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Orlando ) Tj ET Q q 0 0 0 rg BT 167.54 350.08 Td (A) Tj ET Q q 0 0 0 rg BT 174.02 350.08 Td (venue, Suite 200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.95 340.08 Td (W) Tj ET Q q 0 0 0 rg BT 145.77 340.08 Td (inter) Tj ET Q q 0 0 0 rg BT 166.14 340.08 Td ( Park, FL) Tj ET Q q 0 0 0 rg BT 206.97 340.08 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 340.08 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 340.08 Td (32789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.10 326.66 Td (\(Address of principal executive offices\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 325.07 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.60 326.66 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.30 284.90 Td (Registrant) Tj ET Q q 0 0 0 rg BT 211.18 284.90 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 289.09 284.90 Td (, including area code: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.67 284.90 Td (\(407\) 674-691) Tj ET Q q 0 0 0 rg BT 439.60 284.90 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.90 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\) has been ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 240.50 Td (subject to such filing requirements for the past 90 days.) Tj ET Q q 0 0 0 rg BT 255.87 240.50 Td (Y) Tj ET Q q 0 0 0 rg BT 261.47 240.50 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 275.72 238.56 cm /I3 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.26 240.50 Td ( No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 307.51 238.56 cm /I4 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 229.70 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 218.90 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 419.46 218.90 Td (W) Tj ET Q q 0 0 0 rg BT 427.23 218.90 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 475.13 218.90 Td (, every Interactive Data ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 339.54 208.10 Td ( \( 232.405 of this chapter\) during the preceding 12 months ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 197.30 Td (\(or for such shorter period that the registrant was required to submit and post such files\).) Tj ET Q q 0 0 0 rg BT 372.58 197.30 Td (Y) Tj ET Q q 0 0 0 rg BT 378.18 197.30 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 390.18 195.36 cm /I5 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.72 197.30 Td ( No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 424.22 195.36 cm /I6 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 186.50 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 175.70 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 241.00 175.70 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 309.09 175.70 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 381.67 175.70 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 466.25 175.70 Td (, or a smaller reporting ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 164.90 Td (company) Tj ET Q q 0 0 0 rg BT 82.41 164.90 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 179.21 164.90 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 247.30 164.90 Td (, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Act.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 134.06 Td (Lar) Tj ET Q q 0 0 0 rg BT 65.33 134.06 Td (geacceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 138.27 132.12 cm /I7 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 134.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 134.06 Td (Acceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 495.71 132.12 cm /I8 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 120.06 Td (Non-acceleratedfiler ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 133.70 118.12 cm /I9 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 120.86 Td (\(Donotcheckifasmallerreportingcompany\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 120.06 Td (Smallerreportingcompany ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 531.72 118.12 cm /I10 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 105.30 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 94.50 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 440.12 94.50 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 462.52 94.50 Td (Y) Tj ET Q q 0 0 0 rg BT 468.12 94.50 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 484.62 92.56 cm /I11 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.64 94.50 Td ( No ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 517.14 92.56 cm /I12 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 71.70 Td (APPLICABLE ONL) Tj ET Q q 0 0 0 rg BT 286.21 71.70 Td (Y) Tj ET Q q 0 0 0 rg BT 293.06 71.70 Td ( ) Tj ET Q q 0 0 0 rg BT 295.38 71.70 Td (T) Tj ET Q q 0 0 0 rg BT 301.86 71.70 Td (O CORPORA) Tj ET Q q 0 0 0 rg BT 361.95 71.70 Td (TE REGISTRANTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 60.90 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td () Tj ET Q q 0 0 0 rg BT 51.75 50.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.01 50.10 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.75 50.10 Td (May4, ) Tj ET Q q 0 0 0 rg BT 101.50 50.10 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 119.50 50.10 Td (, ) Tj ET Q q 0 0 0 rg BT 124.00 50.10 Td (there ) Tj ET Q q 0 0 0 rg BT 144.24 50.10 Td (were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.97 50.10 Td (5,342,153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.97 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.22 50.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 226.96 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.71 50.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.96 50.10 Td (common ) Tj ET Q q 0 0 0 rg BT 284.70 50.10 Td (stockoutstanding.) Tj ET Q endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 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 167.40 730.10 Td (Quarterly Report on Form 10-Q for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.95 730.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.55 730.10 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 50.50 627.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 627.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 599.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.60 476.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 570.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 540.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 512.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 484.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 456.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 428.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 400.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 372.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.60 476.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 344.60 36.00 -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 534.25 632.27 Td (Page) 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 53 616.8333984375 m 215.099609375 616.8333984375 l s q 0 0 1 rg BT 53.00 618.17 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 618.17 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 618.17 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 618.17 Td ( I. FINANCIAL) Tj ET Q q 0 0 1 rg BT 143.71 618.17 Td ( INFORMA) Tj ET Q q 0 0 1 rg BT 191.22 618.17 Td (TION) 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 71 602.8333984375 m 195.4189453125 602.8333984375 l s q 0 0 1 rg BT 71.00 604.17 Td (Item 1. 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 101 588.8333984375 m 451.458984375 588.8333984375 l s q 0 0 1 rg BT 101.00 590.17 Td (Consolidated Balance Sheets as of March 31, 2016 \(unaudited\) and 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 101 573.9333984375 m 516.7421875 573.9333984375 l s q 0 0 1 rg BT 101.00 575.27 Td (Unaudited Consolidated Statements of Operations for the three months ended March 31, 2016 and 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 101 558.9333984375 m 513.5048828125 558.9333984375 l s q 0 0 1 rg BT 101.00 560.27 Td (Unaudited Consolidated Statement of Stockholders) Tj ET Q q 0 0 1 rg BT 308.55 560.27 Td ( Equity for the three months ended March 31, 2016) 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 101 543.9333984375 m 519.818359375 543.9333984375 l s q 0 0 1 rg BT 101.00 545.27 Td (Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 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 101 529.8333984375 m 334.84765625 529.8333984375 l s q 0 0 1 rg BT 101.00 531.17 Td (Notes to the Unaudited 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 71 515.8333984375 m 470.1162109375 515.8333984375 l s q 0 0 1 rg BT 71.00 517.17 Td (Item 2. Management) Tj ET Q q 0 0 1 rg BT 166.81 517.17 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 235.98 517.17 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 71 501.8333984375 m 353.4462890625 501.8333984375 l s q 0 0 1 rg BT 71.00 503.17 Td (Item 3. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 276.23 503.17 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 71 487.8333984375 m 210.140625 487.8333984375 l s q 0 0 1 rg BT 71.00 489.17 Td (Item 4. 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 53 459.8333984375 m 198.244140625 459.8333984375 l s q 0 0 1 rg BT 53.00 461.17 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 461.17 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 461.17 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 461.17 Td ( II. OTHER INFORMA) Tj ET Q q 0 0 1 rg BT 174.36 461.17 Td (TION) 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 71 445.8333984375 m 185.9658203125 445.8333984375 l s q 0 0 1 rg BT 71.00 447.17 Td (Item 1. 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 71 431.8333984375 m 161.8251953125 431.8333984375 l s q 0 0 1 rg BT 71.00 433.17 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 71 417.8333984375 m 353.4267578125 417.8333984375 l s q 0 0 1 rg BT 71.00 419.17 Td (Item 2. Unregistered Sales of Equity Securities and Use of Proceeds) 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 71 403.8333984375 m 240.9658203125 403.8333984375 l s q 0 0 1 rg BT 71.00 405.17 Td (Item 3. Defaults Upon Senior 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 71 389.8333984375 m 210.140625 389.8333984375 l s q 0 0 1 rg BT 71.00 391.17 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 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 71 375.8333984375 m 184.857421875 375.8333984375 l s q 0 0 1 rg BT 71.00 377.17 Td (Item 5. 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 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 71 361.8333984375 m 145.16015625 361.8333984375 l s q 0 0 1 rg BT 71.00 363.17 Td (Item 6. Exhibits) 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 53 333.8333984375 m 95.216796875 333.8333984375 l s q 0 0 1 rg BT 53.00 335.17 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 529 588.8333984375 m 534 588.8333984375 l s q 0 0 1 rg BT 529.00 590.17 Td (3) 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 529 573.9333984375 m 534 573.9333984375 l s q 0 0 1 rg BT 529.00 575.27 Td (4) 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 529 558.9333984375 m 534 558.9333984375 l s q 0 0 1 rg BT 529.00 560.27 Td (5) 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 529 543.9333984375 m 534 543.9333984375 l s q 0 0 1 rg BT 529.00 545.27 Td (6) 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 529 529.8333984375 m 534 529.8333984375 l s q 0 0 1 rg BT 529.00 531.17 Td (7) 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 529 515.8333984375 m 539 515.8333984375 l s q 0 0 1 rg BT 529.00 517.17 Td (20) 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 529 501.8333984375 m 539 501.8333984375 l s q 0 0 1 rg BT 529.00 503.17 Td (27) 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 529 487.8333984375 m 539 487.8333984375 l s q 0 0 1 rg BT 529.00 489.17 Td (28) 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 529 445.8333984375 m 539 445.8333984375 l s q 0 0 1 rg BT 529.00 447.17 Td (29) 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 529 431.8333984375 m 539 431.8333984375 l s q 0 0 1 rg BT 529.00 433.17 Td (29) 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 529 417.8333984375 m 539 417.8333984375 l s q 0 0 1 rg BT 529.00 419.17 Td (30) 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 529 403.8333984375 m 539 403.8333984375 l s q 0 0 1 rg BT 529.00 405.17 Td (30) 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 529 389.8333984375 m 539 389.8333984375 l s q 0 0 1 rg BT 529.00 391.17 Td (30) 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 529 375.8333984375 m 539 375.8333984375 l s q 0 0 1 rg BT 529.00 377.17 Td (30) 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 529 361.8333984375 m 539 361.8333984375 l s q 0 0 1 rg BT 529.00 363.17 Td (31) 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 529 333.8333984375 m 539 333.8333984375 l s q 0 0 1 rg BT 529.00 335.17 Td (33) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 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 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.50 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 224.87 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 238.96 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 245.45 742.25 Td ( I - FINANCIAL) Tj ET Q q 0 0 0 rg BT 316.29 742.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 366.93 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM 1 -FINANCIAL) Tj ET Q q 0 0 0 rg BT 148.62 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 162.61 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 169.09 718.25 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.45 694.25 Td (IZEA, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.95 682.25 Td (Consolidated Balance Sheets) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 633.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 633.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 605.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 605.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 577.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 577.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 549.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 549.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 549.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 525.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 525.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 469.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 469.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 469.75 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 50.5 647.75 m 428.5 647.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 647.75 m 493.5 647.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 647.75 m 497.5 647.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 647.75 m 562.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 549.75 m 428.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 535.75 m 428.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 549.75 m 493.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 535.75 m 493.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 549.75 m 497.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 535.75 m 497.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 549.75 m 562.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 535.75 m 562.5 535.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 455.75 m 428.5 455.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 455.75 m 493.5 455.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 455.75 m 497.5 455.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 455.75 m 562.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 442.75 m 428.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 440.75 m 428.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 442.75 m 493.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.75 m 493.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 442.75 m 497.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 440.75 m 497.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.75 m 562.5 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.75 m 562.5 440.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.95 662.32 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 652.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 662.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 652.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 638.32 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.90 624.32 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.32 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 610.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 610.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 596.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 596.32 Td (10,064,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 596.32 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 582.32 Td (Accounts receivable, net of allowance for doubtful accounts of $190,000 and $139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 582.32 Td (2,976,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 582.32 Td (3,917,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.32 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 568.32 Td (530,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 568.32 Td (193,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 554.32 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 554.32 Td (40,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 554.32 Td (16,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 540.32 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 540.32 Td (13,611,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 540.32 Td (15,736,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.32 Td (Property and equipment, net of accumulated depreciation of $506,566 and $445,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 516.32 Td (582,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 516.32 Td (596,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 502.32 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 502.32 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.32 Td (Intangible assets, net of accumulated amortization of $926,101 and $730,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 488.32 Td (1,610,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 488.32 Td (1,806,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.32 Td (Software development costs, net of accumulated amortization of $247,393 and $207,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 474.32 Td (856,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 474.32 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.32 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 460.32 Td (116,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 460.32 Td (117,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 446.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 446.32 Td (19,245,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 446.32 Td (21,539,051) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 386.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 386.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 356.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 356.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 326.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 326.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.75 378.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 296.75 65.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 296.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 296.75 65.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 271.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 271.75 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376.42 Td (1,118,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 376.42 Td (908,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 361.42 Td (Unearned revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 361.42 Td (3,378,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 361.42 Td (3,584,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 346.42 Td (Current portion of deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 346.42 Td (28,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 346.42 Td (14,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 331.42 Td (Current portion of capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 331.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 331.42 Td (7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 316.42 Td (Current portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 316.42 Td (900,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.42 Td (844,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 301.42 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 301.42 Td (6,481,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 301.42 Td (6,355,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.42 Td (Deferred rent, less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 261.42 Td (85,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 261.42 Td (102,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.42 Td (Acquisition costs payable, less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 246.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 246.42 Td (889,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.42 Td (Warrant liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 231.42 Td (2,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 231.42 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 216.42 Td (Total liabilities) Tj ET Q BT 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deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 136.47 Td (\(36,842,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 136.47 Td (\(34,249,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 121.42 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 121.42 Td (12,675,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 121.42 Td (14,187,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 96.42 Td (Total liabilities and stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 96.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 96.42 Td (19,245,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 96.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 96.42 Td (21,539,051) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.65 56.25 Td (See accompanying notes to the unaudited consolidated financial statements.) 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 358.6 m 438.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 356.6 m 438.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 358.6 m 498.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 356.6 m 498.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 358.6 m 502.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 356.6 m 502.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 356.6 m 562.5 356.6 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 457.75 697.27 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.45 687.27 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.00 672.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 672.27 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 647.27 Td (5,465,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 647.27 Td (4,135,494) 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 454.60 632.27 Td (3,101,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 632.27 Td (2,441,491) 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 (2,364,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 617.27 Td (1,694,003) 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 (2,580,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 577.27 Td (1,860,514) 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 (2,359,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 562.27 Td (1,581,487) 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 454.60 547.27 Td (4,939,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 547.27 Td (3,442,001) 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 (\(2,575,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 522.32 Td (\(1,747,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 522.27 Td (\)) 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 463.80 482.32 Td (\(21,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 482.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 482.32 Td (\(18,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 482.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 467.27 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 467.27 Td (2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 467.32 Td (\(2,505,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 467.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 452.27 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 452.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 452.27 Td (1,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 437.27 Td (Total other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 437.32 Td (\(17,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 437.32 Td (\(2,522,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 412.32 Td (\(2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 412.32 Td (\(4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.27 Td (Weighted average common shares outstanding basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.60 377.27 Td (5,300,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 377.27 Td (2,884,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.27 Td (Basic and diluted loss per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 362.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 362.32 Td (\(0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 362.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 362.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 362.32 Td (\(1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 362.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.65 58.10 Td (See accompanying notes to the unaudited consolidated financial statements.) 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0.9333333333333333 1 rg /GS0 gs 49.50 270.60 352.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 270.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 270.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 270.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 249.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 249.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 249.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 225.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 225.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 205.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 205.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 205.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 205.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 181.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 181.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 181.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 181.60 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 49.5 476.6 m 401.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 476.6 m 479.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 476.6 m 483.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 476.6 m 561.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 463.6 m 401.5 463.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 463.6 m 479.5 463.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 463.6 m 483.5 463.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 463.6 m 561.5 463.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 390.6 m 479.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 390.6 m 561.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 390.6 m 401.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 377.6 m 401.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 390.6 m 479.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 377.6 m 479.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 390.6 m 483.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 377.6 m 483.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 390.6 m 561.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 377.6 m 561.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 317.6 m 401.5 317.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 317.6 m 479.5 317.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 317.6 m 483.5 317.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 317.6 m 561.5 317.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 304.6 m 401.5 304.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 304.6 m 479.5 304.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 304.6 m 483.5 304.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 304.6 m 561.5 304.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 270.6 m 401.5 270.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 270.6 m 479.5 270.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 270.6 m 483.5 270.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 270.6 m 561.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 250.60000000000002 m 401.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 248.60000000000002 m 401.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 250.60000000000002 m 479.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 248.60000000000002 m 479.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 250.60000000000002 m 483.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 248.60000000000002 m 483.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 250.60000000000002 m 561.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 248.60000000000002 m 561.5 248.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.75 710.17 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.45 700.22 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 689.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 689.17 Td (2015) 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 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 432.30 662.22 Td (\(2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 662.17 Td (\)) 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 514.30 662.22 Td (\(4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 662.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.17 Td (Adjustments to reconcile net 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 448.15 636.17 Td (60,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 636.17 Td (47,019) 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 (235,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 623.17 Td (127,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 610.17 Td (Provision for losses on accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 610.17 Td (51,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 610.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 597.17 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 597.17 Td (204,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 597.17 Td (142,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 584.17 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 448.15 584.17 Td (31,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 584.17 Td (35,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 571.17 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 571.22 Td (\(2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 571.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 571.17 Td (2,505,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 558.17 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 476.00 558.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 558.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 545.17 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 545.17 Td (890,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 545.17 Td (34,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 532.17 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 532.22 Td (\(360,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 532.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 532.22 Td (\(23,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 532.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 519.17 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 519.17 Td (60,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 519.17 Td (4,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 506.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 506.17 Td (225,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 506.17 Td (50,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 493.17 Td (Unearned revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 493.22 Td (\(206,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 493.22 Td (\(181,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 480.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 480.22 Td (\(3,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 480.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 480.17 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 467.17 Td (Net cash used for operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 467.22 Td (\(1,405,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 467.22 Td (\(1,528,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 446.17 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 433.17 Td (Purchase of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 433.22 Td (\(46,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 433.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 433.22 Td (\(28,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 433.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 420.17 Td (Increase in software development costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 420.22 Td (\(82,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 420.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 420.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 407.17 Td (Acquisition, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 407.22 Td (\(995,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 407.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 394.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 394.17 Td (1,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 394.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 381.17 Td (Net cash used for investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 381.22 Td (\(127,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 381.22 Td (\(1,024,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 360.17 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 347.17 Td (Proceeds from exercise of options & warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 347.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 347.17 Td (5,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 334.17 Td (Stock issuance costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 334.22 Td (\(3,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 334.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 334.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 321.17 Td (Payments on capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 321.22 Td (\(7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 321.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 321.22 Td (\(14,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 321.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.17 Td (Net cash used for financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 308.22 Td (\(10,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 308.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 308.22 Td (\(9,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 308.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 287.17 Td (Net decrease in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 287.22 Td (\(1,543,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 287.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 287.22 Td (\(2,561,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 287.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 274.17 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 274.17 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 274.17 Td (6,521,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 253.17 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 253.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 253.17 Td (10,064,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 253.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 253.17 Td (3,960,219) 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 52 226.8833984375001 m 200.5791015625 226.8833984375001 l s q 0 0 0 rg BT 52.00 228.22 Td (Supplemental cash flow information:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 216.22 Td (Cash paid during the year for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 216.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 216.22 Td (230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 216.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 216.22 Td (2,362) 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 52 194.88339843749998 m 228.064453125 194.88339843749998 l s q 0 0 0 rg BT 52.00 196.22 Td (Non-cash financing and investing activities:) Tj 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Td (included ) Tj ET Q q 0 0 0 rg BT 318.37 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.38 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.84 563.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 389.16 563.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 420.83 563.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 450.29 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 462.52 563.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 486.43 563.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 509.22 563.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 529.78 563.10 Td (with ) 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 (SEC ) Tj ET Q q 0 0 0 rg BT 70.84 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 83.34 551.10 Td (March ) Tj ET Q q 0 0 0 rg BT 111.94 551.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 126.94 551.10 Td (2016.) 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 129.82421875 525.53505859375 l s q 0 0 0 rg BT 50.00 527.10 Td (Natur) Tj ET Q q 0 0 0 rg BT 75.37 527.10 Td (e ) Tj ET Q q 0 0 0 rg BT 82.31 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.14 527.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 78.45 515.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 96.91 515.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 136.19 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 157.15 515.10 Td (its ) Tj ET Q q 0 0 0 rg BT 169.79 515.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 230.74 515.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 283.65 515.10 Td ("we," ) Tj ET Q q 0 0 0 rg BT 309.16 515.10 Td ("us," ) Tj ET Q q 0 0 0 rg BT 331.90 515.10 Td ("our" ) Tj ET Q q 0 0 0 rg BT 356.58 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.09 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.50 515.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 437.06 515.10 Td (was ) Tj ET Q q 0 0 0 rg BT 455.80 515.10 Td (founded ) Tj ET Q q 0 0 0 rg BT 491.76 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.72 515.10 Td (February ) Tj ET Q q 0 0 0 rg BT 542.00 515.10 Td (2006 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.46 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.37 503.10 Td (name ) Tj ET Q q 0 0 0 rg BT 114.71 503.10 Td (PayPerPost, ) Tj ET Q q 0 0 0 rg BT 165.46 503.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 183.42 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.55 503.10 Td (became ) Tj ET Q q 0 0 0 rg BT 233.77 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.90 503.10 Td (public ) Tj ET Q q 0 0 0 rg BT 268.59 503.10 Td (company ) Tj ET Q q 0 0 0 rg BT 307.93 503.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 361.16 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.63 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.53 503.10 Td (state ) Tj ET Q q 0 0 0 rg BT 407.55 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.57 503.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 451.80 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.27 503.10 Td (May ) Tj ET Q q 0 0 0 rg BT 483.29 503.10 Td (201) Tj ET Q q 0 0 0 rg BT 497.92 503.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 508.11 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.80 503.10 Td (On ) Tj ET Q q 0 0 0 rg BT 525.71 503.10 Td (March ) Tj ET Q q 0 0 0 rg BT 554.50 503.10 Td (9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.76 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.24 491.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.39 491.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 161.53 491.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 183.75 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.01 491.10 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 220.76 491.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 240.79 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 247.49 491.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 307.52 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.78 491.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 353.15 491.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 405.95 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.99 491.10 Td (Ontario, ) Tj ET Q q 0 0 0 rg BT 451.29 491.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 483.54 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.58 491.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 525.27 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 535.86 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 542.56 491.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 479.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 75.02 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.56 479.10 Td (its ) Tj ET Q q 0 0 0 rg BT 99.89 479.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 139.53 479.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 181.96 479.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 223.84 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.50 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.59 479.10 Td (second ) Tj ET Q q 0 0 0 rg BT 277.24 479.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.44 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.65 479.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 342.03 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.92 479.10 Td (On ) Tj ET Q q 0 0 0 rg BT 357.60 479.10 Td (April ) Tj ET Q q 0 0 0 rg BT 380.59 479.10 Td (5, ) Tj ET Q q 0 0 0 rg BT 389.97 479.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 414.36 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.45 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 469.22 479.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 489.01 479.10 Td (Articles ) Tj ET Q q 0 0 0 rg BT 522.55 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.76 479.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 549.24 479.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.98 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.39 467.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 124.34 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.87 467.10 Td (State ) Tj ET Q q 0 0 0 rg BT 157.06 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.59 467.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 200.32 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.30 467.10 Td (ef) Tj ET Q q 0 0 0 rg BT 217.89 467.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 235.07 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.48 467.10 Td (mer) Tj ET Q q 0 0 0 rg BT 264.85 467.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 279.81 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.34 467.10 Td (its ) Tj ET Q q 0 0 0 rg BT 301.99 467.10 Td (wholly-owned, ) Tj ET Q q 0 0 0 rg BT 364.45 467.10 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 422.74 467.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 463.20 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 467.90 467.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 490.12 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.31 467.10 Td (Innovations, ) Tj ET Q q 0 0 0 rg BT 544.23 467.10 Td (Inc., ) 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 58.28 455.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 100.42 455.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 150.35 455.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 193.07 455.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 247.44 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.27 455.10 Td (September ) Tj ET Q q 0 0 0 rg BT 307.87 455.10 Td (19, ) Tj ET Q q 0 0 0 rg BT 324.21 455.10 Td (2006, ) Tj ET Q q 0 0 0 rg BT 350.55 455.10 Td (into ) Tj ET Q q 0 0 0 rg BT 369.94 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.00 455.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 414.82 455.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.31 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.48 455.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 501.58 455.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 523.19 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 531.46 455.10 Td (Nevada ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (corporation. ) Tj ET Q q 0 0 0 rg BT 100.98 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.19 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.13 443.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.40 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.46 443.10 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 230.48 443.10 Td (near ) Tj ET Q q 0 0 0 rg BT 250.07 443.10 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 287.72 443.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 319.00 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.16 443.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 381.54 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 389.69 443.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 410.95 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.12 443.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 459.33 443.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 476.19 443.10 Td (Angeles ) Tj ET Q q 0 0 0 rg BT 511.35 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.00 443.10 Td (T) Tj ET Q q 0 0 0 rg BT 533.41 443.10 Td (oronto, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.88 431.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 95.82 431.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 133.29 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.57 431.10 Td (New ) Tj ET Q q 0 0 0 rg BT 164.58 431.10 Td (Y) Tj ET Q q 0 0 0 rg BT 170.80 431.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 189.13 431.10 Td (Detroit ) Tj ET Q q 0 0 0 rg BT 219.96 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.89 431.10 Td (Boston.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.84 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.01 407.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 147.61 407.10 Td (online ) Tj ET Q q 0 0 0 rg BT 175.90 407.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 231.94 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 250.22 407.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 288.48 407.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 339.54 407.10 Td (between ) Tj ET Q q 0 0 0 rg BT 376.14 407.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 406.09 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.82 407.10 Td (influential ) Tj ET Q q 0 0 0 rg BT 468.20 407.10 Td (content ) Tj ET Q q 0 0 0 rg BT 500.93 407.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 538.12 407.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 84.53 395.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 119.61 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 395.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 177.59 395.10 Td (text, ) Tj ET Q q 0 0 0 rg BT 197.96 395.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 226.95 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.27 395.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 273.82 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.70 395.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 314.57 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.78 395.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 355.32 395.10 Td (through ) Tj ET Q q 0 0 0 rg BT 389.31 395.10 Td (websites, ) Tj ET Q q 0 0 0 rg BT 429.13 395.10 Td (blogs ) Tj ET Q q 0 0 0 rg BT 453.68 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.00 395.10 Td (social ) Tj ET Q q 0 0 0 rg BT 497.21 395.10 Td (media ) Tj ET Q q 0 0 0 rg BT 524.52 395.10 Td (channels. ) 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 68.23 383.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.50 383.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 162.62 383.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 195.29 383.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 245.74 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.20 383.10 Td (be ) Tj ET Q q 0 0 0 rg BT 268.33 383.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 312.66 383.10 Td (at ) Tj ET Q q 0 0 0 rg BT 322.56 383.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 345.23 383.10 Td (through ) Tj ET Q q 0 0 0 rg BT 379.03 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.93 383.10 Td (management ) Tj ET Q q 0 0 0 rg BT 447.71 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.72 383.10 Td (content ) Tj ET Q q 0 0 0 rg BT 490.84 383.10 Td (workflow) Tj ET Q q 0 0 0 rg BT 529.07 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.26 383.10 Td (creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (search ) Tj ET Q q 0 0 0 rg BT 78.04 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.98 371.10 Td (tar) Tj ET Q q 0 0 0 rg BT 105.34 371.10 Td (geting, ) Tj ET Q q 0 0 0 rg BT 135.34 371.10 Td (bidding, ) Tj ET Q q 0 0 0 rg BT 170.89 371.10 Td (analytics ) Tj ET Q q 0 0 0 rg BT 208.94 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.87 371.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 262.81 371.10 Td (processing.) 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 64.33 347.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.55 347.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 112.16 347.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 136.77 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.10 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.10 347.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 234.75 347.10 Td (all ) Tj ET Q q 0 0 0 rg BT 246.86 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.31 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.64 347.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 320.41 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 347.52 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.96 347.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.72 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 409.95 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.39 347.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 456.11 347.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 473.49 347.10 Td (\(Ebyline\) ) Tj ET Q q 0 0 0 rg BT 522.24 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.36 347.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 542.57 347.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (2\). ) Tj ET Q q 0 0 0 rg BT 63.24 335.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 90.09 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.27 335.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 117.15 335.10 Td (Angeles, ) Tj ET Q q 0 0 0 rg BT 154.83 335.10 Td (California, ) Tj ET Q q 0 0 0 rg BT 200.28 335.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 233.79 335.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 269.51 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 281.36 335.10 Td (online ) Tj ET Q q 0 0 0 rg BT 308.77 335.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 360.03 335.10 Td (that ) Tj ET Q q 0 0 0 rg BT 377.44 335.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 409.83 335.10 Td (publishers ) Tj ET Q q 0 0 0 rg BT 453.35 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.53 335.10 Td (access ) Tj ET Q q 0 0 0 rg BT 491.48 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.33 335.10 Td (network ) Tj ET Q q 0 0 0 rg BT 533.50 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.24 335.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.49 323.10 Td (content ) Tj ET Q q 0 0 0 rg BT 112.92 323.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 147.55 323.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 181.09 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 203.52 323.10 Td (writers ) Tj ET Q q 0 0 0 rg BT 234.28 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.05 323.10 Td (illustrators ) Tj ET Q q 0 0 0 rg BT 290.81 323.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.58 323.10 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.58 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.57 323.10 Td (countries. ) Tj ET Q q 0 0 0 rg BT 356.72 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.71 323.10 Td (Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.69 323.10 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.19 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.18 323.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 430.06 323.10 Td (vetted ) Tj ET Q q 0 0 0 rg BT 457.48 323.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 504.91 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.68 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.89 323.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (network ) Tj ET Q q 0 0 0 rg BT 84.69 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 105.48 311.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 156.28 311.10 Td (journalism ) Tj ET Q q 0 0 0 rg BT 200.97 311.10 Td (credentials ) Tj ET Q q 0 0 0 rg BT 246.20 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.90 311.10 Td (backgrounds ) Tj ET Q q 0 0 0 rg BT 318.92 311.10 Td (at ) Tj ET Q q 0 0 0 rg BT 328.05 311.10 Td (well-known ) Tj ET Q q 0 0 0 rg BT 377.74 311.10 Td (media ) Tj ET Q q 0 0 0 rg BT 404.09 311.10 Td (outlets. ) Tj ET Q q 0 0 0 rg BT 435.18 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.09 311.10 Td (Ebyline) Tj ET Q q 0 0 0 rg BT 470.98 311.10 Td (s ) Tj ET Q q 0 0 0 rg BT 476.79 311.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 523.13 311.10 Td (workflow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (is ) Tj ET Q q 0 0 0 rg BT 60.17 299.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 93.66 299.10 Td (by ) Tj ET Q q 0 0 0 rg BT 107.16 299.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 140.09 299.10 Td (media ) Tj ET Q q 0 0 0 rg BT 168.03 299.10 Td (or) Tj ET Q q 0 0 0 rg BT 176.18 299.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 225.22 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.50 299.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 264.99 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.71 299.10 Td (content ) Tj ET Q q 0 0 0 rg BT 313.64 299.10 Td (they ) Tj ET Q q 0 0 0 rg BT 334.36 299.10 Td (need ) Tj ET Q q 0 0 0 rg BT 356.74 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 379.67 299.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 432.05 299.10 Td (content ) Tj ET Q q 0 0 0 rg BT 464.99 299.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 502.63 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.13 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 517.96 299.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 554.23 299.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (publishers, ) Tj ET Q q 0 0 0 rg BT 96.10 287.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 129.71 287.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.87 287.10 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 180.23 287.10 Td (by ) Tj ET Q q 0 0 0 rg BT 192.73 287.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 221.88 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.16 287.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 266.86 287.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 298.25 287.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 332.95 287.10 Td (content ) Tj ET Q q 0 0 0 rg BT 364.88 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.04 287.10 Td (use ) Tj ET Q q 0 0 0 rg BT 394.86 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 407.36 287.10 Td (their ) Tj ET Q q 0 0 0 rg BT 428.18 287.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 457.34 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.27 287.10 Td (operated ) Tj 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BT 255.28 239.10 Td (marketplaces. ) Tj ET Q q 0 0 0 rg BT 313.63 239.10 Td (IZEA.com ) Tj ET Q q 0 0 0 rg BT 359.21 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.74 239.10 Td (all ) Tj ET Q q 0 0 0 rg BT 389.83 239.10 Td (white ) Tj ET Q q 0 0 0 rg BT 415.15 239.10 Td (label ) Tj ET Q q 0 0 0 rg BT 437.68 239.10 Td (sites ) Tj ET Q q 0 0 0 rg BT 458.55 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.85 239.10 Td (powered ) Tj ET Q q 0 0 0 rg BT 511.38 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 524.47 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.79 239.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 562.00 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 92.85 227.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.62 227.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.16 227.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 139.86 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.72 227.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 185.58 227.10 Td (that ) Tj ET Q q 0 0 0 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(provide ) Tj ET Q q 0 0 0 rg BT 214.23 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.81 215.10 Td (unified ) Tj ET Q q 0 0 0 rg BT 251.28 215.10 Td (ecosystem ) Tj ET Q q 0 0 0 rg BT 295.08 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 312.22 215.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 344.35 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.71 215.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 393.06 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.54 215.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 439.01 215.10 Td (types ) Tj ET Q q 0 0 0 rg BT 462.26 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.74 215.10 Td (content ) Tj ET Q q 0 0 0 rg BT 504.32 215.10 Td (including ) Tj ET Q q 0 0 0 rg BT 544.24 215.10 Td (blog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (posts, ) Tj ET Q q 0 0 0 rg BT 75.57 203.10 Td (status ) Tj ET Q q 0 0 0 rg BT 100.85 203.10 Td (updates, ) Tj ET Q q 0 0 0 rg BT 136.40 203.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 165.01 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.95 203.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 211.13 203.10 Td (through ) Tj ET Q q 0 0 0 rg BT 244.74 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.68 203.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 273.62 203.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 303.89 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.73 203.10 Td (social ) Tj ET Q q 0 0 0 rg BT 340.55 203.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 378.04 203.10 Td (including ) Tj ET Q q 0 0 0 rg BT 418.32 203.10 Td (blogs, ) Tj ET Q q 0 0 0 rg BT 444.81 203.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.22 203.10 Td (witter) Tj ET Q q 0 0 0 rg BT 473.15 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 478.15 203.10 Td (Facebook, ) Tj ET Q q 0 0 0 rg BT 522.03 203.10 Td (Instagram ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 191.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.51 191.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 96.00 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.00 191.10 Td (among ) Tj ET Q q 0 0 0 rg BT 130.72 191.10 Td (others. ) 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 50 165.53505859375002 m 132.7685546875 165.53505859375002 l s q 0 0 0 rg BT 50.00 167.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 167.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 167.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.29 155.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.47 155.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 107.04 155.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.61 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.90 155.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.86 155.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 207.26 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.77 155.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 258.04 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.98 155.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 319.49 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.34 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 155.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 393.46 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.86 155.10 Td (State ) Tj ET Q q 0 0 0 rg BT 425.93 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.33 155.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 468.94 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.79 155.10 Td (ef) Tj ET Q q 0 0 0 rg BT 486.38 155.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 503.44 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.95 155.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.89 155.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 143.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 143.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 143.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 143.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 143.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 143.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 143.10 Td (at ) Tj ET Q q 0 0 0 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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 69.53505859375002 m 165.56640625 69.53505859375002 l s q 0 0 0 rg BT 50.00 71.10 Td (Principles ) Tj ET Q q 0 0 0 rg BT 95.27 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.10 71.10 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 59.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 119.67 59.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.44 59.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 200.44 59.10 Td (include ) Tj ET Q q 0 0 0 rg BT 231.66 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.66 59.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 282.44 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.56 59.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 319.61 59.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 336.67 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.90 59.10 Td (its ) Tj ET Q q 0 0 0 rg BT 364.13 59.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 423.69 59.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 464.15 59.10 Td (, ) Tj ET Q q 0 0 0 rg BT 468.44 59.10 Td (Ebyline. ) Tj ET Q q 0 0 0 rg BT 503.83 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.22 59.10 Td (All ) Tj ET Q q 0 0 0 rg BT 519.79 59.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 107.48 47.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 144.40 47.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.34 47.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 211.61 47.10 Td (have ) Tj ET Q q 0 0 0 rg BT 232.98 47.10 Td (been ) Tj ET Q q 0 0 0 rg BT 254.36 47.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 299.07 47.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.35 47.10 Td (consolidation.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 50.00 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.47 719.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.93 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.83 719.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.97 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 232.32 719.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 271.21 719.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.81 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.94 719.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 360.75 719.10 Td (method ) Tj ET Q q 0 0 0 rg BT 394.66 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.91 719.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 454.71 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 476.41 719.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 498.62 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.55 719.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.78 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 97.04 707.10 Td (acquirer ) Tj ET Q q 0 0 0 rg BT 132.96 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.46 707.10 Td (Ebyline. ) Tj ET Q q 0 0 0 rg BT 181.23 707.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 209.39 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.77 707.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 271.82 707.10 Td (method ) Tj ET Q q 0 0 0 rg BT 304.99 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.49 707.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 366.03 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.41 707.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 420.12 707.10 Td (price ) Tj ET Q q 0 0 0 rg BT 443.27 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.11 707.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 492.36 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.31 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.69 707.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 82.95 695.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 117.01 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.30 695.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 175.14 695.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 200.32 695.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 236.60 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.88 695.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 291.95 695.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 328.24 695.10 Td (based ) Tj ET Q q 0 0 0 rg BT 352.86 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.71 695.10 Td (their ) Tj ET Q q 0 0 0 rg BT 384.88 695.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 427.26 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 442.99 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 472.60 695.10 Td (values ) Tj ET Q q 0 0 0 rg BT 500.00 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 519.63 695.10 Td (any ) Tj ET Q q 0 0 0 rg BT 535.92 695.10 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 88.04 683.10 Td (price ) Tj ET Q q 0 0 0 rg BT 110.52 683.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 149.11 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.39 683.10 Td (goodwill. ) 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 167.5439453125 657.53505859375 l s q 0 0 0 rg BT 50.00 659.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.17 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.80 659.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 116.97 659.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.24 647.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 104.14 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.82 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.38 647.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 170.05 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.73 647.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.84 647.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 227.91 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.48 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.71 647.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 323.83 647.10 Td (all ) Tj ET Q q 0 0 0 rg BT 336.17 647.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 364.07 647.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 389.76 647.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 409.32 647.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 458.33 647.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 501.22 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.34 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.13 647.10 Td (maturity ) 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 (three ) Tj ET Q q 0 0 0 rg BT 83.32 635.10 Td (months ) Tj ET Q q 0 0 0 rg BT 115.26 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.09 635.10 Td (less ) Tj ET Q q 0 0 0 rg BT 143.59 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.87 635.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.81 635.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 186.08 635.10 Td (equivalents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 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 283.69140625 609.53505859375 l s q 0 0 0 rg BT 50.00 611.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 91.94 611.10 Td (Receivable ) Tj ET Q q 0 0 0 rg BT 140.54 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.16 611.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 223.32 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.15 611.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 245.63 611.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 264.24 611.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 89.07 599.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 131.45 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 144.96 599.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 182.91 599.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 228.65 599.10 Td (due ) Tj ET Q q 0 0 0 rg BT 244.39 599.10 Td (under ) Tj ET Q q 0 0 0 rg BT 268.46 599.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 298.09 599.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 319.37 599.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 345.39 599.10 Td (Uncollectibility ) Tj ET Q q 0 0 0 rg BT 409.45 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.08 599.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 455.37 599.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 497.75 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 505.72 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 519.80 599.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (since ) Tj ET Q q 0 0 0 rg BT 73.21 587.10 Td (most ) Tj ET Q q 0 0 0 rg BT 95.32 587.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 138.52 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.39 587.10 Td (bound ) Tj ET Q q 0 0 0 rg BT 181.05 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 587.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 228.57 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.67 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.54 587.10 Td (required ) Tj ET Q q 0 0 0 rg BT 296.51 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.95 587.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 327.94 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.82 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.37 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 398.69 587.10 Td (all ) Tj ET Q q 0 0 0 rg BT 411.34 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.22 587.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 448.88 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.87 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.97 587.10 Td (opportunity) Tj ET Q q 0 0 0 rg BT 522.42 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 532.02 587.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.39 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 73.90 575.10 Td (order ) Tj ET Q q 0 0 0 rg BT 98.06 575.10 Td (created ) Tj ET Q q 0 0 0 rg BT 129.99 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 143.05 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 155.55 575.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 198.04 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 212.76 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.27 575.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 251.08 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.93 575.10 Td (write ) Tj ET Q q 0 0 0 rg BT 285.54 575.10 Td (about ) Tj ET Q q 0 0 0 rg BT 310.82 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.10 575.10 Td (advertiser) Tj ET Q q 0 0 0 rg BT 365.89 575.10 Td () Tj ET Q q 0 0 0 rg BT 368.67 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 375.63 575.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 411.74 575.10 Td (If ) Tj ET Q q 0 0 0 rg BT 421.46 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.96 575.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 460.92 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.31 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.59 575.10 Td (account ) Tj ET Q q 0 0 0 rg BT 521.75 575.10 Td (balance ) 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 (deemed ) Tj ET Q q 0 0 0 rg BT 83.34 563.10 Td (uncollectible, ) Tj ET Q q 0 0 0 rg BT 139.73 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.19 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.32 563.10 Td (will ) Tj ET Q q 0 0 0 rg BT 213.13 563.10 Td (either ) Tj ET Q q 0 0 0 rg BT 238.13 563.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 270.16 563.10 Td (f ) Tj ET Q q 0 0 0 rg BT 275.74 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.20 563.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 322.44 563.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 346.34 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.92 563.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 389.71 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.39 563.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 427.51 563.10 Td (based ) Tj ET Q q 0 0 0 rg BT 452.52 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.76 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.23 563.10 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 533.12 563.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.42 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.73 551.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 110.41 551.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 164.70 551.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 210.66 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.97 551.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 277.60 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.02 551.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 325.10 551.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.19 551.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 375.37 551.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 419.11 551.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 461.75 551.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 500.50 551.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 547.56 551.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 100.12 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.02 539.10 Td (customer) Tj ET Q q 0 0 0 rg BT 145.04 539.10 Td () Tj ET Q q 0 0 0 rg BT 147.82 539.10 Td (s ) Tj ET Q q 0 0 0 rg BT 155.17 539.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.61 539.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 237.35 539.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.57 539.10 Td (history ) Tj ET Q q 0 0 0 rg BT 294.81 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.71 539.10 Td (current ) Tj ET Q q 0 0 0 rg BT 344.49 539.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 386.82 539.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 434.20 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.20 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 495.55 539.10 Td (had ) Tj ET Q q 0 0 0 rg BT 513.45 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.35 539.10 Td (reserve ) 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 ($190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.76 527.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.46 527.10 Td ($139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.96 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.21 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.13 527.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 196.28 527.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 233.52 527.10 Td (as ) Tj ET Q q 0 0 0 rg BT 244.11 527.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 527.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 298.05 527.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.05 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.31 527.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.01 527.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 395.35 527.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.35 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 420.11 527.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 467.77 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.53 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.79 527.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.25 527.10 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.18 515.10 Td (this ) Tj ET Q q 0 0 0 rg BT 83.82 515.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 119.32 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 128.18 515.10 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 175.62 515.10 Td (but ) Tj ET Q q 0 0 0 rg BT 190.58 515.10 Td (there ) Tj ET Q q 0 0 0 rg BT 212.76 515.10 Td (can ) Tj ET Q q 0 0 0 rg BT 228.82 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 240.45 515.10 Td (no ) Tj ET Q q 0 0 0 rg BT 252.63 515.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 293.69 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.87 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.27 515.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 360.78 515.10 Td (will ) Tj ET Q q 0 0 0 rg BT 378.52 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 393.49 515.10 Td (change ) Tj ET Q q 0 0 0 rg BT 423.99 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.50 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.13 515.10 Td (result ) Tj ET Q q 0 0 0 rg BT 465.53 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.05 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.67 515.10 Td (change ) Tj ET Q q 0 0 0 rg BT 513.18 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.14 515.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.98 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.62 503.10 Td (business ) Tj ET Q q 0 0 0 rg BT 140.83 503.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 184.81 503.10 Td (within ) Tj ET Q q 0 0 0 rg BT 212.68 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.21 503.10 Td (industry) Tj ET Q q 0 0 0 rg BT 259.33 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.15 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.68 503.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 321.54 503.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 364.40 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.05 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.58 503.10 Td (Company) Tj ET Q q 0 0 0 rg BT 427.82 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.63 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.43 503.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 453.97 503.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 504.05 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.15 503.10 Td (this ) Tj ET Q q 0 0 0 rg BT 530.91 503.10 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.33 491.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 101.41 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.31 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.65 491.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.31 491.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 222.64 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.08 491.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 276.86 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 287.31 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.86 491.10 Td (general ) Tj ET Q q 0 0 0 rg BT 325.40 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.96 491.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 401.29 491.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 438.11 491.10 Td (Bad ) Tj ET Q q 0 0 0 rg BT 456.34 491.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 475.67 491.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 510.00 491.10 Td (was ) Tj ET Q q 0 0 0 rg BT 527.67 491.10 Td (less ) Tj ET Q q 0 0 0 rg BT 544.79 491.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.33 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 65.83 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.66 479.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 110.81 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 124.97 479.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.68 479.10 Td (three ) Tj ET Q q 0 0 0 rg BT 162.17 479.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.62 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.12 479.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.49 479.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 264.09 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.09 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.59 479.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.53 479.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.53 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 328.53 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (Concentrations ) Tj ET Q q 0 0 0 rg BT 113.23 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.25 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 149.70 455.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 167.39 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 187.86 455.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 218.87 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.33 455.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 267.01 455.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 310.78 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 325.67 455.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 363.35 455.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 394.37 455.10 Td (because ) Tj ET Q q 0 0 0 rg BT 428.71 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.84 455.10 Td (lar) Tj ET Q q 0 0 0 rg BT 446.20 455.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 458.33 455.10 Td (number ) Tj ET Q q 0 0 0 rg BT 491.57 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.59 455.10 Td (geographically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 81.26 443.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 124.19 443.10 Td (make ) Tj ET Q q 0 0 0 rg BT 148.22 443.10 Td (up ) Tj ET Q q 0 0 0 rg BT 160.61 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.21 443.10 Td (Company) Tj ET Q q 0 0 0 rg BT 216.87 443.10 Td (s ) Tj ET Q q 0 0 0 rg BT 223.14 443.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 262.18 443.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 284.83 443.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 303.88 443.10 Td (spreading ) Tj ET Q q 0 0 0 rg BT 345.14 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.74 443.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 382.11 443.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.25 443.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 426.96 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.89 443.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 486.16 443.10 Td (also ) Tj ET Q q 0 0 0 rg BT 504.65 443.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 539.25 443.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.12 431.10 Td (through ) Tj ET Q q 0 0 0 rg BT 100.35 431.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 125.24 431.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 168.74 431.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.62 431.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 218.53 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.09 431.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 281.65 431.10 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 329.99 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.65 431.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.66 431.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 426.88 431.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 451.77 431.10 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 499.43 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.88 431.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.45 431.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.84 419.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 106.10 419.10 Td (does ) Tj ET Q q 0 0 0 rg BT 127.48 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 143.32 419.10 Td (require ) Tj ET Q q 0 0 0 rg BT 174.69 419.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 214.95 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.79 419.10 Td (support ) Tj ET Q q 0 0 0 rg BT 258.84 419.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 296.89 419.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 343.53 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.91 419.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.97 419.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 403.12 419.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.12 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.68 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.96 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 485.90 419.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.40 419.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.40 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.46 419.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.01 407.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 120.12 407.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.35 407.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.68 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.25 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 407.10 Td (total ) Tj ET Q q 0 0 0 rg BT 186.50 407.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 224.06 407.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 267.71 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.06 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.85 407.10 Td (aggregate. ) Tj ET Q q 0 0 0 rg BT 336.78 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.79 407.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.36 407.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 410.01 407.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.01 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.09 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.88 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 491.33 407.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.35 407.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.78 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.36 407.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.63 395.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 119.35 395.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.19 395.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.52 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.71 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.23 395.10 Td (total ) Tj ET Q q 0 0 0 rg BT 184.19 395.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 221.36 395.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 264.63 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.59 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.00 395.10 Td (aggregate. ) Tj ET Q q 0 0 0 rg BT 332.55 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.58 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 352.31 395.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 393.39 395.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.01 395.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.01 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.20 395.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 469.93 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 487.12 395.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 529.84 395.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.68 395.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.76 383.10 Td (its ) Tj ET Q q 0 0 0 rg BT 72.64 383.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 106.72 383.10 Td (during ) Tj ET Q q 0 0 0 rg BT 135.25 383.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.90 383.10 Td (three ) Tj ET Q q 0 0 0 rg BT 172.32 383.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.77 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.20 383.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 383.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 274.03 383.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.03 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.46 383.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.33 383.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.77 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.20 383.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 369.29 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.71 383.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 429.68 383.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.77 383.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.10 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.53 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 383.10 Td (its ) Tj ET Q q 0 0 0 rg BT 487.17 383.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 521.25 383.10 Td (during ) Tj ET Q q 0 0 0 rg BT 549.78 383.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (three ) Tj ET Q q 0 0 0 rg BT 72.49 371.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.43 371.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 371.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 174.41 371.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 371.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.41 371.10 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 50 345.53505859375 m 159.55078125 345.53505859375 l s q 0 0 0 rg BT 50.00 347.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 347.10 Td (operty ) Tj ET Q q 0 0 0 rg BT 90.63 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.26 347.10 Td (Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 85.91 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.81 335.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 145.49 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.17 335.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.61 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 204.29 335.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 224.37 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.17 335.10 Td (if ) Tj ET Q q 0 0 0 rg BT 241.74 335.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 277.63 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.88 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.78 335.10 Td (business ) Tj ET Q q 0 0 0 rg BT 328.14 335.10 Td (combination, ) Tj ET Q q 0 0 0 rg BT 382.10 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.78 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.47 335.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.82 335.10 Td (date ) Tj ET Q q 0 0 0 rg BT 467.94 335.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.28 335.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 508.91 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.37 335.10 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 323.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 119.98 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.15 323.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 171.08 323.10 Td (using ) Tj ET Q q 0 0 0 rg BT 195.25 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.97 323.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 260.79 323.10 Td (method ) Tj ET Q q 0 0 0 rg BT 293.28 323.10 Td (over ) Tj ET Q q 0 0 0 rg BT 313.55 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.27 323.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.09 323.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 396.03 323.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 417.41 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.24 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.96 323.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.79 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.62 323.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 312.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 284.60 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 50.5 312.6 m 50.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 312.6 m 505.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 312.6 m 562.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 312.6 m 562.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 298.6 m 50.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 298.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 284.6 m 50.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 284.6 m 562.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 270.6 m 50.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 256.6 m 505.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 270.6 m 562.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 256.6 m 562.5 256.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 303.17 Td (Computer Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 303.17 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.17 Td (Software Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 289.17 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.17 Td (Office Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 275.17 Td (3 - 10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.17 Td (Furniture and Fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 261.17 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 50.00 233.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 92.88 233.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 151.89 233.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.89 233.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 213.76 233.10 Td (over ) Tj ET Q q 0 0 0 rg BT 233.32 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.32 233.10 Td (shorter ) Tj ET Q q 0 0 0 rg BT 276.88 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.01 233.10 Td (term ) Tj ET Q q 0 0 0 rg BT 321.13 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.25 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.26 233.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 367.03 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.15 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.16 233.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 431.27 233.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 457.50 233.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 478.18 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.30 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.31 233.10 Td (improvements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 88.38 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.75 221.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 152.91 221.10 Td (under ) Tj ET Q q 0 0 0 rg BT 179.61 221.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.20 221.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 238.02 221.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.16 221.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 304.18 221.10 Td (over ) Tj ET Q q 0 0 0 rg BT 325.89 221.10 Td (their ) Tj ET Q q 0 0 0 rg BT 348.15 221.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.41 221.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 418.79 221.10 Td (lives. ) Tj ET Q q 0 0 0 rg BT 444.12 221.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 500.82 221.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.42 221.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 547.56 221.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 104.37 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.42 209.10 Td (char) Tj ET Q q 0 0 0 rg BT 137.45 209.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 155.73 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.36 209.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.41 209.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.58 209.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 255.24 209.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 311.85 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.36 209.10 Td (betterments ) Tj ET Q q 0 0 0 rg BT 377.85 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.13 209.10 Td (major ) Tj ET Q q 0 0 0 rg BT 423.30 209.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 484.36 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.41 209.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 547.56 209.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.88 197.10 Td (over ) Tj ET Q q 0 0 0 rg BT 117.44 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.46 197.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 173.79 197.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 200.03 197.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 220.71 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.84 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.85 197.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 272.35 197.10 Td (The ) Tj ET Q q 0 0 0 rg BT 289.69 197.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 324.81 197.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.49 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.62 197.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 395.74 197.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 414.21 197.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.34 197.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 452.23 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.46 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.48 197.10 Td (related ) Tj ET Q q 0 0 0 rg BT 511.48 197.10 Td (accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 101.82 185.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.43 185.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 161.04 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.23 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 185.10 Td (year ) Tj ET Q q 0 0 0 rg BT 205.46 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.19 185.10 Td (disposal, ) Tj ET Q q 0 0 0 rg BT 253.87 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.06 185.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 311.46 185.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 334.97 185.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.70 185.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 372.00 185.10 Td (included ) Tj ET Q q 0 0 0 rg BT 408.83 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.02 185.10 Td (general ) Tj ET Q q 0 0 0 rg BT 450.84 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.69 185.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 527.30 185.10 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 103.16 173.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 136.88 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.40 173.10 Td (property ) Tj ET Q q 0 0 0 rg BT 183.79 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.75 173.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 243.48 173.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 279.97 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.27 173.10 Td (general ) Tj ET Q q 0 0 0 rg BT 320.21 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.17 173.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 394.89 173.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 428.62 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.91 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.65 173.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.47 173.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 161.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 149.70 161.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.75 161.10 Td ($60,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.25 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.75 161.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.69 161.10 Td ($47,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.19 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.69 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.85 161.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.56 161.10 Td (three ) Tj ET Q q 0 0 0 rg BT 306.05 161.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.50 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 161.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.38 161.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 407.97 161.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.97 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.47 161.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.41 161.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.41 161.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.41 161.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 520.07 161.10 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 50 135.53505859375002 m 172.5732421875 135.53505859375002 l s q 0 0 0 rg BT 50.00 137.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 83.70 137.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.64 137.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 149.24 137.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.77 125.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 106.17 125.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.07 125.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 145.96 125.10 Td (350-40,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.79 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 125.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 211.89 125.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 228.88 125.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 259.63 125.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.06 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.06 125.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 301.96 125.10 Td (985-730, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.23 125.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 380.67 125.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 411.41 125.10 Td (e ) Tj ET Q q 0 0 0 rg BT 417.29 125.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 444.69 125.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 455.57 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.01 125.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 125.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.70 125.10 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 74.71 113.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 96.65 113.10 Td (related ) Tj ET Q q 0 0 0 rg BT 125.80 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.52 113.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 168.00 113.10 Td (use ) Tj ET Q q 0 0 0 rg BT 183.28 113.10 Td (software ) Tj ET Q q 0 0 0 rg BT 219.65 113.10 Td (should ) Tj ET Q q 0 0 0 rg BT 248.26 113.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.64 113.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 298.79 113.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.06 113.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 344.32 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 113.10 Td (development ) Tj ET Q q 0 0 0 rg BT 414.29 113.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 439.00 113.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 460.95 113.10 Td (including ) Tj ET Q q 0 0 0 rg BT 500.66 113.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 525.37 113.10 Td (materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.55 101.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 105.37 101.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 136.81 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.37 101.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 189.14 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.69 101.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.24 101.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.35 101.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.68 101.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.23 101.10 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 344.15 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.04 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.70 101.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.71 101.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 449.69 101.10 Td (software ) Tj ET Q q 0 0 0 rg BT 487.23 101.10 Td (development ) Tj ET Q q 0 0 0 rg BT 542.00 101.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 82.23 89.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.79 89.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 110.59 89.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.68 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.48 89.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 157.27 89.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 183.40 89.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 212.85 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.97 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.98 89.10 Td (software ) Tj ET Q q 0 0 0 rg BT 276.21 89.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.33 89.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 330.12 89.10 Td (features. ) Tj ET Q q 0 0 0 rg BT 367.06 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.23 89.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 425.35 89.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 460.35 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.14 89.10 Td (software ) Tj ET Q q 0 0 0 rg BT 510.37 89.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.03 77.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.03 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.84 77.10 Td (general ) Tj ET Q q 0 0 0 rg BT 150.29 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.76 77.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 225.99 77.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 260.23 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.03 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.28 77.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 344.61 77.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 397.18 77.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 441.42 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.78 77.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 495.46 77.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.04 77.10 Td ($39,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.54 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.57 77.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td ($28,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.00 65.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.16 65.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.88 65.10 Td (three ) Tj ET Q q 0 0 0 rg BT 136.36 65.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.81 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.31 65.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.69 65.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 238.29 65.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.29 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.79 65.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.72 65.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.72 65.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.72 65.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 350.39 65.10 Td (. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 50.00 731.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.71 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.64 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.32 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.32 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.41 731.10 Td (future ) Tj ET Q q 0 0 0 rg BT 184.89 731.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 225.80 731.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 278.94 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 313.74 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 343.54 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.92 731.10 Td (software ) Tj ET Q q 0 0 0 rg BT 390.94 731.10 Td (development ) Tj ET Q q 0 0 0 rg BT 445.19 731.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 467.79 731.10 Td (over ) Tj ET Q q 0 0 0 rg BT 488.15 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.96 731.10 Td (next ) Tj ET Q q 0 0 0 rg BT 522.78 731.10 Td (five ) Tj ET Q q 0 0 0 rg BT 540.92 731.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 719.10 Td (set ) Tj ET Q q 0 0 0 rg BT 72.78 719.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 94.72 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.71 719.10 Td (following ) Tj ET Q q 0 0 0 rg BT 161.10 719.10 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 686.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 686.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 656.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 626.60 100.00 -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 50.5 686.6 m 462.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 686.6 m 562.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 611.6 m 562.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 597.6 m 562.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 595.6 m 562.5 595.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 691.27 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 699.17 Td (Software Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.05 689.22 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 676.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 676.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 676.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 661.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 646.27 Td (204,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 631.27 Td (118,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.27 Td (82,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 601.27 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET 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 50 571.53505859375 m 122.5146484375 571.53505859375 l s q 0 0 0 rg BT 50.00 573.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.85 573.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 561.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.60 561.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 145.11 561.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.41 561.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 195.38 561.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.80 561.10 Td (its ) Tj ET Q q 0 0 0 rg BT 217.33 561.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 259.40 561.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.82 561.10 Td (through ) Tj ET Q q 0 0 0 rg BT 318.01 561.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.55 561.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 375.51 561.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.93 561.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 419.12 561.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.20 561.10 Td (January ) Tj ET Q q 0 0 0 rg BT 464.38 561.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 478.97 561.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 503.55 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.49 561.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 561.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.73 549.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 104.11 549.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.39 549.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 165.99 549.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 208.04 549.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 233.44 549.10 Td (over ) Tj ET Q q 0 0 0 rg BT 253.27 549.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.77 549.10 Td (period ) Tj ET Q q 0 0 0 rg BT 287.38 549.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.77 549.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.77 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.83 549.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.67 549.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.67 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.73 549.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 365.74 549.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 420.01 549.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 453.17 549.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 496.33 549.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 524.23 549.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (property ) Tj ET Q q 0 0 0 rg BT 86.48 537.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.52 537.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 150.83 537.10 Td (software ) Tj ET Q q 0 0 0 rg BT 187.86 537.10 Td (development ) Tj ET Q q 0 0 0 rg BT 242.11 537.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 264.71 537.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.75 537.10 Td (other ) Tj ET Q q 0 0 0 rg BT 304.89 537.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 347.48 537.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 375.91 537.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.17 537.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 438.87 537.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 480.34 537.10 Td (events ) Tj ET Q q 0 0 0 rg BT 508.49 537.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.42 537.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.22 537.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 110.17 525.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 145.35 525.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.87 525.10 Td (their ) Tj ET Q q 0 0 0 rg BT 185.72 525.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 222.57 525.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 259.98 525.10 Td (may ) Tj ET Q q 0 0 0 rg BT 280.73 525.10 Td (not ) Tj ET Q q 0 0 0 rg BT 297.03 525.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.00 525.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 362.66 525.10 Td (If ) Tj ET Q q 0 0 0 rg BT 372.84 525.10 Td (an ) Tj ET Q q 0 0 0 rg BT 385.81 525.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 430.99 525.10 Td (is ) Tj ET Q q 0 0 0 rg BT 441.19 525.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 480.53 525.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.27 525.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 538.12 525.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 106.06 513.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 126.57 513.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 151.53 513.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.37 513.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.88 513.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.84 513.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 253.02 513.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.96 513.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 310.13 513.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.64 513.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.60 513.10 Td (asset's ) Tj ET Q q 0 0 0 rg BT 373.47 513.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 409.53 513.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 442.26 513.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.78 513.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 495.50 513.10 Td (if ) Tj ET Q q 0 0 0 rg BT 504.35 513.10 Td (there ) Tj ET Q q 0 0 0 rg BT 527.07 513.10 Td (has ) Tj ET Q q 0 0 0 rg BT 543.14 513.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.85 501.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 112.87 501.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.72 501.10 Td (is ) Tj ET Q q 0 0 0 rg BT 148.81 501.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 191.75 501.10 Td (as ) Tj ET Q q 0 0 0 rg BT 202.50 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.13 501.10 Td (dif) Tj ET Q q 0 0 0 rg BT 228.06 501.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 259.89 501.10 Td (between ) Tj ET Q q 0 0 0 rg BT 295.62 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.25 501.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 326.55 501.10 Td (value ) Tj ET Q q 0 0 0 rg BT 350.62 501.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.36 501.10 Td (an ) Tj ET Q q 0 0 0 rg BT 373.22 501.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 395.07 501.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.93 501.10 Td (its ) Tj ET Q q 0 0 0 rg BT 423.79 501.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 459.52 501.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 486.09 501.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 527.39 501.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.14 501.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 105.14 489.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 124.71 489.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 148.75 489.10 Td (are ) Tj ET Q q 0 0 0 rg BT 162.76 489.10 Td (based ) Tj ET Q q 0 0 0 rg BT 187.34 489.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.15 489.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 236.50 489.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 266.64 489.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 287.33 489.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.80 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.82 489.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 353.03 489.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 398.70 489.10 Td (future ) Tj ET Q q 0 0 0 rg BT 424.39 489.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 465.07 489.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 508.55 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 489.10 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.97 477.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 95.26 477.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 125.94 477.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 144.68 477.10 Td (values ) Tj ET Q q 0 0 0 rg BT 172.87 477.10 Td (take ) Tj ET Q q 0 0 0 rg BT 192.16 477.10 Td (into ) Tj ET Q q 0 0 0 rg BT 210.35 477.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 266.86 477.10 Td (management ) Tj ET Q q 0 0 0 rg BT 320.58 477.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 360.43 477.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.40 477.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 425.69 477.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 462.21 477.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 486.22 477.10 Td (which ) Tj ET Q q 0 0 0 rg BT 513.30 477.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.14 477.10 Td (believed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.59 465.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.85 465.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 115.66 465.10 Td (with ) Tj ET Q q 0 0 0 rg BT 136.26 465.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 188.52 465.10 Td (that ) Tj ET Q q 0 0 0 rg BT 206.33 465.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 258.01 465.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 307.47 465.10 Td (would ) Tj ET Q q 0 0 0 rg BT 335.29 465.10 Td (use ) Tj ET Q q 0 0 0 rg BT 351.44 465.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.03 465.10 Td (their ) Tj ET Q q 0 0 0 rg BT 383.17 465.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 423.20 465.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.35 465.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.04 465.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 478.01 465.10 Td (For ) Tj ET Q q 0 0 0 rg BT 494.72 465.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 465.10 Td (three ) Tj ET Q q 0 0 0 rg BT 532.55 465.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 453.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 119.98 453.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 453.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.48 453.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.41 453.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 453.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.41 453.10 Td (there ) Tj ET Q q 0 0 0 rg BT 206.90 453.10 Td (were ) Tj ET Q q 0 0 0 rg BT 228.83 453.10 Td (no ) Tj ET Q q 0 0 0 rg BT 241.33 453.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 289.93 453.10 Td (char) Tj ET Q q 0 0 0 rg BT 306.95 453.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 322.78 453.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 366.38 453.10 Td (with ) Tj ET Q q 0 0 0 rg BT 386.66 453.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.37 453.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 448.45 453.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 492.06 453.10 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.28 429.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 429.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.30 429.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 165.35 429.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.30 429.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 228.56 429.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 271.28 429.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 297.35 429.10 Td (over ) Tj ET Q q 0 0 0 rg BT 317.85 429.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.01 429.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 364.40 429.10 Td (average ) Tj ET Q q 0 0 0 rg BT 398.22 429.10 Td (period ) Tj ET Q q 0 0 0 rg BT 426.49 429.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.55 429.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 445.29 429.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.38 429.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.62 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.74 429.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 529.79 429.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.02 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.25 417.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 112.37 417.10 Td (related ) Tj ET Q q 0 0 0 rg BT 142.59 417.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 191.15 417.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 234.16 417.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 260.50 417.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 283.52 417.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 321.51 417.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.31 417.10 Td (general ) Tj ET Q q 0 0 0 rg BT 364.75 417.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.21 417.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 442.43 417.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 477.66 417.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.45 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.69 417.10 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.95 405.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.56 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.30 405.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 198.36 405.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.32 405.10 Td ($195,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.82 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.22 405.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.07 405.10 Td ($98,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.57 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.97 405.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.04 405.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.66 405.10 Td (three ) Tj ET Q q 0 0 0 rg BT 352.05 405.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.90 405.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.19 405.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 450.69 405.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.69 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.09 405.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.94 405.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.94 405.10 Td (, ) Tj ET Q q 0 0 0 rg BT 511.84 405.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.50 405.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.55 381.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.31 381.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.83 381.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.83 381.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.76 381.10 Td (future ) Tj ET Q q 0 0 0 rg BT 184.07 381.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 224.82 381.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 277.79 381.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 312.43 381.10 Td (related ) Tj ET Q q 0 0 0 rg BT 342.07 381.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.28 381.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 400.25 381.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 442.67 381.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.44 381.10 Td (over ) Tj ET Q q 0 0 0 rg BT 488.64 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.29 381.10 Td (next ) Tj ET Q q 0 0 0 rg BT 522.94 381.10 Td (five ) Tj ET Q q 0 0 0 rg BT 540.92 381.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 369.10 Td (set ) Tj ET Q q 0 0 0 rg BT 72.78 369.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 94.72 369.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.00 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.71 369.10 Td (following ) Tj ET Q q 0 0 0 rg BT 161.10 369.10 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 333.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 333.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 303.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 273.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 273.60 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 50.5 333.6 m 482.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 333.6 m 562.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 333.6 m 482.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 333.6 m 562.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 258.6 m 562.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 258.6 m 562.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 244.60000000000002 m 562.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 242.60000000000002 m 562.5 242.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.27 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.30 348.27 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.05 338.27 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 323.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 323.27 Td (765,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 308.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 308.27 Td (759,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 293.27 Td (148,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 278.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 278.27 Td (93,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 263.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 263.27 Td (38,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 248.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 248.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 248.27 Td (1,806,191) Tj ET Q BT /F1 10.00 Tf ET 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 50 218.53505859375002 m 88.896484375 218.53505859375002 l s q 0 0 0 rg BT 50.00 220.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.82 208.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.39 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.65 208.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 178.79 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.15 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.41 208.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 243.98 208.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 300.90 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.26 208.10 Td (an ) Tj ET Q q 0 0 0 rg BT 324.74 208.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 362.20 208.10 Td (business ) Tj ET Q q 0 0 0 rg BT 399.13 208.10 Td (over ) Tj ET Q q 0 0 0 rg BT 419.94 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.20 208.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 452.11 208.10 Td (value ) Tj ET Q q 0 0 0 rg BT 476.81 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.17 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.43 208.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 549.79 208.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 84.96 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.16 196.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 144.90 196.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 173.28 196.10 Td (The ) Tj ET Q q 0 0 0 rg BT 191.58 196.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.22 196.10 Td (has ) Tj ET Q q 0 0 0 rg BT 249.31 196.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 287.62 196.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.36 196.10 Td (has ) Tj ET Q q 0 0 0 rg BT 321.45 196.10 Td (been ) Tj ET Q q 0 0 0 rg BT 343.08 196.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 380.80 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.34 196.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 437.96 196.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.49 196.10 Td (its ) Tj ET Q q 0 0 0 rg BT 470.69 196.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 517.33 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.41 196.10 Td (Ebyline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.22 184.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.34 184.10 Td (not ) Tj ET Q q 0 0 0 rg BT 114.56 184.10 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 159.49 184.10 Td (but ) Tj ET Q q 0 0 0 rg BT 174.71 184.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 205.48 184.10 Td (it ) Tj ET Q q 0 0 0 rg BT 213.48 184.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.60 184.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 248.37 184.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.48 184.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 311.02 184.10 Td (at ) Tj ET Q q 0 0 0 rg BT 320.68 184.10 Td (least ) Tj ET Q q 0 0 0 rg BT 341.45 184.10 Td (annually) Tj ET Q q 0 0 0 rg BT 375.24 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.18 184.10 Td (In ) Tj ET Q q 0 0 0 rg BT 390.96 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 184.10 Td (event ) Tj ET Q q 0 0 0 rg BT 429.72 184.10 Td (that ) Tj ET Q q 0 0 0 rg BT 447.16 184.10 Td (management ) Tj ET Q q 0 0 0 rg BT 500.69 184.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 547.01 184.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.24 172.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.91 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.26 172.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 139.84 172.10 Td (has ) Tj ET Q q 0 0 0 rg BT 156.19 172.10 Td (become ) Tj ET Q q 0 0 0 rg BT 190.30 172.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 231.36 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.60 172.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 288.51 172.10 Td (will ) Tj ET Q q 0 0 0 rg BT 307.08 172.10 Td (record ) Tj ET Q q 0 0 0 rg BT 335.64 172.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.10 172.10 Td (char) Tj ET Q q 0 0 0 rg BT 360.13 172.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 372.59 172.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.27 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.50 172.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 435.52 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.87 172.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 495.99 172.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.11 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.35 172.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.82 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.09 160.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.03 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 160.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 190.79 160.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.96 160.10 Td (made.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 136.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.98 136.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 145.85 136.10 Td (its ) Tj ET Q q 0 0 0 rg BT 157.07 136.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 185.50 136.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 233.37 136.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 252.92 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.02 136.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 300.35 136.10 Td (during ) Tj ET Q q 0 0 0 rg BT 328.23 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.22 136.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.43 136.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 398.52 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.62 136.10 Td (each ) Tj ET Q q 0 0 0 rg BT 428.71 136.10 Td (year) Tj ET Q q 0 0 0 rg BT 445.52 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.79 136.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.89 136.10 Td (more ) Tj ET Q q 0 0 0 rg BT 482.21 136.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 522.66 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 526.93 136.10 Td (if ) Tj ET Q q 0 0 0 rg BT 534.81 136.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 91.68 124.10 Td (are ) Tj ET Q q 0 0 0 rg BT 106.13 124.10 Td (present. ) Tj ET Q q 0 0 0 rg BT 139.75 124.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 179.77 124.10 Td (is ) Tj ET Q q 0 0 0 rg BT 188.68 124.10 Td (required ) Tj ET Q q 0 0 0 rg BT 224.24 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.26 124.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.94 124.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 271.51 124.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.41 124.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 333.75 124.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.21 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.67 124.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.57 124.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 414.37 124.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 438.05 124.10 Td (A) Tj ET Q q 0 0 0 rg BT 444.72 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.96 124.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 485.86 124.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 503.66 124.10 Td (is ) Tj ET Q q 0 0 0 rg BT 512.57 124.10 Td (an ) Tj ET Q q 0 0 0 rg BT 524.25 124.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.49 112.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.98 112.10 Td (one ) Tj ET Q q 0 0 0 rg BT 112.58 112.10 Td (level ) Tj ET Q q 0 0 0 rg BT 134.17 112.10 Td (below ) Tj ET Q q 0 0 0 rg BT 160.77 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.15 112.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.07 112.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 250.56 112.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 274.65 112.10 Td (which ) Tj ET Q q 0 0 0 rg BT 301.25 112.10 Td (is ) Tj ET Q q 0 0 0 rg BT 310.08 112.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 343.88 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.82 112.10 Td (as ) Tj ET Q q 0 0 0 rg BT 364.31 112.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.91 112.10 Td (component. ) Tj ET Q q 0 0 0 rg BT 420.00 112.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 474.36 112.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 513.74 112.10 Td (its ) Tj ET Q q 0 0 0 rg BT 525.34 112.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (units ) Tj ET Q q 0 0 0 rg BT 71.44 100.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.43 100.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 122.64 100.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 156.84 100.10 Td (components ) Tj ET Q q 0 0 0 rg BT 207.15 100.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 218.58 100.10 Td (have ) Tj ET Q q 0 0 0 rg BT 239.45 100.10 Td (discrete ) Tj ET Q q 0 0 0 rg BT 272.53 100.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.50 100.10 Td (information ) Tj ET Q q 0 0 0 rg BT 358.70 100.10 Td (available; ) Tj ET Q q 0 0 0 rg BT 399.56 100.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 413.76 100.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 444.07 100.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.84 100.10 Td (business ) Tj ET Q q 0 0 0 rg BT 489.72 100.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 530.59 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.01 100.10 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.64 88.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.52 88.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 127.28 88.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 164.14 88.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 202.67 88.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 236.20 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.85 88.10 Td (component's ) Tj ET Q q 0 0 0 rg BT 303.42 88.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.61 88.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 374.66 88.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 391.53 88.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.30 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.17 88.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 472.16 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.93 88.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 519.79 88.10 Td (businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.02 76.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 103.93 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.52 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.56 76.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 169.03 76.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 187.40 76.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 231.31 76.10 Td (with ) Tj ET Q q 0 0 0 rg BT 251.91 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.94 76.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 304.18 76.10 Td (business ) Tj ET Q q 0 0 0 rg BT 340.89 76.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.47 76.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.29 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.32 76.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 441.01 76.10 Td (or) Tj ET Q q 0 0 0 rg BT 449.16 76.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 500.84 76.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 538.64 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 76.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 90.79 64.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 123.54 64.10 Td (If ) Tj ET Q q 0 0 0 rg BT 131.56 64.10 Td (two ) Tj ET Q q 0 0 0 rg BT 147.92 64.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.61 64.10 Td (more ) Tj ET Q q 0 0 0 rg BT 179.52 64.10 Td (components ) Tj ET Q q 0 0 0 rg BT 229.21 64.10 Td (are ) Tj ET Q q 0 0 0 rg BT 242.78 64.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 275.23 64.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 330.46 64.10 Td (similar) Tj ET Q q 0 0 0 rg BT 357.83 64.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.69 64.10 Td (those ) Tj ET Q q 0 0 0 rg BT 384.16 64.10 Td (components ) Tj ET Q q 0 0 0 rg BT 433.85 64.10 Td (are ) Tj ET Q q 0 0 0 rg BT 447.42 64.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 492.64 64.10 Td (into ) Tj ET Q q 0 0 0 rg BT 509.56 64.10 Td (one ) Tj ET Q q 0 0 0 rg BT 525.36 64.10 Td (reporting ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 50.00 731.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.48 731.10 Td (when ) Tj ET Q q 0 0 0 rg BT 91.06 731.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 137.97 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.11 731.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 180.69 731.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 218.17 731.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 266.20 731.10 Td (review) Tj ET Q q 0 0 0 rg BT 292.75 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 297.18 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.96 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.43 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 357.24 731.10 Td (has ) Tj ET Q q 0 0 0 rg BT 372.50 731.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 419.40 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.32 731.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 457.68 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.39 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.75 731.10 Td (after ) Tj ET Q q 0 0 0 rg BT 503.99 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 731.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 719.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 96.93 719.10 Td (it ) Tj ET Q q 0 0 0 rg BT 104.99 719.10 Td (had ) Tj ET Q q 0 0 0 rg BT 121.93 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.87 719.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 179.69 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.97 719.10 Td (have ) Tj ET Q q 0 0 0 rg BT 211.35 719.10 Td (one ) Tj ET Q q 0 0 0 rg BT 228.29 719.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 267.44 719.10 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 50 693.53505859375 m 140.2685546875 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 89.16 695.10 Td (Recognition) 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 68.57 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.49 683.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 142.39 683.10 Td (its ) Tj ET Q q 0 0 0 rg BT 154.86 683.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 189.54 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.00 683.10 Td (three ) Tj ET Q q 0 0 0 rg BT 235.01 683.10 Td (sources: ) Tj ET Q q 0 0 0 rg BT 270.81 683.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.48 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.94 683.10 Td (an ) Tj ET Q q 0 0 0 rg BT 340.41 683.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 382.86 683.10 Td (when ) Tj ET Q q 0 0 0 rg BT 407.55 683.10 Td (it ) Tj ET Q q 0 0 0 rg BT 416.13 683.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 437.49 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.17 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.64 683.10 Td (social ) Tj ET Q q 0 0 0 rg BT 485.99 683.10 Td (media ) Tj ET Q q 0 0 0 rg BT 513.45 683.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 553.69 683.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (influencer ) Tj ET Q q 0 0 0 rg BT 93.44 671.10 Td (such ) Tj ET Q q 0 0 0 rg BT 114.67 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 125.91 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.25 671.10 Td (blogger ) Tj ET Q q 0 0 0 rg BT 166.70 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.93 671.10 Td (tweeter ) Tj ET Q q 0 0 0 rg BT 210.26 671.10 Td (\("creators"\) ) Tj ET Q q 0 0 0 rg BT 259.64 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.32 671.10 Td (share ) Tj ET Q q 0 0 0 rg BT 294.32 671.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 337.78 671.10 Td (content ) Tj ET Q q 0 0 0 rg BT 370.12 671.10 Td (with ) Tj ET Q q 0 0 0 rg BT 390.80 671.10 Td (their ) Tj ET Q q 0 0 0 rg BT 412.03 671.10 Td (social ) Tj ET Q q 0 0 0 rg BT 438.26 671.10 Td (network ) Tj ET Q q 0 0 0 rg BT 473.93 671.10 Td (audience ) Tj ET Q q 0 0 0 rg BT 512.37 671.10 Td (\("Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (Revenue"\), ) Tj ET Q q 0 0 0 rg BT 97.46 659.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 131.66 659.10 Td (when ) Tj ET Q q 0 0 0 rg BT 155.88 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.88 659.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 202.66 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 213.55 659.10 Td (company ) Tj ET Q q 0 0 0 rg BT 252.76 659.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 294.75 659.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 326.20 659.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 360.97 659.10 Td (content ) Tj ET Q q 0 0 0 rg BT 392.96 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.18 659.10 Td (use ) Tj ET Q q 0 0 0 rg BT 423.07 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 435.63 659.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.64 659.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 476.86 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.86 659.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 530.84 659.10 Td (sites, ) Tj ET Q q 0 0 0 rg BT 553.68 659.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (well ) Tj ET Q q 0 0 0 rg BT 69.16 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.44 647.10 Td (third ) Tj ET Q q 0 0 0 rg BT 100.28 647.10 Td (party ) Tj ET Q q 0 0 0 rg BT 122.77 647.10 Td (content ) Tj ET Q q 0 0 0 rg BT 154.15 647.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 196.64 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.03 647.10 Td (native ) Tj ET Q q 0 0 0 rg BT 239.41 647.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 285.79 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 293.38 647.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 313.65 647.10 Td (\("Content ) Tj ET Q q 0 0 0 rg BT 354.68 647.10 Td (Revenue"\) ) Tj ET Q q 0 0 0 rg BT 399.02 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.41 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 449.00 647.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 480.93 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 502.32 647.10 Td (various ) Tj ET Q q 0 0 0 rg BT 533.70 647.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 635.10 Td (license ) Tj ET Q q 0 0 0 rg BT 97.20 635.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 115.80 635.10 Td (char) Tj ET Q q 0 0 0 rg BT 132.83 635.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 149.77 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.04 635.10 Td (users ) Tj ET Q q 0 0 0 rg BT 183.10 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.93 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.76 635.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 250.58 635.10 Td (\("Service ) Tj ET Q q 0 0 0 rg BT 290.48 635.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 307.42 635.10 Td (Revenue"\). ) Tj ET Q q 0 0 0 rg BT 354.81 635.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.37 611.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 104.95 611.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 150.48 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.18 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.55 611.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 232.90 611.10 Td (into ) Tj ET Q q 0 0 0 rg BT 250.94 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 262.86 611.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 306.99 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.25 611.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 350.27 611.10 Td (services ) Tj ET Q q 0 0 0 rg BT 384.96 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.44 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 422.14 611.10 Td (require ) Tj ET Q q 0 0 0 rg BT 452.94 611.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 488.75 611.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 539.54 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 611.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (form ) Tj ET Q q 0 0 0 rg BT 72.09 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.07 599.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 96.82 599.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 140.02 599.10 Td (social ) Tj ET Q q 0 0 0 rg BT 166.00 599.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 192.81 599.10 Td (such ) Tj ET Q q 0 0 0 rg BT 213.79 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 224.77 599.10 Td (blogs, ) Tj ET Q q 0 0 0 rg BT 251.59 599.10 Td (tweets, ) Tj ET Q q 0 0 0 rg BT 282.29 599.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 311.61 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.59 599.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 351.35 599.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 380.10 599.10 Td (through ) Tj ET Q q 0 0 0 rg BT 413.86 599.10 Td (social ) Tj ET Q q 0 0 0 rg BT 439.83 599.10 Td (network ) Tj ET Q q 0 0 0 rg BT 475.25 599.10 Td (of) Tj ET Q q 0 0 0 rg BT 483.40 599.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 513.82 599.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.47 599.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (awareness ) Tj ET Q q 0 0 0 rg BT 93.87 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.99 587.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 152.21 587.10 Td (buzz ) Tj ET Q q 0 0 0 rg BT 173.87 587.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 214.97 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.98 587.10 Td (advertiser's ) Tj ET Q q 0 0 0 rg BT 277.88 587.10 Td (brand; ) Tj ET Q q 0 0 0 rg BT 306.21 587.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 320.66 587.10 Td (media ) Tj ET Q q 0 0 0 rg BT 347.88 587.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 413.14 587.10 Td (such ) Tj ET Q q 0 0 0 rg BT 434.26 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 445.37 587.10 Td (click-through ) Tj ET Q q 0 0 0 rg BT 502.03 587.10 Td (advertisements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (appearing ) Tj ET Q q 0 0 0 rg BT 91.94 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.23 575.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 139.18 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.13 575.10 Td (social ) Tj ET Q q 0 0 0 rg BT 181.97 575.10 Td (media ) Tj ET Q q 0 0 0 rg BT 208.92 575.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 246.42 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.37 575.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 276.98 575.10 Td (original ) Tj ET Q q 0 0 0 rg BT 310.60 575.10 Td (content ) Tj ET Q q 0 0 0 rg BT 342.55 575.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 369.23 575.10 Td (such ) Tj ET Q q 0 0 0 rg BT 390.07 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.91 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.87 575.10 Td (research ) Tj ET Q q 0 0 0 rg BT 443.69 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.53 575.10 Td (news ) Tj ET Q q 0 0 0 rg BT 477.59 575.10 Td (article, ) Tj ET Q q 0 0 0 rg BT 507.59 575.10 Td (informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (material ) Tj ET Q q 0 0 0 rg BT 85.37 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.31 563.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 125.02 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.63 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.68 563.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 189.50 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.44 563.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 225.82 563.10 Td (can ) Tj ET Q q 0 0 0 rg BT 242.30 563.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 260.74 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.16 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 281.32 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 322.81 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 342.64 563.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 375.79 563.10 Td (one ) Tj ET Q q 0 0 0 rg BT 392.84 563.10 Td (type ) Tj ET Q q 0 0 0 rg BT 412.67 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.61 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.65 563.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 483.25 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.19 563.10 Td (all ) Tj ET Q q 0 0 0 rg BT 506.80 563.10 Td (types ) Tj ET Q q 0 0 0 rg BT 530.51 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.45 563.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 100.75 551.10 Td (including ) Tj ET Q q 0 0 0 rg BT 140.97 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.85 551.10 Td (management ) Tj ET Q q 0 0 0 rg BT 201.39 551.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 216.04 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.48 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.36 551.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 276.13 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.90 551.10 Td (work ) Tj ET Q q 0 0 0 rg BT 309.90 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.00 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.88 551.10 Td (lump ) Tj ET Q q 0 0 0 rg BT 353.88 551.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 373.00 551.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 390.15 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.42 551.10 Td (These ) Tj ET Q q 0 0 0 rg BT 418.74 551.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 469.49 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.36 551.10 Td (be ) Tj ET Q q 0 0 0 rg BT 506.25 551.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 544.24 551.10 Td (over ) 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 57.32 539.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 83.53 539.10 Td (period ) Tj ET Q q 0 0 0 rg BT 111.95 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 129.83 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.93 539.10 Td (range ) Tj ET Q q 0 0 0 rg BT 175.01 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.33 539.10 Td (one ) Tj ET Q q 0 0 0 rg BT 214.65 539.10 Td (day ) Tj ET Q q 0 0 0 rg BT 231.97 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.63 539.10 Td (one ) Tj ET Q q 0 0 0 rg BT 259.95 539.10 Td (year) Tj ET Q q 0 0 0 rg BT 276.61 539.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.99 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.87 539.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 307.73 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.95 539.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.37 539.10 Td (items ) Tj ET Q q 0 0 0 rg BT 366.92 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.01 539.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 428.20 539.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 468.29 539.10 Td (once ) Tj ET Q q 0 0 0 rg BT 490.04 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.14 539.10 Td (content ) Tj ET Q q 0 0 0 rg BT 537.46 539.10 Td (is ) Tj ET Q q 0 0 0 rg BT 547.01 539.10 Td (live ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (through ) Tj ET Q q 0 0 0 rg BT 84.27 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.87 527.10 Td (public ) Tj ET Q q 0 0 0 rg BT 120.02 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.51 527.10 Td (social ) Tj ET Q q 0 0 0 rg BT 157.99 527.10 Td (network ) Tj ET Q q 0 0 0 rg BT 193.92 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.41 527.10 Td (content ) Tj ET Q q 0 0 0 rg BT 238.00 527.10 Td (has ) Tj ET Q q 0 0 0 rg BT 254.49 527.10 Td (been ) Tj ET Q q 0 0 0 rg BT 276.53 527.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 316.89 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.83 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.20 527.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 383.02 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.84 527.10 Td (their ) Tj ET Q q 0 0 0 rg BT 419.32 527.10 Td (own ) Tj ET Q q 0 0 0 rg BT 439.70 527.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 458.69 527.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 496.84 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 506.67 527.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.36 527.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 92.17 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 103.81 515.10 Td (each ) Tj ET Q q 0 0 0 rg BT 123.76 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.73 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.58 515.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 197.53 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.94 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.80 515.10 Td (time ) Tj ET Q q 0 0 0 rg BT 240.21 515.10 Td (frames ) Tj ET Q q 0 0 0 rg BT 269.05 515.10 Td (set ) Tj ET Q q 0 0 0 rg BT 281.80 515.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 302.87 515.10 Td (below) Tj ET Q q 0 0 0 rg BT 326.66 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.80 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.32 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.50 515.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 389.46 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.43 515.10 Td (work ) Tj ET Q q 0 0 0 rg BT 421.62 515.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 458.24 515.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 494.32 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 507.62 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.69 515.10 Td (cancellation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 65.05 503.10 Td (if ) Tj ET Q q 0 0 0 rg BT 74.00 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.06 503.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 133.54 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.05 503.10 Td (canceled ) Tj ET Q q 0 0 0 rg BT 180.86 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.76 503.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 248.26 503.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 270.54 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.16 503.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 328.99 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.17 503.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 377.71 503.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 415.55 503.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 440.61 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.66 503.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 493.49 503.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 506.33 503.10 Td (days ) Tj ET Q q 0 0 0 rg BT 527.50 503.10 Td (from ) Tj ET Q q 0 0 0 rg BT 549.79 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (invoice ) Tj ET Q q 0 0 0 rg BT 81.82 491.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 103.37 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.76 491.10 Td (If ) Tj ET Q q 0 0 0 rg BT 114.81 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.42 491.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 170.69 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.75 491.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 208.80 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.97 491.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 251.90 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.73 491.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 290.01 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.73 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.34 491.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 352.43 491.10 Td (it ) Tj ET Q q 0 0 0 rg BT 360.38 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 379.99 491.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 404.02 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 424.19 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.80 491.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 477.84 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.01 491.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 520.95 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.78 491.10 Td (dif) Tj ET Q q 0 0 0 rg BT 538.71 491.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (type ) Tj ET Q q 0 0 0 rg BT 70.06 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.23 479.10 Td (service ) Tj ET Q q 0 0 0 rg BT 112.39 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.57 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.19 479.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 167.58 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.86 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 200.47 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.97 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.03 479.10 Td (value ) Tj ET Q q 0 0 0 rg BT 254.53 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.70 479.10 Td (those ) Tj ET Q q 0 0 0 rg BT 289.65 479.10 Td (services ) Tj ET Q q 0 0 0 rg BT 324.70 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 342.54 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 362.60 479.10 Td (be ) Tj ET Q q 0 0 0 rg BT 374.88 479.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 407.16 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.78 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.84 479.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 467.35 479.10 Td (order ) Tj ET Q q 0 0 0 rg BT 491.29 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.47 479.10 Td (used ) Tj ET Q q 0 0 0 rg BT 523.64 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.14 479.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 95.54 443.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 133.85 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.84 443.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 191.03 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.79 443.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 255.42 443.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 285.39 443.10 Td (after ) Tj ET Q q 0 0 0 rg BT 307.03 443.10 Td (an ) Tj ET Q q 0 0 0 rg BT 319.79 443.10 Td (advertiser's ) Tj ET Q q 0 0 0 rg BT 368.23 443.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 412.10 443.10 Td (content ) Tj ET Q q 0 0 0 rg BT 444.86 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 454.85 443.10 Td (posted ) Tj ET Q q 0 0 0 rg BT 484.28 443.10 Td (through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.71 443.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.26 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.58 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 78.55 431.10 Td (through ) Tj ET Q q 0 0 0 rg BT 112.11 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.00 431.10 Td (creator's ) Tj ET Q q 0 0 0 rg BT 154.90 431.10 Td (social ) Tj ET Q q 0 0 0 rg BT 180.67 431.10 Td (network ) Tj ET Q q 0 0 0 rg BT 215.89 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.00 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.89 431.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 273.78 431.10 Td (period ) Tj ET Q q 0 0 0 rg BT 301.78 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.56 431.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 335.11 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 353.10 431.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 389.99 431.10 Td (period ) Tj ET Q q 0 0 0 rg BT 417.99 431.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 446.54 431.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.43 431.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 475.88 431.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.21 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.66 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.77 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.66 431.10 Td (tweet ) Tj ET Q q 0 0 0 rg BT 541.77 431.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.00 431.10 Td (30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.46 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.24 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.80 419.10 Td (blog, ) Tj ET Q q 0 0 0 rg BT 117.21 419.10 Td (video ) Tj ET Q q 0 0 0 rg BT 142.55 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.00 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 177.68 419.10 Td (form ) Tj ET Q q 0 0 0 rg BT 200.24 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.69 419.10 Td (content. ) Tj ET Q q 0 0 0 rg BT 246.75 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.88 419.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 305.21 419.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 324.43 419.10 Td (related ) Tj ET Q q 0 0 0 rg BT 354.76 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.66 419.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 411.01 419.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 449.12 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 471.68 419.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 519.24 419.10 Td (campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 89.24 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 102.39 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.75 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.79 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 175.14 407.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 222.15 407.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 253.06 407.10 Td (over ) Tj ET Q q 0 0 0 rg BT 273.97 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.34 407.10 Td (term ) Tj ET Q q 0 0 0 rg BT 310.81 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.29 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.65 407.10 Td (campaign ) Tj ET Q q 0 0 0 rg BT 379.67 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.26 407.10 Td (may ) Tj ET Q q 0 0 0 rg BT 427.62 407.10 Td (range ) Tj ET Q q 0 0 0 rg BT 452.97 407.10 Td (from ) Tj ET Q q 0 0 0 rg BT 475.56 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.14 407.10 Td (few ) Tj ET Q q 0 0 0 rg BT 501.28 407.10 Td (days ) Tj ET Q q 0 0 0 rg BT 522.76 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.68 407.10 Td (several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 84.53 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.11 395.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 121.35 395.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 158.92 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 168.17 395.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 214.61 395.10 Td (when ) Tj ET Q q 0 0 0 rg BT 238.85 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.65 395.10 Td (content ) Tj ET Q q 0 0 0 rg BT 285.67 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 294.92 395.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 334.70 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.06 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.08 395.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 399.63 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.21 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.01 395.10 Td (customer) Tj ET Q q 0 0 0 rg BT 463.11 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.19 395.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 500.76 395.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 517.78 395.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 555.34 395.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 90.62 383.10 Td (when ) Tj ET Q q 0 0 0 rg BT 114.04 383.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 131.89 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.86 383.10 Td (char) Tj ET Q q 0 0 0 rg BT 162.89 383.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 179.08 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.62 383.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 230.92 383.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.89 383.10 Td (related ) Tj ET Q q 0 0 0 rg BT 298.85 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.39 383.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 359.03 383.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 376.89 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.31 383.10 Td (dif) Tj ET Q q 0 0 0 rg BT 401.24 383.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 426.31 383.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 451.39 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.48 383.10 Td (service ) Tj ET Q q 0 0 0 rg BT 491.55 383.10 Td (within ) Tj ET Q q 0 0 0 rg BT 518.87 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.06 383.10 Td (platform, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 88.47 371.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 106.94 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.97 371.10 Td (white-label ) Tj ET Q q 0 0 0 rg BT 168.32 371.10 Td (use ) Tj ET Q q 0 0 0 rg BT 184.01 371.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.71 371.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.26 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.13 371.10 Td (early ) Tj ET Q q 0 0 0 rg BT 247.48 371.10 Td (cash-out ) Tj ET Q q 0 0 0 rg BT 283.73 371.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 302.19 371.10 Td (if ) Tj ET Q q 0 0 0 rg BT 310.67 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.48 371.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 347.60 371.10 Td (wishes ) Tj ET Q q 0 0 0 rg BT 377.19 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.33 371.10 Td (take ) Tj ET Q q 0 0 0 rg BT 406.36 371.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 444.26 371.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 473.28 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.30 371.10 Td (services ) Tj ET Q q 0 0 0 rg BT 521.88 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 543.69 371.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (account ) Tj ET Q q 0 0 0 rg BT 83.20 359.10 Td (when ) Tj ET Q q 0 0 0 rg BT 106.97 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.29 359.10 Td (account ) Tj ET Q q 0 0 0 rg BT 154.49 359.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 187.13 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 195.90 359.10 Td (below ) Tj ET Q q 0 0 0 rg BT 222.45 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 251.75 359.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 292.75 359.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 325.39 359.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 368.60 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.15 359.10 Td (inactivity ) Tj ET Q q 0 0 0 rg BT 425.02 359.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 443.23 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 456.99 359.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 492.43 359.10 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 532.02 359.10 Td (Service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 67.19 347.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 104.92 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 114.34 347.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 160.95 347.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 213.69 347.10 Td (when ) Tj ET Q q 0 0 0 rg BT 238.10 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.06 347.10 Td (service ) Tj ET Q q 0 0 0 rg BT 284.13 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.54 347.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 337.94 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 349.02 347.10 Td (at ) Tj ET Q q 0 0 0 rg BT 358.98 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.95 347.10 Td (time ) Tj ET Q q 0 0 0 rg BT 394.47 347.10 Td (an ) Tj ET Q q 0 0 0 rg BT 406.66 347.10 Td (account ) Tj ET Q q 0 0 0 rg BT 440.50 347.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 478.24 347.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 514.31 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.39 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 534.81 347.10 Td (cashed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (out. ) Tj ET Q q 0 0 0 rg BT 68.73 335.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 102.17 335.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 120.07 335.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 158.51 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 173.62 335.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 225.96 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.75 335.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 277.30 335.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 296.86 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 306.98 335.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 354.30 335.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 406.07 335.10 Td (over ) Tj ET Q q 0 0 0 rg BT 427.30 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.97 335.10 Td (term ) Tj ET Q q 0 0 0 rg BT 464.75 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.53 335.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 510.80 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.26 335.10 Td (Self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (advertisers ) Tj ET Q q 0 0 0 rg BT 95.93 323.10 Td (must ) Tj ET Q q 0 0 0 rg BT 118.00 323.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 147.82 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.10 323.10 Td (services ) Tj ET Q q 0 0 0 rg BT 196.92 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 209.54 323.10 Td (placing ) Tj ET Q q 0 0 0 rg BT 241.58 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.64 323.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 280.14 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.54 323.10 Td (their ) Tj ET Q q 0 0 0 rg BT 311.48 323.10 Td (account ) Tj ET Q q 0 0 0 rg BT 345.19 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 365.58 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.42 323.10 Td (Company) Tj ET Q q 0 0 0 rg BT 418.65 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 423.77 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.20 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.36 323.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 479.75 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 494.58 323.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 532.18 323.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 552.02 323.10 Td (by ) 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 64.33 311.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 105.87 311.10 Td (via ) Tj ET Q q 0 0 0 rg BT 120.20 311.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 145.07 311.10 Td (card. ) Tj ET Q q 0 0 0 rg BT 166.89 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.54 311.10 Td (Advertisers ) Tj ET Q q 0 0 0 rg BT 216.75 311.10 Td (who ) Tj ET Q q 0 0 0 rg BT 236.09 311.10 Td (use ) Tj ET Q q 0 0 0 rg BT 251.53 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.86 311.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 306.86 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.75 311.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 349.96 311.10 Td (their ) Tj ET Q q 0 0 0 rg BT 370.40 311.10 Td (social ) Tj ET Q q 0 0 0 rg BT 395.84 311.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 442.38 311.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 487.26 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.70 311.10 Td (content ) Tj ET Q q 0 0 0 rg BT 529.25 311.10 Td (requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.95 299.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 99.90 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.29 299.10 Td (services ) Tj ET Q q 0 0 0 rg BT 149.23 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 160.30 299.10 Td (request ) Tj ET Q q 0 0 0 rg BT 191.91 299.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 217.41 299.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 244.87 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.60 299.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 289.22 299.10 Td (received ) Tj ET Q q 0 0 0 rg BT 325.82 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.89 299.10 Td (billings ) Tj ET Q q 0 0 0 rg BT 369.63 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.14 299.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 415.63 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.70 299.10 Td (services ) Tj ET Q q 0 0 0 rg BT 461.64 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 476.58 299.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 514.30 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.36 299.10 Td (unearned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 84.15 287.10 Td (until ) Tj ET Q q 0 0 0 rg BT 104.98 287.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 134.13 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 144.96 287.10 Td (described ) Tj ET Q q 0 0 0 rg BT 185.77 287.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (All ) Tj ET Q q 0 0 0 rg BT 65.72 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.00 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.16 263.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 139.68 263.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 174.27 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.89 263.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 225.69 263.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.75 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.91 263.10 Td (rendering ) Tj ET Q q 0 0 0 rg BT 316.17 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.44 263.10 Td (services ) Tj ET Q q 0 0 0 rg BT 362.59 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.98 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.59 263.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 436.40 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 462.11 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.27 263.10 Td (general ) Tj ET Q q 0 0 0 rg BT 509.64 263.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 553.69 263.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 70.93 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 76.34 251.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 95.16 251.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 106.40 251.10 Td (A.1 ) Tj ET Q q 0 0 0 rg BT 122.72 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 148.76 251.10 Td (states ) Tj ET Q q 0 0 0 rg BT 172.57 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.16 251.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 222.40 251.10 Td (will ) Tj ET Q q 0 0 0 rg BT 239.56 251.10 Td (be ) Tj ET Q q 0 0 0 rg BT 250.59 251.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 296.05 251.10 Td (when ) Tj ET Q q 0 0 0 rg BT 319.31 251.10 Td (it ) Tj ET Q q 0 0 0 rg BT 326.46 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.73 251.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 367.96 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.89 251.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 418.35 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.38 251.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 465.12 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.60 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 483.75 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 524.23 251.10 Td (considers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.72 239.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 95.63 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 106.23 239.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 145.70 239.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 179.61 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.21 239.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 231.33 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.04 239.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 276.95 239.10 Td (once ) Tj ET Q q 0 0 0 rg BT 298.10 239.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 309.80 239.10 Td (persuasive ) Tj ET Q q 0 0 0 rg BT 354.28 239.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 392.08 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.68 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 414.38 239.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 466.62 239.10 Td (exists, ) Tj ET Q q 0 0 0 rg BT 494.17 239.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 508.65 239.10 Td (services ) Tj ET Q q 0 0 0 rg BT 543.13 239.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (been ) Tj ET Q q 0 0 0 rg BT 71.13 227.10 Td (rendered, ) Tj ET Q q 0 0 0 rg BT 110.86 227.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 128.11 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.58 227.10 Td (price ) Tj ET Q q 0 0 0 rg BT 164.82 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.86 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.33 227.10 Td (advertiser ) Tj ET Q q 0 0 0 rg BT 231.01 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.59 227.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 280.50 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.43 227.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 312.23 227.10 Td (\(required ) Tj ET Q q 0 0 0 rg BT 351.13 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.16 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 372.86 227.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 392.33 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.80 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.49 227.10 Td (set ) Tj ET Q q 0 0 0 rg BT 421.86 227.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.11 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.36 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.28 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 495.31 227.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 525.89 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.93 227.10 Td (refund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.37 215.10 Td (adjustment\) ) Tj ET Q q 0 0 0 rg BT 109.62 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.10 215.10 Td (determinable, ) Tj ET Q q 0 0 0 rg BT 182.84 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.32 215.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 215.80 215.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 268.38 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.09 215.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 322.45 215.10 Td (assured. ) Tj ET Q q 0 0 0 rg BT 356.98 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.88 215.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.46 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.39 215.10 Td (records ) Tj ET Q q 0 0 0 rg BT 448.86 215.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 482.55 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.59 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.85 215.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 532.00 215.10 Td (amount ) 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 78.88 203.10 Td (sinceit ) Tj ET Q q 0 0 0 rg BT 109.72 203.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 149.15 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.06 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.51 203.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 206.40 203.10 Td (obligor ) Tj ET Q q 0 0 0 rg BT 237.52 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.53 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.98 203.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 316.68 203.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 339.47 203.10 Td (on ) Tj ET Q q 0 0 0 rg BT 351.70 203.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 376.70 203.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 396.43 203.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 441.99 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.44 203.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 487.00 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.67 203.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 549.78 203.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (service ) Tj ET Q q 0 0 0 rg BT 80.82 191.10 Td (specifications. ) Tj ET Q q 0 0 0 rg BT 140.80 191.10 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 50 165.53505859375002 m 125.8349609375 165.53505859375002 l s q 0 0 0 rg BT 50.00 167.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 102.50 167.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 99.91 155.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 122.61 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.51 155.10 Td (char) Tj ET Q q 0 0 0 rg BT 154.54 155.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 171.68 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.15 155.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.05 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.08 155.10 Td (they ) Tj ET Q q 0 0 0 rg BT 248.00 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.90 155.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 301.41 155.10 Td (including ) Tj ET Q q 0 0 0 rg BT 341.88 155.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 382.90 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.38 155.10 Td (content ) Tj ET Q q 0 0 0 rg BT 425.51 155.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 459.85 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.33 155.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 506.35 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.26 155.10 Td (Company) Tj ET Q q 0 0 0 rg BT 559.50 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 155.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 100.03 143.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 135.05 143.10 Td (char) Tj ET Q q 0 0 0 rg BT 152.08 143.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 169.33 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.92 143.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 224.39 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.87 143.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.90 143.10 Td (three ) Tj ET Q q 0 0 0 rg BT 276.70 143.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.14 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 308.96 143.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 143.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 379.56 143.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.56 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.38 143.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.63 143.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.63 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.44 143.10 Td (were ) Tj ET Q q 0 0 0 rg BT 464.69 143.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.26 143.10 Td ($1) Tj ET Q q 0 0 0 rg BT 534.89 143.10 Td (1) Tj ET Q q 0 0 0 rg BT 539.52 143.10 Td (1,000) 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 (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.65 131.10 Td ($1) Tj ET Q q 0 0 0 rg BT 77.28 131.10 Td (18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.78 131.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.49 131.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.15 131.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.86 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.36 131.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 216.79 131.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.00 131.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.42 131.10 Td (included ) Tj ET Q q 0 0 0 rg BT 293.06 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.05 131.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 326.70 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.35 131.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 388.10 131.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 423.52 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.51 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.93 131.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.45 131.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 119.10 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 93.53505859375002 m 111.1767578125 93.53505859375002 l s q 0 0 0 rg BT 50.00 95.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 95.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.63 95.10 Td (Rent) 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 68.66 83.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.33 83.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.33 83.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.21 83.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 185.20 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.98 83.10 Td (its ) Tj ET Q q 0 0 0 rg BT 212.54 83.10 Td (of) Tj ET Q q 0 0 0 rg BT 220.69 83.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 238.79 83.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 276.33 83.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 308.88 83.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 327.54 83.10 Td (abatements ) Tj ET Q q 0 0 0 rg BT 375.63 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.19 83.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 454.05 83.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 477.71 83.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 517.47 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.92 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.25 83.10 Td (base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 75.97 71.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 94.15 71.10 Td (during ) Tj ET Q q 0 0 0 rg BT 123.46 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.88 71.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 162.07 71.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 186.10 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.07 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.82 71.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.91 71.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.09 71.10 Td (for ) Tj ET Q q 0 0 0 rg BT 302.96 71.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 328.92 71.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 364.33 71.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.53 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.17 71.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 436.70 71.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 459.90 71.10 Td (over ) Tj ET Q q 0 0 0 rg BT 480.87 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.29 71.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 519.48 71.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 543.50 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.47 71.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.18 59.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.90 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.40 59.10 Td (dif) Tj ET Q q 0 0 0 rg BT 148.33 59.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 180.03 59.10 Td (between ) Tj ET Q q 0 0 0 rg BT 215.64 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.15 59.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 280.76 59.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 315.25 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.98 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.49 59.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 372.65 59.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 408.83 59.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 428.33 59.10 Td (under ) Tj ET Q q 0 0 0 rg BT 453.39 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.90 59.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 490.18 59.10 Td (as ) Tj ET Q q 0 0 0 rg BT 500.80 59.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 536.39 59.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 554.23 59.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 47.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 125.53 47.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.57 47.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 211.60 47.10 Td (sheets.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 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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695.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 358.79 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.99 695.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 404.16 695.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 418.25 695.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 443.45 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.76 695.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 498.85 695.25 Td (for ) Tj ET Q q 0 0 0 rg BT 512.38 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.47 695.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (future ) Tj ET Q q 0 0 0 rg BT 76.74 683.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 134.59 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.79 683.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 189.75 683.25 Td (dif) Tj ET Q q 0 0 0 rg BT 200.67 683.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 236.85 683.25 Td (between ) Tj ET Q q 0 0 0 rg BT 273.03 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.12 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.96 683.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 365.49 683.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 388.35 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.66 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 683.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 435.83 683.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 458.70 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.90 683.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.09 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.40 683.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 555.35 683.25 Td (A) Tj ET Q q 0 0 0 rg BT 562.02 683.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.38 671.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 132.08 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.91 671.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 178.62 671.25 Td (when ) Tj ET Q q 0 0 0 rg BT 202.45 671.25 Td (it ) Tj ET Q q 0 0 0 rg BT 210.17 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 219.01 671.25 Td (more ) Tj ET Q q 0 0 0 rg BT 241.72 671.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 266.66 671.25 Td (than ) Tj ET Q q 0 0 0 rg BT 286.04 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 300.98 671.25 Td (that ) Tj ET Q q 0 0 0 rg BT 318.14 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 324.75 671.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 360.22 671.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 374.60 671.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.21 671.25 Td (will ) Tj ET Q q 0 0 0 rg BT 413.93 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 428.87 671.25 Td (be ) Tj ET Q q 0 0 0 rg BT 440.48 671.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 476.78 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.79 671.25 Td (The ) Tj ET Q q 0 0 0 rg BT 496.50 671.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 537.56 671.25 Td (incurs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (minimal ) Tj ET Q q 0 0 0 rg BT 85.73 659.25 Td (state ) Tj ET Q q 0 0 0 rg BT 106.46 659.25 Td (franchise ) Tj ET Q q 0 0 0 rg BT 145.51 659.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.13 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.31 659.25 Td (two ) Tj ET Q q 0 0 0 rg BT 187.72 659.25 Td (states ) Tj ET Q q 0 0 0 rg BT 212.34 659.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.18 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 248.26 659.25 Td (included ) Tj ET Q q 0 0 0 rg BT 285.09 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.27 659.25 Td (general ) Tj ET Q q 0 0 0 rg BT 327.10 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.94 659.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 403.56 659.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.06 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.24 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.86 659.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.81 659.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 647.25 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.67 623.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.67 623.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 151.00 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.56 623.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 208.88 623.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 249.20 623.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.54 623.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 306.28 623.25 Td (if ) Tj ET Q q 0 0 0 rg BT 315.50 623.25 Td (any) Tj ET Q q 0 0 0 rg BT 329.29 623.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.91 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 352.47 623.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 398.34 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.68 623.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 444.01 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.46 623.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 495.78 623.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.12 623.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.35 623.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (which ) Tj ET Q q 0 0 0 rg BT 77.61 611.25 Td (there ) Tj ET Q q 0 0 0 rg BT 100.77 611.25 Td (is ) Tj ET Q q 0 0 0 rg BT 110.62 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 118.23 611.25 Td (less ) Tj ET Q q 0 0 0 rg BT 136.41 611.25 Td (than ) Tj ET Q q 0 0 0 rg BT 156.80 611.25 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 243.28 611.25 Td (probability ) Tj ET Q q 0 0 0 rg BT 290.34 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.84 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.24 611.25 Td (position ) Tj ET Q q 0 0 0 rg BT 352.64 611.25 Td (being ) Tj ET Q q 0 0 0 rg BT 378.03 611.25 Td (upheld ) Tj ET Q q 0 0 0 rg BT 408.42 611.25 Td (when ) Tj ET Q q 0 0 0 rg BT 433.26 611.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 473.08 611.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.25 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.65 611.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 537.02 611.25 Td (taxing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (authority) Tj ET Q q 0 0 0 rg BT 85.45 599.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.66 599.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 113.36 599.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 152.18 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 167.09 599.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 200.88 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.36 599.25 Td (be ) Tj ET Q q 0 0 0 rg BT 223.50 599.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 280.07 599.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.98 599.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 329.34 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.48 599.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.62 599.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 413.53 599.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 447.34 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 456.71 599.25 Td (established ) Tj ET Q q 0 0 0 rg BT 503.85 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 516.55 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.47 599.25 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 76.25 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 95.24 587.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 137.57 587.25 Td (has ) Tj ET Q q 0 0 0 rg BT 154.35 587.25 Td (not ) Tj ET Q q 0 0 0 rg BT 170.58 587.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 217.89 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 225.77 587.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 260.33 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.43 587.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 316.08 587.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.75 587.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 373.81 587.25 Td (If ) Tj ET Q q 0 0 0 rg BT 383.92 587.25 Td (there ) Tj ET Q q 0 0 0 rg BT 407.35 587.25 Td (were ) Tj ET Q q 0 0 0 rg BT 430.23 587.25 Td (an ) Tj ET Q q 0 0 0 rg BT 443.12 587.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 500.42 587.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 516.09 587.25 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 549.80 587.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.08 575.25 Td (would ) Tj ET Q q 0 0 0 rg BT 120.27 575.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 162.33 575.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 194.95 575.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 229.23 575.25 Td (related ) Tj ET Q q 0 0 0 rg BT 259.62 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 270.59 575.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 327.65 575.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.06 575.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 377.91 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.88 575.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 421.50 575.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 456.90 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.53 575.25 Td (penalties ) Tj ET Q q 0 0 0 rg BT 513.27 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.24 575.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 90.92 563.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.96 563.25 Td (Company) Tj ET Q q 0 0 0 rg BT 150.63 563.25 Td (s ) Tj ET Q q 0 0 0 rg BT 157.02 563.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 171.74 563.25 Td (years ) Tj ET Q q 0 0 0 rg BT 195.34 563.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 226.16 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.44 563.25 Td (examination ) Tj ET Q q 0 0 0 rg BT 288.37 563.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.87 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 563.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 349.18 563.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 386.67 563.25 Td (Service ) Tj ET Q q 0 0 0 rg BT 419.15 563.25 Td (are ) Tj ET Q q 0 0 0 rg BT 433.86 563.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 458.86 563.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 481.36 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.30 563.25 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 50 537.68505859375 m 191.6552734375 537.68505859375 l s q 0 0 0 rg BT 50.00 539.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.92 539.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 139.43 539.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 94.54 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.87 527.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 180.88 527.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.43 527.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 227.75 527.25 Td (as ) Tj ET Q q 0 0 0 rg BT 238.43 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.75 527.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 324.76 527.25 Td (or ) Tj ET Q q 0 0 0 rg BT 335.43 527.25 Td (other ) Tj ET Q q 0 0 0 rg BT 358.32 527.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 396.76 527.25 Td (that ) Tj ET Q q 0 0 0 rg BT 414.09 527.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 445.87 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.65 527.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 487.77 527.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.11 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.89 527.25 Td (one ) Tj ET Q q 0 0 0 rg BT 553.67 527.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (more ) Tj ET Q q 0 0 0 rg BT 74.14 515.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 121.06 515.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 151.86 515.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 175.72 515.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.75 515.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 229.83 515.25 Td (security ) Tj ET Q q 0 0 0 rg BT 265.08 515.25 Td (price ) Tj ET Q q 0 0 0 rg BT 288.66 515.25 Td (or ) Tj ET Q q 0 0 0 rg BT 300.58 515.25 Td (other ) Tj ET Q q 0 0 0 rg BT 324.72 515.25 Td (variable\), ) Tj ET Q q 0 0 0 rg BT 366.35 515.25 Td (require ) Tj ET Q q 0 0 0 rg BT 398.26 515.25 Td (no ) Tj ET Q q 0 0 0 rg BT 411.85 515.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 438.77 515.25 Td (net ) Tj ET Q q 0 0 0 rg BT 454.58 515.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.06 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.09 515.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 549.79 515.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 95.87 503.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 140.33 503.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.58 503.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 226.51 503.25 Td (may ) Tj ET Q q 0 0 0 rg BT 246.00 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 257.70 503.25 Td (free-standing ) Tj ET Q q 0 0 0 rg BT 312.73 503.25 Td (or ) Tj ET Q q 0 0 0 rg BT 323.32 503.25 Td (embedded ) Tj ET Q q 0 0 0 rg BT 366.68 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.73 503.25 Td (other ) Tj ET Q q 0 0 0 rg BT 399.54 503.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.79 503.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 488.22 503.25 Td (Further) Tj ET Q q 0 0 0 rg BT 517.26 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 522.03 503.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.31 491.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 136.30 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 150.84 491.25 Td (initially) Tj ET Q q 0 0 0 rg BT 181.30 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 186.13 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.90 491.25 Td (subsequently) Tj ET Q q 0 0 0 rg BT 254.46 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 259.29 491.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 299.94 491.25 Td (at ) Tj ET Q q 0 0 0 rg BT 309.48 491.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 325.69 491.25 Td (value ) Tj ET Q q 0 0 0 rg BT 349.67 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.44 491.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 403.75 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 414.40 491.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 453.95 491.25 Td (or) Tj ET Q q 0 0 0 rg BT 461.88 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 466.71 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.82 491.25 Td (rare ) Tj ET Q q 0 0 0 rg BT 494.68 491.25 Td (instances, ) Tj ET Q q 0 0 0 rg BT 536.17 491.25 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 479.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.05 479.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 147.85 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 162.32 479.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 205.11 479.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 254.58 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.17 479.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 312.94 479.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.91 479.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 355.18 479.25 Td (815, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.49 479.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 424.39 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.20 479.25 Td (Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.64 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.45 479.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 509.48 479.25 Td (815\), ) Tj ET Q q 0 0 0 rg BT 537.56 479.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.26 467.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 126.30 467.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 172.79 467.25 Td (about ) Tj ET Q q 0 0 0 rg BT 197.05 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.32 467.25 Td (Company) Tj ET Q q 0 0 0 rg BT 252.98 467.25 Td (s ) Tj ET Q q 0 0 0 rg BT 258.92 467.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 301.52 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.00 467.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 357.82 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.53 467.25 Td (using ) Tj ET Q q 0 0 0 rg BT 395.25 467.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 437.28 467.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 488.49 467.25 Td (how ) Tj ET Q q 0 0 0 rg BT 507.76 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.03 467.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 99.21 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.19 455.25 Td (related ) Tj ET Q q 0 0 0 rg BT 145.94 455.25 Td (hedged ) Tj ET Q q 0 0 0 rg BT 177.36 455.25 Td (items ) Tj ET Q q 0 0 0 rg BT 201.57 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 216.33 455.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 259.40 455.25 Td (for) Tj ET Q q 0 0 0 rg BT 270.66 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 275.71 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.69 455.25 Td (how ) Tj ET Q q 0 0 0 rg BT 312.46 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.22 455.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 369.75 455.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 418.96 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.94 455.25 Td (related ) Tj ET Q q 0 0 0 rg BT 465.69 455.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 500.45 455.25 Td (items ) Tj ET Q q 0 0 0 rg BT 524.66 455.25 Td (af) Tj ET Q q 0 0 0 rg BT 532.25 455.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.78 455.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.63 443.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 132.86 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 150.05 443.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.58 443.25 Td (does ) Tj ET Q q 0 0 0 rg BT 210.56 443.25 Td (not ) Tj ET Q q 0 0 0 rg BT 224.98 443.25 Td (use ) Tj ET Q q 0 0 0 rg BT 239.96 443.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 281.58 443.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 329.89 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 339.31 443.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 364.84 443.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 406.47 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 415.89 443.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.31 443.25 Td (flow) Tj ET Q q 0 0 0 rg BT 452.99 443.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.13 443.25 Td (market ) Tj ET Q q 0 0 0 rg BT 486.54 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 496.51 443.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.04 443.25 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 69.47 431.25 Td (T) Tj ET Q q 0 0 0 rg BT 74.88 431.25 Td (erms ) Tj ET Q q 0 0 0 rg BT 96.45 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.91 431.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 134.03 431.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 182.82 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 197.16 431.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 235.93 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.84 431.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 287.95 431.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 322.28 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 332.74 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 347.65 431.25 Td (they ) Tj ET Q q 0 0 0 rg BT 366.99 431.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 398.55 431.25 Td (embedded ) Tj ET Q q 0 0 0 rg BT 441.77 431.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 483.88 431.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 532.68 431.25 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 431.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (required ) Tj ET Q q 0 0 0 rg BT 86.23 419.25 Td (under ) Tj ET Q q 0 0 0 rg BT 111.27 419.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 133.64 419.25 Td (815 ) Tj ET Q q 0 0 0 rg BT 151.55 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.24 419.25 Td (be ) Tj ET Q q 0 0 0 rg BT 174.59 419.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 218.04 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 232.62 419.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 276.06 419.25 Td (from ) Tj ET Q q 0 0 0 rg BT 298.41 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.54 419.25 Td (host ) Tj ET Q q 0 0 0 rg BT 333.13 419.25 Td (contract, ) Tj ET Q q 0 0 0 rg BT 370.75 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.10 419.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 425.99 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 438.90 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.03 419.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 487.48 419.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 510.94 419.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.07 419.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.86 419.25 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 407.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.06 407.25 Td (value ) Tj ET Q q 0 0 0 rg BT 108.03 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.68 407.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 160.98 407.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 203.02 407.25 Td (if ) Tj ET Q q 0 0 0 rg BT 211.44 407.25 Td (any) Tj ET Q q 0 0 0 rg BT 225.23 407.25 Td (, ) Tj ET Q q 0 0 0 rg BT 230.05 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 239.04 407.25 Td (required ) Tj ET Q q 0 0 0 rg BT 274.67 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.77 407.25 Td (be ) Tj ET Q q 0 0 0 rg BT 296.53 407.25 Td (revalued ) Tj ET Q q 0 0 0 rg BT 333.27 407.25 Td (at ) Tj ET Q q 0 0 0 rg BT 342.80 407.25 Td (each ) Tj ET Q q 0 0 0 rg BT 363.44 407.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 402.41 407.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 423.88 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 443.98 407.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 503.51 407.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 538.03 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 548.13 407.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.56 395.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 110.43 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.11 395.25 Td (current ) Tj ET Q q 0 0 0 rg BT 150.33 395.25 Td (period ) Tj ET Q q 0 0 0 rg BT 177.78 395.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 217.45 395.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 247.96 395.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 284.86 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.12 395.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 315.47 395.25 Td (815, ) Tj ET Q q 0 0 0 rg BT 334.88 395.25 Td (an ) Tj ET Q q 0 0 0 rg BT 346.22 395.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 389.77 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.00 395.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 447.99 395.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 488.21 395.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 531.78 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 540.35 395.25 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 383.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 102.76 383.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 137.47 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.18 383.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.56 383.25 Td (value ) Tj ET Q q 0 0 0 rg BT 192.71 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.54 383.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 240.47 383.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 267.97 383.25 Td (is ) Tj ET Q q 0 0 0 rg BT 277.14 383.25 Td (required ) Tj ET Q q 0 0 0 rg BT 312.96 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.24 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 335.18 383.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 375.44 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 386.27 383.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 413.76 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 424.59 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.42 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.36 383.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 484.84 383.25 Td (liability) Tj ET Q q 0 0 0 rg BT 515.30 383.25 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 50 357.68505859375 m 202.607421875 357.68505859375 l s q 0 0 0 rg BT 50.00 359.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 359.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 359.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 97.05 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.88 359.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 150.38 359.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.59 347.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.25 347.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.19 347.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.21 347.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 200.91 347.25 Td (are ) Tj ET Q q 0 0 0 rg BT 215.16 347.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.18 347.25 Td (at ) Tj ET Q q 0 0 0 rg BT 261.44 347.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.35 347.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 303.55 347.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 321.70 347.25 Td (value ) Tj ET Q q 0 0 0 rg BT 345.40 347.25 Td (is ) Tj ET Q q 0 0 0 rg BT 354.11 347.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 386.13 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 396.50 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.76 347.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 450.56 347.25 Td (price ) Tj ET Q q 0 0 0 rg BT 472.58 347.25 Td (that ) Tj ET Q q 0 0 0 rg BT 489.62 347.25 Td (would ) Tj ET Q q 0 0 0 rg BT 516.66 347.25 Td (be ) Tj ET Q q 0 0 0 rg BT 528.14 347.25 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 335.25 Td (an ) Tj ET Q q 0 0 0 rg BT 76.51 335.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.66 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 109.69 335.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 129.62 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.10 335.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 173.35 335.25 Td (a ) Tj ET Q q 0 0 0 rg BT 180.49 335.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 214.31 335.25 Td (\(an ) Tj ET Q q 0 0 0 rg BT 229.78 335.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 247.48 335.25 Td (price\) ) Tj ET Q q 0 0 0 rg BT 273.50 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 283.99 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.91 335.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 337.16 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.20 335.25 Td (most ) Tj ET Q q 0 0 0 rg BT 370.35 335.25 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 427.48 335.25 Td (market ) Tj ET Q q 0 0 0 rg BT 457.95 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 472.32 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.24 335.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 509.39 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 520.42 335.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 554.24 335.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (an ) Tj ET Q q 0 0 0 rg BT 62.18 323.25 Td (orderly ) Tj ET Q q 0 0 0 rg BT 93.79 323.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 140.40 323.25 Td (between ) Tj ET Q q 0 0 0 rg BT 176.45 323.25 Td (market ) Tj ET Q q 0 0 0 rg BT 206.95 323.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 256.34 323.25 Td (on ) Tj ET Q q 0 0 0 rg BT 269.07 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.03 323.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 340.08 323.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.77 323.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.05 323.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 420.00 323.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 465.50 323.25 Td (are ) Tj ET Q q 0 0 0 rg BT 480.45 323.25 Td (based ) Tj ET Q q 0 0 0 rg BT 505.95 323.25 Td (on ) Tj ET Q q 0 0 0 rg BT 518.69 323.25 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 311.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 122.74 311.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 152.19 311.25 Td (Observable ) Tj ET Q q 0 0 0 rg BT 200.22 311.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 227.16 311.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 255.19 311.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 285.45 311.25 Td (obtainable ) Tj ET Q q 0 0 0 rg BT 329.59 311.25 Td (data ) Tj ET Q q 0 0 0 rg BT 348.75 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 370.68 311.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 422.05 311.25 Td (sources, ) Tj ET Q q 0 0 0 rg BT 457.03 311.25 Td (while ) Tj ET Q q 0 0 0 rg BT 481.74 311.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 537.55 311.25 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 78.03 299.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 107.73 299.25 Td (market ) Tj ET Q q 0 0 0 rg BT 138.00 299.25 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 192.45 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 194.77 299.25 Td (There ) Tj ET Q q 0 0 0 rg BT 220.58 299.25 Td (are ) Tj ET Q q 0 0 0 rg BT 235.29 299.25 Td (three ) Tj ET Q q 0 0 0 rg BT 257.77 299.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 283.60 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.43 299.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 321.38 299.25 Td (that ) Tj ET Q q 0 0 0 rg BT 338.87 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 358.59 299.25 Td (be ) Tj ET Q q 0 0 0 rg BT 370.53 299.25 Td (used ) Tj ET Q q 0 0 0 rg BT 391.36 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.64 299.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 437.45 299.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.83 299.25 Td (value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 275.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 275.25 Td (Level 1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.76 275.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 275.25 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 275.25 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 68.00 254.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 254.25 Td (Level 2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.76 254.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 254.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 254.25 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 254.25 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 68.00 233.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 233.25 Td (Level 3 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.76 233.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 233.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 233.25 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 233.25 Td (aluation based on unobservable inputs that are supported by little or no market activity) Tj ET Q q 0 0 0 rg BT 477.85 233.25 Td (, therefore requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 221.25 Td (management) Tj ET Q q 0 0 0 rg BT 139.87 221.25 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 50.00 200.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 70.99 200.25 Td (value ) Tj ET Q q 0 0 0 rg BT 97.53 200.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.63 200.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 182.84 200.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 212.71 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.80 200.25 Td (based ) Tj ET Q q 0 0 0 rg BT 257.45 200.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.34 200.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.42 200.25 Td (market ) Tj ET Q q 0 0 0 rg BT 347.07 200.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 401.40 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.72 200.25 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 461.15 200.25 Td (information ) Tj ET Q q 0 0 0 rg BT 513.25 200.25 Td (available ) Tj ET Q q 0 0 0 rg BT 554.22 200.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 107.07 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.30 188.25 Td (The ) Tj ET Q q 0 0 0 rg BT 129.34 188.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.71 188.25 Td (does ) Tj ET Q q 0 0 0 rg BT 193.52 188.25 Td (not ) Tj ET Q q 0 0 0 rg BT 209.78 188.25 Td (have ) Tj ET Q q 0 0 0 rg BT 232.14 188.25 Td (any ) Tj ET Q q 0 0 0 rg BT 250.07 188.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 276.31 188.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 284.80 188.25 Td (or ) Tj ET Q q 0 0 0 rg BT 296.61 188.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 305.09 188.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.56 188.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.37 188.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.19 188.25 Td (liabilities.) Tj ET Q q 0 0 0 rg BT 424.22 188.25 Td (The ) Tj ET Q q 0 0 0 rg BT 443.25 188.25 Td (Company) Tj ET Q q 0 0 0 rg BT 484.92 188.25 Td (s ) Tj ET Q q 0 0 0 rg BT 492.29 188.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 518.54 188.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 527.03 188.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.07 176.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 131.23 176.25 Td (at ) Tj ET Q q 0 0 0 rg BT 141.30 176.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 158.03 176.25 Td (value ) Tj ET Q q 0 0 0 rg BT 182.53 176.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 222.60 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.78 176.25 Td (its ) Tj ET Q q 0 0 0 rg BT 246.08 176.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 292.81 176.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 311.77 176.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 345.73 176.25 Td (\(see ) Tj ET Q q 0 0 0 rg BT 364.68 176.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 386.97 176.25 Td (2\) ) Tj ET Q q 0 0 0 rg BT 398.15 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.44 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 422.73 176.25 Td (warrant ) Tj ET Q q 0 0 0 rg BT 456.12 176.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 490.08 176.25 Td (\(see ) Tj ET Q q 0 0 0 rg BT 509.02 176.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 531.31 176.25 Td (3\) ) Tj ET Q q 0 0 0 rg BT 542.49 176.25 Td (as ) Tj ET Q q 0 0 0 rg BT 553.67 176.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.67 164.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.67 164.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.75 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.32 164.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 167.77 164.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 223.66 164.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 250.68 164.25 Td (used ) Tj ET Q q 0 0 0 rg BT 271.59 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.94 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.73 164.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 313.18 164.25 Td (value ) Tj ET Q q 0 0 0 rg BT 337.41 164.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 393.29 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.19 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.98 164.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 455.99 164.25 Td (include ) Tj ET Q q 0 0 0 rg BT 487.99 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.78 164.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 543.68 164.25 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.45 152.25 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 122.11 152.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.55 152.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 178.94 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 152.25 Td (In ) Tj ET Q q 0 0 0 rg BT 193.28 152.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 240.72 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.06 152.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 282.83 152.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 300.84 152.25 Td (assumption ) Tj ET Q q 0 0 0 rg BT 349.40 152.25 Td (used ) Tj ET Q q 0 0 0 rg BT 370.74 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 381.53 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.75 152.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 413.64 152.25 Td (value ) Tj ET Q q 0 0 0 rg BT 438.30 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 449.64 152.25 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 489.58 152.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 546.46 152.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (made ) Tj ET Q q 0 0 0 rg BT 75.00 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.68 140.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 122.81 140.25 Td (available ) Tj ET Q q 0 0 0 rg BT 162.25 140.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 185.60 140.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 207.82 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.61 140.25 Td (US ) Tj ET Q q 0 0 0 rg BT 241.50 140.25 Td (T) Tj ET Q q 0 0 0 rg BT 247.26 140.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 279.54 140.25 Td (Y) Tj ET Q q 0 0 0 rg BT 286.21 140.25 Td (ields. ) Tj ET Q q 0 0 0 rg BT 310.95 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 314.29 140.25 Td (However) Tj ET Q q 0 0 0 rg BT 350.54 140.25 Td (, ) Tj ET Q q 0 0 0 rg BT 356.39 140.25 Td (since ) Tj ET Q q 0 0 0 rg BT 380.29 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.86 140.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.09 140.25 Td (does ) Tj ET Q q 0 0 0 rg BT 459.77 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 475.90 140.25 Td (have ) Tj ET Q q 0 0 0 rg BT 498.13 140.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.92 140.25 Td (formal ) Tj ET Q q 0 0 0 rg BT 535.92 140.25 Td (credit-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (standing, ) Tj ET Q q 0 0 0 rg BT 88.96 128.25 Td (management ) Tj ET Q q 0 0 0 rg BT 142.62 128.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 183.51 128.25 Td (its ) Tj ET Q q 0 0 0 rg BT 195.53 128.25 Td (standing ) Tj ET Q q 0 0 0 rg BT 231.99 128.25 Td (among ) Tj ET Q q 0 0 0 rg BT 261.78 128.25 Td (various ) Tj ET Q q 0 0 0 rg BT 293.79 128.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 329.68 128.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 355.58 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 128.25 Td (grades ) Tj ET Q q 0 0 0 rg BT 401.26 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 415.49 128.25 Td (use ) Tj ET Q q 0 0 0 rg BT 431.39 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.74 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.53 128.25 Td (model. ) Tj ET Q q 0 0 0 rg BT 486.60 128.25 Td (During ) Tj ET Q q 0 0 0 rg BT 517.50 128.25 Td (all ) Tj ET Q q 0 0 0 rg BT 530.07 128.25 Td (periods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.65 116.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 144.53 116.25 Td (that ) Tj ET Q q 0 0 0 rg BT 162.08 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.86 116.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 224.00 116.25 Td (standing ) Tj ET Q q 0 0 0 rg BT 260.45 116.25 Td (was ) Tj ET Q q 0 0 0 rg BT 278.56 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.90 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 116.25 Td (speculative ) Tj ET Q q 0 0 0 rg BT 351.22 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.55 116.25 Td (high-risk ) Tj ET Q q 0 0 0 rg BT 400.22 116.25 Td (grades ) Tj ET Q q 0 0 0 rg BT 428.88 116.25 Td (\(BB- ) Tj ET Q q 0 0 0 rg BT 451.44 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.78 116.25 Td (CCC ) Tj ET Q q 0 0 0 rg BT 484.35 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 494.69 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.46 116.25 Td (Standard ) Tj ET Q q 0 0 0 rg BT 547.57 116.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (Poor's ) Tj ET Q q 0 0 0 rg BT 77.15 104.25 Td (Rating\). ) Tj ET Q q 0 0 0 rg BT 112.21 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.78 104.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.23 104.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 200.44 104.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.34 104.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 252.21 104.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.56 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.34 104.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 318.23 104.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 361.34 104.25 Td (period ) Tj ET Q q 0 0 0 rg BT 389.46 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.80 104.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 435.12 104.25 Td (or ) Tj ET Q q 0 0 0 rg BT 446.02 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.80 104.25 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 515.03 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.03 104.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 92.25 Td (result ) Tj ET Q q 0 0 0 rg BT 99.43 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.71 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.65 92.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 169.14 92.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 194.41 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 205.24 92.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 233.29 92.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.66 92.25 Td (value ) Tj ET Q q 0 0 0 rg BT 273.82 92.25 Td (measurement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.39 68.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 111.77 68.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 147.93 68.25 Td (value ) Tj ET Q q 0 0 0 rg BT 172.44 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.61 68.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 213.66 68.25 Td (on-balance-sheet ) Tj ET Q q 0 0 0 rg BT 284.25 68.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.08 68.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 371.59 68.25 Td (approximated ) Tj ET Q q 0 0 0 rg BT 429.41 68.25 Td (their ) Tj ET Q q 0 0 0 rg BT 450.59 68.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.31 68.25 Td (values ) Tj ET Q q 0 0 0 rg BT 495.70 68.25 Td (due ) Tj ET Q q 0 0 0 rg BT 512.99 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.61 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.68 68.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td (term ) Tj ET Q q 0 0 0 rg BT 71.28 56.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 99.22 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.51 56.25 Td (these ) Tj ET Q q 0 0 0 rg BT 134.01 56.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 185.92 56.25 Td (These ) Tj ET Q q 0 0 0 rg BT 212.75 56.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.69 56.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 300.31 56.25 Td (include ) Tj ET Q q 0 0 0 rg BT 332.70 56.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.43 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.82 56.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 391.55 56.25 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 442.55 56.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 480.49 56.25 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 527.02 56.25 Td (accounts ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 50.00 731.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 87.32 731.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 127.70 731.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 163.08 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.25 731.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 216.06 731.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 258.39 731.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 289.34 731.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 331.95 731.10 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 375.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.34 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.95 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.34 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.34 731.10 Td (Company) Tj ET Q q 0 0 0 rg BT 504.01 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.63 731.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 542.01 731.10 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.94 719.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 149.42 719.10 Td (their ) Tj ET Q q 0 0 0 rg BT 170.25 719.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 206.06 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 230.22 719.10 Td (based ) Tj ET Q q 0 0 0 rg BT 255.49 719.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 277.99 719.10 Td (current ) Tj ET Q q 0 0 0 rg BT 308.80 719.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 330.18 719.10 Td (available ) Tj ET Q q 0 0 0 rg BT 368.77 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.05 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.76 719.10 Td (Company) Tj ET Q q 0 0 0 rg BT 432.00 719.10 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 166.9580078125 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 105.28 695.10 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 101.79 683.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.24 683.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.26 683.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.37 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.06 683.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 244.08 683.10 Td (options ) Tj ET Q q 0 0 0 rg BT 276.44 683.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 309.33 683.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.01 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.14 683.10 Td (May ) Tj ET Q q 0 0 0 rg BT 371.38 683.10 Td (201) Tj ET Q q 0 0 0 rg BT 386.01 683.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 393.92 683.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 423.49 683.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 463.60 683.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 484.29 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.00 683.10 Td (August ) Tj ET Q q 0 0 0 rg BT 532.80 683.10 Td (201) Tj ET Q q 0 0 0 rg BT 547.43 683.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 555.34 683.10 Td (B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.35 671.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 119.24 671.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 139.71 671.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 175.40 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 180.59 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 671.10 Td ("201) Tj ET Q q 0 0 0 rg BT 214.21 671.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 221.89 671.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 251.25 671.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 291.14 671.10 Td (Plans"\) ) Tj ET Q q 0 0 0 rg BT 322.91 671.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 341.69 671.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 363.82 671.10 Td (5\) ) Tj ET Q q 0 0 0 rg BT 374.84 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 384.20 671.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 425.20 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 435.10 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.01 671.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 473.24 671.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 495.09 671.10 Td (based ) Tj ET Q q 0 0 0 rg BT 520.54 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.23 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.14 671.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.76 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.20 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.53 659.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 131.57 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.12 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.90 659.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.87 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 217.31 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.85 659.10 Td (straight-lined ) Tj ET Q q 0 0 0 rg BT 281.28 659.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 316.60 659.10 Td (over ) Tj ET Q q 0 0 0 rg BT 337.48 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.80 659.10 Td (employee) Tj ET Q q 0 0 0 rg BT 394.46 659.10 Td (s ) Tj ET Q q 0 0 0 rg BT 401.46 659.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 439.00 659.10 Td (service ) Tj ET Q q 0 0 0 rg BT 470.42 659.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 501.58 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.46 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 659.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.82 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.64 647.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 124.13 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.39 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.33 647.10 Td (each ) Tj ET Q q 0 0 0 rg BT 183.25 647.10 Td (option ) Tj ET Q q 0 0 0 rg BT 212.42 647.10 Td (award ) Tj ET Q q 0 0 0 rg BT 240.45 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.06 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.88 647.10 Td (date ) Tj ET Q q 0 0 0 rg BT 290.15 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.08 647.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 326.24 647.10 Td (using ) Tj ET Q q 0 0 0 rg BT 351.51 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.56 647.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 420.93 647.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 481.75 647.10 Td (model ) Tj ET Q q 0 0 0 rg BT 510.35 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 528.96 647.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 549.79 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 102.19 635.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 127.16 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.68 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 635.10 Td (table ) Tj ET Q q 0 0 0 rg BT 174.83 635.10 Td (below) Tj ET Q q 0 0 0 rg BT 198.62 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.86 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.41 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 224.70 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.34 635.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 306.30 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 635.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.88 635.10 Td (value ) Tj ET Q q 0 0 0 rg BT 362.28 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 635.10 Td (its ) Tj ET Q q 0 0 0 rg BT 385.56 635.10 Td (common ) Tj ET Q q 0 0 0 rg BT 423.30 635.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.15 635.10 Td (using ) Tj ET Q q 0 0 0 rg BT 471.57 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.53 635.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 518.17 635.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.02 635.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 623.10 Td (its ) Tj ET Q q 0 0 0 rg BT 73.46 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 111.29 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.24 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.08 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.13 623.10 Td (date ) Tj ET Q q 0 0 0 rg BT 182.63 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.80 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.85 623.10 Td (option ) Tj ET Q q 0 0 0 rg BT 237.25 623.10 Td (award. ) Tj ET Q q 0 0 0 rg BT 267.02 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.65 623.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.04 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 329.77 623.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.82 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.87 623.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 423.82 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.99 623.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.28 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 485.11 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 509.06 623.10 Td (at ) Tj ET Q q 0 0 0 rg BT 519.12 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.17 623.10 Td (date ) Tj ET Q q 0 0 0 rg BT 553.67 623.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 73.52 611.10 Td (based ) Tj ET Q q 0 0 0 rg BT 99.26 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.23 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.41 611.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 166.49 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.79 611.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 227.40 611.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 247.58 611.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 293.31 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.28 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 326.46 611.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 362.20 611.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 390.16 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.56 611.10 Td (have ) Tj ET Q q 0 0 0 rg BT 429.41 611.10 Td (had ) Tj ET Q q 0 0 0 rg BT 446.82 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.23 611.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 482.75 611.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 514.04 611.10 Td (history ) Tj ET Q q 0 0 0 rg BT 544.79 611.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (itself. ) Tj ET Q q 0 0 0 rg BT 74.75 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.72 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.03 599.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 180.33 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.97 599.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 232.93 599.10 Td (life ) Tj ET Q q 0 0 0 rg BT 248.68 599.10 Td (based ) Tj ET Q q 0 0 0 rg BT 273.87 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.30 599.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 325.94 599.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 371.66 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 391.87 599.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 422.07 599.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 455.31 599.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 483.30 599.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 539.59 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 599.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 96.35 587.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 123.00 587.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 153.82 587.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 194.63 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 587.10 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 261.82 587.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 307.76 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.24 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 366.06 587.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 385.21 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.36 587.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 435.16 587.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 466.53 587.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 483.45 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.38 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.53 587.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 542.01 587.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 89.24 575.10 Td (available ) Tj ET Q q 0 0 0 rg BT 128.48 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.62 575.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 162.33 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 168.08 575.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 200.66 575.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 227.70 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.62 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 261.21 575.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 306.01 575.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 349.69 575.10 Td (term ) Tj ET Q q 0 0 0 rg BT 371.17 575.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 432.07 575.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 456.87 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.80 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.16 575.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 521.84 575.10 Td (life ) Tj ET Q q 0 0 0 rg BT 538.31 575.10 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 (award. ) Tj ET Q q 0 0 0 rg BT 79.19 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 97.17 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.49 563.10 Td (has ) Tj ET Q q 0 0 0 rg BT 154.26 563.10 Td (never ) Tj ET Q q 0 0 0 rg BT 178.90 563.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 198.55 563.10 Td (any ) Tj ET Q q 0 0 0 rg BT 215.43 563.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 235.63 563.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 276.95 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.39 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 301.27 563.10 Td (common ) Tj ET Q q 0 0 0 rg BT 338.70 563.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 362.25 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.12 563.10 Td (does ) Tj ET Q q 0 0 0 rg BT 399.89 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 415.10 563.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 456.40 563.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 486.06 563.10 Td (any ) Tj ET Q q 0 0 0 rg BT 502.93 563.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.13 563.10 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.66 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.75 551.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 121.15 551.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 149.41 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.15 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 168.58 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.34 551.10 Td (used ) Tj ET Q q 0 0 0 rg BT 229.55 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.65 551.10 Td (following ) Tj ET Q q 0 0 0 rg BT 284.41 551.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 335.74 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.28 551.10 Td (options ) Tj ET Q q 0 0 0 rg BT 380.61 551.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 412.47 551.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.12 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 551.10 Td (201) Tj ET Q q 0 0 0 rg BT 465.84 551.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 472.72 551.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 501.27 551.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 540.35 551.10 Td (Plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.61 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 539.10 Td (three ) Tj ET Q q 0 0 0 rg BT 115.81 539.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.76 539.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.14 539.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.73 539.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.23 539.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.17 539.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.17 539.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 491.60 350.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 491.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 491.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 491.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 491.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 491.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 350.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 467.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 467.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 467.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 467.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 467.60 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 408.5 516.6 m 483.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 516.6 m 487.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 516.6 m 562.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 491.6 m 400.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.6 m 483.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 491.6 m 562.5 491.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 519.22 Td (Three Months Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 496.28 Td (2011 Equity Incentive Plans Assumptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.95 506.27 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 496.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.95 507.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 497.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.22 Td (Expected term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.20 482.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.20 482.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.22 Td (Weighted average volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.05 470.22 Td (52.68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.05 470.22 Td (54.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.22 Td (Weighted average risk free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 458.22 Td (1.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.55 458.22 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.22 Td (Expected dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 446.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 446.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.04 420.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 420.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.14 420.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 193.28 420.10 Td (when ) Tj ET Q q 0 0 0 rg BT 217.43 420.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 267.13 420.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 325.17 420.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 359.88 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.81 420.10 Td (this ) Tj ET Q q 0 0 0 rg BT 393.75 420.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 429.57 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.40 420.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 484.54 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.71 420.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 529.53 420.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 420.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 85.98 408.10 Td (service ) Tj ET Q q 0 0 0 rg BT 115.85 408.10 Td (period ) Tj ET Q q 0 0 0 rg BT 142.94 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 167.26 408.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.81 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 408.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 218.56 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.89 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 253.88 408.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 279.30 408.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 322.49 408.10 Td (dif) Tj ET Q q 0 0 0 rg BT 333.42 408.10 Td (fer) Tj ET Q q 0 0 0 rg BT 344.12 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.17 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 358.05 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.80 408.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 408.88 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.21 408.10 Td (dif) Tj ET Q q 0 0 0 rg BT 429.14 408.10 Td (fer) Tj ET Q q 0 0 0 rg BT 439.84 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.89 408.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.88 408.10 Td (such ) Tj ET Q q 0 0 0 rg BT 484.75 408.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 526.02 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.56 408.10 Td (Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.59 396.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 101.72 396.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 146.17 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 161.19 396.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 207.86 396.10 Td (through ) Tj ET Q q 0 0 0 rg BT 241.78 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.02 396.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 296.26 396.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 333.49 396.10 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 382.69 396.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.93 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.41 396.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 466.08 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.67 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.70 396.10 Td (period ) Tj ET Q q 0 0 0 rg BT 520.05 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.19 396.10 Td (change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.59 384.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.18 384.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 104.21 384.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 136.35 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.83 384.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 198.96 384.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 256.66 384.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.02 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.94 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 312.53 384.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 358.55 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.48 384.10 Td (future ) Tj ET Q q 0 0 0 rg BT 394.50 384.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 428.59 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.27 384.10 Td (A) Tj ET Q q 0 0 0 rg BT 436.75 384.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 465.55 384.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 503.23 384.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 543.13 384.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 372.10 Td (10.41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.76 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.26 372.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.20 372.10 Td (13.93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.03 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.53 372.10 Td (during ) Tj ET Q q 0 0 0 rg BT 184.14 372.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.85 372.10 Td (three ) Tj ET Q q 0 0 0 rg BT 221.34 372.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.79 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.29 372.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.66 372.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 323.26 372.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.26 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.76 372.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.70 372.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.70 372.10 Td (, ) Tj ET Q q 0 0 0 rg BT 387.70 372.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 435.36 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.36 372.10 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 50 346.53505859375 m 212.7734375 346.53505859375 l s q 0 0 0 rg BT 50.00 348.10 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 115.83 348.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 171.11 348.10 Td (Payments) Tj ET Q 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 68.38 336.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.78 336.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 162.48 336.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 190.31 336.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.80 336.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.62 336.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.11 336.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 309.94 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.55 336.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 368.37 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.64 336.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 420.13 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.74 336.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 471.32 336.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.81 336.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 512.53 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.80 336.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 82.13 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.48 324.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 140.29 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.28 324.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 171.86 324.10 Td (505, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.50 324.10 Td (Equity-Based ) Tj ET Q q 0 0 0 rg BT 253.06 324.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 294.07 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.98 324.10 Td (Non-Employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.36 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.49 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.47 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 397.15 324.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 452.59 324.10 Td (date ) Tj ET Q q 0 0 0 rg BT 471.38 324.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.18 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 324.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 515.54 324.10 Td (value ) Tj ET Q q 0 0 0 rg BT 539.32 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.45 312.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 126.58 312.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 154.04 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.16 312.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 210.60 312.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.28 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.95 312.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 262.94 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.73 312.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 285.63 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.31 312.10 Td (date ) Tj ET Q q 0 0 0 rg BT 319.42 312.10 Td (at ) Tj ET Q q 0 0 0 rg BT 329.09 312.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.99 312.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.89 312.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.89 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.01 312.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 482.99 312.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.45 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.13 312.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 553.69 312.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 79.82 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.54 300.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 121.67 300.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.05 300.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 146.32 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 300.10 Td (date ) Tj ET Q q 0 0 0 rg BT 179.29 300.10 Td (at ) Tj ET Q q 0 0 0 rg BT 188.56 300.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.04 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.31 300.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 272.46 300.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.84 300.10 Td (vendor's ) Tj ET Q q 0 0 0 rg BT 318.36 300.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 370.93 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 379.65 300.10 Td (complete. ) Tj ET Q q 0 0 0 rg BT 420.70 300.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.30 300.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.22 300.10 Td (value ) Tj ET Q q 0 0 0 rg BT 477.93 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.31 300.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 515.35 300.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.86 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.50 288.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 136.35 288.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.20 288.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 173.17 288.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 226.02 288.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.54 288.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 275.61 288.10 Td (when ) Tj ET Q q 0 0 0 rg BT 300.13 288.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 330.28 288.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.69 288.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.42 288.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.94 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.13 288.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 428.98 288.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 478.50 288.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 506.36 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.00 288.10 Td (consultants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.75 276.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.39 276.10 Td (future ) Tj ET Q q 0 0 0 rg BT 113.03 276.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 143.67 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.87 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.84 276.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.92 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.46 276.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 252.97 276.10 Td (if ) Tj ET Q q 0 0 0 rg BT 260.84 276.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.12 276.10 Td (does ) Tj ET Q q 0 0 0 rg BT 333.21 276.10 Td (not ) Tj ET Q q 0 0 0 rg BT 347.75 276.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 371.71 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.14 276.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 425.77 276.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.85 276.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 469.82 276.10 Td (over ) Tj ET Q q 0 0 0 rg BT 489.35 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 276.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 533.97 276.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 564.52 276.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.24 264.10 Td (values ) Tj ET Q q 0 0 0 rg BT 95.93 264.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.72 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.07 264.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 161.76 264.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 192.78 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.24 264.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 230.38 264.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 279.18 264.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.52 264.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.98 264.10 Td (each ) Tj ET Q q 0 0 0 rg BT 349.43 264.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 388.22 264.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 418.40 264.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.39 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.07 264.10 Td (change ) Tj ET Q q 0 0 0 rg BT 468.52 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.43 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 494.44 264.10 Td (value ) Tj ET Q q 0 0 0 rg BT 518.23 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.04 264.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 252.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 101.40 252.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 131.55 252.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 162.52 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.33 252.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 215.03 252.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.17 252.10 Td (related ) Tj ET Q q 0 0 0 rg BT 284.19 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.79 252.10 Td (non-employees ) Tj ET Q q 0 0 0 rg BT 356.70 252.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.19 252.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 407.54 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 421.02 252.10 Td (based ) Tj ET Q q 0 0 0 rg BT 445.60 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.42 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.45 252.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 487.15 252.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.62 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.77 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.80 252.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 84.44 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.16 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.53 240.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.69 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.52 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.23 240.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 202.44 240.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 246.59 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.76 240.10 Td (more ) Tj ET Q q 0 0 0 rg BT 278.80 240.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 309.07 240.10 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 50 214.53505859375002 m 141.3818359375 214.53505859375002 l s q 0 0 0 rg BT 50.00 216.10 Td (Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 204.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.67 204.10 Td (does ) Tj ET Q q 0 0 0 rg BT 132.11 204.10 Td (not ) Tj ET Q q 0 0 0 rg BT 148.01 204.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 182.23 204.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 218.10 204.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.98 204.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 299.31 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 314.09 204.10 Td (management ) Tj ET Q q 0 0 0 rg BT 368.30 204.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.07 204.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 449.24 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.13 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.79 204.10 Td (results ) Tj ET Q q 0 0 0 rg BT 500.02 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.46 204.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.86 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.58 192.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 146.08 192.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.58 192.10 Td (which ) Tj ET Q q 0 0 0 rg BT 185.52 192.10 Td (management ) Tj ET Q q 0 0 0 rg BT 239.11 192.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 278.81 192.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.96 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.90 192.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 367.95 192.10 Td (business ) Tj ET Q q 0 0 0 rg BT 404.34 192.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 446.56 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.06 192.10 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 50 166.53505859375002 m 120.5419921875 166.53505859375002 l s q 0 0 0 rg BT 50.00 168.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.05 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.88 168.10 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.10 156.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 114.19 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.07 156.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.61 156.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.37 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.71 156.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.69 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.03 156.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.45 156.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.44 156.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.20 156.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.72 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.05 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.82 156.10 Td (United ) Tj ET Q q 0 0 0 rg BT 492.60 156.10 Td (States ) Tj ET Q q 0 0 0 rg BT 518.04 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.58 156.10 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.73 144.10 Td (management ) Tj ET Q q 0 0 0 rg BT 138.34 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.64 144.10 Td (make ) Tj ET Q q 0 0 0 rg BT 172.82 144.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 212.56 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.52 144.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 281.49 144.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.01 144.10 Td (af) Tj ET Q q 0 0 0 rg BT 306.60 144.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 324.11 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.85 144.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 374.69 144.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.10 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.95 144.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.80 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.77 144.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 504.51 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.47 144.10 Td (disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.24 132.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 104.37 132.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.61 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.97 132.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.10 132.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.23 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.36 132.10 Td (date ) Tj ET Q q 0 0 0 rg BT 226.93 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.30 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.20 132.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.32 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.68 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.81 132.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 398.04 132.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 433.84 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.08 132.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 481.53 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.89 132.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 535.90 132.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 120.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 103.87 120.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 133.87 120.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 163.02 120.10 Td (results ) Tj ET Q q 0 0 0 rg BT 191.63 120.10 Td (could ) Tj ET Q q 0 0 0 rg BT 216.35 120.10 Td (dif) Tj ET Q q 0 0 0 rg BT 227.28 120.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.87 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 262.81 120.10 Td (those ) Tj ET Q q 0 0 0 rg BT 286.42 120.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 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 94.53505859375002 m 204.248046875 94.53505859375002 l s q 0 0 0 rg BT 50.00 96.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 96.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 96.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (There ) Tj ET Q q 0 0 0 rg BT 76.75 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.39 84.10 Td (new ) Tj ET Q q 0 0 0 rg BT 112.48 84.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 159.79 84.10 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 229.31 84.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 257.74 84.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.18 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.83 84.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 326.71 84.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 376.80 84.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 419.67 84.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 447.54 84.10 Td (\("F) Tj ET Q q 0 0 0 rg BT 459.77 84.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 490.07 84.10 Td (which ) Tj ET Q q 0 0 0 rg BT 517.94 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.58 84.10 Td (not ) Tj ET Q q 0 0 0 rg BT 549.79 84.10 Td (yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 72.10 Td (fective.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 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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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.84 517.10 Td (April ) Tj ET Q q 0 0 0 rg BT 82.88 517.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.32 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.47 517.10 Td (F) Tj ET Q q 0 0 0 rg BT 126.29 517.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 147.68 517.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 174.18 517.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 196.12 517.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 212.78 517.10 Td (2016-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.55 517.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 286.34 517.10 Td (fr) Tj ET Q q 0 0 0 rg BT 292.64 517.10 Td (om ) Tj ET Q q 0 0 0 rg BT 306.80 517.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.18 517.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.34 517.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 415.39 517.10 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 460.65 517.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 514.79 517.10 Td (Obligations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 68.12 505.10 Td (Licensing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.12 505.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 141.01 505.10 Td (2016-10\). ) Tj ET Q q 0 0 0 rg BT 187.03 505.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 210.15 505.10 Td (2016-10 ) Tj ET Q q 0 0 0 rg BT 246.60 505.10 Td (is ) Tj ET Q q 0 0 0 rg BT 256.38 505.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 293.93 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.83 505.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 334.59 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.92 505.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 369.14 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.70 505.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 434.80 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.25 505.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 484.36 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.69 505.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 538.90 505.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 505.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (F) Tj ET Q q 0 0 0 rg BT 54.82 493.10 Td (ASB's ) Tj ET Q q 0 0 0 rg BT 84.08 493.10 Td (new ) Tj ET Q q 0 0 0 rg BT 104.85 493.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 140.60 493.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 178.59 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 192.70 493.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 240.70 493.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 295.33 493.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 346.38 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.93 493.10 Td (is ) Tj ET Q q 0 0 0 rg BT 375.71 493.10 Td (also ) Tj ET Q q 0 0 0 rg BT 395.93 493.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 434.48 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.37 493.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 483.80 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.13 493.10 Td (operability ) Tj ET Q q 0 0 0 rg BT 547.56 493.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (understandability ) Tj ET Q q 0 0 0 rg BT 121.56 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.03 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.38 481.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 184.61 481.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 249.51 481.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 290.08 481.10 Td (The ) Tj ET Q q 0 0 0 rg BT 307.77 481.10 Td (ef) Tj ET Q q 0 0 0 rg BT 315.35 481.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 344.69 481.10 Td (date ) Tj ET Q q 0 0 0 rg BT 363.48 481.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.80 481.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 398.94 481.10 Td (2016-10 ) Tj ET Q q 0 0 0 rg BT 434.40 481.10 Td (is ) Tj ET Q q 0 0 0 rg BT 443.21 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.56 481.10 Td (same ) Tj ET Q q 0 0 0 rg BT 480.24 481.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.70 481.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.03 481.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 526.17 481.10 Td (2014-09, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.94 469.10 Td (will ) Tj ET Q q 0 0 0 rg BT 95.00 469.10 Td (be ) Tj ET Q q 0 0 0 rg BT 106.93 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.65 469.10 Td (first ) Tj ET Q q 0 0 0 rg BT 140.26 469.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 171.07 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.90 469.10 Td (2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.76 445.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.29 445.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.22 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.87 445.10 Td (F) Tj ET Q q 0 0 0 rg BT 143.69 445.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 165.58 445.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 192.47 445.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 241.56 445.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 283.43 445.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 314.74 445.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 331.89 445.10 Td (2016-02,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.72 445.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.15 445.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.37 445.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.13 445.10 Td (The ) Tj ET Q q 0 0 0 rg BT 420.11 445.10 Td (new ) Tj ET Q q 0 0 0 rg BT 439.20 445.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 475.51 445.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 521.27 445.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.14 445.10 Td (right-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.97 433.10 Td (\(ROU\) ) Tj ET Q q 0 0 0 rg BT 96.38 433.10 Td (model ) Tj ET Q q 0 0 0 rg BT 124.01 433.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.64 433.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 176.48 433.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.56 433.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 210.07 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.49 433.10 Td (record ) Tj ET Q q 0 0 0 rg BT 248.66 433.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.74 433.10 Td (ROU ) Tj ET Q q 0 0 0 rg BT 279.49 433.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 301.56 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.64 433.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.71 433.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 348.33 433.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 382.08 433.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.72 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.57 433.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 442.74 433.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 465.92 433.10 Td (for ) Tj ET Q q 0 0 0 rg BT 480.22 433.10 Td (all ) Tj ET Q q 0 0 0 rg BT 492.85 433.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 519.37 433.10 Td (with ) Tj ET Q q 0 0 0 rg BT 539.78 433.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.75 421.10 Td (than ) Tj ET Q q 0 0 0 rg BT 97.17 421.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 109.37 421.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 143.52 421.10 Td (Leases ) Tj ET Q q 0 0 0 rg BT 172.92 421.10 Td (will ) Tj ET Q q 0 0 0 rg BT 190.68 421.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.32 421.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 242.29 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 252.82 421.10 Td (either ) Tj ET Q q 0 0 0 rg BT 277.78 421.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 309.41 421.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.94 421.10 Td (operating, ) Tj ET Q q 0 0 0 rg BT 362.40 421.10 Td (with ) Tj ET Q q 0 0 0 rg BT 382.38 421.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 437.34 421.10 Td (af) Tj ET Q q 0 0 0 rg BT 444.93 421.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 474.90 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.31 421.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 519.28 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.81 421.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 97.89 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.02 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.58 409.10 Td (income ) Tj ET Q q 0 0 0 rg BT 154.36 409.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 197.36 409.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.25 409.10 Td (new ) Tj ET Q q 0 0 0 rg BT 234.26 409.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 270.49 409.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.50 409.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.09 409.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.64 409.10 Td (for ) Tj ET Q q 0 0 0 rg BT 330.65 409.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 354.65 409.10 Td (years ) Tj ET Q q 0 0 0 rg BT 378.10 409.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 420.44 409.10 Td (after ) Tj ET Q q 0 0 0 rg BT 441.10 409.10 Td (December ) Tj ET Q q 0 0 0 rg BT 484.54 409.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 499.38 409.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 524.23 409.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 82.50 397.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 115.56 397.10 Td (within ) Tj ET Q q 0 0 0 rg BT 144.74 397.10 Td (those ) Tj ET Q q 0 0 0 rg BT 169.47 397.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.75 397.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 221.17 397.10 Td (A) Tj ET Q q 0 0 0 rg BT 227.84 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.46 397.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 271.19 397.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 326.45 397.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 367.85 397.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 408.12 397.10 Td (is ) Tj ET Q q 0 0 0 rg BT 418.41 397.10 Td (required ) Tj ET Q q 0 0 0 rg BT 455.34 397.10 Td (for ) Tj ET Q q 0 0 0 rg BT 470.63 397.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 502.02 397.10 Td (for ) Tj ET Q q 0 0 0 rg BT 517.30 397.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 547.57 397.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.40 385.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 118.90 385.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 154.20 385.10 Td (at, ) Tj ET Q q 0 0 0 rg BT 167.55 385.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.51 385.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 212.57 385.10 Td (into ) Tj ET Q q 0 0 0 rg BT 231.76 385.10 Td (after) Tj ET Q q 0 0 0 rg BT 249.67 385.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.80 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.65 385.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 315.28 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.24 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.09 385.10 Td (earliest ) Tj ET Q q 0 0 0 rg BT 375.59 385.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 428.64 385.10 Td (period ) Tj ET Q q 0 0 0 rg BT 457.82 385.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 499.77 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.18 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 385.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 97.22 373.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.50 373.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 147.21 373.10 Td (practical ) Tj ET Q q 0 0 0 rg BT 184.14 373.10 Td (expedients ) Tj ET Q q 0 0 0 rg BT 229.41 373.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 270.51 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.83 373.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.89 373.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 332.28 373.10 Td (is ) Tj ET Q q 0 0 0 rg BT 341.46 373.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 380.06 373.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 424.22 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.94 373.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 468.66 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.50 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.22 373.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 531.73 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.01 373.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 85.83 361.10 Td (on ) Tj ET Q q 0 0 0 rg BT 98.33 361.10 Td (its ) Tj ET Q q 0 0 0 rg BT 110.28 361.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.32 361.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.80 361.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (NOTE 2. ) Tj ET Q q 0 0 0 rg BT 122.00 325.10 Td (PURCHASE ) Tj ET Q q 0 0 0 rg BT 178.95 325.10 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 50 299.53505859375 m 245.654296875 299.53505859375 l s q 0 0 0 rg BT 50.00 301.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 301.10 Td (chase Price and ) Tj ET Q q 0 0 0 rg BT 134.53 301.10 Td (Acquisition Costs Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.60 284.10 Td (January ) Tj ET Q q 0 0 0 rg BT 98.08 284.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 112.97 284.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 137.85 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.45 284.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.71 284.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 236.63 284.10 Td (all ) Tj ET Q q 0 0 0 rg BT 249.01 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.72 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.32 284.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 323.37 284.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 350.74 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.45 284.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.48 284.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.97 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.69 284.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 460.67 284.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 497.49 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.65 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.25 284.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.85 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.56 284.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 75.86 272.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 114.37 272.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 164.38 272.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 189.12 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.53 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.95 272.10 Td (January ) Tj ET Q q 0 0 0 rg BT 246.14 272.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 261.72 272.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.31 272.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.39 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.92 272.10 Td (among ) Tj ET Q q 0 0 0 rg BT 348.22 272.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 376.57 272.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 410.76 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.29 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.59 272.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 497.22 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.64 272.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 542.83 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.58 272.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 93.05 260.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.09 260.10 Td (price ) Tj ET Q q 0 0 0 rg BT 153.57 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.85 260.10 Td (be ) Tj ET Q q 0 0 0 rg BT 175.79 260.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 195.51 260.10 Td (over ) Tj ET Q q 0 0 0 rg BT 215.78 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.49 260.10 Td (next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.21 260.10 Td (three ) Tj ET Q q 0 0 0 rg BT 272.70 260.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.79 260.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.29 260.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.12 260.10 Td ($8,850,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.12 260.10 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 183.60 310.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 183.60 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 183.60 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 183.60 68.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 151.60 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 151.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 151.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 151.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 123.60 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 123.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 123.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 123.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 95.60 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 95.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 95.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 95.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 67.60 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 67.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 67.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 67.60 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 50.5 183.60000000000002 m 360.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 183.60000000000002 m 427.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 183.60000000000002 m 494.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 183.60000000000002 m 562.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 183.60000000000002 m 427.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 183.60000000000002 m 494.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 183.60000000000002 m 562.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 123.60000000000002 m 427.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 123.60000000000002 m 494.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 123.60000000000002 m 562.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 123.60000000000002 m 360.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 110.60000000000002 m 360.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 108.60000000000002 m 360.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 110.60000000000002 m 427.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 108.60000000000002 m 427.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 123.60000000000002 m 494.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 110.60000000000002 m 494.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 108.60000000000002 m 494.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 123.60000000000002 m 562.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 110.60000000000002 m 562.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 108.60000000000002 m 562.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 67.60000000000002 m 360.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 54.60000000000002 m 360.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 52.60000000000002 m 360.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 67.60000000000002 m 427.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 54.60000000000002 m 427.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 52.60000000000002 m 427.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 67.60000000000002 m 494.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 54.60000000000002 m 494.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 52.60000000000002 m 494.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 67.60000000000002 m 562.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 54.60000000000002 m 562.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 52.60000000000002 m 562.5 52.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 233.27 Td (Estimated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 223.27 Td (Gross) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.45 213.27 Td (Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.40 203.27 Td (Consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 213.27 Td (Initial Present) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 203.27 Td (and Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 223.27 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 213.27 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 203.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.20 188.27 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.20 188.27 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.70 188.27 Td (3/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 172.27 Td (Cash paid at closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 172.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 172.27 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 172.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 172.27 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 172.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 172.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 156.27 Td (Guaranteed purchase price \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 156.27 Td (2,127,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 156.27 Td (1,982,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 156.27 Td (900,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 142.17 Td (Contingent performance payments \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 142.17 Td (2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 142.17 Td (1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 142.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.17 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 413.65 128.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 128.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 128.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 114.17 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 114.17 Td (5,537,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 114.17 Td (5,016,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 114.17 Td (900,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 86.17 Td (Current portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 86.17 Td (900,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 72.17 Td (Long term portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 72.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 58.17 Td (Total acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 58.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 58.17 Td (900,492) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 29 0 obj <> endobj 30 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 86.00 730.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 99.60 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.02 730.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 147.27 730.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 185.29 730.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.19 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.66 730.10 Td (required ) Tj ET Q q 0 0 0 rg BT 270.44 730.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.35 730.10 Td ($1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.35 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.82 730.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 345.06 730.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 381.97 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 391.65 730.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 425.51 730.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.42 730.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.92 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.39 730.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 495.97 730.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 532.87 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.34 730.10 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 119.54 718.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 142.59 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.07 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.55 718.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.36 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.74 718.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 223.89 718.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 261.37 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.74 718.10 Td (up ) Tj ET Q q 0 0 0 rg BT 285.78 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.60 718.10 Td (an ) Tj ET Q q 0 0 0 rg BT 309.09 718.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.12 718.10 Td ($1,900,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.12 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.16 718.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.49 718.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 434.86 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.68 718.10 Td (proportional ) Tj ET Q q 0 0 0 rg BT 498.16 718.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 538.97 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 718.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (event ) Tj ET Q q 0 0 0 rg BT 127.85 706.10 Td (Ebyline) Tj ET Q q 0 0 0 rg BT 161.74 706.10 Td (s ) Tj ET Q q 0 0 0 rg BT 167.83 706.10 Td (final ) Tj ET Q q 0 0 0 rg BT 188.35 706.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 210.55 706.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 244.40 706.10 Td (was ) Tj ET Q q 0 0 0 rg BT 262.15 706.10 Td (below ) Tj ET Q q 0 0 0 rg BT 288.79 706.10 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.79 706.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 341.82 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.02 706.10 Td (Ebyline's ) Tj ET Q q 0 0 0 rg BT 383.01 706.10 Td (final ) Tj ET Q q 0 0 0 rg BT 403.54 706.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 426.85 706.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 460.70 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 474.56 706.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 496.76 706.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.51 706.10 Td ($7,903,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.51 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td (As ) Tj ET Q q 0 0 0 rg BT 116.92 694.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 139.56 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.58 694.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 195.38 694.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 227.19 694.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 250.65 694.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.99 694.10 Td ($1,877,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.99 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.80 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.39 694.10 Td (be ) Tj ET Q q 0 0 0 rg BT 350.64 694.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 369.66 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.25 694.10 Td (two ) Tj ET Q q 0 0 0 rg BT 396.06 694.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 419.52 694.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 469.66 694.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 694.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.29 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.10 694.10 Td (on ) Tj ET Q q 0 0 0 rg BT 530.91 694.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 118.57 682.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 140.64 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.15 682.10 Td (January ) Tj ET Q q 0 0 0 rg BT 190.32 682.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 204.90 682.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 229.47 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.39 682.10 Td (This ) Tj ET Q q 0 0 0 rg BT 251.24 682.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 297.17 682.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 334.78 682.10 Td (price ) Tj ET Q q 0 0 0 rg BT 356.84 682.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 412.78 682.10 Td (was ) Tj ET Q q 0 0 0 rg BT 430.41 682.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 475.80 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.65 682.10 Td (present ) Tj ET Q q 0 0 0 rg BT 516.60 682.10 Td (value ) Tj ET Q q 0 0 0 rg BT 540.33 682.10 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.73 670.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.44 670.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 194.50 670.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.88 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.60 670.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 248.33 670.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 267.39 670.10 Td (2% ) Tj ET Q q 0 0 0 rg BT 283.12 670.10 Td (\(5.25%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.61 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.50 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.90 670.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 355.28 670.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 389.89 670.10 Td (imputed ) Tj ET Q q 0 0 0 rg BT 425.06 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.45 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.07 670.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 498.34 670.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 520.74 670.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 554.23 670.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.97 658.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 182.04 658.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 236.33 658.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 282.30 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.38 658.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 339.79 658.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 658.10 Td ($15,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.60 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.35 658.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.54 658.10 Td ($15,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.04 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.80 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.21 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.18 658.10 Td (three ) Tj ET Q q 0 0 0 rg BT 504.92 658.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.37 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 658.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 646.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 147.73 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.73 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.36 646.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.43 646.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.43 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.56 646.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 260.23 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 265.36 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.99 646.10 Td (Per ) Tj ET Q q 0 0 0 rg BT 283.95 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.80 646.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 324.21 646.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 362.36 646.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 411.92 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.76 646.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.28 646.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.91 646.10 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.41 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.05 646.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.67 646.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (its ) Tj ET Q q 0 0 0 rg BT 116.33 634.10 Td (common ) Tj ET Q q 0 0 0 rg BT 154.20 634.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.19 634.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 207.73 634.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.82 634.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.32 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.20 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.86 634.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 297.85 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.17 634.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 336.93 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.14 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.24 634.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 409.98 634.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 448.40 634.10 Td (price ) Tj ET Q q 0 0 0 rg BT 471.27 634.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 508.58 634.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 552.01 634.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (July ) Tj ET Q q 0 0 0 rg BT 123.52 622.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 138.86 622.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 164.21 622.10 Td (On ) Tj ET Q q 0 0 0 rg BT 179.27 622.10 Td (January ) Tj ET Q q 0 0 0 rg BT 213.22 622.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 228.56 622.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 253.91 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.97 622.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 310.71 622.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.55 622.10 Td (1) Tj ET Q q 0 0 0 rg BT 343.18 622.10 Td (14,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.68 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.53 622.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 401.36 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.54 622.10 Td (common ) Tj ET Q q 0 0 0 rg BT 450.38 622.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 474.33 622.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 503.83 622.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.90 622.10 Td ($848,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.40 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.24 622.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 132.61 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.33 610.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 176.48 610.10 Td (installment ) Tj ET Q q 0 0 0 rg BT 223.42 610.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 260.35 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.18 610.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.68 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.18 610.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.68 610.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.18 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.68 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.96 610.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 405.35 610.10 Td (related ) Tj ET Q q 0 0 0 rg BT 435.05 610.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 473.65 610.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 492.25 610.10 Td (item ) Tj ET Q q 0 0 0 rg BT 512.52 610.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 526.12 610.10 Td (below\). ) Tj ET Q q 0 0 0 rg BT 558.89 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 100.16 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.41 586.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 127.04 586.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 171.89 586.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 225.05 586.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 266.01 586.10 Td (up ) Tj ET Q q 0 0 0 rg BT 278.65 586.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.06 586.10 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.06 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.70 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.54 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.96 586.10 Td (be ) Tj ET Q q 0 0 0 rg BT 374.03 586.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 393.89 586.10 Td (based ) Tj ET Q q 0 0 0 rg BT 419.29 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.93 586.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 465.67 586.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 500.52 586.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 530.36 586.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 574.10 Td (tar) Tj ET Q q 0 0 0 rg BT 114.37 574.10 Td (gets. ) Tj ET Q q 0 0 0 rg BT 135.03 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.93 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.53 574.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.10 574.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 247.47 574.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.73 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.56 574.10 Td (be ) Tj ET Q q 0 0 0 rg BT 283.05 574.10 Td (made ) Tj ET Q q 0 0 0 rg BT 306.76 574.10 Td (only ) Tj ET Q q 0 0 0 rg BT 326.59 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 334.75 574.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 367.90 574.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 404.37 574.10 Td (at ) Tj ET Q q 0 0 0 rg BT 413.64 574.10 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.02 574.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.35 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.40 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.78 574.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 498.50 574.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 535.53 574.10 Td (tar) Tj ET Q q 0 0 0 rg BT 545.90 574.10 Td (gets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.90 562.10 Td ($17,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.90 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.47 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.82 562.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.89 562.10 Td ($27,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.89 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.46 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.81 562.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 281.39 562.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 562.10 Td ($32,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.40 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.97 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.32 562.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 382.39 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.85 562.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.96 562.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.41 562.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.64 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.54 562.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.33 562.10 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.33 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.90 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.80 562.10 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 550.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.46 550.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 196.71 550.10 Td (was ) Tj ET Q q 0 0 0 rg BT 214.20 550.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 256.66 550.10 Td (using ) Tj ET Q q 0 0 0 rg BT 280.26 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.64 550.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 340.23 550.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 384.38 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.09 550.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 429.91 550.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 463.49 550.10 Td (over ) Tj ET Q q 0 0 0 rg BT 483.19 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.34 550.10 Td (next ) Tj ET Q q 0 0 0 rg BT 516.49 550.10 Td (three ) Tj ET Q q 0 0 0 rg BT 538.41 550.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 564.51 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 538.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 128.84 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.69 538.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 188.52 538.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 245.02 538.10 Td (has ) Tj ET Q q 0 0 0 rg BT 260.98 538.10 Td (an ) Tj ET Q q 0 0 0 rg BT 273.04 538.10 Td (option ) Tj ET Q q 0 0 0 rg BT 301.22 538.10 Td (like ) Tj ET Q q 0 0 0 rg BT 318.85 538.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 358.96 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.02 538.10 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 414.74 538.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 461.23 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 470.53 538.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 516.47 538.10 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.61 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.77 526.10 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 176.22 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.71 526.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 236.54 526.10 Td (started ) Tj ET Q q 0 0 0 rg BT 266.15 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.87 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.26 526.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 348.86 526.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 385.12 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.40 526.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 440.43 526.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 475.02 526.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 502.97 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.35 526.10 Td (risk-adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 514.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 139.82 514.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 156.74 514.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.00 514.10 Td (8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.83 514.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 193.10 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.47 514.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 245.84 514.10 Td (it ) Tj ET Q q 0 0 0 rg BT 253.33 514.10 Td (will ) Tj ET Q q 0 0 0 rg BT 270.82 514.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 298.86 514.10 Td (geometric ) Tj ET Q q 0 0 0 rg BT 340.78 514.10 Td (brownian ) Tj ET Q q 0 0 0 rg BT 380.48 514.10 Td (motion ) Tj ET Q q 0 0 0 rg BT 410.75 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.46 514.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 456.28 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.43 514.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 504.00 514.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.16 514.10 Td (future ) Tj ET Q q 0 0 0 rg BT 538.97 514.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 564.51 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 502.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 127.55 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.21 502.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 167.99 502.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 202.09 502.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.09 502.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.86 502.10 Td (based ) Tj ET Q q 0 0 0 rg BT 286.07 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 294.22 502.10 Td (f ) Tj ET Q q 0 0 0 rg BT 300.00 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.78 502.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 357.66 502.10 Td (made ) Tj ET Q q 0 0 0 rg BT 381.77 502.10 Td (during ) Tj ET Q q 0 0 0 rg BT 410.32 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.99 502.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 473.82 502.10 Td (payout ) Tj ET Q q 0 0 0 rg BT 503.48 502.10 Td (was ) Tj ET Q q 0 0 0 rg BT 521.49 502.10 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 117.66 490.10 Td (each ) Tj ET Q q 0 0 0 rg BT 137.98 490.10 Td (year ) Tj ET Q q 0 0 0 rg BT 157.19 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.63 490.10 Td (present ) Tj ET Q q 0 0 0 rg BT 204.50 490.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 233.16 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.94 490.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 290.47 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.69 490.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 329.45 490.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 346.46 490.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 389.55 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 409.33 490.10 Td (these ) Tj ET Q q 0 0 0 rg BT 431.88 490.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 474.56 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.11 490.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 538.69 490.10 Td (initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.10 Td (value ) Tj ET Q q 0 0 0 rg BT 128.99 478.10 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 175.65 478.10 Td (was ) Tj ET Q q 0 0 0 rg BT 194.54 478.10 Td (based ) Tj ET Q q 0 0 0 rg BT 220.64 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 233.98 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.53 478.10 Td (average ) Tj ET Q q 0 0 0 rg BT 283.95 478.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 321.71 478.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.49 478.10 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.99 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.32 478.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 425.88 478.10 Td (trials. ) Tj ET Q q 0 0 0 rg BT 451.71 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.80 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 473.69 478.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 513.13 478.10 Td (used ) Tj ET Q q 0 0 0 rg BT 534.79 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 478.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 466.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 149.51 466.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.34 466.10 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.67 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.46 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.51 466.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.34 466.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 243.73 466.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 269.23 466.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 314.74 466.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 349.68 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.74 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.47 466.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 412.28 466.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 429.44 466.10 Td (value ) Tj ET Q q 0 0 0 rg BT 454.38 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.00 466.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 511.50 466.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 454.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 145.00 454.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.00 454.10 Td ($2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.67 454.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.34 454.10 Td (January30, ) Tj ET Q q 0 0 0 rg BT 265.12 454.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.12 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 290.29 454.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 326.28 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 454.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 386.05 454.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 439.24 454.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 480.24 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 495.12 454.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 526.12 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.57 454.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.68 454.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 442.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 143.80 442.10 Td (related ) Tj ET Q q 0 0 0 rg BT 173.04 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.85 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.10 442.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 238.57 442.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 290.60 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.96 442.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 330.20 442.10 Td (key ) Tj ET Q q 0 0 0 rg BT 346.67 442.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 393.52 442.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 415.01 442.10 Td (805-10-55-25 ) Tj ET Q q 0 0 0 rg BT 472.04 442.10 Td (indicates ) Tj ET Q q 0 0 0 rg BT 509.61 442.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.64 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.12 442.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.78 430.10 Td (these ) Tj ET Q q 0 0 0 rg BT 139.77 430.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 181.55 430.10 Td (be ) Tj ET Q q 0 0 0 rg BT 194.44 430.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 225.09 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.87 430.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 275.30 430.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.29 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.52 430.10 Td (be ) Tj ET Q q 0 0 0 rg BT 358.41 430.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 392.94 430.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.16 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.82 430.10 Td (term ) Tj ET Q q 0 0 0 rg BT 451.60 430.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 478.36 430.10 Td (than ) Tj ET Q q 0 0 0 rg BT 499.03 430.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 538.57 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 430.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 141.67 418.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 166.28 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.26 418.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 212.30 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.65 418.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 267.67 418.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 301.44 418.10 Td (its ) Tj ET Q q 0 0 0 rg BT 313.02 418.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 342.92 418.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 380.58 418.10 Td (price ) Tj ET Q q 0 0 0 rg BT 402.70 418.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 458.70 418.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.83 418.10 Td ($357,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.33 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.46 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.03 418.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.28 406.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 143.68 406.10 Td (present ) Tj ET Q q 0 0 0 rg BT 174.62 406.10 Td (value ) Tj ET Q q 0 0 0 rg BT 198.34 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.73 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.01 406.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 267.29 406.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 319.88 406.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 360.27 406.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 406.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.55 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.11 406.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 445.61 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.68 406.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 483.62 406.10 Td (results ) Tj ET Q q 0 0 0 rg BT 511.79 406.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.51 406.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 547.58 406.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 394.10 Td (current ) Tj ET Q q 0 0 0 rg BT 134.41 394.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 180.94 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.70 394.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 228.46 394.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 265.55 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.30 394.10 Td (2016-2017, ) Tj ET Q q 0 0 0 rg BT 327.23 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.54 394.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 375.31 394.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 412.39 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 426.15 394.10 Td (every ) Tj ET Q q 0 0 0 rg BT 450.45 394.10 Td (year ) Tj ET Q q 0 0 0 rg BT 469.75 394.10 Td (is ) Tj ET Q q 0 0 0 rg BT 478.52 394.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 516.15 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.03 394.10 Td (be ) Tj ET Q q 0 0 0 rg BT 537.56 394.10 Td (below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 382.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 126.31 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.61 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.81 382.10 Td (required ) Tj ET Q q 0 0 0 rg BT 192.10 382.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 227.74 382.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 270.59 382.10 Td (tar) Tj ET Q q 0 0 0 rg BT 280.96 382.10 Td (gets. ) Tj ET Q q 0 0 0 rg BT 303.54 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.23 382.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 353.12 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.32 382.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 412.18 382.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 447.80 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.00 382.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 481.85 382.10 Td (value ) Tj ET Q q 0 0 0 rg BT 507.48 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.79 382.10 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.78 370.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 197.37 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.41 370.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 226.87 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 239.13 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.61 370.10 Td (end ) Tj ET Q q 0 0 0 rg BT 270.31 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.90 370.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 305.66 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.75 370.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.56 370.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 345.04 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.63 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.32 370.10 Td (result ) Tj ET Q q 0 0 0 rg BT 386.80 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.39 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.87 370.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 448.54 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.58 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.06 370.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 513.64 370.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.77 370.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.69 370.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 147.53 358.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 199.36 358.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 239.00 358.10 Td (was ) Tj ET Q q 0 0 0 rg BT 255.87 358.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 292.15 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.80 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.55 358.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 346.63 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.27 358.10 Td (general ) Tj ET Q q 0 0 0 rg BT 387.01 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.76 358.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 461.28 358.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 494.80 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.89 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 358.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 157.04 346.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 197.86 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.69 346.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 252.85 346.10 Td (during ) Tj ET Q q 0 0 0 rg BT 281.46 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.17 346.10 Td (year ) Tj ET Q q 0 0 0 rg BT 315.88 346.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.26 346.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 400.84 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.84 346.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 104.00 322.10 Td (According ) Tj ET Q q 0 0 0 rg BT 147.58 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.74 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.33 322.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 192.82 322.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 229.73 322.10 Td (agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.25 322.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.75 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.13 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.28 322.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 348.55 322.10 Td (related ) Tj ET Q q 0 0 0 rg BT 377.13 322.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 414.60 322.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 433.19 322.10 Td (by ) Tj ET Q q 0 0 0 rg BT 444.57 322.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 477.05 322.10 Td (during ) Tj ET Q q 0 0 0 rg BT 504.54 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 322.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 310.10 Td (process ) Tj ET Q q 0 0 0 rg BT 137.34 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.90 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.03 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 176.82 310.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 197.39 310.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.74 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.31 310.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 256.33 310.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 312.72 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.83 310.10 Td (These ) Tj ET Q q 0 0 0 rg BT 343.06 310.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 366.41 310.10 Td (were ) Tj ET Q q 0 0 0 rg BT 389.19 310.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 428.64 310.10 Td (from ) Tj ET Q q 0 0 0 rg BT 451.43 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.00 310.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 514.21 310.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 552.00 310.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 298.10 Td (January ) Tj ET Q q 0 0 0 rg BT 137.60 298.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 152.60 298.10 Td (2016.) 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 159.794921875 267.53505859375 l s q 0 0 0 rg BT 50.00 269.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 269.10 Td (chase Price ) Tj ET Q q 0 0 0 rg BT 115.91 269.10 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 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 50.50 215.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 215.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 187.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 159.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 159.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 131.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 131.60 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 50.5 215.60000000000002 m 472.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 215.60000000000002 m 562.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 215.60000000000002 m 472.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 215.60000000000002 m 562.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 131.60000000000002 m 562.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 131.60000000000002 m 562.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 118.60000000000002 m 562.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 116.60000000000002 m 562.5 116.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.85 230.27 Td (Final Purchase Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.85 220.27 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.17 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 206.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 206.17 Td (738,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.17 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 192.17 Td (27,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.17 Td (Identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 178.17 Td (2,370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 164.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 164.17 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 150.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 150.17 Td (18,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 136.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 136.22 Td (\(605,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 136.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 122.17 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 122.17 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 94.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.60 94.10 Td (are ) Tj ET Q q 0 0 0 rg BT 90.10 94.10 Td (many ) Tj ET Q q 0 0 0 rg BT 114.61 94.10 Td (syner) Tj ET Q q 0 0 0 rg BT 136.09 94.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 154.48 94.10 Td (between ) Tj ET Q q 0 0 0 rg BT 190.09 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.59 94.10 Td (business ) Tj ET Q q 0 0 0 rg BT 240.77 94.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 284.72 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.34 94.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 328.73 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.46 94.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 367.67 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.96 94.10 Td (including ) Tj ET Q q 0 0 0 rg BT 410.03 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.75 94.10 Td (database ) Tj ET Q q 0 0 0 rg BT 453.47 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.09 94.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 498.02 94.10 Td (that ) Tj ET Q q 0 0 0 rg BT 515.30 94.10 Td (can ) Tj ET Q q 0 0 0 rg BT 531.47 94.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (content ) Tj ET Q q 0 0 0 rg BT 82.83 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.67 82.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 148.51 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.34 82.10 Td (syner) Tj ET Q q 0 0 0 rg BT 187.82 82.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 207.33 82.10 Td (between ) Tj ET Q q 0 0 0 rg BT 244.05 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.78 82.10 Td (online ) Tj ET Q q 0 0 0 rg BT 289.17 82.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 345.32 82.10 Td (that ) Tj ET Q q 0 0 0 rg BT 363.72 82.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 393.21 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.39 82.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 448.33 82.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.73 82.10 Td (both ) Tj ET Q q 0 0 0 rg BT 482.91 82.10 Td (sides. ) Tj ET Q q 0 0 0 rg BT 508.81 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.97 82.10 Td (The ) Tj ET Q q 0 0 0 rg BT 530.91 82.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.56 70.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.67 70.10 Td (included ) Tj ET Q q 0 0 0 rg BT 147.00 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.68 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.80 70.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 226.24 70.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.13 70.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 309.24 70.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 352.14 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.04 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.16 70.10 Td (date ) Tj ET Q q 0 0 0 rg BT 399.71 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.95 70.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 457.73 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.96 70.10 Td (January ) Tj ET Q q 0 0 0 rg BT 502.96 70.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 518.36 70.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 543.77 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 70.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 84.00 58.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 128.54 58.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 176.98 58.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 211.52 58.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.74 58.10 Td ($2,493,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.74 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.63 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.97 58.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 311.97 58.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 337.08 58.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.31 58.10 Td ($485,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.81 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.70 58.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.37 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.48 58.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 467.92 58.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 509.13 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.35 58.10 Td (operations ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 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 181.55 760.75 Td (Notes to the Unaudited Consolidated Financial Statements) Tj ET Q 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 (for ) Tj ET Q q 0 0 0 rg BT 63.86 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.28 742.10 Td (three ) Tj ET Q q 0 0 0 rg BT 100.47 742.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.92 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.12 742.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.20 742.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 201.50 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.70 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.34 742.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 274.19 742.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.72 742.10 Td ($1,368,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.72 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.92 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.56 742.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 371.88 742.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 396.30 742.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.83 742.10 Td ($135,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.33 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.53 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.51 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.93 742.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 523.68 742.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 730.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 104.99 730.10 Td (during ) Tj ET Q q 0 0 0 rg BT 133.59 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.31 730.10 Td (two ) Tj ET Q q 0 0 0 rg BT 165.81 730.10 Td (months ) Tj ET Q q 0 0 0 rg BT 197.76 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 219.70 730.10 Td (January ) Tj ET Q q 0 0 0 rg BT 253.30 730.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 268.30 730.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 290.80 730.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.40 730.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 368.00 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.67 706.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.67 706.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 150.22 706.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 165.67 706.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 191.67 706.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.00 706.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 265.89 706.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.55 706.10 Td (information ) Tj ET Q q 0 0 0 rg BT 367.88 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.33 706.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 405.71 706.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 423.10 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.55 706.10 Td (if ) Tj ET Q q 0 0 0 rg BT 441.77 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.11 706.10 Td (business ) Tj ET Q q 0 0 0 rg BT 492.12 706.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 544.23 706.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.60 694.10 Td (had ) Tj ET Q q 0 0 0 rg BT 100.54 694.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 138.02 694.10 Td (on ) Tj ET Q q 0 0 0 rg BT 150.52 694.10 Td (January ) Tj ET Q q 0 0 0 rg BT 184.12 694.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 194.12 694.10 Td (2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 625.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.60 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 597.60 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 50.5 625.6 m 495.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 625.6 m 562.5 625.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.60 666.27 Td (Proforma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 652.17 Td (Three Months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.70 642.22 Td (Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.20 630.17 Td (3/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (Pro-Forma Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 616.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 616.17 Td (4,845,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.17 Td (Pro-Forma Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 602.17 Td (3,091,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.17 Td (Pro-Forma Gross Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 588.17 Td (1,753,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.17 Td (Pro-Forma Net Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 574.22 Td (\(4,371,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 546.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.01 546.10 Td (did ) Tj ET Q q 0 0 0 rg BT 90.58 546.10 Td (not ) Tj ET Q q 0 0 0 rg BT 106.15 546.10 Td (have ) Tj ET Q q 0 0 0 rg BT 127.81 546.10 Td (any ) Tj ET Q q 0 0 0 rg BT 145.04 546.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 183.09 546.10 Td (nonrecurring ) Tj ET Q q 0 0 0 rg BT 237.53 546.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 253.65 546.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 280.31 546.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 330.88 546.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 364.21 546.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 412.54 546.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.11 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.12 546.10 Td (business ) Tj ET Q q 0 0 0 rg BT 474.80 546.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 527.58 546.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.05 534.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.54 534.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 113.13 534.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 129.74 534.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 156.89 534.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.81 534.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.52 534.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 249.17 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.21 534.10 Td (The ) Tj ET Q q 0 0 0 rg BT 271.03 534.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 287.63 534.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 314.78 534.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 349.70 534.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.41 534.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 404.57 534.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 455.60 534.10 Td (have ) Tj ET Q q 0 0 0 rg BT 477.75 534.10 Td (been ) Tj ET Q q 0 0 0 rg BT 499.90 534.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 543.70 534.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 87.10 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.42 522.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 148.11 522.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 194.09 522.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 227.30 522.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.40 522.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 273.15 522.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 320.80 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.35 522.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 376.12 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 522.10 Td (results ) Tj ET Q q 0 0 0 rg BT 418.66 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.54 522.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 456.18 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 522.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.60 522.10 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 510.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 121.07 510.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.11 510.10 Td (would ) Tj ET Q q 0 0 0 rg BT 167.15 510.10 Td (have ) Tj ET Q q 0 0 0 rg BT 189.08 510.10 Td (been ) Tj ET Q q 0 0 0 rg BT 211.00 510.10 Td (char) Tj ET Q q 0 0 0 rg BT 228.03 510.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 245.51 510.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 286.33 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.60 510.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.52 510.10 Td (value ) Tj ET Q q 0 0 0 rg BT 343.22 510.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 394.04 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.87 510.10 Td (property ) Tj ET Q q 0 0 0 rg BT 441.79 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.27 510.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 504.53 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.01 510.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.66 498.10 Td (had ) Tj ET Q q 0 0 0 rg BT 92.43 498.10 Td (been ) Tj ET Q q 0 0 0 rg BT 113.63 498.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 145.40 498.10 Td (from ) Tj ET Q q 0 0 0 rg BT 167.16 498.10 Td (January ) Tj ET Q q 0 0 0 rg BT 200.59 498.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.42 498.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 235.25 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.41 498.10 Td (The ) Tj ET Q q 0 0 0 rg BT 255.29 498.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.50 498.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 498.10 Td ($77,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.98 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.08 498.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 453.83 498.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 476.15 498.10 Td (which ) Tj ET Q q 0 0 0 rg BT 502.92 498.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.46 498.10 Td (included ) Tj ET Q q 0 0 0 rg BT 554.22 498.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (general ) Tj ET Q q 0 0 0 rg BT 81.60 486.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.21 486.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 157.60 486.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 191.98 486.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.15 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.54 486.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 265.30 486.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.02 486.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 358.51 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.02 486.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 412.85 486.10 Td (for ) Tj ET Q q 0 0 0 rg BT 426.68 486.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.08 486.10 Td (three ) Tj ET Q q 0 0 0 rg BT 463.24 486.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.69 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.86 486.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.91 486.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 474.10 Td (. ) Tj ET Q q 0 0 0 rg BT 75.00 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.32 474.10 Td (These ) Tj ET Q q 0 0 0 rg BT 103.70 474.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.20 474.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.90 474.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 178.37 474.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.65 474.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 204.48 474.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 230.86 474.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 267.24 474.10 Td (for ) Tj ET Q q 0 0 0 rg BT 281.40 474.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.11 474.10 Td (three ) Tj ET Q q 0 0 0 rg BT 318.60 474.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.05 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.55 474.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.92 474.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 420.52 474.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.52 474.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 438.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 122.00 438.10 Td (DERIV) Tj ET Q q 0 0 0 rg BT 152.94 438.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.42 438.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 186.37 438.10 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 242.49 438.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 438.10 Td (INSTRUMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.61 414.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.56 414.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 147.83 414.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.35 414.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.84 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.24 414.10 Td (other ) Tj ET Q q 0 0 0 rg BT 228.85 414.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 267.01 414.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.85 414.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 318.90 414.10 Td (if ) Tj ET Q q 0 0 0 rg BT 327.07 414.10 Td (those ) Tj ET Q q 0 0 0 rg BT 350.24 414.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 388.40 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.80 414.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 441.96 414.10 Td (components ) Tj ET Q q 0 0 0 rg BT 492.35 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.74 414.10 Td (those ) Tj ET Q q 0 0 0 rg BT 525.92 414.10 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 81.86 402.10 Td (as ) Tj ET Q q 0 0 0 rg BT 93.73 402.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 141.14 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.46 402.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.43 402.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 209.50 402.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 253.57 402.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.77 402.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.09 402.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 328.58 402.10 Td (with ) Tj ET Q q 0 0 0 rg BT 349.90 402.10 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 393.41 402.10 Td (810-10-05-4 ) Tj ET Q q 0 0 0 rg BT 446.94 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.92 402.10 Td (815-40-25 ) Tj ET Q q 0 0 0 rg BT 510.11 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.98 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.74 402.10 Td (F) Tj ET Q q 0 0 0 rg BT 542.56 402.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.46 390.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 141.69 390.10 Td (Codification. ) Tj ET Q q 0 0 0 rg BT 196.78 390.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.13 390.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.15 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.28 390.10 Td (this ) Tj ET Q q 0 0 0 rg BT 268.53 390.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 315.20 390.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 355.76 390.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.23 390.10 Td (that ) Tj ET Q q 0 0 0 rg BT 383.02 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.04 390.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 414.72 390.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.17 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.30 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.32 390.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 508.10 390.10 Td (is ) Tj ET Q q 0 0 0 rg BT 517.57 390.10 Td (marked-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.37 378.10 Td (each ) Tj ET Q q 0 0 0 rg BT 101.28 378.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 134.42 378.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 157.56 378.10 Td (date ) Tj ET Q q 0 0 0 rg BT 176.82 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.86 378.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 231.44 378.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.37 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.41 378.10 Td (liability) Tj ET Q q 0 0 0 rg BT 279.87 378.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.97 378.10 Td (In ) Tj ET Q q 0 0 0 rg BT 295.90 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.72 378.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.98 378.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.57 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.39 378.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.87 378.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.13 378.10 Td (is ) Tj ET Q q 0 0 0 rg BT 417.40 378.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 454.98 378.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.91 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.95 378.10 Td (liability) Tj ET Q q 0 0 0 rg BT 503.41 378.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.51 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.33 378.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.24 378.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.97 366.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.73 366.10 Td (is ) Tj ET Q q 0 0 0 rg BT 101.49 366.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 139.57 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.44 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.76 366.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 219.40 366.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 260.81 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.24 366.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 316.99 366.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.42 366.10 Td (other ) Tj ET Q q 0 0 0 rg BT 352.06 366.10 Td (income ) Tj ET Q q 0 0 0 rg BT 384.59 366.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.02 366.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 433.83 366.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 459.14 366.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 507.78 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.21 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.52 366.10 Td (shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.46 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.50 354.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 142.84 354.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 194.53 354.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 247.06 354.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 293.19 354.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.78 354.10 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 341.29 354.10 Td (as ) Tj ET Q q 0 0 0 rg BT 351.88 354.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 397.72 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.31 354.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.00 354.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 457.24 354.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 504.77 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.24 354.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 342.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 91.66 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.93 342.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 118.31 342.10 Td (value ) Tj ET Q q 0 0 0 rg BT 142.47 342.10 Td (at ) Tj ET Q q 0 0 0 rg BT 152.18 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.90 342.10 Td (date ) Tj ET Q q 0 0 0 rg BT 186.05 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.88 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.60 342.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 257.95 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.78 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.50 342.10 Td (event ) Tj ET Q q 0 0 0 rg BT 307.66 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.59 342.10 Td (then ) Tj ET Q q 0 0 0 rg BT 344.31 342.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.81 342.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 378.18 342.10 Td (value ) Tj ET Q q 0 0 0 rg BT 402.34 342.10 Td (is ) Tj ET Q q 0 0 0 rg BT 411.51 342.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 459.54 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.82 342.10 Td (equity) Tj ET Q q 0 0 0 rg BT 494.17 342.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 318.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 123.54 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.48 318.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 177.08 318.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 228.85 318.10 Td (including ) Tj ET Q q 0 0 0 rg BT 269.24 318.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 304.06 318.10 Td (such ) Tj ET Q q 0 0 0 rg BT 325.01 318.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 374.29 318.10 Td (should ) Tj ET Q q 0 0 0 rg BT 403.57 318.10 Td (be ) Tj ET Q q 0 0 0 rg BT 415.63 318.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 453.22 318.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.16 318.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 503.99 318.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.94 318.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.88 318.10 Td (equity) Tj ET Q q 0 0 0 rg BT 550.23 318.10 Td (, ) Tj ET Q q 0 0 0 rg BT 555.34 318.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (re-assessed ) Tj ET Q q 0 0 0 rg BT 99.59 306.10 Td (at ) Tj ET Q q 0 0 0 rg BT 111.42 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.25 306.10 Td (end ) Tj ET Q q 0 0 0 rg BT 147.30 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.24 306.10 Td (each ) Tj ET Q q 0 0 0 rg BT 183.16 306.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 224.43 306.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 257.09 306.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 308.91 306.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.52 306.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.34 306.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 381.06 306.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 423.43 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.37 306.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 465.98 306.10 Td (that ) Tj ET Q q 0 0 0 rg BT 485.58 306.10 Td (become ) Tj ET Q q 0 0 0 rg BT 521.29 306.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.23 306.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 113.04 294.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.76 294.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 175.81 294.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.10 294.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.05 294.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.67 294.10 Td (at ) Tj ET Q q 0 0 0 rg BT 236.40 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.13 294.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.53 294.10 Td (value ) Tj ET Q q 0 0 0 rg BT 291.69 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.54 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.27 294.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 362.56 294.10 Td (on ) Tj ET Q q 0 0 0 rg BT 375.07 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.80 294.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 452.84 294.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 474.51 294.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 519.23 294.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.63 282.10 Td (will ) Tj ET Q q 0 0 0 rg BT 109.60 282.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.46 282.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 163.63 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.83 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.46 282.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 224.40 282.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 248.37 282.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.11 282.10 Td (current ) Tj ET Q q 0 0 0 rg BT 291.84 282.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.59 282.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 353.65 282.10 Td (based ) Tj ET Q q 0 0 0 rg BT 379.83 282.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.24 282.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 428.86 282.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.61 282.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.80 282.10 Td (net-cash ) Tj ET Q q 0 0 0 rg BT 493.53 282.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 538.05 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 282.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.48 270.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 137.75 270.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.92 270.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 184.96 270.10 Td (within ) Tj ET Q q 0 0 0 rg BT 213.01 270.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 225.51 270.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.46 270.10 Td (after ) Tj ET Q q 0 0 0 rg BT 278.28 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.99 270.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 326.03 270.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 349.07 270.10 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.25 246.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.85 246.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.99 246.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 182.46 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.38 246.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 244.67 246.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 277.36 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.51 246.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.09 246.10 Td (value ) Tj ET Q q 0 0 0 rg BT 335.45 246.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 385.92 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.96 246.10 Td (its ) Tj ET Q q 0 0 0 rg BT 409.11 246.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 451.80 246.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 488.93 246.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.30 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.22 246.10 Td (year ) Tj ET Q q 0 0 0 rg BT 538.14 246.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 234.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.08 234.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 234.10 Td (three ) Tj ET Q q 0 0 0 rg BT 170.51 234.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.46 234.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.83 234.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 272.43 234.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.43 234.10 Td (: ) Tj ET Q q 0 0 0 rg BT 297.71 234.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 188.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 188.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 160.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 160.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 160.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 132.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 132.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 132.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 104.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 104.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 104.60 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 50.5 188.60000000000002 m 382.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 188.60000000000002 m 472.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 188.60000000000002 m 562.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 188.60000000000002 m 472.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 188.60000000000002 m 562.5 188.60000000000002 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 382.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 118.60000000000002 m 472.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 118.60000000000002 m 562.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 118.60000000000002 m 472.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 118.60000000000002 m 562.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 90.60000000000002 m 382.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 77.60000000000002 m 382.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 75.60000000000002 m 382.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 90.60000000000002 m 472.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 77.60000000000002 m 472.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 75.60000000000002 m 472.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 90.60000000000002 m 562.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 77.60000000000002 m 562.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 75.60000000000002 m 562.5 75.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.95 213.27 Td (Linked Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 203.27 Td (Shares to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 193.27 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 431.32 193.27 Td (W) Tj ET Q q 0 0 0 rg BT 439.96 193.27 Td (arrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 203.27 Td (W) Tj ET Q q 0 0 0 rg BT 509.64 203.27 Td (arrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 193.27 Td (Liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 179.17 Td (Balance, December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 179.17 Td (1,795,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 179.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 179.17 Td (3,203,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 165.17 Td (Exercise of warrants for common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 165.22 Td (\(1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 165.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 165.22 Td (\(5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 165.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 151.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 151.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 151.17 Td (1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 137.17 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 432.80 137.22 Td (\(396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 137.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 137.22 Td (\(1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 137.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 123.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 123.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 123.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.17 Td (Balance, December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 109.17 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 109.17 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 95.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 95.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 95.22 Td (\(2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 95.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 81.17 Td (Balance, March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 81.17 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 81.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 81.17 Td (2,208) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 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 50.00 731.10 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.45 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.39 719.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 362.99 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.99 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.49 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 407.42 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.25 719.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.60 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 674.60 79.00 -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 50.50 646.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 646.60 79.00 -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 50.50 616.60 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 616.60 79.00 -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 50.50 588.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 588.60 79.00 -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 406.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 674.6 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 406.5 674.6 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 /F4 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 416.40 689.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 679.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 689.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 679.28 Td (2016) 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 434.25 665.17 Td ($7.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 665.17 Td ($7.14) 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 431.75 651.17 Td ($25.00) 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 427.45 636.27 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 636.27 Td (1.4 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 427.45 621.27 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 621.27 Td (1.4 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 430.05 607.17 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.05 607.17 Td (75.07%) 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 430.05 593.17 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.05 593.17 Td (75.07%) 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 432.55 578.27 Td (1.06%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 578.27 Td (0.59%) 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 432.55 563.27 Td (1.06%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 563.27 Td (0.59%) 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 102.15 541.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 118.16 541.10 Td (market ) Tj ET Q q 0 0 0 rg BT 148.05 541.10 Td (value ) Tj ET Q q 0 0 0 rg BT 171.83 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.28 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.63 541.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.19 541.10 Td (was ) Tj ET Q q 0 0 0 rg BT 235.87 541.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 282.98 541.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.10 541.10 Td (using ) Tj ET Q q 0 0 0 rg BT 318.90 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.24 541.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 379.95 541.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 410.96 541.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 434.20 541.10 Td (price ) Tj ET Q q 0 0 0 rg BT 456.31 541.10 Td (as ) Tj ET Q q 0 0 0 rg BT 466.77 541.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 503.86 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.77 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.11 541.10 Td (OTCQB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.16 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.88 529.10 Td (period ) Tj ET Q q 0 0 0 rg BT 124.92 529.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.30 529.10 Td (December ) Tj ET Q q 0 0 0 rg BT 194.88 529.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 209.88 529.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 232.38 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.32 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.04 529.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 296.53 529.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 327.91 529.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 359.29 529.10 Td (for ) Tj ET Q q 0 0 0 rg BT 373.45 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 529.10 Td (period ) Tj ET Q q 0 0 0 rg BT 416.21 529.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 442.59 529.10 Td (March ) Tj ET Q q 0 0 0 rg BT 471.19 529.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 486.19 529.10 Td (2016.) 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 50.00 373.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 373.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 122.00 373.10 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 204.50 373.10 Td (& ) Tj ET Q q 0 0 0 rg BT 215.33 373.10 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 50 347.53505859375 m 92.2265625 347.53505859375 l s q 0 0 0 rg BT 50.00 349.10 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (From ) Tj ET Q q 0 0 0 rg BT 73.87 337.10 Td (time ) Tj ET Q q 0 0 0 rg BT 93.85 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.83 337.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 126.31 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.73 337.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.82 337.10 Td (may ) Tj ET Q q 0 0 0 rg BT 201.24 337.10 Td (become ) Tj ET Q q 0 0 0 rg BT 234.54 337.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 271.74 337.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.72 337.10 Td (various ) Tj ET Q q 0 0 0 rg BT 313.36 337.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 348.34 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.98 337.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 386.62 337.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 437.14 337.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.34 337.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 475.42 337.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.40 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.82 337.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 535.90 337.10 Td (course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 325.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 99.37 325.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 141.13 325.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 152.62 325.10 Td (however) Tj ET Q q 0 0 0 rg BT 186.65 325.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.47 325.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.11 325.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.21 325.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 267.30 325.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 323.21 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.97 325.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.73 325.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 384.59 325.10 Td (result ) Tj ET Q q 0 0 0 rg BT 409.13 325.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.23 325.10 Td (these ) Tj ET Q q 0 0 0 rg BT 442.10 325.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.75 325.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.62 325.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.37 325.10 Td (may ) Tj ET Q q 0 0 0 rg BT 526.91 325.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 549.78 325.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.69 313.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 135.04 313.10 Td (The ) Tj ET Q q 0 0 0 rg BT 152.69 313.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.69 313.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.46 313.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 240.67 313.10 Td (not ) Tj ET Q q 0 0 0 rg BT 255.55 313.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 281.53 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.97 313.10 Td (any ) Tj ET Q q 0 0 0 rg BT 308.51 313.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 330.06 313.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 380.48 313.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.92 313.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 419.13 313.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.23 313.10 Td (it ) Tj ET Q q 0 0 0 rg BT 443.90 313.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 478.77 313.10 Td (would ) Tj ET Q q 0 0 0 rg BT 505.88 313.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.32 313.10 Td (could ) Tj ET Q q 0 0 0 rg BT 540.64 313.10 Td (have, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 100.83 301.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.66 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.94 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.66 301.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 180.52 301.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.46 301.10 Td (material ) Tj ET Q q 0 0 0 rg BT 222.71 301.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 255.75 301.10 Td (ef) Tj ET Q q 0 0 0 rg BT 263.34 301.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 280.83 301.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.33 301.10 Td (its ) Tj ET Q q 0 0 0 rg BT 305.27 301.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 349.43 301.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.26 301.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.74 301.10 Td (position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 265.10 Td (5. ) Tj ET Q q 0 0 0 rg BT 122.00 265.10 Td (ST) Tj ET Q q 0 0 0 rg BT 134.05 265.10 Td (OCKHOLDERS' ) Tj ET Q q 0 0 0 rg BT 211.01 265.10 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 50 239.53505859375002 m 129.541015625 239.53505859375002 l s q 0 0 0 rg BT 50.00 241.10 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 100.83 241.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 121.21 241.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 229.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.57 229.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.97 229.10 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.97 229.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.04 229.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 225.31 229.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 253.37 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.77 229.10 Td (common ) Tj ET Q q 0 0 0 rg BT 302.83 229.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 327.01 229.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.52 229.10 Td (10,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.52 229.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.59 229.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 437.86 229.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.92 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.31 229.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 517.02 229.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 543.70 229.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 217.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.22 217.10 Td (par ) Tj ET Q q 0 0 0 rg BT 92.49 217.10 Td (value ) Tj ET Q q 0 0 0 rg BT 116.64 217.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.47 217.10 Td ($0.0001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.97 217.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.47 217.10 Td (per ) Tj ET Q q 0 0 0 rg BT 177.74 217.10 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 50 191.53505859375002 m 132.7685546875 191.53505859375002 l s q 0 0 0 rg BT 50.00 193.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 193.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 193.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.29 181.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.47 181.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 107.04 181.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.61 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.90 181.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.86 181.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 207.26 181.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.77 181.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 258.04 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.98 181.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 319.49 181.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.34 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 181.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 393.46 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.86 181.10 Td (State ) Tj ET Q q 0 0 0 rg BT 425.93 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.33 181.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 468.94 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.79 181.10 Td (ef) Tj ET Q q 0 0 0 rg BT 486.38 181.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 503.44 181.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.95 181.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.89 181.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 169.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 169.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 169.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 169.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 169.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 169.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 169.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 169.10 Td (a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.64 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.16 169.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 169.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 169.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 169.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 169.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 169.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 169.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 169.10 Td (outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.03 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.55 169.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 169.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 157.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 157.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 157.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 157.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 157.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 157.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 157.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 157.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 157.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 157.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 157.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 157.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 157.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 157.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 157.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 157.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 145.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 145.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 145.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 145.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 145.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 145.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 145.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 145.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 145.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 145.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 145.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 145.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 145.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 145.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.22 133.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.77 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.65 133.10 Td (common ) Tj ET Q q 0 0 0 rg BT 175.21 133.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.87 133.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.42 133.10 Td (became ) Tj ET Q q 0 0 0 rg BT 249.51 133.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.83 133.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.42 133.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 317.18 133.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.73 133.10 Td (January ) Tj ET Q q 0 0 0 rg BT 363.39 133.10 Td (1) Tj ET Q q 0 0 0 rg BT 368.02 133.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 378.07 133.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 403.13 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.68 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.06 133.10 Td (There ) Tj ET Q q 0 0 0 rg BT 433.93 133.10 Td (was ) Tj ET Q q 0 0 0 rg BT 452.03 133.10 Td (no ) Tj ET Q q 0 0 0 rg BT 464.59 133.10 Td (change ) Tj ET Q q 0 0 0 rg BT 495.46 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.80 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.57 133.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.67 133.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 121.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.80 121.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 156.50 121.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 183.99 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.82 121.10 Td (common ) Tj ET Q q 0 0 0 rg BT 232.31 121.10 Td (stock.) 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 95.53505859375002 m 123.6376953125 95.53505859375002 l s q 0 0 0 rg BT 50.00 97.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 84.74 97.10 Td (Uplisting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.74 85.10 Td (January ) Tj ET Q q 0 0 0 rg BT 98.36 85.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 113.39 85.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 138.41 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.15 85.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.56 85.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 215.40 85.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.36 85.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 270.43 85.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 311.27 85.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.79 85.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 347.98 85.10 Td (8-A) Tj ET Q q 0 0 0 rg BT 362.98 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.51 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.81 85.10 Td (register ) Tj ET Q q 0 0 0 rg BT 408.31 85.10 Td (its ) Tj ET Q q 0 0 0 rg BT 420.28 85.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.57 85.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 497.53 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.83 85.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 540.35 85.10 Td (12\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.37 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.63 73.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 115.64 73.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 134.62 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.51 73.10 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 177.74 73.10 Td (, ) Tj ET Q q 0 0 0 rg BT 182.28 73.10 Td (on ) Tj ET Q q 0 0 0 rg BT 194.32 73.10 Td (January ) Tj ET Q q 0 0 0 rg BT 227.46 73.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 242.00 73.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 266.54 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.80 73.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.42 73.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 354.45 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.82 73.10 Td (common ) Tj ET Q q 0 0 0 rg BT 401.85 73.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 425.00 73.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 475.35 73.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 505.72 73.10 Td (on ) Tj ET Q q 0 0 0 rg BT 517.76 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.01 73.10 Td (Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.86 61.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 113.72 61.10 Td (under ) Tj ET Q q 0 0 0 rg BT 139.47 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.66 61.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 187.09 61.10 Td (IZEA. ) Tj ET Q q 0 0 0 rg BT 215.34 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.32 61.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 241.30 61.10 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 274.54 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.74 61.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 337.30 61.10 Td (common ) Tj ET Q q 0 0 0 rg BT 375.28 61.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 399.36 61.10 Td (was ) Tj ET Q q 0 0 0 rg BT 417.90 61.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 448.09 61.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.07 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.27 61.10 Td (OTCQB ) Tj ET Q q 0 0 0 rg BT 513.14 61.10 Td (marketplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.27 49.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.99 49.10 Td (same ) Tj ET Q q 0 0 0 rg BT 113.03 49.10 Td (symbol.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) 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 50 717.68505859375 m 164.365234375 717.68505859375 l s q 0 0 0 rg BT 50.00 719.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 719.25 Td (Issued ) Tj ET Q q 0 0 0 rg BT 106.13 719.25 Td (for) Tj ET Q q 0 0 0 rg BT 118.72 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 719.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 137.14 719.25 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.25 Td (On ) Tj ET Q q 0 0 0 rg BT 65.74 707.25 Td (January ) Tj ET Q q 0 0 0 rg BT 100.36 707.25 Td (29, ) Tj ET Q q 0 0 0 rg BT 116.39 707.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 142.41 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 157.59 707.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.11 707.25 Td (1) Tj ET Q q 0 0 0 rg BT 190.74 707.25 Td (14,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.24 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.76 707.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 250.28 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.13 707.25 Td (common ) Tj ET Q q 0 0 0 rg BT 300.64 707.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 325.27 707.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 355.45 707.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.19 707.25 Td ($848,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.69 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 407.21 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.51 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.25 707.25 Td (former ) Tj ET Q q 0 0 0 rg BT 464.98 707.25 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 499.61 707.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 553.68 707.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.84 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.92 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 120.99 695.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 150.39 695.25 Td (installment ) Tj ET Q q 0 0 0 rg BT 197.57 695.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 234.75 695.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.83 695.25 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.33 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.07 695.25 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.81 695.25 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.31 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 339.06 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.58 695.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 381.21 695.25 Td (related ) Tj ET Q q 0 0 0 rg BT 411.16 695.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 450.00 695.25 Td (owed ) Tj ET Q q 0 0 0 rg BT 474.40 695.25 Td (as ) Tj ET Q q 0 0 0 rg BT 485.48 695.25 Td (part ) Tj ET Q q 0 0 0 rg BT 503.77 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.84 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 530.92 695.25 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.50 683.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 97.78 683.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 135.83 683.25 Td (Agreement.) 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 50 657.68505859375 m 156.201171875 657.68505859375 l s q 0 0 0 rg BT 50.00 659.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 659.25 Td (Issued ) Tj ET Q q 0 0 0 rg BT 106.13 659.25 Td (for) Tj ET Q q 0 0 0 rg BT 118.72 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 659.25 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 647.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.76 647.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.42 647.25 Td (4,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.92 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.58 647.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 185.24 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.23 647.25 Td (common ) Tj ET Q q 0 0 0 rg BT 231.89 647.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 254.66 647.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 282.98 647.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.86 647.25 Td ($31,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.36 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.02 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.46 647.25 Td (five ) Tj ET Q q 0 0 0 rg BT 352.67 647.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 389.32 647.25 Td (for ) Tj ET Q q 0 0 0 rg BT 402.64 647.25 Td (their ) Tj ET Q q 0 0 0 rg BT 422.63 647.25 Td (service ) Tj ET Q q 0 0 0 rg BT 452.60 647.25 Td (as ) Tj ET Q q 0 0 0 rg BT 462.60 647.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 499.25 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.24 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 647.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (during ) Tj ET Q q 0 0 0 rg BT 78.61 635.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 635.25 Td (three ) Tj ET Q q 0 0 0 rg BT 115.81 635.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 635.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.76 635.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.14 635.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 217.73 635.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 635.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 611.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.45 611.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 108.70 611.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 155.61 611.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.31 611.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 220.56 611.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 261.93 611.25 Td (for ) Tj ET Q q 0 0 0 rg BT 276.64 611.25 Td (services ) Tj ET Q q 0 0 0 rg BT 311.89 611.25 Td (during ) Tj ET Q q 0 0 0 rg BT 341.04 611.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 611.25 Td (three ) Tj ET Q q 0 0 0 rg BT 379.33 611.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.78 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.83 611.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.75 611.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 482.89 611.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.89 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.94 611.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.42 611.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.42 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 611.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td ($31,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.98 599.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.91 599.25 Td ($27,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.41 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 139.39 599.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 187.05 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.04 599.25 Td (all ) Tj ET Q q 0 0 0 rg BT 204.52 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.33 599.25 Td (which ) Tj ET Q q 0 0 0 rg BT 242.25 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 251.41 599.25 Td (included ) Tj ET Q q 0 0 0 rg BT 288.33 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.59 599.25 Td (general ) Tj ET Q q 0 0 0 rg BT 330.50 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.42 599.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 407.11 599.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 441.80 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.07 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.77 599.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.79 599.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 587.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 107.49 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.80 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 127.85 587.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 144.23 587.25 Td (value ) Tj ET Q q 0 0 0 rg BT 168.38 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.21 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.93 587.25 Td (services ) Tj ET Q q 0 0 0 rg BT 228.64 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 237.81 587.25 Td (based ) Tj ET Q q 0 0 0 rg BT 263.08 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.58 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.29 587.25 Td (value ) Tj ET Q q 0 0 0 rg BT 314.45 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.28 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.00 587.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 387.08 587.25 Td (common ) Tj ET Q q 0 0 0 rg BT 424.57 587.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.18 587.25 Td (over ) Tj ET Q q 0 0 0 rg BT 468.45 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.16 587.25 Td (term ) Tj ET Q q 0 0 0 rg BT 503.99 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.82 587.25 Td (service. ) 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 50 561.68505859375 m 144.35546875 561.68505859375 l s q 0 0 0 rg BT 50.00 563.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 563.25 Td (arrant ) Tj ET Q q 0 0 0 rg BT 89.54 563.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.46 563.25 Td (ransactions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 551.25 Td (arrant ) Tj ET Q q 0 0 0 rg BT 85.47 551.25 Td (Issuances:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 539.25 Td (January ) Tj ET Q q 0 0 0 rg BT 96.22 539.25 Td (22, ) Tj ET Q q 0 0 0 rg BT 110.17 539.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.12 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.79 539.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 188.13 539.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.58 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 220.46 539.25 Td (warrant ) Tj ET Q q 0 0 0 rg BT 252.45 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.68 539.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.67 539.25 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.17 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 322.62 539.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 349.06 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.84 539.25 Td (its ) Tj ET Q q 0 0 0 rg BT 369.74 539.25 Td (common ) Tj ET Q q 0 0 0 rg BT 406.18 539.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.74 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.97 539.25 Td (an ) Tj ET Q q 0 0 0 rg BT 448.86 539.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 482.52 539.25 Td (relations ) Tj ET Q q 0 0 0 rg BT 518.41 539.25 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 564.51 539.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 527.25 Td (warrant ) Tj ET Q q 0 0 0 rg BT 101.11 527.25 Td (was ) Tj ET Q q 0 0 0 rg BT 119.17 527.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 140.57 527.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 168.63 527.25 Td (on ) Tj ET Q q 0 0 0 rg BT 181.14 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.86 527.25 Td (date ) Tj ET Q q 0 0 0 rg BT 215.03 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.87 527.25 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 264.76 527.25 Td (has ) Tj ET Q q 0 0 0 rg BT 280.60 527.25 Td (an ) Tj ET Q q 0 0 0 rg BT 292.55 527.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 327.82 527.25 Td (price ) Tj ET Q q 0 0 0 rg BT 350.31 527.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 527.25 Td ($10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.17 527.25 Td (per ) Tj ET Q q 0 0 0 rg BT 406.45 527.25 Td (share ) Tj ET Q q 0 0 0 rg BT 430.06 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.01 527.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 478.39 527.25 Td (on ) Tj ET Q q 0 0 0 rg BT 490.90 527.25 Td (January ) Tj ET Q q 0 0 0 rg BT 524.51 527.25 Td (22, ) Tj ET Q q 0 0 0 rg BT 539.53 527.25 Td (2020. ) Tj ET Q q 0 0 0 rg BT 564.53 527.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.28 515.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 515.25 Td (value ) Tj ET Q q 0 0 0 rg BT 109.27 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.34 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.29 515.25 Td (warrant ) Tj ET Q q 0 0 0 rg BT 168.55 515.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.29 515.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 227.90 515.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.18 515.25 Td ($7,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.68 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 276.41 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.58 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.53 515.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.15 515.25 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.74 515.25 Td ($100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.74 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.48 515.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.54 515.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 478.81 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 493.20 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.15 515.25 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 543.92 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 515.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.09 503.25 Td (value ) Tj ET Q q 0 0 0 rg BT 89.96 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.94 503.25 Td (warrant ) Tj ET Q q 0 0 0 rg BT 147.69 503.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 183.78 503.25 Td (was ) Tj ET Q q 0 0 0 rg BT 201.55 503.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 238.74 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.28 503.25 Td (an ) Tj ET Q q 0 0 0 rg BT 260.93 503.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 295.90 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.89 503.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 348.10 503.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 378.64 503.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.50 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 417.50 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.93 503.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 478.72 503.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.48 503.25 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 72.44 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.78 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.89 491.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 491.25 Td ($7,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 491.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.40 491.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 203.84 491.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 237.94 491.25 Td (was ) Tj ET Q q 0 0 0 rg BT 255.39 491.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 292.26 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.93 491.25 Td (general ) Tj ET Q q 0 0 0 rg BT 333.25 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.59 491.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 408.69 491.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 442.79 491.25 Td (during ) Tj ET Q q 0 0 0 rg BT 470.80 491.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 491.25 Td (three ) Tj ET Q q 0 0 0 rg BT 506.79 491.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.24 491.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.14 491.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.60 479.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 479.25 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 50 453.68505859375 m 110.29296875 453.68505859375 l s q 0 0 0 rg BT 50.00 455.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 455.25 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.29 455.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.50 443.25 Td (May ) Tj ET Q q 0 0 0 rg BT 80.99 443.25 Td (201) Tj ET Q q 0 0 0 rg BT 95.62 443.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.29 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.67 443.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 146.28 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.78 443.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 196.15 443.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 229.97 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.36 443.25 Td (201) Tj ET Q q 0 0 0 rg BT 258.99 443.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 266.15 443.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 294.98 443.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 334.35 443.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.30 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.80 443.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 392.23 443.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 409.67 443.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 427.38 443.25 Td (May ) Tj ET Q q 0 0 0 rg BT 452.32 443.25 Td (201) Tj ET Q q 0 0 0 rg BT 466.95 443.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 474.11 443.25 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 504.17 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 521.88 443.25 Td (May ) Tj ET Q q 0 0 0 rg BT 542.38 443.25 Td (201) Tj ET Q q 0 0 0 rg BT 557.01 443.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.42 431.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 99.18 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.04 431.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 155.58 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.00 431.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 189.19 431.25 Td (options ) Tj ET Q q 0 0 0 rg BT 221.29 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.71 431.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 269.90 431.25 Td (up ) Tj ET Q q 0 0 0 rg BT 282.54 431.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 431.25 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 335.62 431.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 363.25 431.25 Td (as ) Tj ET Q q 0 0 0 rg BT 374.23 431.25 Td (an ) Tj ET Q q 0 0 0 rg BT 386.31 431.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 425.61 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 439.92 431.25 Td (its ) Tj ET Q q 0 0 0 rg BT 452.01 431.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.42 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.51 431.25 Td (consultants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.61 419.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 419.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.04 419.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 143.04 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.76 419.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.15 419.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.08 419.25 Td (144,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.58 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.08 419.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.57 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.40 419.25 Td (common ) Tj ET Q q 0 0 0 rg BT 326.90 419.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 350.51 419.25 Td (available ) Tj ET Q q 0 0 0 rg BT 389.10 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.26 419.25 Td (future ) Tj ET Q q 0 0 0 rg BT 429.63 419.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 456.57 419.25 Td (under ) Tj ET Q q 0 0 0 rg BT 481.84 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.56 419.25 Td (May ) Tj ET Q q 0 0 0 rg BT 517.39 419.25 Td (201) Tj ET Q q 0 0 0 rg BT 532.02 419.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 539.52 419.25 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 562.29 419.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.08 395.25 Td (August ) Tj ET Q q 0 0 0 rg BT 95.35 395.25 Td (22, ) Tj ET Q q 0 0 0 rg BT 110.23 395.25 Td (201) Tj ET Q q 0 0 0 rg BT 124.86 395.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 134.74 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.34 395.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.61 395.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 224.65 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.25 395.25 Td (201) Tj ET Q q 0 0 0 rg BT 253.88 395.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 261.26 395.25 Td (B ) Tj ET Q q 0 0 0 rg BT 270.31 395.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 299.36 395.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 338.94 395.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 359.10 395.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 377.03 395.25 Td (August ) Tj ET Q q 0 0 0 rg BT 412.74 395.25 Td (201) Tj ET Q q 0 0 0 rg BT 427.37 395.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 434.75 395.25 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 462.68 395.25 Td (reserving ) Tj ET Q q 0 0 0 rg BT 502.27 395.25 Td (for ) Tj ET Q q 0 0 0 rg BT 516.31 395.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 552.57 395.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 91.52 383.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 383.25 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.65 383.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 155.30 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.28 383.25 Td (common ) Tj ET Q q 0 0 0 rg BT 203.93 383.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 227.69 383.25 Td (under ) Tj ET Q q 0 0 0 rg BT 253.12 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.40 383.25 Td (August ) Tj ET Q q 0 0 0 rg BT 298.95 383.25 Td (201) Tj ET Q q 0 0 0 rg BT 313.57 383.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 321.23 383.25 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 344.16 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.23 383.25 Td (As ) Tj ET Q q 0 0 0 rg BT 360.00 383.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.98 383.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 414.73 383.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.73 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 439.89 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.76 383.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 496.30 383.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.39 383.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.39 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.04 383.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.69 383.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.50 371.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.10 371.25 Td (available ) Tj ET Q q 0 0 0 rg BT 149.69 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 163.85 371.25 Td (future ) Tj ET Q q 0 0 0 rg BT 190.23 371.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 217.17 371.25 Td (under ) Tj ET Q q 0 0 0 rg BT 242.44 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.60 371.25 Td (August ) Tj ET Q q 0 0 0 rg BT 287.99 371.25 Td (201) Tj ET Q q 0 0 0 rg BT 302.62 371.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 310.12 371.25 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.85 347.25 Td (both ) Tj ET Q q 0 0 0 rg BT 98.49 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.57 347.25 Td (May ) Tj ET Q q 0 0 0 rg BT 134.76 347.25 Td (201) Tj ET Q q 0 0 0 rg BT 149.39 347.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 157.25 347.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 177.88 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.18 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.63 347.25 Td (August ) Tj ET Q q 0 0 0 rg BT 241.38 347.25 Td (201) Tj ET Q q 0 0 0 rg BT 256.01 347.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 263.87 347.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 284.51 347.25 Td (\(together) Tj ET Q q 0 0 0 rg BT 320.20 347.25 Td (, ) Tj ET Q q 0 0 0 rg BT 325.56 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.64 347.25 Td ("201) Tj ET Q q 0 0 0 rg BT 359.35 347.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 367.21 347.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 396.74 347.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 436.80 347.25 Td (Plans"\), ) Tj ET Q q 0 0 0 rg BT 471.24 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.32 347.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 513.62 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.81 347.25 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 96.40 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.14 335.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 146.42 335.25 Td (price ) Tj ET Q q 0 0 0 rg BT 168.93 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 179.23 335.25 Td (be ) Tj ET Q q 0 0 0 rg BT 191.19 335.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 210.93 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 225.12 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.86 335.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 269.87 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.61 335.25 Td (period ) Tj ET Q q 0 0 0 rg BT 312.69 335.25 Td (within ) Tj ET Q q 0 0 0 rg BT 340.77 335.25 Td (which ) Tj ET Q q 0 0 0 rg BT 367.73 335.25 Td (each ) Tj ET Q q 0 0 0 rg BT 388.57 335.25 Td (option ) Tj ET Q q 0 0 0 rg BT 416.65 335.25 Td (may ) Tj ET Q q 0 0 0 rg BT 436.39 335.25 Td (be ) Tj ET Q q 0 0 0 rg BT 448.35 335.25 Td (exercised, ) Tj ET Q q 0 0 0 rg BT 491.13 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.10 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.84 335.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 547.58 335.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 94.33 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.33 323.25 Td (each ) Tj ET Q q 0 0 0 rg BT 126.31 323.25 Td (option. ) Tj ET Q q 0 0 0 rg BT 156.83 323.25 Td (The ) Tj ET Q q 0 0 0 rg BT 175.05 323.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 210.47 323.25 Td (price ) Tj ET Q q 0 0 0 rg BT 233.12 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.11 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.99 323.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 298.31 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.41 323.25 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 371.95 323.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 395.72 323.25 Td (options ) Tj ET Q q 0 0 0 rg BT 427.84 323.25 Td (may ) Tj ET Q q 0 0 0 rg BT 447.72 323.25 Td (not ) Tj ET Q q 0 0 0 rg BT 463.16 323.25 Td (be ) Tj ET Q q 0 0 0 rg BT 475.26 323.25 Td (less ) Tj ET Q q 0 0 0 rg BT 492.93 323.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.81 323.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.14 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.81 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 323.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.00 311.25 Td (market ) Tj ET Q q 0 0 0 rg BT 95.89 311.25 Td (value ) Tj ET Q q 0 0 0 rg BT 119.68 311.25 Td (per ) Tj ET Q q 0 0 0 rg BT 134.57 311.25 Td (share ) Tj ET Q q 0 0 0 rg BT 157.80 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.25 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.60 311.25 Td (Company) Tj ET Q q 0 0 0 rg BT 224.26 311.25 Td (s ) Tj ET Q q 0 0 0 rg BT 230.28 311.25 Td (common ) Tj ET Q q 0 0 0 rg BT 267.40 311.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 290.63 311.25 Td (on ) Tj ET Q q 0 0 0 rg BT 302.76 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.10 311.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 339.78 311.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.06 311.25 Td (If ) Tj ET Q q 0 0 0 rg BT 369.85 311.25 Td (an ) Tj ET Q q 0 0 0 rg BT 381.41 311.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 424.09 311.25 Td (owns ) Tj ET Q q 0 0 0 rg BT 447.33 311.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 470.56 311.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 522.11 311.25 Td (more ) Tj ET Q q 0 0 0 rg BT 544.79 311.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.44 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 80.88 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.21 299.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 143.98 299.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 173.58 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.91 299.25 Td (price ) Tj ET Q q 0 0 0 rg BT 210.00 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.44 299.25 Td (each ) Tj ET Q q 0 0 0 rg BT 240.86 299.25 Td (share ) Tj ET Q q 0 0 0 rg BT 264.07 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.51 299.25 Td (an ) Tj ET Q q 0 0 0 rg BT 286.06 299.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 324.82 299.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.04 299.25 Td (option ) Tj ET Q q 0 0 0 rg BT 375.70 299.25 Td (must ) Tj ET Q q 0 0 0 rg BT 397.26 299.25 Td (be ) Tj ET Q q 0 0 0 rg BT 408.81 299.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 432.57 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.46 299.25 Td (or ) Tj ET Q q 0 0 0 rg BT 452.90 299.25 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.76 299.25 Td (1) Tj ET Q q 0 0 0 rg BT 487.39 299.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.72 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.83 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.27 299.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 534.26 299.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.04 287.25 Td (Unless ) Tj ET Q q 0 0 0 rg BT 107.14 287.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 148.90 287.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 196.76 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 209.64 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.74 287.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 252.06 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.27 287.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 303.35 287.25 Td (at ) Tj ET Q q 0 0 0 rg BT 313.45 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.55 287.25 Td (time ) Tj ET Q q 0 0 0 rg BT 349.20 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.42 287.25 Td (grant, ) Tj ET Q q 0 0 0 rg BT 386.34 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.44 287.25 Td (right ) Tj ET Q q 0 0 0 rg BT 423.21 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.87 287.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 472.29 287.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 500.16 287.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 534.68 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 547.56 287.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (options ) Tj ET Q q 0 0 0 rg BT 82.04 275.25 Td (under ) Tj ET Q q 0 0 0 rg BT 107.39 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.20 275.25 Td (201) Tj ET Q q 0 0 0 rg BT 136.83 275.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 144.41 275.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 173.67 275.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 213.46 275.25 Td (Plans ) Tj ET Q q 0 0 0 rg BT 237.71 275.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 275.29 275.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 293.99 275.25 Td (on ) Tj ET Q q 0 0 0 rg BT 306.58 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 313.60 275.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 364.51 275.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 387.10 275.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.46 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.26 275.25 Td (requisite ) Tj ET Q q 0 0 0 rg BT 459.28 275.25 Td (service ) Tj ET Q q 0 0 0 rg BT 490.19 275.25 Td (period ) Tj ET Q q 0 0 0 rg BT 518.32 275.25 Td (as ) Tj ET Q q 0 0 0 rg BT 529.24 275.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.79 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.58 263.25 Td (options ) Tj ET Q q 0 0 0 rg BT 113.50 263.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 134.84 263.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 153.42 263.25 Td (one ) Tj ET Q q 0 0 0 rg BT 170.32 263.25 Td (year ) Tj ET Q q 0 0 0 rg BT 189.99 263.25 Td (from ) Tj ET Q q 0 0 0 rg BT 211.89 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.57 263.25 Td (date ) Tj ET Q q 0 0 0 rg BT 245.68 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.48 263.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 279.49 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.39 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.07 263.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 354.07 263.25 Td (options ) Tj ET Q q 0 0 0 rg BT 385.98 263.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 407.33 263.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 425.90 263.25 Td (monthly) Tj ET Q q 0 0 0 rg BT 458.59 263.25 Td (, ) Tj ET Q q 0 0 0 rg BT 463.55 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.79 263.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 497.91 263.25 Td (increments ) Tj ET Q q 0 0 0 rg BT 544.24 263.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.29 251.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.25 251.25 Td (three ) Tj ET Q q 0 0 0 rg BT 127.31 251.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.41 251.25 Td (. ) Tj ET Q q 0 0 0 rg BT 152.84 251.25 Td (The ) Tj ET Q q 0 0 0 rg BT 170.46 251.25 Td (term ) Tj ET Q q 0 0 0 rg BT 190.86 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.27 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 251.25 Td (options ) Tj ET Q q 0 0 0 rg BT 247.08 251.25 Td (is ) Tj ET Q q 0 0 0 rg BT 255.83 251.25 Td (up ) Tj ET Q q 0 0 0 rg BT 267.90 251.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.76 251.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 292.05 251.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 251.25 Td (. ) Tj ET Q q 0 0 0 rg BT 317.72 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.65 251.25 Td (The ) Tj ET Q q 0 0 0 rg BT 337.27 251.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.23 251.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 404.20 251.25 Td (new ) Tj ET Q q 0 0 0 rg BT 422.93 251.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 450.00 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.85 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.14 251.25 Td (optionee ) Tj ET Q q 0 0 0 rg BT 510.65 251.25 Td (for ) Tj ET Q q 0 0 0 rg BT 524.39 251.25 Td (any ) Tj ET Q q 0 0 0 rg BT 540.90 251.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.82 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 91.65 239.25 Td (options ) Tj ET Q q 0 0 0 rg BT 123.60 239.25 Td (exercised ) Tj ET Q q 0 0 0 rg BT 163.85 239.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 200.79 239.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.07 239.25 Td (its ) Tj ET Q q 0 0 0 rg BT 223.02 239.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 250.51 239.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 289.66 239.25 Td (plans.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 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 50.00 731.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 731.10 Td ( summary of option activity under the 201) Tj ET Q q 0 0 0 rg BT 224.88 731.10 Td (1 Equity Incentive Plans for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.38 731.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.96 731.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.40 731.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.33 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 719.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 719.10 Td (, is presented below: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 673.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 673.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 673.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 643.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 643.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 643.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 613.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 613.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 613.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 583.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 583.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 583.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 553.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 553.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 553.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 529.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 529.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 529.60 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 50.5 673.6 m 326.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 673.6 m 392.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 673.6 m 396.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 673.6 m 474.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 673.6 m 478.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 673.6 m 326.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 613.6 m 326.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 613.6 m 392.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 613.6 m 396.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 613.6 m 474.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 613.6 m 478.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 613.6 m 562.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 553.6 m 326.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 539.6 m 326.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 537.6 m 326.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 553.6 m 392.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 539.6 m 392.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 537.6 m 392.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 553.6 m 396.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 539.6 m 396.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 537.6 m 396.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 553.6 m 474.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 539.6 m 474.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 537.6 m 474.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 553.6 m 478.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 539.6 m 478.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 537.6 m 478.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 553.6 m 562.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 537.6 m 562.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 515.6 m 326.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 513.6 m 326.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 515.6 m 392.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 513.6 m 392.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 515.6 m 396.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 513.6 m 396.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 515.6 m 474.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 513.6 m 474.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 515.6 m 478.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 513.6 m 478.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 515.6 m 562.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 513.6 m 562.5 513.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 678.28 Td (Options Outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.35 688.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 678.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.95 698.27 Td (W) Tj ET Q q 0 0 0 rg BT 424.59 698.27 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.40 688.27 Td (A) Tj ET Q q 0 0 0 rg BT 424.88 688.27 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 678.27 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.40 698.27 Td (W) Tj ET Q q 0 0 0 rg BT 492.04 698.27 Td (eighted ) Tj ET Q q 0 0 0 rg BT 523.42 698.27 Td (A) Tj ET Q q 0 0 0 rg BT 529.90 698.27 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.45 688.27 Td (Remaining Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 678.27 Td (\(Y) Tj ET Q q 0 0 0 rg BT 515.05 678.27 Td (ears\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.27 Td (Outstanding at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 663.27 Td (595,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 663.27 Td (9.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 663.27 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 648.27 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 648.27 Td (7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 633.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 633.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 618.32 Td (\(42,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 618.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 618.27 Td (7.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.27 Td (Outstanding at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 603.27 Td (830,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 603.27 Td (8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 603.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 588.27 Td (38,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 588.27 Td (7.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 573.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 573.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 558.32 Td (\(9,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 558.27 Td (7.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 543.27 Td (Outstanding at March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 543.27 Td (859,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 543.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 543.27 Td (8.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 543.27 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 519.27 Td (Exercisable at March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 519.27 Td (420,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 519.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 519.27 Td (10.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 519.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (During ) Tj ET Q q 0 0 0 rg BT 81.45 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.78 491.10 Td (three ) Tj ET Q q 0 0 0 rg BT 119.89 491.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.33 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.45 491.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.45 491.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 223.66 491.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.66 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.78 491.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.34 491.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.34 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 289.95 491.10 Td (no ) Tj ET Q q 0 0 0 rg BT 303.07 491.10 Td (options ) Tj ET Q q 0 0 0 rg BT 335.64 491.10 Td (were ) Tj ET Q q 0 0 0 rg BT 358.18 491.10 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 401.33 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.99 491.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 436.99 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 461.76 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.21 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.66 491.10 Td (common ) Tj ET Q q 0 0 0 rg BT 527.77 491.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 552.00 491.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.96 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.96 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.82 479.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.23 479.10 Td ($7.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.73 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.59 479.10 Td (per ) Tj ET Q q 0 0 0 rg BT 171.22 479.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 196.67 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.40 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.80 479.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 250.44 479.10 Td (value ) Tj ET Q q 0 0 0 rg BT 273.95 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 285.81 479.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 334.34 479.10 Td (options ) Tj ET Q q 0 0 0 rg BT 365.64 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.83 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.02 479.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 428.98 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.98 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.84 479.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.25 479.10 Td ($835,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.75 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.11 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.83 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 529.24 479.10 Td (intrinsic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.16 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.66 467.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 134.13 467.10 Td (options ) Tj ET Q q 0 0 0 rg BT 166.07 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.90 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.73 467.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 231.33 467.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.33 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.83 467.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.88 467.10 Td ($579,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.38 467.10 Td (. ) Tj ET Q q 0 0 0 rg BT 314.38 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.26 443.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 99.06 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.98 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.79 443.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 167.92 443.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 191.62 443.10 Td (option ) Tj ET Q q 0 0 0 rg BT 219.76 443.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 252.34 443.10 Td (under ) Tj ET Q q 0 0 0 rg BT 277.70 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.50 443.10 Td (201) Tj ET Q q 0 0 0 rg BT 307.13 443.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 314.72 443.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 343.97 443.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 383.76 443.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 408.02 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.27 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.07 443.10 Td (year ) Tj ET Q q 0 0 0 rg BT 456.87 443.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.33 443.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 542.00 443.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 431.10 Td (three ) Tj ET Q q 0 0 0 rg BT 89.42 431.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.87 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.37 431.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.75 431.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 191.35 431.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.35 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.35 431.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.52 431.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 266.33 431.10 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 377.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 377.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 377.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 350.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 350.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 350.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 350.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 350.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 326.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 326.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 326.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 326.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 326.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 302.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 302.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 302.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 302.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 302.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 278.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 278.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 278.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 278.60 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 50.5 377.6 m 344.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 377.6 m 344.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 377.6 m 402.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 377.6 m 406.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 377.6 m 482.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 377.6 m 486.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 377.6 m 562.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 326.6 m 344.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 326.6 m 402.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 326.6 m 406.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 326.6 m 482.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 326.6 m 486.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 326.6 m 562.5 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 278.6 m 344.5 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 278.6 m 482.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 264.6 m 344.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 262.6 m 344.5 262.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 278.6 m 402.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 264.6 m 402.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 262.6 m 402.5 262.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 278.6 m 406.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 264.6 m 406.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 262.6 m 406.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 264.6 m 482.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 262.6 m 482.5 262.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 278.6 m 486.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 264.6 m 486.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 262.6 m 486.5 262.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 278.6 m 562.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 264.6 m 562.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 262.6 m 562.5 262.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 382.28 Td (Nonvested Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.35 392.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 382.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.95 411.17 Td (W) Tj ET Q q 0 0 0 rg BT 433.59 411.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.40 401.17 Td (A) Tj ET Q q 0 0 0 rg BT 433.88 401.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 391.17 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.40 381.17 Td (Fair ) Tj ET Q q 0 0 0 rg BT 441.83 381.17 Td (V) Tj ET Q q 0 0 0 rg BT 447.94 381.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.95 411.17 Td (W) Tj ET Q q 0 0 0 rg BT 513.59 411.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 401.17 Td (A) Tj ET Q q 0 0 0 rg BT 513.88 401.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.80 391.17 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 535.81 391.17 Td (Y) Tj ET Q q 0 0 0 rg BT 542.03 391.17 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 381.17 Td (to ) Tj ET Q q 0 0 0 rg BT 520.40 381.17 Td (V) Tj ET Q q 0 0 0 rg BT 526.51 381.17 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 367.27 Td (Nonvested at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 367.27 Td (372,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 367.27 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 367.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 353.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 353.22 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 353.22 Td (3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 341.22 Td (\(147,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 341.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 341.22 Td (4.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 329.22 Td (\(39,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 329.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 329.22 Td (3.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.22 Td (Nonvested at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 317.22 Td (461,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 317.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 317.22 Td (3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 317.22 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 305.22 Td (38,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 305.22 Td (3.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 293.22 Td (\(52,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 293.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 293.22 Td (4.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 281.22 Td (\(9,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 281.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 281.22 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.27 Td (Nonvested at March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 268.27 Td (439,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 268.27 Td (3.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 268.27 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 101.70 240.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.07 240.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.00 240.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.03 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.63 240.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 243.56 240.10 Td (options ) Tj ET Q q 0 0 0 rg BT 275.84 240.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 308.65 240.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.24 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.28 240.10 Td (201) Tj ET Q q 0 0 0 rg BT 363.91 240.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 371.74 240.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 401.23 240.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 441.25 240.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 465.75 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.24 240.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 516.38 240.10 Td (at ) Tj ET Q q 0 0 0 rg BT 526.42 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.46 240.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 72.26 228.10 Td (based ) Tj ET Q q 0 0 0 rg BT 98.13 228.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.23 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.55 228.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.53 228.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.29 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.72 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.04 228.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 225.08 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.62 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.39 228.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 299.36 228.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.79 228.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.33 228.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.64 228.10 Td (over ) Tj ET Q q 0 0 0 rg BT 379.51 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.83 228.10 Td (employee) Tj ET Q q 0 0 0 rg BT 436.48 228.10 Td (s ) Tj ET Q q 0 0 0 rg BT 443.48 228.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 481.01 228.10 Td (service ) Tj ET Q q 0 0 0 rg BT 512.43 228.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 543.58 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 228.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.16 216.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 130.65 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.14 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.29 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 185.22 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.82 216.10 Td (each ) Tj ET Q q 0 0 0 rg BT 216.41 216.10 Td (option ) Tj ET Q q 0 0 0 rg BT 244.25 216.10 Td (award ) Tj ET Q q 0 0 0 rg BT 270.95 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.22 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.71 216.10 Td (date ) Tj ET Q q 0 0 0 rg BT 316.64 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.25 216.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 350.07 216.10 Td (using ) Tj ET Q q 0 0 0 rg BT 374.01 216.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.73 216.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 440.76 216.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 500.25 216.10 Td (model ) Tj ET Q q 0 0 0 rg BT 527.52 216.10 Td (that ) Tj ET Q q 0 0 0 rg BT 544.79 216.10 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.34 204.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 117.92 204.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 144.37 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.27 204.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 177.83 204.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 188.23 204.10 Td (T) Tj ET Q q 0 0 0 rg BT 193.64 204.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 211.76 204.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 262.09 204.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 320.76 204.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 356.09 204.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 403.08 204.10 Td (on ) Tj ET Q q 0 0 0 rg BT 416.21 204.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 447.65 204.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 497.44 204.10 Td (during ) Tj ET Q q 0 0 0 rg BT 526.67 204.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.02 204.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.00 192.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.43 192.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 155.09 192.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.09 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.64 192.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.64 192.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.19 192.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.30 192.10 Td ($204,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.35 192.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.34 192.10 Td ($142,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.84 192.10 Td (, ) Tj ET Q q 0 0 0 rg BT 341.90 192.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 389.56 192.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.62 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.17 192.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 451.60 192.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 510.70 192.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 546.46 192.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.67 180.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.70 180.10 Td ($20,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.20 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.90 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.38 180.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 166.52 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.66 180.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 226.90 180.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.04 180.10 Td ($184,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.54 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.23 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.71 180.10 Td (general ) Tj ET Q q 0 0 0 rg BT 326.83 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.97 180.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 403.88 180.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 438.79 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.26 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.18 180.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.46 180.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.85 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.71 168.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 145.89 168.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.53 168.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.27 168.10 Td (three ) Tj ET Q q 0 0 0 rg BT 211.79 168.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.23 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.76 168.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.17 168.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 313.79 168.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.79 168.10 Td (. ) Tj ET Q q 0 0 0 rg BT 338.82 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.35 168.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 392.76 168.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 450.83 168.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 485.56 168.10 Td (was ) Tj ET Q q 0 0 0 rg BT 503.64 168.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 541.15 168.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.00 168.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.74 156.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 81.15 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.55 156.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 140.05 156.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.46 156.10 Td ($142,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.96 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.92 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.66 156.10 Td (general ) Tj ET Q q 0 0 0 rg BT 237.05 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.46 156.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 312.63 156.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 346.80 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.54 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.72 156.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 417.27 156.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.77 156.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 510.06 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.35 156.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.25 144.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.61 144.10 Td (three ) Tj ET Q q 0 0 0 rg BT 114.73 144.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.18 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.32 144.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.34 144.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 215.58 144.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.58 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.22 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.36 144.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 270.60 144.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 328.29 144.10 Td (related ) Tj ET Q q 0 0 0 rg BT 357.63 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.55 144.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 410.23 144.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 440.69 144.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 478.37 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.29 144.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 506.53 144.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 144.10 Td ($1,558,403) 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 (is ) Tj ET Q q 0 0 0 rg BT 59.17 132.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 99.99 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.27 132.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.21 132.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 168.57 132.10 Td (over ) Tj ET Q q 0 0 0 rg BT 188.84 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.55 132.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 277.12 132.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 308.51 132.10 Td (period ) Tj ET Q q 0 0 0 rg BT 336.56 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.39 132.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 132.10 Td (three ) Tj ET Q q 0 0 0 rg BT 430.13 132.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.23 132.10 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 50 106.53505859375002 m 182.314453125 106.53505859375002 l s q 0 0 0 rg BT 50.00 108.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 94.72 108.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 121.11 108.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 137.04 108.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 162.87 108.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.29 96.10 Td (April ) Tj ET Q q 0 0 0 rg BT 90.34 96.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 106.78 96.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 133.22 96.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 187.70 96.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 222.20 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.58 96.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 268.40 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.67 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.82 96.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 345.34 96.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 395.94 96.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 424.87 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.14 96.10 Td (common ) Tj ET Q q 0 0 0 rg BT 476.08 96.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 503.62 96.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 527.56 96.10 Td (previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (recommendation ) Tj ET Q q 0 0 0 rg BT 118.88 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.99 84.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 171.66 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.56 84.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 221.68 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.69 84.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 273.07 84.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 306.41 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.30 84.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 347.25 84.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 364.20 84.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 385.88 84.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 428.10 84.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 452.55 84.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 490.33 84.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 509.79 84.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 527.01 84.10 Td (ESPP\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.02 72.10 Td (reserved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.47 72.10 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.97 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.55 72.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 161.12 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.04 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.83 72.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 234.00 72.10 Td (common ) Tj ET Q q 0 0 0 rg BT 271.57 72.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 295.26 72.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.51 72.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 345.97 72.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 388.17 72.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.25 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.26 72.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 415.07 72.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 456.52 72.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 495.20 72.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 537.21 72.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 72.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.64 60.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.05 60.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 118.80 60.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.13 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.88 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.96 60.10 Td (more ) Tj ET Q q 0 0 0 rg BT 174.26 60.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.01 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.20 60.10 Td (full-time ) Tj ET Q q 0 0 0 rg BT 231.95 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.03 60.10 Td (part-time ) Tj ET Q q 0 0 0 rg BT 282.43 60.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 305.18 60.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.51 60.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.51 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.26 60.10 Td (hours ) Tj ET Q q 0 0 0 rg BT 346.24 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.32 60.10 Td (more ) Tj ET Q q 0 0 0 rg BT 380.62 60.10 Td (per ) Tj ET Q q 0 0 0 rg BT 396.14 60.10 Td (week ) Tj ET Q q 0 0 0 rg BT 419.99 60.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.74 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.93 60.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 470.99 60.10 Td (schedule\) ) Tj ET Q q 0 0 0 rg BT 512.06 60.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.48 60.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 554.22 60.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 94.52 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.62 48.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.16 48.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 140.85 48.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.67 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.83 48.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.70 48.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 188.12 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.44 48.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 226.08 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.18 48.10 Td (successive ) Tj ET Q q 0 0 0 rg BT 280.71 48.10 Td (six ) Tj ET Q q 0 0 0 rg BT 294.70 48.10 Td (month ) Tj ET Q q 0 0 0 rg BT 322.58 48.10 Td (of) Tj ET Q q 0 0 0 rg BT 330.73 48.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 356.93 48.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 388.70 48.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 442.67 48.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.21 48.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.75 48.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 509.07 48.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.72 48.10 Td (each ) Tj ET Q q 0 0 0 rg BT 540.36 48.10 Td (fiscal ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 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 50.00 731.10 Td (year ) Tj ET Q q 0 0 0 rg BT 70.23 731.10 Td (half. ) Tj ET Q q 0 0 0 rg BT 91.30 731.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 114.31 731.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 147.33 731.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 189.22 731.10 Td (who ) Tj ET Q q 0 0 0 rg BT 209.47 731.10 Td (elects ) Tj ET Q q 0 0 0 rg BT 235.25 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.06 731.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 291.28 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 311.52 731.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 350.08 731.10 Td (up ) Tj ET Q q 0 0 0 rg BT 363.10 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.91 731.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.24 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.26 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.61 731.10 Td (their ) Tj ET Q q 0 0 0 rg BT 427.96 731.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 457.64 731.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 516.21 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.01 731.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.59 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 88.84 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.10 719.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.33 719.10 Td ($21,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.31 719.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 201.22 719.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.03 719.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.53 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.01 719.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 264.48 719.10 Td (per ) Tj ET Q q 0 0 0 rg BT 279.72 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.87 719.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 314.23 719.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.75 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.05 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.07 719.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 403.09 719.10 Td (price ) Tj ET Q q 0 0 0 rg BT 425.55 719.10 Td (will ) Tj ET Q q 0 0 0 rg BT 443.59 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 455.50 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 719.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 495.45 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.25 719.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.17 719.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.50 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.98 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.19 707.10 Td (market ) Tj ET Q q 0 0 0 rg BT 96.27 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.24 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.88 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.63 707.10 Td (share ) Tj ET Q q 0 0 0 rg BT 161.04 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.69 707.10 Td (common ) Tj ET Q q 0 0 0 rg BT 209.00 707.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 232.42 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.73 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.26 707.10 Td (first ) Tj ET Q q 0 0 0 rg BT 277.68 707.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 308.32 707.10 Td (day ) Tj ET Q q 0 0 0 rg BT 325.07 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.25 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 358.40 707.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 384.59 707.10 Td (period ) Tj ET Q q 0 0 0 rg BT 412.45 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.09 707.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.62 707.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.27 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.44 707.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 499.63 707.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.71 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.64 695.10 Td (share ) Tj ET Q q 0 0 0 rg BT 81.94 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.47 695.10 Td (common ) Tj ET Q q 0 0 0 rg BT 131.66 695.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.97 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.17 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.59 695.10 Td (last ) Tj ET Q q 0 0 0 rg BT 201.67 695.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 233.20 695.10 Td (day ) Tj ET Q q 0 0 0 rg BT 250.83 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.36 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.78 695.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.93 695.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 313.01 695.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.02 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.77 695.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 385.19 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.39 695.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.15 695.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 444.78 695.10 Td (until ) Tj ET Q q 0 0 0 rg BT 466.31 695.10 Td (January ) Tj ET Q q 0 0 0 rg BT 500.61 695.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 511.31 695.10 Td (2024, ) Tj ET Q q 0 0 0 rg BT 537.01 695.10 Td (unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 90.96 683.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 135.80 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 147.88 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.18 683.10 Td (Board. ) Tj ET Q q 0 0 0 rg BT 191.20 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.82 683.10 Td (As ) Tj ET Q q 0 0 0 rg BT 206.02 683.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.43 683.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 259.61 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.61 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 284.19 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.49 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.46 683.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.98 683.10 Td (61,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.48 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.56 683.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 428.18 683.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 455.25 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.66 683.10 Td (common ) Tj ET Q q 0 0 0 rg BT 502.74 683.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 525.93 683.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 671.10 Td (future ) Tj ET Q q 0 0 0 rg BT 90.54 671.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 117.48 671.10 Td (under ) Tj ET Q q 0 0 0 rg BT 142.74 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.46 671.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 179.15 671.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 635.10 Td (6. ) Tj ET Q q 0 0 0 rg BT 122.00 635.10 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 177.29 635.10 Td (\(LOSS\) ) Tj ET Q q 0 0 0 rg BT 212.02 635.10 Td (PER ) Tj ET Q q 0 0 0 rg BT 234.52 635.10 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 285.90 635.10 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 74.46 611.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 110.59 611.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 135.05 611.10 Td (per ) Tj ET Q q 0 0 0 rg BT 150.07 611.10 Td (common ) Tj ET Q q 0 0 0 rg BT 187.31 611.10 Td (share ) Tj ET Q q 0 0 0 rg BT 210.65 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.57 611.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 261.25 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.50 611.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 309.08 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.54 611.10 Td (net ) Tj ET Q q 0 0 0 rg BT 338.00 611.10 Td (income ) Tj ET Q q 0 0 0 rg BT 369.68 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.26 611.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 398.07 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 410.31 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.78 611.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 447.57 611.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 520.88 611.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 611.10 Td (of ) Tj ET Q 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 77.81 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.96 599.10 Td (common ) Tj ET Q q 0 0 0 rg BT 126.77 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 150.69 599.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 200.18 599.10 Td (during ) Tj ET Q q 0 0 0 rg BT 229.10 599.10 Td (each ) Tj ET Q q 0 0 0 rg BT 250.23 599.10 Td (period ) Tj ET Q q 0 0 0 rg BT 278.60 599.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 322.23 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.05 599.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 357.86 599.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 394.56 599.10 Td (per ) Tj ET Q q 0 0 0 rg BT 410.14 599.10 Td (share ) Tj ET Q q 0 0 0 rg BT 434.06 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 443.54 599.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 485.80 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 498.61 599.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 534.77 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.80 599.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (income ) Tj ET Q q 0 0 0 rg BT 82.73 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.36 587.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 113.22 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 126.52 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.04 587.10 Td (total ) Tj ET Q q 0 0 0 rg BT 163.11 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.74 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.26 587.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 214.11 587.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 288.48 587.10 Td (number ) Tj ET Q q 0 0 0 rg BT 322.32 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.95 587.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.24 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.87 587.10 Td (common ) Tj ET Q q 0 0 0 rg BT 412.17 587.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 436.58 587.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 486.54 587.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 506.51 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.03 587.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 82.51 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.23 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.18 575.10 Td (could ) Tj ET Q q 0 0 0 rg BT 163.36 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.75 575.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 214.46 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.75 575.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 266.13 575.10 Td (into ) Tj ET Q q 0 0 0 rg BT 283.64 575.10 Td (common ) Tj ET Q q 0 0 0 rg BT 320.60 575.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 347.54 575.10 Td (during ) Tj ET Q q 0 0 0 rg BT 375.61 575.10 Td (each ) Tj ET Q q 0 0 0 rg BT 395.88 575.10 Td (period ) Tj ET Q q 0 0 0 rg BT 423.38 575.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 463.66 575.10 Td (less ) Tj ET Q q 0 0 0 rg BT 480.61 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.79 575.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 526.74 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.03 575.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 563.10 Td (could ) Tj ET Q q 0 0 0 rg BT 92.21 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.15 563.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 154.96 563.10 Td (using ) Tj ET Q q 0 0 0 rg BT 179.13 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 563.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 231.88 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 253.82 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.54 563.10 Td (exercises. ) Tj ET Q q 0 0 0 rg BT 310.18 563.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 519.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 519.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 519.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 489.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 489.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 489.60 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 417.5 540.6 m 487.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 540.6 m 491.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 540.6 m 561.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 519.6 m 487.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 519.6 m 561.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 519.6 m 487.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 519.6 m 561.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 489.6 m 487.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 475.6 m 487.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 473.6 m 487.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 489.6 m 561.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 475.6 m 561.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 473.6 m 561.5 473.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 543.22 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 531.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 521.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 531.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 521.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 509.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 509.32 Td (\(2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 509.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 509.32 Td (\(4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 509.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 494.27 Td (Weighted average shares outstanding - basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 494.27 Td (5,300,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 494.27 Td (2,884,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 479.27 Td (Basic and diluted loss per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 479.32 Td (\(0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 479.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 479.32 Td (\(1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 479.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.13 451.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.61 451.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 148.29 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.10 451.10 Td (following ) Tj ET Q q 0 0 0 rg BT 204.57 451.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 243.81 451.10 Td (average ) Tj ET Q q 0 0 0 rg BT 277.49 451.10 Td (items ) Tj ET Q q 0 0 0 rg BT 301.74 451.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.76 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.57 451.10 Td (above ) Tj ET Q q 0 0 0 rg BT 365.03 451.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 417.61 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.53 451.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 458.89 451.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 477.04 451.10 Td (per ) Tj ET Q q 0 0 0 rg BT 492.40 451.10 Td (common ) Tj ET Q q 0 0 0 rg BT 529.98 451.10 Td (share ) Tj ET Q q 0 0 0 rg BT 553.67 451.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.83 439.10 Td (ef) Tj ET Q q 0 0 0 rg BT 78.41 439.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 95.90 439.10 Td (would ) Tj ET Q q 0 0 0 rg BT 123.40 439.10 Td (be ) Tj ET Q q 0 0 0 rg BT 135.34 439.10 Td (anti-dilutive: ) Tj ET Q q 0 0 0 rg BT 189.49 439.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 388.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 388.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 388.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 358.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 358.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 358.60 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 417.5 413.6 m 487.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 413.6 m 491.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 413.6 m 561.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 388.6 m 487.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 388.6 m 561.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 388.6 m 487.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 388.6 m 561.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 343.6 m 487.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 343.6 m 561.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 343.6 m 487.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 329.6 m 487.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 327.6 m 487.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 343.6 m 561.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 329.6 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 491.5 327.6 m 561.5 327.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 418.27 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 403.27 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 393.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.45 403.27 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 393.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 378.27 Td (Stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 378.27 Td (841,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 378.27 Td (636,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 363.27 Td (Warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 363.27 Td (534,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 363.27 Td (2,700,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 348.27 Td (Restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 348.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 348.27 Td (85,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 333.27 Td (Total excluded shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 333.27 Td (1,376,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 333.27 Td (3,423,380) Tj ET Q BT /F1 10.00 Tf ET 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 (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 2 MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 244.19 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 267.81 742.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 295.22 742.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 333.48 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 392.09 742.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 455.44 742.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 512.03 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 540.28 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 730.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Special ) Tj ET Q q 0 0 0 rg BT 83.06 706.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 105.55 706.25 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 153.05 706.25 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 232.22 706.25 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 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 50.00 670.25 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 50.00 658.25 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 50.00 646.25 Td (results for any future period. ) Tj ET Q q 0 0 0 rg BT 168.95 646.25 Td (This report contains forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 377.88 646.25 Td (The statements, which are not historical facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (contained in this report, including this Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 327.87 634.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 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 50.00 610.25 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 50.00 598.25 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 50.00 586.25 Td (to various risks and uncertainties. Future events and our actual results may dif) Tj ET Q q 0 0 0 rg BT 361.68 586.25 Td (fer materially from the results reflected in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (forward-looking statements. Factors that might cause such a dif) Tj ET Q q 0 0 0 rg BT 303.92 574.25 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 50.00 562.25 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 50.00 550.25 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 50.00 538.25 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 50.00 526.25 Td (initiatives, competition in the industry) Tj ET Q q 0 0 0 rg BT 201.83 526.25 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 50.00 514.25 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 50.00 502.25 Td (requirements of our clients, our ability to protect our intellectual property) Tj ET Q q 0 0 0 rg BT 342.87 502.25 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 50.00 490.25 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 50.00 478.25 Td (filings with the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 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 50.00 442.25 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 487.56 442.25 Td (.Forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 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 546.64 430.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (materially from any future results, performance or achievements expressed or implied by such forward-looking statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.17 394.25 Td (History) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 370.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 108.22 370.25 Td ( was founded in February 2006 under the name PayPerPost, Inc. and became a public company incorporated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (the state of Nevada in May 201) Tj ET Q q 0 0 0 rg BT 175.15 358.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 187.47 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 196.10 358.25 Td (e are headquartered near Orlando, Florida with additional of) Tj ET Q q 0 0 0 rg BT 436.66 358.25 Td (fices in Chicago, Los ) Tj ET Q q 0 0 0 rg BT 523.59 358.25 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.17 346.25 Td (oronto and a sales presence in New ) Tj ET Q q 0 0 0 rg BT 215.36 346.25 Td (Y) Tj ET Q q 0 0 0 rg BT 221.58 346.25 Td (ork, Detroit and Boston.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.17 322.25 Td (Overview) 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 (IZEA) Tj ET Q q 0 0 0 rg BT 108.22 298.25 Td ( operates online marketplaces that facilitate transactions between brands and influential content creators. ) Tj ET Q q 0 0 0 rg BT 528.42 298.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (creators produce and distribute text, videos and photos on behalf of brands through websites, blogs and social media channels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Our technology enables transactions to be completed at scale through the management of content workflow) Tj ET Q q 0 0 0 rg BT 479.21 274.25 Td (, creator search and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 262.25 Td (geting, bidding, analytics and payment processing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 238.25 Td (e help power the creator economy) Tj ET Q q 0 0 0 rg BT 229.76 238.25 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 50.00 226.25 Td (the opportunity to monetize their content, creativity and influence. ) Tj ET Q q 0 0 0 rg BT 319.92 226.25 Td (Advertisers benefit from buzz, traf) Tj ET Q q 0 0 0 rg BT 458.29 226.25 Td (fic, awareness and sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 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 50.00 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 190.25 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline. 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2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 428.6 m 493.5 428.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 414.6 m 493.5 414.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 428.6 m 497.5 428.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 414.6 m 497.5 414.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.6 m 562.5 428.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 414.6 m 562.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 400.6 m 266.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 398.6 m 266.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 400.6 m 343.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 398.6 m 343.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 400.6 m 347.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 398.6 m 347.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 400.6 m 424.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 398.6 m 424.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 400.6 m 428.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 398.6 m 428.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 400.6 m 493.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 398.6 m 493.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 400.6 m 497.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 398.6 m 497.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 400.6 m 562.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 398.6 m 562.5 398.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 625.27 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.95 611.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.50 601.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.95 611.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.50 601.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 601.27 Td ($ Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 601.27 Td (% Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 587.17 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 587.17 Td (5,465,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 587.17 Td (4,135,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 587.17 Td (1,330,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 587.17 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 587.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.17 Td (Cost of sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 573.17 Td (3,101,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 573.17 Td (2,441,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 573.17 Td (659,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 573.17 Td (27.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 573.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 559.17 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 559.17 Td (2,364,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 559.17 Td (1,694,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 559.17 Td (670,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 559.17 Td (39.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 559.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.17 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 531.17 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 531.17 Td (2,580,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 531.17 Td (1,860,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 531.17 Td (719,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 531.17 Td (38.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 517.17 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 517.17 Td (2,359,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 517.17 Td (1,581,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 517.17 Td (778,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 517.17 Td (49.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 517.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 503.17 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 503.17 Td (4,939,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 503.17 Td (3,442,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 503.17 Td (1,497,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 503.17 Td (43.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 503.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.17 Td (Loss from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 489.22 Td (\(2,575,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 489.22 Td (\(1,747,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 489.22 Td (\(827,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 489.17 Td (\(47.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 489.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.17 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 475.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 475.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 461.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 461.22 Td (\(21,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 461.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 461.22 Td (\(18,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 461.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 461.22 Td (\(2,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 461.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 461.17 Td (13.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 461.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 447.17 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 447.17 Td (2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 447.22 Td (\(2,505,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 447.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 447.17 Td (2,508,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 447.17 Td (\(100.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 447.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 433.17 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 433.17 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 433.17 Td (1,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 433.22 Td (\(857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 433.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 433.17 Td (\(47.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 433.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 419.17 Td (Total other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 419.22 Td (\(17,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 419.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 419.22 Td (\(2,522,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 419.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 419.17 Td (2,505,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 419.17 Td (99.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 419.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 404.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 404.32 Td (\(2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 404.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 404.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 404.32 Td (\(4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 404.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 404.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 404.27 Td (1,678,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 404.27 Td (39.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 404.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 376.10 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 176.48 376.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 352.10 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 50.00 340.10 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 50.00 328.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 328.10 Td (, including ) Tj ET Q q 0 0 0 rg BT 120.84 328.10 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 200.93 328.10 Td (These non-GAAP) Tj ET Q q 0 0 0 rg BT 272.49 328.10 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 50.00 316.10 Td (prescribed by GAAP) Tj ET Q q 0 0 0 rg BT 132.76 316.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.58 316.10 Td (These non-GAAP) Tj ET Q q 0 0 0 rg BT 209.15 316.10 Td ( financial measures should not be considered in isolation from, or as a substitute for) Tj ET Q q 0 0 0 rg BT 543.39 316.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (financial information prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 278.80 304.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td ( ) Tj ET Q 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 believe that ) Tj ET Q q 0 0 0 rg BT 149.89 280.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 224.61 280.10 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 50.00 268.10 Td (the core cash operating business activities including non-cash transactions. ) Tj ET Q q 0 0 0 rg BT 353.90 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 362.54 268.10 Td (e believe that excluding these transactions allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (investors to meaningfully trend and analyze the performance of our core cash operations. ) Tj ET Q q 0 0 0 rg BT 408.20 256.10 Td (All companies do not calculate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 244.10 Td ( in the same manner) Tj ET Q q 0 0 0 rg BT 166.24 244.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 187.62 244.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 262.34 244.10 Td ( as presented by IZEA) Tj ET Q q 0 0 0 rg BT 351.20 244.10 Td ( may not be comparable to EBITDA) Tj ET Q q 0 0 0 rg BT 496.16 244.10 Td ( presented by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (other companies. IZEA) Tj ET Q q 0 0 0 rg BT 143.03 232.10 Td ( defines ) Tj ET Q q 0 0 0 rg BT 176.35 232.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 251.07 232.10 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 50.00 220.10 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 50.00 208.10 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 50.50 144.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 144.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 144.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 144.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 116.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 116.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 116.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 88.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 88.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 88.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 88.60 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 428.5 182.60000000000002 m 493.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 182.60000000000002 m 497.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 182.60000000000002 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 50.5 158.60000000000002 m 428.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 158.60000000000002 m 493.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 158.60000000000002 m 497.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 158.60000000000002 m 562.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 158.60000000000002 m 493.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 158.60000000000002 m 497.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 158.60000000000002 m 562.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 74.60000000000002 m 428.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 61.60000000000002 m 428.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 59.60000000000002 m 428.5 59.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 74.60000000000002 m 493.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 61.60000000000002 m 493.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 59.60000000000002 m 493.5 59.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 74.60000000000002 m 497.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 61.60000000000002 m 497.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 59.60000000000002 m 497.5 59.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 74.60000000000002 m 562.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 61.60000000000002 m 562.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 59.60000000000002 m 562.5 59.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 187.28 Td (Reconciliation of Net Loss to Adjusted EBITDA:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.75 187.27 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.95 173.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 163.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.95 173.17 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 163.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 149.17 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 149.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 149.22 Td (\(2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 149.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 149.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 149.22 Td (\(4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 149.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 135.17 Td (Non-cash stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 135.17 Td (204,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 135.17 Td (142,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 121.17 Td (Non-cash stock issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 121.17 Td (31,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 121.17 Td (35,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 107.17 Td (Change in the fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 107.22 Td (\(2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 107.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 107.17 Td (2,505,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 93.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 93.17 Td (21,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 93.17 Td (18,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 79.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 79.17 Td (296,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 79.17 Td (174,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 65.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 65.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 65.22 Td (\(2,041,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 65.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 65.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 65.22 Td (\(1,394,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 65.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 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 (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (The following table breaks down our approximate revenue, cost of sales and gross profit by revenue stream for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.97 706.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 694.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 694.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.36 694.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.36 694.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 643.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 643.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 643.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 643.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 643.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 643.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 615.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 615.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 615.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 615.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 615.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 587.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 587.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 587.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 587.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 587.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 587.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 559.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 559.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 559.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 559.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 559.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 559.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 531.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 531.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 531.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 531.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 531.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 531.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 503.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 503.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 503.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 503.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 503.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 503.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 475.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 475.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 475.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 475.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 475.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 447.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 447.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 447.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 447.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 447.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 447.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 419.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 419.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 419.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 419.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 419.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 419.75 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 286.5 668.75 m 351.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 668.75 m 431.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 668.75 m 351.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 643.75 m 351.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 668.75 m 416.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 643.75 m 416.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 668.75 m 431.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 643.75 m 431.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 668.75 m 496.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 643.75 m 496.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 668.75 m 561.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 643.75 m 561.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 587.75 m 351.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 587.75 m 416.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 587.75 m 431.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 587.75 m 496.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 587.75 m 561.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 587.75 m 351.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 574.75 m 351.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 572.75 m 351.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 587.75 m 416.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 574.75 m 416.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 572.75 m 416.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 587.75 m 431.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 574.75 m 431.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 572.75 m 431.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 587.75 m 496.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 574.75 m 496.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 572.75 m 496.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 587.75 m 561.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 574.75 m 561.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 572.75 m 561.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 503.75 m 351.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 503.75 m 416.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 503.75 m 431.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 503.75 m 496.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 503.75 m 561.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 503.75 m 351.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 490.75 m 351.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 488.75 m 351.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 503.75 m 416.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 490.75 m 416.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 488.75 m 416.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 503.75 m 431.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 490.75 m 431.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 488.75 m 431.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 503.75 m 496.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 490.75 m 496.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 488.75 m 496.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 503.75 m 561.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 490.75 m 561.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 488.75 m 561.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 419.75 m 416.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 419.75 m 561.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 419.75 m 351.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 406.75 m 351.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 404.75 m 351.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 419.75 m 416.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 406.75 m 416.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 404.75 m 416.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 419.75 m 431.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 406.75 m 431.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 404.75 m 431.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 419.75 m 496.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 406.75 m 496.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 404.75 m 496.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 419.75 m 561.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 406.75 m 561.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 404.75 m 561.5 404.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.25 673.42 Td (Three Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.95 658.42 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 648.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.95 658.42 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 648.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.95 658.42 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 648.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.95 658.42 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 648.42 Td (2015) 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 52 632.86259765625 m 147 632.86259765625 l s q 0 0 0 rg BT 52.00 634.43 Td (Revenue & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 620.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 620.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 620.32 Td (2,895,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 620.32 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 620.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 620.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 620.32 Td (2,735,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 620.32 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 620.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 606.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 606.32 Td (2,488,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 606.32 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 606.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 606.32 Td (1,365,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 606.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 606.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.32 Td (Service Fees & Other Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 592.32 Td (83,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 592.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 592.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 592.32 Td (35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 592.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 592.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 578.32 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 578.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 578.32 Td (5,466,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 578.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 578.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 578.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 578.32 Td (4,135,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 578.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 578.32 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 52 548.86259765625 m 164.783203125 548.86259765625 l s q 0 0 0 rg BT 52.00 550.43 Td (Cost of Sales & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 536.32 Td (Sponsored COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 536.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 536.32 Td (1,094,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 536.32 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 536.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 536.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 536.32 Td (1,208,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 536.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 536.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 522.32 Td (Content COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 522.32 Td (2,007,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 522.32 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 522.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 522.32 Td (1,233,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 522.32 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 522.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.32 Td (Service Fees & Other COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 508.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 508.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 494.32 Td (Total Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 494.32 Td (3,101,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 494.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 494.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 494.32 Td (2,441,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 494.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 494.32 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 52 464.86259765625 m 154.7587890625 464.86259765625 l s q 0 0 0 rg BT 52.00 466.43 Td (Gross Profit & Profit %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 452.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 452.32 Td (1,801,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 452.32 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 452.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 452.32 Td (1,527,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 452.32 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 452.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 438.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 438.32 Td (481,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 438.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 438.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 438.32 Td (132,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 438.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 438.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 424.32 Td (Service Fees & Other Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 424.32 Td (83,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 424.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 424.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 424.32 Td (35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 424.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 424.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 410.32 Td (Total Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 410.32 Td (2,365,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 410.32 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 410.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 410.32 Td (1,694,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 410.32 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 410.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (Revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.25 382.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.19 382.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.06 382.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.66 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.16 382.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.92 382.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.92 382.25 Td ($1,330,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.92 382.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.75 382.25 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.08 382.25 Td (, compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 370.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 370.25 Td (.Sponsored Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.49 370.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.24 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 370.25 Td ($160,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.24 370.25 Td (, Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.89 370.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.64 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.14 370.25 Td ($1,123,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.14 370.25 Td ( and Service Fee Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.49 370.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.25 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td ($48,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 358.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.33 358.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.26 358.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.14 358.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.73 358.25 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.53 358.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.53 358.25 Td (. Sponsored Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.23 358.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.99 358.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (primarily due to to our lar) Tj ET Q q 0 0 0 rg BT 153.40 346.25 Td (ger sales force, concentrated sales ef) Tj ET Q q 0 0 0 rg BT 299.25 346.25 Td (forts toward lar) Tj ET Q q 0 0 0 rg BT 360.72 346.25 Td (ger IZEA) Tj ET Q q 0 0 0 rg BT 398.20 346.25 Td ( managed campaigns rather than smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (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 484.03 334.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.78 334.25 Td ( due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (the same reasons as Sponsored Revenue and also because there were three full months of revenue reported in 2016 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (only two months in 2015 as a result of the Ebyline acquisition on January 30, 2015. Service Fee Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.03 310.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.78 310.25 Td ( in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.28 310.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 298.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 298.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 298.25 Td ( due to more licensing fees generated from the white-label partners in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.37 298.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 298.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (Our net bookings of $7.4 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.04 274.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.97 274.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.85 274.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.45 274.25 Td ( were 71% higher than the net bookings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (of $4.3 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.10 262.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.03 262.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.91 262.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.51 262.25 Td (. Net bookings is a measure of sales orders minus any cancellations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (or refunds in a given period. Management uses net bookings as a leading indicator of future revenue recognition as revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (recognized on average within 120 days of booking, though lar) Tj ET Q q 0 0 0 rg BT 298.09 238.25 Td (ger contracts may be recognized over twelve months from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (original booking date. ) Tj ET Q q 0 0 0 rg BT 142.86 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 151.49 226.25 Td (e experienced higher bookings as a result of the Ebyline acquisition, new customers, lar) Tj ET Q q 0 0 0 rg BT 502.04 226.25 Td (ger IZEA) Tj ET Q q 0 0 0 rg BT 539.53 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (managed campaigns and an increase in repeat clients. ) Tj ET Q q 0 0 0 rg BT 268.61 214.25 Td (These bookings are expected to continue to translate into higher revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (in 2016 as compared to 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 71.94 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.77 178.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 106.94 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.57 178.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 137.60 178.25 Td (oss ) Tj ET Q q 0 0 0 rg BT 152.89 178.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 163.25 178.25 Td (ofit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 154.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.48 154.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 121.52 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.78 154.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 153.15 154.25 Td (is ) Tj ET Q q 0 0 0 rg BT 161.75 154.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 205.34 154.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 244.48 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.75 154.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 290.56 154.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 309.71 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.42 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.68 154.25 Td (content ) Tj ET Q q 0 0 0 rg BT 366.05 154.25 Td (creators ) Tj ET Q q 0 0 0 rg BT 399.62 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 409.33 154.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 441.81 154.25 Td (content ) Tj ET Q q 0 0 0 rg BT 473.18 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 483.44 154.25 Td (advertising ) Tj ET Q q 0 0 0 rg BT 529.80 154.25 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (through ) Tj ET Q q 0 0 0 rg BT 83.61 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.33 142.25 Td (pushing ) Tj ET Q q 0 0 0 rg BT 132.50 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.33 142.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 186.38 142.25 Td (content ) Tj ET Q q 0 0 0 rg BT 218.31 142.25 Td (through ) Tj ET Q q 0 0 0 rg BT 251.92 142.25 Td (a ) Tj ET Q q 0 0 0 rg BT 258.86 142.25 Td (blog ) Tj ET Q q 0 0 0 rg BT 279.14 142.25 Td (post, ) Tj ET Q q 0 0 0 rg BT 300.81 142.25 Td (tweet, ) Tj ET Q q 0 0 0 rg BT 327.46 142.25 Td (click ) Tj ET Q q 0 0 0 rg BT 349.39 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 360.22 142.25 Td (action.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (Cost of sales for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.49 118.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.42 118.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.30 118.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.89 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.39 118.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 118.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 118.25 Td ($659,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 118.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.48 118.25 Td (27.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.31 118.25 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 106.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 106.25 Td (.) Tj ET Q q 0 0 0 rg BT 115.64 106.25 Td (The increase in cost of sales proportionally increased primarily due to the increase in our sales. ) 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 (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.36 82.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.24 82.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.84 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.34 82.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.09 82.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.09 82.25 Td ($670,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.59 82.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.42 82.25 Td (39.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.25 82.25 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 70.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 70.25 Td (. Our grossprofit as a percentage of revenue increased from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.94 70.25 Td (41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.27 70.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 70.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 70.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.46 70.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.06 70.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 58.25 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 58.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.08 58.25 Td (. Sponsored Revenue gross mar) Tj ET Q q 0 0 0 rg BT 312.27 58.25 Td (gin was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 58.25 Td (62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.93 58.25 Td ( and Content Revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.07 58.25 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.40 58.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.77 58.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 46.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 46.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 46.25 Td (. ) 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 (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (The gross profit increase was primarily attributable to increased use of our managed services versus self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (content and sponsored social of) Tj ET Q q 0 0 0 rg BT 175.90 730.10 Td (ferings. Prior to being acquired by IZEA, Ebyline generated Content Revenue primarily from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (newspaper 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 512.93 718.10 Td (After the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (acquisition, these customers still produce a significant amount of revenue, but we are increasing the sales of Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to customers on a managed basis and expect to see continued improvement in the Content Revenue mar) Tj ET Q q 0 0 0 rg BT 464.70 694.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 488.69 694.10 Td (The mix of sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (between our higher mar) Tj ET Q q 0 0 0 rg BT 145.06 682.10 Td (gin Sponsored Revenue and our lower mar) Tj ET Q q 0 0 0 rg BT 315.95 682.10 Td (gin Content Revenue \(particularly the self-service workflow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (portion of this revenue\) has a significant af) Tj ET Q q 0 0 0 rg BT 221.71 670.10 Td (fect on our overall gross profit percentage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 646.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.04 646.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.92 646.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.52 646.10 Td (, managed services were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 646.10 Td (31.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.58 646.10 Td ( of Content Revenue compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 646.10 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.59 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.38 634.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.31 634.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 634.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.79 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.73 634.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 282.64 634.10 Td (, the mar) Tj ET Q q 0 0 0 rg BT 317.72 634.10 Td (gins on the managed portion of Content Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (by twelve percentage points for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 622.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.21 622.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.09 622.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.69 622.10 Td ( as we incorporated our standard pricing guidelines into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (new bookings that were closed in fourth quarter of fiscal 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 96.39 586.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (Operating expenses consist of general and administrative expenses and sales and marketing expenses.) Tj ET Q q 0 0 0 rg BT 497.64 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 503.05 562.10 Td (otal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 550.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.41 550.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.29 550.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.88 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.38 550.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.14 550.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.14 550.10 Td ($1,497,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.14 550.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.97 550.10 Td (43.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 550.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.09 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.09 550.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (The increase was primarily attributable to increased personnel costs and additional overhead resulting from increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (personnel.) 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 (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 50.00 490.10 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 50.00 478.10 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 412.94 478.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.87 478.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 478.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.35 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 466.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.75 466.10 Td ($719,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.25 466.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.08 466.10 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.91 466.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.21 466.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.02 466.10 Td (The increase was primarily attributable to a $354,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (increase in personnel costs, a $50,000 increase in variable costs related to personnel such as software and subscription costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (communication, travel and supply costs. ) Tj ET Q q 0 0 0 rg BT 215.90 442.10 Td (These costs increased as a result of an increase in the average number of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (administrative and engineering personnel by 33% since the prior year period along with increased costs for those personnel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Increased personnel costs are expected to continue in 2016 due to planned growth in the total number of administrative and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (engineering personnel needed to handle our growing or) Tj ET Q q 0 0 0 rg BT 271.14 406.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 320.11 406.10 Td (The increase in general and administrative expenses is also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (attributable to a $122,000 increase in depreciation and amortization expense as a result of the amortization of software ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (development costs for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.81 382.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 161.74 382.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.66 382.10 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.49 382.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.04 382.10 Td (\) and the Ebyline intangible assets acquired; a $74,000 increase in contractor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (expense for outsourced engineering and finance projects; a $42,000 increase in stock compensation; a $37,000 increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (public company related expenditures as a result of initial listing fees and expenses related to our up-listing to the Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Capital Market in February 2016; and a $31,000 increase in rent for our facilities and an additional of) Tj ET Q q 0 0 0 rg BT 455.81 346.10 Td (fice in Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 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 50.00 310.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 310.10 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 473.87 310.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.81 310.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.10 298.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.85 298.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.85 298.10 Td ($778,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 298.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.68 298.10 Td (49.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.51 298.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 298.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 298.10 Td (.) Tj ET Q q 0 0 0 rg BT 406.12 298.10 Td (The increase was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (attributable to a $652,000 increase in personnel costs and a $128,000 increase in variable costs related to personnel such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (software and subscription costs, communication, travel and supply costs. ) Tj ET Q q 0 0 0 rg BT 346.15 274.10 Td (These increases are the result of a 20% increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the number of our sales and marketing personnel since the prior year along with a $140,000 increase in commission expense as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (a result of the increase in customer bookings. ) Tj ET Q q 0 0 0 rg BT 235.88 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 241.64 250.10 Td (ravel costs included in the variable costs increased by 50% as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (increased training and corporate events during the first quarter of 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.87 214.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.03 214.10 Td (\(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.50 190.10 Td (income ) Tj ET Q q 0 0 0 rg BT 107.67 190.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 149.27 190.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 183.68 190.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 223.62 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.69 190.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.86 190.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 304.30 190.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 322.59 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.33 190.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 375.82 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.88 190.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 424.04 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.22 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.17 190.10 Td (change ) Tj ET Q q 0 0 0 rg BT 487.22 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.73 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.68 190.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.29 190.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 190.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 98.87 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (Interest expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.52 154.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.45 154.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.33 154.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.93 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.43 154.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.18 154.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.18 154.10 Td ($2,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.68 154.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.46 154.10 Td ($21,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.96 154.10 Td ( compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 142.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 142.10 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 50.00 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 118.10 Td (In prior years, we entered into financing transactions that gave rise to derivative liabilities. ) Tj ET Q q 0 0 0 rg BT 452.64 118.10 Td (These financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 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 94.10 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 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.28 94.10 Td (e recorded a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.18 94.10 Td ($2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.68 94.10 Td ( and a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td ($2,505,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 82.10 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 82.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.73 82.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 82.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 70.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 70.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 70.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 70.10 Td (. ) Tj ET Q q 0 0 0 rg BT 169.42 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 178.06 70.10 Td (e have no control over the amount of change in the fair value of our derivative instruments as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (this is a factor based on fluctuating interest rates and stock prices and other market conditions outside of our control. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (the lar) Tj ET Q q 0 0 0 rg BT 75.08 46.10 Td (ge exercise of ) Tj ET Q q 0 0 0 rg BT 132.92 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.56 46.10 Td (arrants in ) Tj ET Q q 0 0 0 rg BT 181.00 46.10 Td (August 2015 resulting in less remaining warrants requiring valuation in the future, we believe ) 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 (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that these fluctuations will significantly decrease in future periods and will be substantially dif) Tj ET Q q 0 0 0 rg BT 427.22 742.10 Td (ferent from the amounts recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (during 2015. ) Tj ET Q q 0 0 0 rg BT 105.56 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 730.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.60 730.10 Td (, we have warrants to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.38 730.10 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.88 730.10 Td ( shares that are required to be fair valued each period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (When the price of our stock decreases, it causes the fair value of our warrant liability in our consolidated balance sheets to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (decrease creating a gain from the change in fair value in our consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 445.96 706.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 498.07 706.10 Td (, when the price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of our stock increases, it causes the fair value of our warrant liability to 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 50.00 670.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.49 670.10 Td (Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Net loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.88 646.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.81 646.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.69 646.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.29 646.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.84 646.10 Td ($2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.84 646.10 Td (, which decreased from a net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.18 646.10 Td ($4,270,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.18 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.25 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.25 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.57 634.10 Td (The reduction in net income was primarily the result of the increase in operating expenses and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (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 50.00 586.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 586.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 562.10 Td (e had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.86 562.10 Td ($10,064,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.86 562.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.02 562.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.62 562.10 Td ( as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 562.10 Td ($1) Tj ET Q q 0 0 0 rg BT 450.78 562.10 Td (1,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.78 562.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 550.10 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.27 550.10 Td ($1,543,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.27 550.10 Td ( primarily as a result of funding of our operating losses.) Tj ET Q q 0 0 0 rg BT 460.54 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.17 550.10 Td (e have incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (significant net losses and negative cash flow from operations since our inception which has resulted in a total accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.87 526.10 Td ($36,842,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.87 526.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.03 526.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.63 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 236.45 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 241.86 526.10 Td (o date, we have financed our operations through internally generated revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (from operations and the sale and exercise of our equity securities. ) 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 (Cash used for operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.40 490.10 Td ($1,405,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.40 490.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.23 490.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.16 490.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.04 490.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.64 490.10 Td ( and was primarily a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (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 267.73 478.10 Td ($2,575,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.73 478.10 Td (. Cash used for investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.54 478.10 Td ($127,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.04 478.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 466.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 466.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 466.10 Td ( due primarily to purchases of computer and of) Tj ET Q q 0 0 0 rg BT 381.95 466.10 Td (fice equipment for our expanding staf) Tj ET Q q 0 0 0 rg BT 532.55 466.10 Td (f and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (development of our proprietary software. Cash used in financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.19 454.10 Td ($10,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.69 454.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.51 454.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.44 454.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 442.10 Td ( and was the result of expenses on the issuance of shares and principal payments on our capital lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ( ) 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 January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline. ) Tj ET Q q 0 0 0 rg BT 459.06 406.10 Td (The aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (consideration 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (issuance 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 50.00 370.10 Td (anniversaries of the closing, and up to $5,500,000 in contingent performance payments, subject to Ebyline meeting certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (revenue tar) Tj ET Q q 0 0 0 rg BT 94.51 358.10 Td (gets for each of the three years ending December 31, 2015, 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 399.79 358.10 Td (The $1,877,064 in annual payments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the $5,500,000 in contingent performance payments may be made in cash or common stock, at our option. ) Tj ET Q q 0 0 0 rg BT 480.27 346.10 Td (The performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (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 395.54 334.10 Td (gets of $17,000,000 in 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td ($27,000,000 in 2016 and $32,000,000 in 2017. If Ebyline achieves at least 90%, but less than 100% of the Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 310.10 Td (gets, the performance payments owed of $1,800,000, $1,800,000 and $1,900,000 for each of the three years ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (December 31, 2015, 2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 245.68 298.10 Td (, will be subject to adjustment. ) Tj ET Q q 0 0 0 rg BT 372.61 298.10 Td (Anything below 90% of the Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 286.10 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 50.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.10 Td (Content Revenue was $7,978,000 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 50.00 250.10 Td (2015 prior to our acquisition. ) Tj ET Q q 0 0 0 rg BT 171.38 250.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 221.28 250.10 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 50.00 238.10 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 485.02 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.43 238.10 Td (ar) Tj ET Q q 0 0 0 rg BT 498.02 238.10 Td (get. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 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 453.58 226.10 Td (gets will be met within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (each of the respective years. ) Tj ET Q q 0 0 0 rg BT 167.44 214.10 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 50.00 202.10 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 50.00 190.10 Td (will be $3,327,064. ) 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 (On January 29, 2016, we issued 1) Tj ET Q q 0 0 0 rg BT 220.61 166.10 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 50.00 154.10 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 50.00 142.10 Td (of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 138.87 142.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 118.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 118.10 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 50.00 106.10 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 330.79 106.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.12 106.10 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 94.10 Td (maximum credit limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 94.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.75 94.10 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 82.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.65 82.10 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 82.10 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 82.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.63 82.10 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.46 82.10 Td ( of the credit limit\) and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (annual due diligence fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.78 70.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.28 70.10 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 70.10 Td (prime plus 2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.68 70.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 485.48 70.10 Td (The default rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (interest is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.10 58.10 Td (prime plus 7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.43 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.88 58.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.32 58.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.92 58.10 Td (, we had no advances outstanding under this agreement. ) 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 (25) 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 (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 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 50.00 730.10 Td (warrant transaction, we will have suf) Tj ET Q q 0 0 0 rg BT 197.54 730.10 Td (ficient cash reserves available to cover expenses for longer than the future twelve months. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 104.16 694.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 694.10 Td (Arrangements) 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 (W) Tj ET Q q 0 0 0 rg BT 94.64 670.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.58 670.10 Td (do ) Tj ET Q q 0 0 0 rg BT 114.08 670.10 Td (not ) Tj ET Q q 0 0 0 rg BT 129.35 670.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 160.17 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.45 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 187.39 670.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.99 670.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 266.82 670.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 301.52 670.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.46 670.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 364.84 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.67 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 383.82 670.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 423.51 670.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 446.56 670.10 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 634.10 Td (Accounting Policies and Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 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 538.84 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (requires us to make judgments, assumptions and estimates that af) Tj ET Q q 0 0 0 rg BT 310.88 598.10 Td (fect the amounts reported in the accompanying financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (statements and the accompanying notes.) Tj ET Q q 0 0 0 rg BT 215.61 586.10 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 50.00 574.10 Td (and assumptions that af) Tj ET Q q 0 0 0 rg BT 143.97 574.10 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 50.00 562.10 Td (contingent assets and liabilities.) Tj ET Q q 0 0 0 rg BT 182.02 562.10 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 50.00 550.10 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 50.00 538.10 Td (circumstances.) Tj ET Q q 0 0 0 rg BT 113.59 538.10 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 207.00 538.10 Td (fer from these estimates.) Tj ET Q q 0 0 0 rg BT 310.11 538.10 Td (The following critical accounting policies are significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 526.10 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 86.00 502.10 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 50.00 490.10 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 534.50 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 390.48 478.10 Td () Tj ET Q q 0 0 0 rg BT 393.26 478.10 Td (s product. If a portion of the account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (balance is deemed uncollectible, we will either write-of) Tj ET Q q 0 0 0 rg BT 271.95 466.10 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 50.00 454.10 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 50.00 442.10 Td (receivables and considering a customer) Tj ET Q q 0 0 0 rg BT 207.53 442.10 Td () Tj ET Q q 0 0 0 rg BT 210.31 442.10 Td (s financial condition, credit history and current economic conditions. ) Tj ET Q q 0 0 0 rg BT 488.11 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 496.74 442.10 Td (e have a reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 430.10 Td ($190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 430.10 Td ( for doubtful accounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.52 430.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.12 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.94 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.58 430.10 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 50.00 418.10 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 50.00 406.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 406.10 Td (, the individual customers or our company) Tj ET Q q 0 0 0 rg BT 250.61 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 257.56 406.10 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 50.00 394.10 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 486.51 394.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.45 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 382.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.41 382.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 382.10 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 (Throughout 2013 and the first quarter of 2014, we developed our new web-based advertising exchange platform, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.87 346.10 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 50.00 334.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 77.30 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.94 334.10 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 50.00 322.10 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 50.00 310.10 Td (accordance with ) Tj ET Q q 0 0 0 rg BT 117.19 310.10 Td (ASC 350-40,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.97 310.10 Td ( Internal Use Softwar) Tj ET Q q 0 0 0 rg BT 255.99 310.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.42 310.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 279.31 310.10 Td (ASC 985-730, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.59 310.10 Td (Computer Softwar) Tj ET Q q 0 0 0 rg BT 412.84 310.10 Td (e Resear) Tj ET Q q 0 0 0 rg BT 447.18 310.10 Td (ch and Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.37 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 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 50.00 286.10 Td (payroll and benefits and interest costs may be capitalized. ) Tj ET Q q 0 0 0 rg BT 285.20 286.10 Td (As a result, we have capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.31 286.10 Td ($1,104,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.31 286.10 Td ( in direct materials, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 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 476.83 274.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.42 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.24 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.88 274.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (estimate the useful life of our software to be 5 years, consistent with the amount of time our legacy platforms were in-service, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (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 50.00 238.10 Td () 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 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 50.00 214.10 Td (influencer such as a blogger or tweeter \("creators"\) to share sponsored content with their social network audience \("Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Revenue"\), 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 50.00 190.10 Td (well as third party content marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 298.35 190.10 Td (forts \("Content Revenue"\) and revenue derived from various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (service and license fees char) Tj ET Q q 0 0 0 rg BT 163.64 178.10 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 50.00 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 154.10 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 50.00 142.10 Td (the form of \(a\) sponsored social items, such as blogs, tweets, photos or videos shared through social network of) Tj ET Q q 0 0 0 rg BT 495.56 142.10 Td (ferings that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 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 50.00 118.10 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 50.00 106.10 Td (article, informational material or videos that a publisher or brand can use. ) Tj ET Q q 0 0 0 rg BT 348.88 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.52 106.10 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 94.10 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 94.10 Td (These deliverables are to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 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 82.10 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 70.10 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 58.10 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 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.70 58.10 Td (The statement of work typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 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 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 (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 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 50.00 730.10 Td (customer to provide a dif) Tj ET Q q 0 0 0 rg BT 150.35 730.10 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 50.00 718.10 Td (existing order or used for future services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (Sponsored Revenue is recognized and considered earned after an advertiser's sponsored content is posted through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 682.10 Td ( and shared through a creator's social network for a requisite period of time. ) Tj ET Q q 0 0 0 rg BT 380.67 682.10 Td (The requisite period ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.24 682.10 Td (3 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.07 682.10 Td ( for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (tweet to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 670.10 Td (30 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 670.10 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 50.00 658.10 Td (campaigns managed by us are recognized ratably over the term of the campaign which may range from a few days to several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (months. Content Revenue is recognized when the content is delivered to and accepted by the customer) Tj ET Q q 0 0 0 rg BT 461.82 646.10 Td (. Service Fee Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (is generated when fees are char) Tj ET Q q 0 0 0 rg BT 175.02 634.10 Td (ged to customers primarily related to subscription fees for dif) Tj ET Q q 0 0 0 rg BT 420.05 634.10 Td (ferent levels of service within a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (platform, licensing fees for white-label use of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.94 622.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 622.10 Td (, early cash-out fees if a creator wishes to take proceeds earned for services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (from their account when the account balance is below certain minimum balance thresholds and inactivity fees for dormant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (accounts. Service Fee Revenue is recognized immediately when the service is performed or at the time an account becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (dormant or is cashed out. Service Fee Revenue for subscription or licensing fees is recognized straight-line over the term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (service. Self-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 503.10 574.10 Td (.) Tj ET Q q 0 0 0 rg BT 510.42 574.10 Td (The deposits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (are typically paid by the advertiser via credit card. ) Tj ET Q q 0 0 0 rg BT 255.19 562.10 Td (Advertisers who use us to manage their social advertising campaigns or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (content requests may prepay for services or request credit terms. Payments received or billings in advance of services are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (recorded as unearned revenue until earned as described above. ) 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 (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 50.00 502.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 71.77 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.18 502.10 Td (opic 13 ) Tj ET Q q 0 0 0 rg BT 108.85 502.10 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 484.34 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.98 502.10 Td (e consider our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 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 50.00 478.10 Td (been rendered, \(iii\) the price to the advertiser or customer is fixed \(required to be paid at a set amount that is not subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (refund or adjustment\) and determinable, and \(iv\) collectibility is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 392.49 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.13 466.10 Td (e record revenue on the gross amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 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 50.00 442.10 Td (the service specifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 418.10 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 50.00 406.10 Td (expense over the employee) Tj ET Q q 0 0 0 rg BT 161.34 406.10 Td (s requisite service period.) Tj ET Q q 0 0 0 rg BT 268.35 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.99 406.10 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 50.00 394.10 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 50.00 382.10 Td (year from the date of grant and the remaining optionsvesting monthly) Tj ET Q q 0 0 0 rg BT 330.11 382.10 Td (, in equal increments over the remaining three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (periodand generally have five or ten-year contract lives.) Tj ET Q q 0 0 0 rg BT 283.60 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.24 370.10 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 50.00 358.10 Td (stock price of our common stock on the date of the option award.) Tj ET Q q 0 0 0 rg BT 315.58 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.22 358.10 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 50.00 346.10 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 50.00 334.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 63.71 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 72.35 334.10 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 50.00 322.10 Td (terms, vesting schedules and post-vesting forfeitures. ) Tj ET Q q 0 0 0 rg BT 264.77 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.41 322.10 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 50.00 310.10 Td (on U.S. ) Tj ET Q q 0 0 0 rg BT 82.60 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.36 310.10 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 504.98 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.61 310.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 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 50.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 286.10 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 50.00 274.10 Td (service period based on the extent to which actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 306.94 274.10 Td (fer) Tj ET Q q 0 0 0 rg BT 317.64 274.10 Td (, or are expected to dif) Tj ET Q q 0 0 0 rg BT 407.42 274.10 Td (fer) Tj ET Q q 0 0 0 rg BT 418.12 274.10 Td (, from such estimates.Changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 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 50.00 250.10 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 50.00 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 228.10 Td (The following table shows the number of options granted under our 201) Tj ET Q q 0 0 0 rg BT 373.63 228.10 Td (1 Equity Incentive Plans and the assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (used to determine the fair value of those options during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.63 216.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.22 216.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.66 216.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.59 216.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.47 216.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 204.10 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.45 180.10 Td (1 Equity Incentive Plans - Options Granted) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 124.60 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 124.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 124.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 124.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 124.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 124.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 124.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 124.60 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 50.5 124.60000000000002 m 148.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 124.60000000000002 m 217.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 124.60000000000002 m 286.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 124.60000000000002 m 355.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 124.60000000000002 m 424.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 124.60000000000002 m 493.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 124.60000000000002 m 562.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 124.60000000000002 m 562.5 124.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.90 129.27 Td (Period Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 139.27 Td (Total Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.35 129.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.45 149.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.90 139.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.75 129.27 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.45 159.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 149.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.85 139.27 Td (Expected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 129.27 Td (Term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.45 149.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 139.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.95 129.27 Td (Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 159.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 149.27 Td (Average Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 139.27 Td (Free Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 129.27 Td (Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 159.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.90 149.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 139.27 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.90 129.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 115.17 Td (December ) Tj ET Q q 0 0 0 rg BT 102.58 115.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.58 115.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 115.17 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 115.17 Td ($7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 115.17 Td (6.0 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 115.17 Td (55.47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 115.17 Td (1.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 115.17 Td ($3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 101.17 Td (March ) Tj ET Q q 0 0 0 rg BT 87.60 101.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.60 101.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.15 101.17 Td (38,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 101.17 Td ($7.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 101.17 Td (6.0 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 101.17 Td (52.68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 101.17 Td (1.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 101.17 Td ($3.68) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td (There were outstanding options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.17 73.10 Td (859,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.67 73.10 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 73.10 Td ($8.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.69 73.10 Td ( per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (of which options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.03 61.10 Td (420,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.53 61.10 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 61.10 Td ($10.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.95 61.10 Td ( per share as of ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.42 742.10 Td (The intrinsic value on outstanding options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.17 742.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.77 742.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.32 742.10 Td ($835,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.82 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 445.14 742.10 Td (The intrinsic value on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (exercisable options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 730.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.68 730.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.23 730.10 Td ($579,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.73 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 706.10 Td (e account for derivative instruments in accordance with ) Tj ET Q q 0 0 0 rg BT 318.44 706.10 Td (ASC 815, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.39 706.10 Td (Derivatives and Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.93 706.10 Td ( , which requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 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 50.00 682.10 Td (and related hedged items are accounted for) Tj ET Q q 0 0 0 rg BT 221.18 682.10 Td (, and how the derivative instruments and related hedging items af) Tj ET Q q 0 0 0 rg BT 482.31 682.10 Td (fect the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.03 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.67 670.10 Td (e do not use derivative instruments to hedge exposures to cash flow) Tj ET Q q 0 0 0 rg BT 375.23 670.10 Td (, market or foreign currency risk. ) Tj ET Q q 0 0 0 rg BT 510.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 515.41 670.10 Td (erms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 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 50.00 646.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.72 646.10 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 519.92 646.10 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (value of derivative liabilities, if any) Tj ET Q q 0 0 0 rg BT 192.08 634.10 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 50.00 622.10 Td (recorded in current period operating results. Pursuant to ) Tj ET Q q 0 0 0 rg BT 275.21 622.10 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 50.00 610.10 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 505.02 610.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 586.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 586.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (There are new accounting pronouncements issued by the Financial ) Tj ET Q q 0 0 0 rg BT 354.53 562.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 484.79 562.10 Td (ASB"\) which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (not yet ef) Tj ET Q q 0 0 0 rg BT 87.58 550.10 Td (fective.) 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 50.00 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 526.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 162.20 526.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 211.10 526.10 Td (Accounting Standards Update No. 2014-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.12 526.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 431.78 526.10 Td (om Contracts with Customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 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 456.85 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.67 514.10 Td (The core principle of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 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 394.36 490.10 Td (ASU 2014-09 defines a five step process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 50.00 466.10 Td (process than are required under existing U.S. GAAP) Tj ET Q q 0 0 0 rg BT 258.56 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 265.88 466.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 337.07 466.10 Td (fective for annual periods beginning after December 15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (2017, and interim periods therein, using either of the following transition methods: \(i\) a full retrospective approach reflecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (the application of the standard in each prior reporting period with the option to elect certain practical expedients, or \(ii\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (retrospective approach with the cumulative ef) Tj ET Q q 0 0 0 rg BT 232.80 430.10 Td (fect of initially adopting ) Tj ET Q q 0 0 0 rg BT 331.67 430.10 Td (ASU 2014-09 recognized at the date of adoption \(which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (includes additional footnote disclosures\). ) Tj ET Q q 0 0 0 rg BT 216.73 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.37 418.10 Td (e are currently evaluating the impact of the adoption of ) Tj ET Q q 0 0 0 rg BT 447.50 418.10 Td (ASU 2014-09 on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (consolidated financial statements and have not yet determined the method by which we will adopt the standard in the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (quarter of 2018.) 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 (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 169.96 370.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 218.87 370.10 Td (ASU 2016-08, ") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.78 370.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 326.44 370.10 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 456.10 370.10 Td (opic 606\): Principal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 77.87 358.10 Td (Agent Considerations \(Reporting Revenue Gr) Tj ET Q q 0 0 0 rg BT 260.24 358.10 Td (oss versus Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 358.10 Td (." ) Tj ET Q q 0 0 0 rg BT 329.70 358.10 Td (The amendments in this ) Tj ET Q q 0 0 0 rg BT 427.46 358.10 Td (ASU are intended to improve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operability and understandability of the implementation guidance on principal versus agent considerations by amending certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. ) Tj ET Q q 0 0 0 rg BT 517.21 334.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 322.10 Td (fective date and transition of these amendments is the same as the ef) Tj ET Q q 0 0 0 rg BT 330.64 322.10 Td (fective date and transition of ) Tj ET Q q 0 0 0 rg BT 446.99 322.10 Td (ASU 2014-09 stated above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 300.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 300.10 Td (April 2016, the F) Tj ET Q q 0 0 0 rg BT 164.42 300.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 213.32 300.10 Td (ASU No. 2016-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.38 300.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 334.04 300.10 Td (om Contracts with Customers: Identifying Performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (Obligations and Licensing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.61 288.10 Td (\(ASU 2016-10\). ) Tj ET Q q 0 0 0 rg BT 234.43 288.10 Td (ASU 2016-10 is intended to reduce the cost and complexity of applying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (guidance in the F) Tj ET Q q 0 0 0 rg BT 118.41 276.10 Td (ASB's new revenue standard on identifying performance obligations, and is also intended to improve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (operability and understandability of the licensing implementation guidance. ) Tj ET Q q 0 0 0 rg BT 355.01 264.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 380.65 264.10 Td (fective date for ) Tj ET Q q 0 0 0 rg BT 443.12 264.10 Td (ASU 2016-10 is the same as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.61 252.10 Td (ASU 2014-09, which will be the first quarter of 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 228.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 179.96 228.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 228.87 228.10 Td (Accounting Standards Update No. 2016-02,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.39 228.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.11 228.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.93 228.10 Td (The new standard establishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 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 50.00 204.10 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 494.41 204.10 Td (fecting the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (pattern of expense recognition in the income statement. ) Tj ET Q q 0 0 0 rg BT 276.41 192.10 Td (The new standard is ef) Tj ET Q q 0 0 0 rg BT 366.75 192.10 Td (fective for fiscal years beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (December 15, 2018, including interim periods within those fiscal years. ) Tj ET Q q 0 0 0 rg BT 338.54 180.10 Td (A) Tj ET Q q 0 0 0 rg BT 345.21 180.10 Td ( modified retrospective transition approach is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (required for lessees for capital and operating leases existing at, or entered into after) Tj ET Q q 0 0 0 rg BT 382.24 168.10 Td (, the beginning of the earliest comparative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (period presented in the financial statements, with certain practical expedients available. ) Tj ET Q q 0 0 0 rg BT 404.12 156.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.76 156.10 Td (e are currently evaluating the impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (of the adoption of ) Tj ET Q q 0 0 0 rg BT 123.32 144.10 Td (ASU 2016-02 on our consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (ITEM 3 QUANTIT) Tj ET Q q 0 0 0 rg BT 140.10 108.10 Td (A) Tj ET Q q 0 0 0 rg BT 146.58 108.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 172.98 108.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 235.86 108.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.34 108.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 341.82 108.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 377.20 108.10 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 424.52 108.10 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 84.10 Td (Not applicable to smaller reporting companies.) Tj ET Q 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 (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 4 CONTROLS ) Tj ET Q q 0 0 0 rg BT 152.24 742.25 Td (AND PROCEDURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 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 50.00 706.25 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 438.23 706.25 Td (Act of 1934, as amended \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 95.81 694.25 Td (Act\), is recorded, processed, summarized and reported within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 500.41 694.25 Td (s rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 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 50.00 670.25 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 405.45 670.25 Td (Act is accumulated and communicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (to our management, including our principal executive and financial of) Tj ET Q q 0 0 0 rg BT 329.72 658.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 347.64 658.25 Td (, as appropriate to allow timely decisions regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (required disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 622.25 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 50.00 610.25 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 50.00 598.25 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 50.00 586.25 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 50.00 574.25 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 50.00 562.25 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 50.00 538.25 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 149.83 538.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 182.14 538.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 225.30 538.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 254.56 538.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (In connection with the preparation of this quarterly report on Form 10-Q for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 514.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 514.25 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 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 50.00 490.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 490.25 Td (ficer \("CEO"\) and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 255.23 490.25 Td (ficer \("CFO"\) to determine the ef) Tj ET Q q 0 0 0 rg BT 387.89 490.25 Td (fectiveness of the design and operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 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 470.69 478.25 Td (Act\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.62 478.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 466.25 Td (.Based on this evaluation, our management concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 497.46 466.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 454.25 Td ( to provide reasonable assurance that the information required to be disclosed by us in reports or submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 442.25 Td (Act is recorded, processed, summarized, and reported within the time periods specified in the rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (forms of the SEC and that such information is accumulated and communicated to management, including the Company's CEO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (and CFO, as appropriate, to allow timely decisions regarding required disclosure. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.89 394.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 191.86 394.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 370.25 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 50.00 358.25 Td (defined in Rules 13a-15\(f\) and 15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 297.42 358.25 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 50.00 346.25 Td (designed by) Tj ET Q q 0 0 0 rg BT 97.40 346.25 Td (, or under the supervision of, our principal executive of) Tj ET Q q 0 0 0 rg BT 317.98 346.25 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 439.41 346.25 Td (ficer and ef) Tj ET Q q 0 0 0 rg BT 484.75 346.25 Td (fected by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 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 50.00 322.25 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 50.00 310.25 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 310.25 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 86.00 286.25 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 520.81 286.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (transactions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.25 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 86.00 244.25 Td (statements in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 465.58 244.25 Td (America, and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.25 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 86.00 214.25 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 86.00 202.25 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 298.26 202.25 Td (fect on the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 178.25 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 50.00 166.25 Td (statement misstatements. ) Tj ET Q q 0 0 0 rg BT 151.93 166.25 Td (Also, projections of any evaluation of internal control ef) Tj ET Q q 0 0 0 rg BT 376.96 166.25 Td (fectiveness to future periods are subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 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 50.00 142.25 Td (or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 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 466.13 118.25 Td (Act Rules 13a-15\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 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 266.58 106.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.18 106.25 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 422.17 106.25 Td (fected, or are reasonably likely to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 94.25 Td (fect, our internal control over financial reporting. ) 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 (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.55 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 232.92 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 247.01 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.50 742.25 Td ( II - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 358.87 742.25 Td (TION) 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 79.17 718.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 86.67 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 94.17 718.25 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 128.63 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.13 718.25 Td (PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.25 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 50.00 682.25 Td (of business. Litigation is, however) Tj ET Q q 0 0 0 rg BT 187.36 682.25 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 50.00 670.25 Td (from time to time that may harm our business. ) Tj ET Q q 0 0 0 rg BT 237.56 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 246.20 670.25 Td (e are currently not aware of any legal proceedings or claims that we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (would or could have, individually or in the aggregate, a material adverse ef) Tj ET Q q 0 0 0 rg BT 350.26 658.25 Td (fect on us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 622.25 Td (1A) Tj ET Q q 0 0 0 rg BT 90.84 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.34 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.84 622.25 Td (RISK ) Tj ET Q q 0 0 0 rg BT 127.79 622.25 Td (F) Tj ET Q q 0 0 0 rg BT 133.16 622.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 154.09 622.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (In addition to the information set forth under Item 1A) Tj ET Q q 0 0 0 rg BT 299.97 598.25 Td ( of Part I to our ) Tj ET Q q 0 0 0 rg BT 365.35 598.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (December31, 2015, the information set forth at the beginning of Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 435.81 586.25 Td (Analysis entitled "Special Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Regar) Tj ET Q q 0 0 0 rg BT 74.07 574.25 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 124.54 574.25 Td (d-Looking Information" and updates noted below) Tj ET Q q 0 0 0 rg BT 321.59 574.25 Td (, investors should consider that ther) Tj ET Q q 0 0 0 rg BT 465.10 574.25 Td (e ar) Tj ET Q q 0 0 0 rg BT 480.56 574.25 Td (e numer) Tj ET Q q 0 0 0 rg BT 512.68 574.25 Td (ous and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (varied risks, known and unknown, that may pr) Tj ET Q q 0 0 0 rg BT 234.89 562.25 Td (event us fr) Tj ET Q q 0 0 0 rg BT 276.18 562.25 Td (om achieving our goals.If any of these risks actually occur) Tj ET Q q 0 0 0 rg BT 514.47 562.25 Td (, our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (business, financial condition or r) Tj ET Q q 0 0 0 rg BT 182.13 550.25 Td (esults of operation may be materially and adversely affected.In such case, the trading price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (of our common 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 50.00 526.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.80 514.25 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 300.56 514.25 Td ( Business and Industry) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 490.25 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 475.00 490.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 466.25 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 50.00 454.25 Td (in a total accumulated deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.39 454.25 Td ($36,842,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.39 454.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.55 454.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 454.25 Td (. For the quarter ended March 31, 2016, we had a net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td ($2,592,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 442.25 Td (, including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.21 442.25 Td ($2,575,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.21 442.25 Td ( loss from operations. ) Tj ET Q q 0 0 0 rg BT 283.32 442.25 Td (Although our revenue has increased since inception, we have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (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 474.66 430.25 Td (ficient revenue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (achieve profitability) Tj ET Q q 0 0 0 rg BT 130.15 418.25 Td (. If we achieve profitability) Tj ET Q q 0 0 0 rg BT 243.62 418.25 Td (, we may not be able to sustain it. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 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 471.98 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 370.25 Td (e depend on our ability to attract and retain customers that are prepared to of) Tj ET Q q 0 0 0 rg BT 400.45 370.25 Td (fer products or services on compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (terms through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.33 358.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.87 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 138.32 358.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 188.22 358.25 Td (, we rely on customers who purchase direct content from our creators in our platforms. ) Tj ET Q q 0 0 0 rg BT 539.60 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 548.24 358.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (must continue to attract and retain customers in order to increase revenue and achieve profitability) Tj ET Q q 0 0 0 rg BT 442.53 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.85 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 458.49 346.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.81 346.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.81 346.25 Td ( customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (that accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.69 334.25 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.02 334.25 Td ( of our revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 334.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.58 334.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.46 334.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.06 334.25 Td (. If customers do not find our marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (and promotional services ef) Tj ET Q q 0 0 0 rg BT 160.62 322.25 Td (fective, they are not satisfied with content they receive, or they do not believe that utilizing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (platforms provides them with a long-term increase in value, revenue or profit, they may stop using our platforms or managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (services. In addition, we may experience attrition in our customers in the ordinary course of business resulting from several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (factors, including losses to competitors, mer) Tj ET Q q 0 0 0 rg BT 226.73 286.25 Td (gers, 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 50.00 274.25 Td (numbers suf) Tj ET Q q 0 0 0 rg BT 98.98 274.25 Td (ficient to grow our business, or if too many customers are unwilling to of) Tj ET Q q 0 0 0 rg BT 391.52 274.25 Td (fer products or services with compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (terms to our creators through our platforms or if too many lar) Tj ET Q q 0 0 0 rg BT 295.03 262.25 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 50.00 250.25 Td (will be adversely af) Tj ET Q q 0 0 0 rg BT 128.40 250.25 Td (fected. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.75 226.25 Td (Risks Relating to our) Tj ET Q q 0 0 0 rg BT 316.85 226.25 Td ( Common Stock) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Exercise of stock options, warrants and other securities will dilute your percentage of ownership and could cause our stock ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (price to fall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.71 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 166.25 Td (May4, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.27 166.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.37 166.25 Td (5,342,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.37 166.25 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 522.33 166.25 Td (865,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.83 166.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 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 237.98 154.25 Td ($8.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 154.25 Td ( per share, and outstanding warrantsto purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.69 154.25 Td (558,1) Tj ET Q q 0 0 0 rg BT 477.82 154.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.82 154.25 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (common stock at an average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.66 142.25 Td ($9.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.16 142.25 Td ( per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 118.25 Td (e also have reserved shares to issue stock options, restricted stock or other awards to purchase or receive up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (138,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 106.25 Td ( shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 260.98 106.25 Td (1 Equity Incentive Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.57 106.25 Td (61,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.07 106.25 Td ( shares of common stock under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 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 82.25 Td (convertible securities. ) Tj ET Q q 0 0 0 rg BT 142.56 82.25 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 70.25 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 58.25 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 46.25 Td (additional securities. ) 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 (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 742.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 86.67 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 94.17 742.25 Td (UNREGISTERED ) Tj ET Q q 0 0 0 rg BT 176.69 742.25 Td (SALES ) Tj ET Q q 0 0 0 rg BT 210.87 742.25 Td (OF) Tj ET Q q 0 0 0 rg BT 224.39 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.89 742.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 265.97 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 268.47 742.25 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 331.00 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 355.17 742.25 Td (USE ) Tj ET Q q 0 0 0 rg BT 377.12 742.25 Td (OF) Tj ET Q q 0 0 0 rg BT 390.63 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 393.13 742.25 Td (PROCEEDS) 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 (On January 29, 2016, we issued 1) Tj ET Q q 0 0 0 rg BT 220.61 718.25 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 50.00 706.25 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 50.00 694.25 Td (of our January 2015 Stock Purchase ) Tj ET Q q 0 0 0 rg BT 196.08 694.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.25 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 50.00 658.25 Td (service as directors of our company in January and February 2016. On March 31, 2016, we issued a total of 1,460 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (common stock valued at $10,417 to five directors for their service as directors of our company in March 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 622.25 Td (April 1) Tj ET Q q 0 0 0 rg BT 128.41 622.25 Td (1, 2016, we issued 749 shares of common stock valued at $4,794 to four employees as a contest award.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 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 50.00 586.25 Td (\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 142.19 586.25 Td (Act of 1933, as amended.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (ITEM 3 DEF) Tj ET Q q 0 0 0 rg BT 113.43 550.25 Td (AUL) Tj ET Q q 0 0 0 rg BT 133.62 550.25 Td (TS UPON SENIOR SECURITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 526.25 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (ITEM 4 MINE SAFETY) Tj ET Q q 0 0 0 rg BT 162.97 490.25 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.25 Td (Not applicable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (ITEM 5 - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 179.26 430.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (None) 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 (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 6 EXHIBITS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 731.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 731.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 731.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 673.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 673.75 26.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 673.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 627.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 627.75 26.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 627.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 581.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 581.75 26.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 581.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 533.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 533.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 533.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 463.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 463.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 463.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 403.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 403.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 403.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 353.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 353.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 353.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 303.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 303.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 303.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 253.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 253.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 253.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 203.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 203.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 203.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 153.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 153.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 153.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 103.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 103.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 103.75 446.00 -25.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 722.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 721.87 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 117.00 711.87 Td (Stockholders of Ebyline, Inc. listed on the signature pages thereto \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 701.87 Td (Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 687.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 687.32 Td (Articles of Incorporation \(Incorporated by reference to the Companys registration statement on Form S-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 677.32 Td (filed with the SEC on July 2, 2010\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 664.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 664.32 Td (Certificate of Amendment to the Articles of Incorporation \(Incorporated by reference to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 654.32 Td (current report on Form 8-K filed with the SEC on February 15, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 641.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 641.32 Td (Certificate of Amendment to the Articles of Incorporation \(Incorporated by reference to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 631.32 Td (current report on Form 8-K filed with the SEC on May 16, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 618.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 618.32 Td (Bylaws \(Incorporated by reference to the Companys registration statement on Form S-1 filed with the SEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 608.32 Td (on July 2, 2010\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 595.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 595.32 Td (Certificate of Designation \(Incorporated by reference to the Companys current report on Form 8-K filed with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 585.32 Td (the SEC on May 27, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 572.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 572.32 Td (Amendment to Certificate of Designation \(Incorporated by reference to the Companys current report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 562.32 Td (Form 8-K filed with the SEC on May 27, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 549.32 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 548.42 Td (Certificate of Change of IZEA, Inc., filed with the Nevada Secretary of State on July 30, 2012 \(Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 538.42 Td (by reference to the Companys current report on Form 8-K filed with the SEC on August 1, 2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 524.32 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 523.87 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 117.00 513.87 Td (on April 17, 2014 \(Incorporated by reference to the Companys current report on Form 8-K filed with the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 503.87 Td (SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 489.32 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 488.87 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 117.00 478.87 Td (Nevada effective January 23, 2015 \(Incorporated by reference to the Companys current report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 468.87 Td (filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 454.32 Td (3.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 453.87 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 117.00 443.87 Td (\(Incorporated by reference to the Companys current report on Form 8-K filed with the SEC on January 12,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 433.87 Td (2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 419.32 Td (3.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 419.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 418.87 Td (Articles of Merger of IZEA Innovations, Inc. filed with the Secretary of State of the State of Nevada effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 408.87 Td (April 5, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 394.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 393.87 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 117.00 383.87 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 61.00 369.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 368.87 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 117.00 358.87 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 61.00 344.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 343.87 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 117.00 333.87 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 61.00 319.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 318.87 Td (Amended 2011 Equity Incentive Plan as of February6, 2013 \(Incorporated by reference to Form 10-K, filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 308.87 Td (with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 294.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 293.87 Td (Financing Agreement between the Company and Bridge Bank, dated March1, 2013 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 283.87 Td (reference to Form 10-K, filed with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 269.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 268.87 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 117.00 258.87 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 61.00 244.32 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 243.87 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 117.00 233.87 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 61.00 219.32 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 218.87 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 117.00 208.87 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 61.00 194.32 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 194.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 193.87 Td (Amended and Restated 2011 Equity Incentive Plan as of April 16, 2014 \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 183.87 Td (Companys current report on Form 8-K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 169.32 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 169.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 168.87 Td (2014 Employee Stock Purchase Plan \(Incorporated by reference to the Companys current report on Form 8-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 158.87 Td (K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 144.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 144.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 143.87 Td (Employment Agreement between IZEA, Inc. and LeAnn Hitchcock dated August 25, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 133.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on August 25, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 119.32 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 119.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 118.87 Td (Employment Agreement between IZEA, Inc. and Edward Murphy dated December 26, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 108.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on December 31, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 94.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 94.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 93.87 Td (Employment Agreement between IZEA, Inc. and Ryan Schram dated January 25, 2015 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 83.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) 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Section 1350, as adopted pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 652.17 Td (Section 906 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 638.07 Td (* \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 637.17 Td (Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 627.17 Td (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.) 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