2014 Q1 Form 10-K Financial Statement

#000120677414000818 Filed on March 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2012 Q4 2012 Q3
Revenue $308.3K $552.0K $471.9K
YoY Change -56.4% 57.73% 124.71%
Cost Of Revenue $1.040M $840.0K $970.0K
YoY Change -37.72% -4.55% 42.65%
Gross Profit -$730.0K -$290.0K -$500.0K
YoY Change -23.96% -44.23% 6.38%
Gross Profit Margin -236.75% -52.53% -105.96%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $449.8K $430.0K $369.4K
YoY Change -29.32% 38.71% 8.64%
% of Gross Profit
Depreciation & Amortization $6.075K $0.00 $10.00K
YoY Change -41.14% -100.0% 0.0%
% of Gross Profit
Operating Expenses $1.487M $430.0K $1.342M
YoY Change -35.47% 38.71% 294.61%
Operating Profit -$1.179M -$612.8K -$869.8K
YoY Change -27.04% -26.55% 7.06%
Interest Expense $10.00K $10.00K $0.00
YoY Change 0.0% 0.0% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.170M -$710.0K -$866.5K
YoY Change -26.42% -13.41% 8.31%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.170M -$604.2K -$866.5K
YoY Change -27.22% -26.83% 8.06%
Net Earnings / Revenue -379.44% -109.46% -183.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$50.61K -$31.32K -$43.48K
COMMON SHARES
Basic Shares Outstanding 23.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.18M $13.44M $9.020M
YoY Change -20.9% 267.21% 91.1%
Cash & Equivalents $5.098M $8.390M $7.966M
Short-Term Investments $5.080M $5.050M $1.050M
Other Short-Term Assets $80.00K $200.0K $70.00K
YoY Change -11.11% 17.65% -41.67%
Inventory
Prepaid Expenses
Receivables $860.4K $688.3K $570.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.12M $14.33M $9.660M
YoY Change -19.15% 232.56% 87.94%
LONG-TERM ASSETS
Property, Plant & Equipment $101.5K $59.04K $70.00K
YoY Change 69.23% -26.2% -22.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.57K $20.00K $20.00K
YoY Change 67.84% 0.0% 0.0%
Total Long-Term Assets $135.1K $81.65K $90.00K
YoY Change 50.11% -25.78% -25.0%
TOTAL ASSETS
Total Short-Term Assets $11.12M $14.33M $9.660M
Total Long-Term Assets $135.1K $81.65K $90.00K
Total Assets $11.25M $14.42M $9.750M
YoY Change -18.7% 226.13% 85.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.4K $72.27K $140.0K
YoY Change -18.6% -27.73% 0.0%
Accrued Expenses $201.5K $145.1K $120.0K
YoY Change 11.93% -23.62% 20.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $396.1K $242.4K $340.0K
YoY Change -26.65% -21.81% 3.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $396.1K $242.4K $340.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $400.0K $240.0K $340.0K
YoY Change -25.93% -22.58% 3.03%
SHAREHOLDERS EQUITY
Retained Earnings -$94.47M -$87.47M
YoY Change
Common Stock $105.3M $101.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.86M $14.17M $9.410M
YoY Change
Total Liabilities & Shareholders Equity $11.25M $14.42M $9.750M
YoY Change -18.7% 226.13% 85.36%

Cashflow Statement

Concept 2014 Q1 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$1.170M -$604.2K -$866.5K
YoY Change -27.22% -26.83% 8.06%
Depreciation, Depletion And Amortization $6.075K $0.00 $10.00K
YoY Change -41.14% -100.0% 0.0%
Cash From Operating Activities -$810.0K -$850.0K -$840.0K
YoY Change 44.64% -19.05% 3.7%
INVESTING ACTIVITIES
Capital Expenditures $43.25K $0.00 -$10.00K
YoY Change 288.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.000M $0.00
YoY Change -640.54%
Cash From Investing Activities -$40.00K -$4.000M -$10.00K
YoY Change 300.0% -640.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.276M $5.229M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 5.280M 6.970M
YoY Change
NET CHANGE
Cash From Operating Activities -810.0K -850.0K -840.0K
Cash From Investing Activities -40.00K -4.000M -10.00K
Cash From Financing Activities 80.00K 5.280M 6.970M
Net Change In Cash -770.0K 430.0K 6.120M
YoY Change 35.09% -238.71% -855.56%
FREE CASH FLOW
Cash From Operating Activities -$810.0K -$850.0K -$840.0K
Capital Expenditures $43.25K $0.00 -$10.00K
Free Cash Flow -$853.2K -$850.0K -$830.0K
YoY Change 49.4% -19.05% 2.47%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><font style="font-family: Times New Roman; font-size: 80%">(1)</font> <u style="font-family: Times New Roman; font-size: 80%">Business</u></p> <p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-family: Times New Roman; font-size: 80%">Research Frontiers Incorporated ("Research Frontiers" or the "Company") operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as "light valves" or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&trade; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.</font></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> The Company has historically utilized its cash, cash equivalents, short-term investments, and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&#39;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, and the development of new licensees and changes in the Company&#39;s relationships with its existing licensees. The degree of dependence of the Company&#39;s working capital requirements on each of the foregoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending upon the nature of such changes. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the commercialization of products using the Company&#39;s technology by the Company&#39;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations.</p> <!--EndFragment--></div> </div>
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12250500 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
65977 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-74545 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3584538 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1267573 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3244859 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2679093 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3352584 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-5845087 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-3063601 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-4134068 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-1589184 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-779480 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-859954 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-2616469 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-803339 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-789551 USD
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-866464 USD
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-604247 USD
CY2013Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
175000 USD
CY2012Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
175000 USD
CY2013 us-gaap Operating Expenses
OperatingExpenses
8044594 USD
CY2012 us-gaap Operating Expenses
OperatingExpenses
5667505 USD
CY2011 us-gaap Operating Expenses
OperatingExpenses
5009324 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
-5883235 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-3710169 USD
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-4163342 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1597036 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-790636 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-869483 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-2626080 USD
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1434553 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-793041 USD
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-869788 USD
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-612787 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
163000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
186000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
180000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
174000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
168000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1294000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
187000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000 USD
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
172000 USD
CY2013Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
58000000 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
361 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
359 USD
CY2012Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4455 USD
CY2012Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
413719 USD
CY2012Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
336750 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50536 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11576 USD
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12517 USD
CY2013 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
24009 USD
CY2012 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
3797865 USD
CY2011 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
2255056 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
201949 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
135080 USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12250500 USD
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1745549 USD
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5229201 USD
CY2012Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5275750 USD
CY2013 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
795294 USD
CY2012 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12250500 USD
CY2011 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
65977 USD
CY2013 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
USD
CY2012 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
USD
CY2011 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1000000 USD
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
822969 USD
CY2013 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
472819 USD
CY2011 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
26233 USD
CY2012 us-gaap Professional Fees
ProfessionalFees
61340 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1739086 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1789622 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59041 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
64365 USD
CY2013 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
USD
CY2012 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
224903 USD
CY2011 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
USD
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
81198 USD
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
USD
CY2011 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
USD
CY2013 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2203326 USD
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1671872 USD
CY2011 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1390689 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-87471887 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93316974 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
2719380 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
878578 USD
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
702837 USD
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0162 pure
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
750000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
611692 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.86
CY2013 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
pure
CY2012Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.97
CY2012Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.97
CY2012Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
4.49
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
4107198 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
14172675 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
11869937 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
7472452 USD
CY2013 us-gaap Stock Issued1
StockIssued1
27675 USD
CY2012 us-gaap Stock Issued1
StockIssued1
USD
CY2011 us-gaap Stock Issued1
StockIssued1
276750 USD
CY2012 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3739227 shares
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
589227 shares
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1900000 shares
CY2012Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1250000 shares
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
12250500 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2719380 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
878578 USD
CY2011 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
702837 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
822969 USD
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
65977 USD
CY2013Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
972000 USD
CY2013 us-gaap Tax Credit Carryforward Expiration Date
TaxCreditCarryforwardExpirationDate
2033-12-31
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><font style="font-family: Times New Roman; font-size: 80%"><font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> (i)</font> <u style="font-family: Times New Roman; font-size: 80%">Use of Estimates</u></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> The preparation of the Company&#39;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates.</p> <!--EndFragment--></div> </div>
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22946019 shares
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20125309 shares
CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18538041 shares

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