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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 647.16 Td (Lar) Tj ET Q q 0 0 0 rg BT 65.33 647.16 Td (geacceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 138.27 645.22 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 647.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 647.16 Td (Acceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 495.71 645.22 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 633.16 Td (Non-acceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 133.70 631.22 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 633.96 Td (\(Donotcheckifasmallerreportingcompany\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 633.16 Td (Smallerreportingcompany ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 531.72 631.22 cm /I15 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 618.40 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 440.12 607.60 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 462.52 607.60 Td (Y) Tj ET Q q 0 0 0 rg BT 468.12 607.60 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 484.62 605.66 cm /I16 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.64 607.60 Td ( No ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 517.14 605.66 cm /I17 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 586.00 Td (The aggregate market value of the voting and non-voting common equity held by non-af) Tj ET Q q 0 0 0 rg BT 368.49 586.00 Td (filiates as of June 30, 2015 \(the last business day of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 575.20 Td (the registrant's most recently completed second fiscal quarter\) was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.29 575.20 Td ($16,510,586) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.29 575.20 Td ( based on the closing bid price of the registrant's common ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 564.40 Td (stock \(its only outstanding equity security\) of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.73 564.40 Td ($8.40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.98 564.40 Td ( per share \(after reflecting a 1-for) Tj ET Q q 0 0 0 rg BT 355.72 564.40 Td (-20 reverse stock split\) on that date. ) Tj ET Q q 0 0 0 rg BT 486.19 564.40 Td (All executive ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 553.60 Td (of) Tj ET Q q 0 0 0 rg BT 57.33 553.60 Td (ficers and directors of the registrant and all 10% or greater stockholders have been deemed, solely for the purpose of the foregoing ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 542.80 Td (calculation, to be af) Tj ET Q q 0 0 0 rg BT 124.80 542.80 Td (filiates of the registrant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 496.00 Td (APPLICABLE ONL) Tj ET Q q 0 0 0 rg BT 286.21 496.00 Td (Y) Tj ET Q q 0 0 0 rg BT 293.06 496.00 Td ( ) Tj ET Q q 0 0 0 rg BT 295.38 496.00 Td (T) Tj ET Q q 0 0 0 rg BT 301.86 496.00 Td (O CORPORA) Tj ET Q q 0 0 0 rg BT 361.95 496.00 Td (TE REGISTRANTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 485.20 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 474.40 Td () Tj ET Q q 0 0 0 rg BT 51.75 474.40 Td (As ) Tj ET Q q 0 0 0 rg BT 64.01 474.40 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.75 474.40 Td (March18, ) Tj ET Q q 0 0 0 rg BT 112.99 474.40 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 130.99 474.40 Td (, ) Tj ET Q q 0 0 0 rg BT 135.49 474.40 Td (there ) Tj ET Q q 0 0 0 rg BT 155.73 474.40 Td (were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.46 474.40 Td (5,339,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.46 474.40 Td ( ) Tj ET Q q 0 0 0 rg BT 213.71 474.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.46 474.40 Td (of ) Tj ET Q q 0 0 0 rg BT 248.20 474.40 Td (our ) Tj ET Q q 0 0 0 rg BT 262.45 474.40 Td (common ) Tj ET Q q 0 0 0 rg BT 296.19 474.40 Td (stockoutstanding.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 452.80 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.40 428.80 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 337.83 428.80 Td (TED BY) Tj ET Q q 0 0 0 rg BT 374.41 428.80 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 416.80 Td (None) Tj ET Q endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.45 730.10 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.94 730.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.53 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.91 706.10 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 627.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 599.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 571.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 543.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 515.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 480.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 452.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 424.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 396.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 396.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 368.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 340.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 312.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 284.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 256.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 228.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 228.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 200.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 172.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 172.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 144.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 144.60 26.00 -14.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.25 632.27 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.17 Td (PART I) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 602.8333984375 m 147.38671875 602.8333984375 l s q 0 0 1 rg BT 71.00 604.17 Td (Item 1. Business) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 588.8333984375 m 161.8251953125 588.8333984375 l s q 0 0 1 rg BT 71.00 590.17 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 574.8333984375 m 224.6865234375 574.8333984375 l s q 0 0 1 rg BT 71.00 576.17 Td (Item 1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 175.52 576.17 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 560.8333984375 m 152.3720703125 560.8333984375 l s q 0 0 1 rg BT 71.00 562.17 Td (Item 2. Properties) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 546.8333984375 m 185.9658203125 546.8333984375 l s q 0 0 1 rg BT 71.00 548.17 Td (Item 3. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 532.8333984375 m 210.140625 532.8333984375 l s q 0 0 1 rg BT 71.00 534.17 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.17 Td (PART II) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 490.8333984375 m 552.62109375 490.8333984375 l s q 0 0 1 rg BT 71.00 492.17 Td (Item 5. Market for Registrant's Common Equity) Tj ET Q q 0 0 1 rg BT 272.40 492.17 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 480.88339843750003 m 110.43359375 480.88339843750003 l s q 0 0 1 rg BT 71.00 482.22 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 469.8333984375 m 206.7861328125 469.8333984375 l s q 0 0 1 rg BT 71.00 471.17 Td (Item 6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 455.8333984375 m 470.1162109375 455.8333984375 l s q 0 0 1 rg BT 71.00 457.17 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 166.81 457.17 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 235.98 457.17 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 441.8333984375 m 353.16796875 441.8333984375 l s q 0 0 1 rg BT 71.00 443.17 Td (Item 7A. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 275.95 443.17 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 427.8333984375 m 296.7763671875 427.8333984375 l s q 0 0 1 rg BT 71.00 429.17 Td (Item 8. Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 413.8333984375 m 456.0107421875 413.8333984375 l s q 0 0 1 rg BT 95.00 415.17 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 260.24 415.17 Td (Accounting Firm year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 399.8333984375 m 456.0107421875 399.8333984375 l s q 0 0 1 rg BT 95.00 401.17 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 260.24 401.17 Td (Accounting Firm year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 385.8333984375 m 353.2666015625 385.8333984375 l s q 0 0 1 rg BT 95.00 387.17 Td (Consolidated Balance Sheets as of December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 371.8333984375 m 450.7373046875 371.8333984375 l s q 0 0 1 rg BT 95.00 373.17 Td (Consolidated Statements of Operations for the years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 357.8333984375 m 490.830078125 357.8333984375 l s q 0 0 1 rg BT 95.00 359.17 Td (Consolidated Statements of Stockholders) Tj ET Q q 0 0 1 rg BT 262.29 359.17 Td ( Equity for the years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 343.8333984375 m 453.8134765625 343.8333984375 l s q 0 0 1 rg BT 95.00 345.17 Td (Consolidated Statements of Cash Flows for the years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 329.8333984375 m 284.6923828125 329.8333984375 l s q 0 0 1 rg BT 95.00 331.17 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 315.8333984375 m 470.638671875 315.8333984375 l s q 0 0 1 rg BT 71.00 317.17 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 257.63 317.17 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 322.06 317.17 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 301.8333984375 m 209.8623046875 301.8333984375 l s q 0 0 1 rg BT 71.00 303.17 Td (Item 9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 287.8333984375 m 184.02734375 287.8333984375 l s q 0 0 1 rg BT 71.00 289.17 Td (Item 9B. Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.17 Td (PART III) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 245.83339843750002 m 339.3203125 245.83339843750002 l s q 0 0 1 rg BT 71.00 247.17 Td (Item 10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 206.88 247.17 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 231.83339843750002 m 211.7080078125 231.83339843750002 l s q 0 0 1 rg BT 71.00 233.17 Td (Item 1) Tj ET Q q 0 0 1 rg BT 96.45 233.17 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 217.83339843750002 m 516.9814453125 217.83339843750002 l s q 0 0 1 rg BT 71.00 219.17 Td (Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 203.83339843750002 m 414.5205078125 203.83339843750002 l s q 0 0 1 rg BT 71.00 205.17 Td (Item 13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 250.50 205.17 Td (T) Tj ET Q q 0 0 1 rg BT 256.26 205.17 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 189.83339843750002 m 270.1162109375 189.83339843750002 l s q 0 0 1 rg BT 71.00 191.17 Td (Item 14. Principal ) Tj ET Q q 0 0 1 rg BT 149.88 191.17 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.17 Td (PART IV) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 147.83339843750002 m 287.34765625 147.83339843750002 l s q 0 0 1 rg BT 71.00 149.17 Td (Item 15. Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 119.83339843750002 m 95.216796875 119.83339843750002 l s q 0 0 1 rg BT 53.00 121.17 Td (Signatures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 602.8333984375 m 544 602.8333984375 l s q 0 0 1 rg BT 539.00 604.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 588.8333984375 m 548.62890625 588.8333984375 l s q 0 0 1 rg BT 539.00 590.17 Td (1) Tj ET Q q 0 0 1 rg BT 543.63 590.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 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BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 217.83339843750002 m 549 217.83339843750002 l s q 0 0 1 rg BT 539.00 219.17 Td (73) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 203.83339843750002 m 549 203.83339843750002 l s q 0 0 1 rg BT 539.00 205.17 Td (74) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 189.83339843750002 m 549 189.83339843750002 l s q 0 0 1 rg BT 539.00 191.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 147.83339843750002 m 549 147.83339843750002 l s q 0 0 1 rg BT 539.00 149.17 Td (77) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 119.83339843750002 m 549 119.83339843750002 l s q 0 0 1 rg BT 539.00 121.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.10 646.10 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (IZEA, Inc. \("IZEA", "we" or "our"\) operates online marketplaces that facilitate transactions between brands and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (influential content creators. ) Tj ET Q q 0 0 0 rg BT 162.00 610.10 Td (These creators produce and distribute text, videos and photos on behalf of brands through websites, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (blogs and social media channels. Our technology enables transactions to be completed at scale through the management of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (content workflow) Tj ET Q q 0 0 0 rg BT 120.17 586.10 Td (, creator search and tar) Tj ET Q q 0 0 0 rg BT 210.76 586.10 Td (geting, bidding, analytics and payment processing. Our primary source of revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (derived from the sale of our services to our customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Brands and Publishers \(collectively Brands\) engage IZEA) Tj ET Q q 0 0 0 rg BT 328.98 550.10 Td ( in order to gain access to our technology and network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 86.46 538.10 Td (These companies are our primary customer and where we generate the majority of our revenue. ) Tj ET Q q 0 0 0 rg BT 470.57 538.10 Td (They use our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (technology for two primary purposes; the engagement of online influencers for sponsored social campaigns \(Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Social\), or the creation of stand-alone content for distribution through their owned channels \(Content\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (Sponsored Social.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.90 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.90 490.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 187.12 490.10 Td ( works with brands to facilitate sponsored social campaigns at scale. Sponsored Social is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (when a company compensates an online influencer such as a blogger or tweeter \(creators\) to share sponsored content with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (their social network following. ) Tj ET Q q 0 0 0 rg BT 178.13 466.10 Td (This sponsored content is included within the body of the content stream, a practice also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (referred to as native advertising, and "sponsored content." ) Tj ET Q q 0 0 0 rg BT 292.90 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 301.53 454.10 Td (e believe that we pioneered the concept of a marketplace for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (sponsorships on the social web in 2006 with the launch of our first platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 358.01 442.10 Td (PayPerPost,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.27 442.10 Td ( and have focused on scaling these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 430.10 Td (ferings ever since.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (Content.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.29 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.79 406.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 146.00 406.10 Td ( works with brands and publishers to augment or replace their content development ef) Tj ET Q q 0 0 0 rg BT 489.33 406.10 Td (forts. ) Tj ET Q q 0 0 0 rg BT 512.48 406.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (clients use our platform to produce both editorial and marketing content that is published both online and of) Tj ET Q q 0 0 0 rg BT 481.11 394.10 Td (fline. Our network ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (includes professional journalists, subject matter experts, bloggers and everyday content creators, allowing our clients to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (produce content ranging from complex white papers to simple product descriptions. Many of our content customers use this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (service to create a steady stream of posts for their corporate blog. ) Tj ET Q q 0 0 0 rg BT 313.33 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 321.96 358.10 Td (e first began of) Tj ET Q q 0 0 0 rg BT 382.04 358.10 Td (fering content services in 2015 after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (acquisition of Ebyline, a leading marketplace in the content space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 322.10 Td ( Platforms) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (IZEA.com and The IZEA) Tj ET Q q 0 0 0 rg BT 191.01 298.10 Td ( Exchange.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.68 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.64 298.10 Td (e launched a public beta of IZEA.com powered by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.01 298.10 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.01 298.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 470.51 298.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 491.43 298.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.36 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (\() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.33 286.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 286.10 Td (\) in March 2014 and unveiled version 1.0 of the platform in October 2015. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.86 286.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.41 286.10 Td ( is designed to provide a unified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (ecosystem that enables the creation of multiple types of content including blog posts, status updates, videos and photos through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (a wide variety of social channels including blogs, ) Tj ET Q q 0 0 0 rg BT 250.04 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.45 262.10 Td (witter) Tj ET Q q 0 0 0 rg BT 278.38 262.10 Td (, Facebook, Instagram and ) Tj ET Q q 0 0 0 rg BT 386.50 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 392.26 262.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 415.74 262.10 Td (, among others. ) Tj ET Q q 0 0 0 rg BT 482.22 262.10 Td (The system is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (available to our customers and partners via a self-serve portal, as a managed service or as a licensed white label. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 503.43 250.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.97 250.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (engineered from the ground-up to replace all of our previous platforms with an integrated of) Tj ET Q q 0 0 0 rg BT 418.58 238.10 Td (fering that is improved and more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 226.10 Td (ficient for the company to operate. Our intention is to focus all of our engineering resources on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.91 226.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.46 226.10 Td ( platform for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (foreseeable future. ) Tj ET Q q 0 0 0 rg BT 129.22 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.86 214.10 Td (e completed the sunset of our previous platforms in November 2014 and currently use ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 484.43 214.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.98 214.10 Td ( as the only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (automated system for managing social sponsorships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (Ebyline.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 120.17 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.67 178.10 Td ( In January 2015 we acquired Ebyline, Inc. including the Ebyline technology platform. Ebyline is a content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (marketplace which was originally designed to replace editorial newsrooms located within newspapers with a V) Tj ET Q q 0 0 0 rg BT 498.14 166.10 Td (irtual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Newsroom. IZEA) Tj ET Q q 0 0 0 rg BT 125.54 154.10 Td ( has evolved Ebyline) Tj ET Q q 0 0 0 rg BT 211.90 154.10 Td (s model to focus on producing content for brands in addition to newspapers by using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the same technology platform. ) Tj ET Q q 0 0 0 rg BT 173.95 142.10 Td (The majority of all content transactions for both brands and editorial publishers currently flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (through this platform. In October 2015, IZEA) Tj ET Q q 0 0 0 rg BT 235.24 130.10 Td ( introduced content profiles in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 358.27 130.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.81 130.10 Td (, signaling the beginning of a transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (from the Ebyline technology platform to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 214.40 118.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 118.10 Td (. ) Tj ET Q q 0 0 0 rg BT 244.77 118.10 Td (The current Ebyline platform and its current activity is scheduled to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (transitioned completely to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 156.92 106.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.47 106.10 Td ( in 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 82.10 Td ( Brands and Cr) Tj ET Q q 0 0 0 rg BT 133.82 82.10 Td (eators) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.55 58.10 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 130.99 58.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.03 58.10 Td (were designed to streamline transactions between brands and creators. ) Tj ET Q q 0 0 0 rg BT 449.57 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.21 58.10 Td (e utilize our proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (technology to create ef) Tj ET Q q 0 0 0 rg BT 141.16 46.10 Td (ficiencies and economies of scale for both parties. Each platform provides brands with access to a lar) Tj ET Q q 0 0 0 rg BT 547.50 46.10 Td (ge ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (network of creators along with complete workflow management, content control, payment processing and performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (tracking. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (For sponsored social campaigns, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 219.03 706.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.58 706.10 Td ( provides integrated Federal ) Tj ET Q q 0 0 0 rg BT 358.80 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 364.56 706.10 Td (rade Commission \(FTC\) legal compliance. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (particular) Tj ET Q q 0 0 0 rg BT 87.91 694.10 Td (, the integrated FTC compliance framework requires creators to provide disclosure to their followers with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the sponsored nature of the content and allows advertisers to review the content for FTC compliance. If the advertiser chooses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (sponsorships can be managed end-to-end without the need for interaction with one of our team members through a self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (interface.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (In addition to the above self-service platforms, we also of) Tj ET Q q 0 0 0 rg BT 316.30 634.10 Td (fer turnkey account management services to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (campaigns on behalf of the customer) Tj ET Q q 0 0 0 rg BT 196.90 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.22 622.10 Td (This includes working with brands to optimize the opportunity that is presented to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (creators, providing clear instructions on what is required to fill the opportunity) Tj ET Q q 0 0 0 rg BT 363.72 610.10 Td (, identifying and sourcing the creators that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (the best fit for the opportunity) Tj ET Q q 0 0 0 rg BT 169.60 598.10 Td (, managing the of) Tj ET Q q 0 0 0 rg BT 239.40 598.10 Td (fer and acceptance process with the creators, verifying that the creators) Tj ET Q q 0 0 0 rg BT 526.02 598.10 Td ( content, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (once submitted, meets the requirements of the opportunity and managing the overall campaign to meet the goals of the brand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Account managers also provide clients with progress updates on their campaign that include campaign metrics and all postings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (created throughout the campaign. ) Tj ET Q q 0 0 0 rg BT 188.29 562.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 238.19 562.10 Td (, they assemble comprehensive campaign recaps at the conclusion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (campaign and work with the advertisers on plans for follow-up strategies after the initial campaign has ended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (In both platforms, brands, or our account management staf) Tj ET Q q 0 0 0 rg BT 320.19 526.10 Td (f acting on the brands) Tj ET Q q 0 0 0 rg BT 409.42 526.10 Td ( behalf as part of the account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (management services we of) Tj ET Q q 0 0 0 rg BT 160.61 514.10 Td (fer) Tj ET Q q 0 0 0 rg BT 171.30 514.10 Td (, have the ability to review the creators) Tj ET Q q 0 0 0 rg BT 329.38 514.10 Td ( content to verify whether or not it conforms to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (requirements of the opportunity) Tj ET Q q 0 0 0 rg BT 176.26 502.10 Td (. Our platforms provide for the ability to review creators) Tj ET Q q 0 0 0 rg BT 406.84 502.10 Td ( content prior to publishing, and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (the other platforms provide for a review after the content is published. If the content does not conform, the creator is requested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (to make any necessary adjustments. If the creator refuses, the opportunity is deemed to have been withdrawn. Neither the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (brand nor our account management staf) Tj ET Q q 0 0 0 rg BT 208.37 466.10 Td (f modifies creators) Tj ET Q q 0 0 0 rg BT 285.93 466.10 Td ( content without the creators) Tj ET Q q 0 0 0 rg BT 402.37 466.10 Td ( involvement and consent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (The value proposition we of) Tj ET Q q 0 0 0 rg BT 198.57 442.10 Td (fer to both brands and creators strengthens our position as a trusted partner and allows us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (to derive revenue from both customer bases. ) Tj ET Q q 0 0 0 rg BT 231.89 430.10 Td (As more brands utilize our marketplaces, we increase the breadth and depth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (monetization opportunities for creators, attracting more creators and further enhancing value for our advertisers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 394.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 394.10 Td (, we have more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.33 394.10 Td (629,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.83 394.10 Td ( user connections from 358,000 user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 500.61 394.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.16 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.48 394.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (approximate aggregate reach of those connections is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.86 382.10 Td (3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.97 382.10 Td (, which represents the total number of non-unique fans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (followers of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.10 370.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 370.10 Td ( users. Creators in our system include bloggers, leading social influencers and ) Tj ET Q q 0 0 0 rg BT 439.90 370.10 Td (A-list celebrities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 346.10 Td (Our total number of user accounts may be higher than the number of our actual individual creators because some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (creators may have created multiple accounts. ) Tj ET Q q 0 0 0 rg BT 232.24 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.87 334.10 Td (e define a user connection as a social account or blog that has been added to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 322.10 Td ( under a user account. It is possible for one user to add as many user connections as they like, and it is common for talent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (managers and lar) Tj ET Q q 0 0 0 rg BT 118.12 310.10 Td (ge publishers to add many connections under a single account. ) Tj ET Q q 0 0 0 rg BT 370.37 310.10 Td (The aggregate reach number includes current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (and naturally expired O-Auth connections, but does not include manual disconnects. ) Tj ET Q q 0 0 0 rg BT 392.51 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.15 298.10 Td (e define naturally expired O-Auth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (connections as a social media user authentication that has timed out for any number of reasons. Our creators currently publish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (sponsored content to blogs and ) Tj ET Q q 0 0 0 rg BT 176.19 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 181.60 274.10 Td (witter and reach other existing platforms such as Facebook, Pinterest, ) Tj ET Q q 0 0 0 rg BT 461.90 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 467.66 274.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 491.14 274.10 Td (, LinkedIn, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Google and Bing through syndication or sharing of that content. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 238.10 Td (e are currently limited in our ability to service the needs of all brands and creators. ) Tj ET Q q 0 0 0 rg BT 429.33 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 437.97 238.10 Td (e have a lar) Tj ET Q q 0 0 0 rg BT 483.59 238.10 Td (ge number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (brands and creators that we cannot currently match for sponsorship or content opportunities. ) Tj ET Q q 0 0 0 rg BT 423.88 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.52 226.10 Td (e believe that ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 488.33 226.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.87 226.10 Td ( should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (improve our ability to more ef) Tj ET Q q 0 0 0 rg BT 170.62 214.10 Td (ficiently match marketplace participants by providing access to more social media channels and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (by of) Tj ET Q q 0 0 0 rg BT 70.65 202.10 Td (fering a lar) Tj ET Q q 0 0 0 rg BT 114.33 202.10 Td (ger inventory of quality brands and creators. However) Tj ET Q q 0 0 0 rg BT 333.02 202.10 Td (, we are still limited by the number of brands using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (platforms to bring more liquidity and transactions to the creators in the marketplace. In October 2015, we announced the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (public beta of SocialLinks, a new of) Tj ET Q q 0 0 0 rg BT 194.50 178.10 Td (fering inside of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 258.10 178.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.64 178.10 Td (. SocialLinks is designed to provide creators with an unlimited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (ability to monetize their social channels through an af) Tj ET Q q 0 0 0 rg BT 264.75 166.10 Td (filiate marketing model which compensates them for generating sales for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 154.10 Td ( partners. IZEA) Tj ET Q q 0 0 0 rg BT 134.14 154.10 Td ( secured a relationship with eBay for the initial launch of the program. ) Tj ET Q q 0 0 0 rg BT 417.76 154.10 Td (This system remains in beta and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (will continue to be modified over the coming year) Tj ET Q q 0 0 0 rg BT 249.95 142.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 118.10 Td (o date, we have completed over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 118.10 Td (3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.41 118.10 Td ( social sponsorship transactions for customers ranging from small local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (businesses to Fortune 500 companies. ) Tj ET Q q 0 0 0 rg BT 206.19 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 214.83 106.10 Td (e consider each individual piece of content, sponsored blog post, tweet or other status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (update as an individual transaction so long as the creator of that content is being compensated for such post, tweet or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (status update.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.82 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.46 58.10 Td (e derive the majority of our revenue from brands for the use of our network of social media content creators to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (fulfill advertiser sponsor requests for a blog post, tweet, click or action \(Sponsored Revenue\). ) Tj ET Q q 0 0 0 rg BT 429.17 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 437.80 46.10 Td (e derive the remaining portion ) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (of our revenue from the creation of content \(Content Revenue\) and from various service fees char) Tj ET Q q 0 0 0 rg BT 440.49 742.10 Td (ged to advertisers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (creators for services, maintenance and enhancement of their accounts \(Service Fee Revenue\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Industry Backgr) Tj ET Q q 0 0 0 rg BT 120.66 706.10 Td (ound and ) Tj ET Q q 0 0 0 rg BT 163.29 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.22 706.10 Td (r) Tj ET Q q 0 0 0 rg BT 173.48 706.10 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Despite the inherently conversational nature of social media marketing as part of the lar) Tj ET Q q 0 0 0 rg BT 436.52 682.10 Td (ger digital marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (landscape, many brand budgets are currently allocated towards traditional display advertising, including banner ads and text ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (links on social sites. ) Tj ET Q q 0 0 0 rg BT 135.37 658.10 Td (While most advertisers understand the value of word of mouth marketing, peer recommendations, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (product reviews, few understand how to ef) Tj ET Q q 0 0 0 rg BT 220.60 646.10 Td (ficiently engage social media content creators and produce content appropriately for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (these purposes. ) Tj ET Q q 0 0 0 rg BT 115.92 634.10 Td (Those who ef) Tj ET Q q 0 0 0 rg BT 170.17 634.10 Td (fectively attempt an approach are quickly limited by the amount of ef) Tj ET Q q 0 0 0 rg BT 447.38 634.10 Td (fort required to adequately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (manage and measure a truly integrated campaign.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (The social sponsorship space has been limited primarily by the current inef) Tj ET Q q 0 0 0 rg BT 386.01 598.10 Td (ficiencies of the market. ) Tj ET Q q 0 0 0 rg BT 487.45 598.10 Td (The social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (advertiser universe is lar) Tj ET Q q 0 0 0 rg BT 147.84 586.10 Td (ge and highly fragmented among topic, quality and platform. Brands have been forced to utilize a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (variety of highly inef) Tj ET Q q 0 0 0 rg BT 134.52 574.10 Td (ficient sources and processes to navigate the complicated landscape of sponsorship, often resulting in low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (returns on their time investment or worse-yet, questionable results. ) Tj ET Q q 0 0 0 rg BT 321.98 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 330.62 562.10 Td (e believe this is lar) Tj ET Q q 0 0 0 rg BT 405.41 562.10 Td (gely due to advertisers and creators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (lacking an ef) Tj ET Q q 0 0 0 rg BT 101.46 550.10 Td (ficient way to identify and engage each other in the marketplace. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (At the same time, social media content creators that would like to monetize their community are faced with significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (challenges in making advertisers aware of their blog, ) Tj ET Q q 0 0 0 rg BT 263.91 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 269.32 514.10 Td (witter) Tj ET Q q 0 0 0 rg BT 292.25 514.10 Td (, or Facebook profile and finding quality advertisers who are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (motivated to sponsor them. In addition, those creators with smaller networks simply lack the individual influence and audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (needed to warrant the processing of a micro-transaction. In many cases, it costs an advertiser more money to issue a check to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (small creator than the value of the sponsorship payment itself.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Further complicating the sponsorship process for both parties are FTC regulations around social media endorsements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (IRS tax reporting generally applicable to anyone receiving income for services, and the associated campaign tracking required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (to provide compliance. ) Tj ET Q q 0 0 0 rg BT 146.73 430.10 Td (While many advertisers would prefer to be part of the conversation, we believe the complexity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (cost of individual sponsorship often deters them from doing so.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 394.10 Td (e believe that the current challenges in social sponsorship represent a significant opportunity for us. ) Tj ET Q q 0 0 0 rg BT 497.40 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.03 394.10 Td (e address ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (these challenges with tar) Tj ET Q q 0 0 0 rg BT 148.39 382.10 Td (geted, scalable marketplaces that aggregate social media content creators and advertisers. In doing so, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (we of) Tj ET Q q 0 0 0 rg BT 72.31 370.10 Td (fer an ef) Tj ET Q q 0 0 0 rg BT 105.43 370.10 Td (ficient, innovative way for creators and advertisers of all sizes to find each other and complete a sponsorship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (Since our inception in 2006, we have worked diligently to establish and leverage key strengths in our business model, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.12 298.10 Td ( culture of innovation and creativity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.17 298.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.67 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.49 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.13 298.10 Td (e believe the only way to survive and thrive in our rapidly changing world ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (is to change ahead of it. ) Tj ET Q q 0 0 0 rg BT 149.79 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.42 286.10 Td (e are in a state of constant evolution and re-invention; this is The IZEA) Tj ET Q q 0 0 0 rg BT 446.95 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.27 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.91 286.10 Td (ay) Tj ET Q q 0 0 0 rg BT 466.69 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.45 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 487.09 286.10 Td (e have created a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (culture committed to innovation and creativity that challenges convention and breaks new ground. IZEA) Tj ET Q q 0 0 0 rg BT 470.16 274.10 Td ( team members are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (protective and proud of our culture by applying its humble, yet hungry attitude to all facets of our business. Our people and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (their innovations ultimately provide us with our lar) Tj ET Q q 0 0 0 rg BT 253.95 250.10 Td (gest competitive advantage. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (First-mover advantage with a highly disruptive business model) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.08 226.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.58 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.40 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.03 226.10 Td (e believe that by pioneering the social sponsorship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (space and investing heavily in innovation and marketing, we were first to develop positive rapport among creators and brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (alike. ) Tj ET Q q 0 0 0 rg BT 76.75 202.10 Td (This loyalty has resulted in consistent revenue growth and high levels of repeat business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (Scalable and leverageable operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.04 178.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.54 178.10 Td ( Our business model allows revenue to be derived in a variety of ways, all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (which rely on our marketplace as a hub. ) Tj ET Q q 0 0 0 rg BT 214.76 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.40 166.10 Td (e intend to introduce multiple new product of) Tj ET Q q 0 0 0 rg BT 404.56 166.10 Td (ferings within ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.89 166.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.93 166.10 Td (without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (substantially increasing our operations and support expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (Experienced management team, board of directors and strategic advisors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.26 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.76 130.10 Td ( Our management team includes not only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (a highly experienced team of entrepreneurs and executives from the digital media, technology and entertainment industries, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (also outstanding strategic advisory board members who are experts in social media and integrated marketing campaigns. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Management for details.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 742.25 Td ( Gr) Tj ET Q q 0 0 0 rg BT 82.13 742.25 Td (owth Strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (After nine years of working in and developing the social sponsorship category) Tj ET Q q 0 0 0 rg BT 398.32 718.25 Td (, we believe our business model is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (market-tested and ready for growth. Our development ef) Tj ET Q q 0 0 0 rg BT 278.34 706.25 Td (forts have included assembling a diverse and experienced senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (management team and advisory board, launching and optimizing our proprietary marketplaces, developing a cross-platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (sales force and refining our message to the market. Key elements of our strategy to accelerate revenue growth and continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (product development include: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (An integrated approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.79 646.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.29 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.11 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.75 646.25 Td (e believe we are the only company that can currently provide both content production and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (sponsored social at scale. It is our opinion that this provides a significant advantage for us in the market and we have already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (seen strong sales response to proposals that include both content and sponsored social. Moving forward we believe that content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (revenues will play a significant role in IZEA) Tj ET Q q 0 0 0 rg BT 227.45 610.25 Td () Tj ET Q q 0 0 0 rg BT 230.22 610.25 Td (s growth.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (Large client services team) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.91 586.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.41 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.23 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.87 586.25 Td (e expect the growth of our client development team to be the primary driver of near) Tj ET Q q 0 0 0 rg BT 542.71 586.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (term revenues. ) Tj ET Q q 0 0 0 rg BT 113.68 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.32 574.25 Td (e have been developing a comprehensive on-boarding and on-going education curriculum that led to record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (bookings in 2015. ) Tj ET Q q 0 0 0 rg BT 126.77 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.41 562.25 Td (e intend to add additional client development personnel who receive a commission for meeting sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 550.25 Td (gets to more ef) Tj ET Q q 0 0 0 rg BT 119.89 550.25 Td (fectively service clients throughout North ) Tj ET Q q 0 0 0 rg BT 288.45 550.25 Td (America and Canada. ) Tj ET Q q 0 0 0 rg BT 379.62 550.25 Td (The majority of these team members will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (located in our headquarters in ) Tj ET Q q 0 0 0 rg BT 171.16 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.20 538.25 Td (inter Park, Florida and will conduct sales activities through phone, email and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (videoconferencing. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (Strategic partnerships) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.85 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.17 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 192.81 502.25 Td (e continue to develop strategic partnerships and reseller agreements with companies that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (can provide additional growth in our base of creators and advertisers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 331.85 490.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.40 490.25 Td ( is designed to be easily white labeled, allowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (partners to operate their own node on the exchange. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.74 478.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.29 478.25 Td ( is also designed to be resold by partners that do not require a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (custom-branded solution. ) Tj ET Q q 0 0 0 rg BT 153.60 466.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.04 466.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.63 466.25 Td (, we have signed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.77 466.25 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.77 466.25 Td ( partners, including ) Tj ET Q q 0 0 0 rg BT 415.57 466.25 Td (The Marketing ) Tj ET Q q 0 0 0 rg BT 477.22 466.25 Td (Arm, Meredith and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 454.25 Td (iacom.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (Product innovation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.74 430.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.24 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.06 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 181.69 430.25 Td (e will continue to recruit additional engineering and product innovation team members to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (enhance ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.25 418.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 418.25 Td ( to develop new technology ideas within this platform that complement our mission as a company) Tj ET Q q 0 0 0 rg BT 501.46 418.25 Td (. In 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (2017, we intend to focus our ef) Tj ET Q q 0 0 0 rg BT 174.51 406.25 Td (forts on completing the Ebyline integration into ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.53 406.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.08 406.25 Td (, developing our mobile app and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (unlocking additional revenue generating opportunities utilizing our existing platforms and users.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (Complementary acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.51 370.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 210.83 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 219.47 370.25 Td (e continually seek to identify and acquire companies, technologies and assets to add ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (to our portfolio of software services that will drive additional near and long-term revenue. In July 201) Tj ET Q q 0 0 0 rg BT 459.51 358.25 Td (1, we acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Germany) Tj ET Q q 0 0 0 rg BT 89.99 346.25 Td (s Magpie ) Tj ET Q q 0 0 0 rg BT 129.24 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.65 346.25 Td (witter advertising network that included approximately 12,000 advertisers and 20,000 ) Tj ET Q q 0 0 0 rg BT 479.94 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 485.35 346.25 Td (witter creators in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (143 countries. In December 2012, we acquired FeaturedUsers, one of the first advertising networks specifically designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (help ) Tj ET Q q 0 0 0 rg BT 69.54 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 74.95 322.25 Td (witter users grow their followers. In January 2015, we acquired Ebyline, Inc., as described below) Tj ET Q q 0 0 0 rg BT 465.29 322.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 84.74 298.25 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 274.25 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline, Inc. \(Ebyline\), pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (to the terms of a Stock Purchase ) Tj ET Q q 0 0 0 rg BT 180.81 262.25 Td (Agreement, dated as of January 27, 2015, by and among IZEA, Ebyline and the stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (of Ebyline. ) Tj ET Q q 0 0 0 rg BT 99.25 250.25 Td (The aggregate consideration payable by us was to be an amount up to $8,850,000, including a cash payment at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (closing of $1,200,000, a stock issuance valued at $250,000 paid on July 30, 2015, $1,877,064 in two equal installments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td ($938,532 on the first and second anniversaries of the closing, and up to $5,500,000 in contingent performance payments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (subject to Ebyline meeting certain revenue tar) Tj ET Q q 0 0 0 rg BT 233.63 214.25 Td (gets for each of the three years ending December 31, 2015, 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 538.91 214.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td ($1,877,064 in annual payments and the $5,500,000 in contingent performance payments may be made in cash or common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (stock, at our option. ) Tj ET Q q 0 0 0 rg BT 134.53 190.25 Td (The performance payments are to be made only if Ebyline achieves at least 90% of Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 178.25 Td (gets of $17,000,000 in 2015, $27,000,000 in 2016 and $32,000,000 in 2017. If Ebyline achieves at least 90%, but less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (100% of the Content Revenue tar) Tj ET Q q 0 0 0 rg BT 183.39 166.25 Td (gets, the performance payments owed of $1,800,000, $1,800,000 and $1,900,000 for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (the three years ending December 31, 2015, 2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 336.20 154.25 Td (, will be subject to adjustment. ) Tj ET Q q 0 0 0 rg BT 463.13 154.25 Td (Anything below 90% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (the Content Revenue tar) Tj ET Q q 0 0 0 rg BT 146.73 142.25 Td (gets will not be eligible for any performance payment. Based on actual results for 2015 and our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (projections for Content Revenue for 2016-2017, we do not believe that these tar) Tj ET Q q 0 0 0 rg BT 369.45 130.25 Td (gets will be met within each of the respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.55 118.25 Td (As a result, we do not believe that we will be required to make any of the $5,500,000 in contingent performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (payments and we currently expect that the total consideration to be paid for the Ebyline acquisition will be $3,327,064.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Future cash payments and common stock issuances may be withheld to satisfy indemnifiable claims made by us with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (respect to any misrepresentations or breaches of warranty under the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 386.00 70.25 Td (Agreement by Ebyline or the stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (of Ebyline within two years after the closing of the acquisition.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Based in Los ) Tj ET Q q 0 0 0 rg BT 140.17 742.10 Td (Angeles, California, Ebyline operates an online marketplace that enables publishers to access a network ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of over 15,000 content creators ranging from writers to illustrators in 84 countries. Over 2,000 fully vetted individuals in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Ebyline network have professional journalism credentials with backgrounds at well-known media outlets. Ebyline) Tj ET Q q 0 0 0 rg BT 511.55 718.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (proprietary workflow is utilized by leading media or) Tj ET Q q 0 0 0 rg BT 259.48 706.10 Td (ganizations to manage the entire customer content creation process - from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (creator selection through electronic payment. In addition to publishers, Ebyline is leveraged by brands to produce custom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (branded content for use on their owned and operated sites, as well as third party content marketing and native advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 670.10 Td (forts. ) Tj ET Q q 0 0 0 rg BT 83.24 670.10 Td (The Ebyline technology platform has been used by publishers and brands to manage over 200,000 content projects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 622.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 622.10 Td (, we had more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.89 622.10 Td (629,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.39 622.10 Td ( user connections from 358,000 user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.18 622.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.72 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.04 622.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (approximate aggregate reach of those connections is) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.9333333333333333 0.15294117647058825 0.1411764705882353 rg BT 259.36 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.86 610.10 Td (3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.97 610.10 Td (, which represents the total number of non-unique fans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (followers of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.10 598.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 598.10 Td ( users. Creators in our system include bloggers, leading social influencers and ) Tj ET Q q 0 0 0 rg BT 439.90 598.10 Td (A-list celebrities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (In the case of our managed brands, we typically enter into a master agreement. Under the master agreement, the brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (may submit one or more insertion orders pursuant to which we provide services for production of requested content specifically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (for the brand or for advertising through our creator's network of social media connections. ) Tj ET Q q 0 0 0 rg BT 415.40 550.10 Td (The master agreement, according to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (our standard terms, is terminable by us or our customers upon 30 days prior written notice or immediately if a material breach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (has occurred that is not promptly cured. Each party indemnifies the other with regard to various representations made by such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (party) Tj ET Q q 0 0 0 rg BT 69.90 514.10 Td (, including the advertiser's representations that its content does not violate any law) Tj ET Q q 0 0 0 rg BT 398.46 514.10 Td (, or infringe any intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (right of another) Tj ET Q q 0 0 0 rg BT 111.80 502.10 Td (, is not false or deceptive, or defamatory or libelous, and is free of viruses and other computer programming that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (could damage any system data. Fees under the master agreement are typically payable within 30 days after the date of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (invoice in accordance with the terms agreed to in the applicable insertion order) Tj ET Q q 0 0 0 rg BT 365.43 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 372.75 478.10 Td (The master agreement additionally provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (for standard service disclaimers and limitations of liability for our benefit, as well as a reciprocal confidentiality provision. ) Tj ET Q q 0 0 0 rg BT 545.50 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 554.14 466.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (also enter into agreements with self-service" customers who agree to our terms of service available on the applicable online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (platform when they create their account. ) Tj ET Q q 0 0 0 rg BT 216.41 442.10 Td (These self-service customers do not separately enter into a master agreement with us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 418.10 Td (e provide services to customers in multiple industry segments, including consumer products, retail/eT) Tj ET Q q 0 0 0 rg BT 500.52 418.10 Td (ail, technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and travel. Our customers are predominantly located in the United States followed by Canada, India, the United Kingdom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (over 150 other countries. Our business serves advertising and public relations agencies, as well as brands and businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (directly) Tj ET Q q 0 0 0 rg BT 79.89 382.10 Td (. In many cases, social media marketing dollars flow through the advertising or public relations agency) Tj ET Q q 0 0 0 rg BT 493.57 382.10 Td (, even when we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (have a direct relationship with the brand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Below is a list of our customers who exceeded 5% of our revenue for the years ended December 31, 2015 and 2014:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 320.6 m 433.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 320.6 m 497.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 320.6 m 561.5 320.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 325.27 Td (Customer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 325.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 325.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 310.27 Td (Journal Media Group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 310.27 Td (14.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 310.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 310.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 310.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 295.27 Td (eBay, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 295.27 Td (8.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 295.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 295.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.27 Td (Triad Retail Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 280.27 Td (2.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 280.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 280.27 Td (9.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 280.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (Sales and Marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 228.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 228.10 Td (e primarily sell social sponsorship and content campaigns through our sales team, our self-service platforms and, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (a lesser extent, by utilizing distribution relationships such as resellers, af) Tj ET Q q 0 0 0 rg BT 339.75 216.10 Td (filiates and white label partners. ) Tj ET Q q 0 0 0 rg BT 470.08 216.10 Td (W) Tj ET Q q 0 0 0 rg BT 478.72 216.10 Td (e tar) Tj ET Q q 0 0 0 rg BT 496.02 216.10 Td (get regional, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (national and global brands and advertising agencies in the following ways:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 180.10 Td (Client Development ) Tj ET Q q 0 0 0 rg BT 173.03 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.78 180.10 Td (eam.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.55 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.87 180.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.50 180.10 Td (e have a client development team each of whom is assigned a geographic region or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (specific brands, primarily within the United States. ) Tj ET Q q 0 0 0 rg BT 258.66 168.10 Td (The team members are responsible for identifying and managing sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (opportunities in their respective tar) Tj ET Q q 0 0 0 rg BT 189.78 156.10 Td (get areas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 132.10 Td (Resellers and ) Tj ET Q q 0 0 0 rg BT 145.26 132.10 Td (White Label Partners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.02 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.34 132.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.98 132.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.29 132.10 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.29 132.10 Td ( independent resellers and distribution partners who are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (responsible for selling one or more of our platforms under an independent contractor relationship. ) Tj ET Q q 0 0 0 rg BT 443.32 120.10 Td (W) Tj ET Q q 0 0 0 rg BT 451.95 120.10 Td (e maintain two types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (reseller relationships: resellers and white label partners. Resellers focus their ef) Tj ET Q q 0 0 0 rg BT 366.65 108.10 Td (forts on selling a variety of brands throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (the United States. ) Tj ET Q q 0 0 0 rg BT 123.14 96.10 Td (White label partners are complementary relationships that add additional advertisers and creators to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (network. ) Tj ET Q q 0 0 0 rg BT 90.09 84.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.73 84.10 Td (e intend to increase our number of resellers and white label partners under the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 412.50 84.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.04 84.10 Td ( technology platform.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 60.10 Td (Self-Service Platforms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.24 60.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 188.74 60.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.29 60.10 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 233.72 60.10 Td (Ebyline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.27 60.10 Td ( were developed as self-service marketplaces to enable brands, advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (and agencies of all sizes to independently access our network of social media content creators and journalists and implement ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (their own social sponsorship campaigns or request the creation of specific content. Self-service customers extend our global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reach and increase deal flow) Tj ET Q q 0 0 0 rg BT 163.17 730.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Referral Pr) Tj ET Q q 0 0 0 rg BT 134.95 706.10 Td (ogram.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.67 706.10 Td (As more brand marketers contribute opportunities into our marketplaces, we believe we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (increase the breadth and depth of the monetization value of) Tj ET Q q 0 0 0 rg BT 286.67 694.10 Td (fered to our creators, attracting more creators to enroll into our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (platforms and thereby enhancing the value of our platforms to future brand advertisers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 402.94 682.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.49 682.10 Td ( contains a program designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (compensate social media content creators for referring other creators to join these platforms. In these programs, we incur the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (cost to pay a referral fee to the referrer equal to 5%-15% of the referee's earnings for up to a two-year period. Directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (trackable creator referrals are new creator signups that we receive as the result of a current creator sharing a unique tracking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (link to our platform. ) Tj ET Q q 0 0 0 rg BT 135.92 634.10 Td (The link allows us to determine how a new creator learned about our platform. ) Tj ET Q q 0 0 0 rg BT 455.08 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 463.72 634.10 Td (e paid referral fees to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (creators approximating $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.97 622.10 Td (46,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.47 622.10 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.90 622.10 Td (52,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 622.10 Td ( in the years ended December 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 477.56 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 484.88 622.10 Td (These programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (amplify our marketing dollars and decrease the investment required to attract new creators. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 125.18 586.10 Td (Acumen.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 586.10 Td ( Our team possesses a strong marketing background. ) Tj ET Q q 0 0 0 rg BT 381.06 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.70 586.10 Td (e focus our corporate marketing ef) Tj ET Q q 0 0 0 rg BT 527.51 586.10 Td (forts on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (increasing brand awareness, communicating each of our platform advantages, generating qualified leads for our sales team and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (growing our social media creator network. Our corporate marketing plan is designed to continually elevate awareness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (brand and generate demand for social sponsorship. ) Tj ET Q q 0 0 0 rg BT 257.81 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 266.45 550.10 Td (e rely on a number of channels in this area, including tradeshows, third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (party social media platforms \(e.g., Facebook and ) Tj ET Q q 0 0 0 rg BT 247.53 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 252.94 538.10 Td (witter\), IZEA-hosted community events, paid searches, public relations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (our corporate websites.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Revenue Model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 478.10 Td (e derive revenue from three sources: revenue from a brand when it pays for a social media publisher or influencer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (such as a blogger or tweeter \("creators"\) to share sponsored content with their social network audience \("Sponsored Revenue"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (revenue when a publisher or company purchases custom branded content for use on its owned and operated sites, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (third party content marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 267.80 442.10 Td (forts \("Content Revenue"\) and revenue derived from various service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (license fees char) Tj ET Q q 0 0 0 rg BT 115.89 430.10 Td (ged to users of our platforms \("Service Fee Revenue"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e earn Sponsored Revenue either on a per post or action basis from opportunities created by advertisers using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (platforms or on an advertising campaign basis where we manage the entire campaign for our customers, often using multiple ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (platforms to accomplish a full social media campaign. ) Tj ET Q q 0 0 0 rg BT 271.05 382.10 Td (Advertisers may prepay for services by placing a deposit in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (account with us.) Tj ET Q q 0 0 0 rg BT 120.08 370.10 Td (The deposits are typically paid by the advertiser through the use of checks, wire transfers or credit cards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Deposits are recorded as unearned revenue until earned as described below) Tj ET Q q 0 0 0 rg BT 349.22 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.54 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 361.95 358.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 393.51 358.10 Td (, for each dollar an advertiser spends with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (us for sponsored services, approximately 50% of it goes to our social media content creators. Celebrity creators typically retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (a higher percentage of each transaction due to the higher base price associated with these sponsorships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (Sponsored Revenue is recognized and considered earned after an advertiser's sponsored content is posted through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 298.10 Td ( and shared through a creator's social network for a requisite period of time. ) Tj ET Q q 0 0 0 rg BT 380.67 298.10 Td (The requisite period ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.24 298.10 Td (3 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.07 298.10 Td ( for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (tweet to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 286.10 Td (30 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 286.10 Td ( for a blog, video or other form of content. Revenue is only recorded upon successful completion of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (actions. If the action was not successful, the advertiser's account would not be char) Tj ET Q q 0 0 0 rg BT 381.24 274.10 Td (ged and no revenue would be recorded. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (IZ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.44 262.10 Td (EAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.09 262.10 Td ( can be activated and used in a self-service fashion or with the assistance of our account management team. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (fees related to Sponsored Revenue from advertising campaigns managed by us are recognized ratably over the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (campaign which may range from a few days to months. Sponsored Revenue accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.56 238.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.89 238.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.33 238.10 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.66 238.10 Td ( of our total revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 226.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 226.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 226.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.83 226.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 351.49 226.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 202.10 Td (Content Revenue is recognized when the content is delivered to and accepted by the customer) Tj ET Q q 0 0 0 rg BT 460.87 202.10 Td (. Content revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.19 190.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.52 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.96 190.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.29 190.10 Td ( of our total revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.20 190.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 190.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.68 190.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.70 190.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.36 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 166.10 Td (Service Fee Revenue results when fees are char) Tj ET Q q 0 0 0 rg BT 276.01 166.10 Td (ged to customers primarily related to subscription fees for dif) Tj ET Q q 0 0 0 rg BT 521.04 166.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (levels of service within a platform, licensing fees for white-label use of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 337.40 154.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.95 154.10 Td (, early cash-out fees if a creator wishes to take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (proceeds earned for services from their account when the account balance is below certain minimum balance thresholds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (inactivity fees for dormant accounts. ) Tj ET Q q 0 0 0 rg BT 198.66 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.29 130.10 Td (e set certain minimum cash-out balance thresholds, typically $50, to encourage creators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (to help us better manage the time, Paypal fees and administrative costs that are associated with each cash-out by creators. Once ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (a creator's account balance exceeds the minimum balance, they can request to be paid without incurring a fee. Service Fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Revenue is recognized immediately when the service is performed or at the time an account becomes dormant or is cashed out. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Service Fee Revenue for subscription or licensing fees are recognized straight-line over the term of service. Self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (advertisers must prepay for services by placing a deposit in their account with the Company) Tj ET Q q 0 0 0 rg BT 417.03 70.10 Td (.) Tj ET Q q 0 0 0 rg BT 424.35 70.10 Td (The deposits are typically paid by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (the advertiser via credit card. ) Tj ET Q q 0 0 0 rg BT 170.78 58.10 Td (Advertisers who use us to manage their social advertising campaigns or content requests may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (prepay for services or request credit terms. Payments received or billings in advance of services are recorded as unearned ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (revenue until earned as described above. Service Fee Revenue accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.25 742.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.58 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.02 742.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.35 742.10 Td ( of our total revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.25 742.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 730.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 730.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 279.01 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (As ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.61 706.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.16 706.10 Td ( continues to gain adoption from our advertisers, creators and partners in future periods, we anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (additional forms of revenue streams including subscription fees, listing fees, licensing fees and sponsored search fees as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of new functionality built into the platform. ) Tj ET Q q 0 0 0 rg BT 226.08 682.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 275.98 682.10 Td (, we began reporting Content Revenue after January 2015 as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (our acquisition of Ebyline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 646.10 Td (e were able to achieve gross mar) Tj ET Q q 0 0 0 rg BT 224.95 646.10 Td (gins on all our products of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.97 646.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.74 646.10 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.07 646.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.68 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.63 634.10 Td (As part of our commitment to increase shareholder value, we are constantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (seeking methods to further increase mar) Tj ET Q q 0 0 0 rg BT 210.04 622.10 Td (gins by implementing technology advancements and adjusting our revenue mix to focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (on higher mar) Tj ET Q q 0 0 0 rg BT 105.91 610.10 Td (gin opportunities. ) Tj ET Q q 0 0 0 rg BT 183.78 610.10 Td (The mix of sales between our higher mar) Tj ET Q q 0 0 0 rg BT 347.71 610.10 Td (gin Sponsored Revenue and our lower mar) Tj ET Q q 0 0 0 rg BT 518.60 610.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Content Revenue \(particularly the self-service workflow portion of this revenue\) has a significant af) Tj ET Q q 0 0 0 rg BT 449.96 598.10 Td (fect on our overall gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (profit percentage. ) Tj ET Q q 0 0 0 rg BT 124.97 586.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 174.87 586.10 Td (, the addition of white label partners to IZEAx will translate into lower mar) Tj ET Q q 0 0 0 rg BT 475.71 586.10 Td (gins on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Sponsored Revenue. ) Tj ET Q q 0 0 0 rg BT 134.53 574.10 Td (White label partners receive a percentage of each transaction generated by users within their system. ) Tj ET Q q 0 0 0 rg BT 540.74 574.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (result of the changes in our sales mix, we expect that our mar) Tj ET Q q 0 0 0 rg BT 295.02 562.10 Td (gins will average 38% to 41% in future years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 538.10 Td (echnology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.55 514.10 Td ( spans multiple social networks, blogs and ) Tj ET Q q 0 0 0 rg BT 282.82 514.10 Td (Y) Tj ET Q q 0 0 0 rg BT 289.04 514.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 304.80 514.10 Td (ube. ) Tj ET Q q 0 0 0 rg BT 326.56 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.19 514.10 Td (e aggregate our creators in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 443.75 514.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 514.10 Td ( which allows us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (create scale and tar) Tj ET Q q 0 0 0 rg BT 126.15 502.10 Td (geting for our brands. ) Tj ET Q q 0 0 0 rg BT 215.12 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.75 502.10 Td (e provide the ability to tar) Tj ET Q q 0 0 0 rg BT 327.15 502.10 Td (get our creators based on a variety of software rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (filters. ) Tj ET Q q 0 0 0 rg BT 78.14 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.78 490.10 Td (e provide self-service platforms that service all business types and sizes. Unlike traditional public relations, advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (only pay for completed posts. ) Tj ET Q q 0 0 0 rg BT 173.41 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.05 478.10 Td (e provide trackable results by automatically embedding tracking links and pixels, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (support, for third-party tracking \(such as DAR) Tj ET Q q 0 0 0 rg BT 235.19 466.10 Td (T\). ) Tj ET Q q 0 0 0 rg BT 249.45 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 258.09 466.10 Td (e also provide dashboards for real-time reporting, providing immediate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (feedback. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Privacy and Security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e are committed to protecting the privacy) Tj ET Q q 0 0 0 rg BT 258.92 406.10 Td (, reputations and dignity of our advertisers and creators. ) Tj ET Q q 0 0 0 rg BT 486.64 406.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 535.98 406.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (have invested heavily in many areas to prevent the misuse of information that we collect. ) Tj ET Q q 0 0 0 rg BT 411.09 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.73 394.10 Td (e do not misuse personally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (identifiable information that we collect and we use reasonable and suitable physical, electronic and managerial safeguards to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (protect such information. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 346.10 Td (oduct Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (Our product development team is responsible for platform and infrastructure development, application development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (user interface and application design, enterprise connectivity) Tj ET Q q 0 0 0 rg BT 292.31 310.10 Td (, Internet applications and design, quality assurance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (documentation and release management. One of our core strengths is our knowledge of and experience in launching and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (operating scalable social media marketplaces. Our product development expenses, consisting primarily of salaries paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (development personnel and included in general and administrative expenses, were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.53 274.10 Td ($1,942,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.53 274.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.97 274.10 Td ($964,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.47 274.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 262.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.71 262.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 285.38 262.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (Throughout 2013 and the first quarter of 2014, we developed our new web-based advertising exchange platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.87 226.10 Td (This platform is being utilized both internally and externally to facilitate native advertising campaigns on a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 77.30 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.94 214.10 Td (e began adding features and additional functionality to this platform in 2015 and will continue throughout 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (These new features will enable our platform to facilitate the contracting, workflow and delivery of direct content. ) Tj ET Q q 0 0 0 rg BT 507.98 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.62 202.10 Td (e incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and capitalized software development costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.15 190.10 Td ($452,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.09 190.10 Td ($206,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.59 190.10 Td ( in our balance sheet during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.58 190.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.44 178.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 177.10 178.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (Our team believes that constant innovation is the only way to achieve long-term growth. ) Tj ET Q q 0 0 0 rg BT 444.06 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.70 154.10 Td (e intend to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (invest in the creation of new technology additions that complement our core of) Tj ET Q q 0 0 0 rg BT 365.28 142.10 Td (ferings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 94.10 Td (e face competition from multiple companies in the social sponsorship industry) Tj ET Q q 0 0 0 rg BT 407.25 94.10 Td (. Direct and indirect competitors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the social sponsorship space include Facebook, Glam Media, ) Tj ET Q q 0 0 0 rg BT 296.43 82.10 Td (T) Tj ET Q q 0 0 0 rg BT 301.84 82.10 Td (witter) Tj ET Q q 0 0 0 rg BT 324.76 82.10 Td (, BlogHer) Tj ET Q q 0 0 0 rg BT 363.80 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.62 82.10 Td (T) Tj ET Q q 0 0 0 rg BT 374.03 82.10 Td (apInfluence and Collective Bias. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (there are a number of agencies, public relations firms and niche consultancies that provide social media programs and conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (manual influencer outreach programs.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Competition for advertising placements among current and future suppliers of Internet navigational and informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (services, high traf) Tj ET Q q 0 0 0 rg BT 121.18 730.10 Td (fic websites and social sponsorship providers, as well as competition with other media for native advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (placements, could result in significant price competition, declining mar) Tj ET Q q 0 0 0 rg BT 334.74 718.10 Td (gins and reductions in advertising revenue. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (as we continue our ef) Tj ET Q q 0 0 0 rg BT 135.34 706.10 Td (forts to expand the scope of our services with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.46 706.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 706.10 Td (, we may compete with a greater number of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (companies across an increasing range of dif) Tj ET Q q 0 0 0 rg BT 224.75 694.10 Td (ferent services, including in vertical markets where competitors may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (advantages in expertise, brand recognition and other areas. If existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 470.51 682.10 Td (fer products or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (services that provide significant performance, price, creative or other advantages over those of) Tj ET Q q 0 0 0 rg BT 427.44 670.10 Td (fered by us, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (prospects, results of operations and financial condition could be negatively af) Tj ET Q q 0 0 0 rg BT 359.45 658.10 Td (fected. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 634.10 Td (e also compete with traditional advertising media such as direct mail, television, radio, cable and print for a share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (advertisers' total advertising budgets. Many current and potential competitors enjoy competitive advantages over us, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (longer operating histories, greater name recognition, lar) Tj ET Q q 0 0 0 rg BT 272.51 610.10 Td (ger customer bases, greater access to advertising space on high-traf) Tj ET Q q 0 0 0 rg BT 541.11 610.10 Td (fic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (websites, and significantly greater financial, technical, sales and marketing resources. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 574.10 Td (oprietary Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Proprietary rights are important to our success and our competitive position. ) Tj ET Q q 0 0 0 rg BT 392.97 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 398.38 550.10 Td (o protect our proprietary rights, we rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (on trademark, copyright, patent and trade secret laws, confidentiality procedures and contractual provisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 514.10 Td (e currently own 57 trademark registrations and applications. In the United States, we own 23 trademarks registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (with the U.S. Patent and ) Tj ET Q q 0 0 0 rg BT 149.53 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 155.29 502.10 Td (rademark Of) Tj ET Q q 0 0 0 rg BT 205.91 502.10 Td (fice \(USPT) Tj ET Q q 0 0 0 rg BT 251.00 502.10 Td (O\), including "Blogger's Choice ) Tj ET Q q 0 0 0 rg BT 381.59 502.10 Td (A) Tj ET Q q 0 0 0 rg BT 387.90 502.10 Td (wards," "Champion the Creators," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ("Connecting Creators and Brands," "FanAds," "Get Everyone ) Tj ET Q q 0 0 0 rg BT 299.35 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.76 490.10 Td (alking," "InPostLinks," "IZEA," "IZEA) Tj ET Q q 0 0 0 rg BT 462.57 490.10 Td ( Exchange," "IZEAx," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ("Native ) Tj ET Q q 0 0 0 rg BT 82.69 478.10 Td (Ad Exchange," "PayPerPost," "Postie," "Selective Syndication," "SocialSpark," "SoundAmp," "Sponsored Music," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ("Sponsored Social," "Sponsorship Marketplace," "Staree," "The Creator MarketPlace," and "W) Tj ET Q q 0 0 0 rg BT 430.00 466.10 Td (e Reward \(Design\)." Further) Tj ET Q q 0 0 0 rg BT 543.65 466.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (have acquired registrations for "Ebyline" and "V) Tj ET Q q 0 0 0 rg BT 243.80 454.10 Td (irtual Newsroom." ) Tj ET Q q 0 0 0 rg BT 320.19 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.83 454.10 Td (e also own an International Registration for the "Izea" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (mark, along with foreign registrations for "Izea" in ) Tj ET Q q 0 0 0 rg BT 255.05 442.10 Td (Australia, New Zealand, and Norway) Tj ET Q q 0 0 0 rg BT 403.79 442.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 418.10 Td (In addition to these registered marks, we currently have 4 pending foreign applications for the mark "Izea" in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Ar) Tj ET Q q 0 0 0 rg BT 60.37 406.10 Td (gentina, Brazil, Canada, and the European Union, as well as 25 trademark applications pending in the United States, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (intention of filing additional applications in both the U.S. and foreign countries where we have a bona fide commercial interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 370.10 Td (The pending applications in the United States that have been successfully prosecuted, not challenged by any third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (parties, and allowed for registration by the USPT) Tj ET Q q 0 0 0 rg BT 246.44 358.10 Td (O in due course are "Community Rank," "Connecting Brands and Creators," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ("ContentAmp," "Creators Choice ) Tj ET Q q 0 0 0 rg BT 185.56 346.10 Td (A) Tj ET Q q 0 0 0 rg BT 191.87 346.10 Td (wards," "Influence Rank," "Influence Upfront," "InRank," "Platform Rank," and "T) Tj ET Q q 0 0 0 rg BT 525.23 346.10 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Social ) Tj ET Q q 0 0 0 rg BT 77.31 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 83.43 334.10 Td (alue." ) Tj ET Q q 0 0 0 rg BT 108.98 334.10 Td (The remaining 17 pending applications, namely) Tj ET Q q 0 0 0 rg BT 299.39 334.10 Td (, "Community Rank," ") Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 393.0322265625 332.7669921875 m 486.0693359375 332.7669921875 l s q 0 0 0 rg BT 393.03 334.10 Td (ContentMarketing.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.07 334.10 Td (," "Content Rank," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td ("LinkFinder) Tj ET Q q 0 0 0 rg BT 98.68 322.10 Td (," "Promoted Post," "ShareMonitor) Tj ET Q q 0 0 0 rg BT 238.77 322.10 Td (," "Social Media Rank," "Sponsored ) Tj ET Q q 0 0 0 rg BT 385.92 322.10 Td (Action," "Sponsored Car) Tj ET Q q 0 0 0 rg BT 485.06 322.10 Td (," "Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Chat," "Sponsored Distribution," "Sponsored Party) Tj ET Q q 0 0 0 rg BT 253.45 310.10 Td (," "Sponsored Ride," "Sponsored Snap," "Sponsored Stream," "Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Syndication," and "The Content MarketPlace"were filed in 2015 and are still pending at the USPT) Tj ET Q q 0 0 0 rg BT 442.81 298.10 Td (O. Even if these applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (are approved by the USPT) Tj ET Q q 0 0 0 rg BT 155.90 286.10 Td (O, there can be no assurance that we will be successful in obtaining the registrations since any third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (party with a concern will have an opportunity to challenge the applications during the 30 day opposition period prescribed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the USPT) Tj ET Q q 0 0 0 rg BT 88.99 262.10 Td (O. If a third party is successful in its challenge, use of the marks will be restricted unless we enter into arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (with the opposing party that may be unavailable on commercially reasonable terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 226.10 Td (e also own approximately 470 domain names related to the various aspects of IZEA) Tj ET Q q 0 0 0 rg BT 428.71 226.10 Td () Tj ET Q q 0 0 0 rg BT 431.49 226.10 Td (s products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 202.10 Td (e actively protect our intellectual property rights through the prosecution of patent applications covering the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (important features of our IZEA) Tj ET Q q 0 0 0 rg BT 174.40 190.10 Td ( Exchange platform and the other innovations we continue to pioneer) Tj ET Q q 0 0 0 rg BT 450.43 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 455.25 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 463.89 190.10 Td (e have five pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (U.S. non-provisional patent applications covering various methods, systems, and computer programs related to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (things: two-way bidding associated with an advertisement opportunity; an online marketplace for the creation and modification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (of content; and an online marketplace for posting and search of content associated with geopositional information. ) Tj ET Q q 0 0 0 rg BT 511.90 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 520.54 154.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (have pending foreign patent applications in ) Tj ET Q q 0 0 0 rg BT 224.95 142.10 Td (Australia, Brazil, Canada and the European Union directed to two-way bidding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (associated with an advertisement opportunity) Tj ET Q q 0 0 0 rg BT 230.42 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 106.10 Td (e cannot provide any assurance that our proprietary rights with respect to our products or services will be viable or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (have value in the future since the validity) Tj ET Q q 0 0 0 rg BT 214.57 94.10 Td (, enforceability and type of protection of proprietary rights in Internet-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (industries are uncertain and still evolving.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (Despite our ef) Tj ET Q q 0 0 0 rg BT 142.46 58.10 Td (forts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (or to obtain and use information that we regard as proprietary) Tj ET Q q 0 0 0 rg BT 295.38 46.10 Td (. Policing unauthorized use of our products is dif) Tj ET Q q 0 0 0 rg BT 490.44 46.10 Td (ficult, and while ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (we are unable to determine the extent to which piracy of our software products exists, software piracy can be expected to be a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (persistent problem. In addition, the laws of some foreign countries do not protect proprietary rights to as great an extent as do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the laws of the United States, and ef) Tj ET Q q 0 0 0 rg BT 194.22 718.10 Td (fective copyright, trademark, trade secret and patent protection may not be available in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (those jurisdictions. Our means of protecting our proprietary rights may not be adequate to protect us from the infringement or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (misappropriation of such rights by others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Further) Tj ET Q q 0 0 0 rg BT 115.04 670.10 Td (, in recent years, there has been significant litigation in the United States involving patents and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (intellectual property rights, particularly in the software and Internet-related industries. ) Tj ET Q q 0 0 0 rg BT 396.36 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.00 658.10 Td (e can and have been subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (intellectual property infringement claims as the number of our competitors grows and our products and services overlap with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (competitive of) Tj ET Q q 0 0 0 rg BT 107.86 634.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 140.44 634.10 Td (These claims, even if not meritorious, could be expensive to defend and could divert management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (attention from operating our company) Tj ET Q q 0 0 0 rg BT 201.53 622.10 Td (. If we become liable to third parties for infringing their intellectual property rights, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (could be required to pay a substantial award of damages and to develop non-infringing technology) Tj ET Q q 0 0 0 rg BT 443.13 610.10 Td (, obtain a license or cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (selling the products that contain the infringing intellectual property) Tj ET Q q 0 0 0 rg BT 317.61 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.43 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 331.07 598.10 Td (e may be unable to develop non-infringing technology or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (obtain a license on commercially reasonable terms, if at all. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Government Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 538.10 Td (e are subject to a number of foreign and domestic laws and regulations that af) Tj ET Q q 0 0 0 rg BT 404.91 538.10 Td (fect companies conducting business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (the Internet, many of which are still evolving and could be interpreted in ways that could harm our business. In the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (States and abroad, laws relating to the liability of providers of online services for activities of their users and other third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (are currently being tested by a number of claims. ) Tj ET Q q 0 0 0 rg BT 250.58 502.10 Td (These regulations and laws may involve taxation, tarif) Tj ET Q q 0 0 0 rg BT 467.56 502.10 Td (fs, creator privacy) Tj ET Q q 0 0 0 rg BT 539.37 502.10 Td (, data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (protection, content, copyrights, distribution, electronic contracts and other communications, consumer protection, the provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (of online payment services and the characteristics and quality of services. It is not entirely clear how existing laws which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (govern issues such as property ownership, taxation, export or import matters and personal privacy apply to the Internet, as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (vast majority of these laws were adopted prior to the advent of the Internet and do not contemplate or address the unique issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (raised by the Internet or e-commerce. In addition, it is possible that governments of one or more countries may seek to censor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (content available on our platforms or may even attempt to completely block access to our platforms. ) Tj ET Q q 0 0 0 rg BT 452.93 430.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.27 430.10 Td (, adverse legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (or regulatory developments could substantially harm our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Many states have passed laws requiring notification to subscribers when there is a security breach of personally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (identifiable data. ) Tj ET Q q 0 0 0 rg BT 122.01 382.10 Td (There are also a number of legislative proposals pending before the U.S. Congress, various state legislative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (bodies and foreign governments concerning data protection. In addition, data protection laws in Europe and other jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (outside the United States can be more restrictive than those within the United States, and the interpretation and application of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (these laws are still uncertain and in flux. It is possible that these laws may be interpreted and applied in a manner that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (inconsistent with our data practices. If so, in addition to the possibility of fines, this could result in an order requiring that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (change and/or abandon certain of our then-existing data practices, which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 441.60 322.10 Td (fect on our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Furthermore, the Digital Millennium Copyright ) Tj ET Q q 0 0 0 rg BT 242.20 310.10 Td (Act has provisions that limit, but do not necessarily eliminate, our liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (linking to third-party websites that contain materials which infringe copyrights or other intellectual property rights of third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (parties, so long as we comply with the statutory requirements of this act. Complying with these various laws could cause us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (incur substantial costs or require us to change our business practices in a manner adverse to our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 106.64 250.10 Td (e, as any e-commerce service provider are subject to Federal ) Tj ET Q q 0 0 0 rg BT 351.06 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 356.82 250.10 Td (rade Commission \("FTC"\) and various state rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (and regulations on advertising and marketing on the Internet. In certain cases, we are retained by advertisers to manage their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (advertising campaigns through our platforms, thereby increasing our exposure as not only the service provider but also the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (medium through which advertisements are broadcast. In addition to those requirements, the advertisers, creators, and agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (that use our platforms are subject to specific guidance and regulations regarding online advertising, such as the FTC's ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 522.50 202.10 Td (Dot Com ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 88.52 190.10 Td (es - Information about Online ) Tj ET Q q 0 0 0 rg BT 210.27 190.10 Td (Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.38 190.10 Td ( and its Guides Concerning the Use of Endorsements and ) Tj ET Q q 0 0 0 rg BT 487.26 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 492.67 190.10 Td (estimonials in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Advertising \(known as the Guides\) that were updated and reissued by the FTC in 2013, and further clarified in 2015. Each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (the foregoing are sub-categories that have been taken up by the FTC under the FTC ) Tj ET Q q 0 0 0 rg BT 386.29 166.10 Td (Act to prevent "unfair or deceptive acts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (practices" within advertising. ) Tj ET Q q 0 0 0 rg BT 169.42 154.10 Td (These new Guides, for example, significantly extend the scope of potential liability associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (with the use of testimonials and endorsements, including injecting endorsement requirements into advertising methods such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (blogging. In particular) Tj ET Q q 0 0 0 rg BT 139.30 130.10 Td (, the Guides provide that bloggers must always disclose the material connection between the blogger and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (the brand, such as if they received consideration for blogging about a particular product, service, brand or the like, whether the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (consideration comprises something tangible \(i.e., cash, objects that are provided to them at no cost, even for testing purposes\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (or intangible such as accolades and more prominent future blogging opportunities. In addition, the creator/blogger must not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (make claims about the product or service he or she is discussing that go beyond what the brand could say about the product or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 83.13 70.10 Td (The Guides further provide that the advertiser should ensure that its bloggers are provided guidance and training ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (needed to ensure their claims, statements and representations are truthful, transparent and properly substantiated. In the event a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (creator) Tj ET Q q 0 0 0 rg BT 77.35 46.10 Td (, blogger or advertiser should fail to comply with the Dot Com Disclosures, the Guides or any other FTC rule, regulation ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (or policy) Tj ET Q q 0 0 0 rg BT 85.18 742.10 Td (, which may be manifest by making deceptive, misleading or unsubstantiated claims and representations, failing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (disclose a sponsorship relationship or otherwise, then various parties related to the advertising campaign \(including the service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (provider of the platform over which the campaign is managed\) may be subject to liability as a result of such non-compliance. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the event it was found that we failed to comply with the FTC ) Tj ET Q q 0 0 0 rg BT 300.79 706.10 Td (Act or state advertising rules, it could result in the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (imposition of equitable redress or penalties that could include monetary damages, a modification of certain business practices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (or an order to cease our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (More generally) Tj ET Q q 0 0 0 rg BT 146.71 658.10 Td (, if there is negative consumer perception and mistrust of the practice of undisclosed compensation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (creators to endorse the advertisers' specific products, then this could result in a reduction by advertisers in the use of social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (media marketing platforms like ours as a means for advertising which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 460.78 634.10 Td (fect on our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 598.10 Td (e comply with the 1995 European Union Data Protection Directivewith regard todatawe collect from users located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (in the European Union.) Tj ET Q q 0 0 0 rg BT 148.13 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 156.77 586.10 Td (e do not transfer data collected from users located in the European Union outside of the European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Union without first obtaining their express consent.) Tj ET Q q 0 0 0 rg BT 260.62 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 269.26 574.10 Td (e are currentlymonitoringpotential changes to the 1995 European Union ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Data Protection Directive to ensure thatwe are compliant with relevant requirements when andto the extentthey are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (implemented. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (As a governing member of a leading marketing and advertising industry association, the ) Tj ET Q q 0 0 0 rg BT 440.73 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 449.36 526.10 Td (ord of Mouth Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Association \(WOMMA\), we are committed to promoting ethical social sponsorship practices and have established codes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (ethics for our platforms which include one or more of the following: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (Mandatory Disclosur) Tj ET Q q 0 0 0 rg BT 176.65 478.10 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.59 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.41 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.04 478.10 Td (e mandate disclosure of the sponsored relationship between the advertiser and creator) Tj ET Q q 0 0 0 rg BT 538.31 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.26 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 551.93 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (sponsorship cannot be published through the platform unless a phrase or paragraph disclosing the sponsored relationship is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (included. For example, a creator is required to select one of a number of disclosure phrases such as sponsored, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (advertisement or ad prior to the publication of a tweet. Other social sponsorship forms may be monitored through a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 94.72 430.10 Td (Audit tool that monitors posts on an ongoing basis to make sure they continue to include disclosure after the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (posts are approved. Failure to disclose the sponsored relationship is a violation of our terms of service, which may result in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (withholding of payment for the sponsorship and the creator being removed from our network. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 96.37 382.10 Td (eedom of Choice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.40 382.10 Td ( Creators are free to choose which sponsorships to publish. Our platforms do not auto-inject an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (advertiser's message into an influencer's social media network. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Authentic ) Tj ET Q q 0 0 0 rg BT 130.54 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.84 346.10 Td (oice. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 169.64 346.10 Td (e encourage honesty of opinion in the selection of sponsorships by a creator and similarly we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (encourage advertisers to create opportunities that allow the creator to write the sponsorship in their own words, provided that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (creator always adheres to our terms of service and code of ethics which includes disclosing their sponsored relationships at all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (times while using any of the platforms. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.93 286.10 Td (ranspar) Tj ET Q q 0 0 0 rg BT 125.64 286.10 Td (ency of Identity) Tj ET Q q 0 0 0 rg BT 191.75 286.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 286.10 Td (Our platforms are designed to be open, safe environment for our advertisers, creators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (users. In fact, we do not cloak the identities of advertisers or creators. Both parties involved in a potential transaction can see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (each other's profiles and make informed decisions before engaging with each other) Tj ET Q q 0 0 0 rg BT 380.85 262.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 96.37 238.10 Td (e-Publication ) Tj ET Q q 0 0 0 rg BT 154.98 238.10 Td (Advertiser) Tj ET Q q 0 0 0 rg BT 200.34 238.10 Td ( Review) Tj ET Q q 0 0 0 rg BT 233.38 238.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.38 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.33 238.10 Td (Advertisers have the ability to review their sponsored content before it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (published and to request a change to the sponsored content prior to publication in the case of factual inaccuracies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 131.65 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 138.50 202.10 Td (iolations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.62 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 190.58 202.10 Td (e have zero tolerance for violations of our code of ethics and encourage the reporting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (violations through a special page on our websites dedicated to reporting violations. If violations are reported, they are promptly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (investigated by us and in appropriate cases, advertisers, creators and users are removed from our network and prohibited from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (using our sites. In addition, we take an active role in reporting spam accounts to ) Tj ET Q q 0 0 0 rg BT 371.68 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.09 166.10 Td (witter and Facebook. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (In addition to the compliance and monitoring programs described above, we have created an FTC Survival Guide for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (our platform users that is available on our corporate website. ) Tj ET Q q 0 0 0 rg BT 297.52 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.16 130.10 Td (e also believe, and have subsequently included requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (within our code of ethics, based on positions taken by certain federal courts and the FTC, that communications and messages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (disseminated by creators through social media networks are subject to and must comply at all times with CAN-SP) Tj ET Q q 0 0 0 rg BT 505.38 106.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 523.44 106.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (\(Controlling the ) Tj ET Q q 0 0 0 rg BT 116.11 94.10 Td (Assault of Non-Solicited Pornography and Marketing ) Tj ET Q q 0 0 0 rg BT 332.74 94.10 Td (Act\) requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 70.10 Td (o date, we have not been materially impacted by the rules governing messaging over social media networks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (social sponsorship, including the CAN-SP) Tj ET Q q 0 0 0 rg BT 218.25 58.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 236.31 58.10 Td (Act and the ) Tj ET Q q 0 0 0 rg BT 284.72 58.10 Td (T) Tj ET Q q 0 0 0 rg BT 290.13 58.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 415.39 58.10 Td (Act of 1991. However) Tj ET Q q 0 0 0 rg BT 506.90 58.10 Td (, we cannot ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (predict the impact of future regulations on us, our advertisers or our creators that use our platforms or the impact of attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (circumvent our mechanisms that are designed to ensure compliance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 682.10 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 682.10 Td (, we had a total of 1) Tj ET Q q 0 0 0 rg BT 252.81 682.10 Td (13 full-time employees, including 77 in sales and marketing, 24 in product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (engineering and 12 in administration and finance. None of our employees are represented by a collective bar) Tj ET Q q 0 0 0 rg BT 483.82 670.10 Td (gaining agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (nor have we experienced any work stoppage. ) Tj ET Q q 0 0 0 rg BT 232.52 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.16 658.10 Td (e consider our relations with our employees to be good. Our future success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (depends on our continuing ability to attract and retain highly qualified engineers, graphic designers, computer scientists, sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and marketing and senior management personnel. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Corporate Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Our executive of) Tj ET Q q 0 0 0 rg BT 153.01 586.10 Td (fices are located at 480 N. Orlando ) Tj ET Q q 0 0 0 rg BT 294.62 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 301.10 586.10 Td (venue, Suite 200, ) Tj ET Q q 0 0 0 rg BT 372.86 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.89 586.10 Td (inter Park, FL) Tj ET Q q 0 0 0 rg BT 437.35 586.10 Td ( 32789 and our telephone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (number is \(407\) 674-691) Tj ET Q q 0 0 0 rg BT 149.34 574.10 Td (1.) Tj ET Q q 0 0 0 rg BT 161.66 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.29 574.10 Td (e maintain a corporate website at http://corp.izea.com.) Tj ET Q q 0 0 0 rg BT 391.97 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 400.61 574.10 Td (e provide free access to various reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that we file with or furnish to the U.S. Securities and Exchange Commission through our website, as soon as reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (practicable after they have been filed or furnished. ) Tj ET Q q 0 0 0 rg BT 256.39 550.10 Td (These reports include, but are not limited to, our annual reports on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports. Our SEC reports can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (be accessed through the investors section of our website, or through http://) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 347.7099609375 524.7669921875 m 401.16943359375 524.7669921875 l s q 0 0 0 rg BT 347.71 526.10 Td (www) Tj ET Q q 0 0 0 rg BT 368.73 526.10 Td (.sec.gov) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.84 526.10 Td (. Information on our website does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (constitute part of this annual report on Form10-K or any other report we file or furnish with the SEC. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.63 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.63 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 490.10 Td (Investors and others should note that we use social media to communicate with our subscribers and the public about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (our company) Tj ET Q q 0 0 0 rg BT 101.84 478.10 Td (, our services, new product developments and other matters. ) Tj ET Q q 0 0 0 rg BT 343.99 478.10 Td (Any information that we consider to be material to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (evaluation of our company will be included in filings on the SEC EDGAR website, and may also be disseminated using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (investor relations website \(http://corp.izea.com\) and press releases. However) Tj ET Q q 0 0 0 rg BT 356.71 454.10 Td (, we encourage investors, the media, and others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (interested in our company to also review our social media channels @izea on ) Tj ET Q q 0 0 0 rg BT 361.43 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 366.84 442.10 Td (witter and izeainc on Facebook. ) Tj ET Q q 0 0 0 rg BT 496.61 442.10 Td (The information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (contained in these social media channels is not part of, and is not incorporated into or included in, this annual report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 382.10 Td (1A) Tj ET Q q 0 0 0 rg BT 90.84 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.34 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.84 382.10 Td (RISK ) Tj ET Q q 0 0 0 rg BT 127.79 382.10 Td (F) Tj ET Q q 0 0 0 rg BT 133.16 382.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 154.09 382.10 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (In addition to the information set forth at the beginning of Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 445.16 358.10 Td (Analysis entitled "Special ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Note Regar) Tj ET Q q 0 0 0 rg BT 95.45 346.10 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 145.92 346.10 Td (d-Looking Information", investors should consider that ther) Tj ET Q q 0 0 0 rg BT 385.02 346.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 400.48 346.10 Td (e numer) Tj ET Q q 0 0 0 rg BT 432.60 346.10 Td (ous and varied risks, known ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (and unknown, that may pr) Tj ET Q q 0 0 0 rg BT 154.35 334.10 Td (event us fr) Tj ET Q q 0 0 0 rg BT 195.63 334.10 Td (om achieving our goals.If any of these risks actually occur) Tj ET Q q 0 0 0 rg BT 433.92 334.10 Td (, our business, financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (condition or r) Tj ET Q q 0 0 0 rg BT 105.19 322.10 Td (esults of operation may be materially and adversely affected.In such case, the trading price of our common ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (stock could decline and investors could lose all or part of their investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.80 286.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 300.56 286.10 Td ( Business and Industry) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 262.10 Td (e have a history of losses, expect future losses and cannot assure you that we will achieve profitability) Tj ET Q q 0 0 0 rg BT 475.00 262.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 238.10 Td (e have incurred significant net losses and negative cash flow from operations since our inception which has resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (in a total accumulated deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.39 226.10 Td ($34,249,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.39 226.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.55 226.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.13 226.10 Td (. For the year ended December 31, 2015, we had a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 214.10 Td ($1) Tj ET Q q 0 0 0 rg BT 88.52 214.10 Td (1,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.52 214.10 Td (, including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.73 214.10 Td ($7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.73 214.10 Td ( loss from operations. ) Tj ET Q q 0 0 0 rg BT 316.84 214.10 Td (Although our revenue has increased since inception, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (not achieved profitability and cannot be certain that we will be able to sustain these growth rates or realize suf) Tj ET Q q 0 0 0 rg BT 489.94 202.10 Td (ficient revenue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (achieve profitability) Tj ET Q q 0 0 0 rg BT 130.15 190.10 Td (. If we achieve profitability) Tj ET Q q 0 0 0 rg BT 243.62 190.10 Td (, we may not be able to sustain it. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 166.10 Td (e are developing a new platform to process all of our existing business transactions and grow our operations, but cannot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (provide any assurance regarding its commercial success. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 130.10 Td (e are continuing to develop our primary platform called the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 334.00 130.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 354.93 130.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.85 130.10 Td ( \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 402.68 130.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.23 130.10 Td (\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 439.06 130.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.60 130.10 Td ( is designed to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (a unified ecosystem that enables the creation of multiple types of content through a wide variety of social channels. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 516.24 118.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.79 118.10 Td ( is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (brand-new system, engineered from the ground-up to provide an integrated of) Tj ET Q q 0 0 0 rg BT 361.11 106.10 Td (fering that is improved and more ef) Tj ET Q q 0 0 0 rg BT 502.55 106.10 Td (ficient for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (company to operate. Our intention is to focus all of our engineering resources on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 392.40 94.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.45 94.10 Td (platform for the foreseeable future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Throughout 2016, we will be adding additional features and begin integrating the Ebyline platform of) Tj ET Q q 0 0 0 rg BT 456.10 82.10 Td (ferings for content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (services within our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 128.59 70.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.14 70.10 Td ( platform. ) Tj ET Q q 0 0 0 rg BT 198.39 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.03 70.10 Td (e are spending a significant amount of time and resources on the development of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (platform, but we cannot provide any assurances of its short or long-term commercial success or growth. ) Tj ET Q q 0 0 0 rg BT 469.98 58.10 Td (There is no assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (that the amount of money being allocated for the platform will be suf) Tj ET Q q 0 0 0 rg BT 326.41 46.10 Td (ficient to complete it, or that such completion will result in ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (significant revenues or profit for us. ) Tj ET Q q 0 0 0 rg BT 198.67 742.10 Td (There is a risk that the mer) Tj ET Q q 0 0 0 rg BT 305.67 742.10 Td (ging of our Ebyline platform will result in a decrease in revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (related to the self-service content business if the customers do not understand the changes or perceive that the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.96 730.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.51 730.10 Td ( platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (can provide them with a similar or value added service experience. If our advertisers and creators do not perceive this platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to be of high value and quality) Tj ET Q q 0 0 0 rg BT 171.54 706.10 Td (, we may not be able to retain them or acquire new advertisers and creators. ) Tj ET Q q 0 0 0 rg BT 475.59 706.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 525.49 706.10 Td (, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 224.22 694.10 Td (fer products or services that provide significant performance, price, creative or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (advantages over this platform, demand for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 221.89 682.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.94 682.10 Td (may decrease and our business, prospects, results of operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (condition could be negatively af) Tj ET Q q 0 0 0 rg BT 178.67 670.10 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 646.10 Td (e have experienced rapid growth over a short period and we do not know whether this will continue to develop or whether ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (it can be maintained. If we are unable to successfully respond to changes in the market, our business could be harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (Our business has grown rapidly as publishers, brands and creators have increasingly used our platforms. It is dif) Tj ET Q q 0 0 0 rg BT 533.77 610.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to predict whether our platforms will continue to grow and whether the historical levels of growth can be maintained. ) Tj ET Q q 0 0 0 rg BT 523.85 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.49 598.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (expect that the platforms will evolve in ways that may be dif) Tj ET Q q 0 0 0 rg BT 292.25 586.10 Td (ficult to predict. It is possible that brands and creators could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (broadly determine that they no longer believe in the value of our current platforms. In the event of these or any other changes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (the market, our continued success will depend on our ability to successfully adjust our strategy to meet the changing market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (dynamics. If we are unable to do so, our business, prospects, results of operation and financial condition could be materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 514.10 Td (Delays in releasing enhanced versions of our products and services could adversely af) Tj ET Q q 0 0 0 rg BT 405.63 514.10 Td (fect our competitive position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (As part of our strategy) Tj ET Q q 0 0 0 rg BT 175.33 490.10 Td (, we expect to periodically release enhanced versions of our premier platforms and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (services. Even if our new versions contain the features and functionality our customers want, in the event we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (timely introduce these new product releases, our competitive position may be harmed. ) Tj ET Q q 0 0 0 rg BT 396.94 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.58 466.10 Td (e cannot assure you that we will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (able to successfully complete the development of currently planned or future products in a timely and ef) Tj ET Q q 0 0 0 rg BT 466.35 454.10 Td (ficient manner) Tj ET Q q 0 0 0 rg BT 523.82 454.10 Td (. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (the complexity of these products, internal quality assurance testing and customer testing of pre-commercial releases may reveal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (product performance issues or desirable feature enhancements that could lead us to postpone the release of these new versions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (In addition, the reallocation of resources associated with any postponement would likely cause delays in the development and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (release of other future products or enhancements to our currently available products. ) Tj ET Q q 0 0 0 rg BT 389.59 406.10 Td (Any delay in releasing other future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (products or enhancements of our products could cause our financial results to be adversely impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Our growth strategy depends, in part, on our acquiring companies, technologies and assets and adding them to our portfolio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of software services to drive additional near and long-term revenue, which we may be unable to do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (Our growth strategy is based, in part, on our ability to acquire companies, technologies and assets. ) Tj ET Q q 0 0 0 rg BT 481.28 334.10 Td (The success of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (acquisition strategy will depend, in part, on our ability to accomplish the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (identify suitable companies, technologies or assets to buy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (complete the purchase of those businesses on terms acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (complete the acquisition\(s\) in the time frame and within the budget we expect; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (improve the results of operations of each of the businesses that we buy and successfully integrate its operations on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (accretive basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (There can be no assurance that we will be successful in any or all of the factors above. Our failure to successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (implement our acquisition strategy could have an adverse ef) Tj ET Q q 0 0 0 rg BT 290.29 226.10 Td (fect on other aspects of our business strategy and our business in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (general. ) Tj ET Q q 0 0 0 rg BT 84.24 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.88 214.10 Td (e may not be able to find appropriate acquisition candidates, accretively acquire those candidates that we identify or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (integrate acquired businesses ef) Tj ET Q q 0 0 0 rg BT 176.71 202.10 Td (fectively and profitably) Tj ET Q q 0 0 0 rg BT 269.92 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.74 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 283.37 202.10 Td (e currently have no commitments or agreements with respect to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (such acquisitions, and there can be no assurance that we will complete any acquisitions in the future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (The social sponsorship landscape is subject to numerous changes that could cause our revenue to decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 142.10 Td (Our business model may not continue to be ef) Tj ET Q q 0 0 0 rg BT 269.67 142.10 Td (fective in the future for a number of reasons, including the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (social sponsorship is, by its nature, limited in content relative to other media;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (companies may be reluctant or slow to adopt social sponsorship that replaces, limits or competes with their existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (direct marketing ef) Tj ET Q q 0 0 0 rg BT 161.89 106.10 Td (forts;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (companies may prefer other forms of advertising we do not of) Tj ET Q q 0 0 0 rg BT 334.08 94.10 Td (fer) Tj ET Q q 0 0 0 rg BT 344.77 94.10 Td (, including certain forms of search engine placements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (companies, such as Facebook and ) Tj ET Q q 0 0 0 rg BT 223.56 82.10 Td (T) Tj ET Q q 0 0 0 rg BT 228.97 82.10 Td (witter) Tj ET Q q 0 0 0 rg BT 251.89 82.10 Td (, may no longer grant us access to their websites in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (social sponsorship platforms;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (companies may not utilize social sponsorship due to concerns of click-fraud particularly related to search engine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (placements \(click-fraud is a form of online fraud when a person or computer program imitates a legitimate user by ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (clicking on an advertisement for the purpose generating a char) Tj ET Q q 0 0 0 rg BT 335.44 742.10 Td (ge per click without having an actual interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (tar) Tj ET Q q 0 0 0 rg BT 96.37 730.10 Td (get of the advertisement's link\); and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (regulatory actions may negatively impact certain business practices that we currently rely on to generate a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (our revenue and profitability) Tj ET Q q 0 0 0 rg BT 200.03 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (If the number of companies that purchase social sponsorship from us or the size of the sponsorship campaigns does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (not grow) Tj ET Q q 0 0 0 rg BT 85.18 670.10 Td (, our revenue could decline which would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 354.88 670.10 Td (fect on our business, prospects, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (operations and financial condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (If we fail to retain existing creators, our revenue and business will be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 610.10 Td (e must continue to retain and acquire creators that publish sponsorships through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.23 610.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.78 610.10 Td ( in order to increase revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (from customers and achieve profitability) Tj ET Q q 0 0 0 rg BT 212.08 598.10 Td (. If creators do not perceive our products and services to be of high value and quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (or if we fail to provide value with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.18 586.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.73 586.10 Td (, we may not be able to acquire or retain creators. If we are unable to acquire new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (creators in numbers suf) Tj ET Q q 0 0 0 rg BT 143.40 574.10 Td (ficient to grow our business, or if creators cease using our products and services, the revenue we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (generate may decrease and our operating results will be adversely af) Tj ET Q q 0 0 0 rg BT 323.03 562.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 352.28 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.91 562.10 Td (e believe that many of our new creators originate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (from word of mouth and other referrals from existing creators, and therefore we must ensure that our existing creators remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (loyal to our service in order to continue receiving those referrals. If our ef) Tj ET Q q 0 0 0 rg BT 344.70 538.10 Td (forts to satisfy our existing creators are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (successful, we may not be able to acquire new creators in suf) Tj ET Q q 0 0 0 rg BT 294.17 526.10 Td (ficient numbers to continue to grow our business or we may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (required to incur significantly higher marketing expenses in order to acquire new creators.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (If we fail to retain existing customers or add new customers, our revenue and business will be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.98 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.10 Td (e depend on our ability to attract and retain brands that are prepared to of) Tj ET Q q 0 0 0 rg BT 386.56 466.10 Td (fer products or services on compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (terms through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 108.33 454.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.87 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 138.69 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.33 454.10 Td (e must continue to attract and retain brand customers in order to increase revenue and achieve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 97.12 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.44 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.08 442.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.39 442.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.83 442.10 Td ( customer that accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.17 442.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 442.10 Td ( of our revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.13 442.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.74 442.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.61 442.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 430.10 Td (. If new customers do not find our marketing and promotional services ef) Tj ET Q q 0 0 0 rg BT 364.74 430.10 Td (fective, or if existing customers do not believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (that utilizing our platforms provides them with a long-term increase in value, revenue or profit, they may stop advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (through our platforms. In addition, we may experience attrition in our customers in the ordinary course of business resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (from several factors, including losses to competitors, closures or bankruptcies. If we are unable to attract new customers in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (numbers suf) Tj ET Q q 0 0 0 rg BT 98.98 382.10 Td (ficient to grow our business, or if too many customers are unwilling to of) Tj ET Q q 0 0 0 rg BT 391.52 382.10 Td (fer products or services with compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (terms to our creators through our platforms or if too many lar) Tj ET Q q 0 0 0 rg BT 295.03 370.10 Td (ge customers seek extended payment terms, our operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (will be adversely af) Tj ET Q q 0 0 0 rg BT 128.40 358.10 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Intense competition in our target market could impair our ability to grow and to achieve profitability) Tj ET Q q 0 0 0 rg BT 462.70 334.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (The market for native advertising is highly competitive. ) Tj ET Q q 0 0 0 rg BT 314.09 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 322.73 310.10 Td (e expect this competition to continue to increase, in part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (because there are no significant barriers to entry to our industry) Tj ET Q q 0 0 0 rg BT 303.15 298.10 Td (. Increased competition may result in price reductions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (advertising space, reduced mar) Tj ET Q q 0 0 0 rg BT 173.65 286.10 Td (gins and loss of market share. Our principal competitors include other companies that provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (advertisers with Internet advertising solutions and companies that of) Tj ET Q q 0 0 0 rg BT 323.09 274.10 Td (fer pay per click search services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (Competition for advertising placements among current and future suppliers of Internet navigational and informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (services, high traf) Tj ET Q q 0 0 0 rg BT 121.18 238.10 Td (fic websites and social sponsorship providers, as well as competition with other media for native advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (placements, could result in significant price competition, declining mar) Tj ET Q q 0 0 0 rg BT 334.74 226.10 Td (gins and reductions in advertising revenue. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (as we continue our ef) Tj ET Q q 0 0 0 rg BT 135.34 214.10 Td (forts to expand the scope of our services, we may compete with a greater number of other media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (companies across an increasing range of dif) Tj ET Q q 0 0 0 rg BT 224.75 202.10 Td (ferent services, including in vertical markets where competitors may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (advantages in expertise, brand recognition and other areas. If existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 470.51 190.10 Td (fer products or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (services that provide significant performance, price, creative or other advantages over those of) Tj ET Q q 0 0 0 rg BT 427.44 178.10 Td (fered by us, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (prospects, results of operations and financial condition could be negatively af) Tj ET Q q 0 0 0 rg BT 359.45 166.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 391.19 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.83 166.10 Td (e also compete with traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (advertising media, such as direct mail, television, radio, cable and print for a share of advertisers' total advertising budgets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Many current and potential competitors enjoy competitive advantages over us, such as longer operating histories, greater name ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (recognition, lar) Tj ET Q q 0 0 0 rg BT 110.91 130.10 Td (ger customer bases, greater access to advertising space on high-traf) Tj ET Q q 0 0 0 rg BT 379.51 130.10 Td (fic websites, and significantly greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (financial, technical, sales and marketing resources. ) Tj ET Q q 0 0 0 rg BT 257.70 118.10 Td (As a result, we may not be able to compete successfully) Tj ET Q q 0 0 0 rg BT 480.59 118.10 Td (. If we fail to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (compete successfully) Tj ET Q q 0 0 0 rg BT 134.60 106.10 Td (, we could lose customers or advertising inventory and our revenue and results of operations could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Our business depends on a strong brand, and if we are not able to maintain and enhance our brand, or if we receive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (unfavorable media coverage, our ability to expand our base of creators and advertisers will be impaired and our business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (and operating results will be harmed.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 730.10 Td (e believe that the brand identity that we have developed has significantly contributed to the success of our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 718.10 Td (e also believe that maintaining and enhancing the "IZEA" brand is critical to expanding our base of creators and advertisers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Maintaining and enhancing our brand may require us to make substantial investments and these investments may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (successful. If we fail to promote and maintain the "IZEA" brand, or if we incur excessive expenses in this ef) Tj ET Q q 0 0 0 rg BT 485.07 694.10 Td (fort, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (prospects, operating results and financial condition will be materially and adversely af) Tj ET Q q 0 0 0 rg BT 394.71 682.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 426.45 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 435.09 682.10 Td (e anticipate that, as our market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (becomes increasingly competitive, maintaining and enhancing our brand may become increasingly dif) Tj ET Q q 0 0 0 rg BT 458.57 670.10 Td (ficult and expensive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Unfavorable publicity or consumer perception of our platforms, applications, practices or service of) Tj ET Q q 0 0 0 rg BT 448.57 658.10 Td (ferings, or the of) Tj ET Q q 0 0 0 rg BT 515.03 658.10 Td (ferings of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (our advertisers, could adversely af) Tj ET Q q 0 0 0 rg BT 187.27 646.10 Td (fect our reputation, resulting in dif) Tj ET Q q 0 0 0 rg BT 324.82 646.10 Td (ficulties in recruiting, decreased revenue and a negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (impact on the number of advertisers and the size of our creator base, the loyalty of our creators and the number and variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (sponsorships we of) Tj ET Q q 0 0 0 rg BT 126.48 622.10 Td (fer each day) Tj ET Q q 0 0 0 rg BT 174.69 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.14 622.10 Td (As a result, our business, prospects, results of operation and financial condition could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (materially and adversely af) Tj ET Q q 0 0 0 rg BT 158.38 610.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Our total number of user accounts may be higher than the number of our actual individual advertisers or creators and may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (not be representative of the number of persons who are active users.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Our total number of user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 235.13 550.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.17 550.10 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 280.11 550.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 550.10 Td (may be higher than the number of our actual individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (advertisers and creators because some may have created multiple accounts for dif) Tj ET Q q 0 0 0 rg BT 375.51 538.10 Td (ferent purposes, including dif) Tj ET Q q 0 0 0 rg BT 493.08 538.10 Td (ferent user ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (connections. ) Tj ET Q q 0 0 0 rg BT 102.58 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 111.22 526.10 Td (e define a user connection as a social account or blog that has been added to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.77 526.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.32 526.10 Td ( under a user account. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (possible for one user to add as many user connections as they like, and it is common for talent mangers and lar) Tj ET Q q 0 0 0 rg BT 492.48 514.10 Td (ge publishers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (add many connections under a single account. Given the challenges inherent in identifying these creators, we do not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (reliable system to accurately identify the number of actual individual creators, and thus we rely on the number of total user ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (connections and user accounts as our measure of the size of our user base. In addition, the number of user accounts includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (total number of individuals that have completed registration through a specific date, less individuals who have unsubscribed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and should not be considered as representative of the number of persons who continue to actively create to fulfill the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (sponsorships of) Tj ET Q q 0 0 0 rg BT 112.32 442.10 Td (fered through our platforms. Many users may create an account, but do not actively participate in marketplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 406.10 Td (e may become subject to government regulation and legal uncertainties that could reduce demand for our products and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (services or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.60 394.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.10 394.10 Td (increase the cost of doing business, thereby adversely af) Tj ET Q q 0 0 0 rg BT 325.62 394.10 Td (fecting our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (As described in the section "Business - Government Regulation," we are subject to laws and regulations applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (businesses generally and certain laws or regulations directly applicable to service providers for advertising and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Internet commerce. Due to the increasing popularity and use of the social media, it is possible that a number of laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (regulations may become applicable to us or may be adopted in the future with respect to the Internet covering issues such as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (truth-in-advertising;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (user privacy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (taxation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (right to access personal data;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (copyrights;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (distribution; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (characteristics and quality of services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (The applicability of existing laws governing issues such as property ownership, copyrights and other intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 202.10 Td (, encryption, taxation, libel, export or import matters and personal privacy to social media platforms is uncertain. ) Tj ET Q q 0 0 0 rg BT 539.31 202.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (vast majority of these laws were adopted prior to the broad commercial use of social media platforms and related technologies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (As a result, they do not contemplate or address the unique issues of social media and related technologies. Changes to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (laws intended to address these issues, including some recently proposed changes, could create uncertainty in the social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (marketplace. Such uncertainty could reduce demand for our services or increase the cost of doing business due to increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (costs of litigation or increased service delivery costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Our social sponsorship business is subject to the risks associated with word of mouth advertising and endorsements, such) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.43 118.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.93 118.10 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (violations of the truth-in-advertising, FTC Guides and other similar regulatory requirements and, more generally) Tj ET Q q 0 0 0 rg BT 526.06 106.10 Td (, loss of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (consumer confidence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.55 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 70.10 Td (e do not engage in tar) Tj ET Q q 0 0 0 rg BT 180.81 70.10 Td (geted or online behavioral advertising practices, nor do we compile or use information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (concerning consumer behavior on an individual level, but we may do so from time to time in the aggregate and on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (anonymous basis to analyze our services and of) Tj ET Q q 0 0 0 rg BT 240.04 46.10 Td (ferings, and better optimize them for improved business results.) Tj ET Q q 0 0 0 rg BT 499.43 46.10 Td (As the practice ) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (of tar) Tj ET Q q 0 0 0 rg BT 71.20 742.10 Td (geted advertising has become increasingly scrutinized by both regulators and the industry alike, a greater emphasis has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (been placed on educating consumers about their privacy choices on theInternet, and providing them with the right to opt in or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (opt out of certain industry practices, such as tar) Tj ET Q q 0 0 0 rg BT 238.93 718.10 Td (geted advertising. ) Tj ET Q q 0 0 0 rg BT 317.33 718.10 Td (The common threadthroughout both tar) Tj ET Q q 0 0 0 rg BT 477.39 718.10 Td (geted advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and the FTC requirements describedin detail in the section "Business - Government Regulation"is the increased importance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (placed on transparency between the advertiser and the consumer to ensure that consumers know the dif) Tj ET Q q 0 0 0 rg BT 462.17 694.10 Td (ference between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (information and advertising on the Internet, and are af) Tj ET Q q 0 0 0 rg BT 283.88 682.10 Td (forded the opportunity to decide how their data will be used in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (manner to which they are marketed. ) Tj ET Q q 0 0 0 rg BT 196.15 670.10 Td (There is a risk regarding negative consumer perception of the practice of undisclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (compensation of social media users to endorse specific products which pertains to a risk of overall general public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (confidencein the FTC's ability to enforceits Guides Concerning the Use of Endorsements and ) Tj ET Q q 0 0 0 rg BT 430.14 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 435.55 646.10 Td (estimonials in ) Tj ET Q q 0 0 0 rg BT 493.33 646.10 Td (Advertisingin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (social media. ) Tj ET Q q 0 0 0 rg BT 107.21 634.10 Td (As describedin the section "Business - Government Regulation," we undertake various measures through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (controls across our platforms and by monitoring and enforcing our code of ethics to ensure that advertisers and creators comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (with the FTC Guides when utilizing our sites, but if competitors and other companies do not, it could create a negative overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (perception for the industry) Tj ET Q q 0 0 0 rg BT 155.71 598.10 Td (. Not only will readers stop relying on blogs for useful, timely and insightful information that enrich ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (their lives by having access to up-to-the-minute information that often bears dif) Tj ET Q q 0 0 0 rg BT 367.78 586.10 Td (ferent perspectives and philosophies, but a lack ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of compliance will almost inevitably result in greater governmental oversight and involvement in an already-highly regulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (marketplace. If there is pervasive overall negative perception caused by others not complying with FTC Guides among its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (other acts, regulations and policies, then this could result in reduced revenue and results of operations and higher compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (costs for us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (New tax treatment of companies engaged in internet commerce may adversely af) Tj ET Q q 0 0 0 rg BT 381.16 514.10 Td (fect the commercial use of our services and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (Due to the global nature of social media, it is possible that various states or foreign countries might attempt to regulate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (our transmissions or levy sales, income or other taxes relating to our activities. ) Tj ET Q q 0 0 0 rg BT 369.19 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 374.60 466.10 Td (ax authorities at the international, federal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (state and local levels are currently reviewing the appropriate treatment of companies engaged in internet commerce. New or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (revised international, federal, state or local tax regulations may subject us or our creators to additional sales, income and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 77.87 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.50 430.10 Td (e cannot predict the ef) Tj ET Q q 0 0 0 rg BT 175.17 430.10 Td (fect of current attempts to impose sales, income or other taxes on commerce over social media. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (New or revised taxes and, in particular) Tj ET Q q 0 0 0 rg BT 204.26 418.10 Td (, sales taxes, ) Tj ET Q q 0 0 0 rg BT 256.57 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 262.50 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 268.61 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 274.54 418.10 Td ( and similar taxes would likely increase the cost of doing business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (online and decrease the attractiveness of advertising and selling goods and services over social media. New taxes could also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (create significant increases in internal costs necessary to capture data, and collect and remit taxes. ) Tj ET Q q 0 0 0 rg BT 442.89 394.10 Td (Any of these events could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (have an adverse ef) Tj ET Q q 0 0 0 rg BT 123.94 382.10 Td (fect on our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Failure to comply with federal, state and international privacy laws and regulations, or the expansion of current or the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (enactment of new privacy laws or regulations, could adversely af) Tj ET Q q 0 0 0 rg BT 315.91 346.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 322.10 Td ( variety of federal, state and international laws and regulations govern the collection, use, retention, sharing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (security of consumer data. ) Tj ET Q q 0 0 0 rg BT 160.34 310.10 Td (The existing privacy-related laws and regulations are evolving and subject to potentially dif) Tj ET Q q 0 0 0 rg BT 526.71 310.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (interpretations. In addition, various federal, state and foreign legislative and regulatory bodies may expand current or enact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (new laws regarding privacy matters. For example, recently there have been Congressional hearings and increased attention to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the capture and use of location-based information relating to users of smartphones and other mobile devices. ) Tj ET Q q 0 0 0 rg BT 488.57 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 497.21 274.10 Td (e have posted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (privacy policies and practices concerning the collection, use and disclosure of creator data on our websites and platforms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Several internet companies have incurred penalties for failing to abide by the representations made in their privacy policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (practices. In addition, several states have adopted legislation that requires businesses to implement and maintain reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (security procedures and practices to protect sensitive personal information and to provide notice to consumers in the event of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (security breach. ) Tj ET Q q 0 0 0 rg BT 117.75 214.10 Td (Any failure, or perceived failure, by us to comply with our posted privacy policies or with any data-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (consent orders, FTC requirements or orders or other federal, state or international privacy or consumer protection-related laws, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (regulations or industry self-regulatory principles could result in claims, proceedings or actions against us by governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (entities or others or other liabilities, which could adversely af) Tj ET Q q 0 0 0 rg BT 295.30 178.10 Td (fect our business. In addition, a failure or perceived failure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (comply with industry standards or with our own privacy policies and practices could result in a loss of creators or advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (and adversely af) Tj ET Q q 0 0 0 rg BT 115.34 154.10 Td (fect our business. Federal, state and international governmental authorities continue to evaluate the privacy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (implications inherent in the use of third-party web "cookies" for behavioral advertising. ) Tj ET Q q 0 0 0 rg BT 405.11 142.10 Td (The regulation of these cookies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (other current online advertising practices could adversely af) Tj ET Q q 0 0 0 rg BT 289.44 130.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Our business depends on our ability to maintain and scale the network infrastructure necessary to operate our platforms ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (and applications, and any significant disruption in service on our platforms and applications could result in a loss of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (creators or advertisers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (Creators and advertisers access our services through our platforms and applications. Our reputation and ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (acquire, retain, and serve our creators and advertisers are dependent upon the reliable performance of our platforms and ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (applications and the underlying network infrastructure. ) Tj ET Q q 0 0 0 rg BT 271.88 742.10 Td (As our creator base continues to grow) Tj ET Q q 0 0 0 rg BT 422.85 742.10 Td (, we will need an increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (amount of network capacity and computing power) Tj ET Q q 0 0 0 rg BT 251.05 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.87 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.51 730.10 Td (e have spent and expect to continue to spend substantial amounts for data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (centers and equipment and related network infrastructure to handle the traf) Tj ET Q q 0 0 0 rg BT 348.58 718.10 Td (fic on our platforms and applications. ) Tj ET Q q 0 0 0 rg BT 503.36 718.10 Td (The operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of these systems is expensive and complex and could result in operational failures. In the event that our creator base or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (amount of traf) Tj ET Q q 0 0 0 rg BT 107.02 694.10 Td (fic on our platforms and applications grows more quickly than anticipated, we may be required to incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (significant additional costs. Interruptions in these systems, whether due to system failures, computer viruses or physical or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (electronic break-ins, could af) Tj ET Q q 0 0 0 rg BT 166.43 670.10 Td (fect the security or availability of our platforms and applications, and prevent our creators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (advertisers from accessing our services. ) Tj ET Q q 0 0 0 rg BT 213.55 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 220.22 658.10 Td ( substantial portion of our network infrastructure is hosted by third-party providers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Any disruption in these services or any failure of these providers to handle existing or increased traf) Tj ET Q q 0 0 0 rg BT 449.70 646.10 Td (fic could significantly harm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (our business. ) Tj ET Q q 0 0 0 rg BT 106.67 634.10 Td (Any financial or other dif) Tj ET Q q 0 0 0 rg BT 208.68 634.10 Td (ficulties these providers face may adversely af) Tj ET Q q 0 0 0 rg BT 393.97 634.10 Td (fect our business, and we exercise little ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (control over these providers, which increases our vulnerability to problems with the services they provide. If we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (maintain or expand our network infrastructure successfully or if we experience operational failures, we could lose current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (potential creators and advertisers, which could harm our operating results and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (If our security measures are breached, or if our services are subject to attacks that degrade or deny the ability of users to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (access our platforms, our platforms and applications may be perceived as not being secure, advertisers and creators may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (curtail or stop using our services, and we may incur significant legal and financial exposure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (Our platforms and applications and the network infrastructure that is hosted by third-party providers involve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (storage and transmission of advertiser and creator proprietary information, and security breaches could expose us to a risk of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (loss of this information, litigation and potential liability) Tj ET Q q 0 0 0 rg BT 271.55 502.10 Td (. Our security measures may be breached due to the actions of outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (parties, employee error) Tj ET Q q 0 0 0 rg BT 142.06 490.10 Td (, malfeasance, security flaws in the third party hosting service that we rely upon or any number of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (reasons and, as a result, an unauthorized party may obtain access to our data or our advertisers' or creators' data. ) Tj ET Q q 0 0 0 rg BT 499.27 478.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 549.17 478.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (outside parties may attempt to fraudulently induce employees, advertisers or creators to disclose sensitive information in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (to gain access to our data or our advertisers' or creators' data.) Tj ET Q q 0 0 0 rg BT 297.95 454.10 Td (Although we do have security measures in place, we have had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (instances where some customers have used fraudulent credit cards in order to pay for our services. ) Tj ET Q q 0 0 0 rg BT 445.51 442.10 Td (While these breaches of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (security did not result in material harm to our business, any future breach or unauthorized access could result in significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (legal and financial exposure, damage to our reputation and a loss of confidence in the security of our platforms and applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (that could potentially have an adverse ef) Tj ET Q q 0 0 0 rg BT 211.42 406.10 Td (fect on our business. Because the techniques used to obtain and use unauthorized credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (cards, obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (recognized until launched against a tar) Tj ET Q q 0 0 0 rg BT 203.92 382.10 Td (get, we may be unable to anticipate these techniques or to implement adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (preventative measures on a timely basis. If an actual or perceived breach of our security occurs, the market perception of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 358.10 Td (fectiveness of our security measures could be harmed and we could lose advertisers, creators and vendors and have dif) Tj ET Q q 0 0 0 rg BT 531.40 358.10 Td (ficulty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (obtaining merchant processors or insurance coverage essential for our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (If our technology platforms contain defects, we may need to suspend their availability and our business and reputation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (would be) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.95 310.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.45 310.10 Td (harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (Platforms as complex as ours often contain unknown and undetected errors or performance problems. Many serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (defects are frequently found during the period immediately following introduction and initial release of new platforms or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (enhancements to existing platforms. ) Tj ET Q q 0 0 0 rg BT 196.36 262.10 Td (Although we attempt to resolve all errors that we believe would be considered serious by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (our customers before making our platforms available to them, our products are not error) Tj ET Q q 0 0 0 rg BT 401.91 250.10 Td (-free. ) Tj ET Q q 0 0 0 rg BT 425.60 250.10 Td (These errors or performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (problems could result in lost revenues or delays in customer acceptance that would be detrimental to our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 95.36 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.00 226.10 Td (e may not be able to detect and correct errors before releasing our product commercially) Tj ET Q q 0 0 0 rg BT 456.52 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.34 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.98 226.10 Td (e cannot assure you ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (that undetected errors or performance problems in our existing or future products will not be discovered in the future or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (known errors, considered minor by us, will not be considered serious by our customers, resulting in a decrease in our revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 178.10 Td (e may be subject to lawsuits for information by our advertisers and our creators, which may af) Tj ET Q q 0 0 0 rg BT 445.49 178.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (Laws relating to the liability of providers of online services for activities of their advertisers or of social media content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (creators and for the content of their advertisers' listings are currently unsettled. It is unclear whether we could be subjected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (claims for defamation, negligence, copyright or trademark infringement or claims based on other theories relating to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (information we publish on our websites or the information that is published across our platforms. ) Tj ET Q q 0 0 0 rg BT 440.86 118.10 Td (These types of claims have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (been brought, sometimes successfully) Tj ET Q q 0 0 0 rg BT 200.99 106.10 Td (, against online services, as well as print publications in the past. ) Tj ET Q q 0 0 0 rg BT 461.58 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.22 106.10 Td (e may not successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (avoid civil or criminal liability for unlawful activities carried out by our advertisers or our creators. Our potential liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (unlawful activities of our advertisers or our creators or for the content of our advertisers' listings could require us to implement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (measures to reduce our exposure to such liability) Tj ET Q q 0 0 0 rg BT 245.13 70.10 Td (, which may require us, among other things, to spend substantial resources or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (to discontinue certain service of) Tj ET Q q 0 0 0 rg BT 177.55 58.10 Td (ferings. Our insurance may not adequately protect us against these types of claims and the ) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (defense of such claims may divert the attention of our management from our operations. If we are subjected to such lawsuits, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (may adversely af) Tj ET Q q 0 0 0 rg BT 118.12 730.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (If we fail to detect click-fraud, we could lose the confidence of our advertisers and advertising partners as a result of lost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (revenue to advertisers or misappropriation of proprietary and confidential information, thereby causing our) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.64 694.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.14 694.10 Td (business to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.60 682.10 Td (fer) Tj ET Q q 0 0 0 rg BT 73.71 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Click-fraud is a form of online fraud when a person or computer program imitates a legitimate user by clicking on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (an advertisement for the purpose generating a char) Tj ET Q q 0 0 0 rg BT 252.23 646.10 Td (ge per click without having an actual interest in the tar) Tj ET Q q 0 0 0 rg BT 469.75 646.10 Td (get of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (advertisement's link. ) Tj ET Q q 0 0 0 rg BT 137.16 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.80 634.10 Td (e are exposed to the risk of fraudulent or illegitimate clicks on our sponsored listings. ) Tj ET Q q 0 0 0 rg BT 491.92 634.10 Td (The security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (measures we have in place, which are designed to reduce the likelihood of click-fraud, detect click-fraud from time to time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (While the instances of click-fraud that we have detected to date have not had a material ef) Tj ET Q q 0 0 0 rg BT 409.65 610.10 Td (fect on our business, click-fraud ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (could result in an advertiser experiencing a reduced return on their investment in our advertising programs because the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (fraudulent clicks will not lead to revenue for the advertisers. ) Tj ET Q q 0 0 0 rg BT 295.47 586.10 Td (As a result, our advertisers and advertising partners may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (dissatisfied with our advertising programs, which could lead to loss of advertisers, advertising partners and revenue. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (addition, anyone who is able to circumvent our security measures could misappropriate proprietary and confidential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (information or could cause interruptions in our operations. ) Tj ET Q q 0 0 0 rg BT 288.65 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 297.29 550.10 Td (e may be required to expend significant capital and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (resources to protect against such security breaches or to address problems caused by such breaches. Concerns over the security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (of the Internet and other online transactions and the privacy of users may also deter people from using the Internet to conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (transactions that involve transmitting confidential information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (If third parties claim that we infringe their intellectual property rights, it may result in costly litigation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.10 Td (e cannot assure you that third parties will not claim our current or future products or services infringe their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 160.53 454.10 Td (Any such claims, with or without merit, could cause costly litigation that could consume significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (management time. ) Tj ET Q q 0 0 0 rg BT 125.81 442.10 Td (As the number of product and services of) Tj ET Q q 0 0 0 rg BT 290.86 442.10 Td (ferings in our market increases and functionalities increasingly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (overlap, companies such as ours may become increasingly subject to infringement claims. ) Tj ET Q q 0 0 0 rg BT 412.49 430.10 Td (These claims also might require us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (enter into royalty or license agreements. If required, we may not be able to obtain such royalty or license agreements, or obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (them on terms acceptable to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 97.96 382.10 Td (, we have not relied upon patents to protect our proprietary technology) Tj ET Q q 0 0 0 rg BT 387.03 382.10 Td (, and our competitors may be able to of) Tj ET Q q 0 0 0 rg BT 547.12 382.10 Td (fer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (similar products and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.02 370.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.52 370.10 Td (services which would harm our competitive position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Our success depends upon our proprietary technology) Tj ET Q q 0 0 0 rg BT 300.85 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.17 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.81 346.10 Td (e do not have registered patents on any of our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (platforms, because we determined that the costs of patent prosecution outweighed the benefits given the alternative of reliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (upon copyright law to protect our computer code and other proprietary technology and properties. In addition to copyright ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (laws, we rely upon service mark and trade secret laws, confidentiality procedures and contractual provisions to establish and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (protect our proprietary rights. ) Tj ET Q q 0 0 0 rg BT 172.74 298.10 Td (As part of our confidentiality procedures, we enter into non-disclosure agreements with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (employees and consultants. Despite these precautions, third parties could copy or otherwise obtain and use our technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (without authorization, or develop similar technology independently) Tj ET Q q 0 0 0 rg BT 319.01 274.10 Td (. In addition, ef) Tj ET Q q 0 0 0 rg BT 382.70 274.10 Td (fective protection of intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (rights is unavailable or limited in certain foreign countries. ) Tj ET Q q 0 0 0 rg BT 290.03 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 298.67 262.10 Td (e cannot assure you that the protection of our proprietary rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (will be adequate or that our competitors will not independently develop similar technology) Tj ET Q q 0 0 0 rg BT 412.59 250.10 Td (, duplicate our products and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (or design around any intellectual property rights we hold. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 214.10 Td (e have developed a new platform called the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.67 214.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 291.60 214.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.52 214.10 Td ( \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.35 214.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.90 214.10 Td (\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 373.23 214.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.77 214.10 Td ( is designed to provide a unified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (ecosystem that enables the creation of multiple types of content including blog posts, status updates, videos and photos through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (a wide variety of social channels including blogs, ) Tj ET Q q 0 0 0 rg BT 250.04 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.45 190.10 Td (witter) Tj ET Q q 0 0 0 rg BT 278.38 190.10 Td (, Facebook, Instagram, ) Tj ET Q q 0 0 0 rg BT 372.06 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.82 190.10 Td (umblr and LinkedIn, among others. ) Tj ET Q q 0 0 0 rg BT 521.77 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 530.41 190.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (filed a patent application covering important features of this platform and own a registered trademark for Native ) Tj ET Q q 0 0 0 rg BT 505.11 178.10 Td (Ad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Exchange.. ) Tj ET Q q 0 0 0 rg BT 103.68 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.32 166.10 Td (e are aggressively pursuing a patent application with the desired outcome of receiving a patent for the platform, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (although there can be no assurance thereof. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Our market is subject to rapid technological change and, to compete, we must continually enhance our products and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 94.10 Td (e must continue to enhance and improve the performance, functionality and reliability of our products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (The social sponsorship industry is characterized by rapid technological change, changes in user requirements and preferences, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (frequent new product and service introductions embodying new technologies and the emer) Tj ET Q q 0 0 0 rg BT 412.21 70.10 Td (gence of new industry standards and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (practices that could render our products and services obsolete. In the past, we have discovered that some of our customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (desire additional performance and functionality not currently of) Tj ET Q q 0 0 0 rg BT 304.45 46.10 Td (fered by our products. Our success will depend, in part, on our ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ability to develop new products and services that address the increasingly sophisticated and varied needs of our customers, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (respond to technological advances and emer) Tj ET Q q 0 0 0 rg BT 226.69 730.10 Td (ging industry standards and practices on a cost-ef) Tj ET Q q 0 0 0 rg BT 423.96 730.10 Td (fective and timely basis. ) Tj ET Q q 0 0 0 rg BT 523.47 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (development of our technology and other proprietary technology involves significant technical and business risks. ) Tj ET Q q 0 0 0 rg BT 508.32 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.95 718.10 Td (e may fail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to use new technologies ef) Tj ET Q q 0 0 0 rg BT 155.90 706.10 Td (fectively or to adapt our proprietary technology and systems to customer requirements or emer) Tj ET Q q 0 0 0 rg BT 534.21 706.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (industry standards. If we are unable to adapt to changing market conditions, customer requirements or emer) Tj ET Q q 0 0 0 rg BT 480.52 694.10 Td (ging industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (standards, we may not be able to increase our revenue and expand our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 63.15 658.10 Td (ficulties we may encounter managing our growth could adversely af) Tj ET Q q 0 0 0 rg BT 342.70 658.10 Td (fect our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 634.10 Td (e have experienced a period of growth that has placed, and and will continue to place, a strain on our managerial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (financial resources. ) Tj ET Q q 0 0 0 rg BT 132.19 622.10 Td (As our business needs expand, we intend to hire new employees. ) Tj ET Q q 0 0 0 rg BT 396.39 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 401.80 622.10 Td (o manage the expected growth of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (operations and personnel, we will be required to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 592.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.10 Td (improve existing, and implement new) Tj ET Q q 0 0 0 rg BT 236.71 592.10 Td (, operational, financial and management controls, reporting systems and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 580.10 Td (procedures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 568.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.10 Td (install enhanced management information systems; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 556.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (train, motivate and manage our employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 532.10 Td (e may not be able to install adequate management information and control systems in an ef) Tj ET Q q 0 0 0 rg BT 457.96 532.10 Td (ficient and timely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (manner) Tj ET Q q 0 0 0 rg BT 79.58 520.10 Td (, and our current or planned personnel, systems, procedures and controls may not be adequate to support our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (operations. If we are unable to manage growth ef) Tj ET Q q 0 0 0 rg BT 246.13 508.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 280.46 508.10 Td (, our business would be seriously harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (If we lose key personnel or are unable to attract and retain additional qualified personnel we may not be able to successfully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (manage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.78 472.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.28 472.10 Td (our business and achieve our objectives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 448.10 Td (e believe our future success will depend upon our ability to retain our key management, including Edward H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Murphy) Tj ET Q q 0 0 0 rg BT 81.57 436.10 Td (, our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 236.63 436.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 254.54 436.10 Td (, and R) Tj ET Q q 0 0 0 rg BT 282.75 436.10 Td (yan S. Schram, our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 439.20 436.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 456.96 436.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 473.63 436.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 510.21 436.10 Td (, who is our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (founder) Tj ET Q q 0 0 0 rg BT 80.70 424.10 Td (, has unique knowledge regarding the social sponsorship space and business contacts that would be dif) Tj ET Q q 0 0 0 rg BT 490.42 424.10 Td (ficult to replace. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 412.10 Td (. Schram has sales, marketing and development expertise regarding our platforms that our other of) Tj ET Q q 0 0 0 rg BT 454.70 412.10 Td (ficers do not possess. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Even though we have employment agreements in place with them, if Messrs. Murphy and Schram were to become unavailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (to us, our operations would be adversely af) Tj ET Q q 0 0 0 rg BT 222.00 388.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 251.24 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.88 388.10 Td (e maintain "key-man" life insurance for our benefit in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td ($1,500,000 on the life of Mr) Tj ET Q q 0 0 0 rg BT 163.04 376.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 199.61 376.10 Td (, but not for any other of) Tj ET Q q 0 0 0 rg BT 297.47 376.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 315.23 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.05 376.10 Td (This insurance may be inadequate to compensate us for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (loss of Mr) Tj ET Q q 0 0 0 rg BT 90.56 364.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 127.13 364.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 171.16 364.10 Td (, we have no insurance to compensate us for the loss of any other of our executive of) Tj ET Q q 0 0 0 rg BT 509.76 364.10 Td (ficers or key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 328.10 Td (Our future success and our ability to expand our operations will also depend in lar) Tj ET Q q 0 0 0 rg BT 414.07 328.10 Td (ge part on our ability to attract and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (retain additional qualified graphic designers, computer scientists, sales and marketing and senior management personnel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (Competition for these types of employees is intense due to the limited number of qualified professionals and the high demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (for them, particularly in the Orlando, Florida area where our headquarters are located. ) Tj ET Q q 0 0 0 rg BT 395.78 292.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.42 292.10 Td (e have in the past experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 280.10 Td (ficulty in recruiting qualified personnel. Failure to attract, assimilate and retain personnel, including key management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (technical, sales and marketing personnel, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 348.58 268.10 Td (fect on our business and potential growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (Public company compliance may make it more dif) Tj ET Q q 0 0 0 rg BT 255.62 244.10 Td (ficult to attract and retain of) Tj ET Q q 0 0 0 rg BT 372.39 244.10 Td (ficers and directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 220.10 Td (The Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 169.86 220.10 Td (Act and new rules subsequently implemented by the SEC have required changes in corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (governance practices of public companies.) Tj ET Q q 0 0 0 rg BT 224.65 208.10 Td (As a public company) Tj ET Q q 0 0 0 rg BT 308.71 208.10 Td (, we expect these rules and regulations to increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (compliance costs and to make certain activities more time consuming and costly) Tj ET Q q 0 0 0 rg BT 370.64 196.10 Td (.) Tj ET Q q 0 0 0 rg BT 377.59 196.10 Td (As a public company) Tj ET Q q 0 0 0 rg BT 461.65 196.10 Td (, we also expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (these rules and regulations may make it more dif) Tj ET Q q 0 0 0 rg BT 244.76 184.10 Td (ficult and expensive for us to obtain director and of) Tj ET Q q 0 0 0 rg BT 449.79 184.10 Td (ficer liability insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (similar coverage.) Tj ET Q q 0 0 0 rg BT 123.31 160.10 Td (As a result, it may be more dif) Tj ET Q q 0 0 0 rg BT 244.76 160.10 Td (ficult and costly for us to attract and retain qualified persons to serve on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (Board of Directors or as executive of) Tj ET Q q 0 0 0 rg BT 198.10 148.10 Td (ficers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.75 112.10 Td (Risks Relating to our) Tj ET Q q 0 0 0 rg BT 316.85 112.10 Td ( Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Exercise of stock options, warrants and other securities will dilute your percentage of ownership and could cause our stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (price to fall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.71 76.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td () Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 742.10 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 742.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.14 742.10 Td (5,339,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.14 742.10 Td ( shares of common stock issued, outstanding stock options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (845,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 730.10 Td ( shares of common stock at an average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.98 730.10 Td ($8.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.48 730.10 Td ( per share, and outstanding warrantsto purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.69 730.10 Td (523,1) Tj ET Q q 0 0 0 rg BT 512.82 730.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.82 730.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (common stock at an average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.66 718.10 Td ($9.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.16 718.10 Td ( per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 694.10 Td (, we have reserved shares to issue stock options, restricted stock or other awards to purchase or receive up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 682.10 Td (159,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.78 682.10 Td ( shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 271.26 682.10 Td (1 Equity Incentive Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.84 682.10 Td (61,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.34 682.10 Td ( shares of common stock under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2014 Employee Stock Purchase Plan. In the future, we may grant additional stock options, restricted stock units, warrants and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (convertible securities. ) Tj ET Q q 0 0 0 rg BT 142.56 658.10 Td (The exercise, conversion or exchange of stock options, restricted stock units, warrants or convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (securities will dilute the percentage ownership of our other stockholders. Sales of a substantial number of shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (common stock could cause the price of our common stock to fall and could impair our ability to raise capital by selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (additional securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (There may be substantial sales of our common stockunder the prospectus relating to our 2013 and 2014 Private ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Placements, which could cause our stock price todrop.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 276.11 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 562.10 Td (e have two ef) Tj ET Q q 0 0 0 rg BT 148.04 562.10 Td (fective registration statements \(File No. 333-191743 and File No. 333-197482\) covering the resale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (1,378,276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 550.10 Td (shares of our common stock that may be of) Tj ET Q q 0 0 0 rg BT 265.05 550.10 Td (fered by certain stockholders who participated in our 2013 Private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Placement and loan consideration from ) Tj ET Q q 0 0 0 rg BT 208.56 538.10 Td (August through September 2013 or who obtained shares of common stock for services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (The number of shares the selling stockholders may sell consists of 1,278,300 shares of common stock that are currently issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (and outstanding and 99,976 shares of common stock that they may receive if they exercise their warrants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 490.10 Td (e also have a third ef) Tj ET Q q 0 0 0 rg BT 177.47 490.10 Td (fective registration statement \(File No. 333-195081\) covering the resale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.66 490.10 Td (3,503,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.66 490.10 Td ( sharesof ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (our common stock that may be of) Tj ET Q q 0 0 0 rg BT 184.23 478.10 Td (fered by certain stockholders who participated in our 2014 Private Placement. ) Tj ET Q q 0 0 0 rg BT 500.34 478.10 Td (The number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (shares the selling stockholders may sell consists of 3,107,129 shares of common stock that are currently issued and outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and 396,536 shares of common stock that they may receive if they exercise their warrants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (There are currently no agreements or understandings in place with these selling stockholders to restrict their sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (those shares. Sales of a substantial number of shares of our common stockby the selling stockholders over a short period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (time could cause themarket price of our common stock todrop and could impair our ability to raise capital in the future by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (selling additional securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Our earnings are subject to substantial quarterly and annual fluctuations and to market downturns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Our revenues and earnings may fluctuate significantly in the future. General economic or other political conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (may cause a downturn in the market for our products or services. Despite the recent improvements in market conditions, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (future downturn in the market for our products or services could adversely af) Tj ET Q q 0 0 0 rg BT 358.05 322.10 Td (fect our operating results and increase the risk of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (substantial quarterly and annual fluctuations in our earnings. Our future operating results may be af) Tj ET Q q 0 0 0 rg BT 447.20 310.10 Td (fected by many factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (including, but not limited to: our ability to retain existing or secure anticipated advertisers and creators; our ability to develop, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (introduce and market new products and services on a timely basis; changes in the mix of products developed, produced and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (sold; and disputes with our advertisers and creators.) Tj ET Q q 0 0 0 rg BT 261.99 274.10 Td (These factors af) Tj ET Q q 0 0 0 rg BT 325.66 274.10 Td (fecting our future earnings are dif) Tj ET Q q 0 0 0 rg BT 460.15 274.10 Td (ficult to forecast and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (could harm our quarterly and/or annual operating results. ) Tj ET Q q 0 0 0 rg BT 283.08 262.10 Td (The change in our earnings or general economic conditions may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (cause the market price of our common stock to fluctuate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Our stock price may be volatile.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 202.10 Td (While our shares of common stock recently became listed for trading on the Nasdaq Capital Market, the stock market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (in general, and the stock prices of technology-based companies in particular) Tj ET Q q 0 0 0 rg BT 353.66 190.10 Td (, have experienced volatility that often has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (unrelated to the operating performance of any specific public company) Tj ET Q q 0 0 0 rg BT 332.85 178.10 Td (.) Tj ET Q q 0 0 0 rg BT 340.17 178.10 Td (The market price of our common stock is likely to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (highly volatile and could fluctuate widely in price in response to various factors, many of which are beyond our control, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (including the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (changes in our industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (competitive pricing pressures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (our ability to obtain working capital financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (additions or departures of key personnel;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (limited "public float" in the hands of a small number of persons whose sales or lack of sales could result in positive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (negative pricing pressure on the market prices of our common stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (expiration of any Rule 144 holding periods or registration of unregistered securities issued by us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (sales of our common stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 46.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (our ability to execute our business plan;) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (operating results that fall below expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (loss of any strategic relationship;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (regulatory developments; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (economic and other external factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (In addition, the securities markets have from time to time experienced significant price and volume fluctuations that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (are unrelated to the operating performance of particular companies. ) Tj ET Q q 0 0 0 rg BT 321.91 670.10 Td (These market fluctuations may also materially and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 658.10 Td (fect the market price of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 634.10 Td (e have not paid dividends in the past and do not expect to pay dividends in the future.) Tj ET Q q 0 0 0 rg BT 412.23 634.10 Td (Any return on investment may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (limited to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.61 622.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.11 622.10 Td (the value of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 598.10 Td (e have never paid cash dividends on our common stock and do not anticipate doing so in the foreseeable future.) Tj ET Q q 0 0 0 rg BT 545.43 598.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (payment of dividends on our common stock will depend on earnings, financial condition and other business and economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (factors af) Tj ET Q q 0 0 0 rg BT 87.29 574.10 Td (fecting us at such time as our Board of Directors may consider relevant.If we do not pay dividends, our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (stock may be less valuable because a return on your investment will only occur if our stock price appreciates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (ITEM 1B - UNRESOL) Tj ET Q q 0 0 0 rg BT 146.60 526.10 Td (VED ST) Tj ET Q q 0 0 0 rg BT 181.70 526.10 Td (AFF) Tj ET Q q 0 0 0 rg BT 200.77 526.10 Td ( COMMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (ITEM 2 - PROPER) Tj ET Q q 0 0 0 rg BT 133.26 466.10 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 442.10 Td ( Our corporate headquarters are located at 480 N. Orlando ) Tj ET Q q 0 0 0 rg BT 320.62 442.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.10 442.10 Td (venue, Suite 200 in ) Tj ET Q q 0 0 0 rg BT 406.63 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.67 442.10 Td (inter Park, Florida. ) Tj ET Q q 0 0 0 rg BT 493.53 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 502.17 442.10 Td (e occupy our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 430.10 Td (fices pursuant to a five-year) Tj ET Q q 0 0 0 rg BT 169.37 430.10 Td (, five-month sublease agreement that expires in ) Tj ET Q q 0 0 0 rg BT 360.42 430.10 Td (April 2019 and is renewable for one additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (year until ) Tj ET Q q 0 0 0 rg BT 89.99 418.10 Td (April 2020. ) Tj ET Q q 0 0 0 rg BT 140.92 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.56 418.10 Td (e lease approximately 15,500 square feet based on an annually increasing rate of $17.50 to $22.50 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (square foot annual rate over the lease term. ) Tj ET Q q 0 0 0 rg BT 224.46 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.10 406.10 Td (e lease approximately 4,125 square feet of of) Tj ET Q q 0 0 0 rg BT 412.85 406.10 Td (fice space at an annually increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (rate of $36.00 to $37.26 per square foot in Sherman Oaks, California under a two-year contract that expires on December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 77.32 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.96 382.10 Td (e also lease flexible of) Tj ET Q q 0 0 0 rg BT 175.18 382.10 Td (fice space under a one-year contract in Chicago and a quarter) Tj ET Q q 0 0 0 rg BT 419.85 382.10 Td (-to-quarter contract in ) Tj ET Q q 0 0 0 rg BT 509.91 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 515.32 382.10 Td (oronto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 358.10 Td (otal rent expense recorded in general and administrative expense in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operations was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.47 346.10 Td ($492,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.97 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 346.10 Td ($263,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.90 346.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.28 346.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.88 346.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.76 346.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.78 346.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 556.45 346.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 310.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 86.67 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.17 310.10 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 128.63 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.13 310.10 Td (PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.10 Td (From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (of business. Litigation is, however) Tj ET Q q 0 0 0 rg BT 187.36 274.10 Td (, subject to inherent uncertainties, and an adverse result in these or other matters may arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (from time to time that may harm our business. Other than as described below) Tj ET Q q 0 0 0 rg BT 358.16 262.10 Td (, we are currently not aware of any legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (proceedings or claims that we believe would or could have, individually or in the aggregate, a material adverse ef) Tj ET Q q 0 0 0 rg BT 503.54 250.10 Td (fect on us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 226.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 226.10 Td (August 17, 2015, we entered into a settlement agreement with Blue Calypso, Inc. ending all outstanding litigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (between our two companies. Under the agreement, we agreed to pay Blue Calypso a settlement amount of $390,506, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (representing a royalty fee of 4.125% of revenue from our legacy platforms: SocialSpark, Sponsored ) Tj ET Q q 0 0 0 rg BT 451.36 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.77 202.10 Td (weets, and ) Tj ET Q q 0 0 0 rg BT 501.30 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.94 202.10 Td (eReward. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (This royalty fee was assessed on those legacy platforms from their inception until the time they were all discontinued by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (end of 2014. Blue Calypso has dismissed with prejudice all pending litigation against us and has granted us a worldwide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (covenant not to sue covering the IZEAx and Ebyline platforms or any reasonable iteration thereof. ) Tj ET Q q 0 0 0 rg BT 445.80 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 454.43 166.10 Td (e developed the IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (and Ebyline platforms in a manner such that we believe they do not infringe Blue Calypso's current patents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (ITEM 4 MINE SAFETY) Tj ET Q q 0 0 0 rg BT 162.97 118.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 94.10 Td (Not applicable) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 81.36 718.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 91.05 718.25 Td (- ) Tj ET Q q 0 0 0 rg BT 99.07 718.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 143.89 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.58 718.25 Td (FOR ) Tj ET Q q 0 0 0 rg BT 174.37 718.25 Td (REGISTRANT'S ) Tj ET Q q 0 0 0 rg BT 253.53 718.25 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 307.10 718.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 345.63 718.25 Td (, ) Tj ET Q q 0 0 0 rg BT 352.82 718.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 379.86 718.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 405.11 718.25 Td (ST) Tj ET Q q 0 0 0 rg BT 417.16 718.25 Td (OCKHOLDER ) Tj ET Q q 0 0 0 rg BT 487.97 718.25 Td (MA) Tj ET Q q 0 0 0 rg BT 503.89 718.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 540.33 718.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (ISSUER ) Tj ET Q q 0 0 0 rg BT 88.63 706.25 Td (PURCHASES ) Tj ET Q q 0 0 0 rg BT 151.69 706.25 Td (OF) Tj ET Q q 0 0 0 rg BT 165.21 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.71 706.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.29 706.25 Td (SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Common Stock Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (On January 26, 2016, our shares of common stock commenced trading on the Nasdaq Capital Market under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (symbol IZEA. Prior thereto, our common stock was quoted on the OTCQB marketplace under the same symbol. On January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (6, 2016, we filed a Certificate of Change with the Secretary of State of Nevada to ef) Tj ET Q q 0 0 0 rg BT 385.81 634.25 Td (fect a reverse stock split of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (shares of common stock at a ratio of one share for every 20 shares outstanding prior to the ef) Tj ET Q q 0 0 0 rg BT 420.82 622.25 Td (fective date of the reverse stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (split. ) Tj ET Q q 0 0 0 rg BT 74.17 610.25 Td (All historical prices in the following table reflect the 1-for) Tj ET Q q 0 0 0 rg BT 306.40 610.25 Td (-20 reverse stock split of our outstanding shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (stock that became market ef) Tj ET Q q 0 0 0 rg BT 161.99 598.25 Td (fective on January 1) Tj ET Q q 0 0 0 rg BT 242.42 598.25 Td (1, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (The following table sets forth the range of the high and low closing prices reported for our common stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (periods presented below) Tj ET Q q 0 0 0 rg BT 146.54 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 153.86 562.25 Td (The quotations represent inter) Tj ET Q q 0 0 0 rg BT 273.34 562.25 Td (-dealer prices without retail mark-ups, mark-downs or commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (and may not necessarily represent actual transactions. ) Tj ET Q q 0 0 0 rg BT 269.46 550.25 Td (The quotations may be rounded for presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 525.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 525.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 497.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 497.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 525.75 m 422.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 525.75 m 492.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 525.75 m 562.5 525.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td (Fiscal year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 530.32 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 530.32 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.32 Td (First quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 516.32 Td (13.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 516.32 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 502.32 Td (Second quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 502.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 502.32 Td (12.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 502.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 502.32 Td (8.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 488.32 Td (Third quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 488.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 488.32 Td (10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 488.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 488.32 Td (7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 474.32 Td (Fourth quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 474.32 Td (7.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 474.32 Td (3.80) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 433.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 433.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 405.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 405.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 405.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 405.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 433.75 m 422.5 433.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 433.75 m 492.5 433.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 433.75 m 562.5 433.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.32 Td (Fiscal year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 438.32 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 438.32 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 424.32 Td (First quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 424.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 424.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 424.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 424.32 Td (4.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 410.32 Td (Second quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 410.32 Td (10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 410.32 Td (7.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 396.32 Td (Third quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 396.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 396.32 Td (8.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 396.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 396.32 Td (6.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 382.32 Td (Fourth quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 382.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 382.32 Td (9.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 382.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 382.32 Td (6.81) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 330.25 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 330.25 Td (, we had approximately 263 shareholders of record of our common stock.) Tj ET Q q 0 0 0 rg BT 472.39 330.25 Td (This number does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (include beneficial owners whose shares are held in the names of various securities brokers, dealers and registered clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (agencies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (Dividend Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 258.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 258.25 Td (e have never declared or paid cash dividends on our common stock, and we do not intend to pay any cash dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (on our common stock in the foreseeable future. Rather) Tj ET Q q 0 0 0 rg BT 267.58 246.25 Td (, we expect to retain future earnings \(if any\) to fund the operation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (expansion of our business and for general corporate purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 93.60 210.25 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 144.43 210.25 Td (for) Tj ET Q q 0 0 0 rg BT 157.02 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.52 210.25 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 198.70 210.25 Td (under) Tj ET Q q 0 0 0 rg BT 224.08 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.58 210.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 257.98 210.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 322.15 210.25 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 186.25 Td (See ) Tj ET Q q 0 0 0 rg BT 102.94 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.66 186.25 Td (section ) Tj ET Q q 0 0 0 rg BT 148.48 186.25 Td ("Equity ) Tj ET Q q 0 0 0 rg BT 181.73 186.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 242.00 186.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 262.28 186.25 Td (Information," ) Tj ET Q q 0 0 0 rg BT 319.13 186.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.39 186.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 365.22 186.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 377.72 186.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.00 186.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 406.61 186.25 Td (III ) Tj ET Q q 0 0 0 rg BT 419.10 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 186.25 Td (this ) Tj ET Q q 0 0 0 rg BT 446.87 186.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 471.04 186.25 Td (10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.93 162.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 106.10 162.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.93 162.25 Td (Unr) Tj ET Q q 0 0 0 rg BT 133.97 162.25 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 162.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 174.60 162.25 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.25 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 116.75 114.25 Td (e Issuances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 90.25 Td (On ) Tj ET Q q 0 0 0 rg BT 100.65 90.25 Td (April ) Tj ET Q q 0 0 0 rg BT 124.87 90.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 140.49 90.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 163.60 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.15 90.25 Td (on ) Tj ET Q q 0 0 0 rg BT 194.27 90.25 Td (December ) Tj ET Q q 0 0 0 rg BT 238.46 90.25 Td (29, ) Tj ET Q q 0 0 0 rg BT 254.08 90.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 279.69 90.25 Td (we ) Tj ET Q q 0 0 0 rg BT 294.47 90.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 322.58 90.25 Td (1,250 ) Tj ET Q q 0 0 0 rg BT 348.20 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.75 90.25 Td (1,364 ) Tj ET Q q 0 0 0 rg BT 391.36 90.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 421.97 90.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 469.63 90.25 Td (, ) Tj ET Q q 0 0 0 rg BT 475.24 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.69 90.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 527.00 90.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 78.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 102.76 78.25 Td (at ) Tj ET Q q 0 0 0 rg BT 112.48 78.25 Td ($18,700 ) Tj ET Q q 0 0 0 rg BT 147.48 78.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.64 78.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 203.01 78.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.62 78.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 257.44 78.25 Td (during ) Tj ET Q q 0 0 0 rg BT 286.05 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.77 78.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 329.92 78.25 Td (months ) Tj ET Q q 0 0 0 rg BT 361.87 78.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 388.25 78.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.83 78.25 Td (2015.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Per ) Tj ET Q q 0 0 0 rg BT 101.79 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.46 742.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 141.13 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.92 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.59 742.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 200.15 742.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 225.38 742.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 263.40 742.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 312.78 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 326.89 742.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 354.35 742.10 Td (31,821 ) Tj ET Q q 0 0 0 rg BT 384.31 742.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 411.75 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.54 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.99 742.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 464.65 742.10 Td (common ) Tj ET Q q 0 0 0 rg BT 502.10 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 525.67 742.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 554.78 742.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($250,000 ) Tj ET Q q 0 0 0 rg BT 90.00 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.28 730.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 128.89 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.72 730.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 181.65 730.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 224.70 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.20 730.10 Td (July ) Tj ET Q q 0 0 0 rg BT 256.37 730.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 271.37 730.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 706.10 Td (On ) Tj ET Q q 0 0 0 rg BT 99.91 706.10 Td (August ) Tj ET Q q 0 0 0 rg BT 130.96 706.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 145.62 706.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 170.28 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.11 706.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 211.27 706.10 Td (84,375 ) Tj ET Q q 0 0 0 rg BT 240.93 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 268.08 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.58 706.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 317.94 706.10 Td (common ) Tj ET Q q 0 0 0 rg BT 355.10 706.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 378.37 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.31 706.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 412.53 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.05 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 425.71 706.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 452.31 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.14 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.29 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 510.45 706.10 Td (were ) Tj ET Q q 0 0 0 rg BT 532.04 706.10 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 694.10 Td (him ) Tj ET Q q 0 0 0 rg BT 78.33 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.61 694.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 111.11 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 121.94 694.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 178.32 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 192.48 694.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 216.08 694.10 Td (made ) Tj ET Q q 0 0 0 rg BT 240.24 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.52 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.23 694.10 Td (Company) Tj ET Q q 0 0 0 rg BT 303.47 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (On December 31, 2015, we issued a total of 13,767 shares of common stock valued at $107,292 to five directors for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (their service as directors of our company during the year ended December 31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 634.10 Td (On January 29, 2016, we issued 1) Tj ET Q q 0 0 0 rg BT 220.61 634.10 Td (14,398 shares of common stock valued at $848,832 to the former Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (stockholders as settlement of our annual installment payment of $938,532 less $89,700 in closing related expenses owed as part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of our January 2015 Stock Purchase ) Tj ET Q q 0 0 0 rg BT 196.08 610.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (On February 29, 2016, we issued a total of 2,595 shares of common stock valued at $20,833 to five directors for their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (service as directors of our company in January and February 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (The foregoing issuances of shares were made in reliance upon the exemption from registration provided by Section 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 142.19 538.10 Td (Act of 1933, as amended.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 81.40 514.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 108.44 514.10 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (ITEM 6 - SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 204.47 454.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 220.67 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.60 454.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Not applicable for smaller reporting companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (ITEM 7 MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 244.19 394.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 267.81 394.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 295.22 394.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 333.48 394.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 392.09 394.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 455.44 394.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 512.03 394.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 540.28 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 382.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 83.06 358.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 105.55 358.10 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 153.05 358.10 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 232.22 358.10 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (The following discussion and analysis is provided to increase the understanding of, and should be read in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (with, our consolidated financial statements and related notes included elsewhere in this report. Historical results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (percentage relationships among any amounts in these financial statements are not necessarily indicative of trends in operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (results for any future period. ) Tj ET Q q 0 0 0 rg BT 168.95 298.10 Td (This report contains forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 377.88 298.10 Td (The statements, which are not historical facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (contained in this report, including this Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 327.87 286.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Operations, and notes to our consolidated financial statements, particularly those that utilize terminology such as may will, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (should, expects, anticipates, estimates, believes, or plans or comparable terminology are forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (statements. Such statements are based on currently available operating, financial and competitive information, and are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (to various risks and uncertainties. Future events and our actual results may dif) Tj ET Q q 0 0 0 rg BT 361.68 238.10 Td (fer materially from the results reflected in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (forward-looking statements. Factors that might cause such a dif) Tj ET Q q 0 0 0 rg BT 303.92 226.10 Td (ference include, but are not limited to, our ability to raise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (additional funding, our ability to maintain and grow our business, variability of operating results, our ability to maintain and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (enhance our brand, our development and introduction of new products and services, the successful integration of acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (companies, technologies and assets into our portfolio of software and services, marketing and other business development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (initiatives, competition in the industry) Tj ET Q q 0 0 0 rg BT 201.83 178.10 Td (, general government regulation, economic conditions, dependence on key personnel, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (requirements of our clients, our ability to protect our intellectual property) Tj ET Q q 0 0 0 rg BT 342.87 154.10 Td (, the potential liability with respect to actions taken by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (our existing and past employees, risks associated with international sales, and other risks described herein and in our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (filings with the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (All forward-looking statements in this document are based on information currently available to us as of the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (this report, and we assume no obligation to update any forward-looking statements, except as required by law) Tj ET Q q 0 0 0 rg BT 487.56 94.10 Td (.Forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to dif) Tj ET Q q 0 0 0 rg BT 546.64 82.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (materially from any future results, performance or achievements expressed or implied by such forward-looking statements.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.17 742.25 Td (History) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 718.25 Td (IZEA, Inc. was founded in February 2006 under the name PayPerPost, Inc. and became a public company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (incorporated in the state of Nevada in May 201) Tj ET Q q 0 0 0 rg BT 238.46 706.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 250.78 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 259.41 706.25 Td (e are headquartered near Orlando, Florida with additional of) Tj ET Q q 0 0 0 rg BT 499.97 706.25 Td (fices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Chicago, Los ) Tj ET Q q 0 0 0 rg BT 105.27 694.25 Td (Angeles and ) Tj ET Q q 0 0 0 rg BT 157.30 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 162.71 694.25 Td (oronto and a sales presence in New ) Tj ET Q q 0 0 0 rg BT 305.90 694.25 Td (Y) Tj ET Q q 0 0 0 rg BT 312.12 694.25 Td (ork, Detroit and Boston.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.17 670.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 646.25 Td (IZEA, Inc. operates online marketplaces that facilitate transactions between brands and influential content creators. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (These creators produce and distribute text, videos and photos on behalf of brands through websites, blogs and social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (channels. Our technology enables transactions to be completed at scale through the management of content workflow) Tj ET Q q 0 0 0 rg BT 519.20 622.25 Td (, creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (search and tar) Tj ET Q q 0 0 0 rg BT 105.34 610.25 Td (geting, bidding, analytics and payment processing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.25 Td (e help power the creator economy) Tj ET Q q 0 0 0 rg BT 229.76 586.25 Td (, allowing everyone from college students and stay at home moms to celebrities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (the opportunity to monetize their content, creativity and influence. ) Tj ET Q q 0 0 0 rg BT 319.92 574.25 Td (Advertisers benefit from buzz, traf) Tj ET Q q 0 0 0 rg BT 458.29 574.25 Td (fic, awareness and sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (and creators earn cash compensation in exchange for their work and promotion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 538.25 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline, Inc. \(Ebyline\), pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (to the terms of a Stock Purchase ) Tj ET Q q 0 0 0 rg BT 180.81 526.25 Td (Agreement, dated as of January 27, 2015, by and among IZEA, Ebyline and the stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of Ebyline. Based in Los ) Tj ET Q q 0 0 0 rg BT 151.10 514.25 Td (Angeles, California, Ebyline operates an online marketplace that enables publishers to access a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (network of over 15,000 content creators ranging from writers to illustrators in 84 countries. Over 2,000 fully vetted individuals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (in the Ebyline network have professional journalism credentials with backgrounds at well-known media outlets. Ebyline) Tj ET Q q 0 0 0 rg BT 536.55 490.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (proprietary workflow is utilized by leading media or) Tj ET Q q 0 0 0 rg BT 259.48 478.25 Td (ganizations to obtain the content they need from professional content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (creators. In addition to publishers, Ebyline is leveraged by brands to produce custom branded content for use on their owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and operated sites, as well as third party content marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 385.82 454.25 Td (forts. ) Tj ET Q q 0 0 0 rg BT 411.10 454.25 Td (As described herein, our acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (of Ebyline has significantly contributed to the increase in our revenues and cost of sales during 2015 as compared to 2014.) 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493.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 582.75 m 497.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.75 m 562.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 498.75 m 266.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 484.75 m 266.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 498.75 m 343.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 484.75 m 343.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 498.75 m 347.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 484.75 m 347.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 498.75 m 424.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 484.75 m 424.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 498.75 m 428.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 484.75 m 428.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 498.75 m 493.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.75 m 493.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 498.75 m 497.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 484.75 m 497.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 498.75 m 562.5 498.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 484.75 m 562.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.75 m 266.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 468.75 m 266.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 470.75 m 343.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 468.75 m 343.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 470.75 m 347.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 468.75 m 347.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 470.75 m 424.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 468.75 m 424.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 470.75 m 428.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 468.75 m 428.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.75 m 493.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 468.75 m 493.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 470.75 m 497.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 468.75 m 497.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 470.75 m 562.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 468.75 m 562.5 468.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.80 709.42 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.45 695.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.50 685.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 695.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.50 685.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 685.42 Td ($ Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 685.42 Td (% Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 671.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 671.32 Td (20,467,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 671.32 Td (8,322,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 671.32 Td (12,145,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 671.32 Td (145.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 671.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.32 Td (Cost of sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 657.32 Td (12,236,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 657.32 Td (2,845,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 657.32 Td (9,391,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 657.32 Td (330.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 657.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 643.32 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 643.32 Td (8,231,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 643.32 Td (5,476,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 643.32 Td (2,754,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 643.32 Td (50.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 643.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.32 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 629.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 615.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 615.32 Td (7,517,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 615.32 Td (4,918,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 615.32 Td (2,598,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 615.32 Td (52.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 615.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 601.32 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 601.32 Td (7,936,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 601.32 Td (5,204,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 601.32 Td (2,731,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 601.32 Td (52.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 601.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 587.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 587.32 Td (15,453,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 587.32 Td (10,122,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 587.32 Td (5,330,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 587.32 Td (52.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 587.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.32 Td (Loss from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 573.37 Td (\(7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 573.37 Td (\(4,646,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 573.37 Td (\(2,576,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 573.32 Td (\(55.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 573.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.32 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 559.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 559.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 545.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.80 545.37 Td (\(115,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 545.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 545.37 Td (\(25,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 545.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 545.37 Td (\(90,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 545.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 545.32 Td (356.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 545.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 531.32 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 531.37 Td (\(1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 531.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 531.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 531.37 Td (\(1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 531.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 531.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 531.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 517.32 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 517.37 Td (\(2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 517.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 517.32 Td (7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 517.37 Td (\(9,979,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 517.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 517.32 Td (\(127.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 517.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 503.32 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 503.32 Td (9,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 503.32 Td (10,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 503.37 Td (\(788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 503.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 503.32 Td (\(7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 503.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 489.32 Td (Total other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 489.37 Td (\(4,085,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 489.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 489.32 Td (7,830,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 489.37 Td (\(11,916,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 489.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 489.32 Td (152.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 489.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.30 474.47 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 474.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 474.42 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 474.47 Td (\(14,492,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 474.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 474.42 Td (455.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 474.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 446.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 176.48 446.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 422.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 422.25 Td (o supplement our consolidated financial statements presented in accordance with generally accepted accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (principles in the United States \("GAAP"\), we consider certain financial measures that are not prepared in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 398.25 Td (, including ) Tj ET Q q 0 0 0 rg BT 120.84 398.25 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 200.93 398.25 Td (These non-GAAP) Tj ET Q q 0 0 0 rg BT 272.49 398.25 Td ( financial measures are not based on any standardized methodology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (prescribed by GAAP) Tj ET Q q 0 0 0 rg BT 132.76 386.25 Td (. ) Tj ET Q q 0 0 0 rg BT 137.58 386.25 Td (These non-GAAP) Tj ET Q q 0 0 0 rg BT 209.15 386.25 Td ( financial measures should not be considered in isolation from, or as a substitute for) Tj ET Q q 0 0 0 rg BT 543.39 386.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (financial information prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 278.80 374.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 350.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 350.25 Td (e believe that ) Tj ET Q q 0 0 0 rg BT 149.89 350.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 224.61 350.25 Td ( provides useful information to investors as it excludes transactions not related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (the core cash operating business activities including non-cash transactions. ) Tj ET Q q 0 0 0 rg BT 353.90 338.25 Td (W) Tj ET Q q 0 0 0 rg BT 362.54 338.25 Td (e believe that excluding these transactions allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (investors to meaningfully trend and analyze the performance of our core cash operations. ) Tj ET Q q 0 0 0 rg BT 408.20 326.25 Td (All companies do not calculate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 314.25 Td ( in the same manner) Tj ET Q q 0 0 0 rg BT 166.24 314.25 Td (, and ) Tj ET Q q 0 0 0 rg BT 187.62 314.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 262.34 314.25 Td ( as presented by IZEA) Tj ET Q q 0 0 0 rg BT 351.20 314.25 Td ( may not be comparable to EBITDA) Tj ET Q q 0 0 0 rg BT 496.16 314.25 Td ( presented by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (other companies. IZEA) Tj ET Q q 0 0 0 rg BT 143.03 302.25 Td ( defines ) Tj ET Q q 0 0 0 rg BT 176.35 302.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 251.07 302.25 Td ( as earnings or loss before interest, taxes, depreciation and amortization, non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (cash stock related compensation, gain or loss on asset disposals or impairment, changes in contingent acquisition costs, and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (other income and expense items such as loss on exchanges and changes in fair value of derivatives, if applicable.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 213.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 213.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 213.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 213.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 185.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 185.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 185.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 185.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 157.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 157.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 157.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 157.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 129.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 129.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 129.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 129.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 101.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 101.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 101.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 101.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 237.75 m 493.5 237.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 237.75 m 497.5 237.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 237.75 m 562.5 237.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 213.75 m 428.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 213.75 m 493.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 213.75 m 497.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 213.75 m 562.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 213.75 m 493.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 213.75 m 497.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 213.75 m 562.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 87.75 m 428.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 74.75 m 428.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 72.75 m 428.5 72.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 87.75 m 493.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 74.75 m 493.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 72.75 m 493.5 72.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 87.75 m 497.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 74.75 m 497.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 72.75 m 497.5 72.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 87.75 m 562.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 74.75 m 562.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 72.75 m 562.5 72.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.43 Td (Reconciliation of Net Loss to Adjusted EBITDA:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 242.42 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.45 228.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 218.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 228.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 218.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 204.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 204.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 204.37 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 204.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 204.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 204.32 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 190.32 Td (Non-cash stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 190.32 Td (705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 190.32 Td (538,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 176.32 Td (Non-cash stock issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 176.32 Td (177,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 176.32 Td (166,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 162.32 Td (Change in the fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 162.32 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 162.37 Td (\(7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 162.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 148.32 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 148.32 Td (1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 148.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 134.32 Td (Loss on disposal of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 134.32 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 134.32 Td (16,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 120.32 Td (Gain on change in value of contingent acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 120.37 Td (\(1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 120.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 120.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 106.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 106.32 Td (115,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 106.32 Td (25,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 92.32 Td (Depreciation & amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 92.32 Td (1,059,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 92.32 Td (195,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 78.32 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 78.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 78.37 Td (\(7,103,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 78.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 78.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 78.37 Td (\(3,719,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 78.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The following table breaks down our approximate revenue, cost of sales and gross profit by revenue stream as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.47 718.25 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 706.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 706.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.91 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 706.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 706.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 655.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 655.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 655.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 655.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 655.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 655.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 627.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 627.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 627.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 627.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 627.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 627.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 599.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 599.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 599.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 599.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 599.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 599.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 571.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 571.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 571.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 571.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 571.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 571.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 543.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 543.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 543.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 543.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 543.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 543.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 515.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 515.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 515.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 515.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 515.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 515.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 487.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 487.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 487.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 487.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 487.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 487.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 459.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 459.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 459.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 459.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 459.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 459.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 431.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 431.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 431.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 431.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 431.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 431.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 680.75 m 351.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 680.75 m 431.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 680.75 m 351.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 655.75 m 351.5 655.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 680.75 m 416.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 655.75 m 416.5 655.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 680.75 m 431.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 655.75 m 431.5 655.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 680.75 m 496.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 655.75 m 496.5 655.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 680.75 m 561.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 655.75 m 561.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 599.75 m 351.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 599.75 m 416.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 599.75 m 431.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 599.75 m 496.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 599.75 m 561.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 599.75 m 351.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 586.75 m 351.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 584.75 m 351.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 599.75 m 416.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 586.75 m 416.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 584.75 m 416.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 599.75 m 431.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 586.75 m 431.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 584.75 m 431.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 599.75 m 496.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 586.75 m 496.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 584.75 m 496.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 599.75 m 561.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 586.75 m 561.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 584.75 m 561.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 515.75 m 351.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 515.75 m 416.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 515.75 m 431.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 515.75 m 496.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 515.75 m 561.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 515.75 m 351.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 502.75 m 351.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 500.75 m 351.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 515.75 m 416.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 502.75 m 416.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 500.75 m 416.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 515.75 m 431.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 502.75 m 431.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 500.75 m 431.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 515.75 m 496.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 502.75 m 496.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 500.75 m 496.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 515.75 m 561.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 502.75 m 561.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 500.75 m 561.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 431.75 m 416.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 431.75 m 561.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 431.75 m 351.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 418.75 m 351.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 416.75 m 351.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 431.75 m 416.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 418.75 m 416.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 416.75 m 416.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 431.75 m 431.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 418.75 m 431.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 416.75 m 431.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 431.75 m 496.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 418.75 m 496.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 416.75 m 496.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 431.75 m 561.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 418.75 m 561.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 416.75 m 561.5 416.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 685.42 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 670.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 660.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.45 670.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 660.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.45 670.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 660.42 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 670.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 660.42 Td (2014) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 644.86259765625 m 147 644.86259765625 l s q 0 0 0 rg BT 52.00 646.43 Td (Revenue & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 632.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 632.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 632.32 Td (12,344,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 632.32 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 632.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 632.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 632.32 Td (7,633,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 632.32 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 632.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 618.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 618.32 Td (7,978,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 618.32 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 618.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 618.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.32 Td (Service Fees & Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 604.32 Td (146,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 604.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 604.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 604.32 Td (689,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 604.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 604.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 590.32 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 590.32 Td (20,468,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 590.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 590.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 590.32 Td (8,322,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 590.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 590.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 560.86259765625 m 164.783203125 560.86259765625 l s q 0 0 0 rg BT 52.00 562.43 Td (Cost of Sales & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 548.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 548.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 548.32 Td (5,177,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 548.32 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 548.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 548.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 548.32 Td (2,846,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 548.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 548.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 534.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 534.32 Td (7,060,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 534.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 534.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 534.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 534.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 534.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.32 Td (Service Fees & Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 520.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 520.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 520.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 520.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 520.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 520.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 506.32 Td (Total Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 506.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 506.32 Td (12,237,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 506.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 506.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 506.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 506.32 Td (2,846,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 506.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 506.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 476.86259765625 m 154.7587890625 476.86259765625 l s q 0 0 0 rg BT 52.00 478.43 Td (Gross Profit & Profit %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 464.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 464.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 464.32 Td (7,167,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 464.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 464.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 464.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 464.32 Td (4,787,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 464.32 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 464.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 450.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 450.32 Td (918,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 450.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 450.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 450.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 450.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 450.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 436.32 Td (Service Fees & Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 436.32 Td (146,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 436.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 436.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 436.32 Td (689,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 436.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 436.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 422.32 Td (Total Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 422.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 422.32 Td (8,231,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 422.32 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 422.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 422.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 422.32 Td (5,476,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 422.32 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 422.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (Revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.25 394.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.86 394.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.73 394.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.32 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.82 394.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.57 394.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.57 394.25 Td ($12,145,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.57 394.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.40 394.25 Td (146%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.73 394.25 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 382.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 382.25 Td (.) Tj ET Q q 0 0 0 rg BT 113.14 382.25 Td (The increase was primarily attributable to increases in our Sponsored Revenue of $4,71) Tj ET Q q 0 0 0 rg BT 462.94 382.25 Td (1,000 and Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.32 370.25 Td ($7,978,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.32 370.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 370.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 370.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.62 370.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.21 370.25 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 370.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 370.25 Td (. Our sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (mix has changed in the current year due to the acquisition of Ebyline in January 2015. ) Tj ET Q q 0 0 0 rg BT 399.17 358.25 Td (The increase in Sponsored Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (income was primarily attributable to our lar) Tj ET Q q 0 0 0 rg BT 224.21 346.25 Td (ger sales force, concentrated sales ef) Tj ET Q q 0 0 0 rg BT 370.06 346.25 Td (forts toward lar) Tj ET Q q 0 0 0 rg BT 431.52 346.25 Td (ger IZEA) Tj ET Q q 0 0 0 rg BT 469.01 346.25 Td ( managed campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (rather than smaller advertiser self-service campaigns and generating repeat business from existing customers. Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (increased as a result of the Ebyline acquisition in January 2015. Service Fee Revenue decreased in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.47 322.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.07 322.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 310.25 Td ( due to less fees received from inactive accounts since there are relatively few inactive accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 524.24 310.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.79 310.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (Our net bookings of $24.5 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.04 286.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.64 286.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.52 286.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.10 286.25 Td ( were 171% higher than the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (bookings of $9.0 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.27 274.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.87 274.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.75 274.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.33 274.25 Td (. Net bookings is a measure of sales orders minus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (any cancellations or refunds in a given period. Management uses net bookings as a leading indicator of future revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (recognition as revenue is typically recognized within 90-120 days of booking, though lar) Tj ET Q q 0 0 0 rg BT 405.01 250.25 Td (ger contracts may be recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (twelve months from the original booking date. ) Tj ET Q q 0 0 0 rg BT 240.62 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 249.25 238.25 Td (e experienced higher bookings as a result of the Ebyline acquisition, new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (customers, lar) Tj ET Q q 0 0 0 rg BT 105.91 226.25 Td (ger IZEA) Tj ET Q q 0 0 0 rg BT 143.40 226.25 Td ( managed campaigns and an increase in repeat clients. ) Tj ET Q q 0 0 0 rg BT 364.51 226.25 Td (These bookings are expected to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (translate into higher revenue in 2016 as compared to 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 71.94 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.77 190.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 106.94 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.57 190.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 137.60 190.25 Td (oss ) Tj ET Q q 0 0 0 rg BT 152.89 190.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 163.25 190.25 Td (ofit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 166.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.48 166.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 121.52 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.78 166.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 153.15 166.25 Td (is ) Tj ET Q q 0 0 0 rg BT 161.75 166.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 205.34 166.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 244.48 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.75 166.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 290.56 166.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 309.71 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.42 166.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.68 166.25 Td (content ) Tj ET Q q 0 0 0 rg BT 366.05 166.25 Td (creators ) Tj ET Q q 0 0 0 rg BT 399.62 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 409.33 166.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 441.81 166.25 Td (content ) Tj ET Q q 0 0 0 rg BT 473.18 166.25 Td (or ) Tj ET Q q 0 0 0 rg BT 483.44 166.25 Td (advertising ) Tj ET Q q 0 0 0 rg BT 529.80 166.25 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (through ) Tj ET Q q 0 0 0 rg BT 83.61 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.33 154.25 Td (pushing ) Tj ET Q q 0 0 0 rg BT 132.50 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.33 154.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 186.38 154.25 Td (content ) Tj ET Q q 0 0 0 rg BT 218.31 154.25 Td (through ) Tj ET Q q 0 0 0 rg BT 251.92 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 258.86 154.25 Td (blog ) Tj ET Q q 0 0 0 rg BT 279.14 154.25 Td (post, ) Tj ET Q q 0 0 0 rg BT 300.81 154.25 Td (tweet, ) Tj ET Q q 0 0 0 rg BT 327.46 154.25 Td (click ) Tj ET Q q 0 0 0 rg BT 349.39 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 360.22 154.25 Td (action.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (Cost of sales for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.49 130.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.09 130.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.97 130.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.55 130.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.05 130.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 130.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 130.25 Td ($9,391,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 130.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.63 130.25 Td (330.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.46 130.25 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.37 118.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 118.25 Td (.) Tj ET Q q 0 0 0 rg BT 138.69 118.25 Td (The increase in cost of sales was primarily related to the increase in our sales and higher cost on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 118.25 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.83 118.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (those sales related to Content Revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Gross profit for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.43 82.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.03 82.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.91 82.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.49 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.99 82.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 82.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.75 82.25 Td ($2,754,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 82.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.58 82.25 Td (50.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.41 82.25 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.37 70.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 70.25 Td (. Our grossprofit as a percentage of revenue decreased from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 70.25 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.98 70.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.36 70.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.96 70.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 58.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.36 58.25 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 58.25 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.44 58.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.44 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.26 58.25 Td (The gross profit decrease during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.88 58.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.48 58.25 Td ( ended ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 742.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.29 742.10 Td ( was primarily attributable to substantially lower profit mar) Tj ET Q q 0 0 0 rg BT 440.27 742.10 Td (gins on Content Revenue that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (was added to our product mix during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.97 730.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.57 730.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.45 730.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.03 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.55 706.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 706.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.03 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.61 706.10 Td (, we generated a gross profit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.23 706.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.56 706.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.56 706.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.89 706.10 Td ( of our total revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (related to sales of Content. Prior to being acquired by IZEA, Ebyline generated Content Revenue primarily from newspaper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and traditional publishers through their workflow platform on a self-service basis at a 7% to 9% profit. ) Tj ET Q q 0 0 0 rg BT 467.68 682.10 Td (After the acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (these customers still produce a significant amount of revenue, but we are increasing the sales of Content to customers on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (managed basis and expect to see continued improvement in the Content mar) Tj ET Q q 0 0 0 rg BT 354.45 658.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 378.44 658.10 Td (The mix of sales between our higher mar) Tj ET Q q 0 0 0 rg BT 542.37 658.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Sponsored Revenue and our lower mar) Tj ET Q q 0 0 0 rg BT 205.61 646.10 Td (gin Content Revenue \(particularly the self-service workflow portion of this revenue\) has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (a significant af) Tj ET Q q 0 0 0 rg BT 109.24 634.10 Td (fect on our overall gross profit percentage. ) Tj ET Q q 0 0 0 rg BT 283.90 634.10 Td (As a result of the changes in our sales mix, we expect that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 622.10 Td (gins will average 38% to 41% in future years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 96.39 598.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Operating expenses consist of general and administrative expenses, contingent acquisition cost adjustments and sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (and marketing expenses.) Tj ET Q q 0 0 0 rg BT 153.40 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 158.81 562.10 Td (otal operating expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.04 562.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 562.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.52 562.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.11 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.61 562.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.36 562.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.36 562.10 Td ($5,330,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.36 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 550.10 Td (52.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.66 550.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.95 550.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 247.27 550.10 Td (The increase was primarily attributable to increased personnel costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (additional overhead from the Ebyline acquisition of) Tj ET Q q 0 0 0 rg BT 256.43 538.10 Td (fset by a decrease in our contingent acquisition liability for Ebyline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 514.10 Td (General and administrative expenses consist primarily of administrative and engineering personnel costs, general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (operating costs, public company costs, including non-cash stock compensation, facilities costs, insurance, depreciation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (professional fees,and investor relations costs. General and administrative expense for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.94 490.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.54 490.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.42 490.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 478.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.25 478.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.25 478.10 Td ($2,598,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.25 478.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.08 478.10 Td (52.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.91 478.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.21 478.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.21 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.02 478.10 Td (The increase was primarily attributable to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ($1.8 million increase in personnel costs, a $133,000 increase in software and subscription costs and $200,000 increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (communication, travel and supply costs. ) Tj ET Q q 0 0 0 rg BT 215.90 454.10 Td (These costs increased as a result of the increase in the cost and average number of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (administrative and engineering personnel by nearly 63% since the prior year) Tj ET Q q 0 0 0 rg BT 354.90 442.10 Td (. Increased personnel costs are expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (continue in 2016 due to planned growth increases of 47% in the total number of administrative and engineering personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (needed to handle our growing or) Tj ET Q q 0 0 0 rg BT 180.06 418.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 229.03 418.10 Td (The increase in general and administrative expense is also attributable to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ($714,000 increase in professional & litigation fees primarily for the defense and settlement costs in our previous patent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (litigation with Blue Calypso. On ) Tj ET Q q 0 0 0 rg BT 184.72 394.10 Td (August 17, 2015, we entered into a $390,506 settlement agreement with Blue Calypso ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (all outstanding patent litigation. ) Tj ET Q q 0 0 0 rg BT 182.02 382.10 Td (Therefore, we expect that future legal fees will decrease substantially compared to prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 86.76 370.10 Td (The increase in general and administrative expenses is also attributable to a $661,000 increase in depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (amortization expense as a result of the amortization of software development costs for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.38 358.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 418.31 358.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.23 358.10 Td ( \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.06 358.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.61 358.10 Td (\) and the Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (intangible assets acquired; a $154,000 increase in stock compensation, a $132,000 increase in public company related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (expenditures and a $237,000 increase in rent for our expanded facilities and additional of) Tj ET Q q 0 0 0 rg BT 406.36 334.10 Td (fices in California.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (General and administrative expense increases were reduced by a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.70 310.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 310.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.08 310.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.68 310.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 298.10 Td ( due to a reduction in our estimated fair value of contingent acquisition costs payable. On January 30, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (we purchased all of the outstanding shares of capital stock of Ebyline, pursuant to the terms of a Stock Purchase ) Tj ET Q q 0 0 0 rg BT 500.16 286.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (dated as of January 27, 2015, by and among IZEA, Ebyline and the stockholders of Ebyline. ) Tj ET Q q 0 0 0 rg BT 423.90 274.10 Td (The aggregate consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (payable by us was to be an amount up to $8,850,000, including a cash payment at closing of $1,200,000, a stock issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (valued at $250,000 paid on July 30, 2015, $1,877,064 in two equal installments of $938,532 on the first and second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (anniversaries of the closing, and up to $5,500,000 in contingent performance payments based on Ebyline meeting certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (revenue tar) Tj ET Q q 0 0 0 rg BT 94.51 226.10 Td (gets for each of the three years ending December 31, 2015, 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 399.79 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 408.42 226.10 Td (e initially valued the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (contingent payments at $2,210,000 using a Monte-Carlo simulation to simulate revenue over the next three years. Of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (amount, $357,700 was determined to be future compensation expense and the $1,834,300 remainder was determined to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (purchase consideration and recorded as acquisition costs payable. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.18 190.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.78 190.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.66 190.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.24 190.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (reassessed the expected revenues to be produced from Content Revenues over the next three years and do not believe that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (will meet any of the tar) Tj ET Q q 0 0 0 rg BT 142.84 166.10 Td (gets required to achieve the performance payments. ) Tj ET Q q 0 0 0 rg BT 353.96 166.10 Td (Therefore, we recorded a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 166.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.50 166.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.60 154.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 154.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.06 154.10 Td ( due to the reduction in our estimated fair value of contingent acquisition costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (Sales and marketing expenses consist primarily personnel costs related to those who support sales and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 106.10 Td (forts, promotional and advertising costs and trade show expenses. Sales and marketing expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.87 106.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.48 106.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.08 94.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.84 94.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.84 94.10 Td ($2,731,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 94.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.17 94.10 Td (52.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 94.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.29 94.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.29 94.10 Td (.) Tj ET Q q 0 0 0 rg BT 428.61 94.10 Td (The increase was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (attributable to the increase in personnel costs as a result of a 40% increase in the number of our sales and marketing personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (since the prior year including a $473,000 increase in commission expense as a result of the increase in customer bookings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 58.10 Td (, non-personnel related sales and marketing expenses increased by approximately $372,000 from the prior year due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (to increased spend on marketing initiatives including our IZEAFest 2015 conference held in October 2015.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.87 730.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.03 730.10 Td (\(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Other income \(expense\) consists primarily of interest expense, loss on exchange of warrants and the change in the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (value of derivatives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Interest expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.52 670.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.12 670.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 670.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.58 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.08 670.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.84 670.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.84 670.10 Td ($90,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.34 670.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.11 670.10 Td ($1) Tj ET Q q 0 0 0 rg BT 472.74 670.10 Td (15,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.24 670.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.09 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.09 658.10 Td ( primarily due to the imputed interest on the acquisition costs payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 634.10 Td (From July 20, 2015 through ) Tj ET Q q 0 0 0 rg BT 199.90 634.10 Td (August 14, 2015, we of) Tj ET Q q 0 0 0 rg BT 293.60 634.10 Td (fered a 25% discount on the warrant exercise prices to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (holding the series ) Tj ET Q q 0 0 0 rg BT 122.49 622.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.16 622.10 Td ( and series B warrants to purchase common stock issued in its ) Tj ET Q q 0 0 0 rg BT 378.56 622.10 Td (August - September 2013 private placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (\(the 2013 ) Tj ET Q q 0 0 0 rg BT 94.80 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.44 610.10 Td (arrants\) and a 26% discount on the warrant exercise prices to investors holding series ) Tj ET Q q 0 0 0 rg BT 450.56 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 457.23 610.10 Td ( and series B warrants to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (purchase common stock issued in its February 2014 private placement \(the 2014 ) Tj ET Q q 0 0 0 rg BT 378.62 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.26 598.10 Td (arrants and, together with the 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 586.10 Td (arrants, the "W) Tj ET Q q 0 0 0 rg BT 118.28 586.10 Td (arrants"\). ) Tj ET Q q 0 0 0 rg BT 159.85 586.10 Td (At the close of the of) Tj ET Q q 0 0 0 rg BT 243.81 586.10 Td (fer period on ) Tj ET Q q 0 0 0 rg BT 297.40 586.10 Td (August 14, 2015, ) Tj ET Q q 0 0 0 rg BT 368.61 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.25 586.10 Td (arrants for a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.16 586.10 Td (2,191,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.16 586.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (common stock were exercised and converted into common stock at an average exercise price of $5.87 per share for total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 562.10 Td ($12,861,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.87 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 156.19 562.10 Td (The amendment of ) Tj ET Q q 0 0 0 rg BT 234.03 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.67 562.10 Td (arrants to reduce the exercise price required the Company to treat the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (adjustment as an exchange whereby it computed the fair value of the ) Tj ET Q q 0 0 0 rg BT 326.94 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.58 550.10 Td (arrants immediately prior to the price reduction and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (fair value of the ) Tj ET Q q 0 0 0 rg BT 115.90 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 124.54 538.10 Td (arrants after the price reduction. ) Tj ET Q q 0 0 0 rg BT 257.34 538.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.39 538.10 Td ($1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.39 538.10 Td ( change in the fair value of the ) Tj ET Q q 0 0 0 rg BT 444.60 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.24 538.10 Td (arrants as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (price reduction was treated as a loss on exchange and recorded in the consolidated statements of operations during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.56 526.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 514.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 514.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.91 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 490.10 Td (In prior years, we entered into financing transactions that gave rise to derivative liabilities. ) Tj ET Q q 0 0 0 rg BT 452.64 490.10 Td (These financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (instruments are carried at fair value in our financial statements. Changes in the fair value of derivative financial instruments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (required to be recorded in other income \(expense\) in the period of change. ) Tj ET Q q 0 0 0 rg BT 351.64 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.28 466.10 Td (e recorded a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.52 466.10 Td ($2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.52 466.10 Td ( and a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ($7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 454.10 Td ( resulting from the increase \(decrease\) in the fair value of certain warrants during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.79 454.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.40 454.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 442.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 442.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.68 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.64 442.10 Td (e have no control over the amount of change in the fair value of our derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (instruments as this is a factor based on fluctuating interest rates and stock prices and other market conditions outside of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (control. Due to the lar) Tj ET Q q 0 0 0 rg BT 140.35 418.10 Td (ge exercise of ) Tj ET Q q 0 0 0 rg BT 198.19 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 206.83 418.10 Td (arrants in ) Tj ET Q q 0 0 0 rg BT 246.26 418.10 Td (August 2015 resulting in less remaining warrants requiring valuation in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (future, we believe that these fluctuations will significantly decrease in future periods. ) Tj ET Q q 0 0 0 rg BT 395.54 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.17 406.10 Td (e have warrants to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.73 406.10 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.23 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (shares that are required to be fair valued each period. ) Tj ET Q q 0 0 0 rg BT 266.94 394.10 Td (When the price of our stock decreases, it causes the fair value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (warrant liability in our consolidated balance sheets to decrease creating a gain from the change in fair value in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (statement of operations. ) Tj ET Q q 0 0 0 rg BT 150.25 370.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 202.36 370.10 Td (, when the price of our stock increases, it causes the fair value of our warrant liability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (increase causing a loss from the change in fair value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.49 334.10 Td (Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (Net loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.88 310.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.48 310.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.36 310.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.94 310.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.49 310.10 Td ($1) Tj ET Q q 0 0 0 rg BT 346.12 310.10 Td (1,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.12 310.10 Td (, which decreased from net income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ($3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 298.10 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.75 298.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.75 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 215.07 298.10 Td (The reduction in net income was primarily the result of the increase in operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (expenses and the change in the fair value of derivative financial instruments as discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 250.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 226.10 Td (e had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.86 226.10 Td ($1) Tj ET Q q 0 0 0 rg BT 247.49 226.10 Td (1,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.49 226.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 226.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.24 226.10 Td ( as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.77 226.10 Td ($6,521,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.77 226.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 214.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.61 214.10 Td ($5,086,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.61 214.10 Td ( primarily as a result of proceeds received from warrant exercises less the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (funding of our operating losses and our acquisition of Ebyline.) Tj ET Q q 0 0 0 rg BT 305.33 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.96 202.10 Td (e have incurred significant net losses and negative cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (from operations since our inception which has resulted in a total accumulated deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 190.10 Td ($34,249,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 190.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.16 190.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.74 190.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td () Tj ET Q q 0 0 0 rg BT 54.82 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 60.23 178.10 Td (o date, we have financed our operations through internally generated revenue from operations and the sale of our equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (Cash used for operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.40 142.10 Td ($6,072,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.40 142.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.23 142.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.83 142.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 142.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.29 142.10 Td ( and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (primarily a result of our loss from operations during the period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.38 130.10 Td ($7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 130.10 Td (. Cash used for investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td ($1,710,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 118.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.83 118.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.43 118.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 118.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.89 118.10 Td ( due primarily to the acquisition of Ebyline and increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (computer equipment purchases. Cash received from financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.62 106.10 Td ($12,870,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.62 106.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.44 106.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.05 106.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 94.10 Td ( and was primarily a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.27 94.10 Td ($12,861,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.27 94.10 Td ( in proceeds received from warrant exercises as described above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 82.10 Td ($76,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.44 82.10 Td ( in proceeds received from the issuance of shares under our Employee Stock Purchase Program of) Tj ET Q q 0 0 0 rg BT 491.07 82.10 Td (fset by principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (payments on our capital leases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.51 70.10 Td ($54,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.01 70.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ( ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline, pursuant to the terms of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Stock Purchase ) Tj ET Q q 0 0 0 rg BT 113.33 730.10 Td (Agreement, dated as of January 27, 2015, by and among IZEA, Ebyline and the stockholders of Ebyline. ) Tj ET Q q 0 0 0 rg BT 536.65 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (aggregate consideration payable by us was to be an amount up to $8,850,000, including a cash payment at closing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ($1,200,000, a stock issuance valued at $250,000 paid on July 30, 2015, $1,877,064 in two equal installments of $938,532 on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the first and second anniversaries of the closing, and up to $5,500,000 in contingent performance payments, subject to Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (meeting certain revenue tar) Tj ET Q q 0 0 0 rg BT 158.93 682.10 Td (gets for each of the three years ending December 31, 2015, 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 464.20 682.10 Td (The $1,877,064 in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (annual payments and the $5,500,000 in contingent performance payments may be made in cash or common stock, at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 82.88 658.10 Td (The performance payments are to be made only if Ebyline achieves at least 90% of Content Revenue tar) Tj ET Q q 0 0 0 rg BT 499.48 658.10 Td (gets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ($17,000,000 in 2015, $27,000,000 in 2016 and $32,000,000 in 2017. If Ebyline achieves at least 90%, but less than 100% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the Content Revenue tar) Tj ET Q q 0 0 0 rg BT 146.73 634.10 Td (gets, the performance payments owed of $1,800,000, $1,800,000 and $1,900,000 for each of the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (years ending December 31, 2015, 2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 299.00 622.10 Td (, will be subject to adjustment. ) Tj ET Q q 0 0 0 rg BT 425.93 622.10 Td (Anything below 90% of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Content Revenue tar) Tj ET Q q 0 0 0 rg BT 132.02 610.10 Td (gets will not be eligible for any performance payment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 586.10 Td (Content Revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.70 586.10 Td ($7,978,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.70 586.10 Td ( from February-December 2015 after our acquisition and it was $708,000 in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (2015 prior to our acquisition. ) Tj ET Q q 0 0 0 rg BT 171.38 574.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 221.28 574.10 Td (, there were approximately $26,000 in subscription fees for Ebyline platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (services during 2015 resulting in total Content Revenue of $8,712,000 or 51% of the 2015 Content Revenue ) Tj ET Q q 0 0 0 rg BT 485.02 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.43 562.10 Td (ar) Tj ET Q q 0 0 0 rg BT 498.02 562.10 Td (get. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (the actual results for 2015 and our current projections for 2016-2017, we do not believe that these tar) Tj ET Q q 0 0 0 rg BT 453.58 550.10 Td (gets will be met within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (each of the respective years. ) Tj ET Q q 0 0 0 rg BT 167.44 538.10 Td (As a result, we do not believe that we will be required to make any of the $5,500,000 in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (contingent performance payments and we currently expect that the total consideration to be paid for the Ebyline acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (will be $3,327,064. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 490.10 Td (On July 30, 2015, we issued 31,821 shares of common stock to the former Ebyline shareholders to satisfy the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ($250,000 purchase obligation that was due on such date pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 451.58 478.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 454.10 Td (On January 29, 2016, we issued 1) Tj ET Q q 0 0 0 rg BT 220.61 454.10 Td (14,398 shares of common stock valued at $848,832 to the former Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (stockholders as settlement of our annual installment payment of $938,532 less $89,700 in closing related expenses owed as part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 138.87 430.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 406.10 Td (April 13, 2015, we expanded our secured credit facility agreement with Bridge Bank, N.A. of San Jose, California. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Pursuant to this agreement, we may submit requests for funding up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.79 394.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.12 394.10 Td ( of our eligible accounts receivable up to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (maximum credit limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 382.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.75 382.10 Td (This agreement is secured by our accounts receivable and substantially all of our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.65 370.10 Td (The agreement renews annually and requires us to pay an annual facility fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 370.10 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 370.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.63 370.10 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.46 370.10 Td ( of the credit limit\) and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (annual due diligence fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.78 358.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.28 358.10 Td (. Interest accrues on the advances at the rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.35 358.10 Td (prime plus 2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.68 358.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 485.48 358.10 Td (The default rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (interest is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.10 346.10 Td (prime plus 7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.43 346.10 Td (. If the agreement is terminated prior to May 1, 2016, we will be required to pay a termination fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (of .70% of the credit limit divided by 80%. ) Tj ET Q q 0 0 0 rg BT 229.14 334.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.58 334.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.16 334.10 Td (, we had no advances outstanding under this agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 310.10 Td (e believe that with our current cash, the expanded credit line and the proceeds received from the closing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (warrant transaction, we will have suf) Tj ET Q q 0 0 0 rg BT 197.54 298.10 Td (ficient cash reserves available to cover expenses for the future year) Tj ET Q q 0 0 0 rg BT 465.20 298.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 104.16 262.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 262.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 238.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.58 238.10 Td (do ) Tj ET Q q 0 0 0 rg BT 114.08 238.10 Td (not ) Tj ET Q q 0 0 0 rg BT 129.35 238.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 160.17 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.45 238.10 Td (any ) Tj ET Q q 0 0 0 rg BT 187.39 238.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.99 238.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 266.82 238.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 301.52 238.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.46 238.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 364.84 238.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.67 238.10 Td (of) Tj ET Q q 0 0 0 rg BT 383.82 238.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 423.51 238.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 446.56 238.10 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 202.10 Td (Accounting Policies and Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (The preparation of the accompanying financial statements and related disclosures in conformity with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 538.84 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (requires us to make judgments, assumptions and estimates that af) Tj ET Q q 0 0 0 rg BT 310.88 166.10 Td (fect the amounts reported in the accompanying financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (statements and the accompanying notes.) Tj ET Q q 0 0 0 rg BT 215.61 154.10 Td (The preparation of these financial statements requires managements to make estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (and assumptions that af) Tj ET Q q 0 0 0 rg BT 143.97 142.10 Td (fect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (contingent assets and liabilities.) Tj ET Q q 0 0 0 rg BT 182.02 130.10 Td (When making these estimates and assumptions, we consider our historical experience, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (knowledge of economic and market factors and various other factors that we believe to be reasonable under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (circumstances.) Tj ET Q q 0 0 0 rg BT 113.59 106.10 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 207.00 106.10 Td (fer from these estimates.) Tj ET Q q 0 0 0 rg BT 310.11 106.10 Td (The following critical accounting policies are significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 94.10 Td (fected by judgments, assumptions and estimates used in the preparation of the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (Accounts receivable are customer obligations due under normal trade terms. Uncollectibility of accounts receivable is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (not significant since most customers are bound by contract and are required to fund us for all the costs of an opportunity) Tj ET Q q 0 0 0 rg BT 534.50 58.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (defined as an order created by an advertiser for a creator to write about the advertiser) Tj ET Q q 0 0 0 rg BT 390.48 46.10 Td () Tj ET Q q 0 0 0 rg BT 393.26 46.10 Td (s product. If a portion of the account ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (balance is deemed uncollectible, we will either write-of) Tj ET Q q 0 0 0 rg BT 271.95 742.10 Td (f the amount owed or provide a reserve based on the uncollectible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (portion of the account. Management determines the collectibility of accounts by regularly evaluating individual customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (receivables and considering a customer) Tj ET Q q 0 0 0 rg BT 207.53 718.10 Td () Tj ET Q q 0 0 0 rg BT 210.31 718.10 Td (s financial condition, credit history and current economic conditions. ) Tj ET Q q 0 0 0 rg BT 488.11 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 496.74 718.10 Td (e have a reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 706.10 Td ($139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 706.10 Td ( for doubtful accounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.52 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 293.93 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.56 706.10 Td (e believe that this estimate is reasonable, but there can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (assurance that the estimate will not change as a result of a change in economic conditions or business conditions within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 682.10 Td (, the individual customers or our company) Tj ET Q q 0 0 0 rg BT 250.61 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 257.56 682.10 Td (Any adjustments to this account are reflected in the consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (of operations as a general and administrative expense. Bad debt expense was less than 1% of revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.51 670.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.12 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 658.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.40 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 658.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 634.10 Td (Throughout 2013 and the first quarter of 2014, we developed our new web-based advertising exchange platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.87 622.10 Td (This platform is being utilized both internally and externally to facilitate native advertising campaigns on a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 77.30 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.94 610.10 Td (e began adding features and additional functionality to this platform again in 2015 and will continue throughout 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (These new features will enable our platform to facilitate the contracting, workflow and delivery of direct content. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (accordance with ) Tj ET Q q 0 0 0 rg BT 117.19 586.10 Td (ASC 350-40,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 169.97 586.10 Td ( Internal Use Softwar) Tj ET Q q 0 0 0 rg BT 255.99 586.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.42 586.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 279.31 586.10 Td (ASC 985-730, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.59 586.10 Td (Computer Softwar) Tj ET Q q 0 0 0 rg BT 412.84 586.10 Td (e Resear) Tj ET Q q 0 0 0 rg BT 447.18 586.10 Td (ch and Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.37 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (research phase costs should be expensed as incurred and development phase costs including direct materials and services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (payroll and benefits and interest costs may be capitalized. ) Tj ET Q q 0 0 0 rg BT 285.20 562.10 Td (As a result, we have capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.31 562.10 Td ($1,021,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.31 562.10 Td ( in direct materials, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (consulting, payroll and benefit costs to software development costs in the consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.83 550.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.41 550.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 538.10 Td (e estimate the useful life of our software to be 5 years, consistent with the amount of time our legacy platforms were in-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (service, and we are amortizing the software development costs over this period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 502.10 Td (e derive revenue from three sources: revenue from an advertiser when it pays for a social media publisher or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (influencer such as a blogger or tweeter \("creators"\) to share sponsored content with their social network audience \("Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Revenue"\), revenue when a publisher or company purchases custom branded content for use on its owned and operated sites, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (well as third party content marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 298.35 466.10 Td (forts \("Content Revenue"\) and revenue derived from various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (service and license fees char) Tj ET Q q 0 0 0 rg BT 163.64 454.10 Td (ged to users of our platforms \("Service Fee Revenue"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 430.10 Td (For our managed customers, we enter into an agreement to provide services that may require multiple deliverables in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (the form of a\) sponsored social items, such as blogs, tweets, photos or videos shared through a social network of) Tj ET Q q 0 0 0 rg BT 499.17 418.10 Td (ferings that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (provide awareness or advertising buzz regarding the advertiser's brand; b\) media advertisements, such as click-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (advertisements appearing in websites and social media channels and c\) original content items, such as a research or news ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (article, informational material or videos that a publisher or brand can use. ) Tj ET Q q 0 0 0 rg BT 348.88 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.52 382.10 Td (e may provide one type or a combination of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (types of these deliverables including a management fee on a statement of work for a lump sum fee. ) Tj ET Q q 0 0 0 rg BT 450.80 370.10 Td (These deliverables are to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (be provided over a stated period that may range from one day to one year) Tj ET Q q 0 0 0 rg BT 342.67 358.10 Td (. Each of these items are considered delivered once ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the content is live through a public or social network or content has been delivered to the customer for their own use. Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (is accounted for separately on each of the deliverables in the time frames set forth below) Tj ET Q q 0 0 0 rg BT 403.38 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.70 334.10 Td (The statement of work typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (provides for a cancellation fee if the agreement is canceled by the customer prior to our completion of services. Payment terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (are typically 30 days from the invoice date. If we are unable to provide a portion of the services, we may agree with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (customer to provide a dif) Tj ET Q q 0 0 0 rg BT 150.35 298.10 Td (ferent type of service or to provide a credit for the value of those services that may be applied to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (existing order or used for future services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.10 Td (Sponsored Revenue is recognized and considered earned after an advertiser's sponsored content is posted through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 250.10 Td ( and shared through a creator's social network for a requisite period of time. ) Tj ET Q q 0 0 0 rg BT 380.67 250.10 Td (The requisite period ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.24 250.10 Td (3 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.07 250.10 Td ( for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (tweet to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 238.10 Td (30 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 238.10 Td ( for a blog, video or other form of content. Management fees related to Sponsored Revenue from advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (campaigns managed by us are recognized ratably over the term of the campaign which may range from a few days to months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Content Revenue is recognized when the content is delivered to and accepted by the customer) Tj ET Q q 0 0 0 rg BT 424.87 214.10 Td (. Service Fee Revenue results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (when fees are char) Tj ET Q q 0 0 0 rg BT 124.49 202.10 Td (ged to customers primarily related to subscription fees for dif) Tj ET Q q 0 0 0 rg BT 369.52 202.10 Td (ferent levels of service within a platform, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (licensing fees for white-label use of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 195.50 190.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.05 190.10 Td (, early cash-out fees if a creator wishes to take proceeds earned for services from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (their account when the account balance is below certain minimum balance thresholds and inactivity fees for dormant accounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Service Fee Revenue is recognized immediately when the service is performed or at the time an account becomes dormant or is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (cashed out. Service Fee Revenue for subscription or licensing fees are recognized straight-line over the term of service. Self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (service advertisers must prepay for services by placing a deposit in their account with the Company) Tj ET Q q 0 0 0 rg BT 447.84 142.10 Td (.) Tj ET Q q 0 0 0 rg BT 455.16 142.10 Td (The deposits are typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (paid by the advertiser via credit card. ) Tj ET Q q 0 0 0 rg BT 202.99 130.10 Td (Advertisers who use us to manage their social advertising campaigns or content requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (may prepay for services or request credit terms. Payments received or billings in advance of services are recorded as unearned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (revenue until earned as described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 82.10 Td (All of our revenue is generated through the rendering of services and is recognized under the general guidelines of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 71.77 70.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.18 70.10 Td (opic 13 ) Tj ET Q q 0 0 0 rg BT 108.85 70.10 Td (A.1 which states that revenue will be recognized when it is realized or realizable and earned. ) Tj ET Q q 0 0 0 rg BT 484.34 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.98 70.10 Td (e consider our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (revenue as generally realized or realizable and earned once \(i\) persuasive evidence of an arrangement exists, \(ii\) services have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (been rendered, \(iii\) the price to the advertiser or customer is fixed \(required to be paid at a set amount that is not subject to ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (refund or adjustment\) and determinable, and \(iv\) collectibility is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 392.49 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.13 742.10 Td (e record revenue on the gross amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (earned sincewe generally are the primary obligor in the arrangement, take on credit risk, establish the pricing and determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the service specifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (Stock-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (expense over the employee) Tj ET Q q 0 0 0 rg BT 161.34 682.10 Td (s requisite service period.) Tj ET Q q 0 0 0 rg BT 268.35 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.99 682.10 Td (e estimate the fair value of each stock option as of the date of grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (using the Black-Scholes pricing model.Options typically vest ratably over four years with one-fourth of options vesting one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (year from the date of grant and the remaining optionsvesting monthly) Tj ET Q q 0 0 0 rg BT 330.11 658.10 Td (, in equal increments over the remaining three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (periodand generally have five or ten-year contract lives.) Tj ET Q q 0 0 0 rg BT 283.60 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.24 646.10 Td (e estimate the fair value of our common stock using the closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (stock price of our common stock on the date of the option award.) Tj ET Q q 0 0 0 rg BT 315.58 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.22 634.10 Td (e estimate the volatility of our common stock at the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (grant based on the volatility of comparable peer companies that are publicly traded and have had a longer trading history than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 63.71 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 72.35 610.10 Td (e determine the expected life based on historical experience with similar awards, giving consideration to the contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (terms, vesting schedules and post-vesting forfeitures. ) Tj ET Q q 0 0 0 rg BT 264.77 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.41 598.10 Td (e use the risk-free interest rate on the implied yield currently available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (on U.S. ) Tj ET Q q 0 0 0 rg BT 82.60 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.36 586.10 Td (reasury issues with an equivalent remaining term approximately equal to the expected life of the award. ) Tj ET Q q 0 0 0 rg BT 504.98 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.61 586.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (never paid any cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 562.10 Td (e estimate forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (service period based on the extent to which actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 306.94 550.10 Td (fer) Tj ET Q q 0 0 0 rg BT 317.64 550.10 Td (, or are expected to dif) Tj ET Q q 0 0 0 rg BT 407.42 550.10 Td (fer) Tj ET Q q 0 0 0 rg BT 418.12 550.10 Td (, from such estimates.Changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (and a revised amount of unamortized compensation expense to be recognized in future periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 504.10 Td (The following table shows the number of options granted under our May 201) Tj ET Q q 0 0 0 rg BT 394.46 504.10 Td (1 and ) Tj ET Q q 0 0 0 rg BT 418.34 504.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 464.36 504.10 Td (1 Equity Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (Plans and the assumptions used to determine the fair value of those options during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 492.10 Td (December 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 480.10 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.45 456.10 Td (1 Equity Incentive Plans - Options Granted) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.60 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 391.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 391.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 391.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 391.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 391.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 391.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 391.6 m 148.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 391.6 m 217.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 391.6 m 286.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 391.6 m 355.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 391.6 m 424.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 391.6 m 493.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 391.6 m 562.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 391.6 m 217.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 391.6 m 355.5 391.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.90 396.27 Td (Period Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 406.27 Td (Total Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.35 396.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.45 436.17 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.60 426.17 Td (Average Fair) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.70 416.17 Td (Value of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.85 406.17 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.10 396.17 Td (Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.45 426.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 416.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.85 406.27 Td (Expected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 396.27 Td (Term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.45 416.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 406.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.95 396.27 Td (Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 426.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 416.27 Td (Average Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 406.27 Td (Free Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 396.27 Td (Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 436.17 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.60 426.17 Td (Average Fair) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.70 416.17 Td (Value of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 406.17 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.35 396.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 382.17 Td (December ) Tj ET Q q 0 0 0 rg BT 102.58 382.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.58 382.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 382.17 Td (217,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 382.17 Td ($7.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.20 382.17 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 382.17 Td (42.26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 382.17 Td (1.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 382.17 Td ($3.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 368.17 Td (December ) Tj ET Q q 0 0 0 rg BT 102.58 368.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.58 368.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 368.17 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 368.17 Td ($7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.20 368.17 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 368.17 Td (55.47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 368.17 Td (1.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 368.17 Td ($3.88) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (There were outstanding options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.17 340.10 Td (830,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.67 340.10 Td ( shares with a weighted average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.19 340.10 Td ($8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.69 340.10 Td ( per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (of which options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.03 328.10 Td (368,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.53 328.10 Td ( shares were exercisable with a weighted average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.45 328.10 Td ($10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.95 328.10 Td ( per share as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 316.10 Td (. ) Tj ET Q q 0 0 0 rg BT 138.40 316.10 Td (The intrinsic value on all outstanding options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 316.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.23 316.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.78 316.10 Td ($1,1) Tj ET Q q 0 0 0 rg BT 459.91 316.10 Td (12,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.41 316.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.73 316.10 Td (The intrinsic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (value on exercisable options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.73 304.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.32 304.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.87 304.10 Td ($687,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.37 304.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 280.10 Td (e account for derivative instruments in accordance with ) Tj ET Q q 0 0 0 rg BT 318.44 280.10 Td (ASC 815, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 360.39 280.10 Td (Derivatives and Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.93 280.10 Td ( , which requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (additional disclosures about the our objectives and strategies for using derivative instruments, how the derivative instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (and related hedged items are accounted for) Tj ET Q q 0 0 0 rg BT 221.18 256.10 Td (, and how the derivative instruments and related hedging items af) Tj ET Q q 0 0 0 rg BT 482.31 256.10 Td (fect the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.03 244.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.67 244.10 Td (e do not use derivative instruments to hedge exposures to cash flow) Tj ET Q q 0 0 0 rg BT 375.23 244.10 Td (, market or foreign currency risk. ) Tj ET Q q 0 0 0 rg BT 510.00 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 515.41 244.10 Td (erms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.72 220.10 Td (ASC 815 to be accounted for separately from the host contract, and recorded on the balance sheet at fair value. ) Tj ET Q q 0 0 0 rg BT 519.92 220.10 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (value of derivative liabilities, if any) Tj ET Q q 0 0 0 rg BT 192.08 208.10 Td (, is required to be revalued at each reporting date, with corresponding changes in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (recorded in current period operating results. Pursuant to ) Tj ET Q q 0 0 0 rg BT 275.21 196.10 Td (ASC 815, an evaluation of specifically identified conditions is made to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability) Tj ET Q q 0 0 0 rg BT 505.02 184.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 148.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 148.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.10 Td (There are new accounting pronouncements issued by the Financial ) Tj ET Q q 0 0 0 rg BT 354.53 124.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 484.79 124.10 Td (ASB"\) which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (not yet ef) Tj ET Q q 0 0 0 rg BT 87.58 112.10 Td (fective.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 88.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 162.20 88.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 211.10 88.10 Td (Accounting Standards Update No. 2014-09, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 389.12 88.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 431.78 88.10 Td (om Contracts with Customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (\(ASU 2014-09\), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 456.85 76.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.67 76.10 Td (The core principle of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the consideration to which an entity expects to be entitled for those goods or services. ) Tj ET Q q 0 0 0 rg BT 394.36 742.10 Td (ASU 2014-09 defines a five step process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (process than are required under existing U.S. GAAP) Tj ET Q q 0 0 0 rg BT 258.56 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 157.18 694.10 Td (fective for annual periods beginning after December 15, 2017, and interim periods therein, using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (either of the following transition methods: \(i\) a full retrospective approach reflecting the application of the standard in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (prior reporting period with the option to elect certain practical expedients, or \(ii\) a retrospective approach with the cumulative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 658.10 Td (fect of initially adopting ) Tj ET Q q 0 0 0 rg BT 156.46 658.10 Td (ASU 2014-09 recognized at the date of adoption \(which includes additional footnote disclosures\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 646.10 Td (e are currently evaluating the impact of the adoption of ) Tj ET Q q 0 0 0 rg BT 280.78 646.10 Td (ASU 2014-09 on our consolidated financial statements and have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (yet determined the method by which we will adopt the standard in 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 610.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 179.96 610.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 228.87 610.10 Td (Accounting Standards Update No. 2016-02,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 404.39 610.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.11 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.93 610.10 Td (The new standard establishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (a right-of-use \(ROU\) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (with terms longer than 12 months. Leases will be classified as either finance or operating, with classification af) Tj ET Q q 0 0 0 rg BT 494.41 586.10 Td (fecting the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (pattern of expense recognition in the income statement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 550.10 Td (The new standard is ef) Tj ET Q q 0 0 0 rg BT 176.34 550.10 Td (fective for fiscal years beginning after December 15, 2018, including interim periods within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (those fiscal years. ) Tj ET Q q 0 0 0 rg BT 123.31 538.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.98 538.10 Td ( modified retrospective transition approach is required for lessees for capital and operating leases existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (at, or entered into after) Tj ET Q q 0 0 0 rg BT 140.94 526.10 Td (, the beginning of the earliest comparative period presented in the financial statements, with certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (practical expedients available. ) Tj ET Q q 0 0 0 rg BT 175.59 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 184.23 514.10 Td (e are currently evaluating the impact of the adoption of ) Tj ET Q q 0 0 0 rg BT 406.37 514.10 Td (ASU 2016-02 on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (ITEM 7A) Tj ET Q q 0 0 0 rg BT 90.84 466.10 Td ( QUANTIT) Tj ET Q q 0 0 0 rg BT 146.77 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 153.25 466.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 179.65 466.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 242.53 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 249.01 466.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 348.49 466.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 383.87 466.10 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 431.19 466.10 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 442.10 Td (Not applicable to smaller reporting companies.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 61.95 370.25 Td (BDO ) Tj ET Q q 0 0 0 rg BT 85.56 370.25 Td (USA, ) Tj ET Q q 0 0 0 rg BT 110.57 370.25 Td (LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Certified ) Tj ET Q q 0 0 0 rg BT 88.04 358.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 115.55 358.25 Td (Accountants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 87.77 334.25 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (March29, ) Tj ET Q q 0 0 0 rg BT 93.60 322.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 322.25 Td ( ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 84.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.14 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.64 742.25 Td (OF) Tj ET Q q 0 0 0 rg BT 107.15 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.65 742.25 Td (INDEPENDENT) Tj ET Q q 0 0 0 rg BT 182.26 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.76 742.25 Td (REGISTERED ) Tj ET Q q 0 0 0 rg BT 252.84 742.25 Td (PUBLIC ) Tj ET Q q 0 0 0 rg BT 292.57 742.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 364.52 742.25 Td (FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 76.94 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.77 706.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 127.48 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 706.25 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 77.77 694.25 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 682.25 Td (inter ) Tj ET Q q 0 0 0 rg BT 79.86 682.25 Td (Park, ) Tj ET Q q 0 0 0 rg BT 103.19 682.25 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 646.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.79 646.25 Td (have ) Tj ET Q q 0 0 0 rg BT 85.37 646.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 116.51 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.44 646.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 190.46 646.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 242.71 646.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 274.95 646.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 297.21 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.25 646.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 334.22 646.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 351.20 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 361.24 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.28 646.25 Td (December ) Tj ET Q q 0 0 0 rg BT 414.07 646.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 428.28 646.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 452.49 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.64 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.56 646.25 Td (related ) Tj ET Q q 0 0 0 rg BT 511.47 646.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 96.51 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.13 634.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 157.58 634.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 210.72 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.02 634.25 Td (equity) Tj ET Q q 0 0 0 rg BT 239.36 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 246.16 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.89 634.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 286.96 634.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 313.47 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 329.43 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.94 634.25 Td (year ) Tj ET Q q 0 0 0 rg BT 367.45 634.25 Td (then ) Tj ET Q q 0 0 0 rg BT 388.96 634.25 Td (ended. ) Tj ET Q q 0 0 0 rg BT 419.32 634.25 Td (These ) Tj ET Q q 0 0 0 rg BT 447.49 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.77 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.28 634.25 Td (are ) Tj ET Q q 0 0 0 rg BT 549.78 634.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 106.97 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.83 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.57 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 174.23 622.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.65 622.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 236.77 622.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 254.84 622.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 311.81 622.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.01 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.31 622.25 Td (express ) Tj ET Q q 0 0 0 rg BT 363.83 622.25 Td (an ) Tj ET Q q 0 0 0 rg BT 375.79 622.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 408.88 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.40 622.25 Td (these ) Tj ET Q q 0 0 0 rg BT 444.47 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.98 622.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.72 622.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 622.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 610.25 Td (audit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 586.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.95 586.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 109.92 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.12 586.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 148.99 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.64 586.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 207.48 586.25 Td (with ) Tj ET Q q 0 0 0 rg BT 228.13 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.22 586.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 283.86 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.06 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.15 586.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 338.58 586.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.71 586.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 429.24 586.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 471.55 586.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 498.86 586.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.28 586.25 Td (States\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 76.69 574.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 116.71 574.25 Td (require ) Tj ET Q q 0 0 0 rg BT 147.28 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 164.52 574.25 Td (we ) Tj ET Q q 0 0 0 rg BT 178.43 574.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 197.90 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.59 574.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 249.05 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.52 574.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 285.76 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.79 574.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 323.04 574.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 368.04 574.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 409.16 574.25 Td (about ) Tj ET Q q 0 0 0 rg BT 433.63 574.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 468.09 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.55 574.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 574.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.65 562.25 Td (free ) Tj 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 79.88 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 99.21 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 135.74 550.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 176.46 550.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 193.56 550.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 215.12 550.25 Td (included ) Tj ET Q q 0 0 0 rg BT 251.11 550.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 306.54 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.42 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 348.52 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 378.40 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 397.73 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.26 550.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 472.48 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 482.36 550.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.36 550.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 509.92 550.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.13 550.25 Td (designing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 72.62 538.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 119.11 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.73 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 151.56 538.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 199.72 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 210.12 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.96 538.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 286.73 538.25 Td (but ) Tj ET Q q 0 0 0 rg BT 302.13 538.25 Td (not ) Tj ET Q q 0 0 0 rg BT 317.53 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 331.82 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.66 538.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 380.94 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.90 538.25 Td (expressing ) Tj ET Q q 0 0 0 rg BT 437.29 538.25 Td (an ) Tj ET Q q 0 0 0 rg BT 449.36 538.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 482.54 538.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.16 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.00 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 517.59 538.25 Td (fectiveness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.87 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.63 526.25 Td (Company) Tj ET Q q 0 0 0 rg BT 119.29 526.25 Td (s ) Tj ET Q q 0 0 0 rg BT 126.72 526.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 160.80 526.25 Td (control ) Tj ET Q q 0 0 0 rg BT 192.67 526.25 Td (over ) Tj ET Q q 0 0 0 rg BT 213.97 526.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.49 526.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 294.41 526.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 343.74 526.25 Td (, ) Tj ET Q q 0 0 0 rg BT 349.78 526.25 Td (we ) Tj ET Q q 0 0 0 rg BT 364.98 526.25 Td (express ) Tj ET Q q 0 0 0 rg BT 398.51 526.25 Td (no ) Tj ET Q q 0 0 0 rg BT 412.05 526.25 Td (such ) Tj ET Q q 0 0 0 rg BT 433.92 526.25 Td (opinion. ) Tj ET Q q 0 0 0 rg BT 469.73 526.25 Td (An ) Tj ET Q q 0 0 0 rg BT 485.49 526.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 509.03 526.25 Td (also ) Tj ET Q q 0 0 0 rg BT 528.67 526.25 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (examining, ) Tj ET Q q 0 0 0 rg BT 97.08 514.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.44 514.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.24 514.25 Td (test ) Tj ET Q q 0 0 0 rg BT 132.49 514.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 157.35 514.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 195.25 514.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 240.39 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.97 514.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 291.22 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.02 514.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 354.82 514.25 Td (in ) Tj ET Q q 0 0 0 rg BT 364.97 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.55 514.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.89 514.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 463.96 514.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 503.55 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 514.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 91.62 502.25 Td (used ) Tj ET Q q 0 0 0 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 61.95 394.25 Td (Cross, ) Tj ET Q q 0 0 0 rg BT 89.73 394.25 Td (Fernandez ) Tj ET Q q 0 0 0 rg BT 133.88 394.25 Td (& ) Tj ET Q q 0 0 0 rg BT 144.16 394.25 Td (Riley) Tj ET Q q 0 0 0 rg BT 165.17 394.25 Td (, ) Tj ET Q q 0 0 0 rg BT 170.17 394.25 Td (LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Certified ) Tj ET Q q 0 0 0 rg BT 88.04 382.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 115.55 382.25 Td (Accountants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 87.77 358.25 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (March19, ) Tj ET Q q 0 0 0 rg BT 93.60 346.25 Td (2015 ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.45 742.10 Td (IZEA, Inc.) 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/F1 10.00 Tf ET q 0 0 0 rg BT 457.15 616.17 Td (193,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 616.17 Td (190,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 602.17 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 602.17 Td (16,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.17 Td (61,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 588.17 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 588.17 Td (15,736,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 588.17 Td (8,930,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 564.17 Td (Property and equipment, net of accumulated depreciation of $445,971 and $239,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 564.17 Td (596,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 564.17 Td (588,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 550.17 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 318.6 m 562.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 316.6 m 562.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 303.6 m 434.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 301.6 m 434.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 303.6 m 438.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 301.6 m 438.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 303.6 m 498.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 301.6 m 498.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 303.6 m 502.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 301.6 m 502.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 303.6 m 562.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 301.6 m 562.5 301.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 687.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 697.27 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 687.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 672.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 672.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 647.27 Td (20,467,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 647.27 Td (8,322,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.27 Td (Cost of sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 632.27 Td (12,236,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 632.27 Td (2,845,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 617.27 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 617.27 Td (8,231,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 617.27 Td (5,476,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.27 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 592.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 592.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 577.27 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 577.27 Td (7,517,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 577.27 Td (4,918,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 562.27 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 562.27 Td (7,936,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 562.27 Td (5,204,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 547.27 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 547.27 Td (15,453,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 547.27 Td (10,122,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.27 Td (Loss from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 522.32 Td (\(7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 522.32 Td (\(4,646,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.27 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 497.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 497.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 482.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 482.32 Td (\(115,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 482.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 482.32 Td (\(25,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 482.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 467.27 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 467.32 Td (\(1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 467.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 467.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 452.27 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 452.32 Td (\(2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 452.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 452.27 Td (7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 437.27 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 437.27 Td (9,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 437.27 Td (10,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 422.27 Td (Total other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 422.32 Td (\(4,085,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 422.27 Td (7,830,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 397.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 397.32 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 397.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 397.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 397.27 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.27 Td (Weighted average common shares outstanding basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 362.27 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 362.27 Td (2,616,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 347.27 Td (Basic income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 347.32 Td (\(3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 347.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 347.27 Td (1.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 322.27 Td (Weighted average common shares outstanding diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 322.27 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 322.27 Td (3,170,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 307.27 Td (Diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 307.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 307.32 Td (\(3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 307.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 307.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 307.27 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.90 63.10 Td (See accompanying notes to the consolidated financial statements.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.70 730.10 Td (Consolidated Statement of Stockholders) Tj ET Q q 0 0 0 rg BT 373.10 730.10 Td ( Equity) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 640.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 640.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 640.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 640.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 640.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 640.60 54.00 -14.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 288.50 575.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 575.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 575.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 575.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 575.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 547.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 547.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 547.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 547.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 547.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 547.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 547.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 547.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 547.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 547.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 547.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 519.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 519.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 519.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 519.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 519.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 519.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 491.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 491.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 491.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 491.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 491.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 491.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 491.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 491.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 491.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 491.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 491.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 463.60 235.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 463.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 463.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 463.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 463.60 41.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 463.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 463.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 463.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 463.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 463.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 463.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 426.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 426.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 426.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 426.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 426.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 426.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 398.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 398.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 398.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 398.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 398.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 398.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 370.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 370.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 370.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 370.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 370.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 370.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 342.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 342.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 342.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 342.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 342.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 342.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 342.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 342.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 342.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 342.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 342.60 54.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 654.6 m 342.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 654.6 m 346.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 654.6 m 387.5 654.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 640.6 m 284.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 640.6 m 288.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 640.6 m 342.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 640.6 m 346.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 640.6 m 387.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 640.6 m 391.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 640.6 m 445.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 640.6 m 449.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 640.6 m 503.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 640.6 m 507.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 640.6 m 561.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 640.6 m 284.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 640.6 m 288.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 640.6 m 342.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 640.6 m 346.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 640.6 m 387.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 640.6 m 391.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 640.6 m 445.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 640.6 m 449.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 640.6 m 503.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 640.6 m 507.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 640.6 m 561.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 491.6 m 561.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 491.6 m 284.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 491.6 m 288.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 491.6 m 342.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 491.6 m 346.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 491.6 m 387.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 491.6 m 391.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 491.6 m 445.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 491.6 m 449.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 491.6 m 503.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 491.6 m 507.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 491.6 m 561.5 491.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 342.6 m 284.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 342.6 m 288.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 342.6 m 342.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 342.6 m 346.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 342.6 m 387.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 342.6 m 391.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 342.6 m 445.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 342.6 m 449.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 342.6 m 503.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 342.6 m 507.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 342.6 m 561.5 342.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 342.6 m 284.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 329.6 m 284.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 327.6 m 284.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 342.6 m 288.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 329.6 m 288.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 327.6 m 288.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 342.6 m 342.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 329.6 m 342.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 327.6 m 342.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 342.6 m 346.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 329.6 m 346.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 327.6 m 346.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 342.6 m 387.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 329.6 m 387.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 327.6 m 387.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 342.6 m 391.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 329.6 m 391.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 327.6 m 391.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 342.6 m 445.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 329.6 m 445.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 327.6 m 445.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 342.6 m 449.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 329.6 m 449.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 327.6 m 449.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 342.6 m 503.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 329.6 m 503.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 327.6 m 503.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 342.6 m 507.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 329.6 m 507.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 327.6 m 507.5 327.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 342.6 m 561.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 329.6 m 561.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 327.6 m 561.5 327.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 659.06 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.45 658.85 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.85 666.85 Td (Additional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.20 658.85 Td (Paid-In) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.65 658.85 Td (Accumulated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.80 666.85 Td (T) Tj ET Q q 0 0 0 rg BT 530.13 666.85 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.05 658.85 Td (Stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 166.50 645.06 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.30 644.85 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.35 644.85 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.40 644.85 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.85 644.85 Td (Deficit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 644.85 Td (Equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 631.06 Td (Balance, December 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 631.06 Td (1,128,558) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.00 631.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.50 631.06 Td (113) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 631.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 631.06 Td (24,674,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.00 631.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 631.06 Td 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BT 442.00 603.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 603.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 603.06 Td (\(12,382,216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 603.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 589.06 Td (Fair value of 2013 private placement warrants reclassified from) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 580.06 Td (liability to equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 580.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 580.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.00 580.06 Td (3,166,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 580.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 580.06 Td (3,166,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 566.06 Td (Exercise of stock options & warrants) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 566.06 Td (22,563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 566.06 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 566.06 Td (112,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 566.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 566.06 Td (112,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 552.06 Td (Stock purchase plan subscriptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.50 552.06 Td (382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 552.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 552.06 Td (1,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 552.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 552.06 Td (1,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 538.06 Td (Stock issued for payment of services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 538.06 Td (19,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 538.06 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 538.06 Td (157,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 538.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 538.06 Td (157,110) Tj ET Q BT /F1 9.00 Tf ET 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rg BT 330.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.00 496.06 Td (3,184,064) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 496.06 Td (3,184,064) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 482.06 Td (Balance, December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 482.06 Td (2,885,424) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.50 482.06 Td (289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 482.06 Td (27,200,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 482.06 Td (\(22,941,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 482.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 482.06 Td (4,259,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 468.06 Td (Fair value of warrants issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 468.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 468.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 468.06 Td (51,950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 468.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 468.06 Td (51,950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 454.06 Td (Fair value of 2014 private placement warrants reclassified from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 445.06 Td (liability to equity & loss on exchange) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 445.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 445.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.00 445.06 Td (7,178,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 445.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 445.06 Td (7,178,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 431.06 Td (Stock issued for payment of acquisition liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 431.06 Td (31,821) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 431.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 431.06 Td (249,997) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 431.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 431.06 Td (250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 417.06 Td (Exercise of warrants) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 417.06 Td (2,191,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.50 417.06 Td (219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 417.06 Td (12,860,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 417.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 417.06 Td (12,861,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 403.06 Td (Stock purchase plan subscriptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 403.06 Td (13,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 403.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 403.06 Td (76,169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 403.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 403.06 Td (76,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 389.06 Td (Stock issued for payment of services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 389.06 Td (100,756) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 389.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 389.06 Td (125,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 389.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 389.06 Td (125,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 375.06 Td (Stock issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 375.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 375.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 375.06 Td (\(12,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 375.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 375.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 375.06 Td (\(12,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 375.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 361.06 Td (Stock-based compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 361.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 361.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 361.06 Td (705,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 361.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 361.06 Td (705,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 347.06 Td (Net loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 347.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 347.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 347.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 347.06 Td (\(11,308,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 347.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 347.06 Td (\(11,308,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 347.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 333.06 Td (Balance, December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 333.06 Td (5,222,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.50 333.06 Td (522) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 333.06 Td (48,436,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 333.06 Td (\(34,249,521) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 333.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 333.06 Td (14,187,041) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.90 65.10 Td (See accompanying notes to the consolidated financial statements.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.25 730.10 Td (Consolidated Statements of Cash Flows) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 671.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 671.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 671.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 671.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 645.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 645.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 645.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 645.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 619.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 619.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 619.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 619.60 78.00 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 515.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 515.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 515.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 489.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 489.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 489.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 489.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 463.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 463.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 463.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 463.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 437.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 437.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 437.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 437.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 416.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 416.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 416.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 416.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 390.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 390.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 390.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 390.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 364.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 364.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 364.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 364.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.60 352.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 338.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 338.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 338.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 317.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 317.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 317.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 317.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 291.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 291.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 291.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 291.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 265.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 265.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 265.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 265.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 244.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 244.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 244.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 244.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 218.60 352.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 218.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 218.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 218.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 197.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 197.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 197.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 173.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 173.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 173.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 153.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 153.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 153.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 153.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 129.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 129.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 129.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 129.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 105.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 105.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 105.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 105.60 78.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 698.6 m 479.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 698.6 m 483.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 698.6 m 561.5 698.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 684.6 m 401.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 698.6 m 479.5 698.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 684.6 m 479.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 684.6 m 483.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 684.6 m 561.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 437.6 m 401.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 437.6 m 479.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 437.6 m 483.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 437.6 m 561.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 424.6 m 401.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 424.6 m 479.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 424.6 m 483.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 351.6 m 479.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 351.6 m 561.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 351.6 m 401.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 338.6 m 401.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 351.6 m 479.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 338.6 m 479.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 351.6 m 483.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 338.6 m 483.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 351.6 m 561.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 338.6 m 561.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 265.6 m 401.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 265.6 m 479.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 265.6 m 483.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 265.6 m 561.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 252.60000000000002 m 401.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 252.60000000000002 m 479.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 252.60000000000002 m 483.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 252.60000000000002 m 561.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 218.60000000000002 m 401.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 218.60000000000002 m 479.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 218.60000000000002 m 483.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 218.60000000000002 m 561.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 198.60000000000002 m 401.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 196.60000000000002 m 401.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 198.60000000000002 m 479.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 196.60000000000002 m 479.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 198.60000000000002 m 483.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 196.60000000000002 m 483.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 198.60000000000002 m 561.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 196.60000000000002 m 561.5 196.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 710.17 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 700.22 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 689.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 689.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.17 Td (Cash flows from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 675.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 675.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 662.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 662.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.30 662.22 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 662.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 662.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 662.17 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.17 Td (Adjustments to reconcile net income \(loss\) to net cash used for operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 636.17 Td (Depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 636.17 Td (206,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 636.17 Td (109,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 623.17 Td (Amortization of software development costs and other intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 623.17 Td (852,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 623.17 Td (95,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 610.17 Td (Loss on disposal of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 610.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 610.17 Td (16,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 597.17 Td (Provision for losses on accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 597.17 Td (163,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 597.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 584.17 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 584.17 Td (705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 584.17 Td (538,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 571.17 Td (Value of stock and warrants issued or to be issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 571.17 Td (177,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 571.17 Td (166,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 558.17 Td (Gain on change in value of contingent acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 558.22 Td (\(1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 558.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 558.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 545.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 545.17 Td (1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 532.17 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 532.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 532.22 Td (\(7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 532.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 519.17 Td (Changes in operating assets and liabilities, net of effects of business acquired:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 506.17 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 506.22 Td (\(1,608,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 506.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 506.22 Td (\(496,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 506.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 493.17 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 493.17 Td (83,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 493.22 Td (\(72,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 480.17 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 480.17 Td (141,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 480.22 Td (\(506,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 480.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 467.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 467.17 Td (582,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 467.17 Td (29,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 454.17 Td (Unearned revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 454.17 Td (1,783,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 454.17 Td (474,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 441.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 441.17 Td (896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 441.17 Td (92,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 428.17 Td (Net cash used for operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 428.22 Td (\(6,072,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 428.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 428.22 Td (\(4,213,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 428.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 407.17 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 394.17 Td (Purchase of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 394.22 Td (\(187,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 394.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 394.22 Td (\(517,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 394.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 381.17 Td (Increase in software development costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 381.22 Td (\(452,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 381.22 Td (\(206,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 368.17 Td (Acquisition, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 368.22 Td (\(1,072,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 368.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 368.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 355.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 355.17 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 355.22 Td (\(54,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 355.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 342.17 Td (Net cash used for investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 342.22 Td (\(1,710,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 342.22 Td (\(777,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 321.17 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 321.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 321.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 308.17 Td (Proceeds from issuance of common stock and warrants, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 308.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 308.17 Td (12,001,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 295.17 Td (Proceeds from exercise of options & warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 295.17 Td (12,937,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 295.17 Td (112,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 282.17 Td (Stock issuance costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 282.22 Td (\(12,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 282.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 282.22 Td (\(1,067,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 282.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 269.17 Td (Payments on notes payable and capital leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 269.22 Td (\(54,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 269.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 269.22 Td (\(63,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 269.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 256.17 Td (Net cash provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 256.17 Td (12,870,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 256.17 Td (10,983,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 235.17 Td (Net increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 235.17 Td (5,086,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 235.17 Td (5,991,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 222.17 Td (Cash and cash equivalents, beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 222.17 Td (6,521,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 222.17 Td (530,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 201.17 Td (Cash and cash equivalents, end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 201.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 201.17 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 201.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 201.17 Td (6,521,930) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 174.88339843749998 m 200.5791015625 174.88339843749998 l s q 0 0 0 rg BT 52.00 176.22 Td (Supplemental cash flow information:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 164.22 Td (Cash paid during the year for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 164.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 164.22 Td (6,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 164.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 164.22 Td (15,158) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 142.88339843749998 m 228.064453125 142.88339843749998 l s q 0 0 0 rg BT 52.00 144.22 Td (Non-cash financing and investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 132.22 Td (Fair value of warrants issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 132.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 132.22 Td (51,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 132.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 132.22 Td (12,382,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 120.22 Td (Acquisition costs payable for assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 120.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 120.22 Td (3,942,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 120.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 120.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 108.22 Td (Acquisition costs paid through issuance of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 108.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 108.22 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 108.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 108.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 96.22 Td (Fair value of warrants reclassified from liability to equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 96.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 96.22 Td (6,530,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 96.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 96.22 Td (3,166,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 84.22 Td (Acquisition of assets through capital lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 84.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 84.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 84.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 84.22 Td (41,339) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.90 58.10 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (NOTE 1. ) Tj ET Q q 0 0 0 rg BT 122.00 719.10 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 167.75 719.10 Td (Y) Tj ET Q q 0 0 0 rg BT 174.60 719.10 Td ( OF) Tj ET Q q 0 0 0 rg BT 190.62 719.10 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 259.62 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.57 719.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 129.82421875 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Natur) Tj ET Q q 0 0 0 rg BT 75.37 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 82.31 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.14 695.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 78.73 683.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 97.46 683.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 116.47 683.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 170.31 683.10 Td (was ) Tj ET Q q 0 0 0 rg BT 189.33 683.10 Td (founded ) Tj ET Q q 0 0 0 rg BT 225.56 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.80 683.10 Td (February ) Tj ET Q q 0 0 0 rg BT 276.36 683.10 Td (2006 ) Tj ET Q q 0 0 0 rg BT 299.82 683.10 Td (under ) Tj ET Q q 0 0 0 rg BT 326.05 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.73 683.10 Td (name ) Tj ET Q q 0 0 0 rg BT 366.85 683.10 Td (PayPerPost, ) Tj ET Q q 0 0 0 rg BT 418.37 683.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 437.10 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.00 683.10 Td (became ) Tj ET Q q 0 0 0 rg BT 488.99 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.89 683.10 Td (public ) Tj ET Q q 0 0 0 rg BT 525.35 683.10 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 103.29 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.82 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.79 671.10 Td (state ) Tj ET Q q 0 0 0 rg BT 149.87 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.96 671.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 194.25 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.79 671.10 Td (May ) Tj ET Q q 0 0 0 rg BT 225.87 671.10 Td (201) Tj ET Q q 0 0 0 rg BT 240.50 671.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 250.76 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.31 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 271.61 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 313.26 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.68 671.10 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 382.07 671.10 Td (near ) Tj ET Q q 0 0 0 rg BT 402.03 671.10 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 440.05 671.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 471.70 671.10 Td (with ) Tj ET Q q 0 0 0 rg BT 492.23 671.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 534.98 671.10 Td (of) Tj ET Q q 0 0 0 rg BT 543.12 671.10 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 659.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 98.60 659.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 115.55 659.10 Td (Angeles ) Tj ET Q q 0 0 0 rg BT 150.82 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.58 659.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.99 659.10 Td (oronto, ) Tj ET Q q 0 0 0 rg BT 204.10 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.04 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.97 659.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 249.91 659.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 287.39 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.67 659.10 Td (New ) Tj ET Q q 0 0 0 rg BT 318.68 659.10 Td (Y) Tj ET Q q 0 0 0 rg BT 324.90 659.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 343.23 659.10 Td (Detroit ) Tj ET Q q 0 0 0 rg BT 374.05 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.99 659.10 Td (Boston.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.84 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.01 635.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 147.61 635.10 Td (online ) Tj ET Q q 0 0 0 rg BT 175.90 635.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 231.94 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 250.22 635.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 288.48 635.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 339.54 635.10 Td (between ) Tj ET Q q 0 0 0 rg BT 376.14 635.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 406.09 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.82 635.10 Td (influential ) Tj ET Q q 0 0 0 rg BT 468.20 635.10 Td (content ) Tj ET Q q 0 0 0 rg BT 500.93 635.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 538.12 635.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 84.53 623.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 119.61 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 623.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 177.59 623.10 Td (text, ) Tj ET Q q 0 0 0 rg BT 197.96 623.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 226.95 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.27 623.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 273.82 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.70 623.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 314.57 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.78 623.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 355.32 623.10 Td (through ) Tj ET Q q 0 0 0 rg BT 389.31 623.10 Td (websites, ) Tj ET Q q 0 0 0 rg BT 429.13 623.10 Td (blogs ) Tj ET Q q 0 0 0 rg BT 453.68 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.00 623.10 Td (social ) Tj ET Q q 0 0 0 rg BT 497.21 623.10 Td (media ) Tj ET Q q 0 0 0 rg BT 524.52 623.10 Td (channels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 611.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.50 611.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 162.62 611.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 195.29 611.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 245.74 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.20 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 268.33 611.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 312.66 611.10 Td (at ) Tj ET Q q 0 0 0 rg BT 322.56 611.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 345.23 611.10 Td (through ) Tj ET Q q 0 0 0 rg BT 379.03 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.93 611.10 Td (management ) Tj ET Q q 0 0 0 rg BT 447.71 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.72 611.10 Td (content ) Tj ET Q q 0 0 0 rg BT 490.84 611.10 Td (workflow) Tj ET Q q 0 0 0 rg BT 529.07 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.26 611.10 Td (creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (search ) Tj ET Q q 0 0 0 rg BT 78.04 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.98 599.10 Td (tar) Tj ET Q q 0 0 0 rg BT 105.34 599.10 Td (geting, ) Tj ET Q q 0 0 0 rg BT 135.34 599.10 Td (bidding, ) Tj ET Q q 0 0 0 rg BT 170.89 599.10 Td (analytics ) Tj ET Q q 0 0 0 rg BT 208.94 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.87 599.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 262.81 599.10 Td (processing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.48 575.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.84 575.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 112.61 575.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 137.37 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.85 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.00 575.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 235.80 575.10 Td (all ) Tj ET Q q 0 0 0 rg BT 248.05 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.65 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.13 575.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.05 575.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 349.30 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.90 575.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.81 575.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 412.18 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.77 575.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 458.64 575.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 476.17 575.10 Td (\(Ebyline\), ) Tj ET Q q 0 0 0 rg BT 527.57 575.10 Td (pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.22 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.89 563.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 99.55 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.32 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.21 563.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 142.43 563.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 180.43 563.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 229.80 563.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 253.90 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.68 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.46 563.10 Td (January ) Tj ET Q q 0 0 0 rg BT 309.00 563.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 323.94 563.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 348.89 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 361.33 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.22 563.10 Td (among ) Tj ET Q q 0 0 0 rg BT 407.88 563.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 435.59 563.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 469.14 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.03 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.69 563.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 553.68 563.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.46 551.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 101.91 551.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 123.71 551.10 Td (4\). ) Tj ET Q q 0 0 0 rg BT 136.89 551.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 163.69 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.82 551.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 190.66 551.10 Td (Angeles, ) Tj ET Q q 0 0 0 rg BT 228.28 551.10 Td (California, ) Tj ET Q q 0 0 0 rg BT 273.68 551.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 307.14 551.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 342.81 551.10 Td (an ) Tj ET Q q 0 0 0 rg BT 354.61 551.10 Td (online ) Tj ET Q q 0 0 0 rg BT 381.96 551.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 433.17 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.52 551.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 482.86 551.10 Td (publishers ) Tj ET Q q 0 0 0 rg BT 526.33 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.46 551.10 Td (access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.67 539.10 Td (network ) Tj ET Q q 0 0 0 rg BT 91.67 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.23 539.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.23 539.10 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.73 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.96 539.10 Td (content ) Tj ET Q q 0 0 0 rg BT 183.63 539.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 217.50 539.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 250.28 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.95 539.10 Td (writers ) Tj ET Q q 0 0 0 rg BT 301.95 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.96 539.10 Td (illustrators ) Tj ET Q q 0 0 0 rg BT 356.97 539.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.98 539.10 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.98 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.21 539.10 Td (countries. ) Tj ET Q q 0 0 0 rg BT 420.60 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.83 539.10 Td (Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.05 539.10 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.55 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.78 539.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 490.90 539.10 Td (vetted ) Tj ET Q q 0 0 0 rg BT 517.56 539.10 Td (individuals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.72 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.87 527.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 112.91 527.10 Td (network ) Tj ET Q q 0 0 0 rg BT 149.62 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 172.43 527.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 225.25 527.10 Td (journalism ) Tj ET Q q 0 0 0 rg BT 271.96 527.10 Td (credentials ) Tj ET Q q 0 0 0 rg BT 319.21 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 340.92 527.10 Td (backgrounds ) Tj ET Q q 0 0 0 rg BT 395.96 527.10 Td (at ) Tj ET Q q 0 0 0 rg BT 407.11 527.10 Td (well-known ) Tj ET Q q 0 0 0 rg BT 458.82 527.10 Td (media ) Tj ET Q q 0 0 0 rg BT 487.19 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BT 461.13 503.10 Td (their ) Tj ET Q q 0 0 0 rg BT 481.80 503.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 510.81 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.59 503.10 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (sites, ) Tj ET Q q 0 0 0 rg BT 72.78 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 83.61 491.10 Td (well ) Tj ET Q q 0 0 0 rg BT 103.33 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.16 491.10 Td (third ) Tj ET Q q 0 0 0 rg BT 135.54 491.10 Td (party ) Tj ET Q q 0 0 0 rg BT 158.59 491.10 Td (content ) Tj ET Q q 0 0 0 rg BT 190.52 491.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 233.56 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.50 491.10 Td (native ) Tj ET Q q 0 0 0 rg BT 277.44 491.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 324.37 491.10 Td (ef) Tj ET Q q 0 0 0 rg BT 331.96 491.10 Td (forts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.67 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.67 467.10 Td (currently ) Tj ET Q q 0 0 0 rg 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Td (the ) Tj ET Q q 0 0 0 rg BT 536.59 395.10 Td (end ) Tj ET Q q 0 0 0 rg BT 553.68 395.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (2014.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 357.53505859375 m 165.56640625 357.53505859375 l s q 0 0 0 rg BT 50.00 359.10 Td (Principles ) Tj ET Q q 0 0 0 rg BT 95.27 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.10 359.10 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.51 347.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.01 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.96 347.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 201.13 347.10 Td (include ) Tj ET Q q 0 0 0 rg BT 232.53 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.71 347.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 283.66 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.95 347.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 321.18 347.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 338.41 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.81 347.10 Td (its ) Tj ET Q q 0 0 0 rg BT 366.23 347.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 425.96 347.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 466.42 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.88 347.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 493.10 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.06 347.10 Td (Innovations, ) Tj ET Q q 0 0 0 rg BT 546.74 347.10 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.38 335.10 Td (its ) Tj ET Q q 0 0 0 rg BT 77.76 335.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 137.47 335.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 177.93 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 182.36 335.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 217.91 335.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 235.11 335.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 270.80 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.24 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.40 335.10 Td ("Company"\). ) Tj ET Q q 0 0 0 rg BT 344.21 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.72 335.10 Td (All ) Tj ET Q q 0 0 0 rg BT 360.44 335.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 404.59 335.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 461.51 335.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 497.87 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.25 335.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.38 323.10 Td (been ) Tj ET Q q 0 0 0 rg BT 92.75 323.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 137.46 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.74 323.10 Td (consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.47 299.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.93 299.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.83 299.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.97 299.10 Td (were ) Tj ET Q q 0 0 0 rg BT 232.32 299.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 271.21 299.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.81 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.94 299.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 360.75 299.10 Td (method ) Tj ET Q q 0 0 0 rg BT 394.66 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.91 299.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 454.71 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 476.41 299.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 498.62 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.55 299.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.78 299.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 97.04 287.10 Td (acquirer ) Tj ET Q q 0 0 0 rg BT 132.96 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.46 287.10 Td (Ebyline. ) Tj ET Q q 0 0 0 rg BT 181.23 287.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 209.39 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.77 287.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 271.82 287.10 Td (method ) Tj ET Q q 0 0 0 rg BT 304.99 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.49 287.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 366.03 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.41 287.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 420.12 287.10 Td (price ) Tj ET Q q 0 0 0 rg BT 443.27 287.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.11 287.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 492.36 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.31 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.69 287.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 82.95 275.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 117.01 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.30 275.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 175.14 275.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 200.32 275.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 236.60 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.88 275.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 291.95 275.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 328.24 275.10 Td (based ) Tj ET Q q 0 0 0 rg BT 352.86 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.71 275.10 Td (their ) Tj ET Q q 0 0 0 rg BT 384.88 275.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 427.26 275.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 442.99 275.10 Td (market ) Tj ET Q q 0 0 0 rg BT 472.60 275.10 Td (values ) Tj ET Q q 0 0 0 rg BT 500.00 275.10 Td (with ) Tj ET Q q 0 0 0 rg BT 519.63 275.10 Td (any ) Tj ET Q q 0 0 0 rg BT 535.92 275.10 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 88.04 263.10 Td (price ) Tj ET Q q 0 0 0 rg BT 110.52 263.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 149.11 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.39 263.10 Td (goodwill. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 237.53505859375002 m 132.7685546875 237.53505859375002 l s q 0 0 0 rg BT 50.00 239.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 239.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 239.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.13 227.10 Td (January ) Tj ET Q q 0 0 0 rg BT 99.14 227.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 109.56 227.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 134.97 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.10 227.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.89 227.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 213.13 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.48 227.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 265.59 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.83 227.10 Td (Change ) Tj ET Q q 0 0 0 rg BT 310.29 227.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.98 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.11 227.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 386.77 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.02 227.10 Td (State ) Tj ET Q q 0 0 0 rg BT 420.92 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.16 227.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 465.61 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.30 227.10 Td (ef) Tj ET Q q 0 0 0 rg BT 483.89 227.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.79 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.14 227.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.92 227.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 215.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 215.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 215.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 215.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 215.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 215.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.16 215.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 215.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 215.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 215.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 215.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 215.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 215.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 517.55 215.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 203.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 203.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 203.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 203.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 203.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 203.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 203.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 203.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 203.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 203.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 203.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 203.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 203.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 203.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 203.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 191.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 191.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 191.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 191.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 191.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 191.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 191.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 191.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 191.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 191.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 191.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 191.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.19 179.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.71 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.57 179.10 Td (common ) Tj ET Q q 0 0 0 rg BT 175.09 179.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.72 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.25 179.10 Td (became ) Tj ET Q q 0 0 0 rg BT 249.30 179.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.59 179.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.18 179.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.91 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.44 179.10 Td (January ) Tj ET Q q 0 0 0 rg BT 363.06 179.10 Td (1) Tj ET Q q 0 0 0 rg BT 367.69 179.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 377.72 179.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 402.75 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.09 179.10 Td (There ) Tj ET Q q 0 0 0 rg BT 430.93 179.10 Td (was ) Tj ET Q q 0 0 0 rg BT 449.01 179.10 Td (no ) Tj ET Q q 0 0 0 rg BT 461.54 179.10 Td (change ) Tj ET Q q 0 0 0 rg BT 492.38 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.69 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 179.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 94.70 167.10 Td (common ) Tj ET Q q 0 0 0 rg BT 132.20 167.10 Td (shares.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 141.53505859375002 m 167.5439453125 141.53505859375002 l s q 0 0 0 rg BT 50.00 143.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.17 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.80 143.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 116.97 143.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.24 131.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 104.14 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.82 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.38 131.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 170.05 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.73 131.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.84 131.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 227.91 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.48 131.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.71 131.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 323.83 131.10 Td (all ) Tj ET Q q 0 0 0 rg BT 336.17 131.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 364.07 131.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 389.76 131.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 409.32 131.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 458.33 131.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 501.22 131.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.34 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.13 131.10 Td (maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 119.10 Td (three ) Tj ET Q q 0 0 0 rg BT 83.32 119.10 Td (months ) Tj ET Q q 0 0 0 rg BT 115.26 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.09 119.10 Td (less ) Tj ET Q q 0 0 0 rg BT 143.59 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.87 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.81 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 186.08 119.10 Td (equivalents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 93.53505859375002 m 283.69140625 93.53505859375002 l s q 0 0 0 rg BT 50.00 95.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 91.94 95.10 Td (Receivable ) Tj ET Q q 0 0 0 rg BT 140.54 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.16 95.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 223.32 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.15 95.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 245.63 95.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 264.24 95.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 89.07 83.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 131.45 83.10 Td (are ) Tj ET Q q 0 0 0 rg BT 144.96 83.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 182.91 83.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 228.65 83.10 Td (due ) Tj ET Q q 0 0 0 rg BT 244.39 83.10 Td (under ) Tj ET Q q 0 0 0 rg BT 268.46 83.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 298.09 83.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 319.37 83.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 345.39 83.10 Td (Uncollectibility ) Tj ET Q q 0 0 0 rg BT 409.45 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.08 83.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 455.37 83.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 497.75 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 505.72 83.10 Td (not ) Tj ET Q q 0 0 0 rg BT 519.80 83.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (since ) Tj ET Q q 0 0 0 rg BT 73.21 71.10 Td (most ) Tj ET Q q 0 0 0 rg BT 95.32 71.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 138.52 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.39 71.10 Td (bound ) Tj ET Q q 0 0 0 rg BT 181.05 71.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 71.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 228.57 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.67 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.54 71.10 Td (required ) Tj ET Q q 0 0 0 rg BT 296.51 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.95 71.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 327.94 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.82 71.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.37 71.10 Td (for ) Tj ET Q q 0 0 0 rg BT 398.69 71.10 Td (all ) Tj ET Q q 0 0 0 rg BT 411.34 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.22 71.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 448.88 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.87 71.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.97 71.10 Td (opportunity) Tj ET Q q 0 0 0 rg BT 522.42 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 532.02 71.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.39 59.10 Td (an ) Tj ET Q q 0 0 0 rg BT 73.90 59.10 Td (order ) Tj ET Q q 0 0 0 rg BT 98.06 59.10 Td (created ) Tj ET Q q 0 0 0 rg BT 129.99 59.10 Td (by ) Tj ET Q q 0 0 0 rg BT 143.05 59.10 Td (an ) Tj ET Q q 0 0 0 rg BT 155.55 59.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 198.04 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 212.76 59.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.27 59.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 251.08 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.93 59.10 Td (write ) Tj ET Q q 0 0 0 rg BT 285.54 59.10 Td (about ) Tj ET Q q 0 0 0 rg BT 310.82 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.10 59.10 Td (advertiser) Tj ET Q q 0 0 0 rg BT 365.89 59.10 Td () Tj ET Q q 0 0 0 rg BT 368.67 59.10 Td (s ) Tj ET Q q 0 0 0 rg BT 375.63 59.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 411.74 59.10 Td (If ) Tj ET Q q 0 0 0 rg BT 421.46 59.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.96 59.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 460.92 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.31 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.59 59.10 Td (account ) Tj ET Q q 0 0 0 rg BT 521.75 59.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 555.34 59.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 83.34 47.10 Td (uncollectible, ) Tj ET Q q 0 0 0 rg BT 139.73 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.19 47.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.32 47.10 Td (will ) Tj ET Q q 0 0 0 rg BT 213.13 47.10 Td (either ) Tj ET Q q 0 0 0 rg BT 238.13 47.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 270.16 47.10 Td (f ) Tj ET Q q 0 0 0 rg BT 275.74 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.20 47.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 322.44 47.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 346.34 47.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.92 47.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 389.71 47.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.39 47.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 427.51 47.10 Td (based ) Tj ET Q q 0 0 0 rg BT 452.52 47.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.76 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.23 47.10 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 533.12 47.10 Td (portion ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.42 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.73 731.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 110.41 731.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 164.70 731.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 210.66 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.97 731.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 277.60 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.02 731.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 325.10 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.19 731.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 375.37 731.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 419.11 731.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 461.75 731.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 500.50 731.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 547.56 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 100.12 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.02 719.10 Td (customer) Tj ET Q q 0 0 0 rg BT 145.04 719.10 Td () Tj ET Q q 0 0 0 rg BT 147.82 719.10 Td (s ) Tj ET Q q 0 0 0 rg BT 155.17 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.61 719.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 237.35 719.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.57 719.10 Td (history ) Tj ET Q q 0 0 0 rg BT 294.81 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.71 719.10 Td (current ) Tj ET Q q 0 0 0 rg BT 344.49 719.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 386.82 719.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 434.20 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.20 719.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 495.55 719.10 Td (had ) Tj ET Q q 0 0 0 rg BT 513.45 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.35 719.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 553.68 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td ($139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.16 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.49 707.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 144.04 707.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 182.69 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.69 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.68 707.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 266.43 707.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.43 707.10 Td (. ) Tj ET Q q 0 0 0 rg BT 292.33 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 311.54 707.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.09 707.10 Td (did ) Tj ET Q q 0 0 0 rg BT 370.53 707.10 Td (not ) Tj ET Q q 0 0 0 rg BT 386.98 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 409.52 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.62 707.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 450.15 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.48 707.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 503.03 707.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 541.68 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.67 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.86 695.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.86 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.14 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.91 695.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 191.89 695.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 227.43 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 245.20 695.10 Td (this ) Tj ET Q q 0 0 0 rg BT 262.42 695.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 298.52 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 307.97 695.10 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 356.00 695.10 Td (but ) Tj ET Q q 0 0 0 rg BT 371.55 695.10 Td (there ) Tj ET Q q 0 0 0 rg BT 394.31 695.10 Td (can ) Tj ET Q q 0 0 0 rg BT 410.96 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 423.18 695.10 Td (no ) Tj ET Q q 0 0 0 rg BT 435.95 695.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 477.60 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 495.37 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.36 695.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 546.46 695.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.21 683.10 Td (change ) Tj ET Q q 0 0 0 rg BT 95.95 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 106.71 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.58 683.10 Td (result ) Tj ET Q q 0 0 0 rg BT 138.23 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.98 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.85 683.10 Td (change ) Tj ET Q q 0 0 0 rg BT 186.60 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.80 683.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 238.11 683.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 282.20 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.96 683.10 Td (business ) Tj ET Q q 0 0 0 rg BT 329.28 683.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 373.37 683.10 Td (within ) Tj ET Q q 0 0 0 rg BT 401.36 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.01 683.10 Td (industry) Tj ET Q q 0 0 0 rg BT 448.13 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.06 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.71 683.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 510.69 683.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 553.67 683.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.17 671.10 Td (Company) Tj ET Q q 0 0 0 rg BT 104.40 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 110.86 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.93 671.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 135.11 671.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 186.83 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.56 671.10 Td (this ) Tj ET Q q 0 0 0 rg BT 216.96 671.10 Td (account ) Tj ET Q q 0 0 0 rg BT 252.00 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 268.16 671.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 307.08 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.81 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.98 671.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.47 671.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 435.63 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.91 671.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 493.52 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.80 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.19 671.10 Td (general ) Tj ET Q q 0 0 0 rg BT 547.56 671.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 109.13 659.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 145.77 659.10 Td (Bad ) Tj ET Q q 0 0 0 rg BT 163.80 659.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 182.94 659.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.08 659.10 Td (was ) Tj ET Q q 0 0 0 rg BT 234.56 659.10 Td (less ) Tj ET Q q 0 0 0 rg BT 251.48 659.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.63 659.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.96 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.88 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.14 659.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 329.71 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.30 659.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 659.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 386.02 659.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.47 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.40 659.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.20 659.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.21 659.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.21 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.13 659.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 659.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 659.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (Concentrations ) Tj ET Q q 0 0 0 rg BT 113.23 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.25 635.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 149.70 635.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 167.39 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 187.86 635.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 218.87 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.33 635.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 267.01 635.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 310.78 635.10 Td (are ) Tj ET Q q 0 0 0 rg BT 325.67 635.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 363.35 635.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 394.37 635.10 Td (because ) Tj ET Q q 0 0 0 rg BT 428.71 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.84 635.10 Td (lar) Tj ET Q q 0 0 0 rg BT 446.20 635.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 458.33 635.10 Td (number ) Tj ET Q q 0 0 0 rg BT 491.57 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.59 635.10 Td (geographically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 81.26 623.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 124.19 623.10 Td (make ) Tj ET Q q 0 0 0 rg BT 148.22 623.10 Td (up ) Tj ET Q q 0 0 0 rg BT 160.61 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.21 623.10 Td (Company) Tj ET Q q 0 0 0 rg BT 216.87 623.10 Td (s ) Tj ET Q q 0 0 0 rg BT 223.14 623.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 262.18 623.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 284.83 623.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 303.88 623.10 Td (spreading ) Tj ET Q q 0 0 0 rg BT 345.14 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.74 623.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 382.11 623.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.25 623.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 426.96 623.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.89 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 486.16 623.10 Td (also ) Tj ET Q q 0 0 0 rg BT 504.65 623.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 539.25 623.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.12 611.10 Td (through ) Tj ET Q q 0 0 0 rg BT 100.35 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 125.24 611.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 168.74 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.62 611.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 218.53 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.09 611.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 281.65 611.10 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 329.99 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.65 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.66 611.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 426.88 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 451.77 611.10 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 499.43 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.88 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.45 611.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.24 599.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 104.91 599.10 Td (does ) Tj ET Q q 0 0 0 rg BT 125.71 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.95 599.10 Td (require ) Tj ET Q q 0 0 0 rg BT 171.73 599.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 211.40 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.64 599.10 Td (support ) Tj ET Q q 0 0 0 rg BT 254.11 599.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 291.56 599.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 337.60 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.52 599.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.99 599.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 410.54 599.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.54 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.51 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.19 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 491.54 599.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.44 599.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.88 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.35 599.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.77 587.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 119.64 587.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.64 587.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.97 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.30 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.97 587.10 Td (total ) Tj ET Q q 0 0 0 rg BT 185.08 587.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 222.40 587.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 265.81 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.93 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.48 587.10 Td (aggregate. ) Tj ET Q q 0 0 0 rg BT 334.18 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.00 587.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.33 587.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 406.75 587.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 431.59 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.14 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.36 587.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.13 587.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.13 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.47 587.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.85 575.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 119.79 575.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.86 575.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.19 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.61 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.35 575.10 Td (total ) Tj ET Q q 0 0 0 rg BT 185.53 575.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 222.93 575.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 266.42 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.61 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.24 575.10 Td (aggregate. ) Tj ET Q q 0 0 0 rg BT 335.01 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.25 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.20 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 396.50 575.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.35 575.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.79 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.20 575.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 469.27 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 486.67 575.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 529.62 575.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.69 575.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.41 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 71.94 563.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 105.66 563.10 Td (during ) Tj ET Q q 0 0 0 rg BT 133.85 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.15 563.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 176.88 563.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.33 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.41 563.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.37 563.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 292.53 563.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.53 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.61 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.13 563.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.57 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.65 563.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 386.39 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 403.46 563.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 446.07 563.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.81 563.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.14 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.22 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.63 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 502.16 563.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 535.89 563.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 551.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 93.87 551.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.32 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.82 551.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.20 551.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.78 551.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.78 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 235.78 551.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 525.53505859375 m 159.55078125 525.53505859375 l s q 0 0 0 rg BT 50.00 527.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 527.10 Td (operty ) Tj ET Q q 0 0 0 rg BT 90.63 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.26 527.10 Td (Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 85.91 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.81 515.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 145.49 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.17 515.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.61 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 204.29 515.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 224.37 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.17 515.10 Td (if ) Tj ET Q q 0 0 0 rg BT 241.74 515.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 277.63 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.88 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.78 515.10 Td (business ) Tj ET Q q 0 0 0 rg BT 328.14 515.10 Td (combination, ) Tj ET Q q 0 0 0 rg BT 382.10 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.78 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.47 515.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.82 515.10 Td (date ) Tj ET Q q 0 0 0 rg BT 467.94 515.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.28 515.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 508.91 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.37 515.10 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 503.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 119.98 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.15 503.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 171.08 503.10 Td (using ) Tj ET Q q 0 0 0 rg BT 195.25 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.97 503.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 260.79 503.10 Td (method ) Tj ET Q q 0 0 0 rg BT 293.28 503.10 Td (over ) Tj ET Q q 0 0 0 rg BT 313.55 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.27 503.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.09 503.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 396.03 503.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 417.41 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.24 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.96 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.79 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.62 503.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 492.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 464.60 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 492.6 m 50.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 492.6 m 505.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 492.6 m 562.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 492.6 m 562.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 478.6 m 50.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 478.6 m 562.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 464.6 m 50.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 464.6 m 562.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 450.6 m 50.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 436.6 m 505.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 450.6 m 562.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 436.6 m 562.5 436.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 483.17 Td (Computer Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 483.17 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.17 Td (Software Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 469.17 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.17 Td (Office Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 455.17 Td (3 - 10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.17 Td (Furniture and Fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 441.17 Td (5 - 10 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 92.88 413.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 151.89 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.89 413.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 213.76 413.10 Td (over ) Tj ET Q q 0 0 0 rg BT 233.32 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.32 413.10 Td (shorter ) Tj ET Q q 0 0 0 rg BT 276.88 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.01 413.10 Td (term ) Tj ET Q q 0 0 0 rg BT 321.13 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.25 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.26 413.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 367.03 413.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.15 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.16 413.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 431.27 413.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 457.50 413.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 478.18 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.30 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.31 413.10 Td (improvements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 88.38 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.75 401.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 152.91 401.10 Td (under ) Tj ET Q q 0 0 0 rg BT 179.61 401.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.20 401.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 238.02 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.16 401.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 304.18 401.10 Td (over ) Tj ET Q q 0 0 0 rg BT 325.89 401.10 Td (their ) Tj ET Q q 0 0 0 rg BT 348.15 401.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.41 401.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 418.79 401.10 Td (lives. ) Tj ET Q q 0 0 0 rg BT 444.12 401.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 500.82 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.42 401.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 547.56 401.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 104.37 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.42 389.10 Td (char) Tj ET Q q 0 0 0 rg BT 137.45 389.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 155.73 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.36 389.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.41 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.58 389.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 255.24 389.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 311.85 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.36 389.10 Td (betterments ) Tj ET Q q 0 0 0 rg BT 377.85 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.13 389.10 Td (major ) Tj ET Q q 0 0 0 rg BT 423.30 389.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 484.36 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.41 389.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 547.56 389.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.88 377.10 Td (over ) Tj ET Q q 0 0 0 rg BT 117.44 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.46 377.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 173.79 377.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 200.03 377.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 220.71 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.84 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.85 377.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 272.35 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 289.69 377.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 324.81 377.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.49 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.62 377.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 395.74 377.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 414.21 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.34 377.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 452.23 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.46 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.48 377.10 Td (related ) Tj ET Q q 0 0 0 rg BT 511.48 377.10 Td (accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 101.82 365.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.43 365.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 161.04 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.23 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 365.10 Td (year ) Tj ET Q q 0 0 0 rg BT 205.46 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.19 365.10 Td (disposal, ) Tj ET Q q 0 0 0 rg BT 253.87 365.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.06 365.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 311.46 365.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 334.97 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.70 365.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 372.00 365.10 Td (included ) Tj ET Q q 0 0 0 rg BT 408.83 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.02 365.10 Td (general ) Tj ET Q q 0 0 0 rg BT 450.84 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.69 365.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 527.30 365.10 Td (expense.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 339.53505859375 m 172.5732421875 339.53505859375 l s q 0 0 0 rg BT 50.00 341.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 83.70 341.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.64 341.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 149.24 341.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.77 329.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 106.17 329.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.07 329.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 145.96 329.10 Td (350-40,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 176.79 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 329.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 211.89 329.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 228.88 329.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 259.63 329.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.06 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.06 329.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 301.96 329.10 Td (985-730, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.23 329.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 380.67 329.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 411.41 329.10 Td (e ) Tj ET Q q 0 0 0 rg BT 417.29 329.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 444.69 329.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 455.57 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.01 329.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 329.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.70 329.10 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 74.71 317.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 96.65 317.10 Td (related ) Tj ET Q q 0 0 0 rg BT 125.80 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.52 317.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 168.00 317.10 Td (use ) Tj ET Q q 0 0 0 rg BT 183.28 317.10 Td (software ) Tj ET Q q 0 0 0 rg BT 219.65 317.10 Td (should ) Tj ET Q q 0 0 0 rg BT 248.26 317.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.64 317.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 298.79 317.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.06 317.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 344.32 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 317.10 Td (development ) Tj ET Q q 0 0 0 rg BT 414.29 317.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 439.00 317.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 460.95 317.10 Td (including ) Tj ET Q q 0 0 0 rg BT 500.66 317.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 525.37 317.10 Td (materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.55 305.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 105.37 305.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 136.81 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.37 305.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 189.14 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.69 305.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.24 305.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.35 305.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.68 305.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.23 305.10 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 344.15 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.04 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.70 305.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.71 305.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 449.69 305.10 Td (software ) Tj ET Q q 0 0 0 rg BT 487.23 305.10 Td (development ) Tj ET Q q 0 0 0 rg BT 542.00 305.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 81.93 293.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.20 293.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 109.70 293.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.80 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.30 293.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 155.80 293.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 181.63 293.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 210.79 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.62 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.33 293.10 Td (software ) Tj ET Q q 0 0 0 rg BT 273.26 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.09 293.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 326.58 293.10 Td (features. ) Tj ET Q q 0 0 0 rg BT 363.23 293.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 267.53505859375 m 122.5146484375 267.53505859375 l s q 0 0 0 rg BT 50.00 269.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.85 269.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 257.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.60 257.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 145.11 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.41 257.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 195.38 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.80 257.10 Td (its ) Tj ET Q q 0 0 0 rg BT 217.33 257.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 259.40 257.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.82 257.10 Td (through ) Tj ET Q q 0 0 0 rg BT 318.01 257.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.55 257.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 375.51 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.93 257.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 419.12 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.20 257.10 Td (January ) Tj ET Q q 0 0 0 rg BT 464.38 257.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 478.97 257.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 503.55 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.49 257.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 257.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.73 245.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 104.11 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.39 245.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 165.99 245.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 208.04 245.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 233.44 245.10 Td (over ) Tj ET Q q 0 0 0 rg BT 253.27 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.77 245.10 Td (period ) Tj ET Q q 0 0 0 rg BT 287.38 245.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.77 245.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.77 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.83 245.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.67 245.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.67 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.73 245.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 365.74 245.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 420.01 245.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 453.17 245.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 496.33 245.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 524.23 245.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (property ) Tj ET Q q 0 0 0 rg BT 86.48 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.52 233.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 150.83 233.10 Td (software ) Tj ET Q q 0 0 0 rg BT 187.86 233.10 Td (development ) Tj ET Q q 0 0 0 rg BT 242.11 233.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 264.71 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.75 233.10 Td (other ) Tj ET Q q 0 0 0 rg BT 304.89 233.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 347.48 233.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 375.91 233.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.17 233.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 438.87 233.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 480.34 233.10 Td (events ) Tj ET Q q 0 0 0 rg BT 508.49 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.42 233.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.22 233.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 110.17 221.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 145.35 221.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.87 221.10 Td (their ) Tj ET Q q 0 0 0 rg BT 185.72 221.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 222.57 221.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 259.98 221.10 Td (may ) Tj ET Q q 0 0 0 rg BT 280.73 221.10 Td (not ) Tj ET Q q 0 0 0 rg BT 297.03 221.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.00 221.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 362.66 221.10 Td (If ) Tj ET Q q 0 0 0 rg BT 372.84 221.10 Td (an ) Tj ET Q q 0 0 0 rg BT 385.81 221.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 430.99 221.10 Td (is ) Tj ET Q q 0 0 0 rg BT 441.19 221.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 480.53 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.27 221.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 538.12 221.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 106.06 209.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 126.57 209.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 151.53 209.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.37 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.88 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.84 209.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 253.02 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.96 209.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 310.13 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.64 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.60 209.10 Td (asset's ) Tj ET Q q 0 0 0 rg BT 373.47 209.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 409.53 209.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 442.26 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.78 209.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 495.50 209.10 Td (if ) Tj ET Q q 0 0 0 rg BT 504.35 209.10 Td (there ) Tj ET Q q 0 0 0 rg BT 527.07 209.10 Td (has ) Tj ET Q q 0 0 0 rg BT 543.14 209.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.85 197.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 112.87 197.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.72 197.10 Td (is ) Tj ET Q q 0 0 0 rg BT 148.81 197.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 191.75 197.10 Td (as ) Tj ET Q q 0 0 0 rg BT 202.50 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.13 197.10 Td (dif) Tj ET Q q 0 0 0 rg BT 228.06 197.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 259.89 197.10 Td (between ) Tj ET Q q 0 0 0 rg BT 295.62 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.25 197.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 326.55 197.10 Td (value ) Tj ET Q q 0 0 0 rg BT 350.62 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.36 197.10 Td (an ) Tj ET Q q 0 0 0 rg BT 373.22 197.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 395.07 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.93 197.10 Td (its ) Tj ET Q q 0 0 0 rg BT 423.79 197.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 459.52 197.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 486.09 197.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 527.39 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.14 197.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 105.14 185.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 124.71 185.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 148.75 185.10 Td (are ) Tj ET Q q 0 0 0 rg BT 162.76 185.10 Td (based ) Tj ET Q q 0 0 0 rg BT 187.34 185.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.15 185.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 236.50 185.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 266.64 185.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 287.33 185.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.80 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.82 185.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 353.03 185.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 398.70 185.10 Td (future ) Tj ET Q q 0 0 0 rg BT 424.39 185.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 465.07 185.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 508.55 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 185.10 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.97 173.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 95.26 173.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 125.94 173.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 144.68 173.10 Td (values ) Tj ET Q q 0 0 0 rg BT 172.87 173.10 Td (take ) Tj ET Q q 0 0 0 rg BT 192.16 173.10 Td (into ) Tj ET Q q 0 0 0 rg BT 210.35 173.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 266.86 173.10 Td (management ) Tj ET Q q 0 0 0 rg BT 320.58 173.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 360.43 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.40 173.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 425.69 173.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 462.21 173.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 486.22 173.10 Td (which ) Tj ET Q q 0 0 0 rg BT 513.30 173.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.14 173.10 Td (believed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.24 161.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.15 161.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 114.61 161.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.85 161.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.77 161.10 Td (that ) Tj ET Q q 0 0 0 rg BT 204.23 161.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 255.55 161.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 304.67 161.10 Td (would ) Tj ET Q q 0 0 0 rg BT 332.13 161.10 Td (use ) Tj ET Q q 0 0 0 rg BT 347.93 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.17 161.10 Td (their ) Tj ET Q q 0 0 0 rg BT 378.96 161.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 418.64 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.44 161.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.78 161.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 472.40 161.10 Td (For ) Tj ET Q q 0 0 0 rg BT 488.76 161.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.44 161.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.56 161.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 149.10 Td (December ) Tj ET Q q 0 0 0 rg BT 119.96 149.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 134.96 149.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 157.46 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.40 149.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 149.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.40 149.10 Td (there ) Tj ET Q q 0 0 0 rg BT 221.88 149.10 Td (were ) Tj ET Q q 0 0 0 rg BT 243.81 149.10 Td (no ) Tj ET Q q 0 0 0 rg BT 256.31 149.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 304.91 149.10 Td (char) Tj ET Q q 0 0 0 rg BT 321.94 149.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 337.77 149.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 381.36 149.10 Td (with ) Tj ET Q q 0 0 0 rg BT 401.64 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.36 149.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 463.44 149.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 507.04 149.10 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 123.53505859375002 m 88.896484375 123.53505859375002 l s q 0 0 0 rg BT 50.00 125.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.82 113.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.39 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.65 113.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 178.79 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.15 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.41 113.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 243.98 113.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 300.90 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.26 113.10 Td (an ) Tj ET Q q 0 0 0 rg BT 324.74 113.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 362.20 113.10 Td (business ) Tj ET Q q 0 0 0 rg BT 399.13 113.10 Td (over ) Tj ET Q q 0 0 0 rg BT 419.94 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.20 113.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 452.11 113.10 Td (value ) Tj ET Q q 0 0 0 rg BT 476.81 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.17 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.43 113.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 549.79 113.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 84.13 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.48 101.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 142.39 101.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 169.99 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 187.46 101.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.26 101.10 Td (has ) Tj ET Q q 0 0 0 rg BT 243.50 101.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 280.98 101.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.89 101.10 Td (has ) Tj ET Q q 0 0 0 rg BT 313.13 101.10 Td (been ) Tj ET Q q 0 0 0 rg BT 333.93 101.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 370.82 101.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.51 101.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 426.30 101.10 Td (with ) Tj ET Q q 0 0 0 rg BT 445.99 101.10 Td (its ) Tj ET Q q 0 0 0 rg BT 457.36 101.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 507.04 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.29 101.10 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.22 89.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.34 89.10 Td (not ) Tj ET Q q 0 0 0 rg BT 114.56 89.10 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 159.49 89.10 Td (but ) Tj ET Q q 0 0 0 rg BT 174.71 89.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 205.48 89.10 Td (it ) Tj ET Q q 0 0 0 rg BT 213.48 89.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.60 89.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 248.37 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.48 89.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 311.02 89.10 Td (at ) Tj ET Q q 0 0 0 rg BT 320.68 89.10 Td (least ) Tj ET Q q 0 0 0 rg BT 341.45 89.10 Td (annually) Tj ET Q q 0 0 0 rg BT 375.24 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.18 89.10 Td (In ) Tj ET Q q 0 0 0 rg BT 390.96 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 89.10 Td (event ) Tj ET Q q 0 0 0 rg BT 429.72 89.10 Td (that ) Tj ET Q q 0 0 0 rg BT 447.16 89.10 Td (management ) Tj ET Q q 0 0 0 rg BT 500.69 89.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 547.01 89.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.24 77.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.91 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.26 77.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 139.84 77.10 Td (has ) Tj ET Q q 0 0 0 rg BT 156.19 77.10 Td (become ) Tj ET Q q 0 0 0 rg BT 190.30 77.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 231.36 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.60 77.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 288.51 77.10 Td (will ) Tj ET Q q 0 0 0 rg BT 307.08 77.10 Td (record ) Tj ET Q q 0 0 0 rg BT 335.64 77.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.10 77.10 Td (char) Tj ET Q q 0 0 0 rg BT 360.13 77.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 372.59 77.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.27 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.50 77.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 435.52 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.87 77.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 495.99 77.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.11 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.35 77.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.82 65.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.09 65.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.03 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 65.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 190.79 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.96 65.10 Td (made.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.98 731.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 145.85 731.10 Td (its ) Tj ET Q q 0 0 0 rg BT 157.07 731.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 185.50 731.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 233.37 731.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 252.92 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.02 731.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 300.35 731.10 Td (during ) Tj ET Q q 0 0 0 rg BT 328.23 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.22 731.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.43 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 398.52 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.62 731.10 Td (each ) Tj ET Q q 0 0 0 rg BT 428.71 731.10 Td (year) Tj ET Q q 0 0 0 rg BT 445.52 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.79 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.89 731.10 Td (more ) Tj ET Q q 0 0 0 rg BT 482.21 731.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 522.66 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 526.93 731.10 Td (if ) Tj ET Q q 0 0 0 rg BT 534.81 731.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 91.68 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 106.13 719.10 Td (present. ) Tj ET Q q 0 0 0 rg BT 139.75 719.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 179.77 719.10 Td (is ) Tj ET Q q 0 0 0 rg BT 188.68 719.10 Td (required ) Tj ET Q q 0 0 0 rg BT 224.24 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.26 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.94 719.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 271.51 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.41 719.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 333.75 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.21 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.67 719.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.57 719.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 414.37 719.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 438.05 719.10 Td (A) Tj ET Q q 0 0 0 rg BT 444.72 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.96 719.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 485.86 719.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 503.66 719.10 Td (is ) Tj ET Q q 0 0 0 rg BT 512.57 719.10 Td (an ) Tj ET Q q 0 0 0 rg BT 524.25 719.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.49 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.98 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 112.58 707.10 Td (level ) Tj ET Q q 0 0 0 rg BT 134.17 707.10 Td (below ) Tj ET Q q 0 0 0 rg BT 160.77 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.15 707.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.07 707.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 250.56 707.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 274.65 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 301.25 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 310.08 707.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 343.88 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.82 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 364.31 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.91 707.10 Td (component. ) Tj ET Q q 0 0 0 rg BT 420.00 707.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 474.36 707.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 513.74 707.10 Td (its ) Tj ET Q q 0 0 0 rg BT 525.34 707.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (units ) Tj ET Q q 0 0 0 rg BT 71.44 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.43 695.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 122.64 695.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 156.84 695.10 Td (components ) Tj ET Q q 0 0 0 rg BT 207.15 695.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 218.58 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 239.45 695.10 Td (discrete ) Tj ET Q q 0 0 0 rg BT 272.53 695.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.50 695.10 Td (information ) Tj ET Q q 0 0 0 rg BT 358.70 695.10 Td (available; ) Tj ET Q q 0 0 0 rg BT 399.56 695.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 413.76 695.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 444.07 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.84 695.10 Td (business ) Tj ET Q q 0 0 0 rg BT 489.72 695.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 530.59 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.01 695.10 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.64 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.52 683.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 127.28 683.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 164.14 683.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 202.67 683.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 236.20 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.85 683.10 Td (component's ) Tj ET Q q 0 0 0 rg BT 303.42 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.61 683.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 374.66 683.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 391.53 683.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.30 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.17 683.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 472.16 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.93 683.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 519.79 683.10 Td (businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.02 671.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 103.93 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.52 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.56 671.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 169.03 671.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 187.40 671.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 231.31 671.10 Td (with ) Tj ET Q q 0 0 0 rg BT 251.91 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.94 671.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 304.18 671.10 Td (business ) Tj ET Q q 0 0 0 rg BT 340.89 671.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.47 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.29 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.32 671.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 441.01 671.10 Td (or) Tj ET Q q 0 0 0 rg BT 449.16 671.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 500.84 671.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 538.64 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 90.79 659.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 123.54 659.10 Td (If ) Tj ET Q q 0 0 0 rg BT 131.56 659.10 Td (two ) Tj ET Q q 0 0 0 rg BT 147.92 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.61 659.10 Td (more ) Tj ET Q q 0 0 0 rg BT 179.52 659.10 Td (components ) Tj ET Q q 0 0 0 rg BT 229.21 659.10 Td (are ) Tj ET Q q 0 0 0 rg BT 242.78 659.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 275.23 659.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 330.46 659.10 Td (similar) Tj ET Q q 0 0 0 rg BT 357.83 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.69 659.10 Td (those ) Tj ET Q q 0 0 0 rg BT 384.16 659.10 Td (components ) Tj ET Q q 0 0 0 rg BT 433.85 659.10 Td (are ) Tj ET Q q 0 0 0 rg BT 447.42 659.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 492.64 659.10 Td (into ) Tj ET Q q 0 0 0 rg BT 509.56 659.10 Td (one ) Tj ET Q q 0 0 0 rg BT 525.36 659.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.48 647.10 Td (when ) Tj ET Q q 0 0 0 rg BT 91.06 647.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 137.97 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.11 647.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 180.69 647.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 218.17 647.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 266.20 647.10 Td (review) Tj ET Q q 0 0 0 rg BT 292.75 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 297.18 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.96 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.43 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 357.24 647.10 Td (has ) Tj ET Q q 0 0 0 rg BT 372.50 647.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 419.40 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.32 647.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 457.68 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.39 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.75 647.10 Td (after ) Tj ET Q q 0 0 0 rg BT 503.99 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 647.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 635.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 96.93 635.10 Td (it ) Tj ET Q q 0 0 0 rg BT 104.99 635.10 Td (had ) Tj ET Q q 0 0 0 rg BT 121.93 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.87 635.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 179.69 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.97 635.10 Td (have ) Tj ET Q q 0 0 0 rg BT 211.35 635.10 Td (one ) Tj ET Q q 0 0 0 rg BT 228.29 635.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 267.44 635.10 Td (unit.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 609.53505859375 m 140.2685546875 609.53505859375 l s q 0 0 0 rg BT 50.00 611.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 89.16 611.10 Td (Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.57 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.49 599.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 142.39 599.10 Td (its ) Tj ET Q q 0 0 0 rg BT 154.86 599.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 189.54 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.00 599.10 Td (three ) Tj ET Q q 0 0 0 rg BT 235.01 599.10 Td (sources: ) Tj ET Q q 0 0 0 rg BT 270.81 599.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.48 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.94 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 340.41 599.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 382.86 599.10 Td (when ) Tj ET Q q 0 0 0 rg BT 407.55 599.10 Td (it ) Tj ET Q q 0 0 0 rg BT 416.13 599.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 437.49 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.17 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.64 599.10 Td (social ) Tj ET Q q 0 0 0 rg BT 485.99 599.10 Td (media ) Tj ET Q q 0 0 0 rg BT 513.45 599.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 553.69 599.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (influencer ) Tj ET Q q 0 0 0 rg BT 93.44 587.10 Td (such ) Tj ET Q q 0 0 0 rg BT 114.67 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 125.91 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.25 587.10 Td (blogger ) Tj ET Q q 0 0 0 rg BT 166.70 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.93 587.10 Td (tweeter ) Tj ET Q q 0 0 0 rg BT 210.26 587.10 Td (\("creators"\) ) Tj ET Q q 0 0 0 rg BT 259.64 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.32 587.10 Td (share ) Tj ET Q q 0 0 0 rg BT 294.32 587.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 337.78 587.10 Td (content ) Tj ET Q q 0 0 0 rg BT 370.12 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 390.80 587.10 Td (their ) Tj ET Q q 0 0 0 rg BT 412.03 587.10 Td (social ) Tj ET Q q 0 0 0 rg BT 438.26 587.10 Td (network ) Tj ET Q q 0 0 0 rg BT 473.93 587.10 Td (audience ) Tj ET Q q 0 0 0 rg BT 512.37 587.10 Td (\("Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (Revenue"\), ) Tj ET Q q 0 0 0 rg BT 97.46 575.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 131.66 575.10 Td (when ) Tj ET Q q 0 0 0 rg BT 155.88 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.88 575.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 202.66 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 213.55 575.10 Td (company ) Tj ET Q q 0 0 0 rg BT 252.76 575.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 294.75 575.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 326.20 575.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 360.97 575.10 Td (content ) Tj ET Q q 0 0 0 rg BT 392.96 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.18 575.10 Td (use ) Tj ET Q q 0 0 0 rg BT 423.07 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 435.63 575.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.64 575.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 476.86 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.86 575.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 530.84 575.10 Td (sites, ) Tj ET Q q 0 0 0 rg BT 553.68 575.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (well ) Tj ET Q q 0 0 0 rg BT 69.16 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.44 563.10 Td (third ) Tj ET Q q 0 0 0 rg BT 100.28 563.10 Td (party ) Tj ET Q q 0 0 0 rg BT 122.77 563.10 Td (content ) Tj ET Q q 0 0 0 rg BT 154.15 563.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 196.64 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.03 563.10 Td (native ) Tj ET Q q 0 0 0 rg BT 239.41 563.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 285.79 563.10 Td (ef) Tj ET Q q 0 0 0 rg BT 293.38 563.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 313.65 563.10 Td (\("Content ) Tj ET Q q 0 0 0 rg BT 354.68 563.10 Td (Revenue"\) ) Tj ET Q q 0 0 0 rg BT 399.02 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.41 563.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 449.00 563.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 480.93 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 502.32 563.10 Td (various ) Tj ET Q q 0 0 0 rg BT 533.70 563.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 551.10 Td (license ) Tj ET Q q 0 0 0 rg BT 97.20 551.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 115.80 551.10 Td (char) Tj ET Q q 0 0 0 rg BT 132.83 551.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 149.77 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.04 551.10 Td (users ) Tj ET Q q 0 0 0 rg BT 183.10 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.93 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.76 551.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 250.58 551.10 Td (\("Service ) Tj ET Q q 0 0 0 rg BT 290.48 551.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 307.42 551.10 Td (Revenue"\). ) Tj ET Q q 0 0 0 rg BT 354.81 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.37 527.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 104.95 527.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 150.48 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.18 527.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.55 527.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 232.90 527.10 Td (into ) Tj ET Q q 0 0 0 rg BT 250.94 527.10 Td (an ) Tj ET Q q 0 0 0 rg BT 262.86 527.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 306.99 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.25 527.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 350.27 527.10 Td (services ) Tj ET Q q 0 0 0 rg BT 384.96 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.44 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 422.14 527.10 Td (require ) Tj ET Q q 0 0 0 rg BT 452.94 527.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 488.75 527.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 539.54 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (form ) Tj ET Q q 0 0 0 rg BT 71.90 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.69 515.10 Td (a\) ) Tj ET Q q 0 0 0 rg BT 92.92 515.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 135.94 515.10 Td (social ) Tj ET Q q 0 0 0 rg BT 161.73 515.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 188.35 515.10 Td (such ) Tj ET Q q 0 0 0 rg BT 209.15 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 219.94 515.10 Td (blogs, ) Tj ET Q q 0 0 0 rg BT 246.57 515.10 Td (tweets, ) Tj ET Q q 0 0 0 rg BT 277.08 515.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 306.21 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.00 515.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 345.58 515.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 374.14 515.10 Td (through ) Tj ET Q q 0 0 0 rg BT 407.71 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.61 515.10 Td (social ) Tj ET Q q 0 0 0 rg BT 440.40 515.10 Td (network ) Tj ET Q q 0 0 0 rg BT 475.63 515.10 Td (of) Tj ET Q q 0 0 0 rg BT 483.78 515.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 514.01 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.46 515.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (awareness ) Tj ET Q q 0 0 0 rg BT 94.11 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.46 503.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 152.92 503.10 Td (buzz ) Tj ET Q q 0 0 0 rg BT 174.82 503.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 216.16 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.40 503.10 Td (advertiser's ) Tj ET Q q 0 0 0 rg BT 279.54 503.10 Td (brand; ) Tj ET Q q 0 0 0 rg BT 308.11 503.10 Td (b\) ) Tj ET Q q 0 0 0 rg BT 319.46 503.10 Td (media ) Tj ET Q q 0 0 0 rg BT 346.91 503.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 412.42 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 433.77 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 445.12 503.10 Td (click-through ) Tj ET Q q 0 0 0 rg BT 502.02 503.10 Td (advertisements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (appearing ) Tj ET Q q 0 0 0 rg BT 92.11 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.58 491.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 139.70 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.83 491.10 Td (social ) Tj ET Q q 0 0 0 rg BT 182.84 491.10 Td (media ) Tj ET Q q 0 0 0 rg BT 209.97 491.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 247.64 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.77 491.10 Td (c\) ) Tj ET Q q 0 0 0 rg BT 275.22 491.10 Td (original ) Tj ET Q q 0 0 0 rg BT 309.01 491.10 Td (content ) Tj ET Q q 0 0 0 rg BT 341.14 491.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 367.99 491.10 Td (such ) Tj ET Q q 0 0 0 rg BT 389.01 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.02 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.15 491.10 Td (research ) Tj ET Q q 0 0 0 rg BT 443.14 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.16 491.10 Td (news ) Tj ET Q q 0 0 0 rg BT 477.40 491.10 Td (article, ) Tj ET Q q 0 0 0 rg BT 507.57 491.10 Td (informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (material ) Tj ET Q q 0 0 0 rg BT 85.37 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.31 479.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 125.02 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.63 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.68 479.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 189.50 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.44 479.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 225.82 479.10 Td (can ) Tj ET Q q 0 0 0 rg BT 242.30 479.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 260.74 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.16 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 281.32 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 322.81 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 342.64 479.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 375.79 479.10 Td (one ) Tj ET Q q 0 0 0 rg BT 392.84 479.10 Td (type ) Tj ET Q q 0 0 0 rg BT 412.67 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.61 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.65 479.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 483.25 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.19 479.10 Td (all ) Tj ET Q q 0 0 0 rg BT 506.80 479.10 Td (types ) Tj ET Q q 0 0 0 rg BT 530.51 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.45 479.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 100.75 467.10 Td (including ) Tj ET Q q 0 0 0 rg BT 140.97 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.85 467.10 Td (management ) Tj ET Q q 0 0 0 rg BT 201.39 467.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 216.04 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.48 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.36 467.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 276.13 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.90 467.10 Td (work ) Tj ET Q q 0 0 0 rg BT 309.90 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.00 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.88 467.10 Td (lump ) Tj ET Q q 0 0 0 rg BT 353.88 467.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 373.00 467.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 390.15 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.42 467.10 Td (These ) Tj ET Q q 0 0 0 rg BT 418.74 467.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 469.49 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.36 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 506.25 467.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 544.24 467.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.32 455.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 83.53 455.10 Td (period ) Tj ET Q q 0 0 0 rg BT 111.95 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 129.83 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.93 455.10 Td (range ) Tj ET Q q 0 0 0 rg BT 175.01 455.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.33 455.10 Td (one ) Tj ET Q q 0 0 0 rg BT 214.65 455.10 Td (day ) Tj ET Q q 0 0 0 rg BT 231.97 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.63 455.10 Td (one ) Tj ET Q q 0 0 0 rg BT 259.95 455.10 Td (year) Tj ET Q q 0 0 0 rg BT 276.61 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.99 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.87 455.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 307.73 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.95 455.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.37 455.10 Td (items ) Tj ET Q q 0 0 0 rg BT 366.92 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.01 455.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 428.20 455.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 468.29 455.10 Td (once ) Tj ET Q q 0 0 0 rg BT 490.04 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.14 455.10 Td (content ) Tj ET Q q 0 0 0 rg BT 537.46 455.10 Td (is ) Tj ET Q q 0 0 0 rg BT 547.01 455.10 Td (live ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (through ) Tj ET Q q 0 0 0 rg BT 84.27 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.87 443.10 Td (public ) Tj ET Q q 0 0 0 rg BT 120.02 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.51 443.10 Td (social ) Tj ET Q q 0 0 0 rg BT 157.99 443.10 Td (network ) Tj ET Q q 0 0 0 rg BT 193.92 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.41 443.10 Td (content ) Tj ET Q q 0 0 0 rg BT 238.00 443.10 Td (has ) Tj ET Q q 0 0 0 rg BT 254.49 443.10 Td (been ) Tj ET Q q 0 0 0 rg BT 276.53 443.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 316.89 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.83 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.20 443.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 383.02 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.84 443.10 Td (their ) Tj ET Q q 0 0 0 rg BT 419.32 443.10 Td (own ) Tj ET Q q 0 0 0 rg BT 439.70 443.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 458.69 443.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 496.84 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 506.67 443.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.36 443.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 92.17 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 103.81 431.10 Td (each ) Tj ET Q q 0 0 0 rg BT 123.76 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.73 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.58 431.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 197.53 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.94 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.80 431.10 Td (time ) Tj ET Q q 0 0 0 rg BT 240.21 431.10 Td (frames ) Tj ET Q q 0 0 0 rg BT 269.05 431.10 Td (set ) Tj ET Q q 0 0 0 rg BT 281.80 431.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 302.87 431.10 Td (below) Tj ET Q q 0 0 0 rg BT 326.66 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.80 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.32 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.50 431.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 389.46 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.43 431.10 Td (work ) Tj ET Q q 0 0 0 rg BT 421.62 431.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 458.24 431.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 494.32 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 507.62 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.69 431.10 Td (cancellation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 65.05 419.10 Td (if ) Tj ET Q q 0 0 0 rg BT 74.00 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.06 419.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 133.54 419.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.05 419.10 Td (canceled ) Tj ET Q q 0 0 0 rg BT 180.86 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.76 419.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 248.26 419.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 270.54 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.16 419.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 328.99 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.17 419.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 377.71 419.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 415.55 419.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 440.61 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.66 419.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 493.49 419.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 506.33 419.10 Td (days ) Tj ET Q q 0 0 0 rg BT 527.50 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 549.79 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (invoice ) Tj ET Q q 0 0 0 rg BT 81.82 407.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 103.37 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.76 407.10 Td (If ) Tj ET Q q 0 0 0 rg BT 114.81 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.42 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 170.69 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.75 407.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 208.80 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.97 407.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 251.90 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.73 407.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 290.01 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.73 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.34 407.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 352.43 407.10 Td (it ) Tj ET Q q 0 0 0 rg BT 360.38 407.10 Td (may ) Tj ET Q q 0 0 0 rg BT 379.99 407.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 404.02 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 424.19 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.80 407.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 477.84 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.01 407.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 520.95 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.78 407.10 Td (dif) Tj ET Q q 0 0 0 rg BT 538.71 407.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (type ) Tj ET Q q 0 0 0 rg BT 70.06 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.23 395.10 Td (service ) Tj ET Q q 0 0 0 rg BT 112.39 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.57 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.19 395.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 167.58 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.86 395.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 200.47 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.97 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.03 395.10 Td (value ) Tj ET Q q 0 0 0 rg BT 254.53 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.70 395.10 Td (those ) Tj ET Q q 0 0 0 rg BT 289.65 395.10 Td (services ) Tj ET Q q 0 0 0 rg BT 324.70 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 342.54 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 362.60 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 374.88 395.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 407.16 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.78 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.84 395.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 467.35 395.10 Td (order ) Tj ET Q q 0 0 0 rg BT 491.29 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.47 395.10 Td (used ) Tj ET Q q 0 0 0 rg BT 523.64 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.14 395.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 95.54 359.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 133.85 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.84 359.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 191.03 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.79 359.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 255.42 359.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 285.39 359.10 Td (after ) Tj ET Q q 0 0 0 rg BT 307.03 359.10 Td (an ) Tj ET Q q 0 0 0 rg BT 319.79 359.10 Td (advertiser's ) Tj ET Q q 0 0 0 rg BT 368.23 359.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 412.10 359.10 Td (content ) Tj ET Q q 0 0 0 rg BT 444.86 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 454.85 359.10 Td (posted ) Tj ET Q q 0 0 0 rg BT 484.28 359.10 Td (through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 518.71 359.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.26 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.58 359.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 78.55 347.10 Td (through ) Tj ET Q q 0 0 0 rg BT 112.11 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.00 347.10 Td (creator's ) Tj ET Q q 0 0 0 rg BT 154.90 347.10 Td (social ) Tj ET Q q 0 0 0 rg BT 180.67 347.10 Td (network ) Tj ET Q q 0 0 0 rg BT 215.89 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.00 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.89 347.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 273.78 347.10 Td (period ) Tj ET Q q 0 0 0 rg BT 301.78 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.56 347.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 335.11 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 353.10 347.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 389.99 347.10 Td (period ) Tj ET Q q 0 0 0 rg BT 417.99 347.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 446.54 347.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.43 347.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 475.88 347.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.21 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.66 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.77 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.66 347.10 Td (tweet ) Tj ET Q q 0 0 0 rg BT 541.77 347.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.00 347.10 Td (30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.46 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.24 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.80 335.10 Td (blog, ) Tj ET Q q 0 0 0 rg BT 117.21 335.10 Td (video ) Tj ET Q q 0 0 0 rg BT 142.55 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.00 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 177.68 335.10 Td (form ) Tj ET Q q 0 0 0 rg BT 200.24 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.69 335.10 Td (content. ) Tj ET Q q 0 0 0 rg BT 246.75 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.88 335.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 305.21 335.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 324.43 335.10 Td (related ) Tj ET Q q 0 0 0 rg BT 354.76 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.66 335.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 411.01 335.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 449.12 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 471.68 335.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 519.24 335.10 Td (campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 89.07 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 102.04 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.24 323.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.10 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 174.28 323.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 221.12 323.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 251.86 323.10 Td (over ) Tj ET Q q 0 0 0 rg BT 272.60 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.79 323.10 Td (term ) Tj ET Q q 0 0 0 rg BT 309.09 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.40 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.59 323.10 Td (campaign ) Tj ET Q q 0 0 0 rg BT 377.44 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 404.85 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 425.04 323.10 Td (range ) Tj ET Q q 0 0 0 rg BT 450.22 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 472.64 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.05 323.10 Td (few ) Tj ET Q q 0 0 0 rg BT 498.02 323.10 Td (days ) Tj ET Q q 0 0 0 rg BT 519.32 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.07 323.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 564.52 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 83.90 311.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 121.12 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.02 311.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 176.12 311.10 Td (when ) Tj ET Q q 0 0 0 rg BT 200.01 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.46 311.10 Td (content ) Tj ET Q q 0 0 0 rg BT 246.13 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.03 311.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 294.47 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.48 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.15 311.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 358.36 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 370.59 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.04 311.10 Td (customer) Tj ET Q q 0 0 0 rg BT 421.15 311.10 Td (. ) Tj ET Q q 0 0 0 rg BT 425.88 311.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 458.10 311.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 474.77 311.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 511.99 311.10 Td (results ) Tj ET Q q 0 0 0 rg BT 540.33 311.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.29 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.70 299.10 Td (char) Tj ET Q q 0 0 0 rg BT 99.72 299.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 116.36 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.33 299.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 169.08 299.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 208.49 299.10 Td (related ) Tj ET Q q 0 0 0 rg BT 237.88 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.86 299.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 298.94 299.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 317.24 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 331.09 299.10 Td (dif) Tj ET Q q 0 0 0 rg BT 342.02 299.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 367.53 299.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 393.05 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.58 299.10 Td (service ) Tj ET Q q 0 0 0 rg BT 434.09 299.10 Td (within ) Tj ET Q q 0 0 0 rg BT 461.84 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.48 299.10 Td (platform, ) Tj ET Q q 0 0 0 rg BT 507.61 299.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 545.91 299.10 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.00 287.10 Td (white-label ) Tj ET Q q 0 0 0 rg BT 111.32 287.10 Td (use ) Tj ET Q q 0 0 0 rg BT 126.99 287.10 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 137.67 287.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.21 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.05 287.10 Td (early ) Tj ET Q q 0 0 0 rg BT 190.38 287.10 Td (cash-out ) Tj ET Q q 0 0 0 rg BT 226.60 287.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 245.04 287.10 Td (if ) Tj ET Q q 0 0 0 rg BT 253.49 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.27 287.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 290.36 287.10 Td (wishes ) Tj ET Q q 0 0 0 rg BT 319.93 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.05 287.10 Td (take ) Tj ET Q q 0 0 0 rg BT 349.04 287.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 386.92 287.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 415.91 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.91 287.10 Td (services ) Tj ET Q q 0 0 0 rg BT 464.46 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.24 287.10 Td (their ) Tj ET Q q 0 0 0 rg BT 506.90 287.10 Td (account ) Tj ET Q q 0 0 0 rg BT 540.34 287.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 275.10 Td (account ) Tj ET Q q 0 0 0 rg BT 97.92 275.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 130.75 275.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.72 275.10 Td (below ) Tj ET Q q 0 0 0 rg BT 166.46 275.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 195.97 275.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 237.16 275.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 270.00 275.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 313.41 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.15 275.10 Td (inactivity ) Tj ET Q q 0 0 0 rg BT 370.22 275.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 388.62 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.58 275.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 438.21 275.10 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 478.00 275.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 510.28 275.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 527.02 275.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.80 263.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 104.79 263.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 156.90 263.10 Td (when ) Tj ET Q q 0 0 0 rg BT 180.69 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.03 263.10 Td (service ) Tj ET Q q 0 0 0 rg BT 225.48 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.28 263.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 278.05 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.51 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 297.85 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.20 263.10 Td (time ) Tj ET Q q 0 0 0 rg BT 332.10 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 343.66 263.10 Td (account ) Tj ET Q q 0 0 0 rg BT 376.89 263.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 414.00 263.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 449.45 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.91 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.71 263.10 Td (cashed ) Tj ET Q q 0 0 0 rg BT 498.04 263.10 Td (out. ) Tj ET Q q 0 0 0 rg BT 515.45 263.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 547.56 263.10 Td (Fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 88.14 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.95 251.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 154.99 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 166.47 251.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 205.73 251.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 224.98 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 240.33 251.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 287.35 251.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 338.82 251.10 Td (over ) Tj ET Q q 0 0 0 rg BT 359.74 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.11 251.10 Td (term ) Tj ET Q q 0 0 0 rg BT 396.59 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.07 251.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 442.04 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.19 251.10 Td (Self-service ) Tj ET Q q 0 0 0 rg BT 496.09 251.10 Td (advertisers ) Tj ET Q q 0 0 0 rg BT 542.56 251.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 79.65 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.76 239.10 Td (services ) Tj ET Q q 0 0 0 rg BT 128.41 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 140.86 239.10 Td (placing ) Tj ET Q q 0 0 0 rg BT 172.74 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 179.62 239.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 210.96 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.18 239.10 Td (their ) Tj ET Q q 0 0 0 rg BT 241.95 239.10 Td (account ) Tj ET Q q 0 0 0 rg BT 275.49 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 295.72 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.38 239.10 Td (Company) Tj ET Q q 0 0 0 rg BT 348.62 239.10 Td (. ) Tj ET Q q 0 0 0 rg BT 353.56 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.83 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 373.83 239.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 409.05 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.71 239.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 461.14 239.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 480.80 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.25 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.91 239.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 549.78 239.10 Td (via ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.29 227.10 Td (card. ) Tj ET Q q 0 0 0 rg BT 97.52 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.49 227.10 Td (Advertisers ) Tj ET Q q 0 0 0 rg BT 148.12 227.10 Td (who ) Tj ET Q q 0 0 0 rg BT 167.87 227.10 Td (use ) Tj ET Q q 0 0 0 rg BT 183.72 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.47 227.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 239.88 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.19 227.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 283.81 227.10 Td (their ) Tj ET Q q 0 0 0 rg BT 304.66 227.10 Td (social ) Tj ET Q q 0 0 0 rg BT 330.51 227.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 377.47 227.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 422.76 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.62 227.10 Td (content ) Tj ET Q q 0 0 0 rg BT 465.58 227.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 500.88 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 520.62 227.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 550.35 227.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.41 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.94 215.10 Td (request ) Tj ET Q q 0 0 0 rg BT 129.02 215.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 154.98 215.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 182.90 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.10 215.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 228.19 215.10 Td (received ) Tj ET Q q 0 0 0 rg BT 265.25 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.78 215.10 Td (billings ) Tj ET Q q 0 0 0 rg BT 309.99 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.96 215.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 356.92 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.45 215.10 Td (services ) Tj ET Q q 0 0 0 rg BT 403.86 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.27 215.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.44 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.97 215.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 508.82 215.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 543.66 215.10 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.15 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 89.98 203.10 Td (described ) Tj ET Q q 0 0 0 rg BT 130.79 203.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (All ) Tj ET Q q 0 0 0 rg BT 65.72 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.00 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.16 179.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 139.68 179.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 174.27 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.89 179.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 225.69 179.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.75 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.91 179.10 Td (rendering ) Tj ET Q q 0 0 0 rg BT 316.17 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.44 179.10 Td (services ) Tj ET Q q 0 0 0 rg BT 362.59 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.98 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.59 179.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 436.40 179.10 Td (under ) Tj ET Q q 0 0 0 rg BT 462.11 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.27 179.10 Td (general ) Tj ET Q q 0 0 0 rg BT 509.64 179.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 553.69 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 70.93 167.10 Td (T) Tj ET Q q 0 0 0 rg BT 76.34 167.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 95.16 167.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 106.40 167.10 Td (A.1 ) Tj ET Q q 0 0 0 rg BT 122.72 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 148.76 167.10 Td (states ) Tj ET Q q 0 0 0 rg BT 172.57 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.16 167.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 222.40 167.10 Td (will ) Tj ET Q q 0 0 0 rg BT 239.56 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 250.59 167.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 296.05 167.10 Td (when ) Tj ET Q q 0 0 0 rg BT 319.31 167.10 Td (it ) Tj ET Q q 0 0 0 rg BT 326.46 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.73 167.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 367.96 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.89 167.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 418.35 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.38 167.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 465.12 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.60 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 483.75 167.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 524.23 167.10 Td (considers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.72 155.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 95.63 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 106.23 155.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 145.70 155.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 179.61 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.21 155.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 231.33 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.04 155.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 276.95 155.10 Td (once ) Tj ET Q q 0 0 0 rg BT 298.10 155.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 309.80 155.10 Td (persuasive ) Tj ET Q q 0 0 0 rg BT 354.28 155.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 392.08 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.68 155.10 Td (an ) Tj ET Q q 0 0 0 rg BT 414.38 155.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 466.62 155.10 Td (exists, ) Tj ET Q q 0 0 0 rg BT 494.17 155.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 508.65 155.10 Td (services ) Tj ET Q q 0 0 0 rg BT 543.13 155.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (been ) Tj ET Q q 0 0 0 rg BT 71.13 143.10 Td (rendered, ) Tj ET Q q 0 0 0 rg BT 110.86 143.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 128.11 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.58 143.10 Td (price ) Tj ET Q q 0 0 0 rg BT 164.82 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.86 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.33 143.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 231.01 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.59 143.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 280.50 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.43 143.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 312.23 143.10 Td (\(required ) Tj ET Q q 0 0 0 rg BT 351.13 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.16 143.10 Td (be ) Tj ET Q q 0 0 0 rg BT 372.86 143.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 392.33 143.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.80 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.49 143.10 Td (set ) Tj ET Q q 0 0 0 rg BT 421.86 143.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.11 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.36 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.28 143.10 Td (not ) Tj ET Q q 0 0 0 rg BT 495.31 143.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 525.89 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.93 143.10 Td (refund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.37 131.10 Td (adjustment\) ) Tj ET Q q 0 0 0 rg BT 109.62 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.10 131.10 Td (determinable, ) Tj ET Q q 0 0 0 rg BT 182.84 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.32 131.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 215.80 131.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 268.38 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.09 131.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 322.45 131.10 Td (assured. ) Tj ET Q q 0 0 0 rg BT 356.98 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.88 131.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.46 131.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.39 131.10 Td (records ) Tj ET Q q 0 0 0 rg BT 448.86 131.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 482.55 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.59 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.85 131.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 532.00 131.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 78.82 119.10 Td (sinceit ) Tj ET Q q 0 0 0 rg BT 109.60 119.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 148.98 119.10 Td (is ) Tj ET Q q 0 0 0 rg BT 157.83 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.23 119.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 206.06 119.10 Td (obligor ) Tj ET Q q 0 0 0 rg BT 237.12 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.08 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.47 119.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 316.12 119.10 Td (it ) Tj ET Q q 0 0 0 rg BT 323.86 119.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 346.58 119.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.76 119.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 383.70 119.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 403.38 119.10 Td (it ) Tj ET Q q 0 0 0 rg BT 411.11 119.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 456.62 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.01 119.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 501.51 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.13 119.10 Td (determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 107.10 Td (service ) Tj ET Q q 0 0 0 rg BT 95.53 107.10 Td (specifications. ) Tj ET Q q 0 0 0 rg BT 155.51 107.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 81.53505859375002 m 125.8349609375 81.53505859375002 l s q 0 0 0 rg BT 50.00 83.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 102.50 83.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 99.91 71.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 122.61 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.51 71.10 Td (char) Tj ET Q q 0 0 0 rg BT 154.54 71.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 171.68 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.15 71.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.05 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.08 71.10 Td (they ) Tj ET Q q 0 0 0 rg BT 248.00 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.90 71.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 301.41 71.10 Td (including ) Tj ET Q q 0 0 0 rg BT 341.88 71.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 382.90 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.38 71.10 Td (content ) Tj ET Q q 0 0 0 rg BT 425.51 71.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 459.85 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.33 71.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 506.35 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.26 71.10 Td (Company) Tj ET Q q 0 0 0 rg BT 559.50 71.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 71.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 98.65 59.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 132.30 59.10 Td (char) Tj ET Q q 0 0 0 rg BT 149.32 59.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 165.20 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.42 59.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 217.51 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.60 59.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.26 59.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 272.35 59.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.80 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.24 59.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.55 59.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 386.07 59.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.07 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.51 59.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.38 59.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.38 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.82 59.10 Td (were ) Tj ET Q q 0 0 0 rg BT 465.69 59.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.88 59.10 Td ($41) Tj ET Q q 0 0 0 rg BT 539.51 59.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.63 731.10 Td ($827,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.13 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.81 731.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.47 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 164.16 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.65 731.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 217.05 731.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.24 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.63 731.10 Td (included ) Tj ET Q q 0 0 0 rg BT 293.25 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.22 731.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 326.85 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.47 731.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 388.20 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 423.60 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.56 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.97 731.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.46 731.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 719.10 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 111.1767578125 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 695.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.63 695.10 Td (Rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 683.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.33 683.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.33 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.21 683.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 185.20 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.98 683.10 Td (its ) Tj ET Q q 0 0 0 rg BT 212.54 683.10 Td (of) Tj ET Q q 0 0 0 rg BT 220.69 683.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 238.79 683.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 276.33 683.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 308.88 683.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 327.54 683.10 Td (abatements ) Tj ET Q q 0 0 0 rg BT 375.63 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.19 683.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 454.05 683.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 477.71 683.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 517.47 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.92 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.25 683.10 Td (base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 75.97 671.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 94.15 671.10 Td (during ) Tj ET Q q 0 0 0 rg BT 123.46 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.88 671.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 162.07 671.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 186.10 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.07 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.82 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.91 671.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.09 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 302.96 671.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 328.92 671.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 364.33 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.53 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.17 671.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 436.70 671.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 459.90 671.10 Td (over ) Tj ET Q q 0 0 0 rg BT 480.87 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.29 671.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 519.48 671.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 543.50 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.47 671.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.12 659.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.78 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.23 659.10 Td (dif) Tj ET Q q 0 0 0 rg BT 148.15 659.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 179.80 659.10 Td (between ) Tj ET Q q 0 0 0 rg BT 215.35 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.79 659.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 280.35 659.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 314.79 659.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 342.57 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.02 659.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 383.12 659.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 419.24 659.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 438.69 659.10 Td (under ) Tj ET Q q 0 0 0 rg BT 463.69 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.13 659.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 500.35 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.91 659.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 546.45 659.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 647.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 135.81 647.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 188.85 647.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 221.88 647.10 Td (sheets.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 621.53505859375 m 108.0615234375 621.53505859375 l s q 0 0 0 rg BT 50.00 623.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.98 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.73 623.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.49 611.10 Td (has ) Tj ET Q q 0 0 0 rg BT 125.35 611.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 611.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 178.16 611.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 208.44 611.10 Td (income ) Tj ET Q q 0 0 0 rg BT 240.40 611.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.15 611.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 289.88 611.10 Td (due ) Tj ET Q q 0 0 0 rg BT 306.85 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.16 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.90 611.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 376.63 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.49 611.10 Td (net ) Tj ET Q q 0 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0 rg BT 443.45 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.76 599.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 498.85 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.38 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.47 599.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.74 587.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 134.59 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.79 587.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 189.75 587.10 Td (dif) Tj ET Q q 0 0 0 rg BT 200.67 587.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 236.85 587.10 Td (between ) Tj ET Q q 0 0 0 rg BT 273.03 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.12 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.96 587.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 365.49 587.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 388.35 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.66 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 587.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 435.83 587.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 458.70 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.90 587.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.09 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.40 587.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 555.35 587.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.02 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.38 575.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 132.08 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.91 575.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 178.62 575.10 Td (when ) Tj ET Q q 0 0 0 rg BT 202.45 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 210.17 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.01 575.10 Td (more ) Tj ET Q q 0 0 0 rg BT 241.72 575.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 266.66 575.10 Td (than ) Tj ET Q q 0 0 0 rg BT 286.04 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.98 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 318.14 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.75 575.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 360.22 575.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 374.60 575.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.21 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 413.93 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 428.87 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 440.48 575.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 476.78 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.79 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 496.50 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 537.56 575.10 Td (incurs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 85.07 563.10 Td (state ) Tj ET Q q 0 0 0 rg BT 105.13 563.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 143.51 563.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 165.79 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.31 563.10 Td (two ) Tj ET Q q 0 0 0 rg BT 192.04 563.10 Td (states ) Tj ET Q q 0 0 0 rg BT 215.99 563.10 Td (which ) Tj ET Q q 0 0 0 rg BT 242.17 563.10 Td (is ) Tj ET Q q 0 0 0 rg BT 250.57 563.10 Td (included ) Tj ET Q q 0 0 0 rg BT 286.74 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.26 563.10 Td (general ) Tj ET Q q 0 0 0 rg BT 327.42 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.59 563.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 402.53 563.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 440.37 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.88 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.84 563.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 507.78 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.85 563.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.67 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.67 539.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 151.00 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.56 539.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 208.88 539.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 249.20 539.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.54 539.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 306.28 539.10 Td (if ) Tj ET Q q 0 0 0 rg BT 315.50 539.10 Td (any) Tj ET Q q 0 0 0 rg BT 329.29 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.91 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.47 539.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 398.34 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.68 539.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 444.01 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.46 539.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 495.78 539.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.12 539.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.35 539.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.61 527.10 Td (there ) Tj ET Q q 0 0 0 rg BT 100.77 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 110.62 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 118.23 527.10 Td (less ) Tj ET Q q 0 0 0 rg BT 136.41 527.10 Td (than ) Tj ET Q q 0 0 0 rg BT 156.80 527.10 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 243.28 527.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 290.34 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.84 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.24 527.10 Td (position ) Tj ET Q q 0 0 0 rg BT 352.64 527.10 Td (being ) Tj ET Q q 0 0 0 rg BT 378.03 527.10 Td (upheld ) Tj ET Q q 0 0 0 rg BT 408.42 527.10 Td (when ) Tj ET Q q 0 0 0 rg BT 433.26 527.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 473.08 527.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.25 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.65 527.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 537.02 527.10 Td (taxing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (authority) Tj ET Q q 0 0 0 rg BT 85.45 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.66 515.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 113.36 515.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 152.18 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 167.09 515.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 200.88 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.36 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 223.50 515.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 280.07 515.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.98 515.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 329.34 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.48 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.62 515.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 413.53 515.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 447.34 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.71 515.10 Td (established ) Tj ET Q q 0 0 0 rg BT 503.85 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.55 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.47 515.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 76.25 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.24 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 137.57 503.10 Td (has ) Tj ET Q q 0 0 0 rg BT 154.35 503.10 Td (not ) Tj ET Q q 0 0 0 rg BT 170.58 503.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 217.89 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.77 503.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 260.33 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.43 503.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 316.08 503.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.75 503.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 373.81 503.10 Td (If ) Tj ET Q q 0 0 0 rg BT 383.92 503.10 Td (there ) Tj ET Q q 0 0 0 rg BT 407.35 503.10 Td (were ) Tj ET Q q 0 0 0 rg BT 430.23 503.10 Td (an ) Tj ET Q q 0 0 0 rg BT 443.12 503.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 500.42 503.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 516.09 503.10 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 549.80 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.08 491.10 Td (would ) Tj ET Q q 0 0 0 rg BT 120.27 491.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 162.33 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 194.95 491.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 229.23 491.10 Td (related ) Tj ET Q q 0 0 0 rg BT 259.62 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.59 491.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 327.65 491.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.06 491.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 377.91 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.88 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 421.50 491.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 456.90 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.53 491.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 513.27 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.24 491.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 90.92 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.96 479.10 Td (Company) Tj ET Q q 0 0 0 rg BT 150.63 479.10 Td (s ) Tj ET Q q 0 0 0 rg BT 157.02 479.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 171.74 479.10 Td (years ) Tj ET Q q 0 0 0 rg BT 195.34 479.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 226.16 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.44 479.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 288.37 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.87 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 479.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 349.18 479.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 386.67 479.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 419.15 479.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.86 479.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 458.86 479.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 481.36 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.30 479.10 Td (2014.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 453.53505859375 m 191.6552734375 453.53505859375 l s q 0 0 0 rg BT 50.00 455.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.92 455.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 139.43 455.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 94.54 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.87 443.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 180.88 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.43 443.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 227.75 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.43 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.75 443.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 324.76 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 335.43 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 358.32 443.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 396.76 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.09 443.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 445.87 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 452.65 443.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 487.77 443.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.11 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.89 443.10 Td (one ) Tj ET Q q 0 0 0 rg BT 553.67 443.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (more ) Tj ET Q q 0 0 0 rg BT 74.14 431.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 121.06 431.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 151.86 431.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 175.72 431.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.75 431.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 229.83 431.10 Td (security ) Tj ET Q q 0 0 0 rg BT 265.08 431.10 Td (price ) Tj ET Q q 0 0 0 rg BT 288.66 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 300.58 431.10 Td (other ) Tj ET Q q 0 0 0 rg BT 324.72 431.10 Td (variable\), ) Tj ET Q q 0 0 0 rg BT 366.35 431.10 Td (require ) Tj ET Q q 0 0 0 rg BT 398.26 431.10 Td (no ) Tj ET Q q 0 0 0 rg BT 411.85 431.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 438.77 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 454.58 431.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.06 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.09 431.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 549.79 431.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 95.87 419.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 140.33 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.58 419.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 226.51 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 246.00 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.70 419.10 Td (free-standing ) Tj ET Q q 0 0 0 rg BT 312.73 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.32 419.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 366.68 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.73 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.54 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.79 419.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 488.22 419.10 Td (Further) Tj ET Q q 0 0 0 rg BT 517.26 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.03 419.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.31 407.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 136.30 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 150.84 407.10 Td (initially) Tj ET Q q 0 0 0 rg BT 181.30 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.13 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.90 407.10 Td (subsequently) Tj ET Q q 0 0 0 rg BT 254.46 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.29 407.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 299.94 407.10 Td (at ) Tj ET Q q 0 0 0 rg BT 309.48 407.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 325.69 407.10 Td (value ) Tj ET Q q 0 0 0 rg BT 349.67 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.44 407.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 403.75 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.40 407.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 453.95 407.10 Td (or) Tj ET Q q 0 0 0 rg BT 461.88 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 466.71 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.82 407.10 Td (rare ) Tj ET Q q 0 0 0 rg BT 494.68 407.10 Td (instances, ) Tj ET Q q 0 0 0 rg BT 536.17 407.10 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 395.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.05 395.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 147.85 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.32 395.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 205.11 395.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 254.58 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.17 395.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 312.94 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 332.91 395.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 355.18 395.10 Td (815, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 375.49 395.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 424.39 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.20 395.10 Td (Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.64 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.45 395.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 509.48 395.10 Td (815\), ) Tj ET Q q 0 0 0 rg BT 537.56 395.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.26 383.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 126.30 383.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 172.79 383.10 Td (about ) Tj ET Q q 0 0 0 rg BT 197.05 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.32 383.10 Td (Company) Tj ET Q q 0 0 0 rg BT 252.98 383.10 Td (s ) Tj ET Q q 0 0 0 rg BT 258.92 383.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 301.52 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.00 383.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 357.82 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 371.53 383.10 Td (using ) Tj ET Q q 0 0 0 rg BT 395.25 383.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 437.28 383.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 488.49 383.10 Td (how ) Tj ET Q q 0 0 0 rg BT 507.76 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.03 383.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 99.21 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.19 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 145.94 371.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 177.36 371.10 Td (items ) Tj ET Q q 0 0 0 rg BT 201.57 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 216.33 371.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 259.40 371.10 Td (for) Tj ET Q q 0 0 0 rg BT 270.66 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.71 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.69 371.10 Td (how ) Tj ET Q q 0 0 0 rg BT 312.46 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.22 371.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 369.75 371.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 418.96 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.94 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 465.69 371.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 500.45 371.10 Td (items ) Tj ET Q q 0 0 0 rg BT 524.66 371.10 Td (af) Tj ET Q q 0 0 0 rg BT 532.25 371.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.78 371.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.63 359.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 132.86 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 150.05 359.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.58 359.10 Td (does ) Tj ET Q q 0 0 0 rg BT 210.56 359.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.98 359.10 Td (use ) Tj ET Q q 0 0 0 rg BT 239.96 359.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 281.58 359.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 329.89 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.31 359.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 364.84 359.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 406.47 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.89 359.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.31 359.10 Td (flow) Tj ET Q q 0 0 0 rg BT 452.99 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 457.13 359.10 Td (market ) Tj ET Q q 0 0 0 rg BT 486.54 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.51 359.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.04 359.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 69.47 347.10 Td (T) Tj ET Q q 0 0 0 rg BT 74.88 347.10 Td (erms ) Tj ET Q q 0 0 0 rg BT 96.45 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.91 347.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 134.03 347.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 182.82 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.16 347.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 235.93 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.84 347.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 287.95 347.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 322.28 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.74 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 347.65 347.10 Td (they ) Tj ET Q q 0 0 0 rg BT 366.99 347.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 398.55 347.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 441.77 347.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 483.88 347.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 532.68 347.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 347.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (required ) Tj ET Q q 0 0 0 rg BT 86.23 335.10 Td (under ) Tj ET Q q 0 0 0 rg BT 111.27 335.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 133.64 335.10 Td (815 ) Tj ET Q q 0 0 0 rg BT 151.55 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.24 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.59 335.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 218.04 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.62 335.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 276.06 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 298.41 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.54 335.10 Td (host ) Tj ET Q q 0 0 0 rg BT 333.13 335.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 370.75 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.10 335.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 425.99 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 438.90 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.03 335.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 487.48 335.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 510.94 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.07 335.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.86 335.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 323.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.06 323.10 Td (value ) Tj ET Q q 0 0 0 rg BT 108.03 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.68 323.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 160.98 323.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 203.02 323.10 Td (if ) Tj ET Q q 0 0 0 rg BT 211.44 323.10 Td (any) Tj ET Q q 0 0 0 rg BT 225.23 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.05 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 239.04 323.10 Td (required ) Tj ET Q q 0 0 0 rg BT 274.67 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.77 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 296.53 323.10 Td (revalued ) Tj ET Q q 0 0 0 rg BT 333.27 323.10 Td (at ) Tj ET Q q 0 0 0 rg BT 342.80 323.10 Td (each ) Tj ET Q q 0 0 0 rg BT 363.44 323.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 402.41 323.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 423.88 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 443.98 323.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 503.51 323.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 538.03 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.13 323.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.56 311.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 110.43 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.11 311.10 Td (current ) Tj ET Q q 0 0 0 rg BT 150.33 311.10 Td (period ) Tj ET Q q 0 0 0 rg BT 177.78 311.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.45 311.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 247.96 311.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 284.86 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.12 311.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 315.47 311.10 Td (815, ) Tj ET Q q 0 0 0 rg BT 334.88 311.10 Td (an ) Tj ET Q q 0 0 0 rg BT 346.22 311.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 389.77 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.00 311.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 447.99 311.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 488.21 311.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 531.78 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 540.35 311.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 299.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 102.76 299.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 137.47 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.18 299.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.56 299.10 Td (value ) Tj ET Q q 0 0 0 rg BT 192.71 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.54 299.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 240.47 299.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 267.97 299.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.14 299.10 Td (required ) Tj ET Q q 0 0 0 rg BT 312.96 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.24 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 335.18 299.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 375.44 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 386.27 299.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 413.76 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.59 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.42 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.36 299.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 484.84 299.10 Td (liability) Tj ET Q q 0 0 0 rg BT 515.30 299.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 273.53505859375 m 202.607421875 273.53505859375 l s q 0 0 0 rg BT 50.00 275.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 275.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 275.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 97.05 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.88 275.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 150.38 275.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.59 263.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.25 263.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.19 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.21 263.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 200.91 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 215.16 263.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.18 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 261.44 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.35 263.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 303.55 263.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 321.70 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 345.40 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.11 263.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 386.13 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.50 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.76 263.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 450.56 263.10 Td (price ) Tj ET Q q 0 0 0 rg BT 472.58 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.62 263.10 Td (would ) Tj ET Q q 0 0 0 rg BT 516.66 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 528.14 263.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 251.10 Td (an ) Tj ET Q q 0 0 0 rg BT 76.51 251.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.66 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.69 251.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 129.62 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.10 251.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 173.35 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.49 251.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 214.31 251.10 Td (\(an ) Tj ET Q q 0 0 0 rg BT 229.78 251.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 247.48 251.10 Td (price\) ) Tj ET Q q 0 0 0 rg BT 273.50 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.99 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.91 251.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 337.16 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.20 251.10 Td (most ) Tj ET Q q 0 0 0 rg BT 370.35 251.10 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 427.48 251.10 Td (market ) Tj ET Q q 0 0 0 rg BT 457.95 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.32 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.24 251.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 509.39 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 520.42 251.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 554.24 251.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 62.18 239.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 93.79 239.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 140.40 239.10 Td (between ) Tj ET Q q 0 0 0 rg BT 176.45 239.10 Td (market ) Tj ET Q q 0 0 0 rg BT 206.95 239.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 256.34 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 269.07 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.03 239.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 340.08 239.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.77 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 380.05 239.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 420.00 239.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 465.50 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.45 239.10 Td (based ) Tj ET Q q 0 0 0 rg BT 505.95 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.69 239.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 227.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 122.74 227.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 152.19 227.10 Td (Observable ) Tj ET Q q 0 0 0 rg BT 200.22 227.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 227.16 227.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 255.19 227.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 285.45 227.10 Td (obtainable ) Tj ET Q q 0 0 0 rg BT 329.59 227.10 Td (data ) Tj ET Q q 0 0 0 rg BT 348.75 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.68 227.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 422.05 227.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 457.03 227.10 Td (while ) Tj ET Q q 0 0 0 rg BT 481.74 227.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 537.55 227.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 78.03 215.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 107.73 215.10 Td (market ) Tj ET Q q 0 0 0 rg BT 138.00 215.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 192.45 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.77 215.10 Td (There ) Tj ET Q q 0 0 0 rg BT 220.58 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.29 215.10 Td (three ) Tj ET Q q 0 0 0 rg BT 257.77 215.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 283.60 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.43 215.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 321.38 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.87 215.10 Td (may ) Tj ET Q q 0 0 0 rg BT 358.59 215.10 Td (be ) Tj ET Q q 0 0 0 rg BT 370.53 215.10 Td (used ) Tj ET Q q 0 0 0 rg BT 391.36 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.64 215.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 437.45 215.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.83 215.10 Td (value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 191.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 191.10 Td (Level 1 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 191.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 191.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 191.10 Td (aluation based on quoted market prices in active markets for identical assets and liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 170.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 170.10 Td (Level 2 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 170.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 170.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 170.10 Td (aluation based on quoted market prices for similar assets and liabilities in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 149.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 149.10 Td (Level 3 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 149.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 149.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 149.10 Td (aluation based on unobservable inputs that are supported by little or no market activity) Tj ET Q q 0 0 0 rg BT 477.85 149.10 Td (, therefore requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (management) Tj ET Q q 0 0 0 rg BT 139.87 137.10 Td (s best estimate of what market participants would use as fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 70.99 116.10 Td (value ) Tj ET Q q 0 0 0 rg BT 97.53 116.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.63 116.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 182.84 116.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 212.71 116.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.80 116.10 Td (based ) Tj ET Q q 0 0 0 rg BT 257.45 116.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.34 116.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.42 116.10 Td (market ) Tj ET Q q 0 0 0 rg BT 347.07 116.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 401.40 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.72 116.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 461.15 116.10 Td (information ) Tj ET Q q 0 0 0 rg BT 513.25 116.10 Td (available ) Tj ET Q q 0 0 0 rg BT 554.22 116.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 107.07 104.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.30 104.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.34 104.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.71 104.10 Td (does ) Tj ET Q q 0 0 0 rg BT 193.52 104.10 Td (not ) Tj ET Q q 0 0 0 rg BT 209.78 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 232.14 104.10 Td (any ) Tj ET Q q 0 0 0 rg BT 250.07 104.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 276.31 104.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 284.80 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.61 104.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 305.09 104.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.56 104.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.37 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.19 104.10 Td (liabilities.) Tj ET Q q 0 0 0 rg BT 424.22 104.10 Td (The ) Tj ET Q q 0 0 0 rg BT 443.25 104.10 Td (Company) Tj ET Q q 0 0 0 rg BT 484.92 104.10 Td (s ) Tj ET Q q 0 0 0 rg BT 492.29 104.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 518.54 104.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 527.03 104.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.07 92.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 131.23 92.10 Td (at ) Tj ET Q q 0 0 0 rg BT 141.30 92.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 158.03 92.10 Td (value ) Tj ET Q q 0 0 0 rg BT 182.53 92.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 222.60 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.78 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.07 92.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 274.46 92.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 308.42 92.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 327.37 92.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 349.66 92.10 Td (7\) ) Tj ET Q q 0 0 0 rg BT 360.84 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.13 92.10 Td (its ) Tj ET Q q 0 0 0 rg BT 390.42 92.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 437.16 92.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 456.12 92.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 490.08 92.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 509.02 92.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 531.31 92.10 Td (4\) ) Tj ET Q q 0 0 0 rg BT 542.49 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.67 92.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 109.01 80.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.01 80.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.43 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.35 80.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 184.15 80.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 240.39 80.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 267.76 80.10 Td (used ) Tj ET Q q 0 0 0 rg BT 289.01 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.71 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.85 80.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.65 80.10 Td (value ) Tj ET Q q 0 0 0 rg BT 356.22 80.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 412.45 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.71 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.84 80.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 476.19 80.10 Td (include ) Tj ET Q q 0 0 0 rg BT 508.55 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 80.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (term ) Tj ET Q q 0 0 0 rg BT 71.19 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.49 68.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 143.00 68.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 175.30 68.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 199.54 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.40 68.10 Td (In ) Tj ET Q q 0 0 0 rg BT 213.59 68.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 260.88 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.08 68.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 302.70 68.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 320.56 68.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 368.98 68.10 Td (used ) Tj ET Q q 0 0 0 rg BT 390.17 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.81 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.89 68.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 432.63 68.10 Td (value ) Tj ET Q q 0 0 0 rg BT 457.14 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.33 68.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 508.13 68.10 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.99 56.10 Td (made ) Tj ET Q q 0 0 0 rg BT 92.09 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.86 56.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 138.07 56.10 Td (available ) Tj ET Q q 0 0 0 rg BT 176.60 56.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 199.04 56.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 220.36 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.24 56.10 Td (US ) Tj ET Q q 0 0 0 rg BT 252.29 56.10 Td (T) Tj ET Q q 0 0 0 rg BT 258.04 56.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 289.55 56.10 Td (Y) Tj ET Q q 0 0 0 rg BT 296.22 56.10 Td (ields. ) Tj ET Q q 0 0 0 rg BT 320.05 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.49 56.10 Td (However) Tj ET Q q 0 0 0 rg BT 358.74 56.10 Td (, ) Tj ET Q q 0 0 0 rg BT 363.68 56.10 Td (since ) Tj ET Q q 0 0 0 rg BT 386.66 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.32 56.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 442.65 56.10 Td (does ) Tj ET Q q 0 0 0 rg BT 463.42 56.10 Td (not ) Tj ET Q q 0 0 0 rg BT 478.64 56.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.96 56.10 Td (a ) Tj ET Q q 0 0 0 rg BT 506.83 56.10 Td (formal ) Tj ET Q q 0 0 0 rg BT 535.93 56.10 Td (credit-) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (standing, ) Tj ET Q q 0 0 0 rg BT 88.96 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 142.62 731.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 183.51 731.10 Td (its ) Tj ET Q q 0 0 0 rg BT 195.53 731.10 Td (standing ) Tj ET Q q 0 0 0 rg BT 231.99 731.10 Td (among ) Tj ET Q q 0 0 0 rg BT 261.78 731.10 Td (various ) Tj ET Q q 0 0 0 rg BT 293.79 731.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 329.68 731.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 355.58 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 731.10 Td (grades ) Tj ET Q q 0 0 0 rg BT 401.26 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 415.49 731.10 Td (use ) Tj ET Q q 0 0 0 rg BT 431.39 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.74 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.53 731.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 486.60 731.10 Td (During ) Tj ET Q q 0 0 0 rg BT 517.50 731.10 Td (all ) Tj ET Q q 0 0 0 rg BT 530.07 731.10 Td (periods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.65 719.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 144.53 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 162.08 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.86 719.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 224.00 719.10 Td (standing ) Tj ET Q q 0 0 0 rg BT 260.45 719.10 Td (was ) Tj ET Q q 0 0 0 rg BT 278.56 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.90 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 719.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 351.22 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.55 719.10 Td (high-risk ) Tj ET Q q 0 0 0 rg BT 400.22 719.10 Td (grades ) Tj ET Q q 0 0 0 rg BT 428.88 719.10 Td (\(BB- ) Tj ET Q q 0 0 0 rg BT 451.44 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.78 719.10 Td (CCC ) Tj ET Q q 0 0 0 rg BT 484.35 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.69 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.46 719.10 Td (Standard ) Tj ET Q q 0 0 0 rg BT 547.57 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (Poor's ) Tj ET Q q 0 0 0 rg BT 77.15 707.10 Td (Rating\). ) Tj ET Q q 0 0 0 rg BT 112.21 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.78 707.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.23 707.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 200.44 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 211.34 707.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 252.21 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.56 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.34 707.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 318.23 707.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 361.34 707.10 Td (period ) Tj ET Q q 0 0 0 rg BT 389.46 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.80 707.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 435.12 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.02 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.80 707.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 515.03 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.03 707.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 695.10 Td (result ) Tj ET Q q 0 0 0 rg BT 99.43 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.71 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.65 695.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 169.14 695.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 194.41 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.24 695.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 233.29 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.66 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 273.82 695.10 Td (measurement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.39 671.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 111.77 671.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 147.93 671.10 Td (value ) Tj ET Q q 0 0 0 rg BT 172.44 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.61 671.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 213.66 671.10 Td (on-balance-sheet ) Tj ET Q q 0 0 0 rg BT 284.25 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.08 671.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 371.59 671.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 429.41 671.10 Td (their ) Tj ET Q q 0 0 0 rg BT 450.59 671.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.31 671.10 Td (values ) Tj ET Q q 0 0 0 rg BT 495.70 671.10 Td (due ) Tj ET Q q 0 0 0 rg BT 512.99 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.61 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.68 671.10 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (term ) Tj ET Q q 0 0 0 rg BT 71.28 659.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 99.22 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.51 659.10 Td (these ) Tj ET Q q 0 0 0 rg BT 134.01 659.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 185.92 659.10 Td (These ) Tj ET Q q 0 0 0 rg BT 212.75 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.69 659.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 300.31 659.10 Td (include ) Tj ET Q q 0 0 0 rg BT 332.70 659.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.43 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.82 659.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 391.55 659.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 442.55 659.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 480.49 659.10 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 527.02 659.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 87.32 647.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 127.70 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 163.08 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.25 647.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 216.06 647.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 258.39 647.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 289.34 647.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 331.95 647.10 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 375.40 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.34 647.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.95 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.34 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.40 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.34 647.10 Td (Company) Tj ET Q q 0 0 0 rg BT 504.01 647.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.63 647.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 542.01 647.10 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.94 635.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 149.42 635.10 Td (their ) Tj ET Q q 0 0 0 rg BT 170.25 635.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 206.06 635.10 Td (value ) Tj ET Q q 0 0 0 rg BT 230.22 635.10 Td (based ) Tj ET Q q 0 0 0 rg BT 255.49 635.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 277.99 635.10 Td (current ) Tj ET Q q 0 0 0 rg BT 308.80 635.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 330.18 635.10 Td (available ) Tj ET Q q 0 0 0 rg BT 368.77 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.05 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.76 635.10 Td (Company) Tj ET Q q 0 0 0 rg BT 432.00 635.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 609.53505859375 m 166.9580078125 609.53505859375 l s q 0 0 0 rg BT 50.00 611.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 105.28 611.10 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 101.79 599.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.24 599.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.26 599.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.37 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.06 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 244.08 599.10 Td (options ) Tj ET Q q 0 0 0 rg BT 276.44 599.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 309.33 599.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.01 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.14 599.10 Td (May ) Tj ET Q q 0 0 0 rg BT 371.38 599.10 Td (201) Tj ET Q q 0 0 0 rg BT 386.01 599.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 393.92 599.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 423.49 599.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 463.60 599.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 484.29 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.00 599.10 Td (August ) Tj ET Q q 0 0 0 rg BT 532.80 599.10 Td (201) Tj ET Q q 0 0 0 rg BT 547.43 599.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 555.34 599.10 Td (B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.35 587.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 119.24 587.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 139.71 587.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 175.40 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 180.59 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 587.10 Td ("201) Tj ET Q q 0 0 0 rg BT 214.21 587.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 221.89 587.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 251.25 587.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 291.14 587.10 Td (Plans"\) ) Tj ET Q q 0 0 0 rg BT 322.91 587.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 341.69 587.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 363.82 587.10 Td (9\) ) Tj ET Q q 0 0 0 rg BT 374.84 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 384.20 587.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 425.20 587.10 Td (at ) Tj ET Q q 0 0 0 rg BT 435.10 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.01 587.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 473.24 587.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 495.09 587.10 Td (based ) Tj ET Q q 0 0 0 rg BT 520.54 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.23 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.14 587.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.76 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.20 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.53 575.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 131.57 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.12 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.90 575.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.87 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 217.31 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.85 575.10 Td (straight-lined ) Tj ET Q q 0 0 0 rg BT 281.28 575.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 316.60 575.10 Td (over ) Tj ET Q q 0 0 0 rg BT 337.48 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.80 575.10 Td (employee) Tj ET Q q 0 0 0 rg BT 394.46 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 401.46 575.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 439.00 575.10 Td (service ) Tj ET Q q 0 0 0 rg BT 470.42 575.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 501.58 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.46 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 575.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.82 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.64 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 124.13 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.39 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.33 563.10 Td (each ) Tj ET Q q 0 0 0 rg BT 183.25 563.10 Td (option ) Tj ET Q q 0 0 0 rg BT 212.42 563.10 Td (award ) Tj ET Q q 0 0 0 rg BT 240.45 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.06 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.88 563.10 Td (date ) Tj ET Q q 0 0 0 rg BT 290.15 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.08 563.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 326.24 563.10 Td (using ) Tj ET Q q 0 0 0 rg BT 351.51 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.56 563.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 420.93 563.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 481.75 563.10 Td (model ) Tj ET Q q 0 0 0 rg BT 510.35 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 528.96 563.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 549.79 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 102.19 551.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 127.16 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.68 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 551.10 Td (table ) Tj ET Q q 0 0 0 rg BT 174.83 551.10 Td (below) Tj ET Q q 0 0 0 rg BT 198.62 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.86 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.41 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 224.70 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.34 551.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 306.30 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 551.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.88 551.10 Td (value ) Tj ET Q q 0 0 0 rg BT 362.28 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 551.10 Td (its ) Tj ET Q q 0 0 0 rg BT 385.56 551.10 Td (common ) Tj ET Q q 0 0 0 rg BT 423.30 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.15 551.10 Td (using ) Tj ET Q q 0 0 0 rg BT 471.57 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.53 551.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 518.17 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.02 551.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 73.46 539.10 Td (common ) Tj ET Q q 0 0 0 rg BT 111.29 539.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.24 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.08 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.13 539.10 Td (date ) Tj ET Q q 0 0 0 rg BT 182.63 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.80 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.85 539.10 Td (option ) Tj ET Q q 0 0 0 rg BT 237.25 539.10 Td (award. ) Tj ET Q q 0 0 0 rg BT 267.02 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.65 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.04 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 329.77 539.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.82 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.87 539.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 423.82 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.99 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.28 539.10 Td (common ) Tj ET Q q 0 0 0 rg BT 485.11 539.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 509.06 539.10 Td (at ) Tj ET Q q 0 0 0 rg BT 519.12 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.17 539.10 Td (date ) Tj ET Q q 0 0 0 rg BT 553.67 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 73.52 527.10 Td (based ) Tj ET Q q 0 0 0 rg BT 99.26 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.23 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.41 527.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 166.49 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.79 527.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 227.40 527.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 247.58 527.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 293.31 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.28 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 326.46 527.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 362.20 527.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 390.16 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.56 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 429.41 527.10 Td (had ) Tj ET Q q 0 0 0 rg BT 446.82 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.23 527.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 482.75 527.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 514.04 527.10 Td (history ) Tj ET Q q 0 0 0 rg BT 544.79 527.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (itself. ) Tj ET Q q 0 0 0 rg BT 74.75 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.72 515.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.03 515.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 180.33 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.97 515.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 232.93 515.10 Td (life ) Tj ET Q q 0 0 0 rg BT 248.68 515.10 Td (based ) Tj ET Q q 0 0 0 rg BT 273.87 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.30 515.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 325.94 515.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 371.66 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 391.87 515.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 422.07 515.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 455.31 515.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 483.30 515.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 539.59 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 515.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 96.35 503.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 123.00 503.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 153.82 503.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 194.63 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 503.10 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 261.82 503.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 307.76 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.24 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 366.06 503.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 385.21 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.36 503.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 435.16 503.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 466.53 503.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 483.45 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.38 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.53 503.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 542.01 503.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 89.24 491.10 Td (available ) Tj ET Q q 0 0 0 rg BT 128.48 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.62 491.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 162.33 491.10 Td (T) Tj ET Q q 0 0 0 rg BT 168.08 491.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 200.66 491.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 227.70 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.62 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 261.21 491.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 306.01 491.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 349.69 491.10 Td (term ) Tj ET Q q 0 0 0 rg BT 371.17 491.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 432.07 491.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 456.87 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.80 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.16 491.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 521.84 491.10 Td (life ) Tj ET Q q 0 0 0 rg BT 538.31 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (award. ) Tj ET Q q 0 0 0 rg BT 79.19 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 97.17 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.49 479.10 Td (has ) Tj ET Q q 0 0 0 rg BT 154.26 479.10 Td (never ) Tj ET Q q 0 0 0 rg BT 178.90 479.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 198.55 479.10 Td (any ) Tj ET Q q 0 0 0 rg BT 215.43 479.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 235.63 479.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 276.95 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.39 479.10 Td (its ) Tj ET Q q 0 0 0 rg BT 301.27 479.10 Td (common ) Tj ET Q q 0 0 0 rg BT 338.70 479.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 362.25 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.12 479.10 Td (does ) Tj ET Q q 0 0 0 rg BT 399.89 479.10 Td (not ) Tj ET Q q 0 0 0 rg BT 415.10 479.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 456.40 479.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 486.06 479.10 Td (any ) Tj ET Q q 0 0 0 rg BT 502.93 479.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.13 479.10 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.66 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.75 467.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 121.15 467.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 149.41 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.15 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 168.58 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.34 467.10 Td (used ) Tj ET Q q 0 0 0 rg BT 229.55 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.65 467.10 Td (following ) Tj ET Q q 0 0 0 rg BT 284.41 467.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 335.74 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.28 467.10 Td (options ) Tj ET Q q 0 0 0 rg BT 380.61 467.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 412.47 467.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.12 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 467.10 Td (201) Tj ET Q q 0 0 0 rg BT 465.84 467.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 472.72 467.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 501.27 467.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 540.35 467.10 Td (Plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.61 455.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 455.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 122.48 455.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.43 455.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 455.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.39 455.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.89 455.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.83 455.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.83 455.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.60 350.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 407.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 407.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 407.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 407.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 407.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.60 350.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 383.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 383.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 383.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 383.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 383.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 432.6 m 483.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 432.6 m 487.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.6 m 562.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 407.6 m 400.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 407.6 m 483.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 407.6 m 562.5 407.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 435.22 Td (Twelve Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 412.28 Td (2011 Equity Incentive Plans Assumptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.45 422.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 412.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.45 423.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 413.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 398.22 Td (Expected term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.20 398.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.20 398.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.22 Td (Weighted average volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.05 386.22 Td (55.47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.05 386.22 Td (42.26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.22 Td (Weighted average risk free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 374.22 Td (1.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.55 374.22 Td (1.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.22 Td (Expected dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 362.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 362.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.04 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 336.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.14 336.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 193.28 336.10 Td (when ) Tj ET Q q 0 0 0 rg BT 217.43 336.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 267.13 336.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 325.17 336.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 359.88 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.81 336.10 Td (this ) Tj ET Q q 0 0 0 rg BT 393.75 336.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 429.57 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.40 336.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 484.54 336.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.71 336.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 529.53 336.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 336.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 85.98 324.10 Td (service ) Tj ET Q q 0 0 0 rg BT 115.85 324.10 Td (period ) Tj ET Q q 0 0 0 rg BT 142.94 324.10 Td (based ) Tj ET Q q 0 0 0 rg BT 167.26 324.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.81 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 324.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 218.56 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.89 324.10 Td (which ) Tj ET Q q 0 0 0 rg BT 253.88 324.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 279.30 324.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 322.49 324.10 Td (dif) Tj ET Q q 0 0 0 rg BT 333.42 324.10 Td (fer) Tj ET Q q 0 0 0 rg BT 344.12 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.17 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 358.05 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.80 324.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 408.88 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.21 324.10 Td (dif) Tj ET Q q 0 0 0 rg BT 429.14 324.10 Td (fer) Tj ET Q q 0 0 0 rg BT 439.84 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.89 324.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.88 324.10 Td (such ) Tj ET Q q 0 0 0 rg BT 484.75 324.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 526.02 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.56 324.10 Td (Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.59 312.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 101.72 312.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 146.17 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 161.19 312.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 207.86 312.10 Td (through ) Tj ET Q q 0 0 0 rg BT 241.78 312.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.02 312.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 296.26 312.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 333.49 312.10 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 382.69 312.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.93 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.41 312.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 466.08 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.67 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.70 312.10 Td (period ) Tj ET Q q 0 0 0 rg BT 520.05 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.19 312.10 Td (change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.59 300.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.18 300.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 104.21 300.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 136.35 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.83 300.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 198.96 300.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 256.66 300.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.02 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.94 300.10 Td (be ) Tj ET Q q 0 0 0 rg BT 312.53 300.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 358.55 300.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.48 300.10 Td (future ) Tj ET Q q 0 0 0 rg BT 394.50 300.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 428.59 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.27 300.10 Td (A) Tj ET Q q 0 0 0 rg BT 436.75 300.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 465.55 300.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 503.23 300.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 543.13 300.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 288.10 Td (8.32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.76 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.26 288.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.20 288.10 Td (9.30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.03 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.53 288.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.14 288.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.85 288.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 218.01 288.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.46 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.96 288.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.33 288.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 334.92 288.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.92 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.42 288.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 288.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.36 288.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.36 288.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 447.02 288.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.02 288.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 262.53505859375 m 212.7734375 262.53505859375 l s q 0 0 0 rg BT 50.00 264.10 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 115.83 264.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 171.11 264.10 Td (Payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 252.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.78 252.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 162.48 252.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 190.31 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.80 252.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.62 252.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.11 252.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 309.94 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.55 252.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 368.37 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.64 252.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 420.13 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.74 252.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 471.32 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.81 252.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 512.53 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.80 252.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 82.13 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.48 240.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 140.29 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.28 240.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 171.86 240.10 Td (505, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 191.50 240.10 Td (Equity-Based ) Tj ET Q q 0 0 0 rg BT 253.06 240.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 294.07 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.98 240.10 Td (Non-Employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.36 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.49 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.47 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 397.15 240.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 452.59 240.10 Td (date ) Tj ET Q q 0 0 0 rg BT 471.38 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.18 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 515.54 240.10 Td (value ) Tj ET Q q 0 0 0 rg BT 539.32 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 240.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.45 228.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 126.58 228.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 154.04 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.16 228.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 210.60 228.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.28 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.95 228.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 262.94 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.73 228.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 285.63 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.31 228.10 Td (date ) Tj ET Q q 0 0 0 rg BT 319.42 228.10 Td (at ) Tj ET Q q 0 0 0 rg BT 329.09 228.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.99 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.89 228.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.89 228.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.01 228.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 482.99 228.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.45 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.13 228.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 553.69 228.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 79.82 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.54 216.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 121.67 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.05 216.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 146.32 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 216.10 Td (date ) Tj ET Q q 0 0 0 rg BT 179.29 216.10 Td (at ) Tj ET Q q 0 0 0 rg BT 188.56 216.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.04 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.31 216.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 272.46 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.84 216.10 Td (vendor's ) Tj ET Q q 0 0 0 rg BT 318.36 216.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 370.93 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 379.65 216.10 Td (complete. ) Tj ET Q q 0 0 0 rg BT 420.70 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.30 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.22 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 477.93 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.31 216.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 515.35 216.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.86 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.50 204.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 136.35 204.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.20 204.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 173.17 204.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 226.02 204.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.54 204.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 275.61 204.10 Td (when ) Tj ET Q q 0 0 0 rg BT 300.13 204.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 330.28 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.69 204.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.42 204.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.94 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.13 204.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 428.98 204.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 478.50 204.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 506.36 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.00 204.10 Td (consultants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.75 192.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.39 192.10 Td (future ) Tj ET Q q 0 0 0 rg BT 113.03 192.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 143.67 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.87 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.84 192.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.92 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.46 192.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 252.97 192.10 Td (if ) Tj ET Q q 0 0 0 rg BT 260.84 192.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.12 192.10 Td (does ) Tj ET Q q 0 0 0 rg BT 333.21 192.10 Td (not ) Tj ET Q q 0 0 0 rg BT 347.75 192.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 371.71 192.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.14 192.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 425.77 192.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.85 192.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 469.82 192.10 Td (over ) Tj ET Q q 0 0 0 rg BT 489.35 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 192.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 533.97 192.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 564.52 192.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.24 180.10 Td (values ) Tj ET Q q 0 0 0 rg BT 95.93 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.72 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.07 180.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 161.76 180.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 192.78 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.24 180.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 230.38 180.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 279.18 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.52 180.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.98 180.10 Td (each ) Tj ET Q q 0 0 0 rg BT 349.43 180.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 388.22 180.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 418.40 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.39 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.07 180.10 Td (change ) Tj ET Q q 0 0 0 rg BT 468.52 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.43 180.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 494.44 180.10 Td (value ) Tj ET Q q 0 0 0 rg BT 518.23 180.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.04 180.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 168.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 101.40 168.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 131.55 168.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 162.52 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.33 168.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 215.03 168.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.17 168.10 Td (related ) Tj ET Q q 0 0 0 rg BT 284.19 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.79 168.10 Td (non-employees ) Tj ET Q q 0 0 0 rg BT 356.70 168.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.19 168.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 407.54 168.10 Td (for ) Tj ET Q q 0 0 0 rg BT 421.02 168.10 Td (based ) Tj ET Q q 0 0 0 rg BT 445.60 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.42 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.45 168.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 487.15 168.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.62 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.77 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.80 168.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 84.44 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.16 156.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.53 156.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.69 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.52 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.23 156.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 202.44 156.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 246.59 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.76 156.10 Td (more ) Tj ET Q q 0 0 0 rg BT 278.80 156.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 309.07 156.10 Td (determinable.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 130.53505859375002 m 141.3818359375 130.53505859375002 l s q 0 0 0 rg BT 50.00 132.10 Td (Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (The Company does not identify separate operating segments for management reporting purposes. ) Tj ET Q q 0 0 0 rg BT 444.16 120.10 Td (The results of consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (operations are the basis on which management evaluates operations and makes business decisions. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 82.53505859375002 m 120.5419921875 82.53505859375002 l s q 0 0 0 rg BT 50.00 84.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.05 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.88 84.10 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.10 72.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 114.19 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.07 72.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.61 72.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.37 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.71 72.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.69 72.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.03 72.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.45 72.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.44 72.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.20 72.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.72 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.05 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.82 72.10 Td (United ) Tj ET Q q 0 0 0 rg BT 492.60 72.10 Td (States ) Tj ET Q q 0 0 0 rg BT 518.04 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.58 72.10 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.73 60.10 Td (management ) Tj ET Q q 0 0 0 rg BT 138.34 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.64 60.10 Td (make ) Tj ET Q q 0 0 0 rg BT 172.82 60.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 212.56 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.52 60.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 281.49 60.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.01 60.10 Td (af) Tj ET Q q 0 0 0 rg BT 306.60 60.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 324.11 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.85 60.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 374.69 60.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.10 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.95 60.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.80 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.77 60.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 504.51 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.47 60.10 Td (disclosure ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.24 731.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 104.37 731.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.61 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.97 731.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.10 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.23 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.36 731.10 Td (date ) Tj ET Q q 0 0 0 rg BT 226.93 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.30 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.20 731.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.32 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.68 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.81 731.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 398.04 731.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 433.84 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.08 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 481.53 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.89 731.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 535.90 731.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 719.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 103.87 719.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 133.87 719.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 163.02 719.10 Td (results ) Tj ET Q q 0 0 0 rg BT 191.63 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 216.35 719.10 Td (dif) Tj ET Q q 0 0 0 rg BT 227.28 719.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.87 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 262.81 719.10 Td (those ) Tj ET Q q 0 0 0 rg BT 286.42 719.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 120.546875 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.59 683.10 Td (items ) Tj ET Q q 0 0 0 rg BT 107.40 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 129.43 683.10 Td (been ) Tj ET Q q 0 0 0 rg BT 151.46 683.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 200.14 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.07 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.44 683.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 249.59 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.73 683.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 333.09 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.02 683.10 Td (conform ) Tj ET Q q 0 0 0 rg BT 381.05 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.98 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.35 683.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 430.50 683.10 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 485.02 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.95 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 506.65 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.69 683.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 97.97 671.10 Td (wages ) Tj ET Q q 0 0 0 rg BT 125.40 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.27 671.10 Td (other ) Tj ET Q q 0 0 0 rg BT 165.25 671.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 203.79 671.10 Td (related ) Tj ET Q q 0 0 0 rg BT 233.43 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.64 671.10 Td (its ) Tj ET Q q 0 0 0 rg BT 255.53 671.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 277.40 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.28 671.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 337.26 671.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 378.57 671.10 Td (out ) Tj ET Q q 0 0 0 rg BT 393.78 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.55 671.10 Td (general ) Tj ET Q q 0 0 0 rg BT 436.41 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.29 671.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 512.93 671.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 547.57 671.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (into ) Tj ET Q q 0 0 0 rg BT 68.06 659.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 90.00 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.93 659.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 149.98 659.10 Td (expense.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 633.53505859375 m 204.248046875 633.53505859375 l s q 0 0 0 rg BT 50.00 635.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 635.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 635.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (There ) Tj ET Q q 0 0 0 rg BT 76.75 623.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.39 623.10 Td (new ) Tj ET Q q 0 0 0 rg BT 112.48 623.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 159.79 623.10 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 229.31 623.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 257.74 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.18 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.83 623.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 326.71 623.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 376.80 623.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 419.67 623.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 447.54 623.10 Td (\("F) Tj ET Q q 0 0 0 rg BT 459.77 623.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 490.07 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 517.94 623.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.58 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 549.79 623.10 Td (yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 611.10 Td (fective.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.61 587.10 Td (May ) Tj ET Q q 0 0 0 rg BT 79.22 587.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 103.01 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.50 587.10 Td (F) Tj ET Q q 0 0 0 rg BT 121.32 587.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 142.06 587.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 168.06 587.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 215.99 587.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 256.71 587.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 286.87 587.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 302.88 587.10 Td (2014-09, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.99 587.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 375.13 587.10 Td (fr) Tj ET Q q 0 0 0 rg BT 381.43 587.10 Td (om ) Tj ET Q q 0 0 0 rg BT 394.93 587.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 435.66 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 454.17 587.10 Td (Customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.24 587.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 522.85 587.10 Td (2014-09\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.30 575.10 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 123.49 575.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 151.34 575.10 Td (all ) Tj ET Q q 0 0 0 rg BT 164.20 575.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 198.73 575.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 233.24 575.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 281.65 575.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 320.61 575.10 Td (under ) Tj ET Q q 0 0 0 rg BT 346.24 575.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 366.89 575.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 393.01 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 398.17 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 416.58 575.10 Td (core ) Tj ET Q q 0 0 0 rg BT 436.65 575.10 Td (principle ) Tj ET Q q 0 0 0 rg BT 475.06 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.62 575.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 508.49 575.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 544.69 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 554.22 575.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 91.36 563.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 129.39 563.10 Td (when ) Tj ET Q q 0 0 0 rg BT 153.55 563.10 Td (promised ) Tj ET Q q 0 0 0 rg BT 193.27 563.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 219.66 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 230.48 563.10 Td (services ) Tj ET Q q 0 0 0 rg BT 265.19 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.89 563.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 325.70 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.97 563.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 379.02 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.29 563.10 Td (an ) Tj ET Q q 0 0 0 rg BT 401.23 563.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 433.72 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.21 563.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 483.13 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.85 563.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 554.22 563.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.20 551.10 Td (an ) Tj ET Q q 0 0 0 rg BT 89.41 551.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 114.95 551.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 147.70 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.24 551.10 Td (be ) Tj ET Q q 0 0 0 rg BT 170.44 551.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 203.20 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.62 551.10 Td (those ) Tj ET Q q 0 0 0 rg BT 241.50 551.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 268.15 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.25 551.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 316.11 551.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 338.88 551.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 374.98 551.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 406.62 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.82 551.10 Td (five ) Tj ET Q q 0 0 0 rg BT 432.13 551.10 Td (step ) Tj ET Q q 0 0 0 rg BT 451.01 551.10 Td (process ) Tj ET Q q 0 0 0 rg BT 483.76 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.31 551.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 527.60 551.10 Td (this ) Tj ET Q q 0 0 0 rg BT 544.82 551.10 Td (core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (principle ) Tj ET Q q 0 0 0 rg BT 87.64 539.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 106.68 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.56 539.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 141.45 539.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 154.94 539.10 Td (more ) Tj ET Q q 0 0 0 rg BT 177.59 539.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 217.46 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.00 539.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 273.32 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 292.64 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 304.18 539.10 Td (required ) Tj ET Q q 0 0 0 rg BT 339.59 539.10 Td (within ) Tj ET Q q 0 0 0 rg BT 367.25 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.57 539.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 415.32 539.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 462.96 539.10 Td (process ) Tj ET Q q 0 0 0 rg BT 495.06 539.10 Td (than ) Tj ET Q q 0 0 0 rg BT 514.38 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.68 539.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.27 527.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 109.43 527.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 129.72 527.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 155.83 527.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 503.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 104.79 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 114.14 503.10 Td (ef) Tj ET Q q 0 0 0 rg BT 121.73 503.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 151.62 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.96 503.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 195.30 503.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 227.42 503.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 270.10 503.10 Td (after ) Tj ET Q q 0 0 0 rg BT 291.10 503.10 Td (December ) Tj ET Q q 0 0 0 rg BT 334.86 503.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 350.05 503.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 375.23 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.35 503.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 423.92 503.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 456.04 503.10 Td (therein, ) Tj ET Q q 0 0 0 rg BT 488.98 503.10 Td (using ) Tj ET Q q 0 0 0 rg BT 513.34 503.10 Td (either ) Tj ET Q q 0 0 0 rg BT 538.78 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (following ) Tj ET Q q 0 0 0 rg BT 91.89 491.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 132.67 491.10 Td (methods: ) Tj ET Q q 0 0 0 rg BT 172.34 491.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 184.78 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.22 491.10 Td (full ) Tj ET Q q 0 0 0 rg BT 209.12 491.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 263.76 491.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 303.41 491.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 344.73 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.95 491.10 Td (application ) Tj ET Q q 0 0 0 rg BT 407.38 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.71 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.94 491.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 470.82 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.60 491.10 Td (each ) Tj ET Q q 0 0 0 rg BT 502.92 491.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 525.36 491.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (period ) Tj ET Q q 0 0 0 rg BT 78.06 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 98.34 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.07 479.10 Td (option ) Tj ET Q q 0 0 0 rg BT 141.13 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.42 479.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 172.80 479.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 202.51 479.10 Td (practical ) Tj ET Q q 0 0 0 rg BT 239.44 479.10 Td (expedients, ) Tj ET Q q 0 0 0 rg BT 287.21 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.05 479.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 312.78 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.72 479.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 373.87 479.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 413.03 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 433.32 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.04 479.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 494.98 479.10 Td (ef) Tj ET Q q 0 0 0 rg BT 502.57 479.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 520.06 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.90 479.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 87.54 467.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 110.82 467.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 147.42 467.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 194.55 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 205.03 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.52 467.10 Td (date ) Tj ET Q q 0 0 0 rg BT 240.44 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.04 467.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 290.31 467.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 321.34 467.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 357.94 467.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.20 467.10 Td (footnote ) Tj ET Q q 0 0 0 rg BT 437.79 467.10 Td (disclosures\). ) Tj ET Q q 0 0 0 rg BT 491.33 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.36 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 513.18 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 555.33 467.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 87.83 455.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 131.23 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.18 455.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 174.14 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.21 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.16 455.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 234.90 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.59 455.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 266.33 455.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 301.40 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.14 455.10 Td (its ) Tj ET Q q 0 0 0 rg BT 324.33 455.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 376.62 455.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 413.34 455.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 457.29 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.47 455.10 Td (has ) Tj ET Q q 0 0 0 rg BT 488.54 455.10 Td (not ) Tj ET Q q 0 0 0 rg BT 503.06 455.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 517.02 455.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 443.10 Td (method ) Tj ET Q q 0 0 0 rg BT 97.21 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 109.71 443.10 Td (which ) Tj ET Q q 0 0 0 rg BT 136.65 443.10 Td (it ) Tj ET Q q 0 0 0 rg BT 144.71 443.10 Td (will ) Tj ET Q q 0 0 0 rg BT 162.76 443.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 187.48 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.20 443.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 238.57 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.85 443.10 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.76 419.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.29 419.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.22 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.87 419.10 Td (F) Tj ET Q q 0 0 0 rg BT 143.69 419.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 165.58 419.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 192.47 419.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 241.56 419.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 283.43 419.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 314.74 419.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 331.89 419.10 Td (2016-02,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.72 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.15 419.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.37 419.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.13 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 420.11 419.10 Td (new ) Tj ET Q q 0 0 0 rg BT 439.20 419.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 475.51 419.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 521.27 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.14 419.10 Td (right-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.97 407.10 Td (\(ROU\) ) Tj ET Q q 0 0 0 rg BT 96.38 407.10 Td (model ) Tj ET Q q 0 0 0 rg BT 124.01 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.64 407.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 176.48 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.56 407.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 210.07 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.49 407.10 Td (record ) Tj ET Q q 0 0 0 rg BT 248.66 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.74 407.10 Td (ROU ) Tj ET Q q 0 0 0 rg BT 279.49 407.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 301.56 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.64 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.71 407.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 348.33 407.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 382.08 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.72 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.57 407.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 442.74 407.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 465.92 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 480.22 407.10 Td (all ) Tj ET Q q 0 0 0 rg BT 492.85 407.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 519.37 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 539.78 407.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.75 395.10 Td (than ) Tj ET Q q 0 0 0 rg BT 97.17 395.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 109.37 395.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 143.52 395.10 Td (Leases ) Tj ET Q q 0 0 0 rg BT 172.92 395.10 Td (will ) Tj ET Q q 0 0 0 rg BT 190.68 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.32 395.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 242.29 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 252.82 395.10 Td (either ) Tj ET Q q 0 0 0 rg BT 277.78 395.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 309.41 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.94 395.10 Td (operating, ) Tj ET Q q 0 0 0 rg BT 362.40 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 382.38 395.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 437.34 395.10 Td (af) Tj ET Q q 0 0 0 rg BT 444.93 395.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 474.90 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.31 395.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 519.28 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.81 395.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 98.04 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.32 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.04 383.10 Td (income ) Tj ET Q q 0 0 0 rg BT 154.97 383.10 Td (statement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.39 359.10 Td (new ) Tj ET Q q 0 0 0 rg BT 87.90 359.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 124.62 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 134.14 359.10 Td (ef) Tj ET Q q 0 0 0 rg BT 141.73 359.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 171.78 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.28 359.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 210.79 359.10 Td (years ) Tj ET Q q 0 0 0 rg BT 234.73 359.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 277.57 359.10 Td (after ) Tj ET Q q 0 0 0 rg BT 298.74 359.10 Td (December ) Tj ET Q q 0 0 0 rg BT 342.67 359.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 358.01 359.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 383.36 359.10 Td (including ) Tj ET Q q 0 0 0 rg BT 423.98 359.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 455.71 359.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 487.99 359.10 Td (within ) Tj ET Q q 0 0 0 rg BT 516.40 359.10 Td (those ) Tj ET Q q 0 0 0 rg BT 540.35 359.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.64 347.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.31 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.94 347.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 123.66 347.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 177.93 347.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 218.32 347.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 257.59 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 266.89 347.10 Td (required ) Tj ET Q q 0 0 0 rg BT 302.83 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.11 347.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 347.50 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.79 347.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 391.06 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.12 347.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 448.51 347.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 475.01 347.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 509.30 347.10 Td (at, ) Tj ET Q q 0 0 0 rg BT 521.64 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 532.59 347.10 Td (entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (into ) Tj ET Q q 0 0 0 rg BT 67.87 335.10 Td (after) Tj ET Q q 0 0 0 rg BT 85.78 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.59 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.12 335.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 147.42 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.06 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.59 335.10 Td (earliest ) Tj ET Q q 0 0 0 rg BT 203.77 335.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 255.50 335.10 Td (period ) Tj ET Q q 0 0 0 rg BT 283.35 335.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 323.98 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.07 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.59 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.88 335.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 432.91 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 452.99 335.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 482.50 335.10 Td (practical ) Tj ET Q q 0 0 0 rg BT 519.23 335.10 Td (expedients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 90.10 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.50 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.56 323.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 148.95 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 157.13 323.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 194.74 323.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 237.90 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.63 323.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.35 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.19 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.92 323.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 340.42 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.93 323.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 371.44 323.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 406.28 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.79 323.10 Td (its ) Tj ET Q q 0 0 0 rg BT 428.75 323.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 480.80 323.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.29 323.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (NOTE 2. ) Tj ET Q q 0 0 0 rg BT 122.00 299.10 Td (PROPER) Tj ET Q q 0 0 0 rg BT 162.76 299.10 Td (TY) Tj ET Q q 0 0 0 rg BT 176.28 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 299.10 Td (AND EQUIPMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (Property and equipment consists of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 239.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 239.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 239.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 239.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 215.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 215.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 215.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 191.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 191.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 191.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 167.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 167.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 167.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 167.60 80.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 239.60000000000002 m 478.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 239.60000000000002 m 482.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 239.60000000000002 m 562.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 191.60000000000002 m 478.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 191.60000000000002 m 562.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 191.60000000000002 m 478.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 191.60000000000002 m 562.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 167.60000000000002 m 478.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 167.60000000000002 m 562.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 167.60000000000002 m 478.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 156.60000000000002 m 478.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 154.60000000000002 m 478.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 167.60000000000002 m 562.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 156.60000000000002 m 562.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 154.60000000000002 m 562.5 154.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.95 254.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 244.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.95 254.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 244.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.22 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 230.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 230.22 Td (252,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 230.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 230.22 Td (203,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 218.22 Td (Office equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 218.22 Td (53,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 218.22 Td (42,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.22 Td (Computer equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 206.22 Td (421,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 206.22 Td (292,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 194.22 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 194.22 Td (314,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 194.22 Td (289,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 182.22 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 182.22 Td (1,041,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 182.22 Td (828,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.22 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 170.22 Td (\(445,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 170.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 170.22 Td (\(239,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 170.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 158.22 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 158.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 158.22 Td (596,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 158.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 158.22 Td (588,919) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 93.51 132.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 139.23 132.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 176.07 132.10 Td (items ) Tj ET Q q 0 0 0 rg BT 201.25 132.10 Td (under ) Tj ET Q q 0 0 0 rg BT 227.53 132.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 257.69 132.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 285.08 132.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.14 132.10 Td ($59,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.64 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.15 132.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.11 132.10 Td ($1) Tj ET Q q 0 0 0 rg BT 382.73 132.10 Td (14,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.23 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.75 132.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.59 132.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.43 132.10 Td (December ) Tj ET Q q 0 0 0 rg BT 482.03 132.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 498.04 132.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 521.55 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.50 132.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 132.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 120.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.68 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.65 120.10 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 160.48 120.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 213.54 120.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 246.60 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.90 120.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 301.63 120.10 Td (under ) Tj ET Q q 0 0 0 rg BT 326.92 120.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 356.09 120.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 382.49 120.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.22 120.10 Td ($37,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.72 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.24 120.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.20 120.10 Td ($42,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.70 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.22 120.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.08 120.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.93 120.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.82 108.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 89.14 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.90 108.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.90 108.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.72 108.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 180.38 108.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.20 108.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.52 108.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 244.48 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.24 108.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 316.10 108.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 351.63 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.95 108.10 Td (property ) Tj ET Q q 0 0 0 rg BT 402.14 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.90 108.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 465.43 108.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 503.73 108.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.83 108.10 Td (general ) Tj ET Q q 0 0 0 rg BT 547.57 108.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 110.27 96.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.55 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.40 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.68 96.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 233.06 96.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 286.67 96.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 331.95 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.35 96.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 388.07 96.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.69 96.10 Td ($206,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.19 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.26 96.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.76 96.10 Td ($109,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.26 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.33 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.06 96.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.34 96.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.95 84.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 84.10 Td (December ) Tj ET Q q 0 0 0 rg BT 151.91 84.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 166.91 84.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 189.41 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.35 84.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 84.10 Td (, ) Tj ET Q q 0 0 0 rg BT 231.35 84.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 279.01 84.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (NOTE 3. ) Tj ET Q q 0 0 0 rg BT 122.00 60.10 Td (SOFTW) Tj ET Q q 0 0 0 rg BT 157.01 60.10 Td (ARE DEVELOPMENT) Tj ET Q q 0 0 0 rg BT 258.78 60.10 Td ( COSTS) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Software development costs consists of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 691.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 691.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 691.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 691.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 667.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 667.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 667.60 80.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 691.6 m 478.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 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696.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.22 Td (Software development costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 682.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 682.22 Td (1,021,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 682.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 682.22 Td (568,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.22 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 670.22 Td (\(207,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 670.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 670.22 Td (\(85,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 670.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 658.22 Td (Software development costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 658.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 658.22 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 658.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 658.22 Td (483,544) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 632.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.22 632.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 155.09 632.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.97 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.45 632.10 Td (April ) Tj ET Q q 0 0 0 rg BT 206.45 632.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 220.84 632.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 245.23 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.12 632.10 Td (its ) Tj ET Q q 0 0 0 rg BT 258.46 632.10 Td (project ) Tj ET Q q 0 0 0 rg BT 288.11 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.78 632.10 Td (create ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 323.54 632.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.98 632.10 Td (became ) Tj ET Q q 0 0 0 rg BT 383.40 632.10 Td (technologically ) Tj ET Q q 0 0 0 rg BT 446.94 632.10 Td (feasible ) Tj ET Q q 0 0 0 rg BT 479.92 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.25 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.36 632.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 75.75 620.10 Td (began. ) Tj ET Q q 0 0 0 rg BT 104.89 620.10 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 155.09 620.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 178.08 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.50 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.70 620.10 Td (first ) Tj ET Q q 0 0 0 rg BT 229.79 620.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 261.08 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.40 620.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 297.88 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.08 620.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.95 620.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 399.02 620.10 Td (its ) Tj ET Q q 0 0 0 rg BT 411.46 620.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.10 620.10 Td (web-based ) Tj ET Q q 0 0 0 rg BT 476.84 620.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 524.25 620.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 89.47 608.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.02 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 120.06 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.60 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.14 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.68 608.10 Td (On ) Tj ET Q q 0 0 0 rg BT 142.45 608.10 Td (March ) Tj ET Q q 0 0 0 rg BT 171.08 608.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 186.13 608.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 211.17 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.92 608.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 267.35 608.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 305.98 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 312.96 608.10 Td (public ) Tj ET Q q 0 0 0 rg BT 340.50 608.10 Td (beta ) Tj ET Q q 0 0 0 rg BT 359.69 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.57 608.10 Td (IZEA.com ) Tj ET Q q 0 0 0 rg BT 415.59 608.10 Td (powered ) Tj ET Q q 0 0 0 rg BT 452.56 608.10 Td (by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.10 608.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.69 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.05 608.10 Td (This ) Tj ET Q q 0 0 0 rg BT 518.36 608.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 555.34 608.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (being ) Tj ET Q q 0 0 0 rg BT 74.51 596.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 106.79 596.10 Td (both ) Tj ET Q q 0 0 0 rg BT 126.86 596.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 167.48 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.21 596.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 226.48 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.55 596.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 273.82 596.10 Td (native ) Tj ET Q q 0 0 0 rg BT 300.54 596.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 347.27 596.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 392.33 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.62 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.35 596.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 441.40 596.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 466.17 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.47 596.10 Td (In ) Tj ET Q q 0 0 0 rg BT 479.09 596.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 501.38 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.11 596.10 Td (throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 75.66 584.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.70 584.10 Td (began ) Tj ET Q q 0 0 0 rg BT 144.73 584.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 175.10 584.10 Td (features ) Tj ET Q q 0 0 0 rg BT 209.90 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.50 584.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 270.65 584.10 Td (functionality ) Tj ET Q q 0 0 0 rg BT 324.90 584.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 335.83 584.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.38 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.54 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.69 584.10 Td (will ) Tj ET Q q 0 0 0 rg BT 401.40 584.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 439.53 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.90 584.10 Td (contracting, ) Tj ET Q q 0 0 0 rg BT 505.54 584.10 Td (workflow ) Tj ET Q q 0 0 0 rg BT 547.58 584.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 84.48 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.53 572.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 119.01 572.10 Td (content. ) Tj ET Q q 0 0 0 rg BT 152.66 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.38 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 164.43 572.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 211.11 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 230.22 572.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 251.39 572.10 Td (350-40,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 282.22 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.94 572.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 317.88 572.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 335.15 572.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 365.89 572.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.33 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.05 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.83 572.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 409.00 572.10 Td (985-730, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 446.54 572.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 488.26 572.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 519.01 572.10 Td (e ) Tj ET Q q 0 0 0 rg BT 525.17 572.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 552.56 572.10 Td (ch ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 560.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.55 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 125.84 560.10 Td (research ) Tj ET Q q 0 0 0 rg BT 161.94 560.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 187.50 560.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 210.29 560.10 Td (should ) Tj ET Q q 0 0 0 rg BT 239.75 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 251.98 560.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 291.98 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 303.10 560.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 339.21 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.44 560.10 Td (development ) Tj ET Q q 0 0 0 rg BT 410.88 560.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 436.44 560.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 459.23 560.10 Td (including ) Tj ET Q q 0 0 0 rg BT 499.80 560.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 525.36 560.10 Td (materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.03 548.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 104.34 548.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 135.26 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.29 548.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 186.54 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.57 548.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.60 548.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 258.20 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 278.01 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 290.04 548.10 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 338.44 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.47 548.10 Td (As ) Tj ET Q q 0 0 0 rg BT 354.18 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.21 548.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 388.52 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.33 548.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.82 548.10 Td (has ) Tj ET Q q 0 0 0 rg BT 460.74 548.10 Td (capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.64 548.10 Td ($1,021,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.64 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.24 548.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 76.49 536.10 Td (materials, ) Tj ET Q q 0 0 0 rg BT 119.36 536.10 Td (consulting, ) Tj ET Q q 0 0 0 rg BT 167.25 536.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 199.29 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 536.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 248.94 536.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 272.66 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.16 536.10 Td (software ) Tj ET Q q 0 0 0 rg BT 322.31 536.10 Td (development ) Tj ET Q q 0 0 0 rg BT 377.69 536.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 401.41 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.91 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.85 536.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.11 536.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 517.37 536.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 541.63 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.69 536.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.81 524.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.81 524.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.84 524.10 Td (The ) Tj ET Q q 0 0 0 rg BT 152.11 524.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.72 524.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 234.77 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.71 524.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 276.88 524.10 Td (life ) Tj ET Q q 0 0 0 rg BT 292.93 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.99 524.10 Td (its ) Tj ET Q q 0 0 0 rg BT 316.16 524.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 359.98 524.10 Td (software ) Tj ET Q q 0 0 0 rg BT 397.13 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.64 524.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.80 524.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 427.53 524.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.63 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.85 524.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 496.58 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 517.08 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.02 524.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 512.10 Td (time ) Tj ET Q q 0 0 0 rg BT 81.10 512.10 Td (its ) Tj ET Q q 0 0 0 rg BT 93.05 512.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 121.65 512.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 162.47 512.10 Td (were ) Tj ET Q q 0 0 0 rg BT 184.40 512.10 Td (in-service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 107.32 488.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 143.54 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 157.54 488.10 Td (software ) Tj ET Q q 0 0 0 rg BT 195.97 488.10 Td (development ) Tj ET Q q 0 0 0 rg BT 251.63 488.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.63 488.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 314.61 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.39 488.10 Td (general ) Tj ET Q q 0 0 0 rg BT 359.82 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.26 488.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 439.47 488.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 475.68 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.47 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.69 488.10 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.82 476.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 149.30 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.91 476.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 205.84 476.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.67 476.10 Td ($122,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.17 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.44 476.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.16 476.10 Td ($85,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.66 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.93 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.87 476.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.36 476.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 379.29 476.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.74 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.01 476.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.17 476.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.53 476.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.53 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.80 476.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.52 476.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.52 476.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.52 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.87 464.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 133.34 464.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 174.01 464.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 226.91 464.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 261.47 464.10 Td (related ) Tj ET Q q 0 0 0 rg BT 291.03 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.16 464.10 Td (software ) Tj ET Q q 0 0 0 rg BT 337.95 464.10 Td (development ) Tj ET Q q 0 0 0 rg BT 391.95 464.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 414.31 464.10 Td (over ) Tj ET Q q 0 0 0 rg BT 434.43 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.01 464.10 Td (next ) Tj ET Q q 0 0 0 rg BT 468.58 464.10 Td (five ) Tj ET Q q 0 0 0 rg BT 486.48 464.10 Td (years ) Tj ET Q q 0 0 0 rg BT 509.94 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.96 464.10 Td (set ) Tj ET Q q 0 0 0 rg BT 532.43 464.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 554.22 464.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 452.10 Td (following ) Tj ET Q q 0 0 0 rg BT 106.10 452.10 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 419.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 389.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 359.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 419.6 m 462.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 419.6 m 562.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 344.6 m 562.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 330.6 m 562.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 328.6 m 562.5 328.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.27 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 432.17 Td (Software Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.05 422.22 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 409.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 394.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 379.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 364.27 Td (118,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 349.27 Td (82,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 334.27 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (NOTE 4. ) Tj ET Q q 0 0 0 rg BT 122.00 306.10 Td (EBYLINE ) Tj ET Q q 0 0 0 rg BT 168.96 306.10 Td (ACQUISITION) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 280.53505859375 m 113.9599609375 280.53505859375 l s q 0 0 0 rg BT 50.00 282.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 282.10 Td (chase Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.60 265.10 Td (January ) Tj ET Q q 0 0 0 rg BT 98.08 265.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 112.97 265.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 137.85 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.45 265.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.71 265.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 236.63 265.10 Td (all ) Tj ET Q q 0 0 0 rg BT 249.01 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.72 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.32 265.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 323.37 265.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 350.74 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.45 265.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.48 265.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.97 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.69 265.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 460.67 265.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 497.49 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.65 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.25 265.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.85 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.56 265.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 75.86 253.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 114.37 253.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 164.38 253.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 189.12 253.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.53 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.95 253.10 Td (January ) Tj ET Q q 0 0 0 rg BT 246.14 253.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 261.72 253.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.31 253.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.39 253.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.92 253.10 Td (among ) Tj ET Q q 0 0 0 rg BT 348.22 253.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 376.57 253.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 410.76 253.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.29 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.59 253.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 497.22 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.64 253.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 542.83 253.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.58 253.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 92.18 241.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 129.35 241.10 Td (price ) Tj ET Q q 0 0 0 rg BT 150.97 241.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.38 241.10 Td (be ) Tj ET Q q 0 0 0 rg BT 171.45 241.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 190.29 241.10 Td (over ) Tj ET Q q 0 0 0 rg BT 209.69 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.54 241.10 Td (next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.39 241.10 Td (three ) Tj ET Q q 0 0 0 rg BT 264.00 241.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.10 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.73 241.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.69 241.10 Td ($8,850,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.69 241.10 Td (. ) Tj ET Q q 0 0 0 rg BT 345.83 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.34 241.10 Td (The ) Tj ET Q q 0 0 0 rg BT 364.52 241.10 Td (total ) Tj ET Q q 0 0 0 rg BT 383.92 241.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 439.42 241.10 Td (is ) Tj ET Q q 0 0 0 rg BT 447.72 241.10 Td (made ) Tj ET Q q 0 0 0 rg BT 471.01 241.10 Td (up ) Tj ET Q q 0 0 0 rg BT 482.64 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.60 241.10 Td (four ) Tj ET Q q 0 0 0 rg BT 510.89 241.10 Td (components:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 122.00 223.10 Td (a ) Tj ET Q q 0 0 0 rg BT 128.94 223.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 149.21 223.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 186.14 223.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.97 223.10 Td ($1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.97 223.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.47 223.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 264.19 223.10 Td (at ) Tj ET Q q 0 0 0 rg BT 273.90 223.10 Td (closing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 205.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 122.00 205.10 Td (an ) Tj ET Q q 0 0 0 rg BT 133.94 205.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 170.32 205.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.15 205.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 203.36 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.86 205.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 245.59 205.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 270.87 205.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 300.02 205.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.74 205.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.24 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.74 205.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 369.46 205.10 Td (on ) Tj ET Q q 0 0 0 rg BT 381.96 205.10 Td (July ) Tj ET Q q 0 0 0 rg BT 401.13 205.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 416.13 205.10 Td (2015;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 187.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 122.00 187.10 Td (a ) Tj ET Q q 0 0 0 rg BT 127.96 187.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 147.24 187.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.09 187.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 179.72 187.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 215.67 187.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.52 187.10 Td (up ) Tj ET Q q 0 0 0 rg BT 237.04 187.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.34 187.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.29 187.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.80 187.10 Td ($1,900,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 187.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.32 187.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 187.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 378.49 187.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.79 187.10 Td (proportional ) Tj ET Q q 0 0 0 rg BT 438.74 187.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 478.03 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.32 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.06 187.10 Td (event ) Tj ET Q q 0 0 0 rg BT 524.23 187.10 Td (Ebyline) Tj ET Q q 0 0 0 rg BT 558.11 187.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (final ) Tj ET Q q 0 0 0 rg BT 71.19 175.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 94.06 175.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 128.57 175.10 Td (was ) Tj ET Q q 0 0 0 rg BT 146.99 175.10 Td (below ) Tj ET Q q 0 0 0 rg BT 174.29 175.10 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.29 175.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 227.99 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.85 175.10 Td (Ebyline's ) Tj ET Q q 0 0 0 rg BT 270.52 175.10 Td (final ) Tj ET Q q 0 0 0 rg BT 291.71 175.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 315.69 175.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 350.20 175.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.73 175.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 387.59 175.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.01 175.10 Td ($7,903,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.01 175.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.38 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.61 175.10 Td (As ) Tj ET Q q 0 0 0 rg BT 472.59 175.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 496.29 175.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.37 175.10 Td (total ) Tj ET Q q 0 0 0 rg BT 532.01 175.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 74.16 163.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.33 163.10 Td ($1,877,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.33 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.83 163.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.11 163.10 Td (be ) Tj ET Q q 0 0 0 rg BT 153.05 163.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 172.76 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.04 163.10 Td (two ) Tj ET Q q 0 0 0 rg BT 200.54 163.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 224.70 163.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 275.53 163.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.36 163.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.86 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.36 163.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.86 163.10 Td (January ) Tj ET Q q 0 0 0 rg BT 372.46 163.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 387.46 163.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 409.96 163.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.89 163.10 Td (January ) Tj ET Q q 0 0 0 rg BT 460.49 163.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 475.49 163.10 Td (2017; ) Tj ET Q q 0 0 0 rg BT 500.77 163.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 145.10 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 122.00 145.10 Td (total ) Tj ET Q q 0 0 0 rg BT 141.71 145.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 185.86 145.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 238.32 145.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 278.59 145.10 Td (up ) Tj ET Q q 0 0 0 rg BT 290.53 145.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.24 145.10 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.24 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.18 145.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.89 145.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.83 145.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 416.87 145.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 451.02 145.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 480.16 145.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 513.74 145.10 Td (tar) Tj ET Q q 0 0 0 rg BT 524.11 145.10 Td (gets. ) Tj ET Q q 0 0 0 rg BT 544.66 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 145.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.96 133.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 143.72 133.10 Td (are ) Tj ET Q q 0 0 0 rg BT 158.36 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.58 133.10 Td (be ) Tj ET Q q 0 0 0 rg BT 180.45 133.10 Td (made ) Tj ET Q q 0 0 0 rg BT 204.55 133.10 Td (only ) Tj ET Q q 0 0 0 rg BT 224.76 133.10 Td (if ) Tj ET Q q 0 0 0 rg BT 233.31 133.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 266.85 133.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 303.71 133.10 Td (at ) Tj ET Q q 0 0 0 rg BT 313.36 133.10 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 133.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.45 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.89 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.65 133.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 399.76 133.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 437.18 133.10 Td (tar) Tj ET Q q 0 0 0 rg BT 447.54 133.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 466.09 133.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.86 133.10 Td ($17,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.86 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.29 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.51 133.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td ($27,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.12 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.01 121.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 137.12 121.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.68 121.10 Td ($32,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.68 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.79 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.69 121.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 244.30 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.42 121.10 Td (If ) Tj ET Q q 0 0 0 rg BT 257.19 121.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 291.41 121.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 328.95 121.10 Td (at ) Tj ET Q q 0 0 0 rg BT 339.28 121.10 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.72 121.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.05 121.10 Td (, ) Tj ET Q q 0 0 0 rg BT 384.67 121.10 Td (but ) Tj ET Q q 0 0 0 rg BT 400.56 121.10 Td (less ) Tj ET Q q 0 0 0 rg BT 418.68 121.10 Td (than ) Tj ET Q q 0 0 0 rg BT 439.01 121.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 465.45 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.90 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.23 121.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 527.01 121.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 109.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 81.34 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.91 109.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.80 109.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 189.48 109.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 213.50 109.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.19 109.10 Td ($1,800,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.19 109.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.06 109.10 Td ($1,800,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.06 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.42 109.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.22 109.10 Td ($1,900,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.22 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.58 109.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.60 109.10 Td (each ) Tj ET Q q 0 0 0 rg BT 420.27 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.96 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.54 109.10 Td (three ) Tj ET Q q 0 0 0 rg BT 467.89 109.10 Td (years ) Tj ET Q q 0 0 0 rg BT 491.35 109.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 520.93 109.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.16 97.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 90.33 97.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 112.99 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.09 97.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 155.25 97.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 202.91 97.10 Td (, ) Tj ET Q q 0 0 0 rg BT 208.08 97.10 Td (will ) Tj ET Q q 0 0 0 rg BT 226.29 97.10 Td (be ) Tj ET Q q 0 0 0 rg BT 238.40 97.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 269.38 97.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.82 97.10 Td (adjustment. ) Tj ET Q q 0 0 0 rg BT 328.87 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.94 97.10 Td (Anything ) Tj ET Q q 0 0 0 rg BT 371.38 97.10 Td (below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.49 97.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.82 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.48 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.47 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.35 97.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 479.68 97.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 517.33 97.10 Td (tar) Tj ET Q q 0 0 0 rg BT 527.69 97.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 546.46 97.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.66 85.10 Td (be ) Tj ET Q q 0 0 0 rg BT 77.98 85.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.85 85.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.39 85.10 Td (any ) Tj ET Q q 0 0 0 rg BT 142.71 85.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 196.11 85.10 Td (payment. ) Tj ET Q q 0 0 0 rg BT 235.92 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.59 85.10 Td (The ) Tj ET Q q 0 0 0 rg BT 257.02 85.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 310.42 85.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 351.63 85.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.71 85.10 Td (also ) Tj ET Q q 0 0 0 rg BT 385.70 85.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 416.91 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.56 85.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.88 85.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.21 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.09 85.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 496.74 85.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.40 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.49 85.10 Td (event ) Tj ET Q q 0 0 0 rg BT 547.03 85.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (either ) Tj ET Q q 0 0 0 rg BT 75.72 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.00 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.17 73.10 Td (two ) Tj ET Q q 0 0 0 rg BT 120.12 73.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 161.38 73.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 207.09 73.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 242.25 73.10 Td (during ) Tj ET Q q 0 0 0 rg BT 271.31 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.48 73.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 333.31 73.10 Td (were ) Tj ET Q q 0 0 0 rg BT 355.69 73.10 Td (no ) Tj ET Q q 0 0 0 rg BT 368.64 73.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 397.14 73.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 439.53 73.10 Td (at ) Tj ET Q q 0 0 0 rg BT 449.69 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.86 73.10 Td (end ) Tj ET Q q 0 0 0 rg BT 482.25 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.54 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.70 73.10 Td (measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 61.10 Td (. ) Tj ET Q q 0 0 0 rg BT 71.55 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.94 61.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 127.41 61.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 168.13 61.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.72 61.10 Td (due ) Tj ET Q q 0 0 0 rg BT 199.55 61.10 Td (no ) Tj ET Q q 0 0 0 rg BT 211.94 61.10 Td (later ) Tj ET Q q 0 0 0 rg BT 232.09 61.10 Td (than ) Tj ET Q q 0 0 0 rg BT 251.70 61.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 264.09 61.10 Td (days ) Tj ET Q q 0 0 0 rg BT 284.81 61.10 Td (after ) Tj ET Q q 0 0 0 rg BT 305.52 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.12 61.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 364.17 61.10 Td (period ) Tj ET Q q 0 0 0 rg BT 392.11 61.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.94 61.10 Td (may ) Tj ET Q q 0 0 0 rg BT 428.54 61.10 Td (be ) Tj ET Q q 0 0 0 rg BT 440.37 61.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 459.98 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.15 61.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 490.31 61.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.03 61.10 Td (common ) Tj ET Q q 0 0 0 rg BT 538.41 61.10 Td (stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.72 49.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.43 49.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 121.51 49.10 Td (option.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 740.68505859375 m 146.9482421875 740.68505859375 l s q 0 0 0 rg BT 50.00 742.25 Td (Consideration Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The fair value of the total estimated future consideration to be paid is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.75 310.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 653.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 653.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 653.75 68.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 621.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 621.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 621.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 593.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 593.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 593.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 565.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 565.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 565.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 537.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 537.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 537.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 537.75 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 653.75 m 360.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 653.75 m 427.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.75 m 494.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 653.75 m 562.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 653.75 m 427.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 653.75 m 494.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 653.75 m 562.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 593.75 m 427.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 593.75 m 494.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 593.75 m 562.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 593.75 m 360.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 580.75 m 360.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 578.75 m 360.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 580.75 m 427.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 578.75 m 427.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 593.75 m 494.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 580.75 m 494.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 578.75 m 494.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 593.75 m 562.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 580.75 m 562.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 578.75 m 562.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 537.75 m 360.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 524.75 m 360.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 522.75 m 360.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 537.75 m 427.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 524.75 m 427.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 522.75 m 427.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 537.75 m 494.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 524.75 m 494.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 522.75 m 494.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 537.75 m 562.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 524.75 m 562.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 522.75 m 562.5 522.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 703.42 Td (Estimated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 693.42 Td (Gross) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.45 683.42 Td (Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.40 673.42 Td (Consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 683.42 Td (Initial Present) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 673.42 Td (and Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 693.42 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 683.42 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 673.42 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.20 658.42 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.20 658.42 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 658.42 Td (12/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.42 Td (Cash paid at closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 642.42 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 642.42 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 642.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.42 Td (Guaranteed purchase price \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 626.42 Td (2,127,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 626.42 Td (1,982,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 626.42 Td (1,823,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.32 Td (Contingent performance payments \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 612.32 Td (2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 612.32 Td (1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 612.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.32 Td (Acquisition costs to be paid by Ebyline shareholders \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 598.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 598.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 598.37 Td (\(89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 598.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 584.32 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 584.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 584.32 Td (5,537,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 584.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 584.32 Td (5,016,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 584.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 584.32 Td (1,734,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 556.32 Td (Current portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 556.32 Td (844,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 542.32 Td (Long term portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 542.32 Td (889,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 528.32 Td (Total acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 528.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 528.32 Td (1,734,011) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 500.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 99.60 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 500.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.20 500.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 168.72 500.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 206.92 500.25 Td (price ) Tj ET Q q 0 0 0 rg BT 229.56 500.25 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 288.58 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 299.57 500.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 333.88 500.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 362.91 500.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.12 500.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 427.10 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.54 500.25 Td (present ) Tj ET Q q 0 0 0 rg BT 469.07 500.25 Td (value ) Tj ET Q q 0 0 0 rg BT 493.38 500.25 Td (using ) Tj ET Q q 0 0 0 rg BT 517.71 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.69 500.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 488.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 149.93 488.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 169.18 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.78 488.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 209.37 488.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 230.31 488.25 Td (2% ) Tj ET Q q 0 0 0 rg BT 247.91 488.25 Td (\(5.25%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 287.17 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 291.44 488.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 325.69 488.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 362.16 488.25 Td (imputed ) Tj ET Q q 0 0 0 rg BT 399.21 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 413.47 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.96 488.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 478.11 488.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 502.38 488.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 537.74 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 488.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 476.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 164.35 476.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 216.92 476.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 261.17 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.54 476.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 315.23 476.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.81 476.25 Td ($91,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.31 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 367.35 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.04 476.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.29 476.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 423.99 476.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.43 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 455.47 476.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.38 476.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.50 476.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 476.25 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 476.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 464.25 Td (Per ) Tj ET Q q 0 0 0 rg BT 120.01 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.92 464.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 160.38 464.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 198.57 464.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 248.18 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.08 464.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 304.65 464.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.33 464.25 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.83 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.52 464.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 390.19 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.21 464.25 Td (its ) Tj ET Q q 0 0 0 rg BT 413.34 464.25 Td (common ) Tj ET Q q 0 0 0 rg BT 451.02 464.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 474.81 464.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 504.15 464.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.06 464.25 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.56 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.24 464.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 452.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 132.61 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.55 452.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 170.93 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.76 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.48 452.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 242.84 452.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 280.88 452.25 Td (price ) Tj ET Q q 0 0 0 rg BT 303.37 452.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 340.30 452.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 383.35 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 395.85 452.25 Td (July ) Tj ET Q q 0 0 0 rg BT 415.02 452.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 430.02 452.25 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 428.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 100.16 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 121.31 428.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.94 428.25 Td (value ) Tj ET Q q 0 0 0 rg BT 160.36 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.45 428.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.43 428.25 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.43 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.19 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.28 428.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 285.25 428.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 337.53 428.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 377.62 428.25 Td (described ) Tj ET Q q 0 0 0 rg BT 417.69 428.25 Td (above ) Tj ET Q q 0 0 0 rg BT 443.33 428.25 Td (was ) Tj ET Q q 0 0 0 rg BT 460.64 428.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 502.93 428.25 Td (using ) Tj ET Q q 0 0 0 rg BT 526.36 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 532.56 428.25 Td (Monte-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 416.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 129.20 416.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 174.40 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.15 416.25 Td (simulate ) Tj ET Q q 0 0 0 rg BT 222.01 416.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 256.64 416.25 Td (over ) Tj ET Q q 0 0 0 rg BT 277.38 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.58 416.25 Td (next ) Tj ET Q q 0 0 0 rg BT 312.77 416.25 Td (three ) Tj ET Q q 0 0 0 rg BT 335.74 416.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 362.32 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.29 416.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 390.49 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.68 416.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 450.88 416.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 507.73 416.25 Td (has ) Tj ET Q q 0 0 0 rg BT 524.03 416.25 Td (an ) Tj ET Q q 0 0 0 rg BT 536.45 416.25 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 404.25 Td (like ) Tj ET Q q 0 0 0 rg BT 120.90 404.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 160.30 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 166.64 404.25 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 214.65 404.25 Td (framework ) Tj ET Q q 0 0 0 rg BT 260.42 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 269.00 404.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 314.22 404.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 361.66 404.25 Td (for ) Tj ET Q q 0 0 0 rg BT 375.23 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.36 404.25 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 430.84 404.25 Td (The ) Tj ET Q q 0 0 0 rg BT 448.29 404.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.09 404.25 Td (started ) Tj ET Q q 0 0 0 rg BT 517.65 404.25 Td (with ) Tj ET Q q 0 0 0 rg BT 537.34 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 543.69 404.25 Td (risk-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 392.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 140.56 392.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 177.11 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.68 392.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 232.99 392.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 267.87 392.25 Td (\(using ) Tj ET Q q 0 0 0 rg BT 296.11 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 303.78 392.25 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 358.67 392.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 395.79 392.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 414.01 392.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.58 392.25 Td (8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.41 392.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 452.97 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.65 392.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 508.32 392.25 Td (it ) Tj ET Q q 0 0 0 rg BT 517.11 392.25 Td (will ) Tj ET Q q 0 0 0 rg BT 535.90 392.25 Td (follow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 380.25 Td (geometric ) Tj ET Q q 0 0 0 rg BT 146.77 380.25 Td (brownian ) Tj ET Q q 0 0 0 rg BT 187.32 380.25 Td (motion ) Tj ET Q q 0 0 0 rg BT 218.44 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.00 380.25 Td (simulate ) Tj ET Q q 0 0 0 rg BT 265.67 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.67 380.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 315.10 380.25 Td (at ) Tj ET Q q 0 0 0 rg BT 325.10 380.25 Td (future ) Tj ET Q q 0 0 0 rg BT 351.76 380.25 Td (dates. ) Tj ET Q q 0 0 0 rg BT 377.59 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.38 380.25 Td (Once ) Tj ET Q q 0 0 0 rg BT 404.26 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.26 380.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 445.38 380.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 479.81 380.25 Td (was ) Tj ET Q q 0 0 0 rg BT 498.14 380.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 539.25 380.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 368.25 Td (of) Tj ET Q q 0 0 0 rg BT 112.15 368.25 Td (f ) Tj ET Q q 0 0 0 rg BT 117.46 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.77 368.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 174.18 368.25 Td (made ) Tj ET Q q 0 0 0 rg BT 197.81 368.25 Td (during ) Tj ET Q q 0 0 0 rg BT 225.90 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.10 368.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 288.46 368.25 Td (payout ) Tj ET Q q 0 0 0 rg BT 317.65 368.25 Td (was ) Tj ET Q q 0 0 0 rg BT 335.19 368.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 377.69 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.33 368.25 Td (each ) Tj ET Q q 0 0 0 rg BT 411.63 368.25 Td (year ) Tj ET Q q 0 0 0 rg BT 430.81 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.23 368.25 Td (present ) Tj ET Q q 0 0 0 rg BT 478.08 368.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 506.72 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.48 368.25 Td (incorporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.21 356.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 144.97 356.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.97 356.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 207.06 356.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.83 356.25 Td (these ) Tj ET Q q 0 0 0 rg BT 251.37 356.25 Td (payments. ) Tj ET Q q 0 0 0 rg BT 294.98 356.25 Td (The ) Tj ET Q q 0 0 0 rg BT 313.52 356.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 361.10 356.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 387.42 356.25 Td (value ) Tj ET Q q 0 0 0 rg BT 412.07 356.25 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 458.39 356.25 Td (was ) Tj ET Q q 0 0 0 rg BT 476.94 356.25 Td (based ) Tj ET Q q 0 0 0 rg BT 502.70 356.25 Td (on ) Tj ET Q q 0 0 0 rg BT 515.70 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.91 356.25 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 344.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 140.02 344.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.05 344.25 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.55 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.14 344.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 238.95 344.25 Td (trials. ) Tj ET Q q 0 0 0 rg BT 263.03 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.50 344.25 Td (The ) Tj ET Q q 0 0 0 rg BT 281.64 344.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 319.34 344.25 Td (used ) Tj ET Q q 0 0 0 rg BT 339.25 344.25 Td (for ) Tj ET Q q 0 0 0 rg BT 352.50 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.31 344.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 410.12 344.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.26 344.25 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.59 344.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.68 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 451.15 344.25 Td (The ) Tj ET Q q 0 0 0 rg BT 468.29 344.25 Td (Monte ) Tj ET Q q 0 0 0 rg BT 495.98 344.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 519.79 344.25 Td (simulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 332.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 137.88 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.89 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 154.56 332.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 197.32 332.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 213.42 332.25 Td (value ) Tj ET Q q 0 0 0 rg BT 237.31 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.86 332.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 292.31 332.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.06 332.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 385.61 332.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.17 332.25 Td ($2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.17 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 443.40 332.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.63 332.25 Td (January30, ) Tj ET Q q 0 0 0 rg BT 503.96 332.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.96 332.25 Td (. ) Tj ET Q q 0 0 0 rg BT 528.69 332.25 Td (Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.33 320.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 162.65 320.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.28 320.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.71 320.25 Td (are ) Tj ET Q q 0 0 0 rg BT 270.03 320.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 300.46 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.35 320.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.89 320.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.22 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.33 320.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 377.20 320.25 Td (related ) Tj ET Q q 0 0 0 rg BT 406.51 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.40 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.73 320.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 472.27 320.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 524.37 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 534.80 320.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 308.25 Td (key ) Tj ET Q q 0 0 0 rg BT 120.96 308.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 168.19 308.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.17 308.25 Td (805-10-55-25 ) Tj ET Q q 0 0 0 rg BT 247.68 308.25 Td (indicates ) Tj ET Q q 0 0 0 rg BT 285.75 308.25 Td (that ) Tj ET Q q 0 0 0 rg BT 303.27 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.23 308.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 341.64 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.49 308.25 Td (these ) Tj ET Q q 0 0 0 rg BT 375.56 308.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 416.41 308.25 Td (be ) Tj ET Q q 0 0 0 rg BT 428.37 308.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 458.10 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 468.95 308.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 506.47 308.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.15 296.25 Td (be ) Tj ET Q q 0 0 0 rg BT 125.96 296.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 159.41 296.25 Td (over ) Tj ET Q q 0 0 0 rg BT 179.55 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.14 296.25 Td (term ) Tj ET Q q 0 0 0 rg BT 214.83 296.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 240.52 296.25 Td (than ) Tj ET Q q 0 0 0 rg BT 260.11 296.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 298.57 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 308.72 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.30 296.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 361.21 296.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 386.07 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 388.27 296.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 432.55 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.14 296.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 488.40 296.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 522.41 296.25 Td (its ) Tj ET Q q 0 0 0 rg BT 534.23 296.25 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 284.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 143.27 284.25 Td (price ) Tj ET Q q 0 0 0 rg BT 167.00 284.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 224.61 284.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 284.25 Td ($357,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.85 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.58 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.76 284.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 336.47 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.43 284.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 379.50 284.25 Td (present ) Tj ET Q q 0 0 0 rg BT 412.11 284.25 Td (value ) Tj ET Q q 0 0 0 rg BT 437.50 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 449.57 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.53 284.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 511.48 284.25 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 272.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 143.94 272.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.78 272.25 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.78 272.25 Td (. ) Tj ET Q q 0 0 0 rg BT 201.90 272.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 227.96 272.25 Td (on ) Tj ET Q q 0 0 0 rg BT 239.57 272.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 265.06 272.25 Td (results ) Tj ET Q q 0 0 0 rg BT 292.79 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 306.07 272.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 327.69 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.75 272.25 Td (current ) Tj ET Q q 0 0 0 rg BT 373.68 272.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 419.73 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.01 272.25 Td (Content ) Tj ET Q q 0 0 0 rg BT 466.29 272.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 502.90 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 516.18 272.25 Td (2016-2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.83 260.25 Td (Content ) Tj ET Q q 0 0 0 rg BT 151.11 260.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 187.72 260.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.99 260.25 Td (every ) Tj ET Q q 0 0 0 rg BT 224.82 260.25 Td (year ) Tj ET Q q 0 0 0 rg BT 243.64 260.25 Td (is ) Tj ET Q q 0 0 0 rg BT 251.92 260.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 289.07 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.47 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 309.52 260.25 Td (below ) Tj ET Q q 0 0 0 rg BT 335.58 260.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 355.52 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.47 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.30 260.25 Td (required ) Tj ET Q q 0 0 0 rg BT 414.23 260.25 Td (Content ) Tj ET Q q 0 0 0 rg BT 447.52 260.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 488.01 260.25 Td (tar) Tj ET Q q 0 0 0 rg BT 498.38 260.25 Td (gets. ) Tj ET Q q 0 0 0 rg BT 518.60 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.10 260.25 Td (Therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.20 248.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 161.07 248.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 202.37 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 248.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 234.42 248.25 Td (value ) Tj ET Q q 0 0 0 rg BT 259.06 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 270.37 248.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 315.56 248.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 369.07 248.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 410.37 248.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.57 248.25 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.57 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.55 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.86 248.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.17 248.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 515.24 248.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.24 248.25 Td (. ) Tj ET Q q 0 0 0 rg BT 540.72 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.70 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.47 248.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 236.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 124.42 236.25 Td (as ) Tj ET Q q 0 0 0 rg BT 135.95 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 143.59 236.25 Td (result ) Tj ET Q q 0 0 0 rg BT 169.00 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.54 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.95 236.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 233.57 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.55 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.96 236.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 301.49 236.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.56 236.25 Td (value ) Tj ET Q q 0 0 0 rg BT 343.42 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.95 236.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 400.36 236.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 454.09 236.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 495.61 236.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.14 236.25 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.14 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 555.34 236.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 224.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 141.21 224.25 Td (as ) Tj ET Q q 0 0 0 rg BT 151.78 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 158.46 224.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 198.46 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.03 224.25 Td (general ) Tj ET Q q 0 0 0 rg BT 240.69 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 224.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 316.81 224.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 351.25 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.27 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.73 224.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 422.54 224.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 466.99 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.56 224.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 521.45 224.25 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 224.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 212.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 133.16 212.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.60 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.10 212.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.48 212.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 250.06 212.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.06 212.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 188.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 104.00 188.25 Td (According ) Tj ET Q q 0 0 0 rg BT 148.44 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.44 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 188.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 196.22 188.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 233.99 188.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 280.36 188.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.79 188.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 355.90 188.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 378.12 188.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 397.57 188.25 Td (by ) Tj ET Q q 0 0 0 rg BT 409.80 188.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 443.13 188.25 Td (during ) Tj ET Q q 0 0 0 rg BT 471.47 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.91 188.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 532.02 188.25 Td (process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 176.25 Td (are ) Tj ET Q q 0 0 0 rg BT 119.03 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.63 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 141.89 176.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 161.93 176.25 Td (by ) Tj ET Q q 0 0 0 rg BT 174.75 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.79 176.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 219.28 176.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 275.14 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.76 176.25 Td (These ) Tj ET Q q 0 0 0 rg BT 304.46 176.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.28 176.25 Td (will ) Tj ET Q q 0 0 0 rg BT 345.66 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 357.92 176.25 Td (deducted ) Tj ET Q q 0 0 0 rg BT 396.83 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 419.09 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.13 176.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 480.82 176.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 518.07 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 530.90 176.25 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 164.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 119.00 164.25 Td (2016.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 740.68505859375 m 159.794921875 740.68505859375 l s q 0 0 0 rg BT 50.00 742.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 742.25 Td (chase Price ) Tj ET Q q 0 0 0 rg BT 115.91 742.25 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The final allocation of the purchase price as of January 30, 2015 is summarized as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 688.75 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 688.75 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.75 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 660.75 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.75 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 632.75 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.75 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 604.75 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 688.75 m 472.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 688.75 m 562.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 688.75 m 472.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 688.75 m 562.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 604.75 m 562.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 604.75 m 562.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 591.75 m 562.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 589.75 m 562.5 589.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.85 703.42 Td (Final Purchase Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.85 693.42 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.32 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 679.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 679.32 Td (738,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 665.32 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 665.32 Td (27,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.32 Td (Identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 651.32 Td (2,370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 637.32 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.32 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 623.32 Td (18,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.32 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 609.37 Td (\(605,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 595.32 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 595.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 595.32 Td (5,016,939) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 567.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.86 567.25 Td (has ) Tj ET Q q 0 0 0 rg BT 122.91 567.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.59 567.25 Td ($2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.59 567.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.31 567.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.80 567.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 253.07 567.25 Td (from ) Tj ET Q q 0 0 0 rg BT 274.22 567.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.15 567.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 320.97 567.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 366.57 567.25 Td (as ) Tj ET Q q 0 0 0 rg BT 376.61 567.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.66 567.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 444.45 567.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.45 567.25 Td (. ) Tj ET Q q 0 0 0 rg BT 468.67 567.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.26 567.25 Td (This ) Tj ET Q q 0 0 0 rg BT 489.75 567.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 521.46 567.25 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.69 555.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 93.26 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.06 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.75 555.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 156.75 555.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 213.10 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.90 555.25 Td (an ) Tj ET Q q 0 0 0 rg BT 235.81 555.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 272.70 555.25 Td (business ) Tj ET Q q 0 0 0 rg BT 309.06 555.25 Td (over ) Tj ET Q q 0 0 0 rg BT 329.30 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.99 555.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 360.34 555.25 Td (value ) Tj ET Q q 0 0 0 rg BT 384.46 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.26 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.95 555.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 455.75 555.25 Td (net ) Tj ET Q q 0 0 0 rg BT 470.43 555.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 505.12 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.03 555.25 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 78.33 543.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.83 543.25 Td (See ) Tj ET Q q 0 0 0 rg BT 97.77 543.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 119.71 543.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 127.21 543.25 Td (for ) Tj ET Q q 0 0 0 rg BT 141.37 543.25 Td (further ) Tj ET Q q 0 0 0 rg BT 171.07 543.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 215.24 543.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 256.06 543.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.78 543.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 318.81 543.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 361.30 543.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 387.13 543.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.07 543.25 Td (goodwill.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.60 519.25 Td (are ) Tj ET Q q 0 0 0 rg BT 90.10 519.25 Td (many ) Tj ET Q q 0 0 0 rg BT 114.61 519.25 Td (syner) Tj ET Q q 0 0 0 rg BT 136.09 519.25 Td (gies ) Tj ET Q q 0 0 0 rg BT 154.48 519.25 Td (between ) Tj ET Q q 0 0 0 rg BT 190.09 519.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.59 519.25 Td (business ) Tj ET Q q 0 0 0 rg BT 240.77 519.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 284.72 519.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.34 519.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 328.73 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.46 519.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 367.67 519.25 Td ( ) Tj ET Q q 0 0 0 rg BT 369.96 519.25 Td (including ) Tj ET Q q 0 0 0 rg BT 410.03 519.25 Td (a ) Tj ET Q q 0 0 0 rg BT 416.75 519.25 Td (database ) Tj ET Q q 0 0 0 rg BT 453.47 519.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.09 519.25 Td (creators ) Tj ET Q q 0 0 0 rg BT 498.02 519.25 Td (that ) Tj ET Q q 0 0 0 rg BT 515.30 519.25 Td (can ) Tj ET Q q 0 0 0 rg BT 531.47 519.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (content ) Tj ET Q q 0 0 0 rg BT 82.83 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.67 507.25 Td (advertising ) Tj ET Q q 0 0 0 rg BT 148.51 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.34 507.25 Td (syner) Tj ET Q q 0 0 0 rg BT 187.82 507.25 Td (gies ) Tj ET Q q 0 0 0 rg BT 207.33 507.25 Td (between ) Tj ET Q q 0 0 0 rg BT 244.05 507.25 Td (our ) Tj ET Q q 0 0 0 rg BT 260.78 507.25 Td (online ) Tj ET Q q 0 0 0 rg BT 289.17 507.25 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 345.32 507.25 Td (that ) Tj ET Q q 0 0 0 rg BT 363.72 507.25 Td (appeal ) Tj ET Q q 0 0 0 rg BT 393.21 507.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.39 507.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 448.33 507.25 Td (on ) Tj ET Q q 0 0 0 rg BT 461.73 507.25 Td (both ) Tj ET Q q 0 0 0 rg BT 482.91 507.25 Td (sides. ) Tj ET Q q 0 0 0 rg BT 508.81 507.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.97 507.25 Td (The ) Tj ET Q q 0 0 0 rg BT 530.91 507.25 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.56 495.25 Td (are ) Tj ET Q q 0 0 0 rg BT 109.67 495.25 Td (included ) Tj ET Q q 0 0 0 rg BT 147.00 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.68 495.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.80 495.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 226.24 495.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.13 495.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 309.24 495.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 352.14 495.25 Td (on ) Tj ET Q q 0 0 0 rg BT 365.04 495.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.16 495.25 Td (date ) Tj ET Q q 0 0 0 rg BT 399.71 495.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.95 495.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 457.73 495.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.96 495.25 Td (January ) Tj ET Q q 0 0 0 rg BT 502.96 495.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 518.36 495.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 543.77 495.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 495.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.75 483.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 128.06 483.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 176.25 483.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 210.55 483.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.53 483.25 Td ($8,001,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.53 483.25 Td ( ) Tj ET Q q 0 0 0 rg BT 269.18 483.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.27 483.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 310.03 483.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 334.90 483.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 483.25 Td ($942,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.38 483.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.03 483.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.46 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.33 483.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 464.52 483.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 509.38 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.36 483.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 471.25 Td (eleven ) Tj ET Q q 0 0 0 rg BT 92.75 471.25 Td (months ) Tj ET Q q 0 0 0 rg BT 124.70 471.25 Td (from ) Tj ET Q q 0 0 0 rg BT 146.64 471.25 Td (January ) Tj ET Q q 0 0 0 rg BT 180.24 471.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 195.24 471.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 217.74 471.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.35 471.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 309.93 471.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.93 471.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.67 447.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.67 447.25 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 150.22 447.25 Td (pro ) Tj ET Q q 0 0 0 rg BT 165.67 447.25 Td (forma ) Tj ET Q q 0 0 0 rg BT 191.67 447.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.00 447.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 265.89 447.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.55 447.25 Td (information ) Tj ET Q q 0 0 0 rg BT 367.88 447.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.33 447.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 405.71 447.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 423.10 447.25 Td (as ) Tj ET Q q 0 0 0 rg BT 433.55 447.25 Td (if ) Tj ET Q q 0 0 0 rg BT 441.77 447.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.11 447.25 Td (business ) Tj ET Q q 0 0 0 rg BT 492.12 447.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 544.23 447.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.60 435.25 Td (had ) Tj ET Q q 0 0 0 rg BT 100.54 435.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 138.02 435.25 Td (on ) Tj ET Q q 0 0 0 rg BT 150.52 435.25 Td (January ) Tj ET Q q 0 0 0 rg BT 184.12 435.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 194.12 435.25 Td (2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 374.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 374.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 346.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 346.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 374.75 m 428.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 374.75 m 495.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 374.75 m 562.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 374.75 m 495.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 374.75 m 562.5 374.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.25 415.32 Td (Pro Forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.25 405.37 Td (Year Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.25 415.32 Td (Pro Forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.25 405.37 Td (Year Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.70 393.32 Td (12/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.70 393.32 Td (12/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.30 379.32 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 379.32 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.32 Td (Pro-Forma Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 365.32 Td (21,178,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 365.32 Td (16,225,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.32 Td (Pro-Forma Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 351.32 Td (12,887,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 351.32 Td (9,972,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 337.32 Td (Pro-Forma Gross Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 337.32 Td (8,290,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 337.32 Td (6,253,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 323.32 Td (Pro-Forma Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 323.37 Td (\(11,398,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 323.32 Td (1,320,882) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 295.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.01 295.25 Td (did ) Tj ET Q q 0 0 0 rg BT 90.58 295.25 Td (not ) Tj ET Q q 0 0 0 rg BT 106.15 295.25 Td (have ) Tj ET Q q 0 0 0 rg BT 127.81 295.25 Td (any ) Tj ET Q q 0 0 0 rg BT 145.04 295.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 183.09 295.25 Td (nonrecurring ) Tj ET Q q 0 0 0 rg BT 237.53 295.25 Td (pro ) Tj ET Q q 0 0 0 rg BT 253.65 295.25 Td (forma ) Tj ET Q q 0 0 0 rg BT 280.31 295.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 330.88 295.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 364.21 295.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 412.54 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.11 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.12 295.25 Td (business ) Tj ET Q q 0 0 0 rg BT 474.80 295.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 527.58 295.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.05 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.54 283.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 113.13 283.25 Td (pro ) Tj ET Q q 0 0 0 rg BT 129.74 283.25 Td (forma ) Tj ET Q q 0 0 0 rg BT 156.89 283.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.81 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.52 283.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 249.17 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.21 283.25 Td (The ) Tj ET Q q 0 0 0 rg BT 271.03 283.25 Td (pro ) Tj ET Q q 0 0 0 rg BT 287.63 283.25 Td (forma ) Tj ET Q q 0 0 0 rg BT 314.78 283.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 349.70 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.41 283.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 404.57 283.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 455.60 283.25 Td (have ) Tj ET Q q 0 0 0 rg BT 477.75 283.25 Td (been ) Tj ET Q q 0 0 0 rg BT 499.90 283.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 543.70 283.25 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (applying ) Tj ET Q q 0 0 0 rg BT 87.10 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.42 271.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 148.11 271.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 194.09 271.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 227.30 271.25 Td (on ) Tj ET Q q 0 0 0 rg BT 239.40 271.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 273.15 271.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 320.80 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.35 271.25 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 376.12 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 271.25 Td (results ) Tj ET Q q 0 0 0 rg BT 418.66 271.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.54 271.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 456.18 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 271.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.60 271.25 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 259.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 121.07 259.25 Td (that ) Tj ET Q q 0 0 0 rg BT 139.11 259.25 Td (would ) Tj ET Q q 0 0 0 rg BT 167.15 259.25 Td (have ) Tj ET Q q 0 0 0 rg BT 189.08 259.25 Td (been ) Tj ET Q q 0 0 0 rg BT 211.00 259.25 Td (char) Tj ET Q q 0 0 0 rg BT 228.03 259.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 245.51 259.25 Td (assuming ) Tj ET Q q 0 0 0 rg BT 286.33 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.60 259.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.52 259.25 Td (value ) Tj ET Q q 0 0 0 rg BT 343.22 259.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 394.04 259.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.87 259.25 Td (property ) Tj ET Q q 0 0 0 rg BT 441.79 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.27 259.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 504.53 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.01 259.25 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.83 247.25 Td (had ) Tj ET Q q 0 0 0 rg BT 92.77 247.25 Td (been ) Tj ET Q q 0 0 0 rg BT 114.15 247.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 146.08 247.25 Td (from ) Tj ET Q q 0 0 0 rg BT 168.02 247.25 Td (January ) Tj ET Q q 0 0 0 rg BT 201.62 247.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 211.62 247.25 Td (2014.) 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Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) 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0 0 0 rg BT 398.22 532.25 Td (period ) Tj ET Q q 0 0 0 rg BT 426.49 532.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.55 532.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 445.29 532.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 471.62 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.74 532.25 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 529.79 532.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.02 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.25 520.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 112.37 520.25 Td (related ) Tj ET Q q 0 0 0 rg BT 142.59 520.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 191.15 520.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 234.16 520.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 260.50 520.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 283.52 520.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 321.51 520.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.31 520.25 Td (general ) Tj ET Q q 0 0 0 rg BT 364.75 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.21 520.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 442.43 520.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 477.66 520.25 Td (in ) Tj ET Q q 0 0 0 rg BT 488.45 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.69 520.25 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 508.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 147.75 508.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.58 508.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 202.74 508.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.79 508.25 Td ($730,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.29 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.79 508.25 Td (for ) Tj ET Q q 0 0 0 rg BT 274.95 508.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.67 508.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 318.82 508.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.27 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.77 508.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 508.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 435.73 508.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.73 508.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 78.27 484.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 118.75 484.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 171.45 484.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 205.82 484.25 Td (related ) Tj ET Q q 0 0 0 rg BT 235.18 484.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.12 484.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 292.81 484.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 334.97 484.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.46 484.25 Td (over ) Tj ET Q q 0 0 0 rg BT 380.39 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.76 484.25 Td (next ) Tj ET Q q 0 0 0 rg BT 414.14 484.25 Td (five ) Tj ET Q q 0 0 0 rg BT 431.85 484.25 Td (years ) Tj ET Q q 0 0 0 rg BT 455.11 484.25 Td (is ) Tj ET Q q 0 0 0 rg BT 463.94 484.25 Td (set ) Tj ET Q q 0 0 0 rg BT 477.21 484.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 498.81 484.25 Td (in ) Tj ET Q q 0 0 0 rg BT 508.75 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 484.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.75 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 436.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.75 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 406.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.75 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 376.75 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 436.75 m 482.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 436.75 m 562.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 436.75 m 482.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 436.75 m 562.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 347.75 m 562.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 345.75 m 562.5 345.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.42 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.30 451.42 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.05 441.42 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 426.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 426.42 Td (765,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.42 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 411.42 Td (759,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.42 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 396.42 Td (148,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 381.42 Td (93,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.42 Td (38,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.42 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 351.42 Td (1,806,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 323.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.00 323.25 Td (performs ) Tj ET Q q 0 0 0 rg BT 147.38 323.25 Td (its ) Tj ET Q q 0 0 0 rg BT 159.12 323.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 188.06 323.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 236.44 323.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 256.50 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.12 323.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 304.96 323.25 Td (on ) Tj ET Q q 0 0 0 rg BT 317.24 323.25 Td (October ) Tj ET Q q 0 0 0 rg BT 351.73 323.25 Td (1st ) Tj ET Q q 0 0 0 rg BT 365.69 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.30 323.25 Td (each ) Tj ET Q q 0 0 0 rg BT 396.90 323.25 Td (year) Tj ET Q q 0 0 0 rg BT 413.56 323.25 Td (. ) Tj ET Q q 0 0 0 rg BT 418.34 323.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 458.40 323.25 Td (is ) Tj ET Q q 0 0 0 rg BT 467.36 323.25 Td (required ) Tj ET Q q 0 0 0 rg BT 502.96 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.02 323.25 Td (be ) Tj ET Q q 0 0 0 rg BT 524.74 323.25 Td (tested ) Tj ET Q q 0 0 0 rg BT 550.35 323.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.48 311.25 Td (at ) Tj ET Q q 0 0 0 rg BT 108.07 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 311.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 161.70 311.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 179.63 311.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 203.95 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.15 311.25 Td (The ) Tj ET Q q 0 0 0 rg BT 224.08 311.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 265.34 311.25 Td (has ) Tj ET Q q 0 0 0 rg BT 281.05 311.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 328.41 311.25 Td (that ) Tj ET Q q 0 0 0 rg BT 345.78 311.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 367.60 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.75 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.57 311.25 Td (after ) Tj ET Q q 0 0 0 rg BT 415.26 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.86 311.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 476.12 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.83 311.25 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 522.81 311.25 Td (it ) Tj ET Q q 0 0 0 rg BT 530.74 311.25 Td (had ) Tj ET Q q 0 0 0 rg BT 547.56 311.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 90.42 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.30 299.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.28 299.25 Td (one ) Tj ET Q q 0 0 0 rg BT 137.81 299.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 176.57 299.25 Td (unit. ) Tj ET Q q 0 0 0 rg BT 196.72 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.36 299.25 Td (As ) Tj ET Q q 0 0 0 rg BT 211.57 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.00 299.25 Td (October ) Tj ET Q q 0 0 0 rg BT 256.30 299.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 265.90 299.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 290.50 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.82 299.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 345.24 299.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.21 299.25 Td (value ) Tj ET Q q 0 0 0 rg BT 384.97 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.39 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.71 299.25 Td (Company) Tj ET Q q 0 0 0 rg BT 447.95 299.25 Td (, ) Tj ET Q q 0 0 0 rg BT 452.55 299.25 Td (based ) Tj ET Q q 0 0 0 rg BT 477.41 299.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.51 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.83 299.25 Td (current ) Tj ET Q q 0 0 0 rg BT 534.24 299.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (price ) Tj ET Q q 0 0 0 rg BT 73.13 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.61 287.25 Td (its ) Tj ET Q q 0 0 0 rg BT 97.20 287.25 Td (common ) Tj ET Q q 0 0 0 rg BT 135.35 287.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 159.60 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.75 287.25 Td (October ) Tj ET Q q 0 0 0 rg BT 208.10 287.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 218.75 287.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 244.40 287.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 284.74 287.25 Td (its ) Tj ET Q q 0 0 0 rg BT 297.33 287.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 333.79 287.25 Td (value ) Tj ET Q q 0 0 0 rg BT 358.60 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.52 287.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 398.77 287.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.24 287.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 428.39 287.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.28 287.25 Td (. ) Tj ET Q q 0 0 0 rg BT 462.93 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.85 287.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 510.91 287.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 93.73 275.25 Td (that ) Tj ET Q q 0 0 0 rg BT 111.37 275.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 149.56 275.25 Td (was ) Tj ET Q q 0 0 0 rg BT 167.75 275.25 Td (not ) Tj ET Q q 0 0 0 rg BT 183.17 275.25 Td (impaired; ) Tj ET Q q 0 0 0 rg BT 224.13 275.25 Td (however) Tj ET Q q 0 0 0 rg BT 258.16 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 263.30 275.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 308.15 275.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 343.00 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.41 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.27 275.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 420.36 275.25 Td (or ) Tj ET Q q 0 0 0 rg BT 431.33 275.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 471.18 275.25 Td (used ) Tj ET Q q 0 0 0 rg BT 492.15 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.56 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 275.25 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.10 263.25 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 134.81 263.25 Td (such ) Tj ET Q q 0 0 0 rg BT 155.14 263.25 Td (as ) Tj ET Q q 0 0 0 rg BT 165.47 263.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.91 263.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 211.67 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.45 263.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 271.22 263.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 298.77 263.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 318.54 263.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 345.26 263.25 Td (could ) Tj ET Q q 0 0 0 rg BT 369.47 263.25 Td (result ) Tj ET Q q 0 0 0 rg BT 393.69 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.47 263.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 445.46 263.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 483.55 263.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 531.65 263.25 Td (char) Tj ET Q q 0 0 0 rg BT 548.68 263.25 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 251.25 Td (future ) Tj ET Q q 0 0 0 rg BT 86.66 251.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 121.09 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.59 251.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 163.87 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 174.70 251.25 Td (any ) Tj ET Q q 0 0 0 rg BT 191.64 251.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 240.24 251.25 Td (thereon ) Tj ET Q q 0 0 0 rg BT 272.72 251.25 Td (is ) Tj ET Q q 0 0 0 rg BT 281.89 251.25 Td (not ) Tj ET Q q 0 0 0 rg BT 297.17 251.25 Td (deductible ) Tj ET Q q 0 0 0 rg BT 341.32 251.25 Td (for ) Tj ET Q q 0 0 0 rg BT 355.48 251.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 370.20 251.25 Td (purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 227.25 Td (6. ) Tj ET Q q 0 0 0 rg BT 122.00 227.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 158.40 227.25 Td (P) Tj ET Q q 0 0 0 rg BT 163.77 227.25 Td (A) Tj ET Q q 0 0 0 rg BT 170.07 227.25 Td (Y) Tj ET Q q 0 0 0 rg BT 176.38 227.25 Td (ABLE) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 201.68505859375 m 183.232421875 201.68505859375 l s q 0 0 0 rg BT 50.00 203.25 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 81.39 203.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 106.68 203.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 118.16 203.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 136.22 203.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 152.70 203.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.51 191.25 Td (March ) Tj ET Q q 0 0 0 rg BT 92.90 191.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 102.68 191.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 127.47 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.98 191.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.15 191.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 214.86 191.25 Td (into ) Tj ET Q q 0 0 0 rg BT 232.71 191.25 Td (a ) Tj ET Q q 0 0 0 rg BT 239.43 191.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 272.26 191.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 297.31 191.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 327.92 191.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 371.84 191.25 Td (with ) Tj ET Q q 0 0 0 rg BT 391.91 191.25 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 421.41 191.25 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 447.31 191.25 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 469.04 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.66 191.25 Td (San ) Tj ET Q q 0 0 0 rg BT 496.95 191.25 Td (Jose, ) Tj ET Q q 0 0 0 rg BT 518.96 191.25 Td (California, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.20 179.25 Td (expanded ) Tj ET Q q 0 0 0 rg BT 108.27 179.25 Td (this ) Tj ET Q q 0 0 0 rg BT 125.48 179.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 156.56 179.25 Td (with ) Tj ET Q q 0 0 0 rg BT 177.10 179.25 Td (an ) Tj ET Q q 0 0 0 rg BT 189.30 179.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 233.70 179.25 Td (on ) Tj ET Q q 0 0 0 rg BT 245.85 179.25 Td (April ) Tj ET Q q 0 0 0 rg BT 269.72 179.25 Td (13, ) Tj ET Q q 0 0 0 rg BT 284.98 179.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 310.24 179.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 348.00 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 358.54 179.25 Td (this ) Tj ET Q q 0 0 0 rg BT 375.75 179.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 422.65 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.63 179.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 479.27 179.25 Td (may ) Tj ET Q q 0 0 0 rg BT 499.25 179.25 Td (submit ) Tj ET Q q 0 0 0 rg BT 529.24 179.25 Td (requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.33 167.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 98.11 167.25 Td (up ) Tj ET Q q 0 0 0 rg BT 110.77 167.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.22 167.25 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.55 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 142.22 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.22 167.25 Td (its ) Tj ET Q q 0 0 0 rg BT 165.33 167.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 197.99 167.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 235.65 167.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 279.39 167.25 Td (up ) Tj ET Q q 0 0 0 rg BT 292.06 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.51 167.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.62 167.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 352.84 167.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 378.27 167.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 399.83 167.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.83 167.25 Td ($5 ) Tj ET Q q 0 0 0 rg BT 423.50 167.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.39 167.25 Td (. ) Tj ET Q q 0 0 0 rg BT 457.36 167.25 Td (This ) Tj ET Q q 0 0 0 rg BT 477.81 167.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 522.12 167.25 Td (is ) Tj ET Q q 0 0 0 rg BT 531.46 167.25 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.69 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.60 155.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 124.88 155.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 162.55 155.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 206.33 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.46 155.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 276.70 155.25 Td (all ) Tj ET Q q 0 0 0 rg BT 289.39 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.41 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.32 155.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 362.60 155.25 Td (other ) Tj ET Q q 0 0 0 rg BT 385.83 155.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 414.36 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.86 155.25 Td (The ) Tj ET Q q 0 0 0 rg BT 435.10 155.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 479.43 155.25 Td (renews ) Tj ET Q q 0 0 0 rg BT 510.44 155.25 Td (annually ) Tj ET Q q 0 0 0 rg BT 547.57 155.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.26 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.53 143.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 139.46 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.29 143.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 165.78 143.25 Td (an ) Tj ET Q q 0 0 0 rg BT 177.27 143.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 205.98 143.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 236.35 143.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 250.61 143.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.99 143.25 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.49 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 295.54 143.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.87 143.25 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.70 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.75 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.13 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.40 143.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 371.21 143.25 Td (limit\) ) Tj ET Q q 0 0 0 rg BT 395.48 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.97 143.25 Td (an ) Tj ET Q q 0 0 0 rg BT 423.46 143.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 452.17 143.25 Td (due ) Tj ET Q q 0 0 0 rg BT 468.66 143.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 507.36 143.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 521.62 143.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.00 143.25 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 143.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.08 131.25 Td (accrues ) Tj ET Q q 0 0 0 rg BT 116.16 131.25 Td (on ) Tj ET Q q 0 0 0 rg BT 129.25 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.57 131.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 184.31 131.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.62 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.94 131.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 228.02 131.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.45 131.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 265.87 131.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 285.64 131.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.97 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 302.06 131.25 Td (per ) Tj ET Q q 0 0 0 rg BT 317.93 131.25 Td (annum. ) Tj ET Q q 0 0 0 rg BT 350.52 131.25 Td (The ) Tj ET Q q 0 0 0 rg BT 369.16 131.25 Td (default ) Tj ET Q q 0 0 0 rg BT 400.02 131.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 418.11 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.53 131.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 462.06 131.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.83 131.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 498.25 131.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 518.02 131.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.35 131.25 Td (. ) Tj ET Q q 0 0 0 rg BT 536.95 131.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 131.25 Td (If ) Tj ET Q q 0 0 0 rg BT 549.80 131.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 94.23 119.25 Td (is ) Tj ET Q q 0 0 0 rg BT 103.50 119.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 148.85 119.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 170.88 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.26 119.25 Td (May ) Tj ET Q q 0 0 0 rg BT 202.18 119.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 212.28 119.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 237.37 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.18 119.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 293.66 119.25 Td (will ) Tj ET Q q 0 0 0 rg BT 311.81 119.25 Td (be ) Tj ET Q q 0 0 0 rg BT 323.85 119.25 Td (required ) Tj ET Q q 0 0 0 rg BT 359.76 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.13 119.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 387.16 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 394.19 119.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 442.89 119.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 457.69 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.61 119.25 Td (.70% ) Tj ET Q q 0 0 0 rg BT 492.04 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.96 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.77 119.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 543.13 119.25 Td (limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (divided ) Tj ET Q q 0 0 0 rg BT 82.50 107.25 Td (by ) Tj ET Q q 0 0 0 rg BT 95.00 107.25 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.33 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 120.27 107.25 Td (As ) Tj ET Q q 0 0 0 rg BT 133.89 107.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 107.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 203.30 107.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.30 107.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.30 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.02 107.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.40 107.25 Td (had ) Tj ET Q q 0 0 0 rg BT 301.34 107.25 Td (no ) Tj ET Q q 0 0 0 rg BT 313.84 107.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 352.99 107.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 402.15 107.25 Td (under ) Tj ET Q q 0 0 0 rg BT 427.42 107.25 Td (this ) Tj ET Q q 0 0 0 rg BT 444.37 107.25 Td (agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (The 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rg BT 506.15 83.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 83.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 83.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.28 71.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.28 71.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.47 71.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.10 71.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 71.25 Td (, ) Tj ET Q q 0 0 0 rg BT 171.80 71.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.46 71.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.15 71.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.19 71.25 Td (These ) Tj ET Q q 0 0 0 rg BT 252.26 71.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.45 71.25 Td (are ) Tj ET Q q 0 0 0 rg BT 288.85 71.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 334.35 71.25 Td (in ) Tj ET Q q 0 0 0 rg BT 344.33 71.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.74 71.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 405.51 71.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 458.25 71.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 490.97 71.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 513.71 71.25 Td (within ) Tj ET Q q 0 0 0 rg BT 541.46 71.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (current ) Tj ET Q q 0 0 0 rg BT 80.97 59.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.95 59.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.05 59.25 Td (are ) Tj ET Q q 0 0 0 rg BT 138.91 59.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 181.54 59.25 Td (to ) Tj ET Q q 0 0 0 rg BT 191.97 59.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 224.06 59.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 258.92 59.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.34 59.25 Td (one ) Tj ET Q q 0 0 0 rg BT 296.44 59.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.09 59.25 Td (. ) Tj ET Q q 0 0 0 rg BT 318.05 59.25 Td (The ) Tj ET Q q 0 0 0 rg BT 336.25 59.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.79 59.25 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.43 59.25 Td ($18,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.93 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 455.58 59.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.67 59.25 Td ($10,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.17 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.83 59.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.81 59.25 Td (these ) Tj ET Q q 0 0 0 rg BT 542.01 59.25 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (through ) Tj ET Q q 0 0 0 rg BT 83.31 47.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 114.95 47.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 149.36 47.25 Td (during ) Tj ET Q q 0 0 0 rg BT 177.67 47.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.08 47.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 220.94 47.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.39 47.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.59 47.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.67 47.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.96 47.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.96 47.25 Td ( ) Tj ET Q q 0 0 0 rg BT 359.16 47.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.80 47.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 47.25 Td (, ) Tj ET Q q 0 0 0 rg BT 400.50 47.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 448.16 47.25 Td (. ) Tj ET Q q 0 0 0 rg BT 452.87 47.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.91 47.25 Td (The ) Tj ET Q q 0 0 0 rg BT 472.66 47.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 515.40 47.25 Td (value ) Tj ET Q q 0 0 0 rg BT 539.26 47.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 47.25 Td (the ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 96.57 731.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 117.05 731.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 140.32 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 170.79 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.83 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.31 731.10 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 227.80 731.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 252.17 731.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 279.71 731.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.40 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 339.00 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.59 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 409.94 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.94 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.21 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 443.14 731.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.14 731.10 Td (5,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.64 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.41 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.44 731.10 Td (This ) Tj ET Q q 0 0 0 rg BT 500.48 731.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 533.74 731.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.56 731.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 92.48 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.76 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.69 719.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 169.40 719.10 Td (during ) Tj ET Q q 0 0 0 rg BT 198.01 719.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 222.16 719.10 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 695.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 122.00 695.10 Td (DERIV) Tj ET Q q 0 0 0 rg BT 152.94 695.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.42 695.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 186.37 695.10 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 242.49 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 695.10 Td (INSTRUMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.61 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.56 671.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 147.83 671.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.35 671.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.84 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.24 671.10 Td (other ) Tj ET Q q 0 0 0 rg BT 228.85 671.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 267.01 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.85 671.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 318.90 671.10 Td (if 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Tj ET Q q 0 0 0 rg BT 393.41 659.10 Td (810-10-05-4 ) Tj ET Q q 0 0 0 rg BT 446.94 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.92 659.10 Td (815-40-25 ) Tj ET Q q 0 0 0 rg BT 510.11 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.98 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.74 659.10 Td (F) Tj ET Q q 0 0 0 rg BT 542.56 659.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.46 647.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 141.69 647.10 Td (Codification. ) Tj ET Q q 0 0 0 rg BT 196.78 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.13 647.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.15 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.28 647.10 Td (this ) Tj ET Q q 0 0 0 rg BT 268.53 647.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 315.20 647.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 355.76 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.23 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 383.02 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.04 647.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 414.72 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.17 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.30 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.32 647.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 508.10 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 517.57 647.10 Td (marked-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.37 635.10 Td (each ) Tj ET Q q 0 0 0 rg BT 101.28 635.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 134.42 635.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 157.56 635.10 Td (date ) Tj ET Q q 0 0 0 rg BT 176.82 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.86 635.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 231.44 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.37 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.41 635.10 Td (liability) Tj ET Q q 0 0 0 rg BT 279.87 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.97 635.10 Td (In ) Tj ET Q q 0 0 0 rg BT 295.90 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.72 635.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.98 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.57 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.39 635.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.87 635.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.13 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 417.40 635.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 454.98 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.91 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.95 635.10 Td (liability) Tj ET Q q 0 0 0 rg BT 503.41 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.51 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.33 635.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.24 635.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.65 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.08 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.53 623.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 138.28 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.83 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.82 623.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 219.37 623.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 262.14 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.24 623.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 319.89 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 331.00 623.10 Td (other ) Tj ET Q q 0 0 0 rg BT 354.32 623.10 Td (income ) Tj ET Q q 0 0 0 rg BT 386.53 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 397.63 623.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 435.11 623.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 460.11 623.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 508.43 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.53 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.52 623.10 Td (shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.46 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.50 611.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 142.84 611.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 194.53 611.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 247.06 611.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 293.19 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.78 611.10 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 341.29 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 351.88 611.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 397.72 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.31 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.00 611.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 457.24 611.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 504.77 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.24 611.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 599.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 91.66 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.93 599.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 118.31 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 142.47 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 152.18 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.90 599.10 Td (date ) Tj ET Q q 0 0 0 rg BT 186.05 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.88 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.60 599.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 257.95 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.78 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.50 599.10 Td (event ) Tj ET Q q 0 0 0 rg BT 307.66 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.59 599.10 Td (then ) Tj ET Q q 0 0 0 rg BT 344.31 599.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.81 599.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 378.18 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 402.34 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 411.51 599.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 459.54 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.82 599.10 Td (equity) Tj ET Q q 0 0 0 rg BT 494.17 599.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 575.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 123.54 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.48 575.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 177.08 575.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 228.85 575.10 Td (including ) Tj ET Q q 0 0 0 rg BT 269.24 575.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 304.06 575.10 Td (such ) Tj ET Q q 0 0 0 rg BT 325.01 575.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 374.29 575.10 Td (should ) Tj ET Q q 0 0 0 rg BT 403.57 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 415.63 575.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 453.22 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.16 575.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 503.99 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.94 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.88 575.10 Td (equity) Tj ET Q q 0 0 0 rg BT 550.23 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 555.34 575.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (re-assessed ) Tj ET Q q 0 0 0 rg BT 99.59 563.10 Td (at ) Tj ET Q q 0 0 0 rg BT 111.42 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.25 563.10 Td (end ) Tj ET Q q 0 0 0 rg BT 147.30 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.24 563.10 Td (each ) Tj ET Q q 0 0 0 rg BT 183.16 563.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 224.43 563.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 257.09 563.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 308.91 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.52 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.34 563.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 381.06 563.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 423.43 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.37 563.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 465.98 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 485.58 563.10 Td (become ) Tj ET Q q 0 0 0 rg BT 521.29 563.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.23 563.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 113.04 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.76 551.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 175.81 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.10 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.05 551.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.67 551.10 Td (at ) Tj ET Q q 0 0 0 rg BT 236.40 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.13 551.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.53 551.10 Td (value ) Tj ET Q q 0 0 0 rg BT 291.69 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.54 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.27 551.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 362.56 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 375.07 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.80 551.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 452.84 551.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 474.51 551.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 519.23 551.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.63 539.10 Td (will ) Tj ET Q q 0 0 0 rg BT 109.60 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.46 539.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 163.63 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.83 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.46 539.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 224.40 539.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 248.37 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.11 539.10 Td (current ) Tj ET Q q 0 0 0 rg BT 291.84 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.59 539.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 353.65 539.10 Td (based ) Tj ET Q q 0 0 0 rg BT 379.83 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.24 539.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 428.86 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.61 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.80 539.10 Td (net-cash ) Tj ET Q q 0 0 0 rg BT 493.53 539.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 538.05 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.48 527.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 137.75 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.92 527.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 184.96 527.10 Td (within ) Tj ET Q q 0 0 0 rg BT 213.01 527.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 225.51 527.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.46 527.10 Td (after ) Tj ET Q q 0 0 0 rg BT 278.28 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.99 527.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 326.03 527.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 349.07 527.10 Td (date.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 501.53505859375 m 126.3916015625 501.53505859375 l s q 0 0 0 rg BT 50.00 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 503.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 89.72 503.10 Td (Liability) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 72.32 491.10 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.04 479.10 Td (February ) Tj ET Q q 0 0 0 rg BT 103.95 479.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 119.26 479.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.58 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.61 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.31 479.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 229.12 479.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 255.75 479.10 Td (A) Tj ET Q q 0 0 0 rg BT 262.42 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.24 479.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.78 479.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 304.13 479.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 341.38 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.97 479.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.32 479.10 Td (857,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.82 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.63 479.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 453.44 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.58 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.61 479.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.01 479.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.00 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 82.12 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 93.45 467.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 128.10 467.10 Td (price ) Tj ET Q q 0 0 0 rg BT 149.98 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.21 467.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.71 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.60 467.10 Td (per ) Tj ET Q q 0 0 0 rg BT 199.27 467.10 Td (share ) Tj ET Q q 0 0 0 rg BT 222.26 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.60 467.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 264.93 467.10 Td (B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 467.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.05 467.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 311.48 467.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 347.80 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.48 467.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.91 467.10 Td (857,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.41 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.31 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.19 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.42 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.53 467.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.01 467.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.97 455.10 Td (at ) Tj ET Q q 0 0 0 rg BT 82.05 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 93.36 455.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 127.97 455.10 Td (price ) Tj ET Q q 0 0 0 rg BT 149.82 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.02 455.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.52 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.38 455.10 Td (per ) Tj ET Q q 0 0 0 rg BT 204.02 455.10 Td (share ) Tj ET Q q 0 0 0 rg BT 226.98 455.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 263.28 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.92 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.00 455.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 311.09 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.28 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.36 455.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.99 455.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 412.39 455.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 459.79 455.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 491.08 455.10 Td (into ) Tj ET Q q 0 0 0 rg BT 508.50 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.14 455.10 Td (connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.43 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.52 443.10 Td (private ) Tj ET Q q 0 0 0 rg BT 107.93 443.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 151.67 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.66 443.10 Td (its ) Tj ET Q q 0 0 0 rg BT 174.76 443.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 202.40 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.83 443.10 Td (February ) Tj ET Q q 0 0 0 rg BT 251.58 443.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 274.23 443.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 292.43 443.10 Td ("2014 ) Tj ET Q q 0 0 0 rg BT 319.16 443.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 350.14 443.10 Td (Placement"\). ) Tj ET Q q 0 0 0 rg BT 404.35 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.42 443.10 Td (As ) Tj ET Q q 0 0 0 rg BT 420.18 443.10 Td (part ) Tj ET Q q 0 0 0 rg BT 438.38 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.36 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.23 443.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 486.88 443.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 517.86 443.10 Td (Placement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.40 431.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.47 431.10 Td (also ) Tj ET Q q 0 0 0 rg BT 126.76 431.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 154.95 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.57 431.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 189.49 431.10 Td (A) Tj ET Q q 0 0 0 rg BT 196.16 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.34 431.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.89 431.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 238.61 431.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 272.33 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.29 431.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 322.01 431.10 Td (up ) Tj ET Q q 0 0 0 rg BT 335.20 431.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.16 431.10 Td (37,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.66 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.84 431.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 405.02 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.53 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.93 431.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 479.69 431.10 Td (common ) Tj ET Q q 0 0 0 rg BT 517.87 431.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.16 431.10 Td (at ) Tj ET Q q 0 0 0 rg BT 552.56 431.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 84.89 419.10 Td (price ) Tj ET Q q 0 0 0 rg BT 107.02 419.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.49 419.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.99 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.12 419.10 Td (per ) Tj ET Q q 0 0 0 rg BT 157.03 419.10 Td (share ) Tj ET Q q 0 0 0 rg BT 180.27 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.85 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.42 419.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 230.00 419.10 Td (B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.81 419.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.36 419.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 277.03 419.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 309.71 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.62 419.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 357.30 419.10 Td (up ) Tj ET Q q 0 0 0 rg BT 369.44 419.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.36 419.10 Td (37,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.86 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.99 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 436.12 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.59 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.95 419.10 Td (Company' ) Tj ET Q q 0 0 0 rg BT 503.77 419.10 Td (common ) Tj ET Q q 0 0 0 rg BT 540.91 419.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.72 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 71.66 407.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 106.91 407.10 Td (price ) Tj ET Q q 0 0 0 rg BT 129.39 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.22 407.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.72 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.22 407.10 Td (per ) Tj ET Q q 0 0 0 rg BT 185.49 407.10 Td (share ) Tj ET Q q 0 0 0 rg BT 209.09 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.37 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.09 407.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 277.68 407.10 Td (agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.71 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.76 383.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 158.90 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 177.06 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 200.76 383.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 238.35 383.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 257.06 383.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 284.43 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.07 383.10 Td (arrants\) ) Tj ET Q q 0 0 0 rg BT 331.21 383.10 Td (required ) Tj ET Q q 0 0 0 rg BT 367.69 383.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 423.61 383.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.10 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.70 383.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 476.97 383.10 Td (due ) Tj ET Q q 0 0 0 rg BT 494.57 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.51 383.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 550.34 383.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 87.34 371.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 122.44 371.10 Td (price ) Tj ET Q q 0 0 0 rg BT 144.77 371.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 197.39 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.56 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 217.46 371.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.69 371.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 306.02 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 323.36 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.92 371.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.14 371.10 Td (value ) Tj ET Q q 0 0 0 rg BT 378.15 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.82 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.39 371.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 425.56 371.10 Td (W) Tj ET Q q 0 0 0 rg BT 434.20 371.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 463.75 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.10 371.10 Td (their ) Tj ET Q q 0 0 0 rg BT 496.77 371.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 532.99 371.10 Td (date ) Tj ET Q q 0 0 0 rg BT 552.00 371.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (February ) Tj ET Q q 0 0 0 rg BT 87.87 359.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 102.13 359.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 123.90 359.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.22 359.10 Td ($12,382,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.22 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.36 359.10 Td (These ) Tj ET Q q 0 0 0 rg BT 221.00 359.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 247.76 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.74 359.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 299.60 359.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 340.79 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 360.34 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.32 359.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 394.43 359.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 430.63 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.18 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.16 359.10 Td (Post-Ef) Tj ET Q q 0 0 0 rg BT 483.98 359.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 512.56 359.10 Td (Amendment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 67.95 347.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 76.18 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.18 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.63 347.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 154.74 347.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 197.95 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 211.18 347.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 236.08 347.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 253.20 347.10 Td (\(File ) Tj ET Q q 0 0 0 rg BT 275.31 347.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 293.26 347.10 Td (333-195081\) ) Tj ET Q q 0 0 0 rg BT 348.15 347.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 369.70 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 382.93 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.37 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.49 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 453.00 347.10 Td (April ) Tj ET Q q 0 0 0 rg BT 477.34 347.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 493.07 347.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 518.79 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.46 347.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 86.36 335.10 Td (ef) Tj ET Q q 0 0 0 rg BT 93.95 335.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 123.65 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 136.15 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.87 335.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 171.71 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.21 335.10 Td (May ) Tj ET Q q 0 0 0 rg BT 205.04 335.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 215.04 335.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.52 311.10 Td (July ) Tj ET Q q 0 0 0 rg BT 94.05 311.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 109.40 311.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.26 311.10 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 311.10 Td (August ) Tj ET Q q 0 0 0 rg BT 197.33 311.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 212.69 311.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 238.04 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.11 311.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.85 311.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.00 311.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 326.39 311.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.69 311.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.02 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.87 311.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.61 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.47 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.54 311.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 452.93 311.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 488.54 311.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 515.27 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.90 311.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 82.99 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.63 299.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 119.89 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 128.52 299.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 160.66 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.09 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.52 299.10 Td (If ) Tj ET Q q 0 0 0 rg BT 174.61 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.47 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.68 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.33 299.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.19 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.06 299.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 278.03 299.10 Td (did ) Tj ET Q q 0 0 0 rg BT 293.24 299.10 Td (not ) Tj ET Q q 0 0 0 rg BT 308.45 299.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 343.63 299.10 Td (its ) Tj ET Q q 0 0 0 rg BT 355.51 299.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 377.76 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.40 299.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 416.04 299.10 Td (at ) Tj ET Q q 0 0 0 rg BT 425.68 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.33 299.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 474.40 299.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 509.59 299.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 535.89 299.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.59 287.10 Td (time ) Tj ET Q q 0 0 0 rg BT 86.51 287.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 116.70 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.06 287.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 165.96 287.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 191.98 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.45 287.10 Td (any ) Tj ET Q q 0 0 0 rg BT 219.03 287.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 268.93 287.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 290.92 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 299.56 287.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 328.91 287.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 358.81 287.10 Td (at ) Tj ET Q q 0 0 0 rg BT 368.18 287.10 Td (their ) Tj ET Q q 0 0 0 rg BT 388.64 287.10 Td (original ) Tj ET Q q 0 0 0 rg BT 421.89 287.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 456.79 287.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 482.81 287.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.28 287.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.78 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.93 287.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.51 287.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (per ) Tj ET Q q 0 0 0 rg BT 65.48 275.10 Td (share ) Tj ET Q q 0 0 0 rg BT 89.30 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 103.68 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.61 275.10 Td (series ) Tj ET Q q 0 0 0 rg BT 143.49 275.10 Td (A) Tj ET Q q 0 0 0 rg BT 150.16 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.88 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.04 275.10 Td (series ) Tj ET Q q 0 0 0 rg BT 195.52 275.10 Td (B ) Tj ET Q q 0 0 0 rg BT 204.91 275.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 227.43 275.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.06 275.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 268.49 275.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 316.15 275.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.37 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.08 275.10 Td (In ) Tj ET Q q 0 0 0 rg BT 335.13 275.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 375.60 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.97 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.91 275.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 445.39 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.88 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.82 275.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 504.07 275.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 539.54 275.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 263.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 102.97 263.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 135.85 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.61 263.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 178.81 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.46 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.00 263.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 226.16 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 234.79 263.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 264.32 263.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 293.29 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.39 263.10 Td (amend ) Tj ET Q q 0 0 0 rg BT 332.37 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.90 263.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 369.06 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.70 263.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 407.23 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.33 263.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 449.63 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 263.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 512.58 263.10 Td (anti-dilution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 96.77 251.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 141.33 251.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 183.09 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.75 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.85 251.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 231.53 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.17 251.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 272.56 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.99 251.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 326.64 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.86 251.10 Td (these ) Tj ET Q q 0 0 0 rg BT 361.29 251.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 405.85 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.18 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.28 251.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 465.96 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 474.60 251.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 504.69 251.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 549.78 251.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 90.34 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.89 239.10 Td (required ) Tj ET Q q 0 0 0 rg BT 143.76 239.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 177.43 239.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 232.74 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.63 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.41 239.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 280.78 239.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.42 239.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 319.18 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.18 239.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 374.83 239.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 413.48 239.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 463.82 239.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 504.68 239.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 539.45 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 239.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.90 227.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.57 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.92 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.16 227.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 156.16 227.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 189.29 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 201.31 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.55 227.10 Td (Company) Tj ET Q q 0 0 0 rg BT 257.21 227.10 Td (s ) Tj ET Q q 0 0 0 rg BT 263.13 227.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.13 227.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 346.86 227.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 376.64 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.32 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.56 227.10 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 453.23 227.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 486.90 227.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 521.67 227.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 547.57 227.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 98.40 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.59 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.67 215.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 176.96 215.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 223.70 215.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 268.23 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.87 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.94 215.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 316.59 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 325.23 215.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 357.80 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.87 215.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 397.95 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.13 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.21 215.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 446.86 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.50 215.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 485.56 215.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 516.18 215.10 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 564.50 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.00 215.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.33 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 69.98 203.10 Td (result ) Tj ET Q q 0 0 0 rg BT 94.41 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.96 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.39 203.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 168.25 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.24 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.68 203.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 214.73 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.37 203.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 252.79 203.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 279.72 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.15 203.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 316.21 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.84 203.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 354.26 203.10 Td (no ) Tj ET Q q 0 0 0 rg BT 366.48 203.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 394.24 203.10 Td (require ) Tj ET Q q 0 0 0 rg BT 424.77 203.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 458.09 203.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 513.07 203.10 Td (after ) Tj ET Q q 0 0 0 rg BT 533.11 203.10 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 65.00 191.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (At ) Tj ET Q q 0 0 0 rg BT 63.02 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.26 167.10 Td (close ) Tj ET Q q 0 0 0 rg BT 101.83 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.18 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.42 167.10 Td (of) Tj ET Q q 0 0 0 rg BT 136.57 167.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 150.69 167.10 Td (period ) Tj ET Q q 0 0 0 rg BT 179.26 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 191.62 167.10 Td (August ) Tj ET Q q 0 0 0 rg BT 223.53 167.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 239.05 167.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 264.58 167.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 303.71 167.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 349.48 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.95 167.10 Td (converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.39 167.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.39 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.41 167.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.43 167.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 526.77 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 167.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 155.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.15 155.10 Td (at ) Tj ET Q q 0 0 0 rg BT 97.67 155.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.19 155.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.52 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.82 155.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 169.01 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.98 155.10 Td (total ) Tj ET Q q 0 0 0 rg BT 203.05 155.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 240.90 155.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.53 155.10 Td ($8,760,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.53 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 301.17 155.10 Td (The ) Tj ET Q q 0 0 0 rg BT 319.02 155.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 367.97 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.60 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.13 155.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 415.26 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.90 155.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 453.41 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.49 155.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 492.44 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.96 155.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 542.02 155.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (required ) Tj ET Q q 0 0 0 rg BT 85.17 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.23 143.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 139.97 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.60 143.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 169.21 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.28 143.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 229.01 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.19 143.10 Td (an ) Tj ET Q q 0 0 0 rg BT 250.48 143.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 290.09 143.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 326.37 143.10 Td (it ) Tj ET Q q 0 0 0 rg BT 333.77 143.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 375.06 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.13 143.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.85 143.10 Td (value ) Tj ET Q q 0 0 0 rg BT 428.36 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.54 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.61 143.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 474.32 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.96 143.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 512.02 143.10 Td (immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.18 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.71 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.67 131.10 Td (price ) Tj ET Q q 0 0 0 rg BT 120.40 131.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 160.90 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.09 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 131.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 209.67 131.10 Td (value ) Tj ET Q q 0 0 0 rg BT 234.07 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.14 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.10 131.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 282.65 131.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.29 131.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 321.24 131.10 Td (after ) Tj ET Q q 0 0 0 rg BT 342.30 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.26 131.10 Td (price ) Tj ET Q q 0 0 0 rg BT 379.99 131.10 Td (reduction. ) Tj ET Q q 0 0 0 rg BT 423.00 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.54 131.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.83 131.10 Td ($1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.83 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.58 131.10 Td (change ) Tj ET Q q 0 0 0 rg BT 522.64 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.16 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.12 131.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.61 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.90 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.08 119.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 123.82 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 132.46 119.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 162.63 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.92 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.31 119.10 Td (result ) Tj ET Q q 0 0 0 rg BT 206.49 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.78 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.96 119.10 Td (price ) Tj ET Q q 0 0 0 rg BT 255.90 119.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 296.62 119.10 Td (was ) Tj ET Q q 0 0 0 rg BT 315.13 119.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 345.29 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.58 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.98 119.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 382.50 119.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.46 119.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 436.17 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.57 119.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 491.50 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.24 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 119.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 107.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 147.75 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.58 107.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 202.74 107.10 Td (during ) Tj ET Q q 0 0 0 rg BT 231.35 107.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.06 107.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 275.22 107.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.67 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.17 107.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.54 107.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.13 107.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.13 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.13 107.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.49 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.31 83.10 Td (result ) Tj ET Q q 0 0 0 rg BT 94.90 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 83.10 Td (above ) Tj ET Q q 0 0 0 rg BT 146.46 83.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 199.10 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.70 83.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.95 83.10 Td (value ) Tj ET Q q 0 0 0 rg BT 253.98 83.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 83.10 Td ($5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.07 83.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.45 83.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 83.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.04 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.42 83.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 421.55 83.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 443.76 83.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.40 83.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 481.98 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.80 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.39 83.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.65 83.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 83.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td ($1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.90 71.10 Td (on ) Tj ET Q q 0 0 0 rg BT 110.80 71.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.92 71.10 Td (396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.42 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.31 71.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 204.76 71.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 255.41 71.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 278.10 71.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.74 71.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 316.84 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.07 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.66 71.10 Td (August ) Tj ET Q q 0 0 0 rg BT 370.45 71.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 385.85 71.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 408.75 71.10 Td (was ) Tj ET Q q 0 0 0 rg BT 427.20 71.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 457.32 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.00 71.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.89 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.12 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.71 71.10 Td (August ) Tj ET Q q 0 0 0 rg BT 549.50 71.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (2015.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 72.32 731.10 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.07 719.10 Td (August ) Tj ET Q q 0 0 0 rg BT 106.05 719.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 121.64 719.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 144.72 719.10 Td (through ) Tj ET Q q 0 0 0 rg BT 178.92 719.10 Td (September ) Tj ET Q q 0 0 0 rg BT 224.77 719.10 Td (23, ) Tj ET Q q 0 0 0 rg BT 240.35 719.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 265.94 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.24 719.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.22 719.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 351.30 719.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 390.47 719.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 427.99 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.85 719.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.47 719.10 Td (355,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.97 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.06 719.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 541.14 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 552.55 719.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.61 707.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.34 707.10 Td (at ) Tj ET Q q 0 0 0 rg BT 121.17 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 133.23 707.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 168.60 707.10 Td (price ) Tj ET Q q 0 0 0 rg BT 191.20 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.15 707.10 Td ($5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.65 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.27 707.10 Td (per ) Tj ET Q q 0 0 0 rg BT 242.65 707.10 Td (share ) Tj ET Q q 0 0 0 rg BT 266.37 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.42 707.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 322.12 707.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 359.17 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.57 707.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.72 707.10 Td (355,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.22 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.84 707.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 470.44 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.39 707.10 Td (its ) Tj ET Q q 0 0 0 rg BT 493.46 707.10 Td (common ) Tj ET Q q 0 0 0 rg BT 531.07 707.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 554.79 707.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.70 695.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 96.71 695.10 Td (price ) Tj ET Q q 0 0 0 rg BT 118.95 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.54 695.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.04 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.30 695.10 Td (per ) Tj ET Q q 0 0 0 rg BT 174.33 695.10 Td (share ) Tj ET Q q 0 0 0 rg BT 197.68 695.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 234.38 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.42 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.89 695.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 283.37 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.96 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.43 695.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 350.12 695.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 387.98 695.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 438.55 695.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 470.24 695.10 Td (into ) Tj ET Q q 0 0 0 rg BT 488.05 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.09 695.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.22 695.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 58.18 683.10 Td (private ) Tj ET Q q 0 0 0 rg BT 89.68 683.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 134.51 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.58 683.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.77 683.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 188.50 683.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 207.79 683.10 Td ("2013 ) Tj ET Q q 0 0 0 rg BT 235.61 683.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 267.68 683.10 Td (Placement"\). ) Tj ET Q q 0 0 0 rg BT 322.98 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.45 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 345.74 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.36 683.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 437.08 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 455.82 683.10 Td (these ) Tj ET Q q 0 0 0 rg BT 480.11 683.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 518.27 683.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 537.56 683.10 Td (2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 671.10 Td (arrants\) ) Tj ET Q q 0 0 0 rg BT 96.28 671.10 Td (required ) Tj ET Q q 0 0 0 rg BT 132.26 671.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 187.69 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.68 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.79 671.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 239.56 671.10 Td (due ) Tj ET Q q 0 0 0 rg BT 256.67 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.11 671.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 296.98 671.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 345.19 671.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 370.63 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.07 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.96 671.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 444.16 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 461.82 671.10 Td (required ) Tj ET Q q 0 0 0 rg BT 497.80 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.68 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 554.23 671.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (file ) Tj ET Q q 0 0 0 rg BT 65.88 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 72.87 659.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 120.96 659.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 161.84 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 182.17 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.94 659.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 217.83 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.04 659.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 270.15 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.03 659.10 Td (registering ) Tj ET Q q 0 0 0 rg BT 326.35 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.12 659.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 366.98 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.87 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.64 659.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 420.18 659.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 466.06 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.83 659.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 503.20 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 511.83 659.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 544.09 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 659.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 647.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 138.87 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 156.36 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.08 647.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 187.46 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 211.61 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.44 647.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.49 647.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 282.42 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 294.92 647.10 Td (their ) Tj ET Q q 0 0 0 rg BT 315.74 647.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 352.12 647.10 Td (date ) Tj ET Q q 0 0 0 rg BT 371.27 647.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.33 647.10 Td ($2,344,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.33 647.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.01 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.36 623.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 150.71 623.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.49 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.40 623.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 226.40 623.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 267.19 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.65 623.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 303.78 623.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 320.14 623.10 Td (\(No. ) Tj ET Q q 0 0 0 rg BT 340.65 623.10 Td (333-191743\) ) Tj ET Q q 0 0 0 rg BT 394.78 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 415.02 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.70 623.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 450.50 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 462.96 623.10 Td (October ) Tj ET Q q 0 0 0 rg BT 497.63 623.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 512.60 623.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 537.56 623.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.07 611.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 104.45 611.10 Td (ef) Tj ET Q q 0 0 0 rg BT 112.04 611.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 141.76 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.28 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.01 611.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 189.87 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 202.39 611.10 Td (November ) Tj ET Q q 0 0 0 rg BT 247.12 611.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 257.13 611.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 279.65 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.83 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 611.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 356.63 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.48 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.21 611.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 408.05 611.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.89 611.10 Td (174,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.39 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.91 611.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 481.42 611.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 527.27 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.00 611.10 Td (2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 599.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 91.14 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.70 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 151.61 599.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 206.84 599.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 228.18 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.63 599.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 284.19 599.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 325.52 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.54 599.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 363.22 599.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 380.13 599.10 Td (\(No. ) Tj ET Q q 0 0 0 rg BT 401.20 599.10 Td (333-197482\) ) Tj ET Q q 0 0 0 rg BT 455.87 599.10 Td (related ) Tj ET Q q 0 0 0 rg BT 486.09 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.88 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.12 599.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 538.45 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 599.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 92.91 587.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 120.27 587.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 165.97 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.55 587.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 202.75 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 211.39 587.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 240.97 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.33 587.10 Td (July ) Tj ET Q q 0 0 0 rg BT 272.37 587.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 287.24 587.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 312.11 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 338.92 587.10 Td (was ) Tj ET Q q 0 0 0 rg BT 356.84 587.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 393.08 587.10 Td (ef) Tj ET Q q 0 0 0 rg BT 400.66 587.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 430.23 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 442.60 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.19 587.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 477.90 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.27 587.10 Td (July ) Tj ET Q q 0 0 0 rg BT 509.31 587.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 524.18 587.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 549.05 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.90 587.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.81 575.10 Td (result ) Tj ET Q q 0 0 0 rg BT 83.40 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.10 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.68 575.10 Td (registration, ) Tj ET Q q 0 0 0 rg BT 162.10 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.68 575.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 200.81 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.45 575.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 240.03 575.10 Td (no ) Tj ET Q q 0 0 0 rg BT 253.40 575.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 282.31 575.10 Td (require ) Tj ET Q q 0 0 0 rg BT 314.00 575.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 348.48 575.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 404.61 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.42 575.10 Td (their ) Tj ET Q q 0 0 0 rg BT 444.11 575.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.36 575.10 Td (value ) Tj ET Q q 0 0 0 rg BT 486.39 575.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.09 575.10 Td ($3,166,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.09 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 575.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 98.03 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.31 563.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.81 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.08 563.10 Td (July ) Tj ET Q q 0 0 0 rg BT 165.25 563.10 Td (2014. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 72.32 539.10 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.25 527.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.85 527.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.53 527.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 527.10 Td (5,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.44 527.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 233.69 527.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 261.38 527.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 289.09 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.57 527.10 Td (its ) Tj ET Q q 0 0 0 rg BT 311.73 527.10 Td (September ) Tj ET Q q 0 0 0 rg BT 357.20 527.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 379.91 527.10 Td (public ) Tj ET Q q 0 0 0 rg BT 407.61 527.10 Td (of) Tj ET Q q 0 0 0 rg BT 415.76 527.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 442.34 527.10 Td (still ) Tj ET Q q 0 0 0 rg BT 460.05 527.10 Td (require ) Tj ET Q q 0 0 0 rg BT 491.07 527.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 546.54 527.10 Td (as ) Tj ET Q q 0 0 0 rg BT 557.58 527.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 83.97 515.10 Td (due ) Tj ET Q q 0 0 0 rg BT 101.27 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.91 515.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 141.98 515.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 190.38 515.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 216.02 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.33 515.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 261.19 515.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 316.26 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.90 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.98 515.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 392.87 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.53 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 413.94 515.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.68 515.10 Td (value ) Tj ET Q q 0 0 0 rg BT 455.20 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.50 515.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 522.03 515.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 83.04 503.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 116.65 503.10 Td (related ) Tj ET Q q 0 0 0 rg BT 146.35 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.63 503.10 Td (these ) Tj ET Q q 0 0 0 rg BT 179.67 503.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 212.71 503.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 240.20 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.03 503.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.86 503.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 320.44 503.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.44 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.94 503.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 503.10 Td ($5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 503.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.26 479.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 71.58 479.10 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.17 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.69 467.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.29 467.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.92 467.10 Td (680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.92 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.54 467.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 225.71 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 253.33 467.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 296.49 467.10 Td (from ) Tj ET Q q 0 0 0 rg BT 318.56 467.10 Td (its ) Tj ET Q q 0 0 0 rg BT 330.63 467.10 Td (May ) Tj ET Q q 0 0 0 rg BT 351.59 467.10 Td (201) Tj ET Q q 0 0 0 rg BT 366.22 467.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 373.85 467.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 399.25 467.10 Td (Of) Tj ET Q q 0 0 0 rg BT 409.62 467.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 436.13 467.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.19 467.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.19 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.82 467.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 498.98 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 526.60 467.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 554.23 467.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (July ) Tj ET Q q 0 0 0 rg BT 70.34 455.10 Td (201) Tj ET Q q 0 0 0 rg BT 84.97 455.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 93.64 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.96 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.07 455.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 157.40 455.10 Td (list ) Tj ET Q q 0 0 0 rg BT 173.29 455.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 220.84 455.10 Td (still ) Tj ET Q q 0 0 0 rg BT 239.51 455.10 Td (require ) Tj ET Q q 0 0 0 rg BT 271.50 455.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 327.92 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 339.92 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.03 455.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 382.81 455.10 Td (due ) Tj ET Q q 0 0 0 rg BT 400.91 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.36 455.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 443.23 455.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 492.44 455.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 518.89 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.00 455.10 Td (listing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 104.86 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.29 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.16 443.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 180.85 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.31 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 201.52 443.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 218.05 443.10 Td (value ) Tj ET Q q 0 0 0 rg BT 242.36 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.45 443.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 308.77 443.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 351.41 443.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 384.60 443.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 418.36 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 448.22 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.66 443.10 Td (these ) Tj ET Q q 0 0 0 rg BT 481.86 443.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 515.05 443.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.70 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.68 443.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 431.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.08 431.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.14 431.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.14 431.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.69 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.26 407.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 121.27 407.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.72 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.08 407.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.31 407.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 234.75 407.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.75 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.11 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.90 407.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.90 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 295.76 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.33 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 349.57 407.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 385.91 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.70 407.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 408.62 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.31 407.10 Td ($2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.31 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.66 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.46 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 486.25 407.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 504.83 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.51 407.10 Td ($7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 407.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.66 395.10 Td (due ) Tj ET Q q 0 0 0 rg BT 119.60 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.88 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.59 395.10 Td (change ) Tj ET Q q 0 0 0 rg BT 175.41 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.69 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.41 395.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.78 395.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.94 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.77 395.10 Td (its ) Tj ET Q q 0 0 0 rg BT 263.72 395.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 296.75 395.10 Td (liability) Tj ET Q q 0 0 0 rg BT 327.21 395.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.42 371.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.18 371.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.48 371.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 179.12 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.21 371.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 239.66 371.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 271.52 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.83 371.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.58 371.10 Td (value ) Tj ET Q q 0 0 0 rg BT 327.10 371.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 376.73 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.94 371.10 Td (its ) Tj ET Q q 0 0 0 rg BT 398.26 371.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 440.11 371.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 476.41 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 489.94 371.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.03 371.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.56 371.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 359.10 Td (December ) Tj ET Q q 0 0 0 rg BT 119.96 359.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 134.96 359.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 157.46 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.40 359.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 359.10 Td (: ) Tj ET Q q 0 0 0 rg BT 199.68 359.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 313.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 313.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 285.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 285.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 257.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 257.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 229.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 229.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 201.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 201.60 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 313.6 m 472.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 313.6 m 562.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 313.6 m 472.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 313.6 m 562.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 257.6 m 472.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 257.6 m 562.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 257.6 m 472.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 257.6 m 562.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 187.60000000000002 m 472.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 187.60000000000002 m 562.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 187.60000000000002 m 472.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 174.60000000000002 m 472.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 172.60000000000002 m 472.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 187.60000000000002 m 562.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 174.60000000000002 m 562.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 172.60000000000002 m 562.5 172.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.95 338.27 Td (Linked Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 328.27 Td (Shares to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 318.27 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 431.32 318.27 Td (W) Tj ET Q q 0 0 0 rg BT 439.96 318.27 Td (arrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 328.27 Td (W) Tj ET Q q 0 0 0 rg BT 509.64 328.27 Td (arrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 318.27 Td (Liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.17 Td (Balance, December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 304.17 Td (718,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 304.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 304.17 Td (1,832,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.17 Td (Issuance of warrants to investors in 2014 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 290.17 Td (1,789,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 290.17 Td (12,382,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.17 Td (Reclassification of fair value of 2013 Private Placement warrants to equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 276.22 Td (\(711,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 276.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 276.22 Td (\(3,166,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 276.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 262.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 262.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 262.22 Td (\(7,845,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 262.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 248.17 Td (Balance, December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 248.17 Td (1,795,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 248.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 248.17 Td (3,203,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.17 Td (Exercise of warrants for common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 234.22 Td (\(1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 234.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 234.22 Td (\(5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 234.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 220.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 220.17 Td (1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.17 Td (Reclassification of fair value of 2014 Private Placement warrants to equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 206.22 Td (\(396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 206.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 206.22 Td (\(1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 206.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 192.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 192.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.17 Td (Balance, December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 178.17 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 178.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 178.17 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.66 731.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 114.36 731.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 150.91 731.10 Td (were ) Tj ET Q q 0 0 0 rg BT 172.45 731.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 201.22 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.34 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.67 731.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 270.88 731.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 293.54 731.10 Td (using ) Tj ET Q q 0 0 0 rg BT 317.33 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.88 731.10 Td (Binomial ) Tj ET Q q 0 0 0 rg BT 363.22 731.10 Td (Lattice ) Tj ET Q q 0 0 0 rg BT 393.10 731.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 422.84 731.10 Td (V) Tj ET Q q 0 0 0 rg BT 428.95 731.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 463.13 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 468.54 731.10 Td (echnique ) Tj ET Q q 0 0 0 rg BT 506.75 731.10 Td (\(Binomial\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 96.38 719.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 123.33 719.10 Td (into ) Tj ET Q q 0 0 0 rg BT 141.39 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 158.33 719.10 Td (technique ) Tj ET Q q 0 0 0 rg BT 199.71 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.54 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.37 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.95 719.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 719.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.40 719.10 Td (August14, ) Tj ET Q q 0 0 0 rg BT 350.79 719.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.79 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.29 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.23 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.81 719.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.81 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.31 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 493.24 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.07 719.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 674.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 674.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 674.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 646.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 646.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 646.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 616.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 616.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 616.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 588.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 588.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 588.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 588.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 674.6 m 329.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 674.6 m 408.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 674.6 m 485.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 674.6 m 562.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 674.6 m 408.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 674.6 m 485.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 674.6 m 562.5 674.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 679.28 Td (Binomial Assumptions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.40 689.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 679.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.70 689.28 Td (August 14,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 679.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 689.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 679.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 665.17 Td (Fair market value of asset) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 156.30 669.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.25 665.17 Td ($5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 665.17 Td ($8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 665.17 Td ($7.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.17 Td (Exercise price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.30 651.17 Td ($7-$25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 651.17 Td ($5-$10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 651.17 Td ($25.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 636.27 Td (erm) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.96 640.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 636.27 Td (2.7 - 4.2 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.45 636.27 Td (3.5 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 636.27 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (Implied expected life) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 137.96 625.80 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 621.27 Td (2.7 - 4.2 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.45 621.27 Td (3.5 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 621.27 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.17 Td (V) Tj ET Q q 0 0 0 rg BT 58.93 607.17 Td (olatility range of inputs) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 152.53 611.70 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.80 607.17 Td (42%--71%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 607.17 Td (41%--50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.05 607.17 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 593.17 Td (Equivalent volatility) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.93 597.70 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.80 593.17 Td (48%--54%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.05 593.17 Td (47.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.05 593.17 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.27 Td (Risk-free interest rate range of inputs) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 202.11 582.80 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 578.27 Td (1.10%--1.38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.55 578.27 Td (1.08%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 578.27 Td (1.06%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 563.27 Td (Equivalent risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 182.11 567.80 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 563.27 Td (1.10%--1.38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.55 563.27 Td (1.08%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 563.27 Td (1.06%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 541.10 Td (\(1\)) Tj ET Q q 0 0 0 rg BT 84.48 541.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.80 541.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 119.46 541.10 Td (market ) Tj ET Q q 0 0 0 rg BT 149.99 541.10 Td (value ) Tj ET Q q 0 0 0 rg BT 174.43 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.53 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.52 541.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 222.74 541.10 Td (was ) Tj ET Q q 0 0 0 rg BT 241.07 541.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 288.82 541.10 Td (by ) Tj ET Q q 0 0 0 rg BT 301.60 541.10 Td (using ) Tj ET Q q 0 0 0 rg BT 326.04 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.04 541.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 388.39 541.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 420.06 541.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 443.94 541.10 Td (price ) Tj ET Q q 0 0 0 rg BT 466.70 541.10 Td (as ) Tj ET Q q 0 0 0 rg BT 477.81 541.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 515.55 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.11 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.10 541.10 Td (over) Tj ET Q q 0 0 0 rg BT 558.67 541.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td (the-counter ) Tj ET Q q 0 0 0 rg BT 116.03 529.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 511.10 Td (\(2\)) Tj ET Q q 0 0 0 rg BT 84.48 511.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.34 511.10 Td (term ) Tj ET Q q 0 0 0 rg BT 124.97 511.10 Td (is ) Tj ET Q q 0 0 0 rg BT 134.95 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.48 511.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 198.21 511.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 242.06 511.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 266.20 511.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 305.60 511.10 Td (among ) Tj ET Q q 0 0 0 rg BT 336.13 511.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 366.09 511.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 391.06 511.10 Td (intervals ) Tj ET Q q 0 0 0 rg BT 428.80 511.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.77 511.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 482.63 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.27 511.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 541.45 511.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 499.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 97.45 499.10 Td (such ) Tj ET Q q 0 0 0 rg BT 118.28 499.10 Td (as ) Tj ET Q q 0 0 0 rg BT 129.11 499.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 167.72 499.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.66 499.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 221.02 499.10 Td (rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 481.10 Td (\(3\)) Tj ET Q q 0 0 0 rg BT 84.48 481.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.53 481.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 135.58 481.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 173.61 481.10 Td (life, ) Tj ET Q q 0 0 0 rg BT 191.94 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.87 481.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 253.02 481.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 291.63 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.57 481.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 344.94 481.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.87 481.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.36 481.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 430.74 481.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.45 481.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 477.94 481.10 Td (from ) Tj ET Q q 0 0 0 rg BT 499.88 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.59 481.10 Td (binomial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 463.10 Td (\(4\)) Tj ET Q q 0 0 0 rg BT 84.48 463.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.15 463.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.17 463.10 Td (does ) Tj ET Q q 0 0 0 rg BT 163.63 463.10 Td (not ) Tj ET Q q 0 0 0 rg BT 178.53 463.10 Td (have ) Tj ET Q q 0 0 0 rg BT 199.54 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.10 463.10 Td (market ) Tj ET Q q 0 0 0 rg BT 236.00 463.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 266.45 463.10 Td (history ) Tj ET Q q 0 0 0 rg BT 296.36 463.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 318.48 463.10 Td (which ) Tj ET Q q 0 0 0 rg BT 345.05 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.96 463.10 Td (base ) Tj ET Q q 0 0 0 rg BT 374.85 463.10 Td (its ) Tj ET Q q 0 0 0 rg BT 386.43 463.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 454.09 463.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 489.55 463.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.18 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.84 463.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 545.17 463.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.80 463.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 451.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.91 451.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 143.13 451.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 162.36 451.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.15 451.10 Td (that ) Tj ET Q q 0 0 0 rg BT 224.17 451.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 261.74 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.20 451.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 312.98 451.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 335.00 451.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 357.02 451.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.48 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.29 451.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 430.84 451.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 468.97 451.10 Td (for ) Tj ET Q q 0 0 0 rg BT 482.65 451.10 Td (each ) Tj ET Q q 0 0 0 rg BT 502.99 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.34 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.58 451.10 Td (intervals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 439.10 Td (described ) Tj ET Q q 0 0 0 rg BT 108.82 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.09 439.10 Td (\(2\), ) Tj ET Q q 0 0 0 rg BT 135.75 439.10 Td (above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 421.10 Td (\(5\)) Tj ET Q q 0 0 0 rg BT 84.48 421.10 Td (The ) Tj ET Q q 0 0 0 rg BT 101.66 421.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 137.15 421.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 157.66 421.10 Td (used ) Tj ET Q q 0 0 0 rg BT 177.62 421.10 Td (for ) Tj ET Q q 0 0 0 rg BT 190.91 421.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 216.99 421.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 255.26 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.11 421.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 294.63 421.10 Td (on ) Tj ET Q q 0 0 0 rg BT 306.26 421.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 325.09 421.10 Td (coupon ) Tj ET Q q 0 0 0 rg BT 356.16 421.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 375.58 421.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 427.19 421.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 468.25 421.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.66 421.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 518.73 421.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.14 421.10 Td (maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 409.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 110.50 409.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.77 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.49 409.10 Td (intervals ) Tj ET Q q 0 0 0 rg BT 182.42 409.10 Td (described ) Tj ET Q q 0 0 0 rg BT 223.24 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.52 409.10 Td (\(2\), ) Tj ET Q q 0 0 0 rg BT 250.18 409.10 Td (above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 379.10 Td (8. ) Tj ET Q q 0 0 0 rg BT 122.00 379.10 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 204.50 379.10 Td (& ) Tj ET Q q 0 0 0 rg BT 215.33 379.10 Td (CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 353.53505859375 m 137.48046875 353.53505859375 l s q 0 0 0 rg BT 50.00 355.10 Td (Lease Commitments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.17 343.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 331.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 107.83 331.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 161.17 331.10 Td (are ) Tj ET Q q 0 0 0 rg BT 175.64 331.10 Td (located ) Tj ET Q q 0 0 0 rg BT 206.78 331.10 Td (at ) Tj ET Q q 0 0 0 rg BT 216.26 331.10 Td (480 ) Tj ET Q q 0 0 0 rg BT 233.52 331.10 Td (N. ) Tj ET Q q 0 0 0 rg BT 245.51 331.10 Td (Orlando ) Tj ET Q q 0 0 0 rg BT 280.04 331.10 Td (A) Tj ET Q q 0 0 0 rg BT 286.52 331.10 Td (venue, ) Tj ET Q q 0 0 0 rg BT 315.16 331.10 Td (Suite ) Tj ET Q q 0 0 0 rg BT 337.98 331.10 Td (200 ) Tj ET Q q 0 0 0 rg BT 355.24 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.12 331.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.16 331.10 Td (inter ) Tj ET Q q 0 0 0 rg BT 394.75 331.10 Td (Park, ) Tj ET Q q 0 0 0 rg BT 417.84 331.10 Td (Florida. ) Tj ET Q q 0 0 0 rg BT 451.49 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.59 331.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.40 331.10 Td (company ) Tj ET Q q 0 0 0 rg BT 510.32 331.10 Td (occupies ) Tj ET Q q 0 0 0 rg BT 547.57 331.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 319.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 75.58 319.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 112.45 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.67 319.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.55 319.10 Td (five-year) Tj ET Q q 0 0 0 rg BT 165.24 319.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.18 319.10 Td (five-month ) Tj ET Q q 0 0 0 rg BT 217.05 319.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 253.37 319.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 297.45 319.10 Td (that ) Tj ET Q q 0 0 0 rg BT 314.88 319.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 346.20 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.88 319.10 Td (April ) Tj ET Q q 0 0 0 rg BT 379.43 319.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 401.87 319.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.75 319.10 Td (is ) Tj ET Q q 0 0 0 rg BT 427.86 319.10 Td (renewable ) Tj ET Q q 0 0 0 rg BT 471.38 319.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.48 319.10 Td (one ) Tj ET Q q 0 0 0 rg BT 502.36 319.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 544.79 319.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (until ) Tj ET Q q 0 0 0 rg BT 70.57 307.10 Td (April ) Tj ET Q q 0 0 0 rg BT 94.55 307.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.92 307.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 135.29 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.96 307.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.38 307.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.13 307.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 224.88 307.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.51 307.10 Td (15,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.01 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.88 307.10 Td (square ) Tj ET Q q 0 0 0 rg BT 344.85 307.10 Td (feet ) Tj ET Q q 0 0 0 rg BT 362.71 307.10 Td (based ) Tj ET Q q 0 0 0 rg BT 388.35 307.10 Td (on ) Tj ET Q q 0 0 0 rg BT 401.22 307.10 Td (an ) Tj ET Q q 0 0 0 rg BT 413.53 307.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 450.83 307.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 494.80 307.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 512.65 307.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.86 307.10 Td ($17.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.36 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.23 307.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td ($22.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.10 295.10 Td (per ) Tj ET Q q 0 0 0 rg BT 95.46 295.10 Td (square ) Tj ET Q q 0 0 0 rg BT 124.15 295.10 Td (foot ) Tj ET Q q 0 0 0 rg BT 142.86 295.10 Td (over ) Tj ET Q q 0 0 0 rg BT 163.22 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.03 295.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 200.61 295.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 224.03 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.44 295.10 Td (The ) Tj ET Q q 0 0 0 rg BT 244.58 295.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 286.06 295.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 312.54 295.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.89 295.10 Td (4,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.39 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.99 295.10 Td (square ) Tj ET Q q 0 0 0 rg BT 426.68 295.10 Td (feet ) Tj ET Q q 0 0 0 rg BT 444.26 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.19 295.10 Td (of) Tj ET Q q 0 0 0 rg BT 463.34 295.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 480.92 295.10 Td (space ) Tj ET Q q 0 0 0 rg BT 505.72 295.10 Td (at ) Tj ET Q q 0 0 0 rg BT 515.53 295.10 Td (an ) Tj ET Q q 0 0 0 rg BT 527.56 295.10 Td (annually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 92.83 283.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 109.56 283.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.62 283.10 Td ($36.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.12 283.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.86 283.10 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.64 283.10 Td ($37.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.14 283.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.88 283.10 Td (per ) Tj ET Q q 0 0 0 rg BT 200.39 283.10 Td (square ) Tj ET Q q 0 0 0 rg BT 228.22 283.10 Td (foot ) Tj ET Q q 0 0 0 rg BT 246.07 283.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.59 283.10 Td (Sherman ) Tj ET Q q 0 0 0 rg BT 292.87 283.10 Td (Oaks, ) Tj ET Q q 0 0 0 rg BT 317.66 283.10 Td (California ) Tj ET Q q 0 0 0 rg BT 359.94 283.10 Td (under ) Tj ET Q q 0 0 0 rg BT 384.45 283.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.63 283.10 Td (two-year ) Tj ET Q q 0 0 0 rg BT 427.90 283.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 461.84 283.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.57 283.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 509.19 283.10 Td (on ) Tj ET Q q 0 0 0 rg BT 520.93 283.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.10 271.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 90.21 271.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.62 271.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.77 271.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.26 271.10 Td (also ) Tj ET Q q 0 0 0 rg BT 170.97 271.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 197.45 271.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 230.59 271.10 Td (of) Tj ET Q q 0 0 0 rg BT 238.74 271.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 256.33 271.10 Td (space ) Tj ET Q q 0 0 0 rg BT 281.14 271.10 Td (under ) Tj ET Q q 0 0 0 rg BT 306.51 271.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.55 271.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 351.13 271.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 385.94 271.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.32 271.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 432.24 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.28 271.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.33 271.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 484.44 271.10 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 529.80 271.10 Td (contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.10 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 65.51 259.10 Td (oronto.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (Capital Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.69 223.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 103.05 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.84 223.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.70 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.28 223.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.52 223.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.30 223.10 Td (into ) Tj ET Q q 0 0 0 rg BT 250.22 223.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.23 223.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 305.46 223.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.48 223.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 364.05 223.10 Td (which ) Tj ET Q q 0 0 0 rg BT 390.85 223.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 418.19 223.10 Td (on ) Tj ET Q q 0 0 0 rg BT 430.55 223.10 Td (various ) Tj ET Q q 0 0 0 rg BT 462.35 223.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 485.25 223.10 Td (between ) Tj ET Q q 0 0 0 rg BT 520.93 223.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.95 211.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.34 211.10 Td (January ) Tj ET Q q 0 0 0 rg BT 124.40 211.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 149.64 211.10 Td (T) Tj ET Q q 0 0 0 rg BT 155.05 211.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 172.99 211.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 220.39 211.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 270.01 211.10 Td (under ) Tj ET Q q 0 0 0 rg BT 295.73 211.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 325.33 211.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 352.16 211.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.55 211.10 Td ($7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.05 211.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.00 211.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.17 211.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 474.21 211.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.21 211.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.66 211.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.61 211.10 Td (See ) Tj ET Q q 0 0 0 rg BT 520.00 211.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 542.40 211.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 550.35 211.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (more ) Tj ET Q q 0 0 0 rg BT 73.05 199.10 Td (information ) Tj ET Q q 0 0 0 rg BT 122.76 199.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.26 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.98 199.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 197.06 199.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 241.77 199.10 Td (under ) Tj ET Q q 0 0 0 rg BT 267.04 199.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 296.19 199.10 Td (leases.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.57 742.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 97.69 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.92 742.10 Td (future ) Tj ET Q q 0 0 0 rg BT 133.70 742.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 174.49 742.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 196.38 742.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 236.61 742.10 Td (under ) Tj ET Q q 0 0 0 rg BT 261.28 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.40 742.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 321.88 742.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 384.30 742.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 410.08 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.31 742.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.54 742.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 488.53 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.53 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.43 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.00 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.23 742.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 704.60 304.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 704.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 704.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 704.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 704.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.60 304.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 680.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 680.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 680.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 680.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.60 304.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 656.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 656.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 656.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 656.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 304.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 632.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 632.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 632.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 632.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 304.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 608.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 608.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 608.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 608.60 100.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 704.6 m 354.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 704.6 m 458.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 704.6 m 562.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 704.6 m 354.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 704.6 m 358.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 704.6 m 458.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 704.6 m 562.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 656.6 m 458.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 656.6 m 562.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 645.6 m 562.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 643.6 m 562.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 632.6 m 458.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 632.6 m 458.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 608.6 m 458.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 608.6 m 458.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 597.6 m 458.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 595.6 m 458.5 595.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 707.33 Td (Year ending December 31:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.75 707.33 Td (Capital Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.60 707.33 Td (Operating Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 695.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 695.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 695.22 Td (7,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 695.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 695.22 Td (546,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 683.22 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 683.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 683.22 Td (330,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 671.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 671.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 671.22 Td (333,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 659.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 659.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 659.22 Td (113,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.22 Td (Total minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 647.22 Td (7,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 647.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 647.22 Td (1,324,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.22 Td (Less amount representing interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 635.22 Td (\(213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 635.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.22 Td (Total principal lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 623.22 Td (7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.22 Td (Less current maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 611.22 Td (\(7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 611.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.22 Td (Total long term obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 599.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 599.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 573.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.36 573.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 89.85 573.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 124.01 573.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 160.94 573.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.67 573.10 Td (general ) Tj ET Q q 0 0 0 rg BT 202.04 573.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.43 573.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 277.59 573.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 311.75 573.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.47 573.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.64 573.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 395.90 573.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.40 573.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 492.56 573.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.84 573.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 546.45 573.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 561.10 Td ($492,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.76 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.26 561.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.20 561.10 Td ($263,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.70 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.20 561.10 Td (for ) Tj ET Q q 0 0 0 rg BT 221.36 561.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.07 561.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 265.23 561.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.68 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.18 561.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.55 561.10 Td (December ) Tj ET Q q 0 0 0 rg BT 367.14 561.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.14 561.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 404.64 561.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.58 561.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 561.10 Td (, ) Tj ET Q q 0 0 0 rg BT 446.58 561.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 494.24 561.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 535.53505859375 m 123.96484375 535.53505859375 l s q 0 0 0 rg BT 50.00 537.10 Td (Retir) Tj ET Q q 0 0 0 rg BT 72.03 537.10 Td (ement ) Tj ET Q q 0 0 0 rg BT 100.63 537.10 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.34 525.10 Td (December ) Tj ET Q q 0 0 0 rg BT 103.44 525.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 127.95 525.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.18 525.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.08 525.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 227.85 525.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.30 525.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 262.97 525.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 282.20 525.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.21 525.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 332.87 525.10 Td (all ) Tj ET Q q 0 0 0 rg BT 344.87 525.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 376.88 525.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 424.15 525.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.02 525.10 Td (The ) Tj ET Q q 0 0 0 rg BT 443.58 525.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 484.47 525.10 Td (matches ) Tj ET Q q 0 0 0 rg BT 519.25 525.10 Td (participant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 105.40 513.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.80 513.10 Td (an ) Tj ET Q q 0 0 0 rg BT 127.86 513.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 160.47 513.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 184.75 513.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.15 513.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 216.10 513.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.06 513.10 Td (each ) Tj ET Q q 0 0 0 rg BT 247.99 513.10 Td (participant's ) Tj ET Q q 0 0 0 rg BT 299.07 513.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 350.57 513.10 Td (up ) Tj ET Q q 0 0 0 rg BT 363.19 513.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.59 513.10 Td (8% ) Tj ET Q q 0 0 0 rg BT 389.55 513.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.50 513.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.34 513.10 Td (participant's ) Tj ET Q q 0 0 0 rg BT 466.41 513.10 Td (salary) Tj ET Q q 0 0 0 rg BT 489.64 513.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.76 513.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.19 513.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.36 513.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (become ) Tj ET Q q 0 0 0 rg BT 83.92 501.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 112.30 501.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.91 501.10 Td (20% ) Tj ET Q q 0 0 0 rg BT 144.07 501.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 173.56 501.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 220.26 501.10 Td (after ) Tj ET Q q 0 0 0 rg BT 241.41 501.10 Td (two ) Tj ET Q q 0 0 0 rg BT 259.24 501.10 Td (years ) Tj ET Q q 0 0 0 rg BT 283.17 501.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.33 501.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 327.98 501.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.81 501.10 Td (During ) Tj ET Q q 0 0 0 rg BT 361.97 501.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.02 501.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 406.50 501.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.95 501.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.78 501.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.49 501.10 Td (December ) Tj ET Q q 0 0 0 rg BT 509.41 501.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.74 501.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 547.57 501.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 489.10 Td (, ) Tj ET Q q 0 0 0 rg BT 75.00 489.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.22 489.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.60 489.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.42 489.10 Td ($125,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.92 489.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.42 489.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.36 489.10 Td ($47,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.86 489.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.86 489.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 311.52 489.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.52 489.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.80 489.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 361.50 489.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.66 489.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 415.38 489.10 Td (employer ) Tj ET Q q 0 0 0 rg BT 455.64 489.10 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 513.41 489.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 463.53505859375 m 92.2265625 463.53505859375 l s q 0 0 0 rg BT 50.00 465.10 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (From ) Tj ET Q q 0 0 0 rg BT 73.87 453.10 Td (time ) Tj ET Q q 0 0 0 rg BT 93.85 453.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.83 453.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 126.31 453.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.73 453.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.82 453.10 Td (may ) Tj ET Q q 0 0 0 rg BT 201.24 453.10 Td (become ) Tj ET Q q 0 0 0 rg BT 234.54 453.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 271.74 453.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.72 453.10 Td (various ) Tj ET Q q 0 0 0 rg BT 313.36 453.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 348.34 453.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.98 453.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 386.62 453.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 437.14 453.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.34 453.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 475.42 453.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.40 453.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.82 453.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 535.90 453.10 Td (course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 441.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 99.37 441.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 141.13 441.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 152.62 441.10 Td (however) Tj ET Q q 0 0 0 rg BT 186.65 441.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.47 441.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.11 441.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.21 441.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 267.30 441.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 323.21 441.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.97 441.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.73 441.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 384.59 441.10 Td (result ) Tj ET Q q 0 0 0 rg BT 409.13 441.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.23 441.10 Td (these ) Tj ET Q q 0 0 0 rg BT 442.10 441.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.75 441.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.62 441.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.37 441.10 Td (may ) Tj ET Q q 0 0 0 rg BT 526.91 441.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 549.78 441.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.09 429.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 135.99 429.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 161.27 429.10 Td (than ) Tj ET Q q 0 0 0 rg BT 180.99 429.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.83 429.10 Td (described ) Tj ET Q q 0 0 0 rg BT 232.66 429.10 Td (below) Tj ET Q q 0 0 0 rg BT 256.44 429.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.45 429.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.18 429.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 317.57 429.10 Td (is ) Tj ET Q q 0 0 0 rg BT 326.75 429.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 365.36 429.10 Td (not ) Tj ET Q q 0 0 0 rg BT 380.64 429.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 407.02 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.86 429.10 Td (any ) Tj ET Q q 0 0 0 rg BT 434.80 429.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 456.75 429.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 507.57 429.10 Td (or ) Tj ET Q q 0 0 0 rg BT 518.41 429.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 547.02 429.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (it ) Tj ET Q q 0 0 0 rg BT 58.02 417.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 93.25 417.10 Td (would ) Tj ET Q q 0 0 0 rg BT 120.71 417.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.51 417.10 Td (could ) Tj ET Q q 0 0 0 rg BT 156.19 417.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 180.03 417.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 230.83 417.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.62 417.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.87 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.55 417.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 310.38 417.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.28 417.10 Td (material ) Tj ET Q q 0 0 0 rg BT 352.50 417.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 385.50 417.10 Td (ef) Tj ET Q q 0 0 0 rg BT 393.09 417.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 410.54 417.10 Td (on ) Tj ET Q q 0 0 0 rg BT 423.01 417.10 Td (its ) Tj ET Q q 0 0 0 rg BT 434.92 417.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 479.04 417.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.83 417.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.28 417.10 Td (position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.29 393.10 Td (October ) Tj ET Q q 0 0 0 rg BT 98.57 393.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 113.14 393.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 137.71 393.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 158.67 393.10 Td (Calypso, ) Tj ET Q q 0 0 0 rg BT 196.02 393.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 213.35 393.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.75 393.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.26 393.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 282.32 393.10 Td (against ) Tj ET Q q 0 0 0 rg BT 312.71 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.00 393.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.96 393.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 402.24 393.10 Td (that ) Tj ET Q q 0 0 0 rg BT 419.31 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.59 393.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 474.55 393.10 Td (infringed ) Tj ET Q q 0 0 0 rg BT 513.28 393.10 Td (their ) Tj ET Q q 0 0 0 rg BT 533.67 393.10 Td (patents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (related ) Tj ET Q q 0 0 0 rg BT 80.04 381.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.65 381.10 Td (peer) Tj ET Q q 0 0 0 rg BT 107.66 381.10 Td (-to-peer ) Tj ET Q q 0 0 0 rg BT 142.14 381.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 189.40 381.10 Td (between ) Tj ET Q q 0 0 0 rg BT 225.55 381.10 Td (mobile ) Tj ET Q q 0 0 0 rg BT 256.16 381.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 321.20 381.10 Td (devices. ) Tj ET Q q 0 0 0 rg BT 356.52 381.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.36 381.10 Td (On ) Tj ET Q q 0 0 0 rg BT 374.41 381.10 Td (July ) Tj ET Q q 0 0 0 rg BT 393.92 381.10 Td (19, ) Tj ET Q q 0 0 0 rg BT 409.25 381.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 434.59 381.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 456.31 381.10 Td (Calypso) Tj ET Q q 0 0 0 rg BT 491.87 381.10 Td (s ) Tj ET Q q 0 0 0 rg BT 498.59 381.10 Td (case ) Tj ET Q q 0 0 0 rg BT 518.63 381.10 Td (against ) Tj ET Q q 0 0 0 rg BT 549.79 381.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.73 369.10 Td (was ) Tj ET Q q 0 0 0 rg BT 110.13 369.10 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 166.01 369.10 Td (along ) Tj ET Q q 0 0 0 rg BT 191.07 369.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.70 369.10 Td (other ) Tj ET Q q 0 0 0 rg BT 235.09 369.10 Td (patent ) Tj ET Q q 0 0 0 rg BT 262.37 369.10 Td (infringement ) Tj ET Q q 0 0 0 rg BT 316.86 369.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 340.80 369.10 Td (against ) Tj ET Q q 0 0 0 rg BT 371.97 369.10 Td (Groupon, ) Tj ET Q q 0 0 0 rg BT 412.87 369.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 433.06 369.10 Td (Y) Tj ET Q q 0 0 0 rg BT 439.28 369.10 Td (elp, ) Tj ET Q q 0 0 0 rg BT 456.84 369.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 474.95 369.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.24 369.10 Td (Foursquare ) Tj ET Q q 0 0 0 rg BT 540.07 369.10 Td (Labs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 70.27 357.10 Td (into ) Tj ET Q q 0 0 0 rg BT 88.33 357.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 109.71 357.10 Td (Calypso, ) Tj ET Q q 0 0 0 rg BT 147.49 357.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 165.26 357.10 Td (v) Tj ET Q q 0 0 0 rg BT 169.61 357.10 Td (. ) Tj ET Q q 0 0 0 rg BT 174.61 357.10 Td (Groupon ) Tj ET Q q 0 0 0 rg BT 212.66 357.10 Td (et ) Tj ET Q q 0 0 0 rg BT 222.38 357.10 Td (al ) Tj ET Q q 0 0 0 rg BT 232.09 357.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.25 357.10 Td (all ) Tj ET Q q 0 0 0 rg BT 258.75 357.10 Td (pretrial ) Tj ET Q q 0 0 0 rg BT 290.12 357.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 330.67 357.10 Td (including ) Tj ET Q q 0 0 0 rg BT 370.95 357.10 Td (discovery ) Tj ET Q q 0 0 0 rg BT 412.32 357.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.26 357.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 453.97 357.10 Td (construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.53 333.10 Td (August ) Tj ET Q q 0 0 0 rg BT 94.10 333.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 108.29 333.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 132.47 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.36 333.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.93 333.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 218.04 333.10 Td (into ) Tj ET Q q 0 0 0 rg BT 235.28 333.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.40 333.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 284.17 333.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 327.50 333.10 Td (with ) Tj ET Q q 0 0 0 rg BT 346.96 333.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 367.52 333.10 Td (Calypso ) Tj ET Q q 0 0 0 rg BT 401.98 333.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 430.88 333.10 Td (all ) Tj ET Q q 0 0 0 rg BT 442.56 333.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 490.90 333.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 528.69 333.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.06 321.10 Td (two ) Tj ET Q q 0 0 0 rg BT 80.91 321.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 128.02 321.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 154.86 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.93 321.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 214.92 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.98 321.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 269.72 321.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 298.21 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.84 321.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 324.12 321.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 344.86 321.10 Td (Calypso ) Tj ET Q q 0 0 0 rg BT 379.48 321.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.77 321.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 428.72 321.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 460.56 321.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.74 321.10 Td ($390,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.24 321.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.59 321.10 Td (representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.93 309.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 87.75 309.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 102.45 309.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.28 309.10 Td (4.125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.11 309.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.60 309.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.43 309.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.57 309.10 Td (from ) Tj ET Q q 0 0 0 rg BT 213.50 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.21 309.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 275.28 309.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 303.87 309.10 Td (platforms: ) Tj ET Q q 0 0 0 rg BT 347.47 309.10 Td (SocialSpark, ) Tj ET Q q 0 0 0 rg BT 400.79 309.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 445.32 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.73 309.10 Td (weets, ) Tj ET Q q 0 0 0 rg BT 478.50 309.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.25 309.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.89 309.10 Td (eReward. ) Tj ET Q q 0 0 0 rg BT 544.24 309.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 81.21 297.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 96.29 297.10 Td (was ) Tj ET Q q 0 0 0 rg BT 114.72 297.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 151.49 297.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.37 297.10 Td (those ) Tj ET Q q 0 0 0 rg BT 188.35 297.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 217.33 297.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 258.53 297.10 Td (from ) Tj ET Q q 0 0 0 rg BT 280.85 297.10 Td (their ) Tj ET Q q 0 0 0 rg BT 302.06 297.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 342.15 297.10 Td (until ) Tj ET Q q 0 0 0 rg BT 363.36 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.46 297.10 Td (time ) Tj ET Q q 0 0 0 rg BT 399.11 297.10 Td (they ) Tj ET Q q 0 0 0 rg BT 419.21 297.10 Td (were ) Tj ET Q q 0 0 0 rg BT 441.52 297.10 Td (all ) Tj ET Q q 0 0 0 rg BT 454.39 297.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 508.38 297.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.26 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.35 297.10 Td (end ) Tj ET Q q 0 0 0 rg BT 553.67 297.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 75.78 285.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 97.95 285.10 Td (Calypso ) Tj ET Q q 0 0 0 rg BT 134.01 285.10 Td (has ) Tj ET Q q 0 0 0 rg BT 150.62 285.10 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 193.34 285.10 Td (with ) Tj ET Q q 0 0 0 rg BT 214.40 285.10 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 254.89 285.10 Td (all ) Tj ET Q q 0 0 0 rg BT 268.16 285.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 303.66 285.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 343.05 285.10 Td (against ) Tj ET Q q 0 0 0 rg BT 374.65 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.15 285.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.32 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.04 285.10 Td (has ) Tj ET Q q 0 0 0 rg BT 466.65 285.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 499.91 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.41 285.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 557.58 285.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 96.10 273.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 135.52 273.10 Td (not ) Tj ET Q q 0 0 0 rg BT 151.62 273.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.73 273.10 Td (sue ) Tj ET Q q 0 0 0 rg BT 179.39 273.10 Td (covering ) Tj ET Q q 0 0 0 rg BT 217.70 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.24 273.10 Td (IZEAx ) Tj ET Q q 0 0 0 rg BT 264.34 273.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.11 273.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 316.54 273.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 358.19 273.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.85 273.10 Td (any ) Tj ET Q q 0 0 0 rg BT 387.61 273.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 433.70 273.10 Td (iteration ) Tj ET Q q 0 0 0 rg BT 470.34 273.10 Td (thereof. ) Tj ET Q q 0 0 0 rg BT 504.25 273.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 273.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 93.35 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.82 261.10 Td (IZEAx ) Tj ET Q q 0 0 0 rg BT 137.84 261.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.53 261.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 187.89 261.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 228.47 261.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.50 261.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.19 261.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 277.43 261.10 Td (such ) Tj ET Q q 0 0 0 rg BT 298.01 261.10 Td (that ) Tj ET Q q 0 0 0 rg BT 315.26 261.10 Td (it ) Tj ET Q q 0 0 0 rg BT 323.07 261.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 358.09 261.10 Td (they ) Tj ET Q q 0 0 0 rg BT 377.56 261.10 Td (do ) Tj ET Q q 0 0 0 rg BT 389.81 261.10 Td (not ) Tj ET Q q 0 0 0 rg BT 404.84 261.10 Td (infringe ) Tj ET Q q 0 0 0 rg BT 438.75 261.10 Td (Blue ) Tj ET Q q 0 0 0 rg BT 459.89 261.10 Td (Calypso's ) Tj ET Q q 0 0 0 rg BT 500.62 261.10 Td (current ) Tj ET Q q 0 0 0 rg BT 531.19 261.10 Td (patents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.35 237.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 112.05 237.10 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.07 237.10 Td ($200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.57 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.38 237.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 198.19 237.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 240.87 237.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.00 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.03 237.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 314.47 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.72 237.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.20 237.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 374.22 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.24 237.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 424.58 237.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.17 237.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 461.63 237.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 501.53 237.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 553.67 237.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td ($23,813.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.33 225.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.43 225.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 129.76 225.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.20 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.53 225.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 203.86 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.96 225.10 Td (November ) Tj ET Q q 0 0 0 rg BT 258.50 225.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 283.33 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.49 225.10 Td (The ) Tj ET Q q 0 0 0 rg BT 303.37 225.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 344.58 225.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 381.89 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.43 225.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 421.53 225.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 453.85 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.51 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.06 225.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 522.48 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.59 225.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.25 213.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 127.28 213.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 162.30 213.10 Td (during ) Tj ET Q q 0 0 0 rg BT 191.23 213.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.26 213.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 235.73 213.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.18 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.00 213.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.69 213.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 353.59 213.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.59 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.91 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.52 213.10 Td (The ) Tj ET Q q 0 0 0 rg BT 399.88 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.70 213.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 446.06 213.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 479.41 213.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 503.88 213.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.03 213.10 Td ($166,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.53 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.35 213.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.48 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.75 201.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 131.34 201.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 169.94 201.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.77 201.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.60 201.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 250.18 201.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 201.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 177.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 122.00 177.10 Td (ST) Tj ET Q q 0 0 0 rg BT 134.05 177.10 Td (OCKHOLDERS' ) Tj ET Q q 0 0 0 rg BT 211.01 177.10 Td (EQUITY) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 151.53505859375002 m 129.541015625 151.53505859375002 l s q 0 0 0 rg BT 50.00 153.10 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 100.83 153.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 121.21 153.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 141.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.57 141.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.97 141.10 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.97 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.04 141.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 225.31 141.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 253.37 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.77 141.10 Td (common ) Tj ET Q q 0 0 0 rg BT 302.83 141.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 327.01 141.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.52 141.10 Td (10,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.52 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.59 141.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 437.86 141.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.92 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.31 141.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 517.02 141.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 543.70 141.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 129.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.22 129.10 Td (par ) Tj ET Q q 0 0 0 rg BT 92.49 129.10 Td (value ) Tj ET Q q 0 0 0 rg BT 116.64 129.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.47 129.10 Td ($0.0001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.97 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.47 129.10 Td (per ) Tj ET Q q 0 0 0 rg BT 177.74 129.10 Td (share. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 103.53505859375002 m 132.7685546875 103.53505859375002 l s q 0 0 0 rg BT 50.00 105.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 105.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 105.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.13 93.10 Td (January ) Tj ET Q q 0 0 0 rg BT 99.14 93.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 109.56 93.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 134.97 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.10 93.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.89 93.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 213.13 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.48 93.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 265.59 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.83 93.10 Td (Change ) Tj ET Q q 0 0 0 rg BT 310.29 93.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.98 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.11 93.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 386.77 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.02 93.10 Td (State ) Tj ET Q q 0 0 0 rg BT 420.92 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.16 93.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 465.61 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.30 93.10 Td (ef) Tj ET Q q 0 0 0 rg BT 483.89 93.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.79 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.14 93.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.92 93.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 81.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 81.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 81.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 81.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 81.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 81.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 81.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 81.10 Td (a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.64 81.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.16 81.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 81.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 81.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 81.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 81.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 81.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 81.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 81.10 Td (outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.03 81.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.55 81.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 81.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 81.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 69.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 69.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 69.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 69.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 69.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 69.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 69.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 69.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 69.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 69.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 69.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 69.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 69.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 69.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 69.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 69.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 69.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 69.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 57.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 57.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 57.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 57.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 57.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 57.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 57.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 57.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 57.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 57.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 57.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 57.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 57.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 57.10 Td (Company's ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.07 731.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.47 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.20 731.10 Td (common ) Tj ET Q q 0 0 0 rg BT 174.61 731.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.12 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 215.52 731.10 Td (became ) Tj ET Q q 0 0 0 rg BT 248.46 731.10 Td (market ) Tj ET Q q 0 0 0 rg BT 278.63 731.10 Td (ef) Tj ET Q q 0 0 0 rg BT 286.22 731.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 315.83 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 328.23 731.10 Td (January ) Tj ET Q q 0 0 0 rg BT 361.74 731.10 Td (1) Tj ET Q q 0 0 0 rg BT 366.37 731.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 376.27 731.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 401.18 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.58 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.82 731.10 Td (There ) Tj ET Q q 0 0 0 rg BT 431.54 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 449.50 731.10 Td (no ) Tj ET Q q 0 0 0 rg BT 461.90 731.10 Td (change ) Tj ET Q q 0 0 0 rg BT 492.62 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.81 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 731.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 94.70 719.10 Td (common ) Tj ET Q q 0 0 0 rg BT 132.20 719.10 Td (shares.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 150.517578125 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (2014 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.81 683.10 Td (February ) Tj ET Q q 0 0 0 rg BT 103.49 683.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 118.58 683.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 143.66 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.46 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.94 683.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 244.17 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.20 683.10 Td (private ) Tj ET Q q 0 0 0 rg BT 281.55 683.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 325.22 683.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 362.24 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.61 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.63 683.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 417.74 683.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 464.75 683.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 488.99 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 499.91 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.83 683.10 Td (February ) Tj ET Q q 0 0 0 rg BT 549.51 683.10 Td (12, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 74.65 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.46 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.82 671.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 138.84 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.43 671.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 173.12 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 671.10 Td (1,714,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.60 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.75 671.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 252.89 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.36 671.10 Td (its ) Tj ET Q q 0 0 0 rg BT 274.96 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 312.10 671.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 337.86 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 347.22 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.81 671.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 391.49 671.10 Td (price ) Tj ET Q q 0 0 0 rg BT 413.63 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.10 671.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.60 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.75 671.10 Td (per ) Tj ET Q q 0 0 0 rg BT 463.67 671.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 489.41 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.22 671.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 526.48 671.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.00 659.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.67 659.10 Td ($12,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.67 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.34 659.10 Td (\("2014 ) Tj ET Q q 0 0 0 rg BT 146.42 659.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 177.41 659.10 Td (Placement"\). ) Tj ET Q q 0 0 0 rg BT 231.05 659.10 Td (As ) Tj ET Q q 0 0 0 rg BT 244.83 659.10 Td (part ) Tj ET Q q 0 0 0 rg BT 263.05 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.05 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.93 659.10 Td (private ) Tj ET Q q 0 0 0 rg BT 319.36 659.10 Td (placement, ) Tj ET Q q 0 0 0 rg BT 365.62 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.51 659.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 419.28 659.10 Td (received ) Tj ET Q q 0 0 0 rg BT 455.81 659.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 492.91 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.36 659.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 541.56 659.10 Td (up ) Tj ET Q q 0 0 0 rg BT 554.23 659.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (857,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.32 647.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 113.13 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.28 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.32 647.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 186.72 647.10 Td (common ) Tj ET Q q 0 0 0 rg BT 224.54 647.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 248.47 647.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.51 647.10 Td (an ) Tj ET Q q 0 0 0 rg BT 270.77 647.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 306.34 647.10 Td (price ) Tj ET Q q 0 0 0 rg BT 329.15 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 647.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.62 647.10 Td (per ) Tj ET Q q 0 0 0 rg BT 381.21 647.10 Td (share ) Tj ET Q q 0 0 0 rg BT 405.13 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.39 647.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 459.64 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.24 647.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 508.60 647.10 Td (up ) Tj ET Q q 0 0 0 rg BT 521.42 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.02 647.10 Td (another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (857,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.42 635.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 113.33 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.57 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.71 635.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 187.20 635.10 Td (common ) Tj ET Q q 0 0 0 rg BT 225.12 635.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 249.14 635.10 Td (at ) Tj ET Q q 0 0 0 rg BT 259.28 635.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.63 635.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 307.30 635.10 Td (price ) Tj ET Q q 0 0 0 rg BT 330.21 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.46 635.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.96 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.87 635.10 Td (per ) Tj ET Q q 0 0 0 rg BT 387.56 635.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 413.86 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 432.33 635.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 469.67 635.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 497.58 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.49 635.10 Td (February ) Tj ET Q q 0 0 0 rg BT 549.51 635.10 Td (21, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 75.23 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.36 623.10 Td (At ) Tj ET Q q 0 0 0 rg BT 90.09 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.03 623.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 136.65 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.71 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.65 623.10 Td (private ) Tj ET Q q 0 0 0 rg BT 193.15 623.10 Td (placement, ) Tj ET Q q 0 0 0 rg BT 239.47 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.41 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.03 623.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 315.97 623.10 Td (Craig-Hallum ) Tj ET Q q 0 0 0 rg BT 374.25 623.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 405.86 623.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 441.36 623.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 465.47 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.42 623.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 520.91 623.10 Td (placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 73.76 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 87.52 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.84 611.10 Td (private ) Tj ET Q q 0 0 0 rg BT 131.71 611.10 Td (placement, ) Tj ET Q q 0 0 0 rg BT 177.40 611.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.27 611.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 254.92 611.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.35 611.10 Td ($814,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.85 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.96 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.50 611.10 Td (two ) Tj ET Q q 0 0 0 rg BT 338.60 611.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 376.79 611.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 415.82 611.10 Td (one ) Tj ET Q q 0 0 0 rg BT 432.36 611.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 465.00 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.89 611.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 512.53 611.10 Td (up ) Tj ET Q q 0 0 0 rg BT 524.63 611.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.51 611.10 Td (37,526) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 76.95 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.24 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.42 599.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 147.96 599.10 Td (common ) Tj ET Q q 0 0 0 rg BT 184.92 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 207.99 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 217.17 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 228.57 599.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 263.29 599.10 Td (price ) Tj ET Q q 0 0 0 rg BT 285.23 599.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.53 599.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.03 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.99 599.10 Td (per ) Tj ET Q q 0 0 0 rg BT 334.72 599.10 Td (share ) Tj ET Q q 0 0 0 rg BT 357.78 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.18 599.10 Td (another ) Tj ET Q q 0 0 0 rg BT 406.13 599.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 438.63 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.37 599.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 485.87 599.10 Td (up ) Tj ET Q q 0 0 0 rg BT 497.83 599.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.57 599.10 Td (37,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.07 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.03 599.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 587.10 Td (Company' ) Tj ET Q q 0 0 0 rg BT 118.74 587.10 Td (common ) Tj ET Q q 0 0 0 rg BT 156.23 587.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 179.84 587.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.56 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 201.49 587.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 236.75 587.10 Td (price ) Tj ET Q q 0 0 0 rg BT 259.23 587.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.06 587.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.56 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.06 587.10 Td (per ) Tj ET Q q 0 0 0 rg BT 315.33 587.10 Td (share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.57 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.48 563.10 Td (agreed, ) Tj ET Q q 0 0 0 rg BT 142.65 563.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 180.11 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.92 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.16 563.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 231.40 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.75 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.21 563.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 298.78 563.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 324.58 563.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 369.25 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 390.05 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.29 563.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 446.92 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.72 563.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 470.19 563.10 Td (file ) Tj ET Q q 0 0 0 rg BT 486.54 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.00 563.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 516.46 563.10 Td (registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.34 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 110.15 551.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 140.49 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.29 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.53 551.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 189.87 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.22 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.46 551.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 241.48 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.83 551.10 Td (its ) Tj ET Q q 0 0 0 rg BT 263.30 551.10 Td (common ) Tj ET Q q 0 0 0 rg BT 300.32 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 323.45 551.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 342.15 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.95 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.19 551.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 404.32 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.79 551.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 447.80 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.15 551.10 Td (its ) Tj ET Q q 0 0 0 rg BT 469.63 551.10 Td (common ) Tj ET Q q 0 0 0 rg BT 506.65 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 529.78 551.10 Td (issuable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.38 539.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 109.51 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.22 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.81 539.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 174.62 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.78 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.37 539.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 233.09 539.10 Td (within ) Tj ET Q q 0 0 0 rg BT 262.02 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.62 539.10 Td (sooner ) Tj ET Q q 0 0 0 rg BT 307.66 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.36 539.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 332.74 539.10 Td (days ) Tj ET Q q 0 0 0 rg BT 354.45 539.10 Td (after ) Tj ET Q q 0 0 0 rg BT 376.14 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.74 539.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 424.00 539.10 Td (date ) Tj ET Q q 0 0 0 rg BT 444.04 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.74 539.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 469.12 539.10 Td (business ) Tj ET Q q 0 0 0 rg BT 506.39 539.10 Td (days ) Tj ET Q q 0 0 0 rg BT 528.10 539.10 Td (after ) Tj ET Q q 0 0 0 rg BT 549.79 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.21 527.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 111.86 527.10 Td (its ) Tj ET Q q 0 0 0 rg BT 123.12 527.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 154.88 527.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 184.42 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 196.74 527.10 Td (Form10-K ) Tj ET Q q 0 0 0 rg BT 243.79 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 257.77 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.31 527.10 Td (year ) Tj ET Q q 0 0 0 rg BT 291.84 527.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 318.04 527.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 376.45 527.10 Td (2013; ) Tj ET Q q 0 0 0 rg BT 401.55 527.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 416.09 527.10 Td (use ) Tj ET Q q 0 0 0 rg BT 431.74 527.10 Td (its ) Tj ET Q q 0 0 0 rg BT 443.51 527.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 500.81 527.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 545.89 527.10 Td (best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 515.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 78.27 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.40 515.10 Td (have ) Tj ET Q q 0 0 0 rg BT 109.62 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.19 515.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 145.98 515.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 193.87 515.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 234.54 515.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 270.75 515.10 Td (ef) Tj ET Q q 0 0 0 rg BT 278.34 515.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 307.89 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 320.24 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.81 515.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 355.50 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.18 515.10 Td (soon ) Tj ET Q q 0 0 0 rg BT 387.42 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 398.10 515.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 433.23 515.10 Td (after ) Tj ET Q q 0 0 0 rg BT 453.90 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.46 515.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 494.14 515.10 Td (filing, ) Tj ET Q q 0 0 0 rg BT 520.66 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.45 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.58 515.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (event ) Tj ET Q q 0 0 0 rg BT 74.32 503.10 Td (no ) Tj ET Q q 0 0 0 rg BT 86.99 503.10 Td (later ) Tj ET Q q 0 0 0 rg BT 107.41 503.10 Td (than ) Tj ET Q q 0 0 0 rg BT 127.30 503.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 139.96 503.10 Td (days ) Tj ET Q q 0 0 0 rg BT 160.96 503.10 Td (after ) Tj ET Q q 0 0 0 rg BT 181.94 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.82 503.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 228.37 503.10 Td (date ) Tj ET Q q 0 0 0 rg BT 247.69 503.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 262.02 503.10 Td (120 ) Tj ET Q q 0 0 0 rg BT 279.68 503.10 Td (days ) Tj ET Q q 0 0 0 rg BT 300.68 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.12 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.00 503.10 Td (event ) Tj ET Q q 0 0 0 rg BT 350.32 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.32 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.42 503.10 Td (full ) Tj ET Q q 0 0 0 rg BT 384.97 503.10 Td (review ) Tj ET Q q 0 0 0 rg BT 414.84 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.84 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.72 503.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 462.82 503.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 511.03 503.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 552.02 503.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.67 491.10 Td (SEC\); ) Tj ET Q q 0 0 0 rg BT 91.57 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.45 491.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 125.90 491.10 Td (keep ) Tj ET Q q 0 0 0 rg BT 147.23 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.89 491.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 183.78 491.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 231.77 491.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 272.54 491.10 Td (ef) Tj ET Q q 0 0 0 rg BT 280.13 491.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 309.79 491.10 Td (until ) Tj ET Q q 0 0 0 rg BT 330.57 491.10 Td (all ) Tj ET Q q 0 0 0 rg BT 343.02 491.10 Td (registrable ) Tj ET Q q 0 0 0 rg BT 387.67 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 427.88 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.55 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 459.44 491.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 478.56 491.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 515.45 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.67 491.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 547.01 491.10 Td (144 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.44 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.33 479.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 131.84 479.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 148.95 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.95 479.10 Td (1933, ) Tj ET Q q 0 0 0 rg BT 185.12 479.10 Td (without ) Tj ET Q q 0 0 0 rg BT 218.34 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.23 479.10 Td (need ) Tj ET Q q 0 0 0 rg BT 254.78 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.11 479.10 Td (current ) Tj ET Q q 0 0 0 rg BT 300.09 479.10 Td (public ) Tj ET Q q 0 0 0 rg BT 327.76 479.10 Td (information ) Tj ET Q q 0 0 0 rg BT 377.64 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.64 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 411.86 479.10 Td (restriction. ) Tj ET Q q 0 0 0 rg BT 457.57 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.24 479.10 Td (If ) Tj ET Q q 0 0 0 rg BT 469.57 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.46 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.01 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 535.35 479.10 Td (unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.19 467.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 92.61 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.80 467.10 Td (any ) Tj ET Q q 0 0 0 rg BT 129.65 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.40 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.03 467.10 Td (above ) Tj ET Q q 0 0 0 rg BT 181.33 467.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 226.23 467.10 Td (it ) Tj ET Q q 0 0 0 rg BT 234.20 467.10 Td (will ) Tj ET Q q 0 0 0 rg BT 252.17 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.03 467.10 Td (required ) Tj ET Q q 0 0 0 rg BT 299.76 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.95 467.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 326.81 467.10 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 369.21 467.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 406.62 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.81 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.44 467.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 469.97 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.16 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.79 467.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.21 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.95 467.10 Td (1% ) Tj ET Q q 0 0 0 rg BT 553.70 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 455.10 Td (investors) Tj ET Q q 0 0 0 rg BT 103.65 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.38 455.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 144.65 455.10 Td (price ) Tj ET Q q 0 0 0 rg BT 167.37 455.10 Td (per ) Tj ET Q q 0 0 0 rg BT 182.88 455.10 Td (month ) Tj ET Q q 0 0 0 rg BT 211.17 455.10 Td (until ) Tj ET Q q 0 0 0 rg BT 232.24 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 253.30 455.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 320.45 455.10 Td (is ) Tj ET Q q 0 0 0 rg BT 329.86 455.10 Td (cured, ) Tj ET Q q 0 0 0 rg BT 357.30 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 377.81 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 398.88 455.10 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 441.60 455.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 479.32 455.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 513.15 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.66 455.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 546.47 455.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.22 443.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 111.88 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 118.65 443.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 166.52 443.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 207.17 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.50 443.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 243.50 443.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 259.73 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 289.26 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.37 443.10 Td (these ) Tj ET Q q 0 0 0 rg BT 322.25 443.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 349.57 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.39 443.10 Td (April ) Tj ET Q q 0 0 0 rg BT 384.83 443.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 394.66 443.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 419.49 443.10 Td (which ) Tj ET Q q 0 0 0 rg BT 446.26 443.10 Td (was ) Tj ET Q q 0 0 0 rg BT 464.14 443.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 500.34 443.10 Td (ef) Tj ET Q q 0 0 0 rg BT 507.93 443.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 537.46 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 443.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 70.03 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 81.71 431.10 Td (May ) Tj ET Q q 0 0 0 rg BT 101.73 431.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 115.91 431.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 137.60 431.10 Td (\(satisfying ) Tj ET Q q 0 0 0 rg BT 181.50 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.41 431.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 219.31 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.32 431.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 240.45 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.57 431.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 270.48 431.10 Td (above\). ) Tj ET Q q 0 0 0 rg BT 301.87 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.56 431.10 Td (On ) Tj ET Q q 0 0 0 rg BT 317.46 431.10 Td (February ) Tj ET Q q 0 0 0 rg BT 355.25 431.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 369.43 431.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 393.62 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.52 431.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 431.43 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.44 431.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 458.12 431.10 Td (were ) Tj ET Q q 0 0 0 rg BT 479.24 431.10 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 514.25 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 524.27 431.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 419.10 Td (now ) Tj ET Q q 0 0 0 rg BT 89.44 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 101.38 419.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 120.55 419.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 157.49 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.76 419.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 189.15 419.10 Td (144 ) Tj ET Q q 0 0 0 rg BT 206.65 419.10 Td (one ) Tj ET Q q 0 0 0 rg BT 223.59 419.10 Td (year ) Tj ET Q q 0 0 0 rg BT 243.30 419.10 Td (after ) Tj ET Q q 0 0 0 rg BT 264.11 419.10 Td (issuance. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 393.53505859375 m 144.35546875 393.53505859375 l s q 0 0 0 rg BT 50.00 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 395.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 89.54 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.46 395.10 Td (ransactions) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 383.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 85.47 383.10 Td (Issuances:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 371.10 Td (January ) Tj ET Q q 0 0 0 rg BT 96.22 371.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 110.17 371.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.12 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.79 371.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 188.13 371.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.58 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.46 371.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 252.45 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.68 371.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.67 371.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.17 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.62 371.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 349.06 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.84 371.10 Td (its ) Tj ET Q q 0 0 0 rg BT 369.74 371.10 Td (common ) Tj ET Q q 0 0 0 rg BT 406.18 371.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.74 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.97 371.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.86 371.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 482.52 371.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 518.41 371.10 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 564.51 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 359.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 101.11 359.10 Td (was ) Tj ET Q q 0 0 0 rg BT 119.17 359.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 140.57 359.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 168.63 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.14 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.86 359.10 Td (date ) Tj ET Q q 0 0 0 rg BT 215.03 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.87 359.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 264.76 359.10 Td (has ) Tj ET Q q 0 0 0 rg BT 280.60 359.10 Td (an ) Tj ET Q q 0 0 0 rg BT 292.55 359.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 327.82 359.10 Td (price ) Tj ET Q q 0 0 0 rg BT 350.31 359.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 359.10 Td ($10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.17 359.10 Td (per ) Tj ET Q q 0 0 0 rg BT 406.45 359.10 Td (share ) Tj ET Q q 0 0 0 rg BT 430.06 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.01 359.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 478.39 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.90 359.10 Td (January ) Tj ET Q q 0 0 0 rg BT 524.51 359.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 539.53 359.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 564.53 359.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.28 347.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 347.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.27 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.34 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.29 347.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 168.55 347.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.29 347.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 227.90 347.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.18 347.10 Td ($7,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.68 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.41 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.58 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.53 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.15 347.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.74 347.10 Td ($100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.74 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.48 347.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.54 347.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 478.81 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.20 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.15 347.10 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 543.92 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 347.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.09 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.96 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.94 335.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 147.69 335.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 183.78 335.10 Td (was ) Tj ET Q q 0 0 0 rg BT 201.55 335.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 238.74 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.28 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 260.93 335.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 295.90 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.89 335.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 348.10 335.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 378.64 335.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.50 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.50 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.93 335.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 478.72 335.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.48 335.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 73.57 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.02 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.26 323.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 323.10 Td ($7,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.01 323.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.58 323.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.80 323.10 Td (was ) Tj ET Q q 0 0 0 rg BT 264.37 323.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 302.37 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.16 323.10 Td (general ) Tj ET Q q 0 0 0 rg BT 345.61 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.06 323.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 423.29 323.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 458.52 323.10 Td (during ) Tj ET Q q 0 0 0 rg BT 487.64 323.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.88 323.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.55 323.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 311.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 311.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 311.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.04 287.10 Td (June ) Tj ET Q q 0 0 0 rg BT 84.19 287.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 98.51 287.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 122.83 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.87 287.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 177.58 287.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 204.40 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.66 287.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 243.01 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.61 287.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.97 287.10 Td (12,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.47 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.29 287.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 346.10 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.25 287.10 Td (its ) Tj ET Q q 0 0 0 rg BT 367.52 287.10 Td (common ) Tj ET Q q 0 0 0 rg BT 404.33 287.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 427.26 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.86 287.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.12 287.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 482.16 287.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 518.41 287.10 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 564.52 287.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.75 275.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 100.49 275.10 Td (was ) Tj ET Q q 0 0 0 rg BT 118.25 275.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 139.34 275.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 167.09 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.30 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.72 275.10 Td (date ) Tj ET Q q 0 0 0 rg BT 212.58 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.11 275.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 261.69 275.10 Td (has ) Tj ET Q q 0 0 0 rg BT 277.23 275.10 Td (an ) Tj ET Q q 0 0 0 rg BT 288.87 275.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 323.83 275.10 Td (price ) Tj ET Q q 0 0 0 rg BT 346.02 275.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.56 275.10 Td ($10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.06 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.26 275.10 Td (per ) Tj ET Q q 0 0 0 rg BT 401.23 275.10 Td (share ) Tj ET Q q 0 0 0 rg BT 424.54 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.18 275.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 472.26 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 484.47 275.10 Td (June ) Tj ET Q q 0 0 0 rg BT 505.00 275.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 519.70 275.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 544.41 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 275.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.45 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 88.68 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.59 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.38 263.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 144.49 263.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 166.06 263.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 201.52 263.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.64 263.10 Td ($44,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 263.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.22 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.68 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 273.80 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 289.25 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.48 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.39 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.18 263.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 368.29 263.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 403.74 263.10 Td (was ) Tj ET Q q 0 0 0 rg BT 420.87 263.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.42 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.32 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 478.34 263.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 512.66 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.02 263.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 81.50 251.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 111.32 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.27 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.66 251.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 185.42 251.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 239.13 251.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 272.83 251.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 296.55 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.17 251.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 372.88 251.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 408.26 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.21 251.10 Td (general ) Tj ET Q q 0 0 0 rg BT 451.81 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.42 251.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 529.80 251.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.61 239.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 239.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 122.48 239.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.43 239.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 239.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.39 239.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 239.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 215.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 85.47 215.10 Td (Exer) Tj ET Q q 0 0 0 rg BT 103.98 215.10 Td (cises:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.52 203.10 Td (July ) Tj ET Q q 0 0 0 rg BT 94.05 203.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 109.40 203.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.26 203.10 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 203.10 Td (August ) Tj ET Q q 0 0 0 rg BT 197.33 203.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 212.69 203.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 238.04 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.11 203.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.85 203.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.00 203.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 326.39 203.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.69 203.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.02 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.87 203.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.61 203.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.47 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.54 203.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 452.93 203.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 488.54 203.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 515.27 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.90 203.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 83.42 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.50 191.10 Td (series ) Tj ET Q q 0 0 0 rg BT 123.50 191.10 Td (A) Tj ET Q q 0 0 0 rg BT 130.17 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.04 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.34 191.10 Td (series ) Tj ET Q q 0 0 0 rg BT 175.97 191.10 Td (B ) Tj ET Q q 0 0 0 rg BT 185.50 191.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 222.80 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.44 191.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 271.84 191.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.70 191.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 333.67 191.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 361.53 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.18 191.10 Td (its ) Tj ET Q q 0 0 0 rg BT 383.86 191.10 Td (August ) Tj ET Q q 0 0 0 rg BT 415.61 191.10 Td (- ) Tj ET Q q 0 0 0 rg BT 421.81 191.10 Td (September ) Tj ET Q q 0 0 0 rg BT 467.43 191.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 490.30 191.10 Td (private ) Tj ET Q q 0 0 0 rg BT 520.92 191.10 Td (placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.35 179.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 95.38 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.02 179.10 Td (arrants\) ) Tj ET Q q 0 0 0 rg BT 141.79 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.03 179.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.27 179.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.60 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.40 179.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 224.08 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 236.88 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.90 179.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 285.24 179.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 320.79 179.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 347.47 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.04 179.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 396.95 179.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 430.31 179.10 Td (series ) Tj ET Q q 0 0 0 rg BT 455.26 179.10 Td (A) Tj ET Q q 0 0 0 rg BT 461.93 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.73 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.96 179.10 Td (series ) Tj ET Q q 0 0 0 rg BT 507.53 179.10 Td (B ) Tj ET Q q 0 0 0 rg BT 517.00 179.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 554.23 179.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.63 167.10 Td (common ) Tj ET Q q 0 0 0 rg BT 124.72 167.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 147.92 167.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 175.02 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.89 167.10 Td (its ) Tj ET Q q 0 0 0 rg BT 196.43 167.10 Td (February ) Tj ET Q q 0 0 0 rg BT 234.62 167.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 256.72 167.10 Td (private ) Tj ET Q q 0 0 0 rg BT 286.57 167.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 329.76 167.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 347.40 167.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 373.78 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.42 167.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 416.15 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.69 167.10 Td (together ) Tj ET Q q 0 0 0 rg BT 467.54 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.42 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.73 167.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 523.67 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.31 167.10 Td (arrants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.59 155.10 Td ("W) Tj ET Q q 0 0 0 rg BT 77.31 155.10 Td (arrants"\). ) Tj ET Q q 0 0 0 rg BT 116.80 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.17 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.54 155.10 Td (If ) Tj ET Q q 0 0 0 rg BT 130.58 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.39 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.54 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.13 155.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 198.93 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.74 155.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 233.66 155.10 Td (did ) Tj ET Q q 0 0 0 rg BT 248.81 155.10 Td (not ) Tj ET Q q 0 0 0 rg BT 263.96 155.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 299.09 155.10 Td (its ) Tj ET Q q 0 0 0 rg BT 310.74 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.37 155.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 348.95 155.10 Td (at ) Tj ET Q q 0 0 0 rg BT 358.54 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.13 155.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 407.15 155.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 442.27 155.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 468.52 155.10 Td (during ) Tj ET Q q 0 0 0 rg BT 497.00 155.10 Td (this ) Tj ET Q q 0 0 0 rg BT 513.82 155.10 Td (time ) Tj ET Q q 0 0 0 rg BT 533.97 155.10 Td (period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 143.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 99.03 143.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 124.93 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.29 143.10 Td (any ) Tj ET Q q 0 0 0 rg BT 151.76 143.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 201.40 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.03 143.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 239.27 143.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 269.06 143.10 Td (at ) Tj ET Q q 0 0 0 rg BT 278.31 143.10 Td (their ) Tj ET Q q 0 0 0 rg BT 298.66 143.10 Td (original ) Tj ET Q q 0 0 0 rg BT 331.79 143.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 366.58 143.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 392.48 143.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.84 143.10 Td ($5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.34 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.37 143.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.84 143.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.34 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.37 143.10 Td (per ) Tj ET Q q 0 0 0 rg BT 488.16 143.10 Td (share ) Tj ET Q q 0 0 0 rg BT 511.29 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.98 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.23 143.10 Td (series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.27 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 74.30 131.10 Td (series ) Tj ET Q q 0 0 0 rg BT 98.66 131.10 Td (B ) Tj ET Q q 0 0 0 rg BT 106.93 131.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 128.41 131.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.05 131.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 168.35 131.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 216.01 131.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.11 131.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.14 131.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.64 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.24 131.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.27 131.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.77 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.37 131.10 Td (per ) Tj ET Q q 0 0 0 rg BT 319.73 131.10 Td (share ) Tj ET Q q 0 0 0 rg BT 342.43 131.10 Td (for ) Tj ET Q q 0 0 0 rg BT 355.68 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.49 131.10 Td (series ) Tj ET Q q 0 0 0 rg BT 393.51 131.10 Td (A) Tj ET Q q 0 0 0 rg BT 400.18 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.77 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.81 131.10 Td (series ) Tj ET Q q 0 0 0 rg BT 442.17 131.10 Td (B ) Tj ET Q q 0 0 0 rg BT 450.44 131.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 471.92 131.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.55 131.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 511.86 131.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.52 131.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.57 107.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 100.13 107.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 134.90 107.10 Td (of) Tj ET Q q 0 0 0 rg BT 143.05 107.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 156.17 107.10 Td (was ) Tj ET Q q 0 0 0 rg BT 173.74 107.10 Td (made ) Tj ET Q q 0 0 0 rg BT 197.42 107.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 233.88 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.67 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.91 107.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 282.15 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.35 107.10 Td (W) Tj ET Q q 0 0 0 rg BT 300.99 107.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 325.88 107.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 377.33 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 107.10 Td (Exercise ) Tj ET Q q 0 0 0 rg BT 429.79 107.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 482.63 107.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 506.30 107.10 Td (July ) Tj ET Q q 0 0 0 rg BT 524.99 107.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 539.51 107.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 82.39 95.10 Td (into ) Tj ET Q q 0 0 0 rg BT 100.92 95.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.67 95.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 154.08 95.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 187.05 95.10 Td (more ) Tj ET Q q 0 0 0 rg BT 210.57 95.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.75 95.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.08 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.05 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.35 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.54 95.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 326.09 95.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 375.73 95.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 398.70 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.10 95.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 438.86 95.10 Td (W) Tj ET Q q 0 0 0 rg BT 447.50 95.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 480.17 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.15 95.10 Td (In ) Tj ET Q q 0 0 0 rg BT 494.45 95.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 535.17 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 95.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 90.07 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.15 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.67 83.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 147.51 83.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 182.57 83.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 207.36 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.88 83.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 260.29 83.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 293.15 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.89 83.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 336.08 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.71 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.23 83.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 383.37 83.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.01 83.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 421.52 83.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 450.47 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.55 83.10 Td (amend ) Tj ET Q q 0 0 0 rg BT 489.51 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.03 83.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 526.17 83.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.80 83.10 Td (arrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.61 71.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 93.43 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.47 71.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 157.39 71.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 209.66 71.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 256.37 71.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 300.87 71.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 342.58 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.18 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.23 71.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 390.86 71.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.50 71.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 431.83 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 450.21 71.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 485.80 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.96 71.10 Td (these ) Tj ET Q q 0 0 0 rg BT 520.34 71.10 Td (provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.64 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.06 59.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 108.10 59.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.74 59.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 146.15 59.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 190.55 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.97 59.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 244.95 59.10 Td (that ) Tj ET Q q 0 0 0 rg BT 262.15 59.10 Td (required ) Tj ET Q q 0 0 0 rg BT 297.66 59.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 330.97 59.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 385.93 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.46 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.88 59.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 432.92 59.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.56 59.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 470.97 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.61 59.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 525.91 59.10 Td (non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 100.41 47.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 141.36 47.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 176.20 47.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.61 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.46 47.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.98 47.10 Td (value ) Tj ET Q q 0 0 0 rg BT 242.27 47.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.23 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.09 47.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 310.70 47.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 344.45 47.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.08 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.94 47.10 Td (Company) Tj ET Q q 0 0 0 rg BT 413.60 47.10 Td (s ) Tj ET Q q 0 0 0 rg BT 420.13 47.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.74 47.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 505.09 47.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 535.49 47.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 47.10 Td (the ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 99.04 731.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 133.08 731.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 168.22 731.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 194.49 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.32 731.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 259.25 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.97 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.58 731.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 336.41 731.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 382.68 731.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 426.74 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.91 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.52 731.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 473.73 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.37 731.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 514.47 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.08 731.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 553.68 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.25 719.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 88.06 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.70 719.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 126.94 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 719.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 167.22 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.86 719.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 206.10 719.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 236.90 719.10 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 285.74 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.11 719.10 Td (As ) Tj ET Q q 0 0 0 rg BT 302.25 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.72 719.10 Td (result ) Tj ET Q q 0 0 0 rg BT 334.97 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.33 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 719.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 411.27 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.08 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.32 719.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 460.14 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.78 719.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 499.01 719.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 526.76 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 719.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 707.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.34 707.10 Td (no ) Tj ET Q q 0 0 0 rg BT 100.84 707.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 128.89 707.10 Td (require ) Tj ET Q q 0 0 0 rg BT 159.71 707.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 193.32 707.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 248.57 707.10 Td (after ) Tj ET Q q 0 0 0 rg BT 268.84 707.10 Td (August ) Tj ET Q q 0 0 0 rg BT 300.23 707.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 315.23 707.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 337.73 707.10 Td (\(See ) Tj ET Q q 0 0 0 rg BT 358.00 707.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 379.94 707.10 Td (7\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (At ) Tj ET Q q 0 0 0 rg BT 62.87 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 683.10 Td (close ) Tj ET Q q 0 0 0 rg BT 101.37 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.57 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.66 683.10 Td (of) Tj ET Q q 0 0 0 rg BT 135.81 683.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 149.78 683.10 Td (period ) Tj ET Q q 0 0 0 rg BT 178.20 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.43 683.10 Td (August ) Tj ET Q q 0 0 0 rg BT 222.19 683.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 237.56 683.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 262.93 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.80 683.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 304.78 683.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 350.41 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.72 683.10 Td (converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.01 683.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.01 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.88 683.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.74 683.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 526.94 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.02 683.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 671.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.45 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 98.28 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 671.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.43 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.04 671.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 170.53 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.80 671.10 Td (total ) Tj ET Q q 0 0 0 rg BT 205.18 671.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 243.33 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.26 671.10 Td ($8,760,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.26 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.87 671.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.92 671.10 Td (798,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.42 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.02 671.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 381.62 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.56 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.38 671.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 429.80 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 438.44 671.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 468.25 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 478.08 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.90 671.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.23 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.84 671.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 550.33 671.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (total ) Tj ET Q q 0 0 0 rg BT 70.09 659.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 107.94 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 659.10 Td ($4,100,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.59 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.40 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.55 659.10 Td (This ) Tj ET Q q 0 0 0 rg BT 190.65 659.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 224.62 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.71 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.25 659.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 285.44 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.08 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.84 659.10 Td (total ) Tj ET Q q 0 0 0 rg BT 322.93 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 659.10 Td (2,191,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.57 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.89 659.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 403.20 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.84 659.10 Td (common ) Tj ET Q q 0 0 0 rg BT 451.15 659.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 474.58 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 484.11 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 495.86 659.10 Td (average ) Tj ET Q q 0 0 0 rg BT 529.26 659.10 Td (exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.51 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.36 647.10 Td ($5.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.86 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.39 647.10 Td (per ) Tj ET Q q 0 0 0 rg BT 123.68 647.10 Td (share ) Tj ET Q q 0 0 0 rg BT 147.30 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.48 647.10 Td (total ) Tj ET Q q 0 0 0 rg BT 181.78 647.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 219.84 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.69 647.10 Td ($12,861,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.54 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 303.61 647.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 338.88 647.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 365.28 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.14 647.10 Td (any ) Tj ET Q q 0 0 0 rg BT 392.92 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.55 647.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 431.28 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 446.59 647.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 486.86 647.10 Td (during ) Tj ET Q q 0 0 0 rg BT 515.50 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.05 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.69 647.10 Td (arrant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 96.38 635.10 Td (of) Tj ET Q q 0 0 0 rg BT 104.53 635.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 118.13 635.10 Td (period ) Tj ET Q q 0 0 0 rg BT 146.17 635.10 Td (have ) Tj ET Q q 0 0 0 rg BT 167.55 635.10 Td (reverted ) Tj ET Q q 0 0 0 rg BT 202.80 635.10 Td (back ) Tj ET Q q 0 0 0 rg BT 224.18 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.46 635.10 Td (their ) Tj ET Q q 0 0 0 rg BT 255.28 635.10 Td (original ) Tj ET Q q 0 0 0 rg BT 288.89 635.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 324.14 635.10 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 611.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 116.01 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.25 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.24 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 148.88 611.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 177.99 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.68 611.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 216.23 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.36 611.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 265.02 611.10 Td (price ) Tj ET Q q 0 0 0 rg BT 286.91 611.10 Td (required ) Tj ET Q q 0 0 0 rg BT 322.14 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.26 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.06 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.74 611.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 406.41 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.54 611.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 466.33 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.57 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 487.91 611.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 527.58 611.10 Td (whereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (it ) Tj ET Q q 0 0 0 rg BT 57.60 599.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 99.07 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.33 599.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 129.24 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 152.94 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.31 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.42 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.06 599.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 215.30 599.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 267.33 599.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 288.81 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.63 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.88 599.10 Td (price ) Tj ET Q q 0 0 0 rg BT 334.91 599.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 374.71 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.19 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.45 599.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 421.36 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 445.06 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.43 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.54 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 478.18 599.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 507.42 599.10 Td (after ) Tj ET Q q 0 0 0 rg BT 527.78 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.04 599.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (reduction. ) Tj ET Q q 0 0 0 rg BT 92.84 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.24 587.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.37 587.10 Td ($1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.37 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.95 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.97 587.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.76 587.10 Td ($647,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.26 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.84 587.10 Td (change ) Tj ET Q q 0 0 0 rg BT 263.74 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.10 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.90 587.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.35 587.10 Td (value ) Tj ET Q q 0 0 0 rg BT 329.59 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.50 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.30 587.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 377.88 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.90 587.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 417.29 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.93 587.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 458.22 587.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 505.88 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.96 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.87 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.89 587.10 Td (result ) Tj ET Q q 0 0 0 rg BT 553.68 587.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.80 575.10 Td (price ) Tj ET Q q 0 0 0 rg BT 89.37 575.10 Td (reduction, ) Tj ET Q q 0 0 0 rg BT 133.22 575.10 Td (was ) Tj ET Q q 0 0 0 rg BT 152.35 575.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 183.14 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.05 575.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.08 575.10 Td ($1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.08 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.66 575.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 270.81 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.39 575.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 325.73 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.75 575.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 382.31 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.67 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.47 575.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 457.64 575.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 511.76 575.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 553.67 575.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 563.10 Td (during ) Tj ET Q q 0 0 0 rg BT 122.76 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 563.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 166.64 563.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.08 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.58 563.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.96 563.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 283.54 563.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.54 563.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.49 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.31 539.10 Td (result ) Tj ET Q q 0 0 0 rg BT 94.90 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 539.10 Td (above ) Tj ET Q q 0 0 0 rg BT 146.46 539.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 199.10 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.70 539.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.95 539.10 Td (value ) Tj ET Q q 0 0 0 rg BT 253.98 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 539.10 Td ($5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.07 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.45 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 539.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.04 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.42 539.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 421.55 539.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 443.76 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.40 539.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 481.98 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.80 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.39 539.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.65 539.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td ($1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.90 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 110.80 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.92 527.10 Td (396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.42 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.31 527.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 204.76 527.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 255.41 527.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 278.10 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.74 527.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 316.84 527.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.07 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.66 527.10 Td (August ) Tj ET Q q 0 0 0 rg BT 370.45 527.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 385.85 527.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 408.75 527.10 Td (was ) Tj ET Q q 0 0 0 rg BT 427.20 527.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 457.32 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.00 527.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.89 527.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.12 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.71 527.10 Td (August ) Tj ET Q q 0 0 0 rg BT 549.50 527.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 75.77 515.10 Td (This ) Tj ET Q q 0 0 0 rg BT 97.07 515.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 161.13 515.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 181.32 515.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 515.10 Td ($647,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.56 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.09 515.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 257.18 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 270.70 515.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 311.98 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.84 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.58 515.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 362.85 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.49 515.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 402.22 515.10 Td (already ) Tj ET Q q 0 0 0 rg BT 435.17 515.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 476.46 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 488.31 515.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 516.83 515.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 549.78 515.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td ($7,178,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 503.10 Td (total ) Tj ET Q q 0 0 0 rg BT 117.77 503.10 Td (change ) Tj ET Q q 0 0 0 rg BT 148.59 503.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 186.06 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.34 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.06 503.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 258.14 503.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 311.18 503.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 352.00 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.83 503.10 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 417.68 503.10 Td (equity) Tj ET Q q 0 0 0 rg BT 442.03 503.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.17 479.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 94.10 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.05 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.89 479.10 Td (common ) Tj ET Q q 0 0 0 rg BT 157.50 479.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 181.23 479.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 227.18 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.01 479.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 264.63 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.69 479.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 304.12 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.76 479.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 342.58 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.87 479.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 386.14 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.76 479.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 420.42 479.10 Td () Tj ET Q q 0 0 0 rg BT 423.20 479.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.71 479.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 481.21 479.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 527.71 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.33 479.10 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 65.34 467.10 Td (\(Registration ) Tj ET Q q 0 0 0 rg BT 119.00 467.10 Td (Nos. ) Tj ET Q q 0 0 0 rg BT 139.07 467.10 Td (333-191743, ) Tj ET Q q 0 0 0 rg BT 191.35 467.10 Td (333-195081 ) Tj ET Q q 0 0 0 rg BT 241.13 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.02 467.10 Td (333-197482\), ) Tj ET Q q 0 0 0 rg BT 312.63 467.10 Td (which ) Tj ET Q q 0 0 0 rg BT 338.52 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.17 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.62 467.10 Td (file ) Tj ET Q q 0 0 0 rg BT 378.40 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 397.63 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.29 467.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 452.18 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.07 467.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 508.94 467.10 Td (Commission. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.97 455.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.28 455.10 Td (had ) Tj ET Q q 0 0 0 rg BT 129.15 455.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 179.24 455.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 217.09 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.30 455.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 267.26 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 275.12 455.10 Td (total ) Tj ET Q q 0 0 0 rg BT 296.32 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.08 455.10 Td (523,1) Tj ET Q q 0 0 0 rg BT 330.21 455.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.21 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.63 455.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 372.05 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.80 455.10 Td (common ) Tj ET Q q 0 0 0 rg BT 422.22 455.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.76 455.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 496.85 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.05 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 530.91 455.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 85.25 443.10 Td (price ) Tj ET Q q 0 0 0 rg BT 107.74 443.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.57 443.10 Td ($9.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.07 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.57 443.10 Td (per ) Tj ET Q q 0 0 0 rg BT 158.84 443.10 Td (share ) Tj ET Q q 0 0 0 rg BT 182.44 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 193.27 443.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 443.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.68 443.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.68 443.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 417.53505859375 m 110.29296875 417.53505859375 l s q 0 0 0 rg BT 50.00 419.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 419.10 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.29 419.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.50 407.10 Td (May ) Tj ET Q q 0 0 0 rg BT 80.99 407.10 Td (201) Tj ET Q q 0 0 0 rg BT 95.62 407.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.29 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.67 407.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 146.28 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.78 407.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 196.15 407.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 229.97 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.36 407.10 Td (201) Tj ET Q q 0 0 0 rg BT 258.99 407.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 266.15 407.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 294.98 407.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 334.35 407.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.30 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.80 407.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 392.23 407.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 409.67 407.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 427.38 407.10 Td (May ) Tj ET Q q 0 0 0 rg BT 452.32 407.10 Td (201) Tj ET Q q 0 0 0 rg BT 466.95 407.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 474.11 407.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 504.17 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 521.88 407.10 Td (May ) Tj ET Q q 0 0 0 rg BT 542.38 407.10 Td (201) Tj ET Q q 0 0 0 rg BT 557.01 407.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.42 395.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 99.18 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.04 395.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 155.58 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.00 395.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 189.19 395.10 Td (options ) Tj ET Q q 0 0 0 rg BT 221.29 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.71 395.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 269.90 395.10 Td (up ) Tj ET Q q 0 0 0 rg BT 282.54 395.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 395.10 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.62 395.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 363.25 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.23 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.31 395.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 425.61 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 439.92 395.10 Td (its ) Tj ET Q q 0 0 0 rg BT 452.01 395.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.42 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.51 395.10 Td (consultants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.14 383.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 383.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.61 383.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.61 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 160.13 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.38 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 217.29 383.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.75 383.10 Td (173,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.25 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.28 383.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 298.30 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.65 383.10 Td (common ) Tj ET Q q 0 0 0 rg BT 347.67 383.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 371.81 383.10 Td (available ) Tj ET Q q 0 0 0 rg BT 410.92 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 425.61 383.10 Td (future ) Tj ET Q q 0 0 0 rg BT 452.51 383.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 479.98 383.10 Td (under ) Tj ET Q q 0 0 0 rg BT 505.77 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.02 383.10 Td (May ) Tj ET Q q 0 0 0 rg BT 542.37 383.10 Td (201) Tj ET Q q 0 0 0 rg BT 557.00 383.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 72.78 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.08 347.10 Td (August ) Tj ET Q q 0 0 0 rg BT 95.35 347.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 110.23 347.10 Td (201) Tj ET Q q 0 0 0 rg BT 124.86 347.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 134.74 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.34 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.61 347.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 224.65 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.25 347.10 Td (201) Tj ET Q q 0 0 0 rg BT 253.88 347.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 261.26 347.10 Td (B ) Tj ET Q q 0 0 0 rg BT 270.31 347.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 299.36 347.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 338.94 347.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 359.10 347.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 377.03 347.10 Td (August ) Tj ET Q q 0 0 0 rg BT 412.74 347.10 Td (201) Tj ET Q q 0 0 0 rg BT 427.37 347.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 434.75 347.10 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 462.68 347.10 Td (reserving ) Tj ET Q q 0 0 0 rg BT 502.27 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.31 347.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 552.57 347.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 91.32 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.11 335.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.61 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.07 335.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.52 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.31 335.10 Td (common ) Tj ET Q q 0 0 0 rg BT 202.76 335.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.33 335.10 Td (under ) Tj ET Q q 0 0 0 rg BT 251.55 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.69 335.10 Td (August ) Tj ET Q q 0 0 0 rg BT 297.04 335.10 Td (201) Tj ET Q q 0 0 0 rg BT 311.66 335.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 319.12 335.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 341.86 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.78 335.10 Td (As ) Tj ET Q q 0 0 0 rg BT 357.35 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.14 335.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 426.68 335.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.68 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.64 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.31 335.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.66 335.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 335.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.55 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.01 335.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 323.10 Td (common ) Tj ET Q q 0 0 0 rg BT 98.33 323.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 121.93 323.10 Td (available ) Tj ET Q q 0 0 0 rg BT 160.52 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.68 323.10 Td (future ) Tj ET Q q 0 0 0 rg BT 201.06 323.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 228.00 323.10 Td (under ) Tj ET Q q 0 0 0 rg BT 253.27 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.43 323.10 Td (August ) Tj ET Q q 0 0 0 rg BT 298.82 323.10 Td (201) Tj ET Q q 0 0 0 rg BT 313.45 323.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 320.95 323.10 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.85 299.10 Td (both ) Tj ET Q q 0 0 0 rg BT 98.49 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.57 299.10 Td (May ) Tj ET Q q 0 0 0 rg BT 134.76 299.10 Td (201) Tj ET Q q 0 0 0 rg BT 149.39 299.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 157.25 299.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 177.88 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.18 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.63 299.10 Td (August ) Tj ET Q q 0 0 0 rg BT 241.38 299.10 Td (201) Tj ET Q q 0 0 0 rg BT 256.01 299.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 263.87 299.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 284.51 299.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 320.20 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.56 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.64 299.10 Td ("201) Tj ET Q q 0 0 0 rg BT 359.35 299.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 367.21 299.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 396.74 299.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 436.80 299.10 Td (Plans"\), ) Tj ET Q q 0 0 0 rg BT 471.24 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.32 299.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 513.62 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.81 299.10 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 96.40 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.14 287.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 146.42 287.10 Td (price ) Tj ET Q q 0 0 0 rg BT 168.93 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.23 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.19 287.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 210.93 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 225.12 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.86 287.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 269.87 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.61 287.10 Td (period ) Tj ET Q q 0 0 0 rg BT 312.69 287.10 Td (within ) Tj ET Q q 0 0 0 rg BT 340.77 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.73 287.10 Td (each ) Tj ET Q q 0 0 0 rg BT 388.57 287.10 Td (option ) Tj ET Q q 0 0 0 rg BT 416.65 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 436.39 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 448.35 287.10 Td (exercised, ) Tj ET Q q 0 0 0 rg BT 491.13 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.10 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.84 287.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 547.58 287.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 94.33 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.33 275.10 Td (each ) Tj ET Q q 0 0 0 rg BT 126.31 275.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 156.83 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 175.05 275.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 210.47 275.10 Td (price ) Tj ET Q q 0 0 0 rg BT 233.12 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.11 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.99 275.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 298.31 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.41 275.10 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 371.95 275.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 395.72 275.10 Td (options ) Tj ET Q q 0 0 0 rg BT 427.84 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.72 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 463.16 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 475.26 275.10 Td (less ) Tj ET Q q 0 0 0 rg BT 492.93 275.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.81 275.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.14 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.81 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 275.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.00 263.10 Td (market ) Tj ET Q q 0 0 0 rg BT 95.89 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 119.68 263.10 Td (per ) Tj ET Q q 0 0 0 rg BT 134.57 263.10 Td (share ) Tj ET Q q 0 0 0 rg BT 157.80 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.25 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.60 263.10 Td (Company) Tj ET Q q 0 0 0 rg BT 224.26 263.10 Td (s ) Tj ET Q q 0 0 0 rg BT 230.28 263.10 Td (common ) Tj ET Q q 0 0 0 rg BT 267.40 263.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 290.63 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.76 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.10 263.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 339.78 263.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.06 263.10 Td (If ) Tj ET Q q 0 0 0 rg BT 369.85 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 381.41 263.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 424.09 263.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 447.33 263.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 470.56 263.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 522.11 263.10 Td (more ) Tj ET Q q 0 0 0 rg BT 544.79 263.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.44 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.88 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.21 251.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 143.98 251.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 173.58 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.91 251.10 Td (price ) Tj ET Q q 0 0 0 rg BT 210.00 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.44 251.10 Td (each ) Tj ET Q q 0 0 0 rg BT 240.86 251.10 Td (share ) Tj ET Q q 0 0 0 rg BT 264.07 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.51 251.10 Td (an ) Tj ET Q q 0 0 0 rg BT 286.06 251.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 324.82 251.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.04 251.10 Td (option ) Tj ET Q q 0 0 0 rg BT 375.70 251.10 Td (must ) Tj ET Q q 0 0 0 rg BT 397.26 251.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.81 251.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 432.57 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.46 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.90 251.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.76 251.10 Td (1) Tj ET Q q 0 0 0 rg BT 487.39 251.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.72 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.83 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.27 251.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 534.26 251.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.04 239.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 107.14 239.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 148.90 239.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 196.76 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 209.64 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.74 239.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 252.06 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.27 239.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 303.35 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 313.45 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.55 239.10 Td (time ) Tj ET Q q 0 0 0 rg BT 349.20 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.42 239.10 Td (grant, ) Tj ET Q q 0 0 0 rg BT 386.34 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.44 239.10 Td (right ) Tj ET Q q 0 0 0 rg BT 423.21 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.87 239.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 472.29 239.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 500.16 239.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 534.68 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 547.56 239.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (options ) Tj ET Q q 0 0 0 rg BT 82.04 227.10 Td (under ) Tj ET Q q 0 0 0 rg BT 107.39 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.20 227.10 Td (201) Tj ET Q q 0 0 0 rg BT 136.83 227.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 144.41 227.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 173.67 227.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 213.46 227.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 237.71 227.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 275.29 227.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 293.99 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 306.58 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.60 227.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 364.51 227.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 387.10 227.10 Td (over ) Tj ET Q q 0 0 0 rg BT 407.46 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.26 227.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 459.28 227.10 Td (service ) Tj ET Q q 0 0 0 rg BT 490.19 227.10 Td (period ) Tj ET Q q 0 0 0 rg BT 518.32 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.24 227.10 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.79 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.58 215.10 Td (options ) Tj ET Q q 0 0 0 rg BT 113.50 215.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 134.84 215.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 153.42 215.10 Td (one ) Tj ET Q q 0 0 0 rg BT 170.32 215.10 Td (year ) Tj ET Q q 0 0 0 rg BT 189.99 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 211.89 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.57 215.10 Td (date ) Tj ET Q q 0 0 0 rg BT 245.68 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.48 215.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 279.49 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.39 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.07 215.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 354.07 215.10 Td (options ) Tj ET Q q 0 0 0 rg BT 385.98 215.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 407.33 215.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 425.90 215.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 458.59 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.55 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.79 215.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 497.91 215.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 544.24 215.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 203.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.25 203.10 Td (three ) Tj ET Q q 0 0 0 rg BT 127.31 203.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.41 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 152.84 203.10 Td (The ) Tj ET Q q 0 0 0 rg BT 170.46 203.10 Td (term ) Tj ET Q q 0 0 0 rg BT 190.86 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.27 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 203.10 Td (options ) Tj ET Q q 0 0 0 rg BT 247.08 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.83 203.10 Td (up ) Tj ET Q q 0 0 0 rg BT 267.90 203.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.76 203.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 292.05 203.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 317.72 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.65 203.10 Td (The ) Tj ET Q q 0 0 0 rg BT 337.27 203.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.23 203.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 404.20 203.10 Td (new ) Tj ET Q q 0 0 0 rg BT 422.93 203.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 450.00 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.85 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.14 203.10 Td (optionee ) Tj ET Q q 0 0 0 rg BT 510.65 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.39 203.10 Td (any ) Tj ET Q q 0 0 0 rg BT 540.90 203.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.82 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.65 191.10 Td (options ) Tj ET Q q 0 0 0 rg BT 123.60 191.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 163.85 191.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 200.79 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.07 191.10 Td (its ) Tj ET Q q 0 0 0 rg BT 223.02 191.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 250.51 191.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 289.66 191.10 Td (plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 88.20 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.17 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.58 167.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 167.77 167.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 212.60 167.10 Td (between ) Tj ET Q q 0 0 0 rg BT 249.12 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.53 167.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 306.61 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.25 167.10 Td (Edward ) Tj ET Q q 0 0 0 rg BT 358.54 167.10 Td (H. ) Tj ET Q q 0 0 0 rg BT 371.46 167.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 380.20 167.10 Td (ed\) ) Tj ET Q q 0 0 0 rg BT 396.16 167.10 Td (Murphy) Tj ET Q q 0 0 0 rg BT 427.73 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.43 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.84 167.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 496.62 167.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 522.03 167.10 Td (Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 155.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.29 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.00 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 95.21 155.10 Td (November ) Tj ET Q q 0 0 0 rg BT 139.63 155.10 Td (30th ) Tj ET Q q 0 0 0 rg BT 159.62 155.10 Td (each ) Tj ET Q q 0 0 0 rg BT 180.15 155.10 Td (year) Tj ET Q q 0 0 0 rg BT 196.95 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 201.67 155.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 213.33 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 218.05 155.10 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 252.48 155.10 Td (should ) Tj ET Q q 0 0 0 rg BT 281.36 155.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 312.44 155.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 341.30 155.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 364.62 155.10 Td (options ) Tj ET Q q 0 0 0 rg BT 396.28 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 416.27 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.92 155.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 439.01 155.10 Td (value ) Tj ET Q q 0 0 0 rg BT 462.88 155.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.42 155.10 Td ($150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.92 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.13 155.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 544.23 155.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (four ) Tj ET Q q 0 0 0 rg BT 69.35 143.10 Td (years ) Tj ET Q q 0 0 0 rg BT 93.14 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.61 143.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 127.96 143.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 163.99 143.10 Td (installments. ) Tj ET Q q 0 0 0 rg BT 217.51 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.20 143.10 Td (However) Tj ET Q q 0 0 0 rg BT 256.45 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.64 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.55 143.10 Td (number ) Tj ET Q q 0 0 0 rg BT 309.79 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.81 143.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 366.83 143.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 394.51 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.53 143.10 Td (common ) Tj ET Q q 0 0 0 rg BT 443.22 143.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 467.02 143.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 488.60 143.10 Td (not ) Tj ET Q q 0 0 0 rg BT 504.07 143.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.52 143.10 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 80.08 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.66 131.10 Td (In ) Tj ET Q q 0 0 0 rg BT 93.58 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.38 131.10 Td (event ) Tj ET Q q 0 0 0 rg BT 132.62 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.42 131.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.88 131.10 Td (market ) Tj ET Q q 0 0 0 rg BT 194.23 131.10 Td (value ) Tj ET Q q 0 0 0 rg BT 218.47 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.39 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.19 131.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 267.89 131.10 Td (option ) Tj ET Q q 0 0 0 rg BT 296.03 131.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 319.16 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 328.42 131.10 Td (less ) Tj ET Q q 0 0 0 rg BT 346.00 131.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.80 131.10 Td ($150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.89 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 416.80 131.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 447.72 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 460.31 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.11 131.10 Td (40,000 ) Tj ET Q q 0 0 0 rg BT 505.19 131.10 Td (share ) Tj ET Q q 0 0 0 rg BT 528.88 131.10 Td (cap, ) Tj ET Q q 0 0 0 rg BT 547.84 131.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 559.51 131.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 85.15 119.10 Td (will ) Tj ET Q q 0 0 0 rg BT 103.64 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 116.01 119.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 148.93 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.63 119.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 191.43 119.10 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.12 119.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.45 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.38 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.64 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.79 119.10 Td (dif) Tj ET Q q 0 0 0 rg BT 275.71 119.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 308.06 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.76 119.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 335.57 119.10 Td (market ) Tj ET Q q 0 0 0 rg BT 366.26 119.10 Td (value ) Tj ET Q q 0 0 0 rg BT 390.85 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.56 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 422.26 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.52 119.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 459.78 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.04 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.18 119.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.77 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.47 119.10 Td (Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 75.63 107.10 Td (Units ) Tj ET Q q 0 0 0 rg BT 100.14 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 120.77 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.83 107.10 Td (same ) Tj ET Q q 0 0 0 rg BT 159.22 107.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 190.96 107.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 228.79 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.97 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 107.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.98 107.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 313.78 107.10 Td (at ) Tj ET Q q 0 0 0 rg BT 323.84 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.91 107.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 357.86 107.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 400.14 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.32 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.38 107.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 453.67 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.84 107.10 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 507.40 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.62 107.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 559.52 107.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 66.48 95.10 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 101.01 95.10 Td (is ) Tj ET Q q 0 0 0 rg BT 109.99 95.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 142.30 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 156.27 95.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 185.23 95.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 211.44 95.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 263.75 95.10 Td (up ) Tj ET Q q 0 0 0 rg BT 276.06 95.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 95.10 Td ($150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.96 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.05 95.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 359.47 95.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 393.73 95.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 424.37 95.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.46 95.10 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.96 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.27 95.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 494.07 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.72 95.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 552.01 95.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.39 83.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 93.01 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.51 83.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 147.40 83.10 Td (based ) Tj ET Q q 0 0 0 rg BT 173.34 83.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.52 83.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 221.91 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.52 83.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 283.23 83.10 Td (mutually ) Tj ET Q q 0 0 0 rg BT 321.96 83.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 351.78 83.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 374.96 83.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 404.79 83.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.49 83.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 485.27 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.45 83.10 Td (During ) Tj ET Q q 0 0 0 rg BT 519.95 83.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 83.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.89 71.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.21 71.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 166.73 71.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.73 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.67 71.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 203.34 71.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.28 71.10 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 242.94 71.10 Td (received ) Tj ET Q q 0 0 0 rg BT 279.25 71.10 Td (options ) Tj ET Q q 0 0 0 rg BT 311.13 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.35 71.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 359.33 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.21 71.10 Td (total ) Tj ET Q q 0 0 0 rg BT 386.42 71.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.19 71.10 Td (51,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.69 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.13 71.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 454.57 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.34 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.99 71.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.01 71.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 59.10 Td (with ) Tj ET Q q 0 0 0 rg BT 93.89 59.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 129.14 59.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 155.52 59.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 188.56 59.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 59.10 Td ($7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.50 59.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.78 59.10 Td ($8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.28 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.78 59.10 Td (as ) Tj ET Q q 0 0 0 rg BT 281.61 59.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.55 59.10 Td (result ) Tj ET Q q 0 0 0 rg BT 313.27 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.10 59.10 Td (this ) Tj ET Q q 0 0 0 rg BT 341.04 59.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 387.69 59.10 Td ( ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 87.79 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.36 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.36 731.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 166.14 731.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 210.57 731.10 Td (between ) Tj ET Q q 0 0 0 rg BT 246.68 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.69 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 303.36 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.59 731.10 Td (R) Tj ET Q q 0 0 0 rg BT 326.86 731.10 Td (yan ) Tj ET Q q 0 0 0 rg BT 344.09 731.10 Td (S. ) Tj ET Q q 0 0 0 rg BT 354.94 731.10 Td (Schram ) Tj ET Q q 0 0 0 rg BT 388.27 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.28 731.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 450.65 731.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 475.66 731.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 518.43 731.10 Td (Of) Tj ET Q q 0 0 0 rg BT 528.80 731.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 546.72 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 552.01 731.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (January ) Tj ET Q q 0 0 0 rg BT 84.12 719.10 Td (1st ) Tj ET Q q 0 0 0 rg BT 98.81 719.10 Td (each ) Tj ET Q q 0 0 0 rg BT 120.14 719.10 Td (year) Tj ET Q q 0 0 0 rg BT 136.95 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.47 719.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 154.14 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 159.66 719.10 Td (Schram ) Tj ET Q q 0 0 0 rg BT 193.22 719.10 Td (should ) Tj ET Q q 0 0 0 rg BT 222.91 719.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 254.79 719.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 284.47 719.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 308.59 719.10 Td (options ) Tj ET Q q 0 0 0 rg BT 341.06 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 361.86 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.32 719.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.21 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 410.89 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.24 719.10 Td ($25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.74 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.75 719.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 489.66 719.10 Td (over ) Tj ET Q q 0 0 0 rg BT 510.45 719.10 Td (four ) Tj ET Q q 0 0 0 rg BT 530.13 719.10 Td (years ) Tj ET Q q 0 0 0 rg BT 554.24 719.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 74.34 707.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 110.35 707.10 Td (installments. ) Tj ET Q q 0 0 0 rg BT 163.87 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.55 707.10 Td (However) Tj ET Q q 0 0 0 rg BT 202.80 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 207.98 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.88 707.10 Td (number ) Tj ET Q q 0 0 0 rg BT 256.11 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.12 707.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 313.13 707.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 340.80 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.81 707.10 Td (common ) Tj ET Q q 0 0 0 rg BT 389.49 707.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.28 707.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 434.85 707.10 Td (not ) Tj ET Q q 0 0 0 rg BT 450.31 707.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.75 707.10 Td (6,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.25 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.93 707.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 536.10 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.78 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 549.79 707.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (event ) Tj ET Q q 0 0 0 rg BT 74.45 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.47 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 106.14 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 136.70 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 161.15 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.28 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.29 695.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 211.20 695.10 Td (option ) Tj ET Q q 0 0 0 rg BT 239.55 695.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 262.90 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.36 695.10 Td (less ) Tj ET Q q 0 0 0 rg BT 290.16 695.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.17 695.10 Td ($25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.67 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.47 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.60 695.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 387.72 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 400.52 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.53 695.10 Td (6,667 ) Tj ET Q q 0 0 0 rg BT 440.83 695.10 Td (share ) Tj ET Q q 0 0 0 rg BT 464.73 695.10 Td (cap, ) Tj ET Q q 0 0 0 rg BT 483.90 695.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 495.57 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.87 695.10 Td (Schram ) Tj ET Q q 0 0 0 rg BT 534.21 695.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.56 695.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 82.70 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.19 683.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 124.77 683.10 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.24 683.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.28 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.32 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.25 683.10 Td (dif) Tj ET Q q 0 0 0 rg BT 208.18 683.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 240.30 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.79 683.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.38 683.10 Td (market ) Tj ET Q q 0 0 0 rg BT 297.86 683.10 Td (value ) Tj ET Q q 0 0 0 rg BT 322.22 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.71 683.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.19 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.24 683.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 390.28 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.32 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.25 683.10 Td (value ) Tj ET Q q 0 0 0 rg BT 440.61 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.10 683.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 494.36 683.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 519.85 683.10 Td (Units ) Tj ET Q q 0 0 0 rg BT 544.23 683.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.05 671.10 Td (same ) Tj ET Q q 0 0 0 rg BT 86.44 671.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 117.16 671.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 153.98 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 164.15 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.20 671.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 201.14 671.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 234.93 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 243.98 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.03 671.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 275.98 671.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 317.25 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.41 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.46 671.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 367.74 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.91 671.10 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 419.45 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.88 671.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 470.78 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.12 671.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 486.79 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 491.12 671.10 Td (Schram ) Tj ET Q q 0 0 0 rg BT 523.51 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 532.01 671.10 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.39 659.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 93.77 659.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 120.40 659.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 173.13 659.10 Td (up ) Tj ET Q q 0 0 0 rg BT 185.86 659.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.37 659.10 Td ($25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.87 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.60 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.10 659.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 265.94 659.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 300.62 659.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 331.68 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.19 659.10 Td (6,667 ) Tj ET Q q 0 0 0 rg BT 367.42 659.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 397.64 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 408.70 659.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 456.41 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 469.14 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.08 659.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 511.25 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.31 659.10 Td (Directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.68 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.59 647.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 120.71 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.06 647.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 179.50 647.10 Td (mutually ) Tj ET Q q 0 0 0 rg BT 216.96 647.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 245.51 647.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 267.42 647.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 295.99 647.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.42 647.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 373.94 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.84 647.10 Td (During ) Tj ET Q q 0 0 0 rg BT 406.08 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.21 647.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 448.77 647.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.22 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.13 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 647.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.20 635.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.87 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.06 635.10 Td (Schram ) Tj ET Q q 0 0 0 rg BT 122.31 635.10 Td (received ) Tj ET Q q 0 0 0 rg BT 157.87 635.10 Td (options ) Tj ET Q q 0 0 0 rg BT 189.01 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.49 635.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 235.72 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.86 635.10 Td (total ) Tj ET Q q 0 0 0 rg BT 261.33 635.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.35 635.10 Td (8,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.85 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.55 635.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 322.24 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.26 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.18 635.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 392.45 635.10 Td (common ) Tj ET Q q 0 0 0 rg BT 429.15 635.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 451.95 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 471.43 635.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 505.88 635.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 531.45 635.10 Td (ranging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 623.10 Td ($5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.44 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.94 623.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.22 623.10 Td ($8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.22 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.05 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.99 623.10 Td (result ) Tj ET Q q 0 0 0 rg BT 174.70 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.53 623.10 Td (this ) Tj ET Q q 0 0 0 rg BT 202.48 623.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 249.12 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 599.10 Td ( summary of option activity under the 201) Tj ET Q q 0 0 0 rg BT 224.88 599.10 Td (1 Equity Incentive Plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.29 599.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.90 599.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.77 599.10 Td (December 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 587.10 Td (, is presented below: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 541.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 541.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 541.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 511.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 511.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 511.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 481.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 481.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 481.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 451.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 451.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 451.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 421.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 421.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 421.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 421.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 397.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 397.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 397.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 397.60 84.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 541.6 m 326.5 541.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 541.6 m 392.5 541.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 541.6 m 396.5 541.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 541.6 m 474.5 541.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 541.6 m 478.5 541.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 541.6 m 562.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 541.6 m 326.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 481.6 m 326.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 481.6 m 392.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 481.6 m 396.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 481.6 m 474.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 481.6 m 478.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 481.6 m 562.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 421.6 m 326.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 407.6 m 326.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 405.6 m 326.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 421.6 m 392.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 407.6 m 392.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 405.6 m 392.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 421.6 m 396.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 407.6 m 396.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 405.6 m 396.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 421.6 m 474.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 407.6 m 474.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 405.6 m 474.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 421.6 m 478.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 407.6 m 478.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 405.6 m 478.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 421.6 m 562.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 407.6 m 562.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 405.6 m 562.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 383.6 m 326.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 381.6 m 326.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 383.6 m 392.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 381.6 m 392.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 383.6 m 396.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 381.6 m 396.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 383.6 m 474.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 381.6 m 474.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 383.6 m 478.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 381.6 m 478.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 383.6 m 562.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 381.6 m 562.5 381.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 546.28 Td (Options Outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.35 556.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 546.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.95 566.27 Td (W) Tj ET Q q 0 0 0 rg BT 424.59 566.27 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.40 556.27 Td (A) Tj ET Q q 0 0 0 rg BT 424.88 556.27 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 546.27 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.40 566.27 Td (W) Tj ET Q q 0 0 0 rg BT 492.04 566.27 Td (eighted ) Tj ET Q q 0 0 0 rg BT 523.42 566.27 Td (A) Tj ET Q q 0 0 0 rg BT 529.90 566.27 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.45 556.27 Td (Remaining Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 546.27 Td (\(Y) Tj ET Q q 0 0 0 rg BT 515.05 546.27 Td (ears\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td (Outstanding at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 531.27 Td (387,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 531.27 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 531.27 Td (8.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 516.27 Td (217,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 516.27 Td (7.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 501.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 501.32 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 501.27 Td (4.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 486.32 Td (\(9,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 486.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 486.27 Td (17.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.27 Td (Outstanding at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 471.27 Td (595,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 471.27 Td (9.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 471.27 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 456.27 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 456.27 Td (7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 441.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 441.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 441.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 426.32 Td (\(42,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 426.27 Td (7.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.27 Td (Outstanding at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 411.27 Td (830,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 411.27 Td (8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 411.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.27 Td (Exercisable at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 387.27 Td (368,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 387.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 387.27 Td (10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 387.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.65 359.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.19 359.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 124.17 359.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.62 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.94 359.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.14 359.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 240.54 359.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.54 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 265.36 359.10 Td (no ) Tj ET Q q 0 0 0 rg BT 277.69 359.10 Td (options ) Tj ET Q q 0 0 0 rg BT 309.46 359.10 Td (were ) Tj ET Q q 0 0 0 rg BT 331.21 359.10 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 373.78 359.10 Td (During ) Tj ET Q q 0 0 0 rg BT 404.43 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.97 359.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 447.95 359.10 Td (months ) Tj ET Q q 0 0 0 rg BT 479.72 359.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 359.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.60 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.71 347.10 Td (options ) Tj ET Q q 0 0 0 rg BT 108.26 347.10 Td (were ) Tj ET Q q 0 0 0 rg BT 129.79 347.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 169.65 347.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.31 347.10 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.31 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.42 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 226.51 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.95 347.10 Td (common ) Tj ET Q q 0 0 0 rg BT 274.05 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 297.26 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.03 347.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.90 347.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 368.54 347.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.97 347.10 Td ($300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.97 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 403.58 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.53 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 423.18 347.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 458.06 347.10 Td (value ) Tj ET Q q 0 0 0 rg BT 481.82 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.26 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 514.91 347.10 Td (options ) Tj ET Q q 0 0 0 rg BT 546.46 347.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td ($295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.77 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.94 335.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.75 335.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 106.90 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 129.82 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.41 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.68 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.28 335.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 177.65 335.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 335.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.27 335.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.27 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.53 335.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.35 335.10 Td ($7.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.85 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.62 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.79 335.10 Td (The ) Tj ET Q q 0 0 0 rg BT 328.60 335.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 362.64 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 385.57 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 396.83 335.10 Td (all ) Tj ET Q q 0 0 0 rg BT 408.09 335.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 456.02 335.10 Td (options ) Tj ET Q q 0 0 0 rg BT 486.74 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 496.33 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 335.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 323.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.55 323.10 Td ($1,1) Tj ET Q q 0 0 0 rg BT 107.68 323.10 Td (12,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.18 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.18 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.50 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.55 323.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 195.82 323.10 Td (value ) Tj ET Q q 0 0 0 rg BT 219.98 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.48 323.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 279.95 323.10 Td (options ) Tj ET Q q 0 0 0 rg BT 311.89 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 322.72 323.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.55 323.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.14 323.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.14 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.64 323.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.69 323.10 Td ($687,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.19 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 475.19 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.05 299.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.65 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.37 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 299.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 166.89 299.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.39 299.10 Td (option ) Tj ET Q q 0 0 0 rg BT 218.33 299.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 250.70 299.10 Td (under ) Tj ET Q q 0 0 0 rg BT 275.85 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.45 299.10 Td (201) Tj ET Q q 0 0 0 rg BT 305.08 299.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 312.46 299.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 341.51 299.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 381.09 299.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 405.15 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 419.19 299.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.79 299.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 462.83 299.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.28 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.66 299.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.92 299.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.00 287.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 87.50 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.44 287.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.44 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.44 287.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.61 287.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 179.42 287.10 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 233.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 233.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 233.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 206.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 206.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 206.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 206.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 182.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 182.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 182.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 182.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 182.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 182.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 158.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 158.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 158.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 158.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 158.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 134.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 134.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 134.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 134.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 233.60000000000002 m 344.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 233.60000000000002 m 344.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 233.60000000000002 m 402.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 233.60000000000002 m 406.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 233.60000000000002 m 482.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 233.60000000000002 m 486.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 182.60000000000002 m 344.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 182.60000000000002 m 402.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 182.60000000000002 m 406.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 182.60000000000002 m 482.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 182.60000000000002 m 486.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 182.60000000000002 m 562.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 134.60000000000002 m 344.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 134.60000000000002 m 482.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 120.60000000000002 m 344.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 118.60000000000002 m 344.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 134.60000000000002 m 402.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 120.60000000000002 m 402.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 118.60000000000002 m 402.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 134.60000000000002 m 406.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 120.60000000000002 m 406.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 118.60000000000002 m 406.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 120.60000000000002 m 482.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 118.60000000000002 m 482.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 134.60000000000002 m 486.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 120.60000000000002 m 486.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 118.60000000000002 m 486.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 134.60000000000002 m 562.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 120.60000000000002 m 562.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 118.60000000000002 m 562.5 118.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 238.28 Td (Nonvested Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.35 248.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 238.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.95 267.17 Td (W) Tj ET Q q 0 0 0 rg BT 433.59 267.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.40 257.17 Td (A) Tj ET Q q 0 0 0 rg BT 433.88 257.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 247.17 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.40 237.17 Td (Fair ) Tj ET Q q 0 0 0 rg BT 441.83 237.17 Td (V) Tj ET Q q 0 0 0 rg BT 447.94 237.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.95 267.17 Td (W) Tj ET Q q 0 0 0 rg BT 513.59 267.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 257.17 Td (A) Tj ET Q q 0 0 0 rg BT 513.88 257.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.80 247.17 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 535.81 247.17 Td (Y) Tj ET Q q 0 0 0 rg BT 542.03 247.17 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 237.17 Td (to ) Tj ET Q q 0 0 0 rg BT 520.40 237.17 Td (V) Tj ET Q q 0 0 0 rg BT 526.51 237.17 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 223.27 Td (Nonvested at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 223.27 Td (290,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 223.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 223.27 Td (4.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 223.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 209.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 209.22 Td (217,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 209.22 Td (7.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 197.22 Td (\(128,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 197.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 197.22 Td (4.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 185.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 185.22 Td (\(7,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 185.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 185.22 Td (4.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 173.22 Td (Nonvested at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 173.22 Td (372,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 173.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 173.22 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 173.22 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 161.22 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 161.22 Td (7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 149.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 149.22 Td (\(147,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 149.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 149.22 Td (4.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 137.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 137.22 Td (\(39,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 137.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 137.22 Td (3.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.27 Td (Nonvested at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 124.27 Td (461,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 124.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 124.27 Td (3.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 124.27 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 101.70 96.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.07 96.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.00 96.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.03 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.63 96.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 243.56 96.10 Td (options ) Tj ET Q q 0 0 0 rg BT 275.84 96.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 308.65 96.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.24 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.28 96.10 Td (201) Tj ET Q q 0 0 0 rg BT 363.91 96.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 371.74 96.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 401.23 96.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 441.25 96.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 465.75 96.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.24 96.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 516.38 96.10 Td (at ) Tj ET Q q 0 0 0 rg BT 526.42 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.46 96.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 72.26 84.10 Td (based ) Tj ET Q q 0 0 0 rg BT 98.13 84.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.23 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.55 84.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.53 84.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.29 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.72 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.04 84.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 225.08 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.62 84.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.39 84.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 299.36 84.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.79 84.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.33 84.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.64 84.10 Td (over ) Tj ET Q q 0 0 0 rg BT 379.51 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.83 84.10 Td (employee) Tj ET Q q 0 0 0 rg BT 436.48 84.10 Td (s ) Tj ET Q q 0 0 0 rg BT 443.48 84.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 481.01 84.10 Td (service ) Tj ET Q q 0 0 0 rg BT 512.43 84.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 543.58 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 84.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.16 72.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 130.65 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.14 72.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.29 72.10 Td (value ) Tj ET Q q 0 0 0 rg BT 185.22 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.82 72.10 Td (each ) Tj ET Q q 0 0 0 rg BT 216.41 72.10 Td (option ) Tj ET Q q 0 0 0 rg BT 244.25 72.10 Td (award ) Tj ET Q q 0 0 0 rg BT 270.95 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.22 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.71 72.10 Td (date ) Tj ET Q q 0 0 0 rg BT 316.64 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.25 72.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 350.07 72.10 Td (using ) Tj ET Q q 0 0 0 rg BT 374.01 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.73 72.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 440.76 72.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 500.25 72.10 Td (model ) Tj ET Q q 0 0 0 rg BT 527.52 72.10 Td (that ) Tj ET Q q 0 0 0 rg BT 544.79 72.10 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.92 60.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 117.08 60.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 143.11 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.59 60.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 175.74 60.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 185.75 60.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.16 60.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 208.86 60.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 258.78 60.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 317.02 60.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 351.94 60.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.51 60.10 Td (on ) Tj ET Q q 0 0 0 rg BT 411.21 60.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 442.24 60.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 491.61 60.10 Td (during ) Tj ET Q q 0 0 0 rg BT 520.43 60.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 60.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.00 48.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.44 48.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.07 48.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.07 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.63 48.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.62 48.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.62 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.18 48.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.29 48.10 Td ($705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.79 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.34 48.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.33 48.10 Td ($538,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.83 48.10 Td (, ) Tj ET Q q 0 0 0 rg BT 346.89 48.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 394.55 48.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.61 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.16 48.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 453.59 48.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 511.69 48.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 546.45 48.10 Td (was ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.67 731.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.70 731.10 Td ($58,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.20 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.90 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.38 731.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 166.52 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.66 731.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 226.90 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.04 731.10 Td ($646,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.54 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.23 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.71 731.10 Td (general ) Tj ET Q q 0 0 0 rg BT 326.83 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.97 731.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 403.88 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 438.79 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.26 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.18 731.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.46 731.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.96 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.94 719.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 146.24 719.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.99 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.85 719.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 219.15 719.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.60 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.24 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.76 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.49 719.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.49 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.64 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.28 719.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 415.80 719.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.99 719.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 508.84 719.10 Td (was ) Tj ET Q q 0 0 0 rg BT 527.03 719.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 707.10 Td ($44,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.83 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.12 707.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 128.06 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.00 707.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 188.04 707.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.98 707.10 Td ($493,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.27 707.10 Td (general ) Tj ET Q q 0 0 0 rg BT 287.19 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.13 707.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 363.84 707.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 398.55 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.83 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.55 707.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 470.63 707.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 523.68 707.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 695.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 105.50 695.10 Td (during ) Tj ET Q q 0 0 0 rg BT 134.36 695.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.34 695.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 178.75 695.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.20 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.95 695.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.59 695.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.43 695.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.43 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.68 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.44 695.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 353.30 695.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.60 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 441.56 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.09 695.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 495.40 695.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 526.47 695.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 683.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 78.89 683.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.72 683.10 Td ($1,558,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.72 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.22 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.39 683.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 187.21 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.49 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 209.42 683.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 255.79 683.10 Td (over ) Tj ET Q q 0 0 0 rg BT 276.05 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.77 683.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 364.34 683.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 395.73 683.10 Td (period ) Tj ET Q q 0 0 0 rg BT 423.77 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.60 683.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.86 683.10 Td (three ) Tj ET Q q 0 0 0 rg BT 517.35 683.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.45 683.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 657.53505859375 m 182.314453125 657.53505859375 l s q 0 0 0 rg BT 50.00 659.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 94.72 659.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 121.11 659.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 137.04 659.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 162.87 659.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.29 647.10 Td (April ) Tj ET Q q 0 0 0 rg BT 90.34 647.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 106.78 647.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 133.22 647.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 187.70 647.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 222.20 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.58 647.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 268.40 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.67 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.82 647.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 345.34 647.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 395.94 647.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 424.87 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.14 647.10 Td (common ) Tj ET Q q 0 0 0 rg BT 476.08 647.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 503.62 647.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 527.56 647.10 Td (previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (recommendation ) Tj ET Q q 0 0 0 rg BT 118.88 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.99 635.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 171.66 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.56 635.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 221.68 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.69 635.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 273.07 635.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 306.41 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.30 635.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 347.25 635.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 364.20 635.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 385.88 635.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 428.10 635.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 452.55 635.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 490.33 635.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 509.79 635.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 527.01 635.10 Td (ESPP\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.96 623.10 Td (reserved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.34 623.10 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.84 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.36 623.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 160.87 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.72 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.46 623.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 233.56 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 271.07 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 294.70 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.88 623.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 345.28 623.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 387.48 623.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.50 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.46 623.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 414.20 623.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 455.60 623.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 494.21 623.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 536.16 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 548.68 623.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (company ) Tj ET Q q 0 0 0 rg BT 89.50 611.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 611.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 116.85 611.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.18 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.02 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 149.20 611.10 Td (more ) Tj ET Q q 0 0 0 rg BT 172.59 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 185.43 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.71 611.10 Td (full-time ) Tj ET Q q 0 0 0 rg BT 230.55 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.72 611.10 Td (part-time ) Tj ET Q q 0 0 0 rg BT 281.22 611.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 304.06 611.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.39 611.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.39 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.24 611.10 Td (hours ) Tj ET Q q 0 0 0 rg BT 345.30 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.48 611.10 Td (more ) Tj ET Q q 0 0 0 rg BT 379.87 611.10 Td (per ) Tj ET Q q 0 0 0 rg BT 395.48 611.10 Td (week ) Tj ET Q q 0 0 0 rg BT 419.42 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.27 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.55 611.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 470.71 611.10 Td (schedule\) ) Tj ET Q q 0 0 0 rg BT 511.87 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.38 611.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 554.22 611.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 94.52 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.62 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.16 599.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 140.85 599.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.67 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.83 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.70 599.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 188.12 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.44 599.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 226.08 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.18 599.10 Td (successive ) Tj ET Q q 0 0 0 rg BT 280.71 599.10 Td (six ) Tj ET Q q 0 0 0 rg BT 294.70 599.10 Td (month ) Tj ET Q q 0 0 0 rg BT 322.58 599.10 Td (of) Tj ET Q q 0 0 0 rg BT 330.73 599.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 356.93 599.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 388.70 599.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 442.67 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.21 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.75 599.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 509.07 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.72 599.10 Td (each ) Tj ET Q q 0 0 0 rg BT 540.36 599.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (year ) Tj ET Q q 0 0 0 rg BT 69.14 587.10 Td (half. ) Tj ET Q q 0 0 0 rg BT 89.11 587.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 111.03 587.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 142.94 587.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 183.75 587.10 Td (who ) Tj ET Q q 0 0 0 rg BT 202.90 587.10 Td (has ) Tj ET Q q 0 0 0 rg BT 218.15 587.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 248.39 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.10 587.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 302.23 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 321.37 587.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 358.84 587.10 Td (up ) Tj ET Q q 0 0 0 rg BT 370.77 587.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.47 587.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.73 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.99 587.10 Td (their ) Tj ET Q q 0 0 0 rg BT 431.25 587.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 459.83 587.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 517.30 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.01 587.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.59 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 88.84 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.10 575.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.33 575.10 Td ($21,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.31 575.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 201.22 575.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.03 575.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.53 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.01 575.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 264.48 575.10 Td (per ) Tj ET Q q 0 0 0 rg BT 279.72 575.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.87 575.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 314.23 575.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.75 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.05 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.07 575.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 403.09 575.10 Td (price ) Tj ET Q q 0 0 0 rg BT 425.55 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 443.59 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 455.50 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 575.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 495.45 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.25 575.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.17 575.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.50 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.98 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 575.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.19 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 96.27 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.24 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.88 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.63 563.10 Td (share ) Tj ET Q q 0 0 0 rg BT 161.04 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.69 563.10 Td (common ) Tj ET Q q 0 0 0 rg BT 209.00 563.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 232.42 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.73 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.26 563.10 Td (first ) Tj ET Q q 0 0 0 rg BT 277.68 563.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 308.32 563.10 Td (day ) Tj ET Q q 0 0 0 rg BT 325.07 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.25 563.10 Td (of) Tj ET Q q 0 0 0 rg BT 358.40 563.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 384.59 563.10 Td (period ) Tj ET Q q 0 0 0 rg BT 412.45 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.09 563.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.62 563.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.27 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.44 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 499.63 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.71 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 563.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.64 551.10 Td (share ) Tj ET Q q 0 0 0 rg BT 81.94 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.47 551.10 Td (common ) Tj ET Q q 0 0 0 rg BT 131.66 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.97 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.17 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.59 551.10 Td (last ) Tj ET Q q 0 0 0 rg BT 201.67 551.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 233.20 551.10 Td (day ) Tj ET Q q 0 0 0 rg BT 250.83 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.36 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.78 551.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.93 551.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 313.01 551.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.02 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.77 551.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 385.19 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.39 551.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.15 551.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 444.78 551.10 Td (until ) Tj ET Q q 0 0 0 rg BT 466.31 551.10 Td (January ) Tj ET Q q 0 0 0 rg BT 500.61 551.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 511.31 551.10 Td (2024, ) Tj ET Q q 0 0 0 rg BT 537.01 551.10 Td (unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 91.54 539.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 136.97 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.63 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.51 539.10 Td (Board. ) Tj ET Q q 0 0 0 rg BT 194.12 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.19 539.10 Td (As ) Tj ET Q q 0 0 0 rg BT 209.97 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.97 539.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.72 539.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.72 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 304.88 539.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 350.31 539.10 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.19 539.10 Td ($76,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.69 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.36 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.80 539.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 539.10 Td (13,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.17 539.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 511.82 539.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.70 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.59 539.10 Td (end ) Tj ET Q q 0 0 0 rg BT 553.69 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 527.10 Td (of) Tj ET Q q 0 0 0 rg BT 72.67 527.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 98.84 527.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 133.08 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.87 527.10 Td (As ) Tj ET Q q 0 0 0 rg BT 148.28 527.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.91 527.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 217.29 527.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.29 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.09 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.61 527.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 297.79 527.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.53 527.10 Td (61,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.03 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.33 527.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 387.17 527.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 414.46 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.09 527.10 Td (common ) Tj ET Q q 0 0 0 rg BT 462.38 527.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 485.79 527.10 Td (available ) Tj ET Q q 0 0 0 rg BT 524.18 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.14 527.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 76.94 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 102.21 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.92 515.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 138.61 515.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 489.53505859375 m 156.201171875 489.53505859375 l s q 0 0 0 rg BT 50.00 491.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 491.10 Td (Issued ) Tj ET Q q 0 0 0 rg BT 106.13 491.10 Td (for) Tj ET Q q 0 0 0 rg BT 118.72 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 491.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 479.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.66 479.10 Td (January ) Tj ET Q q 0 0 0 rg BT 121.97 479.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 131.67 479.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 156.37 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.79 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.88 479.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 243.51 479.10 Td (into ) Tj ET Q q 0 0 0 rg BT 261.27 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.91 479.10 Td (one ) Tj ET Q q 0 0 0 rg BT 284.56 479.10 Td (year ) Tj ET Q q 0 0 0 rg BT 303.97 479.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 347.81 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.79 479.10 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.43 479.10 Td ($7,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.93 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.14 479.10 Td (per ) Tj ET Q q 0 0 0 rg BT 419.11 479.10 Td (month ) Tj ET Q q 0 0 0 rg BT 446.87 479.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.51 479.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.01 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.22 479.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.41 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.94 479.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 549.26 479.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 81.08 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.62 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.82 467.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 118.79 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.33 467.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 162.64 467.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 197.62 467.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 234.81 467.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 272.28 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.04 467.10 Td (In ) Tj ET Q q 0 0 0 rg BT 286.14 467.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 333.86 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 354.40 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.38 467.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 416.28 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.25 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 472.90 467.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.66 467.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.16 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.93 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.68 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.28 455.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.68 455.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 139.63 455.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.13 455.10 Td ($30,1) Tj ET Q q 0 0 0 rg BT 171.26 455.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.26 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.55 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 195.84 455.10 Td (January ) Tj ET Q q 0 0 0 rg BT 229.23 455.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 239.02 455.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 261.30 455.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.03 455.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.53 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.82 455.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 330.10 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.72 455.10 Td (common ) Tj ET Q q 0 0 0 rg BT 378.00 455.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 401.40 455.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 430.35 455.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.85 455.10 Td ($52,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.35 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.64 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 486.42 455.10 Td (April ) Tj ET Q q 0 0 0 rg BT 509.82 455.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 519.61 455.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 544.23 455.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 94.14 443.10 Td (was ) Tj ET Q q 0 0 0 rg BT 112.19 443.10 Td (canceled ) Tj ET Q q 0 0 0 rg BT 149.66 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.94 443.10 Td (June ) Tj ET Q q 0 0 0 rg BT 180.77 443.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 203.27 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.21 443.10 Td (no ) Tj ET Q q 0 0 0 rg BT 232.71 443.10 Td (further ) Tj ET Q q 0 0 0 rg BT 262.42 443.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 298.80 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 313.51 443.10 Td (owed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.02 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.37 419.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.84 419.10 Td (9,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.34 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.81 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 194.27 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.06 419.10 Td (common ) Tj ET Q q 0 0 0 rg BT 244.53 419.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 269.10 419.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 299.23 419.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.91 419.10 Td ($75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.41 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.88 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.13 419.10 Td (three ) Tj ET Q q 0 0 0 rg BT 380.58 419.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 419.03 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.16 419.10 Td (their ) Tj ET Q q 0 0 0 rg BT 455.96 419.10 Td (service ) Tj ET Q q 0 0 0 rg BT 487.74 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 499.54 419.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 537.99 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 407.10 Td (during ) Tj ET Q q 0 0 0 rg BT 120.00 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.71 407.10 Td (year ) Tj ET Q q 0 0 0 rg BT 154.42 407.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.80 407.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.38 407.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.38 407.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.85 383.10 Td (April ) Tj ET Q q 0 0 0 rg BT 87.05 383.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 101.64 383.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 123.73 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.26 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.35 383.10 Td (December ) Tj ET Q q 0 0 0 rg BT 195.53 383.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 210.12 383.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 234.71 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.02 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 290.00 383.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.09 383.10 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.59 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.68 383.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.21 383.10 Td (1,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.71 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.80 383.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 412.38 383.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 460.04 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.64 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.06 383.10 Td (common ) Tj ET Q q 0 0 0 rg BT 512.14 383.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 535.34 383.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.72 371.10 Td ($18,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.22 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.72 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.88 371.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 150.25 371.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 173.86 371.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 204.68 371.10 Td (during ) Tj ET Q q 0 0 0 rg BT 233.29 371.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 371.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 277.16 371.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.61 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.11 371.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.48 371.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.07 371.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.07 371.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.13 347.10 Td (August ) Tj ET Q q 0 0 0 rg BT 95.46 347.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 110.40 347.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 135.35 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.00 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.33 347.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.78 347.10 Td (84,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.28 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.72 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 276.15 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.93 347.10 Td (common ) Tj ET Q q 0 0 0 rg BT 324.36 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 347.92 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.14 347.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 382.62 347.10 Td (W) Tj ET Q q 0 0 0 rg BT 391.14 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 396.08 347.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 422.96 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.07 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 464.50 347.10 Td (that ) Tj ET Q q 0 0 0 rg BT 481.94 347.10 Td (were ) Tj ET Q q 0 0 0 rg BT 503.81 347.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 536.24 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.46 347.10 Td (him ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 335.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 82.78 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 93.61 335.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 149.98 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.14 335.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 187.75 335.10 Td (made ) Tj ET Q q 0 0 0 rg BT 211.90 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.18 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.90 335.10 Td (Company) Tj ET Q q 0 0 0 rg BT 275.14 335.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.74 311.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.81 311.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 311.10 Td (13,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.69 311.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.87 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.39 311.10 Td (common ) Tj ET Q q 0 0 0 rg BT 247.58 311.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 271.88 311.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 301.72 311.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.13 311.10 Td ($107,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.63 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.82 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.79 311.10 Td (five ) Tj ET Q q 0 0 0 rg BT 382.52 311.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 420.70 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.55 311.10 Td (their ) Tj ET Q q 0 0 0 rg BT 457.06 311.10 Td (service ) Tj ET Q q 0 0 0 rg BT 488.57 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 500.09 311.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 538.27 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 311.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 299.10 Td (during ) Tj ET Q q 0 0 0 rg BT 120.00 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.71 299.10 Td (year ) Tj ET Q q 0 0 0 rg BT 154.42 299.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.80 299.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.38 299.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.38 299.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 275.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.26 275.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 108.32 275.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 155.03 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 169.55 275.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 219.61 275.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 260.79 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.30 275.10 Td (services ) Tj ET Q q 0 0 0 rg BT 310.36 275.10 Td (during ) Tj ET Q q 0 0 0 rg BT 339.32 275.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.39 275.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 383.90 275.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.35 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.20 275.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.93 275.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.87 275.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.87 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.72 275.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.01 275.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.02 263.10 Td ($125,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.52 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.98 263.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.88 263.10 Td ($166,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.38 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.35 263.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.01 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 224.97 263.10 Td (all ) Tj ET Q q 0 0 0 rg BT 238.43 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.23 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.13 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.26 263.10 Td (included ) Tj ET Q q 0 0 0 rg BT 326.16 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.40 263.10 Td (general ) Tj ET Q q 0 0 0 rg BT 370.29 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.20 263.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 448.87 263.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 484.54 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 495.78 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 263.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.93 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.98 251.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 152.85 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.37 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 173.63 251.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 190.23 251.10 Td (value ) Tj ET Q q 0 0 0 rg BT 214.60 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.65 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.58 251.10 Td (services ) Tj ET Q q 0 0 0 rg BT 275.51 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.89 251.10 Td (based ) Tj ET Q q 0 0 0 rg BT 310.38 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.10 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.03 251.10 Td (value ) Tj ET Q q 0 0 0 rg BT 362.40 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.45 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.39 251.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 435.68 251.10 Td (common ) Tj ET Q q 0 0 0 rg BT 473.40 251.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 497.22 251.10 Td (over ) Tj ET Q q 0 0 0 rg BT 517.71 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.64 251.10 Td (term ) Tj ET Q q 0 0 0 rg BT 553.68 251.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (service. ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 10. ) Tj ET Q q 0 0 0 rg BT 122.00 742.25 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 166.54 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 172.47 742.25 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The components of the Company) Tj ET Q q 0 0 0 rg BT 186.08 718.25 Td (s net deferred income taxes are as follows \(rounded\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 686.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 686.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 686.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 658.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 658.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 658.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 630.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 630.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 602.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 602.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 574.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 574.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 546.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 546.75 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 686.75 m 362.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 686.75 m 462.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 686.75 m 562.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 686.75 m 362.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 574.75 m 462.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 574.75 m 562.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 574.75 m 462.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 574.75 m 562.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 546.75 m 462.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 546.75 m 562.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 546.75 m 462.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 533.75 m 462.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 531.75 m 462.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 546.75 m 562.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 533.75 m 562.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 531.75 m 562.5 531.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.95 698.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 688.37 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.95 698.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 688.37 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 677.32 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 663.32 Td (Net operating loss carry forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 663.32 Td (15,649,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 663.32 Td (10,643,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 649.32 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 649.32 Td (187,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 649.32 Td (92,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 635.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 635.37 Td (\(682,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 635.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 635.32 Td (4,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 621.32 Td (Stock option and warrant expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 621.32 Td (618,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 621.32 Td (441,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 607.32 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 607.32 Td (52,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 607.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 593.32 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 593.32 Td (44,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 593.32 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 579.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 579.32 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 579.32 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.32 Td (Gross deferred income tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 565.32 Td (15,871,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 565.32 Td (11,223,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 551.32 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 551.37 Td (\(15,871,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 551.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 551.37 Td (\(11,223,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 551.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.32 Td (Total deferred income tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 537.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 537.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 537.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 537.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (The following summary reconciles dif) Tj ET Q q 0 0 0 rg BT 203.11 509.25 Td (ferences from taxes at the federal statutory rate with the ef) Tj ET Q q 0 0 0 rg BT 436.15 509.25 Td (fective rate:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 470.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 470.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 442.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 442.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 414.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 414.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 386.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 386.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 358.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 358.75 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 484.75 m 462.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 484.75 m 562.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.75 m 362.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 484.75 m 462.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 470.75 m 462.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 484.75 m 562.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 470.75 m 562.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.75 m 362.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 470.75 m 462.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 470.75 m 562.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 358.75 m 462.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 358.75 m 462.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 345.75 m 462.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 343.75 m 462.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 345.75 m 562.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 343.75 m 562.5 343.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 489.32 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 475.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 475.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.32 Td (Federal income tax at statutory rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.45 461.32 Td (\(34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 461.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 461.32 Td (\(34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 461.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 447.32 Td (Change in deferred tax asset valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 447.32 Td (28.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 447.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 447.32 Td (\(52.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 447.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.32 Td (Deferred state taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.45 433.32 Td (\(2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 433.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 433.32 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 433.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.32 Td (Non-deductible expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.32 Td (Meals & entertainment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 405.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 405.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 405.32 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 405.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.32 Td (Change in fair value of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 391.32 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 391.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 391.32 Td (83.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 391.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.32 Td (ISO stock compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 377.32 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 377.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 377.32 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 377.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 363.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 363.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 363.32 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 363.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.32 Td (Income taxes \(benefit\) at effective rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 349.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 349.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 349.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 349.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.01 321.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.36 321.25 Td (has ) Tj ET Q q 0 0 0 rg BT 128.16 321.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 164.94 321.25 Td (net ) Tj ET Q q 0 0 0 rg BT 180.62 321.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 207.97 321.25 Td (for ) Tj ET Q q 0 0 0 rg BT 223.10 321.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.78 321.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 277.80 321.25 Td (every ) Tj ET Q q 0 0 0 rg BT 303.47 321.25 Td (year ) Tj ET Q q 0 0 0 rg BT 324.14 321.25 Td (since ) Tj ET Q q 0 0 0 rg BT 348.15 321.25 Td (inception. ) Tj ET Q q 0 0 0 rg BT 390.56 321.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.03 321.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 463.57 321.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.57 321.25 Td (, ) Tj ET Q q 0 0 0 rg BT 489.54 321.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.22 321.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.57 321.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.45 309.25 Td ($42,035,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.45 309.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.15 309.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.62 309.25 Td (net ) Tj ET Q q 0 0 0 rg BT 184.53 309.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.98 309.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 241.24 309.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 299.01 309.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.37 309.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 331.84 309.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 361.29 309.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.42 309.25 Td (state ) Tj ET Q q 0 0 0 rg BT 397.44 309.25 Td (income ) Tj ET Q q 0 0 0 rg BT 428.57 309.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 442.48 309.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 479.72 309.25 Td (that ) Tj ET Q q 0 0 0 rg BT 496.41 309.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 523.09 309.25 Td (in ) Tj ET Q q 0 0 0 rg BT 532.56 309.25 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.30 297.25 Td (between ) Tj ET Q q 0 0 0 rg BT 122.04 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.67 297.25 Td (years ) Tj ET Q q 0 0 0 rg BT 160.19 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.93 297.25 Td (2026 ) Tj ET Q q 0 0 0 rg BT 193.35 297.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.21 297.25 Td (2035. ) Tj ET Q q 0 0 0 rg BT 235.12 297.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.36 297.25 Td (The ) Tj ET Q q 0 0 0 rg BT 255.33 297.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.33 297.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.29 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.49 297.25 Td (deduct ) Tj ET Q q 0 0 0 rg BT 369.56 297.25 Td (its ) Tj ET Q q 0 0 0 rg BT 381.43 297.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 421.06 297.25 Td (net ) Tj ET Q q 0 0 0 rg BT 435.69 297.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 475.87 297.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 502.18 297.25 Td (may ) Tj ET Q q 0 0 0 rg BT 521.81 297.25 Td (be ) Tj ET Q q 0 0 0 rg BT 533.67 297.25 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.41 285.25 Td (future ) Tj ET Q q 0 0 0 rg BT 102.00 285.25 Td (due ) Tj ET Q q 0 0 0 rg BT 119.15 285.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.63 285.25 Td (IRC ) Tj ET Q q 0 0 0 rg BT 149.01 285.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 181.72 285.25 Td (382 ) Tj ET Q q 0 0 0 rg BT 199.43 285.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 244.91 285.25 Td (as ) Tj ET Q q 0 0 0 rg BT 255.95 285.25 Td (a ) Tj ET Q q 0 0 0 rg BT 263.10 285.25 Td (result ) Tj ET Q q 0 0 0 rg BT 288.03 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.06 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.99 285.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 359.47 285.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 399.95 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.99 285.25 Td (common ) Tj ET Q q 0 0 0 rg BT 448.69 285.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 472.51 285.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.00 285.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 505.71 285.25 Td (through ) Tj ET Q q 0 0 0 rg BT 539.52 285.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 564.52 285.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 273.25 Td (change ) Tj ET Q q 0 0 0 rg BT 98.39 273.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.43 273.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 147.90 273.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 190.70 273.25 Td (for ) Tj ET Q q 0 0 0 rg BT 204.62 273.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 273.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 248.01 273.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.46 273.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.73 273.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.86 273.25 Td (December ) Tj ET Q q 0 0 0 rg BT 349.21 273.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 363.97 273.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 386.23 273.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.94 273.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.94 273.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.20 273.25 Td (was ) Tj ET Q q 0 0 0 rg BT 443.01 273.25 Td (an ) Tj ET Q q 0 0 0 rg BT 454.71 273.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 489.73 273.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.32 273.25 Td ($4,648,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.32 273.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.58 273.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td ($1,665,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 261.25 Td (, ) Tj ET Q q 0 0 0 rg BT 100.00 261.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 147.66 261.25 Td (, ) Tj ET Q q 0 0 0 rg BT 152.66 261.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 190.16 261.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.87 261.25 Td (from ) Tj ET Q q 0 0 0 rg BT 251.81 261.25 Td (net ) Tj ET Q q 0 0 0 rg BT 266.52 261.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.79 261.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 333.18 261.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 374.54 261.25 Td (during ) Tj ET Q q 0 0 0 rg BT 403.15 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.87 261.25 Td (periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 237.25 Td (1) Tj ET Q q 0 0 0 rg BT 85.29 237.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 122.00 237.25 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 177.29 237.25 Td (\(LOSS\) ) Tj ET Q q 0 0 0 rg BT 212.02 237.25 Td (PER ) Tj ET Q q 0 0 0 rg BT 234.52 237.25 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 285.90 237.25 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.57 213.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 112.81 213.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 138.39 213.25 Td (per ) Tj ET Q q 0 0 0 rg BT 154.51 213.25 Td (share ) Tj ET Q q 0 0 0 rg BT 178.97 213.25 Td (is ) Tj ET Q q 0 0 0 rg BT 188.99 213.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 231.78 213.25 Td (by ) Tj ET Q q 0 0 0 rg BT 245.14 213.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 281.83 213.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.41 213.25 Td (net ) Tj ET Q q 0 0 0 rg BT 312.98 213.25 Td (income ) Tj ET Q q 0 0 0 rg BT 345.77 213.25 Td (or ) Tj ET Q q 0 0 0 rg BT 357.46 213.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 376.38 213.25 Td (by ) Tj ET Q q 0 0 0 rg BT 389.73 213.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.31 213.25 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 479.73 213.25 Td (number ) Tj ET Q q 0 0 0 rg BT 513.64 213.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.32 213.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.67 213.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.58 201.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.27 201.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 160.52 201.25 Td (during ) Tj ET Q q 0 0 0 rg BT 189.21 201.25 Td (each ) Tj ET Q q 0 0 0 rg BT 210.11 201.25 Td (period ) Tj ET Q q 0 0 0 rg BT 238.24 201.25 Td (presented. ) Tj ET Q q 0 0 0 rg BT 281.64 201.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.22 201.25 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 316.80 201.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 353.26 201.25 Td (per ) Tj ET Q q 0 0 0 rg BT 368.61 201.25 Td (share ) Tj ET Q q 0 0 0 rg BT 392.29 201.25 Td (is ) Tj ET Q q 0 0 0 rg BT 401.54 201.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 443.56 201.25 Td (by ) Tj ET Q q 0 0 0 rg BT 456.14 201.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 492.06 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.86 201.25 Td (net ) Tj ET Q q 0 0 0 rg BT 521.66 201.25 Td (income ) Tj ET Q q 0 0 0 rg BT 553.68 201.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.02 189.25 Td (by ) Tj ET Q q 0 0 0 rg BT 80.49 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.17 189.25 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 168.70 189.25 Td (number ) Tj ET Q q 0 0 0 rg BT 201.71 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.50 189.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 239.96 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.75 189.25 Td (common ) Tj ET Q q 0 0 0 rg BT 288.21 189.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 311.78 189.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 360.91 189.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 380.04 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.72 189.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 437.18 189.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 470.19 189.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 510.42 189.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.88 189.25 Td (could ) Tj ET Q q 0 0 0 rg BT 552.56 189.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (exercised ) Tj ET Q q 0 0 0 rg BT 89.62 177.25 Td (or ) Tj ET Q q 0 0 0 rg BT 99.82 177.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 141.12 177.25 Td (into ) Tj ET Q q 0 0 0 rg BT 158.54 177.25 Td (common ) Tj ET Q q 0 0 0 rg BT 195.41 177.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 222.26 177.25 Td (during ) Tj ET Q q 0 0 0 rg BT 250.24 177.25 Td (each ) Tj ET Q q 0 0 0 rg BT 270.43 177.25 Td (period ) Tj ET Q q 0 0 0 rg BT 297.84 177.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 338.03 177.25 Td (less ) Tj ET Q q 0 0 0 rg BT 354.90 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.98 177.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 400.85 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.05 177.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 437.91 177.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.77 177.25 Td (could ) Tj ET Q q 0 0 0 rg BT 478.86 177.25 Td (be ) Tj ET Q q 0 0 0 rg BT 490.16 177.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 540.34 177.25 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 165.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 102.75 165.25 Td (from ) Tj ET Q q 0 0 0 rg BT 124.69 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.41 165.25 Td (exercises. ) Tj ET Q q 0 0 0 rg BT 181.05 165.25 Td ( ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 736.5 m 561.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 715.5 m 487.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 715.5 m 561.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 715.5 m 487.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 715.5 m 561.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 685.5 m 487.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 671.5 m 487.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 669.5 m 487.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 685.5 m 561.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 671.5 m 561.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 669.5 m 561.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 630.5 m 487.5 630.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 630.5 m 561.5 630.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 555.5 m 487.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 555.5 m 561.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 555.5 m 487.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 540.5 m 487.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 555.5 m 561.5 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 540.5 m 561.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 530.5 m 487.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 516.5 m 487.5 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 514.5 m 487.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 530.5 m 561.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 516.5 m 561.5 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 514.5 m 561.5 514.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 739.12 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 727.07 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 717.12 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.95 727.07 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 717.12 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 705.17 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 705.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.30 705.22 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 705.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 705.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 705.17 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 690.17 Td (Weighted average shares outstanding - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 690.17 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 690.17 Td (2,616,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.17 Td (Basic income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 675.22 Td (\(3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 675.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 675.17 Td (1.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 635.17 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 635.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.30 635.22 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 635.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 635.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 635.17 Td (3,184,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 620.17 Td (Weighted average shares outstanding - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 620.17 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 620.17 Td (2,616,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 605.17 Td (Potential shares from "in-the-money" options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 605.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 605.17 Td (401,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 590.17 Td (Potential shares from "in-the-money" warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 590.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 590.17 Td (1,325,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 575.17 Td (Potential shares from converted restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 575.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 575.17 Td (88,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 560.17 Td (Less: Shares assumed repurchased under the Treasury Stock Method) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 560.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 560.22 Td (\(1,262,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 560.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 545.17 Td (Weighted average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 545.17 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 545.17 Td (3,170,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.17 Td (Diluted income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 520.22 Td (\(3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 520.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 520.17 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 492.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.74 492.00 Td (excluded ) Tj ET Q q 0 0 0 rg BT 146.99 492.00 Td (the ) Tj ET Q q 0 0 0 rg BT 161.36 492.00 Td (following ) Tj ET Q q 0 0 0 rg BT 202.40 492.00 Td (weighted ) Tj ET Q q 0 0 0 rg BT 241.21 492.00 Td (average ) Tj ET Q q 0 0 0 rg BT 274.44 492.00 Td (items ) Tj ET Q q 0 0 0 rg BT 298.26 492.00 Td (from ) Tj ET Q q 0 0 0 rg BT 319.85 492.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.22 492.00 Td (above ) Tj ET Q q 0 0 0 rg BT 360.25 492.00 Td (computation ) Tj ET Q q 0 0 0 rg BT 412.40 492.00 Td (of ) Tj ET Q q 0 0 0 rg BT 422.88 492.00 Td (diluted ) Tj ET Q q 0 0 0 rg BT 452.81 492.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 488.84 492.00 Td (per ) Tj ET Q q 0 0 0 rg BT 503.76 492.00 Td (common ) Tj ET Q q 0 0 0 rg BT 540.91 492.00 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.00 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 480.00 Td (their ) Tj ET Q q 0 0 0 rg BT 81.66 480.00 Td (ef) Tj ET Q q 0 0 0 rg BT 89.24 480.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 106.73 480.00 Td (would ) Tj ET Q q 0 0 0 rg BT 134.23 480.00 Td (be ) Tj ET Q q 0 0 0 rg BT 146.17 480.00 Td (anti-dilutive: ) Tj ET Q q 0 0 0 rg BT 200.32 480.00 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 429.50 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 429.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 429.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 399.50 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 399.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 399.50 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 454.5 m 487.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 454.5 m 491.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 454.5 m 561.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 429.5 m 487.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 429.5 m 561.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 429.5 m 487.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 429.5 m 561.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 384.5 m 487.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 384.5 m 561.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 384.5 m 487.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 370.5 m 487.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 368.5 m 487.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 384.5 m 561.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 370.5 m 561.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 368.5 m 561.5 368.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 459.17 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.95 444.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 434.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.95 444.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 434.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 419.17 Td (Stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 419.17 Td (723,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 419.17 Td (61,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 404.17 Td (Warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 404.17 Td (1,873,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 404.17 Td (1,129,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 389.17 Td (Restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 389.17 Td (58,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 389.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 374.17 Td (Total excluded shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 374.17 Td (2,655,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 374.17 Td (1,191,239) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.00 Td (NOTE 12. ) Tj ET Q q 0 0 0 rg BT 122.00 346.00 Td (RELA) Tj ET Q q 0 0 0 rg BT 149.04 346.00 Td (TED P) Tj ET Q q 0 0 0 rg BT 177.47 346.00 Td (AR) Tj ET Q q 0 0 0 rg BT 191.56 346.00 Td (TY) Tj ET Q q 0 0 0 rg BT 205.08 346.00 Td ( ) Tj ET Q q 0 0 0 rg BT 207.40 346.00 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.00 Td (In ) Tj ET Q q 0 0 0 rg BT 61.40 322.00 Td (the ) Tj ET Q q 0 0 0 rg BT 76.68 322.00 Td (2014 ) Tj ET Q q 0 0 0 rg BT 99.75 322.00 Td (Private ) Tj ET Q q 0 0 0 rg BT 131.15 322.00 Td (Placement, ) Tj ET Q q 0 0 0 rg BT 178.37 322.00 Td (Edward ) Tj ET Q q 0 0 0 rg BT 212.53 322.00 Td (H. ) Tj ET Q q 0 0 0 rg BT 225.32 322.00 Td (\(T) Tj ET Q q 0 0 0 rg BT 234.06 322.00 Td (ed\) ) Tj ET Q q 0 0 0 rg BT 249.90 322.00 Td (Murphy) Tj ET Q q 0 0 0 rg BT 281.47 322.00 Td (, ) Tj ET Q q 0 0 0 rg BT 287.04 322.00 Td (Brian ) Tj ET Q q 0 0 0 rg BT 312.11 322.00 Td (W) Tj ET Q q 0 0 0 rg BT 320.63 322.00 Td (. ) Tj ET Q q 0 0 0 rg BT 326.20 322.00 Td (Brady ) Tj ET Q q 0 0 0 rg BT 353.70 322.00 Td (and ) Tj ET Q q 0 0 0 rg BT 371.21 322.00 Td (Lindsay ) Tj ET Q q 0 0 0 rg BT 405.82 322.00 Td (A. ) Tj ET Q q 0 0 0 rg BT 418.61 322.00 Td (Gardner) Tj ET Q q 0 0 0 rg BT 450.97 322.00 Td (, ) Tj ET Q q 0 0 0 rg BT 456.54 322.00 Td (directors ) Tj ET Q q 0 0 0 rg BT 494.59 322.00 Td (of ) Tj ET Q q 0 0 0 rg BT 505.99 322.00 Td (the ) Tj ET Q q 0 0 0 rg BT 521.28 322.00 Td (Company) Tj ET Q q 0 0 0 rg BT 559.51 322.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.00 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.42 310.00 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.42 310.00 Td ( ) Tj ET Q q 0 0 0 rg BT 109.30 310.00 Td (shares, ) Tj ET Q q 0 0 0 rg BT 138.68 310.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.56 310.00 Td (35,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.06 310.00 Td ( ) Tj ET Q q 0 0 0 rg BT 169.95 310.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 196.82 310.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.14 310.00 Td (28,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.64 310.00 Td ( ) Tj ET Q q 0 0 0 rg BT 242.53 310.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.40 310.00 Td (of ) Tj ET Q q 0 0 0 rg BT 279.61 310.00 Td (the ) Tj ET Q q 0 0 0 rg BT 293.71 310.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 340.18 310.00 Td (common ) Tj ET Q q 0 0 0 rg BT 377.06 310.00 Td (stock, ) Tj ET Q q 0 0 0 rg BT 402.55 310.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 450.21 310.00 Td (, ) Tj ET Q q 0 0 0 rg BT 454.59 310.00 Td (at ) Tj ET Q q 0 0 0 rg BT 463.70 310.00 Td (a ) Tj ET Q q 0 0 0 rg BT 470.02 310.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 507.44 310.00 Td (price ) Tj ET Q q 0 0 0 rg BT 529.31 310.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.52 310.00 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.00 Td (per ) Tj ET Q q 0 0 0 rg BT 65.14 298.00 Td (share, ) Tj ET Q q 0 0 0 rg BT 91.11 298.00 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 127.91 298.00 Td (to ) Tj ET Q q 0 0 0 rg BT 138.06 298.00 Td (a ) Tj ET Q q 0 0 0 rg BT 144.87 298.00 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 182.82 298.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 229.61 298.00 Td (dated ) Tj ET Q q 0 0 0 rg BT 253.63 298.00 Td (as ) Tj ET Q q 0 0 0 rg BT 264.33 298.00 Td (of ) Tj ET Q q 0 0 0 rg BT 275.03 298.00 Td (February ) Tj ET Q q 0 0 0 rg BT 313.50 298.00 Td (12, ) Tj ET Q q 0 0 0 rg BT 328.37 298.00 Td (2014. ) Tj ET Q q 0 0 0 rg BT 353.24 298.00 Td ( ) Tj ET Q q 0 0 0 rg BT 355.09 298.00 Td (As ) Tj ET Q q 0 0 0 rg BT 368.57 298.00 Td (part ) Tj ET Q q 0 0 0 rg BT 386.49 298.00 Td (of ) Tj ET Q q 0 0 0 rg BT 397.19 298.00 Td (the ) Tj ET Q q 0 0 0 rg BT 411.77 298.00 Td (private ) Tj ET Q q 0 0 0 rg BT 441.91 298.00 Td (placement, ) Tj ET Q q 0 0 0 rg BT 487.87 298.00 Td (they ) Tj ET Q q 0 0 0 rg BT 507.45 298.00 Td (each ) Tj ET Q q 0 0 0 rg BT 528.14 298.00 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.00 Td (warrants ) Tj ET Q q 0 0 0 rg BT 87.05 286.00 Td (to ) Tj ET Q q 0 0 0 rg BT 97.45 286.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 135.60 286.00 Td (up ) Tj ET Q q 0 0 0 rg BT 148.22 286.00 Td (to ) Tj ET Q q 0 0 0 rg BT 158.62 286.00 Td (50% ) Tj ET Q q 0 0 0 rg BT 179.57 286.00 Td (of ) Tj ET Q q 0 0 0 rg BT 190.52 286.00 Td (their ) Tj ET Q q 0 0 0 rg BT 211.46 286.00 Td (number ) Tj ET Q q 0 0 0 rg BT 244.63 286.00 Td (of ) Tj ET Q q 0 0 0 rg BT 255.58 286.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 283.19 286.00 Td (of ) Tj ET Q q 0 0 0 rg BT 294.14 286.00 Td (common ) Tj ET Q q 0 0 0 rg BT 331.76 286.00 Td (stock ) Tj ET Q q 0 0 0 rg BT 355.48 286.00 Td (at ) Tj ET Q q 0 0 0 rg BT 365.32 286.00 Td (an ) Tj ET Q q 0 0 0 rg BT 377.38 286.00 Td (exercise ) Tj ET Q q 0 0 0 rg BT 412.75 286.00 Td (price ) Tj ET Q q 0 0 0 rg BT 435.36 286.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.31 286.00 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.81 286.00 Td ( ) Tj ET Q q 0 0 0 rg BT 471.43 286.00 Td (per ) Tj ET Q q 0 0 0 rg BT 486.81 286.00 Td (share ) Tj ET Q q 0 0 0 rg BT 510.53 286.00 Td (and ) Tj ET Q q 0 0 0 rg BT 527.59 286.00 Td (warrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.00 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 274.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 98.32 274.00 Td (up ) Tj ET Q q 0 0 0 rg BT 110.82 274.00 Td (to ) Tj ET Q q 0 0 0 rg BT 121.09 274.00 Td (another ) Tj ET Q q 0 0 0 rg BT 153.58 274.00 Td (50% ) Tj ET Q q 0 0 0 rg BT 174.41 274.00 Td (of ) Tj ET Q q 0 0 0 rg BT 185.24 274.00 Td (their ) Tj ET Q q 0 0 0 rg BT 206.06 274.00 Td (number ) Tj ET Q q 0 0 0 rg BT 239.11 274.00 Td (of ) Tj ET Q q 0 0 0 rg BT 249.94 274.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 277.43 274.00 Td (of ) Tj ET Q q 0 0 0 rg BT 288.26 274.00 Td (common ) Tj ET Q q 0 0 0 rg BT 325.76 274.00 Td (stock ) Tj ET Q q 0 0 0 rg BT 349.37 274.00 Td (at ) Tj ET Q q 0 0 0 rg BT 359.08 274.00 Td (an ) Tj ET Q q 0 0 0 rg BT 371.02 274.00 Td (exercise ) Tj ET Q q 0 0 0 rg BT 406.27 274.00 Td (price ) Tj ET Q q 0 0 0 rg BT 428.76 274.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.59 274.00 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.09 274.00 Td ( ) Tj ET Q q 0 0 0 rg BT 469.59 274.00 Td (per ) Tj ET Q q 0 0 0 rg BT 484.86 274.00 Td (share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.00 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 77.61 250.00 Td (warrant ) Tj ET Q q 0 0 0 rg BT 111.67 250.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 152.96 250.00 Td (transaction ) Tj ET Q q 0 0 0 rg BT 200.36 250.00 Td (completed ) Tj ET Q q 0 0 0 rg BT 245.54 250.00 Td (on ) Tj ET Q q 0 0 0 rg BT 258.29 250.00 Td (August ) Tj ET Q q 0 0 0 rg BT 290.71 250.00 Td (14, ) Tj ET Q q 0 0 0 rg BT 306.74 250.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 330.27 250.00 Td (as ) Tj ET Q q 0 0 0 rg BT 342.13 250.00 Td (discussed ) Tj ET Q q 0 0 0 rg BT 383.98 250.00 Td (in ) Tj ET Q q 0 0 0 rg BT 395.29 250.00 Td (Note ) Tj ET Q q 0 0 0 rg BT 418.26 250.00 Td (9, ) Tj ET Q q 0 0 0 rg BT 429.29 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 445.04 250.00 Td (Special ) Tj ET Q q 0 0 0 rg BT 478.00 250.00 Td (Situations ) Tj ET Q q 0 0 0 rg BT 521.53 250.00 Td (funds, ) Tj ET Q q 0 0 0 rg BT 549.78 250.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.69 238.00 Td (lar) Tj ET Q q 0 0 0 rg BT 108.05 238.00 Td (gest ) Tj ET Q q 0 0 0 rg BT 127.27 238.00 Td (institutional ) Tj ET Q q 0 0 0 rg BT 178.15 238.00 Td (shareholder) Tj ET Q q 0 0 0 rg BT 224.40 238.00 Td (, ) Tj ET Q q 0 0 0 rg BT 230.01 238.00 Td (and ) Tj ET Q q 0 0 0 rg BT 247.55 238.00 Td (Brian ) Tj ET Q q 0 0 0 rg BT 272.65 238.00 Td (W) Tj ET Q q 0 0 0 rg BT 281.17 238.00 Td (. ) Tj ET Q q 0 0 0 rg BT 286.78 238.00 Td (Brady) Tj ET Q q 0 0 0 rg BT 310.57 238.00 Td (, ) Tj ET Q q 0 0 0 rg BT 316.17 238.00 Td (a ) Tj ET Q q 0 0 0 rg BT 323.72 238.00 Td (director ) Tj ET Q q 0 0 0 rg BT 357.92 238.00 Td (of ) Tj ET Q q 0 0 0 rg BT 369.36 238.00 Td (the ) Tj ET Q q 0 0 0 rg BT 384.68 238.00 Td (Company) Tj ET Q q 0 0 0 rg BT 422.92 238.00 Td (, ) Tj ET Q q 0 0 0 rg BT 428.52 238.00 Td (participated ) Tj ET Q q 0 0 0 rg BT 478.83 238.00 Td (in ) Tj ET Q q 0 0 0 rg BT 489.71 238.00 Td (the ) Tj ET Q q 0 0 0 rg BT 505.04 238.00 Td (transaction ) Tj ET Q q 0 0 0 rg BT 552.02 238.00 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.00 Td (exercising ) Tj ET Q q 0 0 0 rg BT 92.68 226.00 Td (warrants ) Tj ET Q q 0 0 0 rg BT 128.69 226.00 Td (that ) Tj ET Q q 0 0 0 rg BT 145.27 226.00 Td (they ) Tj ET Q q 0 0 0 rg BT 164.07 226.00 Td (received ) Tj ET Q q 0 0 0 rg BT 199.52 226.00 Td (in ) Tj ET Q q 0 0 0 rg BT 208.88 226.00 Td (the ) Tj ET Q q 0 0 0 rg BT 222.68 226.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 268.85 226.00 Td (previous ) Tj ET Q q 0 0 0 rg BT 304.87 226.00 Td (private ) Tj ET Q q 0 0 0 rg BT 334.22 226.00 Td (placements. ) Tj ET Q q 0 0 0 rg BT 383.28 226.00 Td ( ) Tj ET Q q 0 0 0 rg BT 384.75 226.00 Td (The ) Tj ET Q q 0 0 0 rg BT 401.88 226.00 Td (Special ) Tj ET Q q 0 0 0 rg BT 432.90 226.00 Td (Situations ) Tj ET Q q 0 0 0 rg BT 474.49 226.00 Td (funds ) Tj ET Q q 0 0 0 rg BT 498.30 226.00 Td (made ) Tj ET Q q 0 0 0 rg BT 521.54 226.00 Td (a ) Tj ET Q q 0 0 0 rg BT 527.56 226.00 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.00 Td (in ) Tj ET Q q 0 0 0 rg BT 59.81 214.00 Td (the ) Tj ET Q q 0 0 0 rg BT 74.05 214.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 106.08 214.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 214.00 Td ($3,414,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.44 214.00 Td ( ) Tj ET Q q 0 0 0 rg BT 163.46 214.00 Td (in ) Tj ET Q q 0 0 0 rg BT 173.27 214.00 Td (consideration ) Tj ET Q q 0 0 0 rg BT 229.17 214.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.86 214.00 Td (542,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.36 214.00 Td ( ) Tj ET Q q 0 0 0 rg BT 277.39 214.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 304.41 214.00 Td (of ) Tj ET Q q 0 0 0 rg BT 314.77 214.00 Td (the ) Tj ET Q q 0 0 0 rg BT 329.01 214.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 375.62 214.00 Td (common ) Tj ET Q q 0 0 0 rg BT 412.65 214.00 Td (stock, ) Tj ET Q q 0 0 0 rg BT 438.28 214.00 Td (and ) Tj ET Q q 0 0 0 rg BT 454.75 214.00 Td (Mr) Tj ET Q q 0 0 0 rg BT 466.42 214.00 Td (. ) Tj ET Q q 0 0 0 rg BT 470.95 214.00 Td (Brady ) Tj ET Q q 0 0 0 rg BT 497.42 214.00 Td (made ) Tj ET Q q 0 0 0 rg BT 521.10 214.00 Td (a ) Tj ET Q q 0 0 0 rg BT 527.57 214.00 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.00 Td (in ) Tj ET Q q 0 0 0 rg BT 60.26 202.00 Td (the ) Tj ET Q q 0 0 0 rg BT 74.96 202.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 107.43 202.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.24 202.00 Td ($2,460,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 202.00 Td ( ) Tj ET Q q 0 0 0 rg BT 165.72 202.00 Td (in ) Tj ET Q q 0 0 0 rg BT 175.98 202.00 Td (consideration ) Tj ET Q q 0 0 0 rg BT 232.33 202.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.47 202.00 Td (502,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.97 202.00 Td ( ) Tj ET Q q 0 0 0 rg BT 281.46 202.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 308.93 202.00 Td (of ) Tj ET Q q 0 0 0 rg BT 319.74 202.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.43 202.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 381.49 202.00 Td (common ) Tj ET Q q 0 0 0 rg BT 418.97 202.00 Td (stock. ) Tj ET Q q 0 0 0 rg BT 445.06 202.00 Td ( ) Tj ET Q q 0 0 0 rg BT 447.36 202.00 Td (The ) Tj ET Q q 0 0 0 rg BT 465.39 202.00 Td (Special ) Tj ET Q q 0 0 0 rg BT 497.30 202.00 Td (Situations ) Tj ET Q q 0 0 0 rg BT 539.79 202.00 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.00 Td (and ) Tj ET Q q 0 0 0 rg BT 66.79 190.00 Td (Mr) Tj ET Q q 0 0 0 rg BT 78.46 190.00 Td (. ) Tj ET Q q 0 0 0 rg BT 83.32 190.00 Td (Brady ) Tj ET Q q 0 0 0 rg BT 110.11 190.00 Td (exercised ) Tj ET Q q 0 0 0 rg BT 150.21 190.00 Td (their ) Tj ET Q q 0 0 0 rg BT 170.89 190.00 Td (warrants ) Tj ET Q q 0 0 0 rg BT 207.68 190.00 Td (at ) Tj ET Q q 0 0 0 rg BT 217.25 190.00 Td (the ) Tj ET Q q 0 0 0 rg BT 231.82 190.00 Td (same ) Tj ET Q q 0 0 0 rg BT 254.72 190.00 Td (price ) Tj ET Q q 0 0 0 rg BT 277.06 190.00 Td (and ) Tj ET Q q 0 0 0 rg BT 293.85 190.00 Td (on ) Tj ET Q q 0 0 0 rg BT 306.20 190.00 Td (the ) Tj ET Q q 0 0 0 rg BT 320.77 190.00 Td (same ) Tj ET Q q 0 0 0 rg BT 343.67 190.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 368.24 190.00 Td (and ) Tj ET Q q 0 0 0 rg BT 385.03 190.00 Td (conditions ) Tj ET Q q 0 0 0 rg BT 429.05 190.00 Td (as ) Tj ET Q q 0 0 0 rg BT 439.74 190.00 Td (all ) Tj ET Q q 0 0 0 rg BT 452.08 190.00 Td (other ) Tj ET Q q 0 0 0 rg BT 474.99 190.00 Td (warrant ) Tj ET Q q 0 0 0 rg BT 507.88 190.00 Td (holders ) Tj ET Q q 0 0 0 rg BT 539.67 190.00 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 190.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.00 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 99.81 178.00 Td (the ) Tj ET Q q 0 0 0 rg BT 115.46 178.00 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 163.88 178.00 Td (of ) Tj ET Q q 0 0 0 rg BT 175.65 178.00 Td (which ) Tj ET Q q 0 0 0 rg BT 203.52 178.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 229.17 178.00 Td (was ) Tj ET Q q 0 0 0 rg BT 248.16 178.00 Td (led ) Tj ET Q q 0 0 0 rg BT 263.81 178.00 Td (by ) Tj ET Q q 0 0 0 rg BT 277.25 178.00 Td (the ) Tj ET Q q 0 0 0 rg BT 292.90 178.00 Td (Special ) Tj ET Q q 0 0 0 rg BT 325.77 178.00 Td (Situations ) Tj ET Q q 0 0 0 rg BT 369.21 178.00 Td (funds ) Tj ET Q q 0 0 0 rg BT 394.87 178.00 Td (and ) Tj ET Q q 0 0 0 rg BT 412.74 178.00 Td (other ) Tj ET Q q 0 0 0 rg BT 436.72 178.00 Td (institutional ) Tj ET Q q 0 0 0 rg BT 487.93 178.00 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 544.41 178.00 Td ( ) Tj ET Q q 0 0 0 rg BT 547.84 178.00 Td (Mr) Tj ET Q q 0 0 0 rg BT 559.51 178.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.00 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 85.65 166.00 Td (and ) Tj ET Q q 0 0 0 rg BT 103.52 166.00 Td (Mr) Tj ET Q q 0 0 0 rg BT 115.19 166.00 Td (. ) Tj ET Q q 0 0 0 rg BT 121.11 166.00 Td (Gardner ) Tj ET Q q 0 0 0 rg BT 157.30 166.00 Td (also ) Tj ET Q q 0 0 0 rg BT 176.84 166.00 Td (participated ) Tj ET Q q 0 0 0 rg BT 227.46 166.00 Td (in ) Tj ET Q q 0 0 0 rg BT 238.67 166.00 Td (the ) Tj ET Q q 0 0 0 rg BT 254.31 166.00 Td (warrant ) Tj ET Q q 0 0 0 rg BT 288.28 166.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 329.46 166.00 Td (transaction ) Tj ET Q q 0 0 0 rg BT 376.76 166.00 Td (and ) Tj ET Q q 0 0 0 rg BT 394.62 166.00 Td (made ) Tj ET Q q 0 0 0 rg BT 419.71 166.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 461.46 166.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.22 166.00 Td ($2,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.72 166.00 Td ( ) Tj ET Q q 0 0 0 rg BT 504.15 166.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.01 166.00 Td ($179,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 166.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 154.00 Td (, ) Tj ET Q q 0 0 0 rg BT 102.66 154.00 Td (in ) Tj ET Q q 0 0 0 rg BT 112.94 154.00 Td (consideration ) Tj ET Q q 0 0 0 rg BT 169.31 154.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.47 154.00 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.47 154.00 Td ( ) Tj ET Q q 0 0 0 rg BT 200.97 154.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.91 154.00 Td (28,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.41 154.00 Td (, ) Tj ET Q q 0 0 0 rg BT 250.41 154.00 Td (respective ) Tj ET Q q 0 0 0 rg BT 293.44 154.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 320.93 154.00 Td (of ) Tj ET Q q 0 0 0 rg BT 331.76 154.00 Td (the ) Tj ET Q q 0 0 0 rg BT 346.48 154.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 393.56 154.00 Td (common ) Tj ET Q q 0 0 0 rg BT 431.05 154.00 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.00 Td (During ) Tj ET Q q 0 0 0 rg BT 81.83 130.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.55 130.00 Td (twelve ) Tj ET Q q 0 0 0 rg BT 127.71 130.00 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.16 130.00 Td ( ) Tj ET Q q 0 0 0 rg BT 160.66 130.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.04 130.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 247.63 130.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.63 130.00 Td (, ) Tj ET Q q 0 0 0 rg BT 273.63 130.00 Td (the ) Tj ET Q q 0 0 0 rg BT 289.35 130.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 331.74 130.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 368.55 130.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.82 130.00 Td ($75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.32 130.00 Td ( ) Tj ET Q q 0 0 0 rg BT 465.82 130.00 Td (in ) Tj ET Q q 0 0 0 rg BT 477.10 130.00 Td (legal ) Tj ET Q q 0 0 0 rg BT 500.04 130.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 519.64 130.00 Td (payable ) Tj ET Q q 0 0 0 rg BT 554.23 130.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.00 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 94.97 118.00 Td (Broadcasting, ) Tj ET Q q 0 0 0 rg BT 153.54 118.00 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 172.11 118.00 Td (where ) Tj ET Q q 0 0 0 rg BT 199.85 118.00 Td (Brian ) Tj ET Q q 0 0 0 rg BT 225.37 118.00 Td (Brady) Tj ET Q q 0 0 0 rg BT 249.16 118.00 Td (, ) Tj ET Q q 0 0 0 rg BT 254.97 118.00 Td (a ) Tj ET Q q 0 0 0 rg BT 262.72 118.00 Td (director) Tj ET Q q 0 0 0 rg BT 293.41 118.00 Td (, ) Tj ET Q q 0 0 0 rg BT 299.22 118.00 Td (is ) Tj ET Q q 0 0 0 rg BT 309.19 118.00 Td (the ) Tj ET Q q 0 0 0 rg BT 324.72 118.00 Td (President ) Tj ET Q q 0 0 0 rg BT 365.24 118.00 Td (and ) Tj ET Q q 0 0 0 rg BT 382.99 118.00 Td (Chief ) Tj ET Q q 0 0 0 rg BT 408.51 118.00 Td (Executive ) Tj ET Q q 0 0 0 rg BT 451.80 118.00 Td (Of) Tj ET Q q 0 0 0 rg BT 462.17 118.00 Td (ficer) Tj ET Q q 0 0 0 rg BT 479.93 118.00 Td (. ) Tj ET Q q 0 0 0 rg BT 485.74 118.00 Td ( ) Tj ET Q q 0 0 0 rg BT 488.81 118.00 Td (The ) Tj ET Q q 0 0 0 rg BT 507.66 118.00 Td (legal ) Tj ET Q q 0 0 0 rg BT 530.40 118.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 549.81 118.00 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.00 Td (included ) Tj ET Q q 0 0 0 rg BT 86.93 106.00 Td (as ) Tj ET Q q 0 0 0 rg BT 97.76 106.00 Td (part ) Tj ET Q q 0 0 0 rg BT 115.81 106.00 Td (of ) Tj ET Q q 0 0 0 rg BT 126.64 106.00 Td (the ) Tj ET Q q 0 0 0 rg BT 141.36 106.00 Td (of) Tj ET Q q 0 0 0 rg BT 149.51 106.00 Td (fering ) Tj ET Q q 0 0 0 rg BT 175.88 106.00 Td (related ) Tj ET Q q 0 0 0 rg BT 205.59 106.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 244.18 106.00 Td (in ) Tj ET Q q 0 0 0 rg BT 254.46 106.00 Td (the ) Tj ET Q q 0 0 0 rg BT 269.18 106.00 Td (2014 ) Tj ET Q q 0 0 0 rg BT 291.68 106.00 Td (Private ) Tj ET Q q 0 0 0 rg BT 322.50 106.00 Td (Placement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.00 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 82.00 Td (13. ) Tj ET Q q 0 0 0 rg BT 122.00 82.00 Td (SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 189.07 82.00 Td ( ) Tj ET Q q 0 0 0 rg BT 191.57 82.00 Td (EVENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.00 Td (No ) Tj ET Q q 0 0 0 rg BT 64.12 58.00 Td (material ) Tj ET Q q 0 0 0 rg BT 98.77 58.00 Td (events ) Tj ET Q q 0 0 0 rg BT 126.21 58.00 Td (have ) Tj ET Q q 0 0 0 rg BT 146.98 58.00 Td (occurred ) Tj ET Q q 0 0 0 rg BT 183.85 58.00 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.06 58.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.04 58.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.04 58.00 Td ( ) Tj ET Q q 0 0 0 rg BT 283.94 58.00 Td (that ) Tj ET Q q 0 0 0 rg BT 300.83 58.00 Td (require ) Tj ET Q q 0 0 0 rg BT 331.04 58.00 Td (recognition ) Tj ET Q q 0 0 0 rg BT 378.47 58.00 Td (or ) Tj ET Q q 0 0 0 rg BT 388.70 58.00 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 431.14 58.00 Td (in ) Tj ET Q q 0 0 0 rg BT 440.81 58.00 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 58.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.80 58.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 535.90 58.00 Td (except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.00 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 46.00 Td (follows:) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 728.53505859375 m 132.7685546875 728.53505859375 l s q 0 0 0 rg BT 50.00 730.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 730.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 730.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.13 718.10 Td (January ) Tj ET Q q 0 0 0 rg BT 99.14 718.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 109.56 718.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 134.97 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.10 718.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.89 718.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 213.13 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.48 718.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 265.59 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.83 718.10 Td (Change ) Tj ET Q q 0 0 0 rg BT 310.29 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.98 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.11 718.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 386.77 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.02 718.10 Td (State ) Tj ET Q q 0 0 0 rg BT 420.92 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.16 718.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 465.61 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.30 718.10 Td (ef) Tj ET Q q 0 0 0 rg BT 483.89 718.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.79 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.14 718.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.92 718.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 706.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 706.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 706.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 706.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 706.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 706.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.16 706.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 706.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 706.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 706.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 706.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 706.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 517.55 706.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 706.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 694.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 694.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 694.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 694.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 694.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 694.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 694.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 694.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 694.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 694.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 694.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 694.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 694.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 694.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 694.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 682.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 682.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 682.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 682.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 682.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 682.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 682.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 682.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 682.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 682.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 682.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 682.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.19 670.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.71 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.57 670.10 Td (common ) Tj ET Q q 0 0 0 rg BT 175.09 670.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.72 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.25 670.10 Td (became ) Tj ET Q q 0 0 0 rg BT 249.30 670.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.59 670.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.18 670.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.91 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.44 670.10 Td (January ) Tj ET Q q 0 0 0 rg BT 363.06 670.10 Td (1) Tj ET Q q 0 0 0 rg BT 367.69 670.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 377.72 670.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 402.75 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.09 670.10 Td (There ) Tj ET Q q 0 0 0 rg BT 430.93 670.10 Td (was ) Tj ET Q q 0 0 0 rg BT 449.01 670.10 Td (no ) Tj ET Q q 0 0 0 rg BT 461.54 670.10 Td (change ) Tj ET Q q 0 0 0 rg BT 492.38 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.69 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 670.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 94.70 658.10 Td (common ) Tj ET Q q 0 0 0 rg BT 132.20 658.10 Td (shares.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 632.53505859375 m 123.6376953125 632.53505859375 l s q 0 0 0 rg BT 50.00 634.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 84.74 634.10 Td (Uplisting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.66 622.10 Td (January ) Tj ET Q q 0 0 0 rg BT 100.19 622.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 116.13 622.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.06 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.71 622.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.03 622.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 221.79 622.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 246.90 622.10 Td (8-A) Tj ET Q q 0 0 0 rg BT 261.90 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.33 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.55 622.10 Td (register ) Tj ET Q q 0 0 0 rg BT 309.97 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 326.73 622.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.93 622.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 405.81 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.02 622.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 450.45 622.10 Td (12\(b\) ) Tj ET Q q 0 0 0 rg BT 475.54 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.31 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.96 622.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 545.06 622.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 564.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 91.23 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 95.76 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 107.80 610.10 Td (January ) Tj ET Q q 0 0 0 rg BT 140.93 610.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 155.46 610.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 179.99 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.24 610.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 240.85 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 267.88 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.24 610.10 Td (common ) Tj ET Q q 0 0 0 rg BT 315.27 610.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 338.41 610.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 388.75 610.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 419.11 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.14 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.39 610.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 477.42 610.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 508.33 610.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 539.24 610.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.67 598.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 96.58 598.10 Td (IZEA. ) Tj ET Q q 0 0 0 rg BT 124.31 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.76 598.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 149.22 598.10 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 181.94 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.62 598.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 243.65 598.10 Td (common ) Tj ET Q q 0 0 0 rg BT 281.11 598.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 304.67 598.10 Td (was ) Tj ET Q q 0 0 0 rg BT 322.68 598.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 352.36 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.81 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.49 598.10 Td (OTCQB ) Tj ET Q q 0 0 0 rg BT 415.84 598.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 467.15 598.10 Td (under ) Tj ET Q q 0 0 0 rg BT 492.38 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.05 598.10 Td (same ) Tj ET Q q 0 0 0 rg BT 530.06 598.10 Td (symbol.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 572.53505859375 m 123.056640625 572.53505859375 l s q 0 0 0 rg BT 50.00 574.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 85.29 574.10 Td (Payment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.11 562.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.09 562.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 111.47 562.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.86 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.96 562.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.73 562.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.62 562.10 Td (1) Tj ET Q q 0 0 0 rg BT 222.25 562.10 Td (14,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.63 562.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.51 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.72 562.10 Td (common ) Tj ET Q q 0 0 0 rg BT 325.60 562.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.59 562.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 377.13 562.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.24 562.10 Td ($848,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.74 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.62 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.28 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.38 562.10 Td (former ) Tj ET Q q 0 0 0 rg BT 478.48 562.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 511.46 562.10 Td (stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.69 550.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 104.14 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.83 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.40 550.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 176.34 550.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 205.35 550.10 Td (installment ) Tj ET Q q 0 0 0 rg BT 252.14 550.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 288.93 550.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 550.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.12 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.47 550.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.83 550.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.33 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.68 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.82 550.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 433.06 550.10 Td (related ) Tj ET Q q 0 0 0 rg BT 462.62 550.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 501.07 550.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 525.09 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 535.78 550.10 Td (part ) Tj ET Q q 0 0 0 rg BT 553.68 550.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 538.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 90.00 538.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 128.04 538.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 177.47 538.10 Td ( ) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 9 CHANGES IN DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 249.85 742.25 Td (WITH ) Tj ET Q q 0 0 0 rg BT 280.14 742.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 329.96 742.25 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 376.08 742.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 447.48 742.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 527.76 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (ITEM 9A) Tj ET Q q 0 0 0 rg BT 90.84 670.25 Td ( CONTROLS ) Tj ET Q q 0 0 0 rg BT 158.91 670.25 Td (AND PROCEDURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (Disclosure controls and procedures are controls and other procedures that are designed to ensure that information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (required to be disclosed by us in the reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 438.23 634.25 Td (Act of 1934, as amended \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 95.81 622.25 Td (Act\), is recorded, processed, summarized and reported within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 500.41 622.25 Td (s rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (forms.Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (information required to be disclosed by us in the reports that we file under the Exchange ) Tj ET Q q 0 0 0 rg BT 405.45 598.25 Td (Act is accumulated and communicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (to our management, including our principal executive and financial of) Tj ET Q q 0 0 0 rg BT 329.72 586.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 347.64 586.25 Td (, as appropriate to allow timely decisions regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (required disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 550.25 Td (In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (possible controls and procedures. Furthermore, controls and procedures could be circumvented by the individual acts of some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (persons, by collusion or two or more people or by management override of the control. Misstatements due to error or fraud may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (occur and not be detected on a timely basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 149.83 466.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 182.14 466.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 225.30 466.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 254.56 466.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (In connection with the preparation of this annual report on Form 10-K for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.56 442.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 442.25 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (evaluation was performed under the supervision and with the participation of the Company's management including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 418.25 Td (ficer \("CEO"\) and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 255.23 418.25 Td (ficer \("CFO"\) to determine the ef) Tj ET Q q 0 0 0 rg BT 387.89 418.25 Td (fectiveness of the design and operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (our disclosure controls and procedures \(as defined in Rules 13a-15\(e\) and 15d-15\(e\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 470.69 406.25 Td (Act\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 394.25 Td (.Based on this evaluation, our management concluded that our disclosure controls and procedures were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 382.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.95 382.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.53 382.25 Td ( to provide reasonable assurance that the information required to be disclosed by us in reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (or submitted under the Exchange ) Tj ET Q q 0 0 0 rg BT 184.13 370.25 Td (Act is recorded, processed, summarized, and reported within the time periods specified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (rules and forms of the SEC and that such information is accumulated and communicated to management, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Company's CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Management's ) Tj ET Q q 0 0 0 rg BT 114.72 322.25 Td (Annual Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 257.32 322.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 286.30 322.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 298.25 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (defined in Rules 13a-15\(f\) and 15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 297.42 286.25 Td (Act\). Internal control over financial reporting is a process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (designed by) Tj ET Q q 0 0 0 rg BT 97.40 274.25 Td (, or under the supervision of, our principal executive of) Tj ET Q q 0 0 0 rg BT 317.98 274.25 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 439.41 274.25 Td (ficer and ef) Tj ET Q q 0 0 0 rg BT 484.75 274.25 Td (fected by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 238.25 Td (America. Internal control over financial reporting includes policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (\(i\) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company) Tj ET Q q 0 0 0 rg BT 520.81 214.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (transactions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.25 Td (\(ii\) provide reasonable assurance that transactions are recorded as necessary for the preparation of our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.25 Td (statements in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 465.58 172.25 Td (America, and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.25 Td (receipts and expenditures are made only in accordance with authorizations of our management and directors; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (\(iii\) provide reasonable assurance regarding prevention or timely detection of any unauthorized acquisition, use or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 298.26 130.25 Td (fect on the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 106.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (statement misstatements. ) Tj ET Q q 0 0 0 rg BT 151.93 94.25 Td (Also, projections of any evaluation of internal control ef) Tj ET Q q 0 0 0 rg BT 376.96 94.25 Td (fectiveness to future periods are subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (or procedures may deteriorate.) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Our management has assessed the ef) Tj ET Q q 0 0 0 rg BT 232.16 742.10 Td (fectiveness of our internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.17 742.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 483.62 730.10 Td (ganizations of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 718.10 Td (readway Commission \("COSO"\) in Internal Control-Integrated Framework \(2013\). Based on this evaluation, our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (has concluded that our internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 329.16 706.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.11 706.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.70 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.89 676.70 Td (ol over) Tj ET Q q 0 0 0 rg BT 191.86 676.70 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.70 Td (There were no changes in our internal control over financial reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 466.13 652.70 Td (Act Rules 13a-15\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.70 Td (and 15d-15\(f\)\) that occurred during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.58 640.70 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.16 640.70 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 437.16 640.70 Td (fected, or are reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.70 Td (to materially af) Tj ET Q q 0 0 0 rg BT 110.90 628.70 Td (fect, our internal control over financial reporting. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.70 Td (ITEM 9B - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 185.93 592.70 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.70 Td (On ) Tj ET Q q 0 0 0 rg BT 65.74 568.70 Td (January ) Tj ET Q q 0 0 0 rg BT 100.36 568.70 Td (29, ) Tj ET Q q 0 0 0 rg BT 116.39 568.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.41 568.70 Td (we ) Tj ET Q q 0 0 0 rg BT 157.59 568.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.11 568.70 Td (1) Tj ET Q q 0 0 0 rg BT 190.74 568.70 Td (14,398 ) Tj ET Q q 0 0 0 rg BT 221.76 568.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 250.28 568.70 Td (of ) Tj ET Q q 0 0 0 rg BT 262.13 568.70 Td (common ) Tj ET Q q 0 0 0 rg BT 300.64 568.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 325.27 568.70 Td (valued ) Tj ET Q q 0 0 0 rg BT 355.45 568.70 Td (at ) Tj ET Q q 0 0 0 rg BT 366.19 568.70 Td ($848,832 ) Tj ET Q q 0 0 0 rg BT 407.21 568.70 Td (to ) Tj ET Q q 0 0 0 rg BT 418.51 568.70 Td (the ) Tj ET Q q 0 0 0 rg BT 434.25 568.70 Td (former ) Tj ET Q q 0 0 0 rg BT 464.98 568.70 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 499.61 568.70 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 553.68 568.70 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 94.34 556.70 Td (of ) Tj ET Q q 0 0 0 rg BT 105.91 556.70 Td (our ) Tj ET Q q 0 0 0 rg BT 122.48 556.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 152.37 556.70 Td (installment ) Tj ET Q q 0 0 0 rg BT 200.05 556.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 237.72 556.70 Td (of ) Tj ET Q q 0 0 0 rg BT 249.29 556.70 Td ($938,532 ) Tj ET Q q 0 0 0 rg BT 290.03 556.70 Td (less ) Tj ET Q q 0 0 0 rg BT 308.27 556.70 Td ($89,700 ) Tj ET Q q 0 0 0 rg BT 344.01 556.70 Td (in ) Tj ET Q q 0 0 0 rg BT 355.03 556.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 387.16 556.70 Td (related ) Tj ET Q q 0 0 0 rg BT 417.60 556.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 456.94 556.70 Td (owed ) Tj ET Q q 0 0 0 rg BT 481.84 556.70 Td (as ) Tj ET Q q 0 0 0 rg BT 493.41 556.70 Td (part ) Tj ET Q q 0 0 0 rg BT 512.19 556.70 Td (of ) Tj ET Q q 0 0 0 rg BT 523.76 556.70 Td (the ) Tj ET Q q 0 0 0 rg BT 539.22 556.70 Td (Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 87.23 544.70 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 135.59 544.70 Td ( ) Tj ET Q q 0 0 0 rg BT 137.04 544.70 Td (Such ) Tj ET Q q 0 0 0 rg BT 158.48 544.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 184.92 544.70 Td (were ) Tj ET Q q 0 0 0 rg BT 205.79 544.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 232.24 544.70 Td (in ) Tj ET Q q 0 0 0 rg BT 241.46 544.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 287.87 544.70 Td (with ) Tj ET Q q 0 0 0 rg BT 307.09 544.70 Td (the ) Tj ET Q q 0 0 0 rg BT 320.76 544.70 Td (exemption ) Tj ET Q q 0 0 0 rg BT 364.41 544.70 Td (retained ) Tj ET Q q 0 0 0 rg BT 398.06 544.70 Td (in ) Tj ET Q q 0 0 0 rg BT 407.28 544.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 438.72 544.70 Td (4 ) Tj ET Q q 0 0 0 rg BT 445.17 544.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 458.27 544.70 Td (of ) Tj ET Q q 0 0 0 rg BT 468.05 544.70 Td (the ) Tj ET Q q 0 0 0 rg BT 481.71 544.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 522.59 544.70 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.70 Td (Act ) Tj ET Q q 0 0 0 rg BT 66.94 532.70 Td (of ) Tj ET Q q 0 0 0 rg BT 77.77 532.70 Td (1933, ) Tj ET Q q 0 0 0 rg BT 102.77 532.70 Td (as ) Tj ET Q q 0 0 0 rg BT 113.60 532.70 Td (amended.) 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Schram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 614.32 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 614.32 Td (Chief Operating Officer and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.32 Td (LeAnn C. Hitchcock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 600.32 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 600.32 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.32 Td (Brian W. Brady) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 586.32 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 586.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 572.32 Td (Lindsay A. Gardner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 572.32 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 572.32 Td (Director, Compensation Committee Chairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.32 Td (John H. Caron) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 558.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 558.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.32 Td (Jill M. Golder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 544.32 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 544.32 Td (Director, Audit Committee Chairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td (Daniel R. Rua) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 530.32 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 530.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (The principal occupations for at least the past five years of each of our executive of) Tj ET Q q 0 0 0 rg BT 419.29 502.25 Td (ficers and directors are as follows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.96 502.25 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Executive Officers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (Edward H. \(T) Tj ET Q q 0 0 0 rg BT 144.81 454.25 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 195.65 454.25 Td (, Founder) Tj ET Q q 0 0 0 rg BT 236.41 454.25 Td (, Pr) Tj ET Q q 0 0 0 rg BT 251.77 454.25 Td (esident, Chief Executive Officer) Tj ET Q q 0 0 0 rg BT 387.11 454.25 Td ( and Chairman of the Board, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.95 454.25 Td (founded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 442.25 Td ( in February 2006 as part of MindComet Corp., an interactive advertising agency that he started in 1999 and served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.57 430.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 145.33 430.25 Td (. IZEA) Tj ET Q q 0 0 0 rg BT 175.05 430.25 Td ( was later spun out of MindComet in September 2006. Mr) Tj ET Q q 0 0 0 rg BT 408.91 430.25 Td (. Murphy is a serial entrepreneur who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (is recognized as a pioneer in paid blogging and a catalyst behind the social sponsorship industry) Tj ET Q q 0 0 0 rg BT 433.43 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.38 418.25 Td (As the Founder) Tj ET Q q 0 0 0 rg BT 501.64 418.25 Td (, President and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.57 406.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 145.48 406.25 Td (, Mr) Tj ET Q q 0 0 0 rg BT 162.15 406.25 Td (. Murphy leads our company) Tj ET Q q 0 0 0 rg BT 276.76 406.25 Td (, both with his day-to-day operational leadership and with his strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (vision for the company and its products. His ef) Tj ET Q q 0 0 0 rg BT 239.79 394.25 Td (forts have received recognition from media outlets including ) Tj ET Q q 0 0 0 rg BT 484.53 394.25 Td (The ) Tj ET Q q 0 0 0 rg BT 502.39 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 511.03 394.25 Td (all Street ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Journal, ) Tj ET Q q 0 0 0 rg BT 84.26 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 93.30 382.25 Td (ired, USA) Tj ET Q q 0 0 0 rg BT 133.30 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.62 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 141.03 382.25 Td (oday) Tj ET Q q 0 0 0 rg BT 159.81 382.25 Td (, Forbes, ) Tj ET Q q 0 0 0 rg BT 196.86 382.25 Td (The New ) Tj ET Q q 0 0 0 rg BT 235.91 382.25 Td (Y) Tj ET Q q 0 0 0 rg BT 242.13 382.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 257.78 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 263.54 382.25 Td (imes, Business ) Tj ET Q q 0 0 0 rg BT 325.31 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 333.95 382.25 Td (eek, PC ) Tj ET Q q 0 0 0 rg BT 367.37 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 376.01 382.25 Td (orld, CNN Money and Fortune. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (media coverage, Mr) Tj ET Q q 0 0 0 rg BT 129.69 370.25 Td (. Murphy has keynoted and spoken on panels at over 100 social media and financial events including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (SXSW) Tj ET Q q 0 0 0 rg BT 76.87 358.25 Td (, ) Tj ET Q q 0 0 0 rg BT 81.68 358.25 Td (WOMMA, BlogW) Tj ET Q q 0 0 0 rg BT 156.44 358.25 Td (orld, Pubcon, and Dow Jones ) Tj ET Q q 0 0 0 rg BT 275.97 358.25 Td (V) Tj ET Q q 0 0 0 rg BT 282.08 358.25 Td (enture One Summit. Mr) Tj ET Q q 0 0 0 rg BT 379.57 358.25 Td (. Murphy is a regular guest on FOX ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Business, CNBC and Bloomber) Tj ET Q q 0 0 0 rg BT 177.05 346.25 Td (g television. Mr) Tj ET Q q 0 0 0 rg BT 242.60 346.25 Td (. Murphy attended Florida State University before starting MindComet and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (several other earlier Internet-related businesses. Mr) Tj ET Q q 0 0 0 rg BT 257.41 334.25 Td (. Murphy was elected as a director based on his extensive social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (sponsorship industry knowledge and a deep background in social media, mobile technology and e-commerce, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (significant experience in financing technology growth companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (R) Tj ET Q q 0 0 0 rg BT 92.87 286.25 Td (yan S. Schram, Chief Operating Officer) Tj ET Q q 0 0 0 rg BT 262.39 286.25 Td ( and Dir) Tj ET Q q 0 0 0 rg BT 297.77 286.25 Td (ector) Tj ET Q q 0 0 0 rg BT 318.50 286.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 286.25 Td (joined us in September 201) Tj ET Q q 0 0 0 rg BT 432.56 286.25 Td (1 as a senior executive leading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (our client development, account management, brand marketing, public relations and creator alliance or) Tj ET Q q 0 0 0 rg BT 461.04 274.25 Td (ganizations. Prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (joining us, from 2005 to 201) Tj ET Q q 0 0 0 rg BT 164.07 262.25 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 185.74 262.25 Td (. Schram served in various leadership roles, most recently as Group ) Tj ET Q q 0 0 0 rg BT 457.99 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 464.61 262.25 Td (ice President, at ePrize, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (the industry leader in integrated engagement marketing. Prior to that, Mr) Tj ET Q q 0 0 0 rg BT 342.97 250.25 Td (. Schram held roles of increasing responsibility at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (CBS/W) Tj ET Q q 0 0 0 rg BT 80.32 238.25 Td (estwood One and Clear Channel Interactive. Mr) Tj ET Q q 0 0 0 rg BT 274.15 238.25 Td (. Schram holds a B.A. degree in management from the Eli Broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (College of Business at Michigan State University) Tj ET Q q 0 0 0 rg BT 247.10 226.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 266.27 226.25 Td (. Schram was elected as a director of our company due to his substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (knowledge and working experience in marketing and client development in quickly evolving industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (LeAnn C. Hitchcock, Chief Financial Officer) Tj ET Q q 0 0 0 rg BT 276.45 190.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.45 190.25 Td (joined us in September 201) Tj ET Q q 0 0 0 rg BT 390.51 190.25 Td (1 as a financial consultant and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (appointed as our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 193.39 178.25 Td (ficer in ) Tj ET Q q 0 0 0 rg BT 223.94 178.25 Td (August 2014. During her time as a consultant, she assisted us with financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (reporting, internal accounting controls and assistance during our quarterly reviews and annual audits. Prior to working with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (IZEA, Ms. Hitchcock worked as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 271.98 154.25 Td (ficer of NBI Juiceworks in 2010 and as the SEC Compliance Of) Tj ET Q q 0 0 0 rg BT 528.13 154.25 Td (ficer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 142.25 Td (orkstream Inc. in 2009. From 2002 to 2009, Ms. Hitchcock worked at Galaxy Nutritional Foods as its Chief Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 130.25 Td (ficer and later its SEC Compliance Of) Tj ET Q q 0 0 0 rg BT 212.37 130.25 Td (ficer until the company was sold and privatized through a tender of) Tj ET Q q 0 0 0 rg BT 480.71 130.25 Td (fer in 2009. Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Hitchcock started her career as an auditor with ) Tj ET Q q 0 0 0 rg BT 238.25 118.25 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 266.86 118.25 Td (Andersen and PriceW) Tj ET Q q 0 0 0 rg BT 353.80 118.25 Td (aterhouse Coopers with a strong emphasis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (public companies. Ms. Hitchcock holds a double major in ) Tj ET Q q 0 0 0 rg BT 285.51 106.25 Td (Accounting and Business ) Tj ET Q q 0 0 0 rg BT 389.12 106.25 Td (Administration from Palm Beach ) Tj ET Q q 0 0 0 rg BT 524.10 106.25 Td (Atlantic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (University and a Masters in ) Tj ET Q q 0 0 0 rg BT 162.48 94.25 Td (Accounting from Florida State University) Tj ET Q q 0 0 0 rg BT 329.02 94.25 Td (. ) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 730.10 Td (ectors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 112.77 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 121.85 706.10 Td (. Brady) Tj ET Q q 0 0 0 rg BT 152.97 706.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 172.23 706.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.87 706.10 Td (, joined our Board of Directors in ) Tj ET Q q 0 0 0 rg BT 329.40 706.10 Td (August 2012. Mr) Tj ET Q q 0 0 0 rg BT 399.96 706.10 Td (. Brady is the Founder and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 694.10 Td (ficer of Northwest Broadcasting, Inc., which owns and operates seven television stations including FOX af) Tj ET Q q 0 0 0 rg BT 530.07 694.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (in four U.S. markets, since 1995. Mr) Tj ET Q q 0 0 0 rg BT 198.59 682.10 Td (. Brady has also been the President of Eagle Creek Broadcasting, which owns and operates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (a CBS af) Tj ET Q q 0 0 0 rg BT 85.93 670.10 Td (filiate in Laredo, ) Tj ET Q q 0 0 0 rg BT 155.16 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 160.57 670.10 Td (exas, since 2002. Mr) Tj ET Q q 0 0 0 rg BT 245.56 670.10 Td (. Brady served on the FOX ) Tj ET Q q 0 0 0 rg BT 355.26 670.10 Td (Af) Tj ET Q q 0 0 0 rg BT 365.63 670.10 Td (filiate Board for nine years, serving as Chairman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (for four of those years. ) Tj ET Q q 0 0 0 rg BT 146.18 658.10 Td (The FOX ) Tj ET Q q 0 0 0 rg BT 186.18 658.10 Td (Af) Tj ET Q q 0 0 0 rg BT 196.55 658.10 Td (filiate Board is a representative body of independent stations af) Tj ET Q q 0 0 0 rg BT 449.34 658.10 Td (filiated with the FOX ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Network, part of News Corporation. He currently serves on the Boards of the National ) Tj ET Q q 0 0 0 rg BT 400.19 646.10 Td (Association of Broadcasters \(NAB\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Syncbak, Inc. Mr) Tj ET Q q 0 0 0 rg BT 121.38 634.10 Td (. Brady previously served on the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 341.97 634.10 Td (The Ferris Foundation and Saga Communications, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (publicly-traded media company) Tj ET Q q 0 0 0 rg BT 176.53 622.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 195.70 622.10 Td (. Brady holds a B.S. degree in advertising from Ferris State University) Tj ET Q q 0 0 0 rg BT 476.67 622.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 495.83 622.10 Td (. Brady was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (elected to serve as a member of our Board of Directors due to his more than 25 years of experience in the multi-media industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (making his input invaluable to us as we expand our portfolio of clients and platform of) Tj ET Q q 0 0 0 rg BT 396.69 598.10 Td (ferings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (John H. Car) Tj ET Q q 0 0 0 rg BT 138.88 574.10 Td (on, Dir) Tj ET Q q 0 0 0 rg BT 168.70 574.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 574.10 Td (, joined our Board of Directors in ) Tj ET Q q 0 0 0 rg BT 325.87 574.10 Td (April 2015. Mr) Tj ET Q q 0 0 0 rg BT 391.15 574.10 Td (. Caron has 27 years of marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (experience in the consumer packaged goods and restaurant industries. Mr) Tj ET Q q 0 0 0 rg BT 345.74 562.10 Td (. Caron is currently an independent director on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (board of ) Tj ET Q q 0 0 0 rg BT 85.92 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.67 550.10 Td (ijuana Flats, an independent director on the board of ) Tj ET Q q 0 0 0 rg BT 303.10 550.10 Td (Thrive Frozen Nutrition, on the Strategic ) Tj ET Q q 0 0 0 rg BT 468.89 550.10 Td (Advisory Board for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Kairos and, since 2013 a board member for venV) Tj ET Q q 0 0 0 rg BT 246.33 538.10 Td (elo, a Central Florida early-stage venture fund. Mr) Tj ET Q q 0 0 0 rg BT 450.15 538.10 Td (. Caron was also a member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (of our Strategic ) Tj ET Q q 0 0 0 rg BT 114.15 526.10 Td (Advisory Board since June 2013. Mr) Tj ET Q q 0 0 0 rg BT 263.86 526.10 Td (. Caron served as the President of Olive Garden at Darden Restaurants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Inc. from May 201) Tj ET Q q 0 0 0 rg BT 125.17 514.10 Td (1 to January 2013, Darden's Chief Marketing Of) Tj ET Q q 0 0 0 rg BT 318.41 514.10 Td (ficer from March 2010 to May 201) Tj ET Q q 0 0 0 rg BT 458.00 514.10 Td (1 and Darden's Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 502.10 Td (ice President of Marketing for Olive Garden from 2003 to 2010. ) Tj ET Q q 0 0 0 rg BT 315.45 502.10 Td (As a member of Darden's Executive Operating ) Tj ET Q q 0 0 0 rg BT 504.50 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 509.91 502.10 Td (eam, Mr) Tj ET Q q 0 0 0 rg BT 543.24 502.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Caron led brand growth strategy across the enterprise to help ensure each Darden brand was appropriately positioned and had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (clearly identified plans in place to drive sustainable growth. Before joining Darden Restaurants, Mr) Tj ET Q q 0 0 0 rg BT 449.89 478.10 Td (. Caron served as ) Tj ET Q q 0 0 0 rg BT 521.07 478.10 Td (V) Tj ET Q q 0 0 0 rg BT 527.70 478.10 Td (ice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (President and General Manager of Lipton Beverages for Unilever Bestfoods North ) Tj ET Q q 0 0 0 rg BT 382.40 466.10 Td (America from 2000 to 2002. Mr) Tj ET Q q 0 0 0 rg BT 510.71 466.10 Td (. Caron ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (received a Bachelor's degree in Political Science from ) Tj ET Q q 0 0 0 rg BT 268.19 454.10 Td (The Colorado College and a Master's degree in ) Tj ET Q q 0 0 0 rg BT 458.27 454.10 Td (American Politics from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 442.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 442.10 Td (ork University Department of Politics. Mr) Tj ET Q q 0 0 0 rg BT 244.99 442.10 Td (. Caron also earned an MBA) Tj ET Q q 0 0 0 rg BT 358.85 442.10 Td ( in Marketing from New ) Tj ET Q q 0 0 0 rg BT 458.73 442.10 Td (Y) Tj ET Q q 0 0 0 rg BT 464.95 442.10 Td (ork University Stern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (School of Business. Mr) Tj ET Q q 0 0 0 rg BT 145.84 430.10 Td (. Caron was elected to serve as a member of the Board of Directors due to his decades of experience in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (leading and managing marketing and branding operations in highly competitive industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Lindsay ) Tj ET Q q 0 0 0 rg BT 122.41 394.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 170.93 394.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 190.19 394.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.83 394.10 Td (, joined our Board of Directors in December 2013. Mr) Tj ET Q q 0 0 0 rg BT 430.67 394.10 Td (. Gardner has 25 years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (executive management and leadership experience at companies ranging from technology startups to the world) Tj ET Q q 0 0 0 rg BT 492.34 382.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 509.10 382.10 Td (gest media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (and entertainment companies. Currently) Tj ET Q q 0 0 0 rg BT 212.35 370.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 229.02 370.10 Td (. Gardner serves as the Chief Content Of) Tj ET Q q 0 0 0 rg BT 391.57 370.10 Td (ficer of Layer3TV) Tj ET Q q 0 0 0 rg BT 464.68 370.10 Td ( and is also a Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Advisor to Oaktree Capital Management, a Los ) Tj ET Q q 0 0 0 rg BT 241.62 358.10 Td (Angeles-based private equity firm with $100 billion under management. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (May 2010, he has focused on global buyout opportunities in the media sector) Tj ET Q q 0 0 0 rg BT 358.00 346.10 Td (. From 2007-2010, Mr) Tj ET Q q 0 0 0 rg BT 449.67 346.10 Td (. Gardner was a partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 334.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 334.10 Td (ork-based, MediaT) Tj ET Q q 0 0 0 rg BT 152.62 334.10 Td (ech Capital Partners. From 1999 until mid-2007, Mr) Tj ET Q q 0 0 0 rg BT 363.71 334.10 Td (. Gardner led distribution, sales and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (for Fox Networks, today the most diverse, powerful and profitable US cable channel operator) Tj ET Q q 0 0 0 rg BT 423.51 322.10 Td (. During his tenure, he built Fox) Tj ET Q q 0 0 0 rg BT 557.10 322.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (cable network portfolio from a handful of small networks into one of the industry) Tj ET Q q 0 0 0 rg BT 378.54 310.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 395.29 310.10 Td (gest and most diverse. Mr) Tj ET Q q 0 0 0 rg BT 500.83 310.10 Td (. Gardner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (currently serves on the board of directors for the Courage Campaign Institute. Mr) Tj ET Q q 0 0 0 rg BT 375.19 298.10 Td (. Gardner received an M.B.A. from ) Tj ET Q q 0 0 0 rg BT 518.29 298.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Wharton School of the University of Pennsylvania and a B.A. degree in Economics from Brandeis University) Tj ET Q q 0 0 0 rg BT 487.86 286.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 507.03 286.10 Td (. Gardner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (was elected to serve as a member of the Board of Directors due to his significant experience in the media, technology and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (entertainment industries, as both an executive and a private equity investor) Tj ET Q q 0 0 0 rg BT 348.52 262.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (Jill M. Golder) Tj ET Q q 0 0 0 rg BT 145.35 238.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 164.61 238.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.25 238.10 Td (, joined our Board in May 2015. Ms. Golder has 26 years of finance, accounting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (corporate governance experience and has served in numerous leadership roles at Fortune 500 companies. Ms. Golder joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Ruby ) Tj ET Q q 0 0 0 rg BT 73.99 214.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.75 214.10 Td (uesday \(NYSE:R) Tj ET Q q 0 0 0 rg BT 148.31 214.10 Td (T\), an international restaurant company with more than 40,000 employees and $1.1 billion in annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (sales, in ) Tj ET Q q 0 0 0 rg BT 84.17 202.10 Td (April 2013 and was named Executive ) Tj ET Q q 0 0 0 rg BT 236.72 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 243.34 202.10 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 374.51 202.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 392.43 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 397.25 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 403.00 202.10 Td (reasurer) Tj ET Q q 0 0 0 rg BT 434.80 202.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 456.19 202.10 Td (Assistant Secretary in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (June 2014.Ms. Golder served as Senior ) Tj ET Q q 0 0 0 rg BT 214.24 190.10 Td (V) Tj ET Q q 0 0 0 rg BT 220.86 190.10 Td (ice President, Finance, from ) Tj ET Q q 0 0 0 rg BT 335.27 190.10 Td (April 2013 to June 2014. Prior to joining Ruby ) Tj ET Q q 0 0 0 rg BT 525.09 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 530.85 190.10 Td (uesday) Tj ET Q q 0 0 0 rg BT 557.97 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Ms. Golder served as Chief Financial Of) Tj ET Q q 0 0 0 rg BT 212.28 178.10 Td (ficer for Cooper) Tj ET Q q 0 0 0 rg BT 277.07 178.10 Td () Tj ET Q q 0 0 0 rg BT 279.84 178.10 Td (s Hawk ) Tj ET Q q 0 0 0 rg BT 312.44 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 321.47 178.10 Td (inery & Restaurants from September 2012 to ) Tj ET Q q 0 0 0 rg BT 503.38 178.10 Td (April 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Prior to her tenure at Cooper) Tj ET Q q 0 0 0 rg BT 165.06 166.10 Td () Tj ET Q q 0 0 0 rg BT 167.84 166.10 Td (s Hawk ) Tj ET Q q 0 0 0 rg BT 200.43 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.47 166.10 Td (inery & Restaurants, Ms. Golder spent 23 years at Darden Restaurants, holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (progressively responsible positions in finance.During her last 10 years with Darden, Ms. Golder held the position of Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 142.10 Td (ice President, Finance, leading finance for brands including Olive Garden, Red Lobster and the Specialty Restaurant Group. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Ms. Golder has also served as Director of Strategic Planning & Corporate ) Tj ET Q q 0 0 0 rg BT 346.88 130.10 Td (Analysis at Domino's Pizza and she earlier served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (a Manager of Finance at ) Tj ET Q q 0 0 0 rg BT 149.50 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.13 118.10 Td (alt Disney ) Tj ET Q q 0 0 0 rg BT 201.28 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.92 118.10 Td (orld. Ms. Golder serves on the University of ) Tj ET Q q 0 0 0 rg BT 389.15 118.10 Td (T) Tj ET Q q 0 0 0 rg BT 394.56 118.10 Td (ennessee Economics ) Tj ET Q q 0 0 0 rg BT 478.98 118.10 Td (Advisory Council. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (She earned a Bachelor of ) Tj ET Q q 0 0 0 rg BT 152.46 106.10 Td (Arts degree with a major in Economics at Kalamazoo College and a Masters in Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Administration from the University of Chicago Booth School of Business. Ms. Golder was elected to serve as a member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Board of Directors due to her extensive knowledge of complex financial, accounting and operational issues highly relevant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (our business.) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Daniel R. Rua, Dir) Tj ET Q q 0 0 0 rg BT 165.54 742.25 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.19 742.25 Td (, rejoined our Board of Directors in July 2012. Since November 2015, Mr) Tj ET Q q 0 0 0 rg BT 483.80 742.25 Td (. Rua has served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (the CEO of ) Tj ET Q q 0 0 0 rg BT 97.50 730.25 Td (Admiral, a private company that provides advanced adblock analaytics and advertising revenue recover for online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (publishers. From September 2006 to May 201) Tj ET Q q 0 0 0 rg BT 236.28 718.25 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 257.95 718.25 Td (. Rua served as the Executive Chairman and an early investor in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (predecessor entity IZEA) Tj ET Q q 0 0 0 rg BT 147.19 706.25 Td ( Innovations, Inc. Mr) Tj ET Q q 0 0 0 rg BT 233.84 706.25 Td (. Rua has been a Managing Partner of Inflexion Partners, an early-stage venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (capital fund, since January 2002. Prior to Inflexion, Mr) Tj ET Q q 0 0 0 rg BT 272.73 694.25 Td (. Rua was a Partner with Draper ) Tj ET Q q 0 0 0 rg BT 402.69 694.25 Td (Atlantic, the east coast fund of Silicon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 682.25 Td (alley) Tj ET Q q 0 0 0 rg BT 78.33 682.25 Td (s early-stage venture firm Draper Fisher Jurvetson, from 1999 to 2002. Prior to Draper ) Tj ET Q q 0 0 0 rg BT 429.07 682.25 Td (Atlantic, Mr) Tj ET Q q 0 0 0 rg BT 477.95 682.25 Td (. Rua led internet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (protocol development at IBM) Tj ET Q q 0 0 0 rg BT 171.36 670.25 Td (s Networking Labs in Research ) Tj ET Q q 0 0 0 rg BT 299.20 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 304.96 670.25 Td (riangle, from 1991 to 1999. Mr) Tj ET Q q 0 0 0 rg BT 431.61 670.25 Td (. Rua is a former director of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (InphoMatch \(acquired by Sybase\) and ) Tj ET Q q 0 0 0 rg BT 204.68 658.25 Td (AuctionRover \(acquired by Overture/Y) Tj ET Q q 0 0 0 rg BT 361.12 658.25 Td (ahoo\), and serves other board and operating roles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (as part of his technology investing. Mr) Tj ET Q q 0 0 0 rg BT 206.65 646.25 Td (. Rua holds a B.S. degree in computer engineering from the University of Florida. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (also earned a J.D. from the University of North Carolina School of Law and an M.B.A. from the Kenan-Flagler Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (School of the University of North Carolina. Mr) Tj ET Q q 0 0 0 rg BT 240.81 622.25 Td (. Rua was elected to serve as a member of our Board of Directors due to his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (extensive knowledge of our products and services as a director and early investor in our predecessor) Tj ET Q q 0 0 0 rg BT 450.29 610.25 Td (, as well as his many years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (of experience in venture capital investing and operational leadership of other technology growth companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (All directors hold of) Tj ET Q q 0 0 0 rg BT 167.19 574.25 Td (fice until the next annual meeting of stockholders and the election and qualification of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (successors. Of) Tj ET Q q 0 0 0 rg BT 110.08 562.25 Td (ficers are elected annually by the Board of Directors and serve at the discretion of the Board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Family Relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (There are no family relationships among our directors and executive of) Tj ET Q q 0 0 0 rg BT 370.16 514.25 Td (ficers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Involvement in Certain Legal Pr) Tj ET Q q 0 0 0 rg BT 188.69 490.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 466.25 Td (o our knowledge, during the past ten years, none of our directors, executive of) Tj ET Q q 0 0 0 rg BT 403.91 466.25 Td (ficers, promoters, control persons or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (nominees has been:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 430.25 Td (the subject of any bankruptcy petition filed by or against any business of which such person was a general partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (or executive of) Tj ET Q q 0 0 0 rg BT 163.79 418.25 Td (ficer either at the time of the bankruptcy or within two years prior to that time;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.25 Td (convicted in a criminal proceeding or is subject to a pending criminal proceeding \(excluding traf) Tj ET Q q 0 0 0 rg BT 489.80 406.25 Td (fic violations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 394.25 Td (other minor of) Tj ET Q q 0 0 0 rg BT 161.58 394.25 Td (fenses\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 382.25 Td (subject to any order) Tj ET Q q 0 0 0 rg BT 182.74 382.25 Td (, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (involvement in any type of business, securities or banking activities; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.25 Td (found by a court of competent jurisdiction \(in a civil action\), the SEC or the Commodity Futures ) Tj ET Q q 0 0 0 rg BT 492.64 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 498.39 346.25 Td (rading SEC to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 334.25 Td (have violated a federal or state securities or commodities law) Tj ET Q q 0 0 0 rg BT 347.98 334.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Compliance with Section 16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 253.05 310.25 Td (Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.25 Td (Prior to February 25, 2016, our directors, executive of) Tj ET Q q 0 0 0 rg BT 304.65 286.25 Td (ficers and persons who own greater than 10% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (outstanding shares \(Reporting Persons\) were not required to file Section 16\(a\) ownership reports, because our shares were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (not yet registered pursuant to Section 12\(b\) or Section 12\(g\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 360.20 262.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 381.58 262.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 430.92 262.25 Td (, no reports with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (beneficial ownership of our equity securities were filed by our directors and executive of) Tj ET Q q 0 0 0 rg BT 404.97 250.25 Td (ficers during the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 190.25 Td (e have adopted a code of business conduct and ethics that applies to all our directors, of) Tj ET Q q 0 0 0 rg BT 444.62 190.25 Td (ficers \(including our chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 178.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 116.88 178.25 Td (, chief financial of) Tj ET Q q 0 0 0 rg BT 189.99 178.25 Td (ficer and any person performing similar functions\) and employees. ) Tj ET Q q 0 0 0 rg BT 459.17 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 467.81 178.25 Td (e have made our code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (of business conduct and ethics available on our website at http://corp.izea.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (Our Board of Directors held 15 meetings during 2015. Each director then serving attended 75% or more of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (aggregate of: \(1\) the total number of Board meetings, and \(2\) the total number of meetings of the committee\(s\) of which he or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (she is a member) Tj ET Q q 0 0 0 rg BT 114.30 94.25 Td (, if any) Tj ET Q q 0 0 0 rg BT 141.70 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 149.02 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.66 94.25 Td (e do not have a written policy on board attendance at annual meetings of stockholders; however) Tj ET Q q 0 0 0 rg BT 540.19 94.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (intend to schedule a Board meeting immediately after an annual meeting for which directors attending receive compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 58.25 Td (e have established an audit committee, compensation committee and nominating committee. Our entire Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (performed all of the duties and responsibilities which might be contemplated by each committee until June 2015. On June 2, ) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2015, the Board determined that the ) Tj ET Q q 0 0 0 rg BT 195.80 742.10 Td (Audit Committee and the Compensation Committee would begin to operate independently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (from the Board.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Audit Committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.73 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.05 706.10 Td (The audit committee's dutiesare to recommend to the Board of Directors the engagement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (independent auditors to audit our financial statements and to review our accounting policies and financial statements. ) Tj ET Q q 0 0 0 rg BT 523.56 694.10 Td (The audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (committeeis responsible to review the scope and fees for the annual audit and the results of audit examinations performed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (our independent public accountants, including their recommendations to improve the system of accounting and internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (controls. ) Tj ET Q q 0 0 0 rg BT 89.54 658.10 Td (The audit committeewould at all times to be composed exclusively of directors who are, in the opinion of the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (member and who possess an understanding of financial statements and generally accepted accounting principles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.50 610.10 Td (Audit Committee is comprised of three non-employee directors: Jill M. Golder) Tj ET Q q 0 0 0 rg BT 418.30 610.10 Td (, John H. Caron and Daniel R. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Rua.) Tj ET Q q 0 0 0 rg BT 73.43 598.10 Td (The Board has determined that all members of the ) Tj ET Q q 0 0 0 rg BT 275.86 598.10 Td (Audit Committee are independent as that term is currently defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Rule 5605 of the listing standards of the Nasdaq Stock Market and Rule 10A-3\(b\)\(1\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 500.45 586.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (1934.Ms. Golder serves as the audit committee chairman and is designated as the audit committee financial expert" based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (her 26 years of finance, accounting and corporate governance experience. ) Tj ET Q q 0 0 0 rg BT 349.39 562.10 Td (The ) Tj ET Q q 0 0 0 rg BT 366.88 562.10 Td (Audit Committee met telephonically four times ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (at regularly scheduled meetings during the year ended December 31, 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (Compensation Committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.90 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.72 526.10 Td (The compensation committeeis tasked with reviewing and approving our compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (policies, including compensation of executive of) Tj ET Q q 0 0 0 rg BT 244.21 514.10 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 273.74 514.10 Td (The compensation committeewould also review and administer our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (equity incentive compensation plans, and recommend and approve grants of stock options or other awards under that plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 478.10 Td (The Compensation Committee is comprised of three non-employee directors: Lindsay ) Tj ET Q q 0 0 0 rg BT 432.03 478.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 476.61 478.10 Td (, John H. Caron and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Daniel R. Rua.) Tj ET Q q 0 0 0 rg BT 114.25 466.10 Td (The Board has determined that all members of the Compensation Committee are independent as that term is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (currently defined in Rule 4200\(a\)\(15\) of the listing standards of the NASD and Rule 10A-3\(b\)\(1\) of the Securities Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Act of 1934.Mr) Tj ET Q q 0 0 0 rg BT 116.94 442.10 Td (. Gardner serves as the compensation committee chairman. ) Tj ET Q q 0 0 0 rg BT 357.50 442.10 Td (The Compensation Committee met as needed as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (part of the 12 regularly scheduled Board meetings during the year ended December 31, 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Nominating Committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.40 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.72 406.10 Td (The purpose of the nominating committee is to select, or recommend for our entire Board's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (selection, the individuals to stand for election as directors at the annual meeting of stockholders and to oversee the selection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (and composition of committees of our Board. ) Tj ET Q q 0 0 0 rg BT 236.73 382.10 Td (The nominating committee's dutiesalso include considering the adequacy of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (corporate governance and overseeing and approving management continuity planning processes. Our entire Board performs all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of the duties and responsibilities required of the nominating committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (While we do not have a formal diversity policy for Board membership, the Board does seek to ensure that its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (membership consists of suf) Tj ET Q q 0 0 0 rg BT 158.97 322.10 Td (ficiently diverse backgrounds, meaning a mix of backgrounds and experiences that will enhance the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (quality of the Board) Tj ET Q q 0 0 0 rg BT 133.04 310.10 Td (s deliberations and decisions. In considering candidates for the Board, the independent directors consider) Tj ET Q q 0 0 0 rg BT 555.29 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (among other factors, diversity with respect to viewpoints, skills, experience and other demographics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 274.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 274.10 Td ( Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (The Board of Directors has determined that John H. Caron, Lindsay ) Tj ET Q q 0 0 0 rg BT 359.54 250.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 404.13 250.10 Td (, Jill M. Golder and Daniel R. Rua are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (independent, as independence is defined in the listing standards for the Nasdaq Stock Market. ) Tj ET Q q 0 0 0 rg BT 437.94 238.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 487.28 238.10 Td (, four of our seven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (directors are independent. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Board Leadership Structur) Tj ET Q q 0 0 0 rg BT 166.49 202.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (Edward H. \(T) Tj ET Q q 0 0 0 rg BT 140.56 178.10 Td (ed\) Murphy has been our Chairman of the Board, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 474.73 178.10 Td (ficer since 2006 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (when he founded the company) Tj ET Q q 0 0 0 rg BT 172.09 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.41 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.05 166.10 Td (e believe that having one person, particularly Mr) Tj ET Q q 0 0 0 rg BT 382.43 166.10 Td (. Murphy with his deep industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (executive management experience, his extensive knowledge of the operations of our company and his own history of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (innovation and strategic thinking, serve as both Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 378.07 142.10 Td (ficer is the best leadership structure for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (company because it demonstrates to employees, customers and stockholders that we are under strong leadership, with a single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (person setting the tone and having primary responsibility for managing our operations. ) Tj ET Q q 0 0 0 rg BT 401.41 118.10 Td (This unity of leadership promotes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (strategy development and execution, timely decision-making and ef) Tj ET Q q 0 0 0 rg BT 320.84 106.10 Td (fective management of company resources. ) Tj ET Q q 0 0 0 rg BT 499.20 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 507.84 106.10 Td (e believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (we have been well served by this structure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (Four of our seven directors are independent. In addition, all of the directors on each of the ) Tj ET Q q 0 0 0 rg BT 450.33 70.10 Td (Audit Committee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Compensation Committee are independent directors and each of these committees is led by a committee chair) Tj ET Q q 0 0 0 rg BT 488.47 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.79 58.10 Td (The committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (chairs set the agendas for their committees and report to the full Board on their work. ) Tj ET Q q 0 0 0 rg BT 395.83 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.46 46.10 Td (e do not have a lead independent ) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (director) Tj ET Q q 0 0 0 rg BT 80.69 742.10 Td (, but, as required by Nasdaq, our independent directors meet in executive session without management present as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (frequently as they deem appropriate, typically at the time of each regular in-person Board meeting. ) Tj ET Q q 0 0 0 rg BT 449.85 730.10 Td (All of the independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (directors are highly accomplished and experienced business people in their respective fields, who have demonstrated leadership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (in significant enterprises and are familiar with board processes. Our independent directors bring experience, oversight and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (expertise from outside the company and industry) Tj ET Q q 0 0 0 rg BT 244.86 694.10 Td (, while Mr) Tj ET Q q 0 0 0 rg BT 286.25 694.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 322.82 694.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 339.49 694.10 Td (. Schram and Ms. Hitchcock bring company-specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (experience and expertise. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Risk Oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (While the Board of Directors is responsible for overseeing our risk management, the Board has delegated many of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (these functions to the ) Tj ET Q q 0 0 0 rg BT 137.21 622.10 Td (Audit Committee. Under its charter) Tj ET Q q 0 0 0 rg BT 281.22 622.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 300.38 622.10 Td (Audit Committee is responsible for discussing with management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and the independent auditors our major financial risk exposures, the guidelines and policies by which risk assessment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (management is undertaken, and the steps management has taken to monitor and control risk exposure. In addition to the ) Tj ET Q q 0 0 0 rg BT 533.76 598.10 Td (Audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Committee) Tj ET Q q 0 0 0 rg BT 97.22 586.10 Td (s work in overseeing risk management, the full Board regularly engages in discussions of the most significant risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (that we are facing and how those risks are being managed, and the Board receives reports on risk management from our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 562.10 Td (ficers and from the chair of the ) Tj ET Q q 0 0 0 rg BT 183.93 562.10 Td (Audit Committee. In addition, Mr) Tj ET Q q 0 0 0 rg BT 321.42 562.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 361.42 562.10 Td (s extensive knowledge of our company uniquely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (qualifies him to lead the Board in assessing risks. ) Tj ET Q q 0 0 0 rg BT 252.29 550.10 Td (The Board of Directors believes that the work undertaken by the ) Tj ET Q q 0 0 0 rg BT 511.93 550.10 Td (Audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Committee, the full Board and the Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 325.58 538.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 343.49 538.10 Td (, enables the Board to ef) Tj ET Q q 0 0 0 rg BT 440.50 538.10 Td (fectively oversee the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 526.10 Td (s risk management function.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 90.26 502.10 Td (Advisory Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 478.10 Td (e believe that we have assembled a world-class team of strategic advisors to assist our company as we continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (grow) Tj ET Q q 0 0 0 rg BT 69.90 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.72 466.10 Td (The members of our strategic advisory board and their primary professional af) Tj ET Q q 0 0 0 rg BT 388.05 466.10 Td (filiations are listed below:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (Andy Batkin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 442.10 Td (has led Innovative Media Solutions, creating dynamic events that ef) Tj ET Q q 0 0 0 rg BT 414.66 442.10 Td (fectively blend ) Tj ET Q q 0 0 0 rg BT 476.67 442.10 Td (TV) Tj ET Q q 0 0 0 rg BT 488.71 442.10 Td (, print, online, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (database development, event marketing and hospitality benefits, since 2002. His most recent venture, Social ) Tj ET Q q 0 0 0 rg BT 484.70 430.10 Td (TV) Tj ET Q q 0 0 0 rg BT 497.85 430.10 Td ( Summit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (focuses on the use of technologies that allow viewers to socialize, search, share and purchase content they watch on ) Tj ET Q q 0 0 0 rg BT 514.94 418.10 Td (TV) Tj ET Q q 0 0 0 rg BT 528.09 418.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (online. Previously) Tj ET Q q 0 0 0 rg BT 124.62 406.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 141.29 406.10 Td (. Batkin was ) Tj ET Q q 0 0 0 rg BT 193.33 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 199.95 406.10 Td (ice Chairman/Chief Revenue Of) Tj ET Q q 0 0 0 rg BT 328.89 406.10 Td (ficer of Spot41) Tj ET Q q 0 0 0 rg BT 388.51 406.10 Td (1, an interactive and social ) Tj ET Q q 0 0 0 rg BT 497.72 406.10 Td (TV) Tj ET Q q 0 0 0 rg BT 510.87 406.10 Td ( company) Tj ET Q q 0 0 0 rg BT 549.38 406.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (and CEO of Prolink Media, a leader in digital out-of-home marketing solutions. ) Tj ET Q q 0 0 0 rg BT 373.55 394.10 Td (A) Tj ET Q q 0 0 0 rg BT 380.22 394.10 Td ( prolific entrepreneur) Tj ET Q q 0 0 0 rg BT 464.78 394.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 481.45 394.10 Td (. Batkin launched ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (his career by founding Interactive Marketing, Inc. \(IMI\), the first internet media rep firm, in 1992. ) Tj ET Q q 0 0 0 rg BT 455.97 382.10 Td (After selling $50 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (of media in the business) Tj ET Q q 0 0 0 rg BT 149.24 370.10 Td ( first year and servicing clients such as the NFL, Playboy and ) Tj ET Q q 0 0 0 rg BT 396.87 370.10 Td (Y) Tj ET Q q 0 0 0 rg BT 403.09 370.10 Td (ahoo, IMI was sold to Softbank Corp. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of Japan in 1996. Mr) Tj ET Q q 0 0 0 rg BT 135.55 358.10 Td (. Batkin is a graduate of Boston University and was the 1999 recipient of the ) Tj ET Q q 0 0 0 rg BT 443.81 358.10 Td (Albert Einstein ) Tj ET Q q 0 0 0 rg BT 506.95 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 512.36 358.10 Td (echnology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Medal, which recognizes individuals who have made significant creative contributions in the technology industry) Tj ET Q q 0 0 0 rg BT 503.12 346.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (Mike Chur) Tj ET Q q 0 0 0 rg BT 133.32 322.10 Td (ch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.82 322.10 Td (has nearly 20 years of experience leading technology) Tj ET Q q 0 0 0 rg BT 357.58 322.10 Td (, marketing and media initiatives at global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (enterprises including Darden Restaurants, ) Tj ET Q q 0 0 0 rg BT 219.12 310.10 Td (AOL, Google and Diageo. Mr) Tj ET Q q 0 0 0 rg BT 341.60 310.10 Td (. Church most recently served as ) Tj ET Q q 0 0 0 rg BT 474.43 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 481.05 310.10 Td (ice President of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Interactive Ecosystem for Darden Restaurants, Inc. ) Tj ET Q q 0 0 0 rg BT 256.41 298.10 Td (The Interactive Ecosystem team partnered with Darden) Tj ET Q q 0 0 0 rg BT 480.20 298.10 Td (s portfolio of brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and other key functions to lead Darden) Tj ET Q q 0 0 0 rg BT 208.28 286.10 Td (s multimillion-dollar digital transformation, including the successful launch of web and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (mobile platforms, online ordering, CRM infrastructure, and electronic gift cards. Prior to Darden, Mr) Tj ET Q q 0 0 0 rg BT 453.78 274.10 Td (. Church served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 262.10 Td (ice President of Customer Solutions at ) Tj ET Q q 0 0 0 rg BT 212.16 262.10 Td (AOL) Tj ET Q q 0 0 0 rg BT 232.34 262.10 Td ( in New ) Tj ET Q q 0 0 0 rg BT 266.13 262.10 Td (Y) Tj ET Q q 0 0 0 rg BT 272.35 262.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 293.00 262.10 Td (There, he launched and led ) Tj ET Q q 0 0 0 rg BT 402.95 262.10 Td (AOL) Tj ET Q q 0 0 0 rg BT 422.59 262.10 Td () Tj ET Q q 0 0 0 rg BT 425.37 262.10 Td (s Client Solutions or) Tj ET Q q 0 0 0 rg BT 507.14 262.10 Td (ganization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (supporting the advertising goals of ) Tj ET Q q 0 0 0 rg BT 190.82 250.10 Td (AOL) Tj ET Q q 0 0 0 rg BT 210.45 250.10 Td () Tj ET Q q 0 0 0 rg BT 213.23 250.10 Td (s Fortune 500 clients. Before ) Tj ET Q q 0 0 0 rg BT 333.49 250.10 Td (AOL, Mr) Tj ET Q q 0 0 0 rg BT 370.71 250.10 Td (. Church served as National Head of Sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Development and Cross-Platform Solutions at Google, where he launched sales development, creative services and media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (strategy teams that helped deliver hundreds of millions in digital media sales. Previously) Tj ET Q q 0 0 0 rg BT 404.00 226.10 Td (, he worked as Media Director for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Diageo North ) Tj ET Q q 0 0 0 rg BT 106.66 214.10 Td (America, the world) Tj ET Q q 0 0 0 rg BT 186.90 214.10 Td (s leading premium-drinks company) Tj ET Q q 0 0 0 rg BT 328.17 214.10 Td (, where he led strategic media planning, CRM and digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (marketing for the company) Tj ET Q q 0 0 0 rg BT 161.35 202.10 Td (s priority brands. He has also held a variety of digital-media and product positions at such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (companies as Paramount Pictures and Universal Studios, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (Roger) Tj ET Q q 0 0 0 rg BT 111.92 166.10 Td ( Clark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.92 166.10 Td (is currently the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 279.20 166.10 Td (ficer of Unified Social, a marketing cloud technology company) Tj ET Q q 0 0 0 rg BT 531.52 166.10 Td (. Prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (to Unified Social, Mr) Tj ET Q q 0 0 0 rg BT 134.99 154.10 Td (. Clark was Chief Financial Of) Tj ET Q q 0 0 0 rg BT 257.56 154.10 Td (ficer at Interclick, a leading provider of digital advertising technology and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (services, which was acquired by ) Tj ET Q q 0 0 0 rg BT 181.25 142.10 Td (Y) Tj ET Q q 0 0 0 rg BT 187.47 142.10 Td (ahoo in 201) Tj ET Q q 0 0 0 rg BT 234.32 142.10 Td (1 and rebranded as Genome in 2012. He played a pivotal role in many of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Interclick) Tj ET Q q 0 0 0 rg BT 91.09 130.10 Td (s achievements, including a successful uplisting to NASDAQ. Mr) Tj ET Q q 0 0 0 rg BT 356.33 130.10 Td (. Clark previously spent 15 years with IAC/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (InterActiveCorp in a variety of divisional and corporate capacities, including nine years leading the company) Tj ET Q q 0 0 0 rg BT 489.57 118.10 Td (s investor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (relations and financial communication ef) Tj ET Q q 0 0 0 rg BT 213.65 106.10 Td (forts while IAC transformed into a Fortune 500 conglomerate. Mr) Tj ET Q q 0 0 0 rg BT 476.92 106.10 Td (. Clark began his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (career as a Certified Public ) Tj ET Q q 0 0 0 rg BT 160.23 94.10 Td (Accountant with Ernst & ) Tj ET Q q 0 0 0 rg BT 262.62 94.10 Td (Y) Tj ET Q q 0 0 0 rg BT 268.84 94.10 Td (oung. He holds a BBA) Tj ET Q q 0 0 0 rg BT 359.12 94.10 Td ( degree from Ohio University and a Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Certificate from Columbia University) Tj ET Q q 0 0 0 rg BT 200.15 82.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (Rich Masterson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.49 58.10 Td ( serves as ) Tj ET Q q 0 0 0 rg BT 193.76 58.10 Td (Audience Partners) Tj ET Q q 0 0 0 rg BT 269.93 58.10 Td ( Chairman, leveraging his experience as a serial entrepreneur and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (pioneer in online marketing to build the company) Tj ET Q q 0 0 0 rg BT 250.79 46.10 Td (s culture and identify lar) Tj ET Q q 0 0 0 rg BT 348.35 46.10 Td (ge market opportunities.) Tj ET Q q 0 0 0 rg BT 447.77 46.10 Td (Audience Partners is the ) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 742.10 Td (gest online political advertising network in the country and has recently expanded into healthcare advertising with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (nation's only HIP) Tj ET Q q 0 0 0 rg BT 118.66 730.10 Td (AA) Tj ET Q q 0 0 0 rg BT 132.55 730.10 Td ( compliant addressable advertising solution. Prior to co-founding ) Tj ET Q q 0 0 0 rg BT 394.45 730.10 Td (Audience Partners in 2007, Mr) Tj ET Q q 0 0 0 rg BT 517.49 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Masterson focused his ener) Tj ET Q q 0 0 0 rg BT 158.96 718.10 Td (gy on a variety of active investments in technology) Tj ET Q q 0 0 0 rg BT 362.70 718.10 Td (, real estate, hospitality and private equity) Tj ET Q q 0 0 0 rg BT 529.21 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Earlier in his career) Tj ET Q q 0 0 0 rg BT 128.16 706.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 144.83 706.10 Td (. Masterson co-founded US Interactive, one of the nation) Tj ET Q q 0 0 0 rg BT 375.32 706.10 Td (s first internet professional services firms with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (clients including Microsoft, IBM, ) Tj ET Q q 0 0 0 rg BT 186.66 694.10 Td (American Express, Disney) Tj ET Q q 0 0 0 rg BT 292.92 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 297.74 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 303.15 694.10 Td (oyota and the U.S. Senate. Mr) Tj ET Q q 0 0 0 rg BT 425.63 694.10 Td (. Masterson served as US ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Interactive) Tj ET Q q 0 0 0 rg BT 95.53 682.10 Td (s President through 1999, driving the company) Tj ET Q q 0 0 0 rg BT 285.78 682.10 Td (s growth from start-up through successful IPO. Mr) Tj ET Q q 0 0 0 rg BT 490.48 682.10 Td (. Masterson then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (served as the Chairman of GivingCapital, providing or) Tj ET Q q 0 0 0 rg BT 268.11 670.10 Td (ganizations with the capability to increase their assets through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (creation, distribution and processing of complex wealth management products and services. Under Mr) Tj ET Q q 0 0 0 rg BT 461.27 658.10 Td (. Masterson) Tj ET Q q 0 0 0 rg BT 510.71 658.10 Td (s leadership, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (GivingCapital helped its clients raise over $600 million for charity before being acquired by Kintera, a publicly-held company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (focused on philanthropic services. Mr) Tj ET Q q 0 0 0 rg BT 203.30 634.10 Td (. Masterson has served on the boards of charitable or) Tj ET Q q 0 0 0 rg BT 414.16 634.10 Td (ganizations including ) Tj ET Q q 0 0 0 rg BT 502.29 634.10 Td (The National ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Philanthropic ) Tj ET Q q 0 0 0 rg BT 106.20 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 111.96 622.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 131.78 622.10 Td (The Philadelphia Orchestra and ) Tj ET Q q 0 0 0 rg BT 260.44 622.10 Td (The ) Tj ET Q q 0 0 0 rg BT 278.31 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.94 622.10 Td (ellness Community of Philadelphia. He has also served on the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 610.10 Td (Advisors of Radnor ) Tj ET Q q 0 0 0 rg BT 141.48 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.24 610.10 Td (rust Company and as a trustee to Emerald Mutual Family of Funds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Rick Milenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.17 586.10 Td ( is an internationally recognized leader in building marketing services companies that leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (technology and creativity to fuel growth. He was co-founder and Chairman of Engauge, the leading full service agency for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (social age from its inception in1982 until ) Tj ET Q q 0 0 0 rg BT 216.36 562.10 Td (August 2013. Engauge is one of the United States' lar) Tj ET Q q 0 0 0 rg BT 430.17 562.10 Td (gest independent marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (agencies serving clients like Coca-Cola, Nationwide, Hershey) Tj ET Q q 0 0 0 rg BT 297.05 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.50 550.10 Td (Abbott, Mars, ) Tj ET Q q 0 0 0 rg BT 359.65 550.10 Td (The Home Depot, Nestle and UPS. Mr) Tj ET Q q 0 0 0 rg BT 514.07 550.10 Td (. Milenthal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (is co-founder and past chairman of ) Tj ET Q q 0 0 0 rg BT 191.44 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.07 538.10 Td (orldwide Partners, Inc., the lar) Tj ET Q q 0 0 0 rg BT 321.24 538.10 Td (gest network of independent agencies, with 87 agencies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (53 countries. He is Chairman of Fugent, the leader in communications technology for the financial services industry) Tj ET Q q 0 0 0 rg BT 513.67 526.10 Td (. He is also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Chairman of People to My Site, the leader in digital services that drives local demand for national brands. He is Chairman and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (co-founder of Loyalty Commerce, a leader in connecting online shoppers and retailers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (D.A. ) Tj ET Q q 0 0 0 rg BT 107.76 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 117.21 478.10 Td (allach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.77 478.10 Td ( is best known as one-half of Chester French, a critically-acclaimed duo discovered by Kanye) Tj ET Q q 0 0 0 rg BT 519.13 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.76 478.10 Td (est and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Pharrell ) Tj ET Q q 0 0 0 rg BT 83.97 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.01 466.10 Td (illiams. ) Tj ET Q q 0 0 0 rg BT 124.68 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 131.35 466.10 Td ( 2007 graduate of Harvard College, Mr) Tj ET Q q 0 0 0 rg BT 287.14 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.96 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 300.60 466.10 Td (allach has been featured in GQ, RollingStone, ) Tj ET Q q 0 0 0 rg BT 489.25 466.10 Td (V) Tj ET Q q 0 0 0 rg BT 495.19 466.10 Td (ogue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (andnumerous other publications. He has toured with Lady Gaga, Blink 182, N*E*R*D and) Tj ET Q q 0 0 0 rg BT 419.47 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 428.11 454.10 Td (eezer) Tj ET Q q 0 0 0 rg BT 448.79 454.10 Td (, and has appeared on many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (TV) Tj ET Q q 0 0 0 rg BT 63.15 442.10 Td ( shows including Jimmy Kimmel Live and Late Night with JimmyFallon. In addition to Chester French, Mr) Tj ET Q q 0 0 0 rg BT 498.66 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 503.48 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 512.12 442.10 Td (allach is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (one-half ofD.A. & ) Tj ET Q q 0 0 0 rg BT 128.69 430.10 Td (The Supa Dups, and as a solo vocalist, he haswritten and performed on recordings with Diddy) Tj ET Q q 0 0 0 rg BT 506.84 430.10 Td (, Rick Ross, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Janelle Monae, Macklemore, Clinton Sparks and) Tj ET Q q 0 0 0 rg BT 247.55 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.19 418.10 Td (ale.) Tj ET Q q 0 0 0 rg BT 272.66 418.10 Td (When not recording. Beyond music, he is a recognized social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (pioneer) Tj ET Q q 0 0 0 rg BT 79.58 406.10 Td (, having been the first artist ever to use Facebookand among the most followed artists on twitter \(@dachesterfrench\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 66.49 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 75.13 394.10 Td (allach advises or invests in severalstart-up technology companies, and is the of) Tj ET Q q 0 0 0 rg BT 392.36 394.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 414.85 394.10 Td (Artist in Residence atSpotify) Tj ET Q q 0 0 0 rg BT 532.51 394.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Forbes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.33 382.10 Td ( selected Mr) Tj ET Q q 0 0 0 rg BT 127.20 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.02 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.66 382.10 Td (allachas one of its 30 Under 30 and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 287.01 382.10 Td (Fast Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.62 382.10 Td ( named him one of the 100 Most Creative People ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (inBusiness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 346.10 Td (Our strategic advisory board meets periodically with our Board of Directors and management to discuss matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (relating to our business activities, including formulating business strategies, establishing commercial business alliances and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (identifying potential acquisitions.) 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the last two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (fiscal years, for \(i\) each person who served as our principal executive of) Tj ET Q q 0 0 0 rg BT 338.31 682.25 Td (ficer \(PEO\) during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (2015; \(ii\) each person who served as our principal financial of) Tj ET Q q 0 0 0 rg BT 298.62 670.25 Td (ficer \(PFO\) during the year ended December 31, 2015; and \(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (up to two other most highly compensated executive of) Tj ET Q q 0 0 0 rg BT 266.99 658.25 Td (ficers other than the PEO or the PFO who were serving as executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 646.25 Td (ficers as of December 31, 2015 \(collectively referred to as the Named Executive Of) Tj ET Q q 0 0 0 rg BT 396.70 646.25 Td (ficers\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.75 110.00 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382.00 607.43 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.75 597.43 Td (Incentive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 587.43 Td (Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.75 577.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.70 567.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.90 617.43 Td (Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.60 607.43 Td (qualified) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.40 597.43 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.75 587.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.70 577.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 567.43 Td (Earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.60 597.43 Td () Tj ET Q q 0 0 0 rg BT 484.55 597.43 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 587.43 Td (Other) Tj ET Q q 0 0 0 rg BT 502.67 587.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.25 577.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.20 567.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.40 567.43 Td () Tj ET Q q 0 0 0 rg BT 527.72 567.43 Td (T) Tj ET Q q 0 0 0 rg BT 533.47 567.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 557.43 Td (\($\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.42 Td (Edward H. \(Ted\) Murphy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 532.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 532.42 Td (228,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 532.42 Td (247,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 532.42 Td (206,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 532.42 Td (682,539) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 518.31 Td (President and Chief) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 508.31 Td (Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 518.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 518.32 Td (197,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 518.32 Td (96,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 518.32 Td (320,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 518.32 Td (614,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.42 Td (Ryan S. Schram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 482.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 482.42 Td (243,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 482.42 Td (139,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 482.42 Td (30,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 482.42 Td (413,432) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 468.31 Td (Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 468.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 468.32 Td (230,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 468.32 Td (110,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 468.32 Td (340,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.42 Td (LeAnn C. Hitchcock \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 432.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 432.42 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 432.42 Td (16,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 432.42 Td (40,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 432.42 Td (242,486) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 418.31 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 418.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.10 418.32 Td (67,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 418.32 Td (7,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 418.32 Td (60,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 418.32 Td (130,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 418.32 Td (265,757) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (\(1\) Represents the aggregate grant date fair value of stock options issued during the year as calculated in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (F) Tj ET Q q 0 0 0 rg BT 90.82 358.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 112.22 358.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 133.99 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.40 358.25 Td (opic 718. See "Critical ) Tj ET Q q 0 0 0 rg BT 232.08 358.25 Td (Accounting Policies and Use of Estimates" under "Management) Tj ET Q q 0 0 0 rg BT 491.01 358.25 Td (s Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (Analysis of Financial Condition and Results of Operations" for additional information, including valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (assumptions used in calculating the fair value of the awards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.25 Td (\(2\) Ms. Hitchcock received other compensation as a financial consultant for the Company prior to her appointment as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 160.80 304.25 Td (ficer on ) Tj ET Q q 0 0 0 rg BT 193.56 304.25 Td (August 25, 2014.) 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below is information with respect to unexercised options and equity incentive awards held by each Named ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 706.25 Td (ficer as of December31, 2015 pursuant to our equity incentive plans: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 568.75 137.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 568.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 568.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 568.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 568.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 568.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 568.75 85.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 568.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 568.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 568.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 568.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 531.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 531.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 531.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 531.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 531.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 531.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 531.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 531.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 531.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 531.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 503.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 503.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 503.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 475.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 475.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 475.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 475.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 447.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 447.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 447.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 447.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 447.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 419.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 419.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 419.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 419.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 419.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 391.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 391.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 391.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 391.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 391.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 363.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 363.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 363.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 363.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 363.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 363.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 363.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 363.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 363.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 363.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 363.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 335.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 335.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 335.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 335.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 335.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 335.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 335.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 335.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 335.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 335.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 335.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 307.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 307.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 307.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 307.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 307.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 307.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 307.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 307.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 307.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 307.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 307.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 279.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 279.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 279.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 279.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 279.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 279.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 279.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 279.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 279.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 279.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 251.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 251.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 251.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 251.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 251.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 251.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 251.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 251.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 251.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 251.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 251.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 223.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 223.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 223.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 223.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 223.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 223.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 223.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 223.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 223.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 223.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 223.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 195.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 195.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 195.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 195.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 195.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 195.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 195.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 195.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 195.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 195.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 195.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 669.75 m 266.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 669.75 m 270.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 669.75 m 345.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 669.75 m 349.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 669.75 m 434.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 669.75 m 438.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 669.75 m 498.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 669.75 m 502.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 582.75 m 187.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 582.75 m 266.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 582.75 m 345.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 582.75 m 434.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 582.75 m 498.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 582.75 m 562.5 582.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.20 674.43 Td (Option Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.00 587.43 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.35 647.43 Td (Number) Tj ET Q q 0 0 0 rg BT 240.72 647.43 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.65 637.43 Td (Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.30 627.43 Td (Underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.45 617.43 Td (Unexer) Tj ET Q q 0 0 0 rg BT 233.37 617.43 Td (cised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.85 607.43 Td (Options: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.85 597.43 Td (Exer) Tj ET Q q 0 0 0 rg BT 224.22 597.43 Td (cisable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.65 587.43 Td (\(#\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.35 647.43 Td (Number) Tj ET Q q 0 0 0 rg BT 319.72 647.43 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.65 637.43 Td (Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.30 627.43 Td (Underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.45 617.43 Td (Unexer) Tj ET Q q 0 0 0 rg BT 312.37 617.43 Td (cised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.85 607.43 Td (Options: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.55 597.43 Td (Unexer) Tj ET Q q 0 0 0 rg BT 308.47 597.43 Td (cisable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.65 587.43 Td (\(#\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.05 657.43 Td (Equity Incentive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 647.43 Td (Plan Awards:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.35 637.43 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 627.43 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.30 617.43 Td (Underlying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.45 607.43 Td (Unexercised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 597.43 Td (Unearned Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 587.43 Td (\(#\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.95 617.43 Td (Option ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 607.43 Td (Exer) Tj ET Q q 0 0 0 rg BT 470.37 607.43 Td (cise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.85 597.43 Td (Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 587.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.95 607.43 Td (Option) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.90 597.43 Td (Expiration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 587.43 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.32 Td (Edward H. \(Ted\) Murphy\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 573.32 Td (6,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 573.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 573.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 573.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 573.32 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 573.32 Td (5/25/2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 559.31 Td (President and Chief Executive) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 549.31 Td (Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 559.32 Td (3,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 559.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 559.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 559.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 559.32 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 559.32 Td (5/25/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 536.32 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 536.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 536.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 536.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 536.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 536.32 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 522.32 Td (9,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 522.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 522.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 522.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 522.32 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 508.32 Td (168,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 508.32 Td (51,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 508.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 508.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 508.32 Td (8/15/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 494.32 Td (36,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 494.32 Td (33,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 494.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 494.32 Td (7.300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 494.32 Td (9/9/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 480.32 Td (20,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 480.32 Td (19,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 480.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 480.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 480.32 Td (5.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.20 480.32 Td (12/26/2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 466.32 Td (1,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 466.32 Td (5,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 466.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 466.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 466.32 Td (7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 466.32 Td (4/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 452.32 Td (648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 452.32 Td (2,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 452.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 452.32 Td (8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 452.32 Td (7/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 438.32 Td (482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 438.32 Td (2,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 438.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 438.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 438.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 438.32 Td (10/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 424.32 Td (3,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 424.32 Td (33,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 424.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 424.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 424.32 Td (7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 424.32 Td (11/30/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.32 Td (Ryan S. Schram \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 396.32 Td (3,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 396.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 396.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 396.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 396.32 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 396.32 Td (5/25/2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 382.31 Td (Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 382.32 Td (625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 382.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 382.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 382.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 382.32 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 382.32 Td (5/25/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 368.32 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 368.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 368.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 368.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 368.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 368.32 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 354.32 Td (3,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 354.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 354.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 354.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 354.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 354.32 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 340.32 Td (6,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 340.32 Td (4,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 340.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 340.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 340.32 Td (5.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 340.32 Td (5/20/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 326.32 Td (23,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 326.32 Td (14,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 326.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 326.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 326.32 Td (6.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.90 326.32 Td (11/3/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 312.32 Td (2,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 312.32 Td (4,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 312.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 312.32 Td (5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 312.32 Td (1/2/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 298.32 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 298.32 Td (887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 298.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 298.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 298.32 Td (7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 298.32 Td (4/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 284.32 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 284.32 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 284.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 284.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 284.32 Td (8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 284.32 Td (7/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 270.32 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 270.32 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 270.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 270.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 270.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 270.32 Td (10/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 242.32 Td (LeAnn C. Hitchcock \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 242.32 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 242.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 242.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 242.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 242.32 Td (72.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 242.32 Td (6/8/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.32 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 228.32 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 228.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 228.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 228.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 228.32 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 228.32 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 214.32 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 214.32 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 214.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 214.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 214.32 Td (5.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 214.32 Td (5/20/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 200.32 Td (8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 200.32 Td (11,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 200.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 200.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 200.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 200.32 Td (8/25/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 186.32 Td (1,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 186.32 Td (8,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 186.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 186.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 186.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 186.32 Td (12/1/2025) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 140.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 140.25 Td (On May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 173.22 140.25 Td (. Murphy received a non-qualified option to purchase 6,250 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 128.25 Td (exercise price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 226.40 128.25 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 515.04 128.25 Td (This option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 116.25 Td (vested as to 1,563 shares on May 25, 2013 and vests approximately 130 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 484.24 116.25 Td (. ) Tj ET Q q 0 0 0 rg BT 491.19 116.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 541.09 116.25 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 104.25 Td (May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 158.50 104.25 Td (. Murphy received a non-qualified option to purchase 3,134 shares of common stock at an exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 92.25 Td (price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 188.64 92.25 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 479.79 92.25 Td (This option vested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 80.25 Td (immediately on May 25, 2012 as to 2,351 shares and vests in equal monthly installments of approximately 3,132 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 68.25 Td (shares thereafter) Tj ET Q q 0 0 0 rg BT 151.24 68.25 Td (. On March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 248.73 68.25 Td (. Murphy received an incentive stock option to purchase 25,000 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 56.25 Td (common stock at an exercise price of $5.00 per share. ) Tj ET Q q 0 0 0 rg BT 303.51 56.25 Td (The option vests in equal monthly installments of approximately ) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (694 shares over the three years following the grant date and expires on March 1, 2023. ) Tj ET Q q 0 0 0 rg BT 434.23 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.13 742.10 Td (, on March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (2013, Mr) Tj ET Q q 0 0 0 rg BT 122.67 730.10 Td (. Murphy received an incentive stock option to purchase 9,384 shares of common stock at an exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td ($5.00 per share. ) Tj ET Q q 0 0 0 rg BT 154.69 718.10 Td (The option vested 100% on March 1, 2014 and expires on March 1, 2023. In connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (2013 private placement, Mr) Tj ET Q q 0 0 0 rg BT 196.52 706.10 Td (. Murphy received a non-qualified stock option to purchase 219,949 shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (stock at an exercise price of $5.00 per share, expiring ten years from the issuance date. ) Tj ET Q q 0 0 0 rg BT 437.35 694.10 Td (The option vested immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (as to 54,987 shares \(25%\) and vests in equal monthly installments of approximately 3,437 shares over four years. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (September 9, 2014, Mr) Tj ET Q q 0 0 0 rg BT 177.93 670.10 Td (. Murphy received a non-qualified stock option to purchase 70,858 shares of common stock at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (an exercise price of $7.30 per share. ) Tj ET Q q 0 0 0 rg BT 232.69 658.10 Td (The option vested immediately as to 7,381 shares and the remainder vests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (equal monthly installments of approximately 1,476 shares over 43 months following the grant date and expires on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (September 9, 2019. On December 26, 2014, Mr) Tj ET Q q 0 0 0 rg BT 278.74 634.10 Td (. Murphy received a non-qualified stock option to purchase 40,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (shares of common stock at an exercise price of $5.20 per share. ) Tj ET Q q 0 0 0 rg BT 341.83 622.10 Td (The option vested immediately as to 6,000 shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (the remainder vests in equal monthly monthly installments of approximately 829 shares over 41 months following the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (grant date and expires on December 26, 2024. On ) Tj ET Q q 0 0 0 rg BT 286.77 598.10 Td (April 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 357.05 598.10 Td (. Murphy received an incentive stock option to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (purchase 7,300 shares of common stock at an exercise price of $7.80 per share. ) Tj ET Q q 0 0 0 rg BT 404.87 586.10 Td (The option vests in equal monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (installments of approximately 152 shares over the four years following the grant date and expires on ) Tj ET Q q 0 0 0 rg BT 489.22 574.10 Td (April 1, 2025. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (On July 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 166.56 562.10 Td (. Murphy received an incentive stock option to purchase 3,108 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (exercise price of $8.40 per share. ) Tj ET Q q 0 0 0 rg BT 220.76 550.10 Td (The option vests in equal monthly installments of approximately 65 shares over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (four years following the grant date and expires on July 1, 2025. On October 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 440.65 538.10 Td (. Murphy received an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (incentive stock option to purchase 3,307 shares of common stock at an exercise price of $8.00 per share. ) Tj ET Q q 0 0 0 rg BT 505.97 526.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (vests in equal monthly installments of approximately 69 shares over the four years following the grant date and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (expires on October1, 2025. On November 30, 2015, Mr) Tj ET Q q 0 0 0 rg BT 310.68 502.10 Td (. Murphy received a non-qualified stock option to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (37,388 shares of common stock at an exercise price of $7.80 per share. ) Tj ET Q q 0 0 0 rg BT 371.83 490.10 Td (The option vests in equal monthly installments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (of approximately 779 shares over four years following the grant date and expires on November 30, 2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 460.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (On May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 173.22 460.10 Td (. Schram received a non-qualified option to purchase 3,125 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (exercise price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 226.40 448.10 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 515.04 448.10 Td (This option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.10 Td (vested as to 781 shares on May 25, 2013 and vests approximately 65 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 471.74 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.69 436.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 528.59 436.10 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (May 25, 2012 Mr) Tj ET Q q 0 0 0 rg BT 156.00 424.10 Td (. Schram received a non-qualified option to purchase 625 shares of common stock at an exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 412.10 Td (price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 188.64 412.10 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 479.79 412.10 Td (This option vested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 400.10 Td (as to 156 shares on June 30, 2012 and vests in equal monthly installments of approximately 13 shares thereafter) Tj ET Q q 0 0 0 rg BT 532.29 400.10 Td (. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 161.27 388.10 Td (. Schram received an incentive stock option to purchase 5,000 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (exercise price of $5.00 per share. ) Tj ET Q q 0 0 0 rg BT 223.26 376.10 Td (The option vests in equal installments of approximately 139 shares per month over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td (three years from the grant date and expires on March 1, 2023. ) Tj ET Q q 0 0 0 rg BT 334.80 364.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 384.71 364.10 Td (, on March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 477.47 364.10 Td (. Schram received an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (incentive stock option to purchase 3,750 shares of common stock at an exercise price of $5.00 per share. ) Tj ET Q q 0 0 0 rg BT 508.47 352.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (vested 100% on March 1, 2014 and expires on March 1, 2023. On May 20, 2013, Mr) Tj ET Q q 0 0 0 rg BT 430.11 340.10 Td (. Schram received an incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (stock option to purchase 10,000 shares of common stock at an exercise price of $5.40 per share. ) Tj ET Q q 0 0 0 rg BT 474.32 328.10 Td (The option vests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (equal monthly installments of approximately 167 shares over five years following the grant date and expires on May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.10 Td (20, 2019. On November 3, 2013, Mr) Tj ET Q q 0 0 0 rg BT 237.10 304.10 Td (. Schram received a non-qualified stock option to purchase 37,500 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.10 Td (common stock at an exercise price of $6.80 per share, expiring on November 3, 2018. ) Tj ET Q q 0 0 0 rg BT 434.05 292.10 Td (The option vested as to 9,375 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td (shares on November 3, 2014 and vests approximately 781 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 428.96 280.10 Td (. On January 2, 2015, Mr) Tj ET Q q 0 0 0 rg BT 536.45 280.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 268.10 Td (Schram received an incentive stock option to purchase 6,667 shares of common stock at an exercise price of $5.60 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 111.92 256.10 Td (The option vests in equal monthly installments of approximately 139 shares per month over four years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.10 Td (following the grant date and expires on January 2, 2025. On ) Tj ET Q q 0 0 0 rg BT 330.39 244.10 Td (April 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 400.67 244.10 Td (. Schram received an incentive stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.10 Td (option to purchase 1,217 shares of common stock at an exercise price of $7.80 per share. ) Tj ET Q q 0 0 0 rg BT 443.21 232.10 Td (The option vests in equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (monthly installments of approximately 25 shares over four years following the grant date and expires on ) Tj ET Q q 0 0 0 rg BT 505.34 220.10 Td (April 1, 2025. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (On July 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 166.56 208.10 Td (. Schram received an incentive stock option to purchase 51) Tj ET Q q 0 0 0 rg BT 401.67 208.10 Td (1 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.10 Td (exercise price of $8.40 per share. ) Tj ET Q q 0 0 0 rg BT 220.76 196.10 Td (The option vests in equal monthly installments of approximately 1) Tj ET Q q 0 0 0 rg BT 486.18 196.10 Td (1 shares over four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.10 Td (years following the grant date and expires on July 1, 2025. On October 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 421.49 184.10 Td (. Schram received an incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (stock option to purchase 560 shares of common stock at an exercise price of $8.00 per share. ) Tj ET Q q 0 0 0 rg BT 459.32 172.10 Td (The option vests in equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (monthly installments of approximately 12 shares over four years following the grant date and expires on October 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (On June 8, 2012, Ms. Hitchcock received a non-qualified stock option to purchase 125 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (exercise price of $72.00 per share expiring on June 8, 2017. ) Tj ET Q q 0 0 0 rg BT 327.41 118.10 Td (This option vested as to 31 shares on June 8, 2013 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (vests approximately 3 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 284.82 106.10 Td (. On March 1, 2013, Ms. Hitchcock received a non-qualified stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (option to purchase 125 shares of common stock at an exercise price of $5.00 per share. ) Tj ET Q q 0 0 0 rg BT 438.21 94.10 Td (The option vested 100% on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (March 1, 2014 and expires on March 1, 2023. On May 20, 2013, Ms. Hitchcock received a non-qualified stock option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (to purchase 5,000 shares of common stock at an exercise price of $5.40 per share. ) Tj ET Q q 0 0 0 rg BT 417.65 70.10 Td (The option vests in equal monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (installments of approximately 83 shares over five years and expires on May 20, 2019. On ) Tj ET Q q 0 0 0 rg BT 448.14 58.10 Td (August 25, 2014, Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (Hitchcock received an option to purchase 20,000 shares of common stock at an exercise price of $8.00 and expiring on ) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (August 25, 2019. ) Tj ET Q q 0 0 0 rg BT 159.71 742.10 Td (The option vests as to 5,000 shares \(25%\) one year after the issuance date and the remainder in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (equal monthly installments of approximately 417 shares over the following three years. On December 1, 2015, Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Hitchcock received an incentive stock option to purchase 10,000 shares of common stock at an exercise price of $8.00 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (per share. ) Tj ET Q q 0 0 0 rg BT 127.19 706.10 Td (The option vests in equal monthly installments of approximately 208 shares over four years following the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (grant date and expires on December 1, 2025.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Employment ) Tj ET Q q 0 0 0 rg BT 106.95 664.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 123.43 664.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 640.10 Td (On December 26, 2014, the Board of Directors signed a new employment agreement with Edward H. \(T) Tj ET Q q 0 0 0 rg BT 502.67 640.10 Td (ed\) Murphy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (with an initial term commencing on December 1, 2014 and ending on November 30, 2017. Pursuant to the employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (agreement, Mr) Tj ET Q q 0 0 0 rg BT 108.31 616.10 Td (. Murphy will receive an annual base salary of $225,000 with a guaranteed base salary increase of no less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (2% in ) Tj ET Q q 0 0 0 rg BT 75.56 604.10 Td (April of each year and annual stock options with a fair value of $150,000 vesting over four years in equal monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (installments. However) Tj ET Q q 0 0 0 rg BT 142.08 592.10 Td (, the number of underlying shares of common stock shall not exceed 40,000 shares. In the event the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (market value of the stock option grant is less than $150,000 as limited by the 40,000 share cap, Mr) Tj ET Q q 0 0 0 rg BT 444.09 580.10 Td (. Murphy will be entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (receive either 50% of the dif) Tj ET Q q 0 0 0 rg BT 163.93 568.10 Td (ference in fair market value in cash or 100% of the value in Restricted Stock Units with the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (vesting schedule as the stock options, at the sole discretion of the Board of Directors. ) Tj ET Q q 0 0 0 rg BT 394.92 556.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 444.82 556.10 Td (, he is eligible for annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (bonus distributions up to $85,000 in cash and $150,000 in stock options as determined by the Board of Directors, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (meeting and exceeding mutually agreed upon annual performance goals. For the year ended December 31, 2014, Mr) Tj ET Q q 0 0 0 rg BT 517.61 532.10 Td (. Murphy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (was awarded cash bonuses totaling $96,552 of which $29,972 was remaining to be paid in 2015. For the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (31, 2015, Mr) Tj ET Q q 0 0 0 rg BT 101.67 508.10 Td (. Murphy was awarded cash bonuses totaling $247,335 of which $15,133 was remaining to be paid in 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 484.10 Td (In connection with the agreement, Mr) Tj ET Q q 0 0 0 rg BT 236.51 484.10 Td (. Murphy received an option to purchase 40,000 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (exercise price of $5.20 per share, expiring on December 26, 2024. ) Tj ET Q q 0 0 0 rg BT 319.17 472.10 Td (The option vests 15% immediately and the remainder in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (equal monthly installments over 41 months commencing December 31, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 436.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.67 436.10 Td (. Murphy's employment agreement is subject to early termination for any reason upon written notice to him and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (the case of death, disability and cause. If terminated, for any reason other than death, disability or cause, Mr) Tj ET Q q 0 0 0 rg BT 481.24 424.10 Td (. Murphy will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (entitled to a severance of six months of his current salary and twelve months of COBRA) Tj ET Q q 0 0 0 rg BT 403.54 412.10 Td ( payments. In the case of termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (due to disability) Tj ET Q q 0 0 0 rg BT 113.79 400.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 130.46 400.10 Td (. Murphy will be entitled to a severance of current salary until such time \(but no more than 120 days after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (such disability\) that disability insurance plan payments commence. If there is a change of control \(as defined in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (employment agreement\) and Mr) Tj ET Q q 0 0 0 rg BT 178.57 376.10 Td (. Murphy's employment terminates within six months following the change of control for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (reasons other than for cause, then Mr) Tj ET Q q 0 0 0 rg BT 198.01 364.10 Td (. Murphy will be entitled to such amount equal to six months of his then current base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (salary) Tj ET Q q 0 0 0 rg BT 73.23 352.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 328.10 Td (Pursuant to an employment agreement dated ) Tj ET Q q 0 0 0 rg BT 265.95 328.10 Td (August 25, 2014, LeAnn C. Hitchcock will receive an annual base salary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (of $185,000 and be eligible for bonus distributions as determined by the Board of Directors, based on meeting and exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (mutually agreed upon annual performance goals. Ef) Tj ET Q q 0 0 0 rg BT 259.74 304.10 Td (fective December 1, 2015, the Board increased Ms. Hitchcock's salary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (an annual base salary of $200,000 and granted a stock option to purchase 10,000 shares of common stock at an exercise price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (of $8.00 per share, expiring on December 1, 2025. ) Tj ET Q q 0 0 0 rg BT 256.43 280.10 Td (The option vests in equal monthly installments over 48 months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (commencing December 1, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 244.10 Td (Ms. Hitchcock's employment agreement is subject to early termination for any reason upon written notice to her and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (the case of death, disability and cause. If terminated, for any reason other than death, disability or cause, Ms. Hitchcock will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (entitled to a severance of three months of her then current salary) Tj ET Q q 0 0 0 rg BT 306.74 220.10 Td (. In the case of termination due to disability) Tj ET Q q 0 0 0 rg BT 482.71 220.10 Td (, Ms. Hitchcock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (will be entitled to a severance of current salary until such time \(but no more than 120 days after such disability\) that disability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (insurance plan payments commence. If there is a change of control \(as defined in the employment agreement\) and Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Hitchcock's employment terminates within six months following the change of control for reasons other than for cause, then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Ms. Hitchcock will be entitled to such amount equal to her then current compensation for the greater of three months or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (time remaining between the termination and the six month anniversary of the change of control. For the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (31, 2014, Ms. Hitchcock was awarded cash bonuses totaling $7,848 of which $5,283 was remaining to be paid in 2015. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (year ended December 31, 2015, Ms. Hitchcock was awarded cash bonuses totaling $16,706 of which $5,341 was remaining to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (be paid in 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 100.10 Td (On January 25, 2015, we entered into an ) Tj ET Q q 0 0 0 rg BT 249.85 100.10 Td (Amended and Restated Executive Employment ) Tj ET Q q 0 0 0 rg BT 441.19 100.10 Td (Agreement, ef) Tj ET Q q 0 0 0 rg BT 498.20 100.10 Td (fective January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (1, 2015, with R) Tj ET Q q 0 0 0 rg BT 111.55 88.10 Td (yan S. Schram to serve as our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 310.21 88.10 Td (ficer through December 31, 2017, subject to renewal, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (consideration for an annual base salary of $240,000 and annual stock options with a fair value of $25,000 vesting over four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (years in equal monthly installments. However) Tj ET Q q 0 0 0 rg BT 235.95 64.10 Td (, the number of underlying shares of common stock shall not exceed 6,667 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (shares. In the event the fair market value of the stock option grant is less than $25,000 as limited by the 6,667 share cap, Mr) Tj ET Q q 0 0 0 rg BT 547.37 52.10 Td (. ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Schram will be entitled to receive either 50% of the dif) Tj ET Q q 0 0 0 rg BT 269.74 742.10 Td (ference in fair market value in cash or 100% of the value in Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Stock Units with the same vesting schedule as the stock options, at the sole discretion of the Board of Directors. Mr) Tj ET Q q 0 0 0 rg BT 514.63 730.10 Td (. Schram ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (will also be eligible for annual bonus distributions up to $100,000 in cash and $25,000 in stock options based on meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (certain key performance indicators set forth in his employment agreement, as well as an annual override cash bonus of 0.4% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (0.65% based on our gross revenue. If Mr) Tj ET Q q 0 0 0 rg BT 215.52 694.10 Td (. Schram is terminated for any reason other than death, disability or cause, or if he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (resigns for good reason \(as those terms are defined in his amended employment agreement\), Mr) Tj ET Q q 0 0 0 rg BT 432.94 682.10 Td (. Schram will be entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (severance of six months) Tj ET Q q 0 0 0 rg BT 148.95 670.10 Td ( current salary and bonus and override bonus as in ef) Tj ET Q q 0 0 0 rg BT 359.81 670.10 Td (fect on the date of termination. ) Tj ET Q q 0 0 0 rg BT 487.55 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 494.22 670.10 Td ( change of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (control, under which Mr) Tj ET Q q 0 0 0 rg BT 147.20 658.10 Td (. Schram fails to retain his responsibilities, will be deemed to constitute good reason under his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (amended employment agreement. For the year ended December 31, 2014, Mr) Tj ET Q q 0 0 0 rg BT 362.67 646.10 Td (. Schram was awarded cash bonuses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 634.10 Td (10,726 of which $29,934 was remaining to be paid in 2015. For the year ended December 31, 2015, Mr) Tj ET Q q 0 0 0 rg BT 475.65 634.10 Td (. Schram was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (awarded cash bonuses totaling $139,761 of which $42,852 was remaining to be paid in 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 598.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 598.10 Td ( Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.90 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (The following table sets forth the cash compensation, as well as certain other compensation earned by each person ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (who served as a director of our company) Tj ET Q q 0 0 0 rg BT 212.35 562.10 Td (, during the year ended December 31, 2015: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 497.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 497.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 497.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 497.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 497.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 469.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 469.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 469.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 469.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 469.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 441.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 441.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 441.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 441.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 441.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 497.6 m 333.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 497.6 m 379.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 497.6 m 425.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 497.6 m 470.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 497.6 m 516.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 497.6 m 562.5 497.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.00 502.28 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.55 542.28 Td (Fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 532.28 Td (Earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.35 522.28 Td (or) Tj ET Q q 0 0 0 rg BT 349.61 522.28 Td ( Paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.70 512.28 Td (in Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.15 502.28 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.05 522.28 Td (Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.70 512.28 Td (Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 502.28 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.45 522.28 Td (Option) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.20 512.28 Td (Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.55 502.28 Td (\($\) \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.60 542.28 Td () Tj ET Q q 0 0 0 rg BT 487.55 542.28 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 532.28 Td (Other) Tj ET Q q 0 0 0 rg BT 505.67 532.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.25 522.28 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.20 512.28 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 502.28 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.90 512.28 Td () Tj ET Q q 0 0 0 rg BT 529.22 512.28 Td (T) Tj ET Q q 0 0 0 rg BT 534.97 512.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 502.28 Td (\($\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.17 Td (Brian W. Brady \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 488.17 Td (29,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 488.17 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.10 488.17 Td (40,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 488.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 488.17 Td (94,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.17 Td (John H. Caron \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 474.17 Td (23,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 474.17 Td (17,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 474.17 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 474.17 Td (49,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.17 Td (Lindsay A. Gardner \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 460.17 Td (29,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 460.17 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 460.17 Td (4,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 460.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 460.17 Td (58,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.17 Td (Jill M. Golder \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 446.17 Td (19,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 446.17 Td (14,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.10 446.17 Td (11,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 446.17 Td (46,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.17 Td (Daniel R. Rua \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 432.17 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 432.17 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.10 432.17 Td (36,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 432.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 432.17 Td (91,559) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 401.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 401.10 Td (Represents the aggregate grant date fair value of stock options issued during the year as calculated in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 389.10 Td (F) Tj ET Q q 0 0 0 rg BT 90.82 389.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 112.22 389.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 133.99 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.40 389.10 Td (opic 718. See "Critical ) Tj ET Q q 0 0 0 rg BT 232.08 389.10 Td (Accounting Policies and Use of Estimates" under "Management) Tj ET Q q 0 0 0 rg BT 491.01 389.10 Td (s Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 377.10 Td (Analysis of Financial Condition and Results of Operations" for additional information, including valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 365.10 Td (assumptions used in calculating the fair value of the awards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 347.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 347.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 347.10 Td (August 7, 2012, we appointed Brian ) Tj ET Q q 0 0 0 rg BT 247.19 347.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.71 347.10 Td (. Brady to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 443.73 347.10 Td (. Brady received 3,255 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 335.10 Td (shares of restricted stock valued at $25,000 and cash compensation of $29,000 in accordance with the non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 323.10 Td (director compensation program ef) Tj ET Q q 0 0 0 rg BT 221.60 323.10 Td (fected in March 2013. ) Tj ET Q q 0 0 0 rg BT 314.35 323.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 364.25 323.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 380.92 323.10 Td (. Brady received an option to purchase 9,882 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 311.10 Td (shares of common stock at an exercise price of $7.70 per share, expiring on ) Tj ET Q q 0 0 0 rg BT 389.79 311.10 Td (April 8, 2025. ) Tj ET Q q 0 0 0 rg BT 450.72 311.10 Td (The option vests in equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 299.10 Td (monthly installments over 48 months commencing ) Tj ET Q q 0 0 0 rg BT 290.98 299.10 Td (April 8, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 281.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 281.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 281.10 Td (April 13, 2015, we appointed John H. Caron to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 436.51 281.10 Td (. Caron received 2,170 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.10 Td (of restricted stock valued at $17,708 and cash compensation of $23,167 in accordance with the non-employee director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 257.10 Td (compensation program ef) Tj ET Q q 0 0 0 rg BT 188.01 257.10 Td (fected in March 2013. Upon joining the Board, Mr) Tj ET Q q 0 0 0 rg BT 392.69 257.10 Td (. Caron received an option to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 245.10 Td (2,500 shares of common stock at an exercise price of $7.60 per share, expiring on ) Tj ET Q q 0 0 0 rg BT 414.79 245.10 Td (April 13, 2025. ) Tj ET Q q 0 0 0 rg BT 480.72 245.10 Td (The option vests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 233.10 Td (equal monthly installments over 48 months commencing ) Tj ET Q q 0 0 0 rg BT 315.14 233.10 Td (April 13, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 215.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 215.10 Td (On December 10, 2013, we appointed Lindsay ) Tj ET Q q 0 0 0 rg BT 274.56 215.10 Td (A. Gardner to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 480.63 215.10 Td (. Gardner received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 203.10 Td (3,255 shares of restricted stock valued at $25,000 and cash compensation of $29,000 in accordance with the non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 191.10 Td (employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 262.97 191.10 Td (fected in March 2013. ) Tj ET Q q 0 0 0 rg BT 353.22 191.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 403.12 191.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 419.79 191.10 Td (. Gardner received an option to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 179.10 Td (purchase 1,154 shares of common stock at an exercise price of $7.70 per share, expiring on ) Tj ET Q q 0 0 0 rg BT 452.83 179.10 Td (April 8, 2025. ) Tj ET Q q 0 0 0 rg BT 513.75 179.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 167.10 Td (vests in equal monthly installments over 48 months commencing ) Tj ET Q q 0 0 0 rg BT 347.91 167.10 Td (April 8, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 149.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 149.10 Td (On May 26, 2015, we appointed Jill M. Golder to our Board of Directors. In 2015, Ms. Golder received 1,832 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (of restricted stock valued at $14,583 and cash compensation of $19,667 in accordance with the non-employee director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 125.10 Td (compensation program ef) Tj ET Q q 0 0 0 rg BT 188.01 125.10 Td (fected in March 2013. Upon joining the Board, Ms. Golder received an option to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 113.10 Td (2,500 shares of common stock at an exercise price of $10.00 per share, expiring on May 26, 2025. ) Tj ET Q q 0 0 0 rg BT 483.49 113.10 Td (The option vests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.10 Td (equal monthly installments over 48 months commencing May 26, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 83.10 Td (On July 31, 2012, we reappointed Daniel R. Rua to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 439.27 83.10 Td (. Rua received 3,255 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 71.10 Td (restricted stock valued at $25,000 and cash compensation of $30,000 in accordance with the non-employee director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 59.10 Td (compensation program ef) Tj ET Q q 0 0 0 rg BT 188.01 59.10 Td (fected in March 2013. ) Tj ET Q q 0 0 0 rg BT 278.26 59.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 328.16 59.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 344.83 59.10 Td (. Rua received an option to purchase 9,882 shares of ) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (common stock at an exercise price of $7.70 per share, expiring on ) Tj ET Q q 0 0 0 rg BT 351.47 742.10 Td (April 8, 2025. ) Tj ET Q q 0 0 0 rg BT 412.40 742.10 Td (The option vests in equal monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (installments over 48 months commencing ) Tj ET Q q 0 0 0 rg BT 255.15 730.10 Td (April 8, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 95.26 706.10 Td (fective March 1, 2013, the disinterested members of the Board implemented a compensation program for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (directors that entitles each serving non-employee director to receive the following compensation:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (An annual board retainer fee of $25,000 to be paid in restricted stock at the end of each calendar year earned equally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (over the year of service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 658.10 Td ( cash retainer fee of $20,000 per year) Tj ET Q q 0 0 0 rg BT 241.08 658.10 Td (, payable in cash or restricted stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Reimbursement of actual and necessary travel and related expenses in connection with attending in-person Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (meetings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 622.10 Td ( $1,000 per meeting fee for all meetings of the Board of Directors, subject to a $6,000 annual cap.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 610.10 Td ( $1,000 per audit committee meeting fee, subject to a $4,000 annual cap.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Equity Compensation Plan Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 562.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 132.29 562.10 Td (1, the board of directors adopted the 201) Tj ET Q q 0 0 0 rg BT 296.59 562.10 Td (1 Equity Incentive Plan of IZEA, Inc. \(the May 201) Tj ET Q q 0 0 0 rg BT 507.55 562.10 Td (1 Plan\). ) Tj ET Q q 0 0 0 rg BT 545.41 562.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (May 201) Tj ET Q q 0 0 0 rg BT 85.46 550.10 Td (1 Plan allows us to provide options as an incentive for employees and consultants. On ) Tj ET Q q 0 0 0 rg BT 433.46 550.10 Td (April 16, 2014, upon consent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (from holders of a majority of our outstanding voting capital stock, we increased the number of shares of common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (available for issuance under the May 201) Tj ET Q q 0 0 0 rg BT 214.57 526.10 Td (1 Plan from 1) Tj ET Q q 0 0 0 rg BT 268.92 526.10 Td (1,613,715 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.69 526.10 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.69 526.10 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 396.13 526.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.58 526.10 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.17 526.10 Td (, options to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.04 514.10 Td (840,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.54 514.10 Td ( shares have been granted and are outstanding and options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 514.10 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.78 514.10 Td ( shares have been exercised, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (leaving an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.06 502.10 Td (159,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 502.10 Td ( shares of common stock available for future grants under the May 201) Tj ET Q q 0 0 0 rg BT 462.00 502.10 Td (1 Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 478.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 478.10 Td (August 22, 201) Tj ET Q q 0 0 0 rg BT 161.19 478.10 Td (1, we adopted the 201) Tj ET Q q 0 0 0 rg BT 248.85 478.10 Td (1 B Equity Incentive Plan of IZEA, Inc. \(the August 201) Tj ET Q q 0 0 0 rg BT 479.54 478.10 Td (1 Plan\) reserving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (for issuance an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.67 466.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.17 466.10 Td ( shares of common stock. ) Tj ET Q q 0 0 0 rg BT 293.54 466.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.98 466.10 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.58 466.10 Td (, options to purchase all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.34 466.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.84 466.10 Td ( shares have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (been granted and are outstanding under the ) Tj ET Q q 0 0 0 rg BT 224.11 454.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 270.13 454.10 Td (1 Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 430.10 Td (Under both the May 201) Tj ET Q q 0 0 0 rg BT 183.94 430.10 Td (1 Plan and the ) Tj ET Q q 0 0 0 rg BT 242.83 430.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 288.85 430.10 Td (1 Plan, our board of directors determines the exercise price to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (paid for the shares, the period within which each option may be exercised, and the terms and conditions of each option. ) Tj ET Q q 0 0 0 rg BT 529.12 418.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (exercise price of the incentive and non-qualified stock options may not be less than 100% of the fair market value per share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (our common stock on the grant date. If an individual owns stock representing more than 10% of the outstanding shares, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (price of each share of an incentive stock option must be equal to or exceed 1) Tj ET Q q 0 0 0 rg BT 355.35 382.10 Td (10% of fair market value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 358.10 Td (April 16, 2014, stockholders holding a majority of our outstanding shares of common stock, upon previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (recommendation and approval of our Board of Directors, adopted the IZEA, Inc. 2014 Employee Stock Purchase Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (ESPP\) and reserved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.81 334.10 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 334.10 Td ( shares of our common stock for issuance thereunder) Tj ET Q q 0 0 0 rg BT 378.80 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.25 334.10 Td (Any employee regularly employed by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (company for 90 days or more on a full-time or part-time basis \(20 hours or more per week on a regular schedule\) will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (eligible to participate in the ESPP) Tj ET Q q 0 0 0 rg BT 184.15 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 191.46 310.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 231.93 310.10 Td ( will operate in successive six month of) Tj ET Q q 0 0 0 rg BT 389.78 310.10 Td (fering periods commencing at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (beginning of each fiscal year half. Each eligible employee who has elected to participate may purchase up to 10% of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (annual compensation in common stock not to exceed $21,250 annually or 1,000 shares per of) Tj ET Q q 0 0 0 rg BT 423.06 286.10 Td (fering period. ) Tj ET Q q 0 0 0 rg BT 482.30 286.10 Td (The purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (will be the lower of \(i\) 85% of the fair market value of a share of common stock on the first trading day of the of) Tj ET Q q 0 0 0 rg BT 500.51 274.10 Td (fering period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (or \(ii\) 85% of the fair market value of a share of common stock on the last trading day of the of) Tj ET Q q 0 0 0 rg BT 431.08 262.10 Td (fering period. ) Tj ET Q q 0 0 0 rg BT 487.83 262.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 528.30 262.10 Td ( will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (continue until January 1, 2024, unless otherwise terminated by our Board. ) Tj ET Q q 0 0 0 rg BT 352.72 250.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.16 250.10 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.76 250.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.76 250.10 Td (13,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.26 250.10 Td ( shares have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (issued under the ESPP) Tj ET Q q 0 0 0 rg BT 139.17 238.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (The following table sets forth information regarding the securities authorized for issuance under our equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (compensation plans as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.31 202.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.89 202.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 116.60 137.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 116.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 116.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 116.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 66.60 137.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 66.60 125.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 66.60 125.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 66.60 125.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 116.60000000000002 m 187.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 116.60000000000002 m 312.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 116.60000000000002 m 437.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 116.60000000000002 m 562.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 116.60000000000002 m 312.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 116.60000000000002 m 437.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 116.60000000000002 m 562.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 66.60000000000002 m 312.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 66.60000000000002 m 437.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 66.60000000000002 m 562.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 45.60000000000002 m 312.5 45.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 43.60000000000002 m 312.5 43.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 45.60000000000002 m 437.5 45.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 43.60000000000002 m 437.5 43.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 45.60000000000002 m 562.5 45.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 43.60000000000002 m 562.5 43.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.80 133.28 Td (Plan Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.45 163.28 Td (Number of securities to be) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.80 153.28 Td (issued upon exercise of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 143.28 Td (outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.95 133.28 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.80 163.28 Td (Weighted-average exercise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.70 153.28 Td (price of outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 143.28 Td (options, warrants and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 133.28 Td (rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 182.33 Td (Number of securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 172.33 Td (remaining available for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.25 162.33 Td (future issuance under) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 152.33 Td (equity compensation plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 142.33 Td (\(excluding securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.70 132.33 Td (reflected in column \(a\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.95 119.22 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 119.22 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.95 119.22 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 106.27 Td (Equity compensation plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 96.27 Td (approved by security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 96.27 Td (830,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 96.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 96.27 Td (8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 96.27 Td (173,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 81.27 Td (Equity compensation plans not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 71.27 Td (approved by security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 71.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 71.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 71.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 49.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 49.27 Td (830,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 49.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 49.27 Td (8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 49.27 Td (173,651) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 12 - SECURITY) Tj ET Q q 0 0 0 rg BT 148.81 742.25 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 212.99 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 229.00 742.25 Td ( CER) Tj ET Q q 0 0 0 rg BT 252.27 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.19 742.25 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 340.71 742.25 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 389.61 742.25 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 489.15 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 491.10 742.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 77.04 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 112.15 730.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 196.69 730.25 Td (TTERS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Security Ownership of Certain Beneficial Owners) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (The table and accompanying footnotes below set forth information as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 682.25 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.90 682.25 Td ( with respect to the beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (ownership of our common stock by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 652.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.25 Td (each person or group who beneficially owns more than 5% of our outstanding common stock,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 640.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 640.25 Td (each of our directors,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.25 Td (our executive of) Tj ET Q q 0 0 0 rg BT 150.79 628.25 Td (ficers, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 616.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.25 Td (all of our directors and executive of) Tj ET Q q 0 0 0 rg BT 228.54 616.25 Td (ficers as a group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 592.25 Td ( person is deemed to be the beneficial owner of securities that can be acquired within 60 days from the exercise of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (stock options and warrants or the conversion of convertible securities. ) Tj ET Q q 0 0 0 rg BT 331.87 580.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 381.21 580.25 Td (, common stock issuable upon exercise of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (stock options and warrants that are currently exercisable or exercisable within 60 days after the date of this annual report, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (common stock issuable upon conversion of convertible securities, have been included in the table with respect to the beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (ownership of the person owning the stock options, warrants and convertible securities, but not with respect to any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (persons. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (Unless otherwise indicated, we believe that all persons named in the following table have sole voting and investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (power with respect to all shares of common stock beneficially owned by them and that person) Tj ET Q q 0 0 0 rg BT 428.51 496.25 Td (s address is c/o IZEA, Inc., 480 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (N. Orlando ) Tj ET Q q 0 0 0 rg BT 96.94 484.25 Td (A) Tj ET Q q 0 0 0 rg BT 103.42 484.25 Td (venue, Suite 200, ) Tj ET Q q 0 0 0 rg BT 175.17 484.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.21 484.25 Td (inter Park, FL) Tj ET Q q 0 0 0 rg BT 239.66 484.25 Td ( 32789.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 431.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 431.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 403.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 403.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 375.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 375.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 347.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 347.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 319.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 319.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 291.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 291.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 263.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 263.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 235.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 235.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.75 350.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 207.75 4.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 207.75 72.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 207.75 4.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 207.75 82.00 -5.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 431.75 m 400.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 431.75 m 476.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 431.75 m 562.5 431.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.85 436.43 Td (Name of Beneficial Owner) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 456.43 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 446.43 Td (Beneficially) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.70 436.43 Td (Owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.80 464.48 Td (Per) Tj ET Q q 0 0 0 rg BT 508.10 464.48 Td (centage of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.05 454.48 Td (Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 444.48 Td (Beneficially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 434.48 Td (Owned \(1\)) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 420.86259765625 m 195.8271484375 420.86259765625 l s q 0 0 0 rg BT 53.00 422.43 Td (Executive Officers and Directors:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Edward H. \(Ted\) Murphy \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 408.32 Td (301,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 408.32 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 408.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Ryan S. Schram \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 394.32 Td (46,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 394.32 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 394.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.32 Td (LeAnn C. Hitchcock \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 380.32 Td (13,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 380.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 380.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Brian W. Brady \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 366.32 Td (904,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 366.32 Td (16.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 366.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.32 Td (John H. Caron \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 352.32 Td (27,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 352.32 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 352.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Lindsay A. Gardner \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 338.32 Td (69,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 338.32 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 338.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (Jill M. Golder \(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 324.32 Td (6,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 324.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 324.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.32 Td (Daniel R. Rua \(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 310.32 Td (14,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 310.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 310.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 280.86259765625 m 129.3916015625 280.86259765625 l s q 0 0 0 rg BT 53.00 282.43 Td (5% Stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Special Situations Technology Fund II, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 268.32 Td (546,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 268.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 268.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (Special Situations Private Equity Fund, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 254.32 Td (375,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 254.32 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 254.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.32 Td (Special Situations Technology Fund, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 240.32 Td (96,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 240.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 240.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.32 Td (Goldman Partners, L.P. \(11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 226.32 Td (265,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 226.32 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 226.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.32 Td (Privet Fund LP \(12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 212.32 Td (272,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 212.32 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 212.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.32 Td (All executive officers and directors as a group \(8 persons\) \(13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 193.32 Td (1,383,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 193.32 Td (24.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 193.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 159.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 159.25 Td (Applicable percentage of ownership for each holder is based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.12 159.25 Td (5,339,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.12 159.25 Td ( shares outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.94 159.25 Td (March18, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.54 159.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 141.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 141.25 Td (Includes 25,107 shares and exercisable stock options to purchase 276,171 shares of common stock under our May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 129.25 Td (201) Tj ET Q q 0 0 0 rg BT 100.63 129.25 Td (1 Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 111.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 111.25 Td (Includes 1,444 shares and exercisable stock options to purchase 45,208 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 111.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 99.25 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 81.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 81.25 Td (Includes 1,277 shares and exercisable stock options to purchase 12,622 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 81.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 69.25 Td (Equity Incentive Plan.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Includes 900,354 shares, exercisable stock options to purchase 3,301 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 539.69 742.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Equity Incentive Plan and exercisable stock options to purchase 625 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 500.90 730.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 546.92 730.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (Includes 22,689 shares and exercisable stock options to purchase 4,323 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 700.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Includes 64,626 shares, exercisable stock options to purchase 2,136 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 534.69 670.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Equity Incentive Plan and exercisable stock options to purchase 2,500 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 508.40 658.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 554.42 658.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.10 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.10 Td (Includes 4,351 shares, exercisable stock options to purchase 2,292 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 529.69 628.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (\(9\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Includes 1) Tj ET Q q 0 0 0 rg BT 127.01 598.10 Td (1,266 shares, exercisable stock options to purchase 3 053shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 531.82 598.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Equity Incentive Plan and exercisable stock options to purchase 625 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 500.90 586.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 546.92 586.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 556.10 Td (\(10\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (Special Situations ) Tj ET Q q 0 0 0 rg BT 160.26 556.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.67 556.10 Td (echnology Fund II, L.P) Tj ET Q q 0 0 0 rg BT 257.61 556.10 Td (. \(SSFT) Tj ET Q q 0 0 0 rg BT 288.03 556.10 Td (echII\) is the registered holder of 546,621 shares , Special Situations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.10 Td (Private Equity Fund, L.P) Tj ET Q q 0 0 0 rg BT 184.61 544.10 Td (. \(SSFPE\) is the registered holder of 375,132 shares, and Special Situations ) Tj ET Q q 0 0 0 rg BT 488.00 544.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.41 544.10 Td (echnology Fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 532.10 Td (L.P) Tj ET Q q 0 0 0 rg BT 99.06 532.10 Td (. \(SSFT) Tj ET Q q 0 0 0 rg BT 129.49 532.10 Td (ech\) is the registered holder of 96,463 shares. ) Tj ET Q q 0 0 0 rg BT 315.82 532.10 Td (As a result of the beneficial ownership limitations included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (in the warrants held by SSFT) Tj ET Q q 0 0 0 rg BT 202.24 520.10 Td (echII, SSFPE and SSFT) Tj ET Q q 0 0 0 rg BT 297.66 520.10 Td (ech, the warrants may be exercised to the extent that the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.10 Td (number of shares of common stock then beneficially owned does not exceed 19.99% of the outstanding stock. ) Tj ET Q q 0 0 0 rg BT 530.34 508.10 Td (A) Tj ET Q q 0 0 0 rg BT 536.76 508.10 Td (WM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (Investment Company) Tj ET Q q 0 0 0 rg BT 171.17 496.10 Td (, Inc. \(A) Tj ET Q q 0 0 0 rg BT 203.69 496.10 Td (WM\) is the investment adviser to SSFT) Tj ET Q q 0 0 0 rg BT 361.87 496.10 Td (echII, SSFPE and SSFT) Tj ET Q q 0 0 0 rg BT 457.29 496.10 Td (ech. ) Tj ET Q q 0 0 0 rg BT 478.12 496.10 Td (Austin ) Tj ET Q q 0 0 0 rg BT 507.11 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.63 496.10 Td (. Marxe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (David M. Greenhouse and ) Tj ET Q q 0 0 0 rg BT 193.48 484.10 Td (Adam C. Stettner are the principal owners of ) Tj ET Q q 0 0 0 rg BT 374.81 484.10 Td (A) Tj ET Q q 0 0 0 rg BT 381.23 484.10 Td (WM. ) Tj ET Q q 0 0 0 rg BT 406.88 484.10 Td (Through their control of ) Tj ET Q q 0 0 0 rg BT 505.75 484.10 Td (A) Tj ET Q q 0 0 0 rg BT 512.17 484.10 Td (WM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (Messrs. Marxe, Greenhouse and Stettner share voting and investment control over the portfolio securities of each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (the Special Situations funds listed above. ) Tj ET Q q 0 0 0 rg BT 255.24 460.10 Td (The address of the Special Situations funds is 527 Madison ) Tj ET Q q 0 0 0 rg BT 494.10 460.10 Td (A) Tj ET Q q 0 0 0 rg BT 500.58 460.10 Td (venue, Suite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (2600, New ) Tj ET Q q 0 0 0 rg BT 132.01 448.10 Td (Y) Tj ET Q q 0 0 0 rg BT 138.23 448.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 170.63 448.10 Td ( 10022.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 75.96 430.10 Td (1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (Goldman Partners, L.P) Tj ET Q q 0 0 0 rg BT 176.55 430.10 Td (. is the registered holder of 265,002 shares. Neal Goldman, as General Partner of Goldman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (Partners, L.P) Tj ET Q q 0 0 0 rg BT 136.83 418.10 Td (., has voting and dispositive power of the shares and warrants owned by Goldman Partners, L.P) Tj ET Q q 0 0 0 rg BT 517.59 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.91 418.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (address for Goldman Partners, L.P) Tj ET Q q 0 0 0 rg BT 223.20 406.10 Td (. is 767 ) Tj ET Q q 0 0 0 rg BT 254.69 406.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 278.85 406.10 Td (A) Tj ET Q q 0 0 0 rg BT 285.33 406.10 Td (venue, 25th Floor) Tj ET Q q 0 0 0 rg BT 355.76 406.10 Td (, New ) Tj ET Q q 0 0 0 rg BT 381.77 406.10 Td (Y) Tj ET Q q 0 0 0 rg BT 387.99 406.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 420.39 406.10 Td ( 10017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td (\(12\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (Privet Fund LP) Tj ET Q q 0 0 0 rg BT 146.75 388.10 Td ( is the registered holder of 272,048 shares . R) Tj ET Q q 0 0 0 rg BT 330.19 388.10 Td (yan Levenson, as General Partner of Privet Fund LP) Tj ET Q q 0 0 0 rg BT 538.20 388.10 Td (, has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (voting and dispositive power of the shares and warrants owned by Privet Fund LP) Tj ET Q q 0 0 0 rg BT 412.89 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 420.21 376.10 Td (The address for Privet Fund LP) Tj ET Q q 0 0 0 rg BT 545.66 376.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td (3280 Peachtree Road N.E., Suite 2670, ) Tj ET Q q 0 0 0 rg BT 244.31 364.10 Td (Atlanta, GA) Tj ET Q q 0 0 0 rg BT 292.63 364.10 Td ( 30305.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (\(13\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (For all executive of) Tj ET Q q 0 0 0 rg BT 163.85 346.10 Td (ficers and directors as a group, this amount includes 1,031,1) Tj ET Q q 0 0 0 rg BT 403.97 346.10 Td (14 shares and exercisable stock options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (to purchase 352,856 shares of common stock under our Equity Incentive Plans as further detailed in footnotes \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (through \(9\) above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (ITEM 13 - CER) Tj ET Q q 0 0 0 rg BT 118.26 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 124.19 286.10 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 172.07 286.10 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 228.48 286.10 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 279.68 286.10 Td (TED ) Tj ET Q q 0 0 0 rg BT 302.56 286.10 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 383.97 286.10 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 446.86 286.10 Td (OR INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 262.10 Td (e review all transactions involving us in which any of our directors, director nominees, significant shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 250.10 Td (ficers and their immediate family members are participants to determine whether such person has a direct or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (indirect material interest in the transaction. ) Tj ET Q q 0 0 0 rg BT 226.05 238.10 Td (All directors, director nominees and executive of) Tj ET Q q 0 0 0 rg BT 421.63 238.10 Td (ficers must notify us of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (proposed transaction involving us in which such person has a direct or indirect material interest. Such proposed transaction is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (then reviewed by either the Board as a whole or the ) Tj ET Q q 0 0 0 rg BT 257.98 214.10 Td (Audit Committee, which determines whether or not to approve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 100.82 202.10 Td (After such review) Tj ET Q q 0 0 0 rg BT 171.81 202.10 Td (, the reviewing body approves the transaction only if it determines that the transaction is in, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (not inconsistent with, the best interests of our company and our shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 85.09 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.02 166.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (Except as described below) Tj ET Q q 0 0 0 rg BT 191.70 142.10 Td (, since the beginning of our last fiscal year) Tj ET Q q 0 0 0 rg BT 360.97 142.10 Td (, there have been no transactions, whether directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (or indirectly) Tj ET Q q 0 0 0 rg BT 98.50 130.10 Td (, between us and any of our respective of) Tj ET Q q 0 0 0 rg BT 262.43 130.10 Td (ficers, directors, beneficial owners of more than 5% of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (common stock or their family members, that exceeded the lesser of $120,000 or 1% of the average of our total assets at year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (end for the last two completed fiscal years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 82.10 Td (In our private placement completed on February 21, 2014, Edward H. \(T) Tj ET Q q 0 0 0 rg BT 376.32 82.10 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 423.16 82.10 Td (, Brian ) Tj ET Q q 0 0 0 rg BT 452.70 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.22 82.10 Td (. Brady and Lindsay ) Tj ET Q q 0 0 0 rg BT 544.26 82.10 Td (A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Gardner) Tj ET Q q 0 0 0 rg BT 82.36 70.10 Td (, directors of our company) Tj ET Q q 0 0 0 rg BT 190.01 70.10 Td (, purchased from us 436 shares, 35,714 shares and 28,572 shares of our common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 58.10 Td (, at a purchase price of $7.00 per share, pursuant to a Purchase ) Tj ET Q q 0 0 0 rg BT 349.24 58.10 Td (Agreement dated as of February 12, 2014. ) Tj ET Q q 0 0 0 rg BT 522.52 58.10 Td (As part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (of the private placement, they each received warrants to purchase up to 50% of their number of shares of common stock at an ) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (exercise price of $7.00 per share and warrants to purchase up to another 50% of their number of shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (exercise price of $10.00 per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (In our warrant exchange transaction completed on ) Tj ET Q q 0 0 0 rg BT 288.42 706.10 Td (August 14, 2015, the Special Situations funds, our lar) Tj ET Q q 0 0 0 rg BT 502.39 706.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (institutional shareholder) Tj ET Q q 0 0 0 rg BT 146.52 694.10 Td (, and Brian ) Tj ET Q q 0 0 0 rg BT 193.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 201.52 694.10 Td (. Brady) Tj ET Q q 0 0 0 rg BT 230.31 694.10 Td (, a director of our company) Tj ET Q q 0 0 0 rg BT 338.51 694.10 Td (, participated in the transaction by exercising warrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (that they received in our previous private placements. ) Tj ET Q q 0 0 0 rg BT 269.18 682.10 Td (The Special Situations funds made a payment to us in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ($3,414,572 in consideration for 542,858 shares of our common stock, and Mr) Tj ET Q q 0 0 0 rg BT 359.67 670.10 Td (. Brady made a payment to us in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td ($2,460,208 in consideration for 502,940 shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 333.38 658.10 Td (The Special Situations funds and Mr) Tj ET Q q 0 0 0 rg BT 479.20 658.10 Td (. Brady exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (their warrants at the same price and on the same terms and conditions as all other warrantholders in the transaction, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (negotiation of which terms was led by the Special Situations funds and other institutional shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 610.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.35 610.10 Td (August ) Tj ET Q q 0 0 0 rg BT 131.97 610.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 147.19 610.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 172.42 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 186.81 610.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.53 610.10 Td (84,375 ) Tj ET Q q 0 0 0 rg BT 244.76 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 272.48 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.54 610.10 Td (common ) Tj ET Q q 0 0 0 rg BT 321.26 610.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.09 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.60 610.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 380.34 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.87 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.09 610.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 421.26 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.65 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.36 610.10 Td (that ) Tj ET Q q 0 0 0 rg BT 481.08 610.10 Td (were ) Tj ET Q q 0 0 0 rg BT 503.24 610.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.95 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.46 610.10 Td (him ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 598.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 82.78 598.10 Td (as ) Tj ET Q q 0 0 0 rg BT 93.61 598.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 149.98 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.14 598.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 187.75 598.10 Td (made ) Tj ET Q q 0 0 0 rg BT 211.90 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.18 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.90 598.10 Td (Company) Tj ET Q q 0 0 0 rg BT 275.14 598.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 562.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.22 562.10 Td (Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 538.10 Td (Each of our directors other than Edward H. \(T) Tj ET Q q 0 0 0 rg BT 269.96 538.10 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 316.80 538.10 Td (, R) Tj ET Q q 0 0 0 rg BT 328.07 538.10 Td (yan S. Schram and Brian ) Tj ET Q q 0 0 0 rg BT 430.09 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 438.61 538.10 Td (. Brady qualifies as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (independent in accordance with the published listing requirements of the Nasdaq Stock Market.) Tj ET Q q 0 0 0 rg BT 445.72 526.10 Td (As provided by the Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (rules, the Board has made a subjective determination as to each independent director that no relationships exists which, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (director) Tj ET Q q 0 0 0 rg BT 80.54 490.10 Td (.In making these determinations, the directors reviewed and discussed information provided by the directors with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (regard ) Tj ET Q q 0 0 0 rg BT 78.04 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.32 478.10 Td (each ) Tj ET Q q 0 0 0 rg BT 109.13 478.10 Td (director) Tj ET Q q 0 0 0 rg BT 140.60 478.10 Td () Tj ET Q q 0 0 0 rg BT 143.37 478.10 Td (s ) Tj ET Q q 0 0 0 rg BT 149.77 478.10 Td (business ) Tj ET Q q 0 0 0 rg BT 186.16 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.10 478.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 239.47 478.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 278.07 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.90 478.10 Td (they ) Tj ET Q q 0 0 0 rg BT 308.62 478.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.33 478.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 353.04 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.32 478.10 Td (us ) Tj ET Q q 0 0 0 rg BT 374.71 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.65 478.10 Td (our ) Tj ET Q /GS0 gs q 56.09 0 0 10.09 407.48 475.94 cm /I18 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 454.10 Td (e review all transactions involving us in which any of our directors, director nominees, significant shareholders and executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 442.10 Td (ficers and their immediate family members are participants to determine whether such person has a direct or indirect material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (interest in the transaction.) Tj ET Q q 0 0 0 rg BT 157.75 430.10 Td (All directors, director nominees and executive of) Tj ET Q q 0 0 0 rg BT 353.33 430.10 Td (ficers must notify us of any proposed transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (involving us in which such person has a direct or indirect material interest.Such proposed transaction is then reviewed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (either the Board as a whole or the ) Tj ET Q q 0 0 0 rg BT 186.62 406.10 Td (Audit Committee, which determines whether or not to approve the transaction.) Tj ET Q q 0 0 0 rg BT 505.99 406.10 Td (After such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (review) Tj ET Q q 0 0 0 rg BT 76.56 394.10 Td (, the reviewing body approves the transaction only if it determines that the transaction is in, or not inconsistent with, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (best ) Tj ET Q q 0 0 0 rg BT 68.61 382.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 104.43 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.26 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.98 382.10 Td (company ) Tj ET Q q 0 0 0 rg BT 169.14 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.07 382.10 Td (its ) Tj ET Q /GS0 gs q 55.54 0 0 10.09 198.02 379.94 cm /I19 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (ITEM 14 - PRINCIP) Tj ET Q q 0 0 0 rg BT 138.42 346.10 Td (AL) Tj ET Q q 0 0 0 rg BT 151.76 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.71 346.10 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 203.53 346.10 Td (ANT) Tj ET Q q 0 0 0 rg BT 224.46 346.10 Td ( FEES ) Tj ET Q q 0 0 0 rg BT 253.92 346.10 Td (AND SER) Tj ET Q q 0 0 0 rg BT 297.18 346.10 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 320.90 Td (On ) Tj ET Q q 0 0 0 rg BT 96.17 320.90 Td (August 1, 2015, the practice of Cross, Fernandez & Riley) Tj ET Q q 0 0 0 rg BT 325.47 320.90 Td (, LLP) Tj ET Q q 0 0 0 rg BT 347.88 320.90 Td ( \("CFR"\), which was engaged as our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.90 Td (registered public accounting firm was combined with BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 331.80 308.90 Td ( \("BDO"\) and the professional staf) Tj ET Q q 0 0 0 rg BT 470.02 308.90 Td (f and partners of CFR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.90 Td (joined BDO either as employees or partners of BDO. ) Tj ET Q q 0 0 0 rg BT 266.89 296.90 Td (As a result of this transaction, CFR resigned as the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.90 Td (independent registered public accounting firm on ) Tj ET Q q 0 0 0 rg BT 248.83 284.90 Td (August 1, 2015. On ) Tj ET Q q 0 0 0 rg BT 331.89 284.90 Td (August 1, 2015, following the resignation of CFR, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.90 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 272.90 Td (, through and with the approval of its Board of Directors, appointed BDO as its independent registered public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.90 Td (accounting firm.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.90 Td (Audit Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 212.90 Td (Audit Fees consisted of fees billed for professional services rendered for the audit of our annual financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.90 Td (and review of the interim financial statements included in quarterly reports, and review of other documents filed with the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.90 Td (within those fiscal years. ) Tj ET Q q 0 0 0 rg BT 153.87 188.90 Td (Audit fees billed by BDO during the year ended December 31, 2015 was $1) Tj ET Q q 0 0 0 rg BT 457.30 188.90 Td (1) Tj ET Q q 0 0 0 rg BT 461.93 188.90 Td (1,300. ) Tj ET Q q 0 0 0 rg BT 491.38 188.90 Td (Audit fees billed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.90 Td (by CFR during the years ended December 31, 2015 and 2014 were $28,150 and $1) Tj ET Q q 0 0 0 rg BT 381.22 176.90 Td (15,555, respectively) Tj ET Q q 0 0 0 rg BT 461.38 176.90 Td (. ) Tj ET Q q 0 0 0 rg BT 468.33 176.90 Td (All of these fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.90 Td (pre-approved by our Board of Directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.90 Td (Audit-Related Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 116.90 Td (There were no audit-related fees billed by BDO or CFR to us during the years ended December 31, 2015 and 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 92.90 Td (ax Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 68.90 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 68.90 Td (ax fees relate to preparation of federal and state income tax returns, tax consultation and compliance services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.90 Td (additional tax research. ) Tj ET Q q 0 0 0 rg BT 147.83 56.90 Td (T) Tj ET Q q 0 0 0 rg BT 153.24 56.90 Td (ax fees billed by BDO during the year ended December 31, 2015 was $10,410. ) Tj ET Q q 0 0 0 rg BT 473.53 56.90 Td (T) Tj ET Q q 0 0 0 rg BT 478.94 56.90 Td (ax fees billed by ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (CFR during the years ended December 31, 2015 and 2014 were $1,470 and $6,982, respectively) Tj ET Q q 0 0 0 rg BT 434.25 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.20 742.10 Td (All of these fees were pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (approved by the Board of Directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (All Other) Tj ET Q q 0 0 0 rg BT 90.64 706.10 Td ( Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (There were no fees for other services billed by BDO or CFR to us during the year ended December 31, 2015. Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (fees for compensation review services billed by CFR was $1,750 during the year ended December 31, 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Audit Committee Pr) Tj ET Q q 0 0 0 rg BT 137.02 646.10 Td (e-Appr) Tj ET Q q 0 0 0 rg BT 167.39 646.10 Td (oval Policies and Pr) Tj ET Q q 0 0 0 rg BT 251.37 646.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 280.63 646.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 622.10 Td (Section 10A\(i\)\(1\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 226.23 622.10 Td (Act and related SEC rules require that all auditing and permissible non-audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (services to be performed by our principal accountants be approved in advance by the ) Tj ET Q q 0 0 0 rg BT 390.99 610.10 Td (Audit Committee of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Directors. Pursuant to Section 10A\(i\)\(3\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 282.72 598.10 Td (Act and related SEC rules, the ) Tj ET Q q 0 0 0 rg BT 405.74 598.10 Td (Audit Committee has established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (procedures by which the Chairman of the ) Tj ET Q q 0 0 0 rg BT 217.45 586.10 Td (Audit Committee may pre-approve such services provided that the pre-approval is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (detailed as to the particular service or category of services to be rendered and the Chairman reports the details of the services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (the full ) Tj ET Q q 0 0 0 rg BT 80.55 562.10 Td (Audit Committee at its next regularly scheduled meeting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 538.10 Td (The audit committee has considered the services provided by BDO and CFR as disclosed above and has concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (that such services are compatible with the independence of BDO and CFR as our principal accountant. ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM 15 EXHIBITS ) Tj ET Q q 0 0 0 rg BT 149.47 718.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 229.76 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 243.75 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 250.22 718.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 293.38 718.25 Td ( SCHEDULES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 707.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 707.75 23.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 707.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 649.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 649.75 23.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 649.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 603.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 603.75 23.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 603.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 557.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 557.75 23.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 557.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 509.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 509.75 23.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 509.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 439.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 439.75 23.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 439.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 379.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 379.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 379.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 329.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 329.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 329.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 279.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 279.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 279.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 229.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 229.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 229.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 179.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 179.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 179.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 129.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.50 129.75 23.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 129.75 446.00 -25.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 698.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 697.87 Td (Stock Purchase Agreement, dated as of January 27, 2015, by and among IZEA, Inc., Ebyline, Inc. and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 687.87 Td (Stockholders of Ebyline, Inc. listed on the signature pages thereto \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 677.87 Td (Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 663.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 663.32 Td (Articles of Incorporation \(Incorporated by reference to the Companys registration statement on Form S-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 653.32 Td (filed with the SEC on July 2, 2010\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 640.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 640.32 Td (Certificate of Amendment to the Articles of Incorporation \(Incorporated by reference to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 630.32 Td (current report on Form 8-K filed with the SEC on February 15, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 617.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 617.32 Td (Certificate of Amendment to the Articles of Incorporation \(Incorporated by reference to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 607.32 Td (current report on Form 8-K filed with the SEC on May 16, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 594.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 594.32 Td (Bylaws \(Incorporated by reference to the Companys registration statement on Form S-1 filed with the SEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 584.32 Td (on July 2, 2010\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 571.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 571.32 Td (Certificate of Designation \(Incorporated by reference to the Companys current report on Form 8-K filed with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 561.32 Td (the SEC on May 27, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 548.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 548.32 Td (Amendment to Certificate of Designation \(Incorporated by reference to the Companys current report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 538.32 Td (Form 8-K filed with the SEC on May 27, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 525.32 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 524.42 Td (Certificate of Change of IZEA, Inc., filed with the Nevada Secretary of State on July 30, 2012 \(Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 514.42 Td (by reference to the Companys current report on Form 8-K filed with the SEC on August 1, 2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 500.32 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 499.87 Td (Certificate of Amendment to Articles of Incorporation filed with the Secretary of State of the State of Nevada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 489.87 Td (on April 17, 2014 \(Incorporated by reference to the Companys current report on Form 8-K filed with the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 479.87 Td (SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 465.32 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 464.87 Td (Certificate of Withdrawal of Certificate of Designation filed with the Secretary of State of the State of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 454.87 Td (Nevada effective January 23, 2015 \(Incorporated by reference to the Companys current report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 444.87 Td (filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 430.32 Td (3.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 429.87 Td (Certificate of Amendment filed with the Secretary of State of the State of Nevada effective January 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 419.87 Td (\(Incorporated by reference to the Companys current report on Form 8-K filed with the SEC on January 12,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 409.87 Td (2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 395.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 394.87 Td (Form of Warrant to Purchase Common Stock of IZEA, Inc. issued to Investors in the 2013 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 384.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on August 21, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 370.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 369.87 Td (Form of Warrant to Purchase Common Stock of IZEA, Inc. issued to Investors in the 2014 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 359.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on February 24, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 345.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 344.87 Td (Form of Warrant Amendment and Exercise Agreement dated July 20, 2015 between the Company and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 334.87 Td (Warrant Holders \(Incorporated by reference to Form 8-K, filed with the SEC on July 23, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 320.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 319.87 Td (Amended 2011 Equity Incentive Plan as of February6, 2013 \(Incorporated by reference to Form 10-K, filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 309.87 Td (with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 295.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 294.87 Td (Financing Agreement between the Company and Bridge Bank, dated March1, 2013 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 284.87 Td (reference to Form 10-K, filed with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 270.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 269.87 Td (Form of Securities Purchase Agreement executed by IZEA, Inc. and Investors in the 2013 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 259.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on August 21, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 245.32 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 244.87 Td (Form of Securities Purchase Agreement, dated as of February 12, 2014, by and among IZEA, Inc. and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 234.87 Td (Investors \(Incorporated by reference to Form 8-K, filed with the SEC on February 19, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 220.32 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 219.87 Td (Form of Registration Rights Agreement, dated as of February 21, 2014, among IZEA, Inc. and each of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 209.87 Td (Investors \(Incorporated by reference to Form 8-K, filed with the SEC on February 24, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 195.32 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 195.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 194.87 Td (Amended and Restated 2011 Equity Incentive Plan as of April 16, 2014 \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 184.87 Td (Companys current report on Form 8-K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 170.32 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 170.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 169.87 Td (2014 Employee Stock Purchase Plan \(Incorporated by reference to the Companys current report on Form 8-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 159.87 Td (K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 145.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 145.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 144.87 Td (Employment Agreement between IZEA, Inc. and LeAnn Hitchcock dated August 25, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 134.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on August 25, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 120.32 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 120.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 119.87 Td (Employment Agreement between IZEA, Inc. and Edward Murphy dated December 26, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 109.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on December 31, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 95.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 95.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 94.87 Td (Employment Agreement between IZEA, Inc. and Ryan Schram dated January 25, 2015 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 84.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 703.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 703.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 702.17 Td (List of Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 688.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 688.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 687.17 Td (Consent of BDO USA, LLP, independent registered public accounting firm.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.07 Td (23.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 673.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 672.17 Td (Consent of Cross, Fernandez & Riley, LLP, independent registered public accounting firm.) 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