10-Q&amp;#8217;s&#xd;
      for March 31, 2011, June 30, 2011 and September 30, 2011 that&#xd;
      the SEC instituted administrative proceedings pursuant to the&#xd;
      Investment Company Act of 1940 on September 17, 2010. The New&#xd;
      York City staff of the Enforcement Division of the SEC&#xd;
      claimed that Daxor is primarily an investment company and not&#xd;
      primarily an operating company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The Company has disclosed in previous public filings that it&#xd;
      is dependent upon earnings from its investment portfolio to&#xd;
      fund operations and that a single individual, Dr. Joseph&#xd;
      Feldschuh, makes all investment decisions.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The 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&#xd;
      demonstrated that it is primarily an operating medical&#xd;
      instrumentation and biotechnology company and not primarily&#xd;
      an investment company.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On August 31, 2011,&amp;#160;an Administrative Law Judge of the&#xd;
      SEC issued his decision finding Daxor to be an Investment&#xd;
      Company as defined by the Investment Company Act of 1940. A&#xd;
      major factor in the decision was his opinion that we are in&#xd;
      the business of investing and more than 40% of our assets are&#xd;
      comprised of investment securities.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      On October 26, 2011, the Company filed a petition for review&#xd;
      of the decision and requested that it be withdrawn on&#xd;
      November 22, 2011. On February 10, 2012, the SEC notified the&#xd;
      Company that the request to withdraw the petition for review&#xd;
      and notice of finality had been approved.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The Company plans to file a Form N-8A (Notification of&#xd;
      Registration Filed Pursuant to Section 8(a) of the Investment&#xd;
      Company Act of 1940) shortly after our Form 10-K for the year&#xd;
      ended December 31, 2011 is filed. We have 90 days from when&#xd;
      the N-8A is filed to file our Form N-2 which is the&#xd;
      Registration Statement. The Company plans to file the N-2 as&#xd;
      soon as possible after the N-8A is filed and to begin&#xd;
      reporting as an Investment Company effective January 1, 2012.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in&quot;&gt;&#xd;
      The management of the Company believes the additional&#xd;
      disclosures that will be necessary when Daxor reports as an&#xd;
      Investment Company will not materially affect investment&#xd;
      policies and practices currently in place.&#xd;
    &lt;/p&gt;&lt;br/&gt;</dxr:ConcentrationAndContingencyDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (13) RELATED PARTY TRANSACTIONS&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The 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. The annual amount of&#xd;
      rental income received from the President of the Company in&#xd;
      the years ended December 31, 2011 and 2010 was $12,374 and&#xd;
      $12,166, respectively, and was classified as other income in&#xd;
      the statement of operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Jonathan Feldschuh is the co-inventor of the BVA-100 Blood&#xd;
      Volume Analyzer and is the son of Dr. Joseph Feldschuh. In&#xd;
      2011 and 2010 he provided specialized consulting services&#xd;
      with respect to the blood volume analyzer for which he&#xd;
      received a salary each year of $18,720 plus benefits. He is&#xd;
      expected to provide a limited amount of consultative help in&#xd;
      the filing of the additional patents in 2012.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (14) COMMITMENTS&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (A) Operating Leases&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company leases office and laboratory space in New York&#xd;
      City. The lease agreement for the New York City facility is a&#xd;
      non-cancelable lease, subject to annual increases based on&#xd;
      the Consumer Price Index, and will expire on December 31,&#xd;
      2015.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Future minimum rental payments under the non-cancelable&#xd;
      operating lease, exclusive of future cost of living and tax&#xd;
      escalation increases, are as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;width: 50%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 67%; text-align: left&quot;&gt;&#xd;
          2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 22%; text-align: right&quot;&gt;&#xd;
          325,680&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          2013&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          325,680&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          2014&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          325,680&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt&quot;&gt;&#xd;
          2015&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          325,680&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(232,249,232)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,302,720&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      Rent expense for all non-cancelable operating leases was&#xd;
      $348,788 and $344,336 for the years ended December 31, 2011&#xd;
      and 2010, respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="c2_From1Jan2011To31Dec2011">&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0&quot;&gt;&#xd;
      (15) SEGMENT REPORTING&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The Company has two operating segments: the sale of blood&#xd;
      volume analysis equipment and related services, and&#xd;
      cryobanking services which encompasses blood and semen&#xd;
      storage and related services. In addition, the Company&#xd;
      reports an additional segment, Investment Activity, although&#xd;
      it is not deemed to be an operating segment.&amp;#160;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in&quot;&gt;&#xd;
      The following tables summarize the results of each segment&#xd;
      described above for the years ended December 31, 2011 and&#xd;
      December 31, 2010.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      December 31, 2011&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Equipment Sales and Related Services&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Cryobanking and Related Services&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Investment Activity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 47%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Revenues&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,125,249&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          321,096&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,446,345&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Cost of Sales&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          616,063&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          36,448&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          652,511&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Research and Development&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,508,657&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          197,295&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,705,952&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Selling, general and administrative expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,219,204&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          655,092&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,874,296&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Costs and Expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,343,924&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          888,835&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          7,232,759&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Operating Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,218,675&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (567,739&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,786,414&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Investment income, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Dividends&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,237,734&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,237,734&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Gain on sale of securities, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          33,189&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          33,189&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Mark to market of short positions&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (8,501,859&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (8,501,859&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Administrative expenses relating to portfolio investments&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (153,816&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (153,816&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 0.25in; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          &amp;#160;Total investment loss, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (6,384,752)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (6,384,752)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Interest expense, net of interest income of $6,425&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (32,552&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (136,371&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (168,923&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Other income&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12,374&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12,374&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Loss before income taxes&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,238,853&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (567,739&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (6,521,123)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (12,327,715)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Income tax expense (benefit)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          115,754&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          470&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,258,300)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,142,076)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Net loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,354,607&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (568,209&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,262,823)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (7,185,639)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,710,535&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          131,187&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          78,883,139&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          85,724,861&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center&quot;&gt;&#xd;
      December 31, 2010&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Equipment Sales and Related Services&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Cryobanking and Related Services&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Investment Activity&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; style=&quot;border-bottom: black 1pt solid; padding-right: 1.8pt; line-height: 115%; text-align: center&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;width: 47%; padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Revenues&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,242,264&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          336,993&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 2%; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 9%; border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          1,579,257&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Cost of Sales&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          691,786&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          35,864&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          727,650&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Research and Development&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,826,068&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          215,572&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,041,640&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Selling, general and administrative expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,750,626&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          718,452&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,469,078&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Costs and Expenses&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          6,268,480&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          969,888&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          7,238,368&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Operating Loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,026,216&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (632,895&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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          &amp;#160;&#xd;
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          (5,659,111&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Investment income, net&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Dividends&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,226,198&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          2,226,198&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Gain on sale of securities, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          13,509,318&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          13,509,318&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Mark to market of short positions&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,526,064&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (1,526,064&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Administrative expenses relating to portfolio investments&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (150,675&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (150,675&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 0.25in; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          &amp;#160;Total investment income, net&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          14,058,777&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          14,058,777&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          Interest expense, net of interest income of $1,944&#xd;
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          &amp;#160;&#xd;
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          (27,759&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          296&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (34,213&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (61,676&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Other income&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12,166&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          12,166&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Income (loss) before income taxes&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,041,809&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (632,599&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          14,024,564&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          8,350,156&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Income tax expense&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          134,760&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,247,132&#xd;
        &lt;/td&gt;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          3,381,892&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Net income (loss)&#xd;
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          &amp;#160;&#xd;
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        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (5,176,569&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          (632,599&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          10,777,432&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,968,264&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; &quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: #EAF9E8&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; padding-left: 9pt; line-height: 115%; text-indent: -9pt&quot;&gt;&#xd;
          Total Assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          4,773,411&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          163,494&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          86,258,510&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: black 2.5pt double; padding-right: 0.8pt; line-height: 115%; text-align: right&quot;&gt;&#xd;
          91,195,415&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 0.8pt; line-height: 115%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
</xbrl>