0001010086
2016-01-01
2016-06-30
0001010086
2015-01-01
2015-12-31
0001010086
2016-06-30
0001010086
2015-12-31
0001010086
2016-04-12
0001010086
2015-01-01
2015-06-30
0001010086
2015-04-01
2015-06-30
0001010086
2016-04-01
2016-06-30
0001010086
2014-12-31
0001010086
2015-06-30
0001010086
2014-01-01
2014-12-31
0001010086
2013-01-01
2013-12-31
0001010086
us-gaap:CommonStockMember
2012-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2012-12-31
0001010086
us-gaap:RetainedEarningsMember
2012-12-31
0001010086
2012-12-31
0001010086
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2012-12-31
0001010086
us-gaap:RetainedEarningsMember
2014-01-01
2014-12-31
0001010086
us-gaap:RetainedEarningsMember
2015-01-01
2015-12-31
0001010086
us-gaap:RetainedEarningsMember
2013-01-01
2013-12-31
0001010086
us-gaap:CommonStockMember
2015-01-01
2015-12-31
0001010086
us-gaap:CommonStockMember
2014-01-01
2014-12-31
0001010086
us-gaap:CommonStockMember
2013-01-01
2013-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2015-01-01
2015-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2014-01-01
2014-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2013-01-01
2013-12-31
0001010086
us-gaap:CommonStockMember
2014-12-31
0001010086
us-gaap:CommonStockMember
2015-12-31
0001010086
us-gaap:CommonStockMember
2013-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2015-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2014-12-31
0001010086
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2013-12-31
0001010086
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2014-12-31
0001010086
us-gaap:RetainedEarningsMember
2013-12-31
0001010086
us-gaap:RetainedEarningsMember
2015-12-31
0001010086
2013-12-31
0001010086
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2015-12-31
0001010086
us-gaap:RetainedEarningsMember
2014-12-31
0001010086
us-gaap:AdditionalPaidInCapitalMember
2013-12-31
0001010086
2016-06-29
0001010086
2015-01-15
0001010086
siga:BardaContractMember
2011-05-01
2011-05-31
0001010086
siga:BardaContractMember
2016-04-01
2016-06-30
0001010086
2011-05-01
2011-05-31
0001010086
siga:BardaContractMember
2011-06-24
2011-06-24
0001010086
siga:BardaContractMember
2016-06-28
0001010086
siga:BardaContractMember
2016-06-30
0001010086
siga:BardaContractMember
2016-07-21
0001010086
siga:BardaContractMember
2016-09-01
2016-09-30
0001010086
siga:BardaContractMember
2011-10-01
2011-12-31
0001010086
siga:BardaContractMember
2012-10-01
2012-12-31
0001010086
siga:BardaContractMember
2016-01-01
2016-06-30
0001010086
siga:BardaContractMember
2013-01-01
2013-06-30
0001010086
siga:BardaContractMember
2015-01-01
2015-12-31
0001010086
siga:BardaContractMember
2015-12-31
0001010086
us-gaap:AffiliatedEntityMember
2013-04-30
0001010086
us-gaap:AffiliatedEntityMember
2013-04-30
2013-04-30
0001010086
us-gaap:WarrantMember
2016-01-01
2016-06-30
0001010086
us-gaap:EmployeeStockOptionMember
2015-01-01
2015-06-30
0001010086
us-gaap:StockAppreciationRightsSARSMember
2015-01-01
2015-06-30
0001010086
us-gaap:StockAppreciationRightsSARSMember
2016-04-01
2016-06-30
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2015-01-01
2015-06-30
0001010086
us-gaap:EmployeeStockOptionMember
2016-04-01
2016-06-30
0001010086
us-gaap:StockAppreciationRightsSARSMember
2016-01-01
2016-06-30
0001010086
us-gaap:WarrantMember
2016-04-01
2016-06-30
0001010086
us-gaap:WarrantMember
2015-01-01
2015-06-30
0001010086
us-gaap:EmployeeStockOptionMember
2016-01-01
2016-06-30
0001010086
us-gaap:EmployeeStockOptionMember
2015-04-01
2015-06-30
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2016-04-01
2016-06-30
0001010086
us-gaap:StockAppreciationRightsSARSMember
2015-04-01
2015-06-30
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2016-01-01
2016-06-30
0001010086
us-gaap:WarrantMember
2015-04-01
2015-06-30
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2015-04-01
2015-06-30
0001010086
us-gaap:AffiliatedEntityMember
2016-01-01
2016-06-30
0001010086
us-gaap:ManagementMember
2015-04-01
2015-06-30
0001010086
us-gaap:ManagementMember
2016-01-01
2016-06-30
0001010086
us-gaap:ManagementMember
2015-01-01
2015-06-30
0001010086
us-gaap:ManagementMember
2016-04-01
2016-06-30
0001010086
us-gaap:ManagementMember
2016-06-30
0001010086
us-gaap:PendingLitigationMember
siga:LicenseAgreementLitigationMember
2016-06-30
0001010086
us-gaap:PendingLitigationMember
siga:LicenseAgreementLitigationMember
2012-05-31
0001010086
us-gaap:OtherAssetsMember
us-gaap:SuretyBondMember
us-gaap:PendingLitigationMember
siga:LicenseAgreementLitigationMember
2016-06-30
0001010086
2014-09-30
0001010086
siga:LicenseAgreementLitigationMember
us-gaap:PendingLitigationMember
2015-01-15
0001010086
us-gaap:SubsequentEventMember
2016-02-15
0001010086
2015-01-14
0001010086
2015-04-30
0001010086
2015-04-01
2015-04-30
0001010086
2014-06-30
0001010086
2015-03-30
0001010086
us-gaap:ComputerEquipmentMember
2015-01-01
2015-12-31
0001010086
us-gaap:FurnitureAndFixturesMember
2015-01-01
2015-12-31
0001010086
siga:LabEquipmentMember
2015-01-01
2015-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2014-01-01
2014-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2014-01-01
2014-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2013-01-01
2013-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2014-01-01
2014-12-31
0001010086
us-gaap:WarrantMember
2013-01-01
2013-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2013-01-01
2013-12-31
0001010086
us-gaap:WarrantMember
2014-01-01
2014-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2015-01-01
2015-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2015-01-01
2015-12-31
0001010086
us-gaap:WarrantMember
2015-01-01
2015-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2013-01-01
2013-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2015-01-01
2015-12-31
0001010086
siga:BardaContractMember
2014-01-01
2014-12-31
0001010086
siga:BardaContractMember
2014-12-31
0001010086
2015-07-01
2015-09-30
0001010086
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2013-01-01
2013-12-31
0001010086
us-gaap:FairValueInputsLevel2Member
us-gaap:FairValueMeasurementsRecurringMember
2014-01-01
2014-12-31
0001010086
us-gaap:AffiliatedEntityMember
2010-06-18
0001010086
us-gaap:AffiliatedEntityMember
siga:ExtendedExpirationPeriodMember
2008-06-19
0001010086
us-gaap:AffiliatedEntityMember
2013-04-01
2013-04-30
0001010086
us-gaap:AffiliatedEntityMember
2010-06-18
2010-06-18
0001010086
us-gaap:AffiliatedEntityMember
2008-06-19
0001010086
2010-05-31
0001010086
2012-04-25
0001010086
us-gaap:EmployeeStockOptionMember
2014-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2015-01-01
2015-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2015-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2014-01-01
2014-12-31
0001010086
us-gaap:EmployeeStockOptionMember
2013-01-01
2013-12-31
0001010086
us-gaap:PerformanceSharesMember
2015-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2012-01-01
2012-12-31
0001010086
us-gaap:MaximumMember
us-gaap:StockAppreciationRightsSARSMember
2012-01-01
2012-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2015-01-01
2015-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2014-01-01
2014-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2015-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2014-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2013-01-01
2013-12-31
0001010086
us-gaap:StockAppreciationRightsSARSMember
2013-12-31
0001010086
us-gaap:MinimumMember
us-gaap:RestrictedStockUnitsRSUMember
2015-01-01
2015-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
us-gaap:MaximumMember
2015-01-01
2015-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2015-01-01
2015-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2015-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2014-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2013-01-01
2013-12-31
0001010086
us-gaap:RestrictedStockUnitsRSUMember
2014-01-01
2014-12-31
0001010086
2012-01-01
2012-12-31
0001010086
us-gaap:AffiliatedEntityMember
2015-01-01
2015-12-31
0001010086
us-gaap:ManagementMember
2014-01-01
2014-12-31
0001010086
us-gaap:ManagementMember
2015-01-01
2015-12-31
0001010086
us-gaap:ManagementMember
2013-01-01
2013-12-31
0001010086
us-gaap:ManagementMember
2015-12-31
0001010086
us-gaap:AffiliatedEntityMember
2015-12-31
0001010086
us-gaap:PendingLitigationMember
siga:LicenseAgreementLitigationMember
2015-12-31
0001010086
siga:LicenseAgreementLitigationMember
us-gaap:PendingLitigationMember
2011-09-01
2011-09-30
0001010086
us-gaap:SuretyBondMember
us-gaap:OtherAssetsMember
us-gaap:PendingLitigationMember
siga:LicenseAgreementLitigationMember
2015-12-31
0001010086
2015-10-01
2015-12-31
0001010086
2014-01-01
2014-03-31
0001010086
2015-01-01
2015-03-31
0001010086
2014-07-01
2014-09-30
0001010086
2014-10-01
2014-12-31
0001010086
2014-04-01
2014-06-30
iso4217:USD
iso4217:USD
xbrli:shares
xbrli:shares
siga:Claim
siga:Course
siga:Contract
siga:Grant
xbrli:pure
false
false
2015-12-31
2016-06-30
Accelerated Filer
Accelerated Filer
SIGA TECHNOLOGIES INC
SIGA TECHNOLOGIES INC
0001010086
0001010086
2015
2016
FY
Q2
S-1
S-1
9916911
3944476
3384310
345000
190211
26000
3676730
34488734
491632
43634
842922
3310723
3388608
2085995
1660121
597721
534775
227863
267319
271000
580801
466630
17500
3299417
3387461
3497251
177008371
177376807
175483180
1528582
2172597
2172597
1528582
2299098
2299098
1600000
2300000
2400000
1600000
0
2102798
371018
360031
1130673
1764374
360173
0
165746
1825181
2094125
587115
370094
611895
82418
1061347
2179643
1206534
439056
388325
1802820
981645
772903
700265
2047083
82192
2725632
368331
201668556
185732936
160729407
129458829
143567275
124148743
785000
110000000
4000000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Cash Equivalents</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.</p></div>
78022356
112711028
99713929
115656150
32017490
91309754
-34688672
15942221
12997099
59292264
8404175
3.29
3.06
3.519
250000
718954
238000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>13.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Commitments and Contingencies</b></td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Operating lease commitments</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company leases its Corvallis, Oregon, facilities and office space under an operating lease, most recently amended in April 2015, which expires in 2017. Pursuant to an order entered by the Bankruptcy Court in April 2015, the Company assumed the Corvallis Lease with Research Way Investments, as amended by the Tenth Addendum to Commercial Lease, for the Company’s research and development facility. In connection with the Tenth Addendum to the Commercial Lease, the Company relinquished the second floor space at its research and development facility, which reduces the rent expense to approximately $35,000 per month, starting May 1, 2015. In January 2013, we entered into a sublease with an affiliate of M&F for corporate office space under an operating lease which commenced in April 2013 and expires in 2020 (see Note 8 for further description of the lease arrangement). The respective leases contain annual escalation clauses, renewal provisions and generally require us to pay utilities, insurance, taxes and other operating expenses. Rental expense, including charges for maintenance, utilities, real estate taxes and other operating expenses, totaled $1.4 million, $1.6 million and $1.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Future minimum cash rental commitments under non-cancelable operating leases as of December 31, 2015 are expected to be in the future as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2016</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,232,952</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2017</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,237,385</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2018</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">734,360</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2019</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">761,064</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2020</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">507,376</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4,473,137</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 4%; margin-right: 0px; text-indent: 0px;">Actual payments in the future could be less than the minimum commitments due to the chapter 11 case.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Legal Proceedings</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In December 2006, PharmAthene filed an action against us in the Delaware Court of Chancery captioned PharmAthene, Inc. v. SIGA Technologies, Inc., C.A. No. 2627-VCP. In its amended complaint, PharmAthene asked the Court to order us to enter into a license agreement with PharmAthene with respect to ST-246, also known as Tecovirimat, to declare that we are obliged to execute such a license agreement, and to award damages resulting from our alleged breach of that obligation. PharmAthene also alleged that we breached an obligation to negotiate such a license agreement in good faith, and sought damages for promissory estoppel and unjust enrichment based on information, capital, and assistance that PharmAthene allegedly provided to us during the negotiation process.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In September 2011, the Court of Chancery issued its post-trial opinion. The Court denied PharmAthene’s requests for specific performance and expectation damages measured by present value of estimated future profits. Nevertheless, the Court held that we breached our duty to negotiate in good faith and were liable under the doctrine of promissory estoppel. The Court consequently awarded to PharmAthene what the Court described as an equitable payment stream or equitable lien consisting of fifty percent of the net profits that we achieve from sales of ST-246 after we secure $40 million in net profits, for ten years following the first commercial sale. In addition, the Court awarded PharmAthene one-third of its reasonable attorneys’ fees and expert witness expenses of $2.4 million. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In May 2012, the Court entered its final order and judgment in this matter, implementing its post-trial opinion.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In June 2012, the Company appealed to the Delaware Supreme Court the final order and judgment and certain earlier rulings of the Court of Chancery. Shortly thereafter, PharmAthene filed its cross-appeal. The Company obtained a stay of enforcement of the fee and expense portion of the judgment by filing a surety bond for the amount of the judgment plus post-judgment interest. We posted $1.3 million of cash as approximately 50% collateral for a $2.7 million surety bond. The $1.3 million of cash collateral is recorded in other assets as of December 31, 2015.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On May 24, 2013, the Supreme Court of Delaware issued its decision, affirming the Delaware Court of Chancery’s judgment in part, reversing it in part, and remanding to Court of Chancery.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On August 8, 2014, the Court of Chancery issued its Remand Opinion. In its Remand Opinion, the Court of Chancery reversed its earlier conclusions and held that PharmAthene had carried its burden of demonstrating its entitlement to lump sum expectation damages for lost profits related to Tecovirimat by a preponderance of the evidence.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On September 16, 2014, as a consequence of SIGA’s chapter 11 filing, the legal proceedings with PharmAthene were stayed (see Note 1 to the financial statements). On October 8, 2014, the Bankruptcy Court approved a Stipulation between the Company and PharmAthene partially lifting the stay to permit the litigation before the Delaware Chancery Court to proceed, including all appeals. The Stipulation, however, provides that the stay shall remain in effect with respect to the enforcement of any judgment that may be entered.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On January 15, 2015, the Delaware Court of Chancery entered its Final Order and Judgment, awarding to PharmAthene $113,116,985 in contract expectation damages, plus pre-judgment interest up to January 15, 2015, and certain permitted legal fees, costs, and expenses, for a judgment of $194,649,042. Pursuant to the Final Order and Judgment, SIGA also is liable to PharmAthene for post-judgment interest, which was specified in the Final Order and Judgment to be $30,663.89 per diem, such per diem amount to be periodically adjusted to reflect the applicable Delaware legal rate.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On January 16, 2015, the Company appealed from certain portions of the Delaware Court of Chancery’s rulings on remand, including but not limited to the Final Order and Judgment, to the Delaware Supreme Court.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On December 23, 2015, the Delaware Supreme Court affirmed the Final Order and Judgment.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">With the affirmation of the Delaware Court of Chancery’s Final Order and Judgment by the Delaware Supreme Court on December 23, 2015 (“Delaware Supreme Court Affirmation”), and taking into account the plan of reorganization that was filed by the Company with the Bankruptcy Court on December 15, 2015 (as such the plan has been amended), SIGA has recorded a litigation loss accrual of approximately $205 million as of December 31, 2015. This amount is classified as a liability subject to compromise. The loss accrual of $205 million includes pre and post-judgment interest up to December 31, 2015, and also includes a $3.2 million reimbursement obligation to PharmAthene for attorneys’ fees and expert expenses related to the case. Interest for the period subsequent to September 16, 2014 (the Petition Date) has been included in the loss accrual because management believes that it is probable that post-petition interest will be allowed as part of PharmAthene’s claim. Such treatment is specified in the plan of reorganization that was filed by the Company in Bankruptcy Court on December 15, 2015 (as such plan has been amended).</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Separate from the PharmAthene litigation, from time to time, we may be involved in a variety of claims, suits, investigations and proceedings arising from the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although such claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, we believe that the resolution of such current pending matters will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on us because of legal costs, diversion of management resources and other factors.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">13.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Commitments and Contingencies</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In December 2006, PharmAthene filed an action against us in the Delaware Court of Chancery captioned PharmAthene, Inc. v. SIGA Technologies, Inc., C.A. No. 2627-VCP. In its amended complaint, PharmAthene asked the Court to order us to enter into a license agreement with PharmAthene with respect to TPOXX™, to declare that we are obliged to execute such a license agreement, and to award damages resulting from our alleged breach of that obligation. PharmAthene also alleged that we breached an obligation to negotiate such a license agreement in good faith, and sought damages for promissory estoppel and unjust enrichment based on information, capital, and assistance that PharmAthene allegedly provided to us during the negotiation process.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In September 2011, the Court of Chancery issued its post-trial opinion. The Court denied PharmAthene’s requests for specific performance and expectation damages measured by present value of estimated future profits. Nevertheless, the Court held that we breached our duty to negotiate in good faith and were liable under the doctrine of promissory estoppel. The Court consequently awarded to PharmAthene what the Court described as an equitable payment stream or equitable lien consisting of fifty percent of the net profits that the Company achieves from sales of ST-246 after securing $40 million in net profits, for ten years following the first commercial sale. In addition, the Court awarded PharmAthene one-third of its reasonable attorneys’ fees and expert witness expenses of $2.4 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In May 2012, the Court of Chancery entered its final order and judgment, implementing its post-trial opinion.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In June 2012, the Company appealed to the Delaware Supreme Court the final order and judgment and certain earlier rulings of the Court of Chancery. Shortly thereafter, PharmAthene filed its cross-appeal. The Company obtained a stay of enforcement of the fee and expense portion of the judgment by filing a surety bond for the amount of the judgment plus post-judgment interest. We posted $1.3 million of cash as approximately 50% collateral for a $2.7 million surety bond. The $1.3 million of cash collateral is recorded in other assets as of June 30, 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On May 24, 2013, the Supreme Court of Delaware issued its decision, affirming the Delaware Court of Chancery’s judgment in part, reversing it in part, and remanding to Court of Chancery.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On August 8, 2014, the Court of Chancery issued its Remand Opinion. In its Remand Opinion, the Court of Chancery reversed its earlier conclusions and held that PharmAthene had carried its burden of demonstrating its entitlement to lump sum expectation damages for lost profits related to TPOXX™ by a preponderance of the evidence.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On September 16, 2014, as a consequence of SIGA’s chapter 11 filing, the legal proceedings with PharmAthene were stayed (see Note 1 to the financial statements). On October 8, 2014, the Bankruptcy Court approved a Stipulation between the Company and PharmAthene partially lifting the stay to permit the litigation before the Delaware Chancery Court to proceed, including all appeals. The Stipulation, however, provides that the stay shall remain in effect with respect to the enforcement of any judgment that may be entered.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On January 15, 2015, the Delaware Court of Chancery entered its Final Order and Judgment, awarding to PharmAthene $113,116,985 in contract expectation damages, plus pre-judgment interest up to January 15, 2015, and certain permitted legal fees, costs, and expenses, for a judgment of $194,649,042.  Pursuant to the Final Order and Judgment, SIGA also is liable to PharmAthene for post-judgment interest, which was specified in the Final Order and Judgment to be $30,663.89, per diem, such per diem amount to be periodically adjusted to reflect the applicable Delaware legal rate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On January 16, 2015, the Company appealed from certain portions of the Delaware Court of Chancery's rulings on remand, including but not limited to the Final Order and Judgment, to the Delaware Supreme Court.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On October 7, 2015, the Delaware Supreme Court heard oral argument, en banc. On December 23, 2015, the Delaware Supreme Court affirmed the Final Order and Judgment (the "Delaware Supreme Court Affirmation").</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of June 30, 2016, the accrued obligation under the Delaware Court of Chancery Final Order and Judgment, including post-judgment and Plan-specified interest, is estimated to be approximately $204 million. As specified in the Plan, starting at the Effective Date of the Plan, interest accrues at an annual rate of 8.75% against the amount owed to PharmAthene.  The accrued obligation includes a $3.2 million reimbursement obligation to PharmAthene for attorney's fees and expert expenses related to the case.  The Final Order and Judgment will be satisfied in accordance with the Plan as described in Note 1 to the financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">From time to time, the Company is involved in disputes or legal proceedings arising in the ordinary course of business. The Company believes that there is no dispute or litigation pending, except as discussed above, that could have, individually or in the aggregate, a material adverse effect on its financial position, results of operations or cash flows.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Legal Contingencies</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company is subject to certain contingencies arising in the ordinary course of business. The Company has been involved in litigation with PharmAthene, Inc. (see Note 13 ). The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. We record anticipated recoveries under existing insurance contracts when recovery is assured.</p></div>
5411
5411
5351
54284296
54114296
53504296
1797386
600000000
100000000
100000000
100000000
0.0001
0.0001
0.0001
54284296
54114296
53504296
51642520
53504296
54114296
53108844
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Concentration of Credit Risk</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company has cash in bank accounts that exceed the Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses on its cash accounts and no allowance has been provided for potential credit losses because management believes that any such losses would be minimal, if any.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As part of its chapter 11 case, on January 29, 2015, the Company established debtor-in-possession bank accounts “DIP Accounts” in accordance with the provisions of the Bankruptcy Code and transferred substantially all its cash into the DIP Accounts in February 2015.</p></div>
1500
13000
1981488
440880
-40803
-10428
439934
1608033
-30375
946
373455
0
5672
0
3135
76600
5672
2830395
1628603
1951381
273436
5719052
1806701
2000000
5000000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>7.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Debt</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In December 2012, the Company entered into a loan agreement (“Loan Agreement”) with General Electric Capital Corporation (“GE Capital”) to provide the Company a term loan of $5.0 million with a fixed interest rate of 9.85% per annum and a revolving line of credit of $7.0 million with a variable interest rate. At December 31, 2014, the Company had approximately $2.0 million of term loan outstanding. The term of the loan was three years.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On September 17, 2014, the Bankruptcy Court approved on an interim basis a Stipulation and Order between the Company and GE Capital, in its capacity as Agent for the lenders under the Loan Agreement, in connection with the chapter 11 case. The Loan Agreement, consisting of a term loan and revolving line of credit, was a fully secured loan facility.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Stipulation and Order was approved by the Bankruptcy Court on a final basis on October 28, 2014. The Company set aside, in a separate account, $4.0 million as collateral for obligations under the Loan Agreement and classified this amount as restricted cash on its balance sheet. The GE loan was considered fully secured and was not reported as liabilities subject to compromise.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In January 2015, the Company paid the term loan in full including related fees. The Loan Agreement was terminated with the full payment of the term loan and all collateral was released.</p></div>
662011
639576
1106235
887906
19006
53198632
-10072499
56188604
52936428
32860874
56200000
52500000
32900000
11445
9627
-9599927
53569071
21103
37910548
59892477
288293407
255300000
2097
472572
370439
288293407
255258371
81799
11667663
19154448
30402940
22701028
144245689
162677117
0
777804
2034283
1578816
67833412
73421980
244540
265643
-1130413
-1606547
132578026
143522669
2389811
1947019
244540
267598
265643
277088
244540
229922
0
88044
146854
463137
247357
351561
68076
43592
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>6.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Stock Compensation Plans</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company’s 2010 Stock Incentive Plan (the “2010 Plan”) was initially adopted in May 2010. The 2010 Plan provided for the issuance of stock options, restricted stock and unrestricted stock with respect to an aggregate of 2,000,000 shares of the Company’s common stock to employees, consultants and outside directors of the Company. On May 17, 2011, the 2010 Plan was amended to provide for the issuance of restricted stock units (“RSUs”) and on February 2, 2012, the 2010 Plan was amended to provide for the issuance of SARs. Effective April 25, 2012, the 2010 Plan was amended to increase the maximum number of shares of common stock available for issuance to an aggregate of 4,500,000 shares. The vesting period for awards granted under the 2010 Plan, is determined by the Compensation Committee of the Board of Directors. The Compensation Committee also determines the expiration date of each equity award, however, stock options and SARs may not be exercisable more than ten years after the date of grant as the maximum term of equity awards issued under the 2010 Plan is ten years.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015, 2014 and 2013, the Company recorded stock-based compensation expense, including stock options, SARs, RSUs and certain warrant amortization, of approximately $1.6 million, $2.4 million and $2.3 million, respectively.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Stock Options</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Stock option awards provide holders the right to purchase shares of common stock at prices determined by the Compensation Committee and must have an exercise price equal to or in excess of the fair market value of the Company’s common stock at the date of grant.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">There were no stock options granted during years-ended 2015 and 2014. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The fair value of options granted prior to December 31, 2014 were estimated at the date of grant. Expected volatility has been estimated using a combination of the Company’s historical volatility and the historical volatility of a group of comparable companies, both using historical periods equivalent to the options’ expected lives. The expected dividend yield assumption is based on the Company’s intent not to issue a dividend in the foreseeable future. The risk-free interest rate assumption is based upon observed interest rates for securities with maturities approximating the options’ expected lives. The expected life was estimated based on historical experience and expectation of employee exercise behavior in the future giving consideration to the contractual terms of the award.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">A summary of the Company’s stock option activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b>Number of<br /></b><b>Options</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Exercise<br /></b><b>Price</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Remaining Life<br /></b><b>(in years)</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 0px;"><b style="font-size: 13px;">Aggregate<br /></b><b style="font-size: 13px;">Intrinsic<br /></b><font style="font-size: 13px;"><b>Value<br /></b><b>(in thousands)</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,115,566</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4.90</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercised</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1.22</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(180,599</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">9.28</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,924,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.03</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Vested and expected to vest at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,914,633</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.04</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercisable at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,724,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.71</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.13</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015, $13,000 of total remaining unrecognized stock-based compensation cost related to stock options is expected to be recognized over the weighted-average remaining requisite service period of 1.5 years. The total fair value of vested stock options was $0, $144,000and $579,432 for the years ended December 31, 2015, 2014 and 2013, respectively. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The total intrinsic value of stock options exercised was $5,900, $19,000 and $959,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The weighted average fair value at the date of grant for stock options granted during the year ended December 31, 2013 was $2.34.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, 500,000 of the Company’s outstanding options, respectively, were subject to specific performance conditions consisting of minimum cash receipts thresholds and regulatory approval of our lead drug candidate. During the year ended December 31, 2014, the performance conditions relating to minimum cash receipts were achieved making 300,000 of the aforementioned options exercisable. The remaining 200,000 options with performance conditions relating to regulatory approval have not been achieved, thus these options are not exercisable at December 31, 2015.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Stock Appreciation Rights</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Stock-settled stock appreciation rights (“SSARs”) provide holders the right to purchase shares of common stock at prices determined by the Compensation Committee and must have an exercise price equal to or in excess of the fair market value of the Company’s common stock at the date of grant. Upon exercise, the gain, or intrinsic value, is settled by the delivery of SIGA stock to the employee.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">There were no SSARs granted during the years ended 2015 and 2014. During the year ended December 31, 2012, the Company granted 1.4 million shares of SSARs at a weighted average grant-date fair value of $0.68 per share. The exercise price of a SSAR is equal to the closing market price on the date of grant. The granted SSARs vest in equal annual installments over a period of three years and expire no later than seven years from the date of grant. Moreover, the appreciation of each SSAR was capped at a determined maximum value. At December 31, 2015 and 2014, due to the cap on value the maximum number of shares that could be issued in the future was 365,689 and 372,000, respectively. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The fair value of granted SSARs has been estimated utilizing a Monte Carlo method. The Monte Carlo method is a statistical simulation technique used to provide the grant-date fair value of an award. As the issued SSARs were capped at maximum values, such attribute was considered in the simulation.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company calculates the expected volatility using a combination of SIGA’s historical volatility and the volatility of a group of comparable companies. The expected life from grant date was estimated based on the expectation of exercise behavior in consideration of the maximum value and contractual term of the SSARs. The dividend yield assumption is based on the Company’s intent not to issue a dividend in the foreseeable future. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected life of the SSARs.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">A summary of the Company’s SSAR activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b>Number of<br /></b><b>SSARs</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Exercise<br /></b><b>Price</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Remaining Life<br /></b><b>(in years)</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 0px;"><b style="font-size: 13px;">Aggregate<br /></b><b style="font-size: 13px;">Intrinsic<br /></b><font style="font-size: 13px;"><b>Value<br /></b><b>(in thousands)</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,226,524</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercised</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(17,250</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Vested and expected to vest at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercisable at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The total fair value of vested SSARs was $0, $267,000 and $317,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The total intrinsic value of SSARs exercised was $0, $0 and $4,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of a SSAR.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Restricted Stock Awards/Restricted Stock Units</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">RSUs awarded to employees vest in equal annual installments over a three-year period and RSUs awarded to directors of the Company vest over a one-year period. A summary of the Company’s RSU activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 8px; padding-right: 8px;"><b>Number of<br /></b><b>RSUs</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 8px; padding-right: 0px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Grant-Date<br /></b><b>Fair Value</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,161,672</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.07</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">120,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.00</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Vested</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(600,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.98</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(20,001</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.17</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">661,671</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2.96</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015, $0.7 million of total remaining unrecognized stock-based compensation cost related to RSUs is expected to be recognized over the weighted-average remaining requisite service period of 0.57 years. The weighted average fair value at the date of grant for restricted stock awards granted during the years ended December 31, 2015, 2014 and 2013 was $2.00, $3.23 and $2.98 per share, respectively. Based on the grant date, the total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2015, 2014 and 2013 was $1.8 million, $1.5 million and $0.7 million.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Net Loss per Share</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The objective of basic earnings per share (“EPS”) is to measure the performance of an entity over the reporting period by dividing income (loss) by the weighted average shares outstanding. The objective of diluted EPS is consistent with that of basic EPS, except that it also gives effect to all potentially dilutive common shares outstanding during the period.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company incurred losses for the years ended December 31, 2015, 2014 and 2013. For all periods presented, all equity instruments are excluded from the calculation of diluted earnings (loss) per share as the effect of such shares is anti-dilutive. The weighted average number of equity instruments excluded consist of:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="9" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">Year Ended December 31,</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock Options</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,047,083</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,179,643</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,725,632</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock-Settled Stock Appreciation Rights</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">368,331</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">388,325</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">439,056</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Restricted Stock Units</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">700,265</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,206,534</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">981,645</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Warrants</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">82,192</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">772,903</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,802,820</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As discussed in Note 6, the appreciation of each SSAR was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflects the weighted average maximum number of shares that could be issued.</p></div>
-0.18
-0.12
-0.37
-0.26
-0.10
-0.38
-0.06
-0.36
-0.13
-4.49
-0.06
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">5.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Per Share Data</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company incurred losses for the three and six months ended June 30, 2016 and 2015 and as a result, equity instruments are excluded from the calculation of diluted loss per share as the effect of such shares is anti-dilutive. The weighted average number of equity instruments excluded consist of:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; border-collapse: collapse; width: 100%;"><tr><td style="vertical-align: bottom; width: 37.89%;"> </td><td colspan="5" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 29.3%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Three months ended June 30,</div></td><td colspan="2" style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="5" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 29.3%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Six months ended June 30,</div></td></tr><tr><td style="vertical-align: bottom; width: 37.89%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td colspan="2" style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Stock Options</div></td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,764,374</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">2,094,125</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,825,181</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">2,102,798</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Stock-Settled Stock Appreciation Rights</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">360,031</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">370,094</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">360,173</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">371,018</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Restricted Stock Units</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">587,115</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">(1)</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,061,347</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 2.76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">(2</div></td><td style="vertical-align: bottom; width: 0.75%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">)</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">611,895</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,130,673</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Warrants</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">—</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">82,418</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">—</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">165,746</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The appreciation of each stock-settled stock appreciation right was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflects the weighted average maximum number of shares that could be issued.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(1) Includes 313,337 restricted stock units that have vested but have not converted into common stock.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(2) Included 240,000 restricted stock units that vested but had not converted into common stock.</div><div><br /></div></div>
-4.97
-0.73
-0.33
-4.97
-0.33
-0.73
-0.003
0
-0.014
-0.002
-0.029
0
0
0
-0.004
-0.006
-0.597
-0.278
-0.253
-0.012
0.307
0.35
0.35
0.35
P1Y6M
P0Y6M25D
13000
700000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">6.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value of Financial Instruments</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the relatively short maturity of these instruments.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The measurement of fair value requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The inputs create the following fair value hierarchy:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Level 1 – Quoted prices for identical instruments in active markets.</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations where inputs are observable or where significant value drivers are observable.</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Level 3 – Instruments where significant value drivers are unobservable to third parties.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company uses model-derived valuations where inputs are observable in active markets.  As of June 30, 2016, the Company did not hold level 2 and level 3 securities.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Fair Value of Financial Instruments</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The carrying value of cash and cash equivalents, accounts payable and accrued expenses approximates fair value due to the relatively short maturity of these instruments. Common stock warrants which are classified as liabilities are recorded at their fair market value as of each reporting period.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The measurement of fair value requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The inputs create the following fair value hierarchy:</p><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;">Level 1 – Quoted prices for identical instruments in active markets.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations where inputs are observable or where significant value drivers are observable.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;">Level 3 – Instruments where significant value drivers are unobservable to third parties.</td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company uses model-derived valuations where inputs are observable in active markets to determine the fair value of certain common stock warrants on a recurring basis and classify such liability classified warrants in Level 2. The Company utilizes the Black-Scholes model consisting of the following variables: (i) the closing price of SIGA’s common stock; (ii) the expected remaining life of the liability classified warrant; (iii) the expected volatility using a weighted-average of historical volatilities from a combination of SIGA and comparable companies; and (iv) the risk-free market rate.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2014, the Company had $2.0 million outstanding, from a loan entered into on December 31, 2012 (see Note 7). The fair value of the loan, which is measured using Level 2 inputs, approximated book value at December 31, 2014.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015 and 2014, SIGA did not hold any Level 3 securities.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">There were no transfers between levels of the fair value hierarchy during 2015.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">4.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Financial Instruments</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">At June 30, 2016 and December 31, 2015, there were no liability classified warrants outstanding.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On April 30, 2013, the Company entered into a Services Agreement with M&F, a related party, for certain professional and administrative services. The Services Agreement had a term of three years. As consideration for the Services Agreement, the Company issued warrants to M&F to acquire 250,000 shares of common stock at an exercise price of $3.29 per share. The warrants were fully vested, immediately exercisable and remained exercisable for two years from issuance date. The grant-date fair value, determined using the Black-Scholes model, was recorded as an asset with a corresponding increase to equity. The asset was amortized over the contractual term of the warrant. On April 30, 2015, the warrants expired. For the three months ended June 30, 2016 and 2015, the Company recorded an expense of $0 and $11,365, respectively.</div></div>
455220
452696
488807
345658
0
345658
0
-238501
0
898334
898334
898334
9600000
20000000
-6485089
-20001654
-13554577
-9564381
-211934870
-38989341
-24795772
88348
172179
12764
1470
461983
-7618439
53528268
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>12.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Income Taxes</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">At December 31, 2015, 2014 and 2013 the Company’s provision (benefit) for income taxes is comprised of the following:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Current:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Federal</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">439,934</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,428</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,608,033</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">State and local</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">946</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(30,375</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">373,455</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total current provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">440,880</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(40,803</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,981,488</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Deferred:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Federal</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">19,006</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">53,198,632</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,072,499</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">State and local</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">2,097</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">370,439</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">472,572</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total deferred provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">21,103</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">53,569,071</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(9,599,927</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">461,983</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">53,528,268</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(7,618,439</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">At December 31, 2015 and 2014, the Company’s deferred tax assets and liabilities are comprised of the following: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 2px; padding-right: 2px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 2px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Net operating losses</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">22,701,028</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">30,402,940</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred research and development costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,130,413</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,606,547</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Amortization of intangible assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">887,906</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,106,235</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Share-based compensation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,947,019</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,389,811</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Fixed assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">662,011</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">639,576</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred revenue</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">59,892,477</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">37,910,548</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Alternative minimum tax credits</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,034,283</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,578,816</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Loss contingency</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">73,421,980</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">67,833,412</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">777,804</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">162,677,117</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">144,245,689</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Less: valuation allowance</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(143,522,669</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(132,578,026</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets, net of valuation allowance</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">19,154,448</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">11,667,663</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax liabilities:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Amortization of goodwill</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(267,598</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(244,540</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Capitalized contract costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(18,922,571</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(11,667,663</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(229,922</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax liability, net</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(265,643</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(244,540</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The recognition of a valuation allowance for deferred taxes requires management to make estimates and judgments about the Company’s future profitability which are inherently uncertain. This includes assessing available positive and negative evidence to determine if sufficient future tax income will be generated to utilize existing deferred tax assets. During 2014, the Company recorded a loss accrual for expectation damages of approximately $187.8 million related to the PharmAthene litigation (see Note 13) and filed a voluntary petition for relief under Title 11 of the United States Bankruptcy Code (see Note 1). Based on these events and the Company’s cumulative operating losses, the Company concluded that it could no longer realize its deferred tax assets on a more likely than not basis and recorded a non-cash charge of $53.5 million to establish a valuation allowance against its net deferred tax assets. For the year ended December 31, 2015, the Company continued to maintain a valuation allowance against its net deferred tax assets as they do not expect to realize them on a more likely-than-not basis.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The valuation allowance increased by $10.9 million from prior year related primarily to current year operating losses for which no tax benefit was provided. The Company may amortize indefinite-lived intangible assets for tax purposes which are not amortizable for financial reporting purposes. The deferred tax liability at December 31, 2015 and December 31, 2014 relates to the tax effect of differences between financial reporting and tax bases of intangible assets that are not expected to reverse within the Company’s net operating loss carryforward period.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015, the Company had $64.6 million of federal net operating loss carryforwards, which expire in 2023 to 2034, to offset future taxable income. As a result of a cumulative change in stock ownership occurring in a prior year, approximately $1.8 million of the federal net operating loss carryforwards are subject to annual limitation under IRC Section 382. In addition, the utilization of approximately $1.6 million of federal net operating losses are attributable to excess tax deductions on share-based compensation activity which will be realized as a benefit to Additional Paid-in Capital when such deductions reduce income taxes payable. As of December 31, 2015, the Company has approximately $2.0 million of alternative minimum tax credit which will be carried forward indefinitely.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company’s effective tax rate differs from the U.S. Federal Statutory income tax rate of 35% as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 10px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 10px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Statutory federal income tax rate</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">State tax benefit</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.2</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.9</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Gain (loss) from fair value of common warrants</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.1</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Share-based compensation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Reorganization costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">7.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.3</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Valuation allowance on deferred tax assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">27.8</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">59.7</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">0.6</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Effective tax rate</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1.2</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">25.3</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(30.7</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)%</div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the year ended December 31, 2015, the Company’s effective tax rate differs from the statutory rate principally due to current year operating loss for which no tax benefit was provided and nondeductible bankruptcy expenses. For the year ended December 31, 2014 the Company’s effective tax rate differs from the statutory rate principally due to the Company’s conclusion that they could no longer realize its deferred tax assets on a more-likely-than-not basis. For the year ended 2013, the Company’s effective tax rate differs principally due to state and local taxes and other permanent differences.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company applies the applicable authoritative guidance which prescribes a comprehensive model for the manner in which a company should recognize, measure, present and disclose in its financial statements all material uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2015 and 2014, the Company has no uncertain tax positions. There are no uncertain tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months from December 31, 2015. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company files federal income tax returns and income tax returns in various state and local tax jurisdictions. The open tax years for U.S. federal, state and local tax returns is generally 2012 - 2015; open tax years relating to any of the company’s net operating losses begin in 1998. In the event that the Company concludes that it is subject to interest and/or penalties arising from uncertain tax positions, the Company will present interest and penalties as a component of income taxes. No amounts of interest or penalties were recognized in the Company’s consolidated financial statements for each of the years in the three-year period ended December 31, 2015. </p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">11.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Income Taxes</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Accounting Standards Codification (“ASC”) 740, Income Taxes requires that a valuation allowance be established when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including company's performance, the market environment in which the company operates, the utilization of past tax credits, length of carryback and carryforward periods, existing contracts, and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels in the future years. Based on the available evidence, the Company continues to conclude that its deferred tax assets are not realizable on a more-likely-than-not basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">For the three and six months ended June 30, 2016, the Company recorded an income tax provision of $1,500 and $13,000, respectively, on a pre-tax loss of $9.6 million and $20.0 million, respectively. The effective tax rate differs from the statutory rate as no income tax benefit was recorded for current year operating losses due to the Company’s assessment regarding tax realizability of its deferred tax asset<font style="font-size: 10pt; font-family: 'Times New Roman';">.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Income Taxes</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company recognizes income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities at enacted tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is established if it is more likely than not that some or the entire deferred tax asset will not be realized. The recognition of a valuation allowance for deferred taxes requires management to make estimates and judgments about the Company’s future profitability which are inherently uncertain.</p></div>
30812004
277582
-490391
3185098
-3759484
2553407
5894550
-4566993
-4436468
1862779
3252176
13098787
10277672
19741668
20075554
233658167
33035036
-162140390
255176572
105170169
-33764
-42114
-42280
281302
-73107
16484805
-10273989
-1470872
2873427
-6597389
-1347956
0
-147621
0
-43186
299881
1500309
236134
-188101
-229266
10214
13315
266726
10214
455810
266726
1207332
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Inventory</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Inventories are stated at the lower of cost or estimated realizable value. The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to write down such unmarketable inventory to its estimated realizable value.</p></div>
6268570
0
2355795
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>9.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Inventory</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">During the year ended December 31, 2015, the Company delivered approximately 383,754 courses, at a provisional dosage of 600 mg administered twice per day (1,200 mg per day). Due to the deferral of revenue under the BARDA Contract (see Note 3), amounts that would be otherwise recorded as cost of goods sold for delivered courses are recorded as deferred costs in the balance sheet. The value of inventory represents the costs incurred to manufacture Tecovirimat under the BARDA Contract. Additional costs incurred to complete production of courses of Tecovirimat will be recorded as inventory and reclassified to deferred costs upon delivery to the extent related revenue is deferred.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Inventory consisted of the following at December 31, 2015 and 2014: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Work in-process</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">12,447,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">16,688,682</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Finished goods</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">2,355,795</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Inventory</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">12,447,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">19,044,477</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015 and 2014, research and development expense included inventory write-downs of approximately $60,000 and $1.0 million, respectively.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">8.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inventory</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The value of inventory represents the costs incurred to manufacture TPOXX™ under the BARDA Contract. Additional costs incurred to complete production of courses of TPOXX™ will be recorded as inventory and reclassified to deferred costs upon delivery to the extent related revenue is deferred.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Inventory consisted of the following at June 30, 2016, and December 31, 2015:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Finished goods</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">6,268,570</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Work in-process</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">22,663,323</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,447,088</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Inventory</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">28,931,893</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,447,088</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
28931893
12447088
19044477
22663323
12447088
16688682
272729
272729
2542044
2542043
3170598
170000
561000
373000
249000
800000
600000
1800000
216882489
7333084
7460253
206972170
0
399039967
-206972170
-206396829
-192067797
0
399039967
505743088
470161486
407231884
201668556
185732936
160729407
7000000
0
1989948
0.0985
205400068
0
191046416
203654855
0
188465065
197207
14407494
175466000
49000
14394000
14000
13295
0
51000
12899000
0
-1987800
-2003331
-2313906
1713103
4000000
-10998
3891047
-857341
-3458439
13930021
-34677674
14176520
58436502
11109383
-9565851
-20014418
-13726756
-6573437
-17177333
-39451324
-265463138
-265463138
-39451324
-17177333
-240077000
-5631000
-19056000
-3382000
-2948000
-7153319
-20094000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">12. Recent Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In March 2016, the FASB amended the existing accounting standards for stock-based compensation, Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments impact several aspects of accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company is required to adopt the amendments in the first quarter of 2017, with early adoption permitted. If early adoption is elected, all amendments must be adopted in the same period. The manner of application varies by the various provisions of the guidance, with certain provisions applied on a retrospective or modified retrospective approach, while others are applied prospectively. The Company is currently evaluating the impact of these amendments and the transition alternatives on its consolidated financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On November 20, 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. Current GAAP requires the deferred taxes to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. Any valuation allowance is then required to be allocated on a pro rata basis, by jurisdiction, between current and noncurrent deferred tax assets. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction – that is, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction.  The Company early adopted this guidance retrospectively as of December 31, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In <font style="font-size: 10pt; font-family: 'Times New Roman';">July 2015, the FASB issued ASU 2015-11, </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Simplifying the Measurement of Inventory</font><font style="font-size: 10pt; font-family: 'Times New Roman';">, which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. The ASU only addresses the measurement of the inventory if its value declines or is impaired. Prior to the issuance of the standard, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This necessitated obtaining three data points to determine market value. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.  This ASU is effective prospectively for annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of adoption of the ASU and believes the adoption of the ASU will not have an impact on its consolidated financial statements.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Presentation of Financial Statements - Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern</font>. This ASU requires management to assess whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. This ASU states that, when making this assessment, management should consider relevant conditions or events that are known or reasonably knowable on the date the financial statements are issued or available to be issued. This ASU is effective for annual periods ending after December 15, 2016 and interim periods thereafter, and early adoption is permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In May 2014, the FASB issued ASU No. 2014-09, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Revenue from Contracts with Customers (Topic 606)</font>. ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Revenue Recognition</font>, and most industry-specific revenue recognition guidance throughout the Industry Topics of the Accounting Standards Codification. Additionally, this update supersedes some cost guidance included in Subtopic 605-35,<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Revenue Recognition-Construction-Type and Production-Type Contracts</font>. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for the first interim period within annual reporting period beginning after December 15, 2016. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Recent Accounting Pronouncements</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On November 20, 2015, the FASB issued Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes. Current GAAP requires the deferred taxes to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. Any valuation allowance is then required to be allocated on a pro rata basis, by jurisdiction, between current and noncurrent deferred tax assets. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction – that is, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The new guidance will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years (i.e., in the first quarter of 2017 for calendar year-end companies). Early adoption is permitted, including for December 31, 2015. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. The Company early adopted this guidance retrospectively as of December 31, 2015. The impact of adoption of the guidance on the Company’s consolidated financial statements as of December 31, 2014 was a $5.7 million reclassification of current deferred tax assets to noncurrent deferred tax liabilities.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In July 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-11, <i>Simplifying the </i><i>Measurement of Inventory</i>, which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. The ASU only addresses the measurement of the inventory if its value declines or is impaired. Prior to the issuance of the standard, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This necessitated obtaining three data points to determine market value. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective prospectively for annual periods beginning after December 15, 2016. Adoption of the ASU by the Company will not have an impact on its consolidated financial statements.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In August 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-15, <i>Presentation of </i><i>Financial Statements - Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to </i><i>Continue as a Going Concern</i>. This ASU requires management to assess whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. This ASU states that, when making this assessment, management should consider relevant conditions or events that are known or reasonably knowable on the date the financial statements are issued or available to be issued. This ASU is effective for annual periods ending after December 15, 2017 and interim periods thereafter, and early adoption is permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In May 2014, the FASB issued ASU No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>. ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, <i>Revenue Recognition</i>, and most industry-specific revenue recognition guidance throughout the Industry Topics of the Accounting Standards Codification. Additionally, this update supersedes some cost guidance included in Subtopic 605-35,<i> Revenue </i><i>Recognition-Construction-Type and Production-Type Contracts</i>. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for the first interim periods beginning after December 15, 2016. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</p></div>
69800
16341
58489
10877
1497
1065
42202
5800130
12031937
11186241
19515385
29035481
39129144
212806849
1232952
1237385
-4332670
-9284927
-16344338
-9372386
-30953266
-209667014
-23516181
-3628000
-5039715
-5638000
-17554000
-17952000
-4747000
-181728000
4473137
761064
507376
64600000
734360
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>1.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Organization and Basis of Presentation</b></td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Description of Business</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">SIGA Technologies, Inc. (“SIGA” or the “Company”) is a company specializing in the development and commercialization of solutions for serious unmet medical needs and biothreats. The Company’s lead product is Tecovirimat, also known as ST-246®, an orally administered antiviral drug that targets orthopoxviruses. While Tecovirimat is not yet licensed as safe or effective by the U.S. Food & Drug Administration, it is a novel small-molecule drug that is being delivered to the Strategic National Stockpile under Project Bioshield.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Chapter 11 Filing</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On September 16, 2014 (the “Petition Date”), the Company filed a voluntary petition for relief under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) chapter 11 Case Number 14-12623 (SHL). The Company is continuing to operate its business as a “debtor-in-possession” in accordance with the applicable provisions of the Bankruptcy Code.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company commenced the chapter 11 case to preserve and to ensure its ability to satisfy its commitments under the BARDA Contract (as defined in Note 3 to the financial statements) and to preserve its operations, which likely would have been jeopardized by the enforcement of a judgment stemming from the litigation with PharmAthene, Inc. (“PharmAthene”) (see below “PharmAthene Litigation”). While operating as a debtor-in-possession under chapter 11, the Company pursued an appeal of the Delaware Court of Chancery Final Order and Judgment (as defined below), without having to post a bond. On December 23, 2015, the Delaware Supreme Court affirmed the Delaware Court of Chancery Final Order and Judgment.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On December 15, 2015, the Company filed a Plan of Reorganization. Subsequent to the initial filing, amendments have been made to the Plan of Reorganization (as amended (the “POR”). The POR is supported by the official committee of unsecured creditors appointed in the Company’s chapter 11 case. Please see the section titled <b>Plan of Reorganization</b> for details regarding the POR. The implementation of the POR is subject to confirmation thereof by the Bankruptcy Court in accordance with the provisions of the Bankruptcy Code and the occurrence of the effective date under the POR.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">PharmAthene Litigation</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On August 8, 2014, the Delaware Court of Chancery issued its Remand Opinion and related order in the litigation initiated against the Company in 2006 by PharmAthene. In the Remand Opinion, the Court of Chancery determined, among other things, that PharmAthene is entitled to a lump sum damages award for its lost profits related to Tecovirimat, with interest and fees, based on United States government purchases of the Company’s smallpox drug allegedly anticipated as of December 2006. On January 15, 2015, the Delaware Court of Chancery entered its Final Order and Judgment awarding PharmAthene approximately $195 million, including pre-judgment interest up to January 15, 2015 (the “Outstanding Judgment”). On January 16, 2015, the Company filed a notice of appeal of the Outstanding Judgment with the Delaware Supreme Court and, on January 30, 2015, PharmAthene filed a notice of cross appeal. On October 7, 2015, the Delaware Supreme Court heard oral argument, en banc. On December 23, 2015 the Delaware Supreme Court affirmed the Outstanding Judgment (the “Delaware Supreme Court Affirmation”). As of December 31, 2015, the accrued obligation under the Delaware Court of Chancery Final Order and Judgment, including post-judgment interest, is estimated to be $205 million. The Company’s pending chapter 11 case prevents PharmAthene from taking any enforcement action with respect to the Outstanding Judgment.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Administration of Chapter 11 Case</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On September 17, 2014, the Company received Bankruptcy Court approval of certain “first-day” motions, which preserved the Company’s ability to continue operations without interruption in chapter 11. As part of the “first-day” motions, the Company received approval to pay or otherwise honor certain pre-petition obligations generally designed to support the Company’s operations. Additionally, the Bankruptcy Court confirmed the Company’s authority to pay for goods and services received post-petition in the ordinary course of business.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In October 2014, the U.S. Trustee for the Southern District of New York (the “U.S. Trustee”) appointed an official committee of unsecured creditors (the “UCC”). The UCC has a right to be heard on any issue in the Company’s chapter 11 case. There can be no assurance that the UCC will support the Company’s positions on matters to be presented to the Bankruptcy Court. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As part of the chapter 11 case, the Company has retained, pursuant to Bankruptcy Court authorization, legal and other professionals to advise the Company in connection with the administration of its chapter 11 case and its litigation with PharmAthene, and certain other professionals to provide services and advice in the ordinary course of business. From time to time, the Company may seek Bankruptcy Court approval to retain additional professionals.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Pursuant to an order of the Bankruptcy Court, dated October 28, 2014, the Company was authorized to pay pre-petition obligations to certain service providers that are fully reimbursable by the U.S. Biomedical Advanced Research and Development Authority (“BARDA”) pursuant to the BARDA Contract (as defined in Note 4). Pursuant to an order of the Bankruptcy Court, dated January 14, 2015, the Company was authorized to satisfy a fully-secured term loan provided by General Electric Capital Corporation in the approximate amount of $1.8 million. Such amount, and related fees, was paid by the Company on January 16, 2015 and all liens securing the credit facility were released. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Pursuant to orders entered by the Bankruptcy Court in April 2015, the Company was authorized to consummate the following transactions: assumption of the BARDA Contract, as amended by the BARDA Amendment (as defined in Note 4 to the financial statements); assumption of the Company’s commercial manufacturing agreement (the “Commercial Manufacturing Agreement”) with Albemarle Corporation (“Albemarle”), as amended by a 2015 amendment (the “2015 Amendment”); and assumption of the Company’s lease with Research Way Investments, as amended by the Tenth Addendum to Commercial Lease, for the Company’s research and development facility located at 4575 S.W. Research Way, Corvallis, Oregon. The 2015 Amendment to the Commercial Manufacturing Agreement with Albemarle provides the Company with improved pricing on future purchases of active pharmaceutical ingredient (“API”) for Tecovirimat. As part of the assumption of the Commercial Manufacturing Agreement, as amended, on April 30, 2015, the Company paid Albemarle’s prepetition claim under the Commercial Manufacturing Agreement of approximately $2.7 million. The Tenth Addendum to the Commercial Lease with Research Way Investments reduced the Company’s rent costs for the research and development facility by approximately $35,000 per month, starting May 1, 2015. Additionally, as part of the Tenth Addendum, Research Way Investments withdrew its proof of claim for $971,451 filed in the Bankruptcy Court.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Plan of Reorganization</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On December 15, 2015, the Company filed a Plan of Reorganization. Subsequent to the initial filing, amendments have been made to the Plan of Reorganization (as amended the “POR”). Implementation of the POR is subject to confirmation thereof by the Bankruptcy Court in accordance with the provisions of the United States Bankruptcy Code and the occurrence of the effective date under the POR. The POR is supported by the UCC. There can be no assurance that the POR will be confirmed by the Bankruptcy Court. The POR, as more fully described below, addresses, among other things, how the Company will treat and satisfy its liabilities relating to the period prior to the commencement of its chapter 11 case, including all claims held by PharmAthene.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">By the order dated February 16, 2016, the Bankruptcy Court approved the Company’s Disclosure Statement for the POR (the “Disclosure Statement”), thereby enabling the Company to solicit acceptances or rejections of the POR from those creditors entitled to vote on the POR. The Bankruptcy Court has scheduled a hearing to consider confirmation of the POR for April 5, 2016.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 4%; margin-right: 0px; text-indent: 0px;">The POR provides for, among other things:</p><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;">Prepetition unsecured claims (other than PharmAthene’s claim) will be paid in cash in full.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 53px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">Upon the effective date of the POR, ownership of existing shares of the Company’s common stock shall remain unaltered by the POR; however, existing shares will be subject to potential future cancellation (without receipt of any consideration) in the event that PharmAthene’s claim is satisfied through the issuance of newly issued shares of SIGA stock (option (ii) described below).</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 53px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">Once the Delaware Supreme Court enters final judgment on the December 23 ruling (which is expected to occur on or about March 22, 2016), the Company will have 120 days (subject to a possible 90 day extension) to select one of the following options to satisfy PharmAthene’s claim under the POR: (i) payment in full in cash of the Company’s obligation under the Delaware Court of Chancery Final Order and Judgment, which is estimated to be approximately $205 million as of December 31, 2015; (ii) delivery to PharmAthene of 100% of newly-issued stock of SIGA, with all existing shares of the Company’s common stock being cancelled with no distribution to existing stockholders on account thereof; or (iii) such other treatment as is mutually agreed upon by the Company and PharmAthene. </td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 80px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">*</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">The 120 day period can be extended for a maximum of 90 additional days in exchange for payment by the Company of $20 million to PharmAthene to be applied to payments to be made under option (i) set forth above (if selected), and otherwise nonrefundable.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 80px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">*</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">In addition, PharmAthene shall be paid $5 million on the effective date of the POR to be applied to payments to be made under option (i) set forth above (if selected), and otherwise nonrefundable.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 53px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">The POR requires the Company to comply with certain affirmative and negative covenants from the date the POR becomes effective until the covenants are terminated as provided under the POR, and if the Company breaches any covenant, PharmAthene is entitled to exercise certain remedies provided in the POR.</td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Pre-Petition Claims</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As a result of the chapter 11 filing, the payment of pre-petition liabilities is generally subject to compromise pursuant to a plan of reorganization. Generally, under the Bankruptcy Code, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Company authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. Among other things, the Bankruptcy Court authorized the Company to pay certain pre-petition claims relating to employees, critical vendors, a fully-secured pre-petition term loan, and services for which the Company receives reimbursement from the government.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On October 30, 2014, the Company filed its schedules of assets and liabilities and statement of financial affairs (the “Schedules”) with the Bankruptcy Court. The Bankruptcy Court entered an order setting March 30, 2015 as the deadline for filing proofs of claim (the “Bar Date”). The Bar Date is the date by which claims against the Company relating to the period prior to the commencement of the Company’s chapter 11 case must be filed if such claims are not listed in liquidated, non-contingent and undisputed amounts in the Schedules, or if the claimant disagrees with the amount, characterization or classification of its claim as reflected in the Schedules. Claims that are subject to the Bar Date and which are not filed on or prior to the Bar Date may be barred from participating in any distribution that may be made under a plan of reorganization in the Company’s chapter 11 case.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of February 15, 2016 approximately 126 proofs of claim were outstanding (including claims that were previously identified on the Schedules), a portion of which assert, in part or in whole, unliquidated claims. Prior to the Bar Date, PharmAthene asserted a claim in the amount of $194,649,042, which reflects pre-judgment interest up to January 15, 2015 on the Delaware Court of Chancery Final Order and Judgment. It is estimated that, as of December 31, 2015, the accrued obligation to PharmAthene under the Delaware Court of Chancery Final Order and Judgment, including post-judgment interest, is $205 million. Excluding the PharmAthene claim, all other liquidated proofs of claim amount to $3,037,125. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Separately, a contingent and unliquidated claim was filed by BARDA prior to the Bar Date in the amount of $109,339,609 in connection with amounts BARDA identified as subject to repayment in the event that the Company fails to perform under the terms of the BARDA Contract. As a result of the assumption of the BARDA Contract, as described above, BARDA withdrew the claim on August 4, 2015. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Certain proof of claims that have been filed relate to amounts which have been paid by the Company as of December 31, 2015.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company will ask the Bankruptcy Court to disallow claims that the Company believes are duplicative, have been later amended or superseded, are without merit, are overstated, have already been paid, or should be disallowed for other reasons. In addition, as a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to Liabilities Subject to Compromise. The resolution of such claims could result in material adjustments to the Company’s financial statements. The determination of how liabilities will ultimately be treated cannot be made until the Bankruptcy Court confirms a plan of reorganization and such plan becomes effective. Accordingly, the ultimate amount or treatment of such liabilities is not determinable at this time.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Financial Reporting in Reorganization</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company applied Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852, Reorganizations effective on September 16, 2014, which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of key financial statement line items. It requires that the financial statements for periods subsequent to the chapter 11 filing distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items in the consolidated statements of operations. The balance sheet must distinguish pre-petition Liabilities Subject to Compromise from both those pre-petition liabilities that are not subject to compromise and from post-petition liabilities. Liabilities that may be subject to a plan of reorganization must be reported at the amounts expected to be allowed in the Company’s chapter 11 case, even if they may be settled for lesser amounts as a result of the plan of reorganization or negotiations with creditors. In addition, cash used by reorganization items are disclosed separately in the consolidated statements of cash flow.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Other Matters Related to the Chapter 11 Case</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">By motion filed with the Bankruptcy Court on April 8, 2015 (the “UCC 2004 Motion”), the UCC sought authority to take discovery under Federal Rule of Bankruptcy Procedure 2004 (“Rule 2004”) with respect to certain discrete matters. Rule 2004 permits a creditors’ committee appointed in a chapter 11 case or other party in interest, subject to Bankruptcy Court approval, to conduct broad discovery relating to the acts, conduct, property and liabilities of a debtor or with respect to any matter that may affect the administration of the debtor’s bankruptcy case. The UCC 2004 Motion was filed for the purpose of determining whether the Company’s estate has claims against certain officers and directors in connection with the matters sought to be investigated pursuant to the UCC 2004 Motion.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Pursuant to an order of the Bankruptcy Court, dated June 16, 2015 (the “2004 Order”), the UCC 2004 Motion was granted, in part, with regard to certain discovery requests specifically listed in the UCC 2004 Motion.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">By a motion filed with the Bankruptcy Court on September 1, 2015, the UCC sought further discovery under Rule 2004 from PharmAthene and certain third parties with respect to one of the matters set forth in the UCC 2004 Motion. By order of the Bankruptcy Court dated October 2, 2015, the terms of which were agreed to by the Company and the UCC, the UCC was authorized to obtain certain additional discovery from PharmAthene related to the PharmAthene litigation.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of the date hereof, the Company, pursuant to the 2004 Order, has provided to the attorneys for the UCC the discovery already produced by the Company to PharmAthene in the PharmAthene litigation. No document requests or deposition subpoenas have been served by the UCC on the Company.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The POR provides that, subject to confirmation and upon the effective date of the POR, all claims sought to be investigated by the UCC in connection with the UCC 2004 Motion will be released.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">NASDAQ/OTC Markets</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On September 16, 2014, the Company received a letter from the NASDAQ Stock Market LLC asserting that, based on the Company’s chapter 11 filing, the Company no longer met the continuing listing requirements necessary to maintain its listing on the NASDAQ Stock Market and would be promptly delisted. On March 18, 2015, after the expiration of an extension of time granted pursuant to a Company appeal, the Company received a letter from the NASDAQ hearings panel stating that the Company’s securities would be delisted from the NASDAQ Stock Market. On March 20, 2015, the Company’s common shares were suspended from trading on the NASDAQ Global Market at the opening of business and the Company’s shares began trading on the OTC Markets under the “SIGAQ” symbol.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Basis of presentation</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and reflect the consolidated financial position, results of operations and cash flows for all periods presented.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Certain prior period amounts have been reclassified to the current period presentation, primarily related to human resources and recruiting activities from research and development to selling, general and administrative.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Going Concern</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s ability to continue as a going concern will be impacted by the Delaware Supreme Court Affirmation, as well as the resolution of the Company’s chapter 11 case. As of December 31, 2015, the accrued obligation under the Delaware Court of Chancery Final Order and Judgment, including post-judgment interest, is estimated to be $205 million (see above, for the Company’s “Plan of Reorganization” for additional information). In addition, as of December 31, 2015, the Company has a net capital deficiency of $284 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern. As such, the realization of assets and the satisfaction of liabilities are subject to uncertainties. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern. </p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Condensed Consolidated Financial Statements</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10-Q and should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2015, included in the 2015 Annual Report on Form 10-K. All terms used but not defined elsewhere herein have the meaning ascribed to them in the Company’s 2015 Annual Report on Form 10-K filed on March 4, 2016. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results of the interim periods presented have been included. The 2015 year-end condensed balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results expected for the full year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Our lead product is TPOXX™, also known as tecovirimat or ST-246.  In the Notes to the financial statements, our lead product is referred to as TPOXX™.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Background of Chapter 11 Case</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">On September 16, 2014 (the “Petition Date”), the Company filed a voluntary petition for relief under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) chapter 11 Case Number 14-12623 (SHL). The Company operated its business as a “debtor-in-possession” until its emergence from chapter 11 of the Bankruptcy Code.  The Company emerged from chapter 11 of the Bankruptcy Code on April 12, 2016. The Company did not apply the provision of fresh start accounting as ownership of existing shares of the Company's common stock remained unaltered by the Third Amended Chapter 11 Plan.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company commenced the chapter 11 case to preserve and to ensure its ability to satisfy its commitments under the BARDA Contract (as defined in Note 3 to the financial statements) and to preserve its operations, which likely would have been jeopardized by the enforcement of a judgment stemming from the litigation with PharmAthene, Inc. (<font style="font-size: 10pt; font-family: 'Times New Roman';">“</font>PharmAthene”) (see <font style="font-size: 10pt; font-family: 'Times New Roman';">“</font>PharmAthene Litigation” below). While operating as a debtor-in-possession under chapter 11, the Company pursued an appeal of the Delaware Court of Chancery Final Order and Judgment, without having to post a bond.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify; margin-right: 5pt;">Plan of Reorganization</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-right: 5pt;">On April 7, 2016, the Company filed its Third Amended Chapter 11 Plan (the "Plan"), which was supported by the official committee of unsecured creditors appointed in the Company's chapter 11 case (the "UCC"). The Plan, as more fully described below, addresses, among other things, how the Company will treat and satisfy its liabilities relating to the period prior to the commencement of its chapter 11 case, including all claims held by PharmAthene. On April 8, 2016, the Bankruptcy Court confirmed the Plan and on April 12, 2016, the Plan became effective (the "Effective Date of the Plan").</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-right: 5pt;">The Plan provides for, among other things:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Prepetition unsecured claims (other than PharmAthene’s claim) will be paid in cash in full. As of June 30, 2016, the Company has paid $785,000 of prepetition unsecured claims.  Remaining unpaid prepetition unsecured claims, other than those related to the PharmAthene claim, are $19,000 (no payments were made in July).</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of the Effective Date of the Plan, ownership of existing shares of the Company’s common stock remained unaltered by the Plan; however, existing shares are subject to potential future cancellation (without receipt of any consideration) in the event that PharmAthene’s claim is satisfied though the issuance of newly-issued shares of Company stock (option (ii) described in the bullet below).</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of the Effective Date of the Plan, the Company paid $5 million to PharmAthene, to be applied to payments to be made under option (i) set forth below, and otherwise nonrefundable.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company can treat PharmAthene’s claim under the Plan by one of three options: option (i) payment in full in cash of the Company’s obligation under the Delaware Court of Chancery Final Order and Judgment, which is estimated to be approximately $204 million as of June 30, 2016, by a date certain as specified in the Plan (currently October 19, 2016); or option (ii) delivery to PharmAthene of 100% of newly-issued stock of the Company, with all existing shares of the Company’s common stock being cancelled with no distribution to existing stockholders on account thereof; or option (iii) such other treatment as is mutually agreed upon by the Company and PharmAthene.  On July 8, 2016, pursuant to the Plan, the Company notified PharmAthene (the “Notification”) of its intention to satisfy PharmAthene’s claim by option (i), payment in full in cash.  As part of the Notification, the Company paid PharmAthene $20 million, which is to be applied to payments to be made under option (i) set forth above, and otherwise nonrefundable. As a consequence of the Notification and the payment of $20 million to PharmAthene, the Company has until October 19, 2016 (“Final Treatment Date”) to treat the PharmAthene Claim under the Plan.  Pursuant to the terms of the Plan, the Notification does not preclude treatment of the PharmAthene claim by option (ii) or option (iii) set forth above.  Additionally, on July 20, 2016, a joint motion was filed by the Company and PharmAthene with the Bankruptcy Court in which the Company and PharmAthene jointly propose to further extend the Final Treatment Date to November 30, 2016, provided that the Company makes a $100 million payment to PharmAthene by October 19, 2016.  The $100 million payment would be applied to payments to be made under option (i), and otherwise non-refundable.  A Bankruptcy Court hearing for this motion is scheduled for August 15, 2016.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-right: 5pt;">In addition, the Plan requires the Company to comply with certain affirmative and negative covenants from the Effective Date of the Plan until the covenants are terminated as provided under the Plan, and if the Company breaches any covenant, PharmAthene is entitled to exercise certain remedies provided in the Plan. In summary, the covenants:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">restrict, limit or prohibit a broad range of potential financial, investment, strategic, and operational transactions, and actions; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">restrict many types of liens, asset transfers, dividends or indebtedness (unless resulting in full  payment of the PharmAthene claim), limit expenditures (including SG&A and R&D expenses) and investments, require maintenance of insurance and intellectual property, restrict certain types of new contracts or changes/terminations to existing contracts, limit a range of employee-related transactions or actions, restrict certain types of tax changes, limit transactions with affiliates and require maintenance of the Company’s business, in particular with respect to its obligations under the BARDA Contract.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Company does not expect ordinary course activities to be materially impacted by the covenants contained in the Plan, and the Company does not expect the covenants to have a material impact on the ultimate treatment of the PharmAthene claim.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt; text-indent: -18pt;">The Plan further provides that an event of default with respect to a covenant contained in the Plan can occur if:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">the Company provides PharmAthene with notice that an event of default has occurred and is continuing; or</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">the Bankruptcy Court makes a determination that an event of default has occurred and is continuing.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">If an event of default occurs due to a breach of a covenant contained in the Plan, the remedies provided for in the Plan are:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">the Company would be required to deposit all cash on hand in excess of $50 million in a collateral account for the benefit of PharmAthene;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">liens on Company assets would be granted to unsecured creditors to secure any remaining payments to be made to creditors under the Plan;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">a monitor would be appointed by PharmAthene, and stationed at the Company, to approve any payments made by the Company; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">the Company’s Board of Directors would be reconstituted, with a majority of directors appointed by PharmAthene.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Liabilities Subject to Compromise</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Upon emergence from chapter 11 of the Bankruptcy Code, the Company substantially paid all of its Liabilities Subject to Compromise (prepetition liabilities), except for those liabilities related to the PharmAthene claim.  The PharmAthene claim has been reclassified from Liabilities Subject to Compromise (non-current liability) to PharmAthene liability (current liability).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The amounts recorded as Liabilities Subject to Compromise represented amounts expected to be allowed in the Company’s chapter 11 case, even if they may be settled for lesser amounts. Such liabilities were reported at the Company's current estimate, where an estimate was determinable, of the allowed claim amount, even though they may have been settled for lesser amounts.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of December 31, 2015 Liabilities Subject to Compromise consisted of the following:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accounts payable - pre-petition</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">834,219</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accrual- PharmAthene Litigation</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">205,400,068</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 88%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other accrued expenses - pre-petition</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">737,883</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 88%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Total</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">206,972,170</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(1) Includes a $3.2 million accrual at December 31, 2015 for reimbursement of PharmAthene attorney's fees and expert fees, against which there is a $2.7 million surety bond that has cash collaterization of $1.3 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">PharmAthene Litigation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On August 8, 2014, the Delaware Court of Chancery issued its Remand Opinion and related order in the litigation initiated against the Company in 2006 by PharmAthene. In the Remand Opinion, the Court of Chancery determined, among other things, that PharmAthene is entitled to a lump sum damages award for its lost profits related to TPOXX™, with interest and fees, based on United States government purchases of the Company's smallpox drug allegedly anticipated as of December 2006. On January 15, 2015, the Delaware Court of Chancery entered its Final Order and Judgment awarding PharmAthene approximately $195 million, including pre-judgment interest up to January 15, 2015 (the “Outstanding Judgment”).  On January 16, 2015, the Company filed a notice of appeal of the Outstanding Judgment with the Delaware Supreme Court.  On October 7, 2015, the Delaware Supreme Court heard oral argument, en banc. On December 23, 2015 the Delaware Supreme Court affirmed the Outstanding Judgment (the “Delaware Supreme Court Affirmation”). As of June 30, 2016, the accrued obligation under the Delaware Court of Chancery Final Order and Judgment, including post-judgment and Plan-specified interest, is estimated to be approximately $204 million.  The Outstanding Judgment award will be satisfied in accordance with the Plan as described above.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Going Concern</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s ability to continue as a going concern is impacted by the Delaware Supreme Court Affirmation, as well as by the uncertainty attendant to the exact manner in which PharmAthene's claim will be treated under the Plan.  As of June 30, 2016, the accrued obligation under the Delaware Court of Chancery Final Order and Judgment, including post-judgment and Plan-specified interest, is estimated to be approximately $204 million. In addition, as of June 30, 2016, the Company has a net capital deficiency of $304 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern. As such, the realization of assets and the satisfaction of liabilities are subject to uncertainties. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Other Matters</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On the Effective Date of the Plan in accordance with the Plan, the Company filed an amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”). The Amended and Restated Certificate of Incorporation contains certain amendments to the Company’s certificate of incorporation, including an increase in the number of shares of common stock the Company has authority to issue.  Under the Amended and Restated Certificate of Incorporation, the Company has authority to issue up to 600,000,000 shares of common stock.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On September 16, 2014, the Company received a letter from the NASDAQ Stock Market LLC asserting that, based on the Company’s chapter 11 filing, the Company no longer met the continuing listing requirements necessary to maintain its listing on the NASDAQ Stock Market and would be promptly delisted. On March 18, 2015, after the expiration of an extension of time granted pursuant to a Company appeal, the Company received a letter from the NASDAQ hearings panel stating that the Company's securities would be delisted from the NASDAQ Stock Market.  On March 20, 2015, the Company's common shares were suspended from trading on the NASDAQ Global Market at the opening of business and the Company's shares began trading on the OTC Markets under the "SIGAQ" symbol.  Following the Effective Date of the Plan, on April 18, 2016, the trading of the Company's shares on the OTC Markets moved from the "SIGAQ" symbol to the "SIGA" symbol.</div></div>
1989520
641564
1989520
290104
332218
405325
10052
0
10052
48774
31175
749858
873019
1982223
1262720
13
178952
415940
-4
415927
-178948
0
-4000000
0
-4000000
4000000
0
0
10998
28046
108953
857341
10000000
623983
2124292
898705
751370
751370
0
0
7000000
569607
0
0
569607
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; text-indent: 26px;">Property, plant and equipment consisted of the following at December 31, 2015 and 2014:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Leasehold improvements</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,542,044</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,170,598</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Computer equipment</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">754,502</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">669,782</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Furniture and fixtures</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">452,696</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">488,807</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,749,242</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,329,187</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Less - accumulated depreciation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(3,299,417</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(3,497,251</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Property, plant and equipment, net</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">449,825</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">831,936</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Property, plant and equipment consisted of the following at June 30, 2016 and December 31, 2015: </div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Leasehold improvements</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,542,043</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,542,044</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Computer equipment</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">762,977</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">754,502</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Furniture and fixtures</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">455,220</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">452,696</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,760,240</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,749,242</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Less - accumulated depreciation</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,387,461</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,299,417</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Property, plant and equipment, net</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">372,779</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">449,825</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Property, Plant and Equipment</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line method over the estimated useful lives of the various asset classes. The estimated useful lives are as follows: 5 years for laboratory equipment; 3 years for computer equipment; and 7 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the lease term. Maintenance, repairs and minor replacements are charged to expense as incurred.</p></div>
P3Y
P7Y
P5Y
449825
372779
831936
3760240
3749242
4329187
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>10.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Property, Plant and Equipment</b></td></tr></table><p class="para" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; text-indent: 26px;">Property, plant and equipment consisted of the following at December 31, 2015 and 2014:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Leasehold improvements</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,542,044</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,170,598</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Computer equipment</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">754,502</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">669,782</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Furniture and fixtures</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">452,696</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">488,807</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,749,242</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,329,187</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Less - accumulated depreciation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(3,299,417</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(3,497,251</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Property, plant and equipment, net</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">449,825</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">831,936</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Depreciation and amortization expense on property, plant, and equipment was $247,357, $351,561, and $463,137 for the years ended December 31, 2015, 2014, and 2013, respectively.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Pursuant to an order by the Bankruptcy Court in April 2015, the Company assumed its existing lease with Research Way Investments, as amended by the Tenth Addendum to Commercial Lease, for the Company’s research and development facility located in Corvallis, Oregon. In connection with the Tenth Addendum to the commercial Lease, the Company relinquished the second floor space at its research and development facility. With the space relinquishment, the Company wrote-off the related leasehold improvements and recognized a loss of $243,707.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">During 2014, certain laboratory equipment with a net book value of $223,949 was sold for gross proceeds of $569,607, which resulted in a gain of $345,658.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">9.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Property, Plant and Equipment</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Property, plant and equipment consisted of the following at June 30, 2016 and December 31, 2015: </div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Leasehold improvements</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,542,043</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,542,044</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Computer equipment</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">762,977</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">754,502</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Furniture and fixtures</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">455,220</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">452,696</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,760,240</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,749,242</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Less - accumulated depreciation</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,387,461</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,299,417</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Property, plant and equipment, net</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">372,779</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">449,825</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Depreciation and amortization expense on property, plant, and equipment was $43,592 and $68,076 for the three months ended June 30, 2016 and 2015, respectively, and was $88,044 and $146,854 for the six months ended June 30, 2016 and 2015, respectively.</div></div>
223949
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>14.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Financial Information By Quarter (Unaudited)</b></td></tr></table><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">Three Months Ended</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; padding-right: 6px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 0px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">March 31</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">June 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">September 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">December 31</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 0px; margin-top: 0px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="font-weight: bold; padding-left: 5px; padding-right: 0px;">(in thousands, except for per share data)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Revenues</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,192</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,467</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,327</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,189</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Selling, general and administrative</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,605</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,321</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,568</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Research and development</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,811</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,959</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,427</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,933</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Patent preparation fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">333</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">235</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">194</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">246</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Litigation accrual expense</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">14</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">14,394</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Operating loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,040</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4,333</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(3,628</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(17,952</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Net loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(7,153</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(6,573</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,631</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(20,094</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Earnings (loss) per share: basic and diluted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.13</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.12</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.10</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.38</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr></table><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">Three Months Ended</div></td></tr><tr><td style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: text-bottom; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; padding-right: 6px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 0px; padding-right: 5px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">March 31</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">June 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">September 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">December 31</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 0px; margin-top: 0px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="font-weight: bold; padding-left: 5px; padding-right: 0px;">(in thousands, except for per share data)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Revenues</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">549</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">651</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,099</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">840</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Selling, general and administrative</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,039</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,748</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,314</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,423</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Research and development</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,813</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,372</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,742</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,903</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Patent preparation fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">286</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">226</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">306</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">170</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Litigation accrual expense</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">49</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">175,466</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">12,899</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Operating loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,638</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4,747</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(181,728</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(17,554</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Net loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(3,382</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(2,948</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(240,077</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(19,056</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Earnings (loss) per share: basic and diluted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.06</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.06</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4.49</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.36</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">7. Related Party Transactions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In October 2012, the Company funded a letter of credit and deposit to take advantage of a lease for office space secured by an affiliate of M&F from a third party landlord on behalf of the Company. Pursuant to such letter of credit, in January 2013 the Company entered into a sublease in which the Company will pay all costs associated with the lease, including rent. All payments made by the Company pursuant to the sublease will either be directly or indirectly made to the third-party landlord and not retained by M&F or any affiliate. The sublease allowed for a free rent period of five months beginning April 1, 2013; subsequent to the free rent period, monthly rent payments are $60,000 for the first five years and $63,000 for the next two years. Upon expiration on September 1, 2020, the sublease and lease provides for two consecutive five year renewal options.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company had a Services Agreement with M&F and a warrant agreement with M&F.  Refer to Note 4 to the financial statements for additional information.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">A member of the Company’s Board of Directors is a member of the Company’s outside counsel. During the three months ended June 30, 2016, and 2015, the Company incurred costs of $249,000, and $170,000, respectively, related to services provided by the outside counsel. During the six months ended June 30, 2016 and 2015, the Company incurred costs of $561,000 and $373,000, respectively. On June 30, 2016, the Company’s outstanding payables included $345,000 payable to the outside counsel.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>8.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Related Party Transactions</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In October 2012, the Company funded a letter of credit and deposit to take advantage of a lease for office space secured by an affiliate of M&F from a third party landlord on behalf of the Company. Pursuant to such letter of credit, in January 2013 the Company entered into a sublease in which the Company will pay all costs associated with the lease, including rent. All payments made by the Company pursuant to the sublease will either be directly or indirectly made to the third-party landlord and not retained by M&F or any affiliate. The new sublease replaced a prior Office Services Agreement, and occupancy commenced on April 1, 2013. The sublease allowed for a free rent period of five months beginning April 1, 2013; subsequent to the free rent period, monthly rent payments are $60,000 for the first five years and $63,000 for the next two years. Upon expiration on September 1, 2020, the sublease and lease provides for two consecutive five year renewal options.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company has a Services Agreement with M&F and a warrant agreement with M&F (see Note 5).</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">A member of the Company’s Board of Directors is a member of the Company’s outside counsel. During the years ended December 31, 2015, 2014 and 2013, the Company incurred costs of $602,000, $822,000 and $1.8 million, respectively, related to services provided by the outside counsel. On December 31, 2015, the Company’s outstanding payables included $190,211 payable to the outside counsel.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">An affiliate of M&F provided the Company with research services for a pre-clinical drug candidate. During 2015, the Company incurred costs of $26,000 related to services provided by the affiliate of M&F. </p></div>
327729
3716902
3931806
2149981
0
2126536
7811551
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>4.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Liabilities Subject to Compromise</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed in the Company’s chapter 11 case, even if they may be settled for lesser amounts. The amounts classified as Liabilities Subject to Compromise as of December 31, 2015 may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, if any, the value of any collateral securing such claims, or other events. The Company cannot reasonably estimate the value of the claims that ultimately will be allowed in its chapter 11 case until the Company completes its evaluation, investigation and reconciliation of all filed claims has been completed. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The amount of Liabilities Subject to Compromise represents the Company’s estimate, where an estimate is determinable, of known or potential pre-petition claims to be addressed in connection with its chapter 11 case. Such liabilities are reported at the Company’s current estimate, where an estimate is determinable, of the allowed claim amount, even though they may be settled for lesser amounts. These claims remain subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, if any, the value of any collateral securing such claims, or other events.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, Liabilities Subject to Compromise consisted of the following: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">December 31, 2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">December 31, 2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Deferred revenue</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">203,696,194</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Accounts payable - pre-petition</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">834,219</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,502,607</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Accrual - PharmAthene Litigation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">205,400,068</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">191,046,416 </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"><sup>(1)</sup></div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Other accrued expenses - pre-petition</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">737,883</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">794,750</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">206,972,170</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">399,039,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><div class="foots" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; margin-right: 0px; text-indent: 0px;"><div class="hr-partial" style="margin-bottom: 1px; height: 1px; border-bottom: #000000 0.5pt solid; margin-left: 0px; margin-top: 12px; width: 15%;"></div></div><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">(1)</td><td class="group-item" style="font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">Includes a $3.2 million accrual at December 31, 2015 and 2014, respectively for reimbursement of PharmAthene attorney’s fees and expert fees, against which there is a $2.7 million surety bond that has cash collaterization of $1.3 million.</td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Reorganization Items, net:</p><p class="h3" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; font-weight: normal; color: #000000; font-style: normal; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, reorganization items consisted of the following:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">December 31, 2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">December 31, 2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Legal fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">5,719,052</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,806,701</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Professional fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,027,827</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">225,360</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Trustee fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">59,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">17,875</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">5,672</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">76,600</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">7,811,551</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2,126,536</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The cash payments for the reorganization items for the years-ended December 31, 2015 and 2014 were $6.7 million and $1.5 million, respectively.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2. Reorganization Items, net:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Reorganization items reflect expenses in connection with the chapter 11 case. For the three and six months ended June 30, 2016 and 2015, reorganization items consisted of expenses through the Effective Date of the Plan:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; width: 204px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Three months ended</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Six Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 12px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 91px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Legal fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">273,436</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,628,603</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,951,381</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,830,395</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Professional fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">34,293</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">505,243</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,732,521</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,069,739</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Trustee fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">20,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">13,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">33,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">26,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 52%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.28%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9.25%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9.35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,135</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5,672</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Totals</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">327,729</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,149,981</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,716,902</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,931,806</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Subsequent to the Effective Date of the Plan, expenses directly attributable to the implementation of the Plan are reported in selling, general and administrative.  During the three and six months ended June 30, 2016, through the Effective Date of the Plan, the Company paid approximately $809,000  and $2.3 million, respectively, for reorganization items.</div></div>
2000000
0
8000000
2000000
2000001
2948391
5766492
2959070
5484403
13785083
10707354
13130529
4933000
2427000
2372000
2742000
2813000
2903000
2807422
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Research and Development</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Research and development expenses include costs directly and indirectly attributable to the conduct of research and development programs, and performance of the BARDA Contract, including employee related costs, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors, including services related to the Company’s clinical trials and facility costs, such as rent, utilities, and general support services. All costs associated with research and development are expensed as incurred. Costs related to the acquisition of technology rights, for which development work is still in process, and that have no alternative future uses, are expensed as incurred.</p></div>
0
4000000
0
512944
0
-481456750
-461442332
-421991008
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Revenue Recognition</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, collectability is reasonably assured, title and risk of loss have been transferred to the customer and there are no further contractual obligations.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Certain arrangements may provide for multiple deliverables, in which there may be a combination of: up-front licenses; research, development, regulatory or other services; and delivery of product. Multiple deliverable arrangements can be divided into separate units of accounting if the deliverables in the arrangement meet the following criteria: (i) the delivered item(s) have value to the customer on a standalone basis and (ii) in circumstances in which an arrangement includes a general right of return with respect to delivered items, then performance of the remaining deliverables must be considered probable and substantially in control of the Company. If multiple deliverables cannot be divided into separate units of accounting then the deliverables must be combined into a single unit of accounting.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Total consideration in a multiple deliverable arrangement is allocated to units of accounting on a relative fair value of selling price basis. Consideration allocated to a delivered item or unit of accounting is limited to the amount that is not contingent upon delivery of additional items.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Direct costs incurred by the Company and associated with the deferral of revenue for a unit of accounting will also be deferred and will be recognized as expenses over the same period that the related deferred revenue is recognized as revenue.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Subject to the above, payments for development activities are recognized as revenue when earned, over the period of effort. Funding for the acquisition of capital assets under cost-plus-fee contracts or grants is evaluated for appropriate recognition as a reduction to the cost of the asset, a financing arrangement, or revenue based on the specific terms of the related grant or contract.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015, 2014, and 2013, revenues from NIH and BARDA were 100% of total revenues recognized by the Company.</p></div>
3.53
P3Y0M11D
P3Y1M2D
0
100000
600000
0
P3Y0M14D
P7Y
P3Y1M17D
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company incurred losses for the years ended December 31, 2015, 2014 and 2013. For all periods presented, all equity instruments are excluded from the calculation of diluted earnings (loss) per share as the effect of such shares is anti-dilutive. The weighted average number of equity instruments excluded consist of:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="9" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">Year Ended December 31,</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock Options</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,047,083</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,179,643</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,725,632</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock-Settled Stock Appreciation Rights</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">368,331</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">388,325</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">439,056</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Restricted Stock Units</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">700,265</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,206,534</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">981,645</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Warrants</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">82,192</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">772,903</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,802,820</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company incurred losses for the three and six months ended June 30, 2016 and 2015 and as a result, equity instruments are excluded from the calculation of diluted loss per share as the effect of such shares is anti-dilutive. The weighted average number of equity instruments excluded consist of:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; border-collapse: collapse; width: 100%;"><tr><td style="vertical-align: bottom; width: 37.89%;"> </td><td colspan="5" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 29.3%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Three months ended June 30,</div></td><td colspan="2" style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="5" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 29.3%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Six months ended June 30,</div></td></tr><tr><td style="vertical-align: bottom; width: 37.89%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td colspan="2" style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td style="vertical-align: bottom; width: 3.52%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 12.89%;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Stock Options</div></td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,764,374</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">2,094,125</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,825,181</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="border-top: #000000 2px solid; vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">2,102,798</div></td><td style="border-top: #000000 2px solid; vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Stock-Settled Stock Appreciation Rights</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">360,031</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">370,094</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">360,173</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">371,018</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Restricted Stock Units</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">587,115</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">(1)</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,061,347</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 2.76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">(2</div></td><td style="vertical-align: bottom; width: 0.75%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">)</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">611,895</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #cceeff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">1,130,673</div></td><td style="vertical-align: top; width: 0.75%; background-color: #cceeff;"> </td></tr><tr><td style="vertical-align: bottom; width: 37.89%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Warrants</div></td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">—</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">82,418</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td colspan="2" style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">—</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 3.52%; background-color: #ffffff;"> </td><td style="vertical-align: bottom; width: 12.14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: right;">165,746</div></td><td style="vertical-align: top; width: 0.75%; background-color: #ffffff;"> </td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The appreciation of each stock-settled stock appreciation right was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflects the weighted average maximum number of shares that could be issued.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(1) Includes 313,337 restricted stock units that have vested but have not converted into common stock.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(2) Included 240,000 restricted stock units that vested but had not converted into common stock.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">A summary of the Company’s stock option activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b>Number of<br /></b><b>Options</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Exercise<br /></b><b>Price</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Remaining Life<br /></b><b>(in years)</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 0px;"><b style="font-size: 13px;">Aggregate<br /></b><b style="font-size: 13px;">Intrinsic<br /></b><font style="font-size: 13px;"><b>Value<br /></b><b>(in thousands)</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,115,566</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4.90</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercised</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1.22</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(180,599</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">9.28</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,924,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.03</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Vested and expected to vest at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,914,633</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.04</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercisable at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,724,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4.71</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.13</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">At December 31, 2015, 2014 and 2013 the Company’s provision (benefit) for income taxes is comprised of the following:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Current:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Federal</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">439,934</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,428</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,608,033</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">State and local</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">946</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(30,375</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">373,455</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total current provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">440,880</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(40,803</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,981,488</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Deferred:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Federal</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">19,006</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">53,198,632</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(10,072,499</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">State and local</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">2,097</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">370,439</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">472,572</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total deferred provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">21,103</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">53,569,071</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(9,599,927</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 62%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total provision (benefit)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">461,983</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">53,528,268</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(7,618,439</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company’s effective tax rate differs from the U.S. Federal Statutory income tax rate of 35% as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 10px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 10px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 10px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Statutory federal income tax rate</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(35.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">State tax benefit</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.2</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.9</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Gain (loss) from fair value of common warrants</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.1</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Share-based compensation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Reorganization costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">7.0</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1.4</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">0.3</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">%</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Valuation allowance on deferred tax assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">27.8</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">59.7</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">0.6</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">%</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 10px;">Effective tax rate</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1.2</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">25.3</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">%</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(30.7</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">At December 31, 2015 and 2014, the Company’s deferred tax assets and liabilities are comprised of the following: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 2px; padding-right: 2px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 2px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Net operating losses</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">22,701,028</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">30,402,940</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred research and development costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,130,413</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,606,547</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Amortization of intangible assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">887,906</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,106,235</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Share-based compensation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,947,019</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,389,811</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Fixed assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">662,011</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">639,576</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred revenue</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">59,892,477</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">37,910,548</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Alternative minimum tax credits</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,034,283</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,578,816</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Loss contingency</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">73,421,980</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">67,833,412</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">777,804</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">162,677,117</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">144,245,689</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Less: valuation allowance</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(143,522,669</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(132,578,026</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax assets, net of valuation allowance</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">19,154,448</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">11,667,663</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax liabilities:</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Amortization of goodwill</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(267,598</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(244,540</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Capitalized contract costs</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(18,922,571</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(11,667,663</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(229,922</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 26px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 2px;">Deferred income tax liability, net</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(265,643</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">(244,540</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Future minimum cash rental commitments under non-cancelable operating leases as of December 31, 2015 are expected to be in the future as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2016</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,232,952</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2017</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,237,385</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2018</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">734,360</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2019</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">761,064</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">2020</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">507,376</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 82%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 13px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 15%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">4,473,137</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">Three Months Ended</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; padding-right: 6px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 0px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">March 31</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">June 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">September 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">December 31</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 0px; margin-top: 0px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="font-weight: bold; padding-left: 5px; padding-right: 0px;">(in thousands, except for per share data)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Revenues</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,192</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,467</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,327</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,189</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Selling, general and administrative</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,605</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,321</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,568</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Research and development</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,811</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,959</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,427</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,933</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Patent preparation fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">333</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">235</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">194</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">246</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Litigation accrual expense</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">14</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">14,394</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Operating loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,040</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4,333</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(3,628</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(17,952</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Net loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(7,153</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(6,573</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,631</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(20,094</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Earnings (loss) per share: basic and diluted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.13</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.12</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.10</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.38</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr></table><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">Three Months Ended</div></td></tr><tr><td style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: text-bottom; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; padding-right: 6px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 0px; padding-right: 5px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">March 31</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">June 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">September 30</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: #000000 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">December 31</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="12" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 0px; margin-top: 0px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="font-weight: bold; padding-left: 5px; padding-right: 0px;">(in thousands, except for per share data)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Revenues</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">549</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">651</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,099</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">840</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Selling, general and administrative</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,039</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,748</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">4,314</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,423</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Research and development</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,813</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,372</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,742</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,903</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Patent preparation fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">286</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">226</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">306</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">170</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Litigation accrual expense</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">49</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">51</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">175,466</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">12,899</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Operating loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(5,638</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4,747</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(181,728</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(17,554</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Net loss</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(3,382</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(2,948</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(240,077</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(19,056</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Earnings (loss) per share: basic and diluted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.06</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.06</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(4.49</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(0.36</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">RSUs awarded to employees vest in equal annual installments over a three-year period and RSUs awarded to directors of the Company vest over a one-year period. A summary of the Company’s RSU activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 8px; padding-right: 8px;"><b>Number of<br /></b><b>RSUs</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 8px; padding-right: 0px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Grant-Date<br /></b><b>Fair Value</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,161,672</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.07</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">120,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.00</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Vested</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">(600,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2.98</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(20,001</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.17</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 8px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">661,671</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2.96</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">A summary of the Company’s SSAR activity is as follows:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b>Number of<br /></b><b>SSARs</b></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Exercise<br /></b><b>Price</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 4px;"><b style="font-size: 13px;">Weighted<br /></b><b style="font-size: 13px;">Average<br /></b><font style="font-size: 13px;"><b>Remaining Life<br /></b><b>(in years)</b></font></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 10px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 13%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; padding-left: 4px; padding-right: 0px;"><b style="font-size: 13px;">Aggregate<br /></b><b style="font-size: 13px;">Intrinsic<br /></b><font style="font-size: 13px;"><b>Value<br /></b><b>(in thousands)</b></font></div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at January 1, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,226,524</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Granted</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercised</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 13px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Canceled/Expired</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">(17,250</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;">)</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Outstanding at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Vested and expected to vest at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 51%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Exercisable at December 31, 2015</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">1,209,274</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 7%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.53</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3.09</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 10%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Inventory consisted of the following at December 31, 2015 and 2014: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 5px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 5px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Work in-process</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">12,447,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">16,688,682</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Finished goods</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">2,355,795</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 5px;">Inventory</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">12,447,088</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">19,044,477</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Inventory consisted of the following at June 30, 2016, and December 31, 2015:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Finished goods</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">6,268,570</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Work in-process</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">22,663,323</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,447,088</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Inventory</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">28,931,893</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">12,447,088</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Segment Information</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company is managed and operated as one business. The entire business is managed by a single management team that reports to the chief executive officer. The Company does not operate separate lines of business or separate business entities with respect to any of its product candidates. Accordingly, the Company does not prepare discrete financial information with respect to separate product areas or by location and only has one reportable segment.</p></div>
5670272
6394940
3738709
2592285
12646653
10582068
13119029
2568000
2748000
4314000
2321000
2423000
3039000
3077987
P3Y
P1Y
P3Y
1446802
0
120000
0.68
2.98
3.23
2.00
1209274
1226524
661671
1161672
1.22
368436
873023
2263506
1574038
2435462
2.96
3.07
0
3.17
17250
20001
0
4.71
2.98
1724967
9.28
600000
0
267000
317000
2000000
4500000
180599
0
959000
5900
19000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Share-based Compensation</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Stock-based compensation expense for all share-based payment awards made to employees and directors is determined on the grant date; for options awards, fair value is estimated using the Black-Scholes model and for stock appreciation rights (“SARs”), fair value is estimated using the Monte Carlo method. The value of the portion of the award that is ultimately expected to vest is recorded as expense over the requisite service periods in the Company’s consolidated statement of operations.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">These compensation costs are recognized net of an estimated forfeiture rate over the requisite service periods of the awards. Forfeitures are estimated on the date of the respective grant and revised if actual or expected forfeiture activity differs from original estimates.</p></div>
0
0
2115566
1924967
4.90
4.51
1914633
1209274
2.34
4.51
-41824
125875
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>2.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Summary of Significant Accounting Policies</b></td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Use of Estimates</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The consolidated financial statements and related disclosures are prepared in conformity with accounting principles generally accepted in the United States of America. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. The most significant estimates include the variables used in the calculation of fair value of stock-based awards including options and warrants granted or issued by the Company; reported amounts of revenue; calculation of contingencies including estimating litigation accrual; and the realization of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Actual results could differ from these estimates.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Cash Equivalents</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Concentration of Credit Risk</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company has cash in bank accounts that exceed the Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses on its cash accounts and no allowance has been provided for potential credit losses because management believes that any such losses would be minimal, if any.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As part of its chapter 11 case, on January 29, 2015, the Company established debtor-in-possession bank accounts “DIP Accounts” in accordance with the provisions of the Bankruptcy Code and transferred substantially all its cash into the DIP Accounts in February 2015.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Accounts Receivable</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Accounts receivable are recorded net of provisions for doubtful accounts. At December 31, 2015 and 2014, 100% of accounts receivables represented receivables from National Institutes of Health (“NIH”) and Biomedical Advanced Research and Development Authority (“BARDA”). An allowance for doubtful accounts is based on specific analysis of the receivables. At December 31, 2015 and 2014, the Company had no allowance for doubtful accounts.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Inventory</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Inventories are stated at the lower of cost or estimated realizable value. The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to write down such unmarketable inventory to its estimated realizable value.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Property, Plant and Equipment</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line method over the estimated useful lives of the various asset classes. The estimated useful lives are as follows: 5 years for laboratory equipment; 3 years for computer equipment; and 7 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the lease term. Maintenance, repairs and minor replacements are charged to expense as incurred.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Liabilities Subject to Compromise</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Liabilities subject to compromise is the Company’s estimate of known or potential pre-petition claims to be resolved in connection with its chapter 11 case. Such claims remain subject to future adjustments. Payment terms for liabilities subject to compromise are established as part of the Plan or Reorganization filed on December 15, 2015, as amended.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Revenue Recognition</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, collectability is reasonably assured, title and risk of loss have been transferred to the customer and there are no further contractual obligations.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Certain arrangements may provide for multiple deliverables, in which there may be a combination of: up-front licenses; research, development, regulatory or other services; and delivery of product. Multiple deliverable arrangements can be divided into separate units of accounting if the deliverables in the arrangement meet the following criteria: (i) the delivered item(s) have value to the customer on a standalone basis and (ii) in circumstances in which an arrangement includes a general right of return with respect to delivered items, then performance of the remaining deliverables must be considered probable and substantially in control of the Company. If multiple deliverables cannot be divided into separate units of accounting then the deliverables must be combined into a single unit of accounting.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Total consideration in a multiple deliverable arrangement is allocated to units of accounting on a relative fair value of selling price basis. Consideration allocated to a delivered item or unit of accounting is limited to the amount that is not contingent upon delivery of additional items.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Direct costs incurred by the Company and associated with the deferral of revenue for a unit of accounting will also be deferred and will be recognized as expenses over the same period that the related deferred revenue is recognized as revenue.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Subject to the above, payments for development activities are recognized as revenue when earned, over the period of effort. Funding for the acquisition of capital assets under cost-plus-fee contracts or grants is evaluated for appropriate recognition as a reduction to the cost of the asset, a financing arrangement, or revenue based on the specific terms of the related grant or contract.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015, 2014, and 2013, revenues from NIH and BARDA were 100% of total revenues recognized by the Company.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Research and Development</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Research and development expenses include costs directly and indirectly attributable to the conduct of research and development programs, and performance of the BARDA Contract, including employee related costs, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors, including services related to the Company’s clinical trials and facility costs, such as rent, utilities, and general support services. All costs associated with research and development are expensed as incurred. Costs related to the acquisition of technology rights, for which development work is still in process, and that have no alternative future uses, are expensed as incurred.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Reorganization Items</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Costs directly attributable to the chapter 11 case and the implementation of the plan of reorganization are expensed as incurred as reorganization items.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Goodwill</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company evaluates goodwill for impairment at least annually or as circumstances warrant. The impairment review process compares the fair value of the reporting unit in which goodwill resides to its carrying value. The Company operates as one business and one reporting unit. Therefore, the goodwill impairment analysis is performed on the basis of the Company as a whole, using the market capitalization of the Company as an estimate of its fair value.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Share-based Compensation</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Stock-based compensation expense for all share-based payment awards made to employees and directors is determined on the grant date; for options awards, fair value is estimated using the Black-Scholes model and for stock appreciation rights (“SARs”), fair value is estimated using the Monte Carlo method. The value of the portion of the award that is ultimately expected to vest is recorded as expense over the requisite service periods in the Company’s consolidated statement of operations.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">These compensation costs are recognized net of an estimated forfeiture rate over the requisite service periods of the awards. Forfeitures are estimated on the date of the respective grant and revised if actual or expected forfeiture activity differs from original estimates.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Income Taxes</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company recognizes income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities at enacted tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is established if it is more likely than not that some or the entire deferred tax asset will not be realized. The recognition of a valuation allowance for deferred taxes requires management to make estimates and judgments about the Company’s future profitability which are inherently uncertain.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Net Loss per Share</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The objective of basic earnings per share (“EPS”) is to measure the performance of an entity over the reporting period by dividing income (loss) by the weighted average shares outstanding. The objective of diluted EPS is consistent with that of basic EPS, except that it also gives effect to all potentially dilutive common shares outstanding during the period.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company incurred losses for the years ended December 31, 2015, 2014 and 2013. For all periods presented, all equity instruments are excluded from the calculation of diluted earnings (loss) per share as the effect of such shares is anti-dilutive. The weighted average number of equity instruments excluded consist of:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="9" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">Year Ended December 31,</div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">2014</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">2013</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock Options</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,047,083</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,179,643</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,725,632</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Stock-Settled Stock Appreciation Rights</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">368,331</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">388,325</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">439,056</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Restricted Stock Units</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">700,265</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,206,534</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">981,645</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Warrants</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">82,192</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">772,903</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 8%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,802,820</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As discussed in Note 6, the appreciation of each SSAR was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflects the weighted average maximum number of shares that could be issued.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Fair Value of Financial Instruments</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The carrying value of cash and cash equivalents, accounts payable and accrued expenses approximates fair value due to the relatively short maturity of these instruments. Common stock warrants which are classified as liabilities are recorded at their fair market value as of each reporting period.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The measurement of fair value requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The inputs create the following fair value hierarchy:</p><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;">Level 1 – Quoted prices for identical instruments in active markets.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify;">Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations where inputs are observable or where significant value drivers are observable.</td></tr></table><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 26px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;">•</td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;">Level 3 – Instruments where significant value drivers are unobservable to third parties.</td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company uses model-derived valuations where inputs are observable in active markets to determine the fair value of certain common stock warrants on a recurring basis and classify such liability classified warrants in Level 2. The Company utilizes the Black-Scholes model consisting of the following variables: (i) the closing price of SIGA’s common stock; (ii) the expected remaining life of the liability classified warrant; (iii) the expected volatility using a weighted-average of historical volatilities from a combination of SIGA and comparable companies; and (iv) the risk-free market rate.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2014, the Company had $2.0 million outstanding, from a loan entered into on December 31, 2012 (see Note 7). The fair value of the loan, which is measured using Level 2 inputs, approximated book value at December 31, 2014.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the years ended December 31, 2015 and 2014, SIGA did not hold any Level 3 securities.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">There were no transfers between levels of the fair value hierarchy during 2015.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Legal Contingencies</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company is subject to certain contingencies arising in the ordinary course of business. The Company has been involved in litigation with PharmAthene, Inc. (see Note 13 ). The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. We record anticipated recoveries under existing insurance contracts when recovery is assured.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Segment Information</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company is managed and operated as one business. The entire business is managed by a single management team that reports to the chief executive officer. The Company does not operate separate lines of business or separate business entities with respect to any of its product candidates. Accordingly, the Company does not prepare discrete financial information with respect to separate product areas or by location and only has one reportable segment.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Recent Accounting Pronouncements</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On November 20, 2015, the FASB issued Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes. Current GAAP requires the deferred taxes to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. Any valuation allowance is then required to be allocated on a pro rata basis, by jurisdiction, between current and noncurrent deferred tax assets. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction – that is, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The new guidance will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years (i.e., in the first quarter of 2017 for calendar year-end companies). Early adoption is permitted, including for December 31, 2015. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. The Company early adopted this guidance retrospectively as of December 31, 2015. The impact of adoption of the guidance on the Company’s consolidated financial statements as of December 31, 2014 was a $5.7 million reclassification of current deferred tax assets to noncurrent deferred tax liabilities.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In July 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-11, <i>Simplifying the </i><i>Measurement of Inventory</i>, which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method (RIM) are not impacted by the new guidance. The ASU only addresses the measurement of the inventory if its value declines or is impaired. Prior to the issuance of the standard, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This necessitated obtaining three data points to determine market value. Replacing the concept of market with the single measurement of net realizable value is intended to create efficiencies. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective prospectively for annual periods beginning after December 15, 2016. Adoption of the ASU by the Company will not have an impact on its consolidated financial statements.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In August 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-15, <i>Presentation of </i><i>Financial Statements - Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to </i><i>Continue as a Going Concern</i>. This ASU requires management to assess whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. This ASU states that, when making this assessment, management should consider relevant conditions or events that are known or reasonably knowable on the date the financial statements are issued or available to be issued. This ASU is effective for annual periods ending after December 15, 2017 and interim periods thereafter, and early adoption is permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">In May 2014, the FASB issued ASU No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>. ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, <i>Revenue Recognition</i>, and most industry-specific revenue recognition guidance throughout the Industry Topics of the Accounting Standards Codification. Additionally, this update supersedes some cost guidance included in Subtopic 605-35,<i> Revenue </i><i>Recognition-Construction-Type and Production-Type Contracts</i>. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for the first interim periods beginning after December 15, 2016. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</p></div>
-102035
-12140
-12200
-101981
2868237
-60
-54
2868387
-150
610000
521327
1508148
10000
1500000
1800000
700000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>5.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Stockholders’ Equity</b></td></tr></table><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On December 31, 2015, the Company’s authorized share capital consisted of 110,000,000 shares, of which 100,000,000 are designated common shares and 10,000,000 are designated preferred shares. The Company’s Board of Directors is authorized to issue preferred shares in series with rights, privileges and qualifications of each series determined by the Board. As of December 31, 2015 and 2014, no preferred shares were outstanding or issued.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">For the year ended December 31, 2014 and 2013, the Company recorded a gain of $313,425 and loss of $73,756, respectively. The gains/(losses) are the result of net decrease and (increase), respectively in fair value of Commitment Warrants (as discussed below) during the respective periods.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On June 19, 2008, SIGA entered into a letter agreement (as amended, the “Letter Agreement”) that expired on June 19, 2010, with MacAndrews & Forbes LLC (“M&F”), a related party, for M&F’s commitment to invest, at SIGA’s discretion or at M&F’s option, up to $8 million in exchange for (i) SIGA common stock and (ii) warrants to purchase 40% of the number of SIGA shares acquired by M&F. In consideration for the commitment of M&F reflected in the Letter Agreement, on June 19, 2008, M&F received warrants to purchase 238,000 shares of SIGA common stock, initially exercisable at $3.06 (the “Commitment Warrants”). The Commitment Warrants were exercisable until June 19, 2012. On June 19, 2012, the Commitment Warrants were amended to extend expiration to June 19, 2014. Due to certain anti-dilution provisions, the Commitment Warrants were recorded as a liability, and consequently the “mark-to-market” adjustment to the fair value from the extended term was accounted immediately upon modification. On June 19, 2014, the Commitment Warrants expired. During 2014, the Company recognized a mark-to-market gain of $129,398.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On June 18, 2010, M&F notified SIGA of its intention to exercise its right to invest $5.5 million, the remaining amount available under the Letter Agreement following earlier investments and entered into a Deferred Closing and Registration Rights Agreement dated as of June 18, 2010 with the Company. On July 26, 2010, upon satisfaction of certain customary closing conditions, including the expiration of the applicable waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, M&F funded the $5.5 million purchase price to SIGA in exchange for the issuance of (i) 1,797,386 shares of common stock and (ii) warrants to purchase 718,954 shares of SIGA common stock at an exercise price of $3.519 per share; the warrants are exercisable for a term of four years from issuance. On July 26, 2014, the warrants expired. During 2014, the Company recognized a mark-to-market gain of $184,027. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On April 30, 2013, SIGA entered into a Services Agreement with M&F, a related party, for certain professional and administrative services. The Services Agreement has a term of three years. As consideration for the Services Agreement, SIGA issued warrants to M&F to acquire 250,000 shares of common stock at an exercise price of $3.29 per share. The warrants are fully vested, immediately exercisable and remain exercisable for two years from issuance date. On April 30, 2015, the warrants expired. The grant-date fair value, determined using the Black-Scholes model as previously described, is recorded as an asset with a corresponding increase to equity. The asset is amortized over the contractual term of the warrant. For the years ended December 31, 2015 and 2014, the Company recorded an expense of $45,456 and $136,364, respectively.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company accounted for the warrants in accordance with the authoritative guidance which requires that free-standing derivative financial instruments that require net cash settlement be classified as assets or liabilities at the time of the transaction, and recorded at their fair value. Any changes in the fair value of the derivative instruments are reported in earnings or loss as long as the derivative contracts are classified as assets or liabilities.</p></div>
-304074532
-284428550
-246502477
167588375
-139350537
28243002
5164
0
5411
5351
177008371
175483180
0
0
-156527870
-461442332
16975468
0
-421991008
5310
173498028
389443
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Accounts Receivable</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Accounts receivable are recorded net of provisions for doubtful accounts. At December 31, 2015 and 2014, 100% of accounts receivables represented receivables from National Institutes of Health (“NIH”) and Biomedical Advanced Research and Development Authority (“BARDA”). An allowance for doubtful accounts is based on specific analysis of the receivables. At December 31, 2015 and 2014, the Company had no allowance for doubtful accounts.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Use of Estimates</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The consolidated financial statements and related disclosures are prepared in conformity with accounting principles generally accepted in the United States of America. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. The most significant estimates include the variables used in the calculation of fair value of stock-based awards including options and warrants granted or issued by the Company; reported amounts of revenue; calculation of contingencies including estimating litigation accrual; and the realization of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Actual results could differ from these estimates.</p></div>
53.5
10900000
52368842
53419686
53777687
53589268
54216604
54165450
53547017
53419686
53777687
52368842
0
203654855
-7176637
-26735
-13441
-4259451
20000000
50000000
269000
50000000
99200000
160600000
61500000
32600000
126000
102500000
576000
845000
20500000
41000000
3200000
240000
313337
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; text-indent: 26px;">Accrued expenses and other current liabilities consisted of the following at December 31, 2015 and 2014:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 7px; padding-right: 7px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 7px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Bonus</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">580,801</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">17,500</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Professional fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">597,721</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">534,775</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Vacation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">227,863</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">271,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,982,223</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,262,720</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Accrued expenses and other current liabilities</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3,388,608</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2,085,995</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Accrued expenses and other current liabilities consisted of the following at June 30, 2016 and December 31, 2015:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Bonus</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">466,630</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">580,801</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Professional fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,660,121</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">597,721</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Vacation</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">267,319</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">227,863</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Income taxes payable</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">389,443</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Reorganization expenses (through the Effective Date of the Plan)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">43,634</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">842,922</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other (including service vendors)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">873,019</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">749,858</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accrued expenses and other current liabilities</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,310,723</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,388,608</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>11.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Accrued Expenses</b></td></tr></table><p class="para" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; text-indent: 26px;">Accrued expenses and other current liabilities consisted of the following at December 31, 2015 and 2014:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 7px; padding-right: 7px;">2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 7px; padding-right: 0px;">2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Bonus</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">580,801</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">17,500</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Professional fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">597,721</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">534,775</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Vacation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">227,863</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">271,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,982,223</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">1,262,720</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 13px; margin-top: 0px; width: 72%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 7px;">Accrued expenses and other current liabilities</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">3,388,608</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 11%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2,085,995</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">10.</font> <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accrued Expenses</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Accrued expenses and other current liabilities consisted of the following at June 30, 2016 and December 31, 2015:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">June 30, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Bonus</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">466,630</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">580,801</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Professional fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,660,121</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">597,721</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Vacation</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">267,319</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">227,863</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Income taxes payable</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">389,443</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Reorganization expenses (through the Effective Date of the Plan)</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">43,634</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">842,922</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other (including service vendors)</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">873,019</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">749,858</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 76%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accrued expenses and other current liabilities</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,310,723</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,388,608</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Goodwill</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company evaluates goodwill for impairment at least annually or as circumstances warrant. The impairment review process compares the fair value of the reporting unit in which goodwill resides to its carrying value. The Company operates as one business and one reporting unit. Therefore, the goodwill impairment analysis is performed on the basis of the Company as a whole, using the market capitalization of the Company as an estimate of its fair value.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Liabilities Subject to Compromise</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Liabilities subject to compromise is the Company’s estimate of known or potential pre-petition claims to be resolved in connection with its chapter 11 case. Such claims remain subject to future adjustments. Payment terms for liabilities subject to compromise are established as part of the Plan or Reorganization filed on December 15, 2015, as amended.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Reorganization Items</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Costs directly attributable to the chapter 11 case and the implementation of the plan of reorganization are expensed as incurred as reorganization items.</p></div>
1
1
1
1
1
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Reorganization Items, net:</p><p class="h3" style="font-size: 13px; font-family: 'Times New Roman', Times, serif; font-weight: normal; color: #000000; font-style: normal; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, reorganization items consisted of the following:</p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">December 31, 2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">December 31, 2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Legal fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">5,719,052</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">1,806,701</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Professional fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">2,027,827</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">225,360</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Trustee fees</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">59,000</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">17,875</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Other</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">5,672</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">76,600</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">7,811,551</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">2,126,536</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Reorganization Items, net:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Reorganization items reflect expenses in connection with the chapter 11 case. For the three and six months ended June 30, 2016 and 2015, reorganization items consisted of expenses through the Effective Date of the Plan:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12px;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom; width: 204px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Three months ended</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Six Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 12px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; width: 91px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Legal fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">273,436</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,628,603</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,951,381</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,830,395</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Professional fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">34,293</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">505,243</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,732,521</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">1,069,739</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Trustee fees</div></td><td valign="bottom" style="vertical-align: bottom; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">20,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">13,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">33,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">26,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 52%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.28%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9.25%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9.35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,135</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">—</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5,672</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 52%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Totals</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1.28%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9.25%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">327,729</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9.35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,149,981</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,716,902</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,931,806</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, Liabilities Subject to Compromise consisted of the following: </p><table align="center" style="border-collapse: collapse; margin-left: 0px; margin-top: 4px; width: 100%;"><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 10px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;"></div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 4px;">December 31, 2015</div></td><td colspan="3" style="margin-bottom: 0px; font-size: 13px; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; color: #000000; text-align: center; padding-left: 6px; margin-top: 0px; padding-right: 6px; width: 17%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; font-weight: bold; padding-left: 4px; padding-right: 0px;">December 31, 2014</div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Deferred revenue</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">—</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">203,696,194</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Accounts payable - pre-petition</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">834,219</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">3,502,607</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Accrual - PharmAthene Litigation</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">205,400,068</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;">191,046,416 </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="whitespace: nowrap;"><sup>(1)</sup></div></td></tr><tr><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 1px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Other accrued expenses - pre-petition</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">737,883</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: 1pt solid; whitespace: nowrap;">794,750</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 1px; whitespace: nowrap;"> </div></td></tr><tr style="background-color: #cceeff;"><td align="left" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; padding-bottom: 4px; text-align: left; padding-left: 0px; margin-top: 0px; width: 67%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-left: 0px; padding-right: 4px;">Total</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 14%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">206,972,170</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 1%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 5px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">$</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: right; padding-left: 0px; margin-top: 0px; width: 12%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="border-bottom: black 3pt double; whitespace: nowrap;">399,039,967</div></td><td align="right" valign="bottom" style="margin-bottom: 0px; font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left; padding-left: 0px; margin-top: 0px; width: 2%; margin-right: 0px; text-indent: 0px;"><div class="group-p" style="padding-bottom: 4px; whitespace: nowrap;"> </div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of December 31, 2015 Liabilities Subject to Compromise consisted of the following:</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accounts payable - pre-petition</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">834,219</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Accrual- PharmAthene Litigation</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">205,400,068</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 88%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Other accrued expenses - pre-petition</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">737,883</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 88%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Total</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">206,972,170</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"> </td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">(1) Includes a $3.2 million accrual at December 31, 2015 for reimbursement of PharmAthene attorney's fees and expert fees, against which there is a $2.7 million surety bond that has cash collaterization of $1.3 million.</div></div>
0
3.53
3.53
0
3.53
0
P3Y1M2D
365689
372000
0
4000
0
0
1209274
3.53
0
P3Y1M2D
-0.004
-0.07
0
0
0
-0.001
1800000
11667663
18922571
187820361
5500000
0.4
8000000
-313425
0
73756
-184027
-73756
-129398
-313425
2659551
1467460
1901314
3171047
8175878
3139835
5519300
4189000
549000
1192092
1327000
1099000
840000
651000
239690
235334
459405
568438
1421218
1009053
987777
226000
170000
286000
333103
306000
246000
194000
P2Y
P2Y
P4Y
P3Y
P3Y
0
11365
136364
45456
60000
1000000
73756
0
-313425
-243707
0
0
12200
102035
2868387
12200
751370
0
0
1600000
1400000
1400000
0.33
40000000
40000000
2400000
30663.89
0.5
0.5
195000000
194649042
205400000
0.5
0.5
P10Y
P3Y
500000
500000
200000
300000
762977
754502
669782
41000000
409800000
3900000
3100000
1
1
1700000
122700000
187700000
187700000
259200
1000000
15300000
2000000
60000000
21300000
249200000
249200000
383754
300000
470000000
50000000
58300000
52500000
383754
1400000
1
1
6300000
7200000
41000000
1200000
2100000
6200000
40700000
50800000
14400000
1300000
12300000
20500000
8200000
60000
60000
P2Y
P2Y
63000
63000
P5M
P5M
P5Y
P5Y
0
737883
794750
3200000
3200000
1300000
1300000
1300000
1300000
0
834219
3502607
2700000
2700000
2700000
0
203696194
1732521
34293
1069739
505243
2027827
225360
33000
20000
13000
26000
17875
59000
809000
2300000
1500000
6700000
3037125
5000000
5000000
304000000
284000000
35000
19000
126
971451
1800000
109339609
100000000
20000000
204000000
113116985
205000000
195000000
194649042
2700000
15531
-23668
15531
-23668
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="group-list" style="padding-bottom: 0px; padding-top: 0px; margin-top: 0px; width: 100%;"><tr style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000;"><td class="group-filler" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; width: 0px;"></td><td class="group-list" style="font-size: 13px; font-family: Times New Roman, Times, Serif; vertical-align: top; color: #000000; text-align: left; width: 26px;"><b>3.</b></td><td class="group-item" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: left;"><b>Procurement Contract and Research Agreements</b></td></tr></table><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Procurement Contract</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">On May 13, 2011, the Company signed a contract with BARDA (the “BARDA Contract”) pursuant to which SIGA agreed to deliver two million courses of Tecovirimat to the U.S. Strategic National Stockpile (“Strategic Stockpile”). The BARDA Contract is worth approximately $466 million, including $409.8 million for manufacture and delivery of 1.7 million courses of Tecovirimat and $56 million of potential reimbursements related to development and supportive activities (the “Base Contract”). In addition to the Base Contract, the BARDA Contract also separately contains $122.7 million of options that, if exercised by BARDA: would result in a $50 million payment to the Company in the event of FDA approval for extension to 84-month expiry for Tecovirimat (from 38 month expiry as required in the Base Contract); would fund up to $58.3 million of development and supportive activities such as work on a smallpox prophylaxis indication for Tecovirimat; and/or would fund $14.4 million of production-related activities related to warm-base manufacturing. In 2015, BARDA exercised two options related to extending the indication of the drug to the geriatric and pediatric populations. The stated value of these exercises was minimal. BARDA may not exercise additional options in the future. Options are exercisable by BARDA at its sole discretion. BARDA has indicated that it will evaluate, after the FDA’s review and evaluation of stability data, the Company’s request that BARDA exercise the option for the $50 million payment to the Company in the event of FDA approval of 84-month expiry for Tecovirimat. </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The BARDA Contract expires in September 2020.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Under the Base Contract with BARDA, BARDA has agreed to buy from SIGA 1.7 million courses of Tecovirimat. Additionally, SIGA expects to contribute to BARDA 300,000 courses at no additional cost to BARDA.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015, the Company has received $249.2 million under the Base Contract related to the manufacture and physical delivery of courses of Tecovirimat. Included in this amount are: a $41 million advance payment in 2011 for the completion of certain planning and preparatory activities related to the Base Contract; a $12.3 million milestone payment in 2012 for the completion of the product labeling strategy for Tecovirimat; an $8.2 million milestone payment in 2013 for the completion of the commercial validation campaign for Tecovirimat; and $187.7 million of payments following physical deliveries of 1.4 million courses of Tecovirimat to the Strategic Stockpile beginning in 2013 (an additional 259,200 courses were delivered at no cost to BARDA). Product deliveries of 1.3 million of those courses in 2013 and 2014 (including courses delivered at no cost to BARDA) were at a provisional dosage of 600 mg administered once daily. Product deliveries of 383,754 courses in 2015 were at a provisional dosage of 600 mg administered twice per day (1,200 mg per day). </p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Payments following physical delivery of courses were $50.8 million and $40.7 million in 2015 and 2014, respectively. Reimbursement payments related to research and development services and supportive activities were $3.9 million and $3.1 million in 2015 and 2014, respectively. Since inception of the BARDA Contract, reimbursements (including amounts invoiced) are cumulatively $15.3 million.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">Product deliveries of Tecovirimat in 2015, and in the future, are expected to be at a provisional dosage of 600 mg administered twice per day (1,200 mg per day). This is a change from the provisional dosage that was in effect when product deliveries were made in 2013 and 2014 (600 mg per day). The change in the provisional dosage is based on FDA guidance received by the Company in 2014, subsequent to the delivery of 1.3 million courses of Tecovirimat. Based on the current provisional dosage of 600 mg administered twice per day (1,200 mg per day), the Company currently expects to supplement previously delivered courses of Tecovirimat, at no additional cost to BARDA, with additional dosages so that all of the courses previously delivered to BARDA will be at the new provisional dosage. The Company and BARDA have agreed to an amendment (the “BARDA Amendment”) of the BARDA Contract to reflect the foregoing, which modification was approved by the Bankruptcy Court in April 2015.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company expects to incur significant incremental costs with the production of additional dosage.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The BARDA Contract is a multiple deliverable arrangement comprising delivery of courses and covered research and development activities. The BARDA Contract provides certain product replacement rights with respect to delivered courses. For this reason, recognition of revenue that might otherwise occur upon delivery of courses is expected to be deferred until the Company’s obligations related to potential replacement of delivered courses are satisfied. The Company assessed the selling price for each of the aforementioned deliverables - research and development activities and drug product. The selling price of certain reimbursed research and development services was determined by reference to existing and past research and development grants and contracts between the Company and various government agencies. The selling price of drug product was determined by reference to other Companies’ sales of drug products such as antiviral therapeutics, orphan drugs and drugs with potential life-saving impact similar to Tecovirimat, including products delivered to the Strategic Stockpile.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company has recognized revenue for reimbursement of certain BARDA Contract research and development services. Cash inflows related to delivery of courses will continue to be recorded as deferred revenue. In addition, direct costs incurred by the Company to fulfill the delivery of courses including the supplementing of courses previously delivered under the BARDA Contract are being deferred and will be recognized as expenses over the same period that the related deferred revenue is recognized as revenue.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">As of December 31, 2015 and 2014, deferred direct costs under the BARDA Contract of approximately $52.5 million and $32.9 million, respectively, are included in deferred costs on the consolidated balance sheets. As of December 31, 2015, the Company recorded $255.3 million of deferred revenue. Deferred revenue has been recorded for the delivery, and invoicing, of approximately 1.4 million courses of Tecovirimat to the Strategic Stockpile and certain research and development services provided as part of the BARDA Contract. For the year ended December 31, 2015, revenue from reimbursed research and development was $6.2 million.</p><p class="h3" style="font-size: 13px; font-family: Times New Roman, Times, Serif; font-weight: bold; color: #000000; font-style: italic; text-align: left; padding-left: 0px; margin-right: 0px; text-indent: 0px;">Research Agreements</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The Company obtains funding from the contracts and grants it obtains from various agencies of the U.S. Government to support its research and development activities. Currently, the Company has one contract and one grant with varying expiration dates through February 2018 that provide for potential future aggregate research and development funding for specific projects of approximately $7.2 million. We may not utilize all available funds under the grant covering the pre-clinical drug candidate.</p><p class="para" style="font-size: 13px; font-family: Times New Roman, Times, Serif; color: #000000; text-align: justify; padding-left: 0px; line-height: 16px; margin-right: 0px; text-indent: 26px;">The funded amount includes, among other things, options that may or may not be exercised at the U.S. government’s discretion. Moreover, the contract and contract grant contain customary terms and conditions including the U.S. Government’s right to terminate or restructure a grant for convenience at any time.</p></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">3. Procurement Contract and Research Agreements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic; text-align: justify;">Procurement Contract</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On May 13, 2011, the Company signed a contract with the U.S. Biomedical Advanced Research and Development Authority ("BARDA") pursuant to which SIGA agreed to deliver two million courses of TPOXX™ to the U.S. Strategic National Stockpile (“Strategic Stockpile”). The contract with BARDA (as modified, the "BARDA Contract") is worth approximately $470 million, including $409.8 million for manufacture and delivery of 1.7 million courses of TPOXX™ and $60 million of potential reimbursements related to development and supportive activities (the “Base Contract”).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Under the Base Contract, BARDA has agreed to buy from the Company 1.7 million courses of TPOXX™. Additionally, the Company expects to contribute to BARDA 300,000 courses at no additional cost to BARDA.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On June 28, 2016, the Company entered into a modification of the BARDA Contract (the "BARDA Contract Modification").  The total value of the BARDA Contract is unchanged.  Pursuant to the BARDA Contract Modification:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The payment for the manufacture and delivery of 1.7 million courses of TPOXX™ increased by $61.5 million.  This was accomplished by reducing the holdback amount that is tied to the United States Food & Drug Administration (the "FDA") approval of TPOXX™ from $102.5 million to $41 million.  On June 29, 2016, the Company invoiced BARDA $32.6 million in connection with the BARDA Contract Modification for courses previously delivered to the Strategic Stockpile.  The Company received payment in July 2016.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="vertical-align: top; width: 36pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 18pt;">•</div></td><td style="vertical-align: top; width: auto;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The requirements for the $20.5 million milestone changed.  For payment, this milestone now requires the Company to submit documentation to BARDA indicating that data covering the first 100 subjects enrolled in the phase III pivotal safety study have been submitted to and reviewed by a Data & Safety Monitoring Board ("DSMB") and that such DSMB has recommended continuation of the safety study, as well as submission of the final pivotal rabbit efficacy study report to the FDA.  Previously, this milestone required the successful submission to the FDA of a complete application for TPOXX™ regulatory approval.  On August 2, 2016, the Company invoiced BARDA $20.5 million for meeting the milestone.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of June 30, 2016, the Company has received $249.2 million under the Base Contract related to the manufacture and physical delivery of courses of TPOXX™. Included in this amount are a $41 million advance payment in 2011 for the completion of certain planning and preparatory activities related to the Base Contract, a $12.3 million milestone payment in 2012 for the completion of the product labeling strategy for TPOXX™, an $8.2 million milestone payment in 2013 for the completion of the commercial validation campaign for TPOXX™, and $187.7 million of payments for physical deliveries of TPOXX™ to the Strategic Stockpile beginning in 2013.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of June 30, 2016, the Company is eligible to receive an additional $160.6 million under the Base Contract for the manufacture, delivery and purchase by BARDA of courses of TPOXX™. Included in this amount are: $99.2 million of payments related to physical deliveries of TPOXX™ to the Strategic Stockpile; a $20.5 million milestone payment for documentation indicating that data covering the first 100 subjects enrolled in the expanded human clinical safety trial have been submitted to and reviewed by  a DSMB and that such DSMB has recommended continuation of the safety study, as well as submission of the final pivotal rabbit efficacy study report to the FDA; and a $41.0 million hold back payment, which represents an approximate 10% hold back on the $409.8 million of total payments tied to the manufacture and delivery of 1.7 million courses of TPOXX™ that are to be purchased by BARDA. The $41.0 million hold back payment would be triggered by FDA approval of TPOXX™, as long as the Company does not have a continuing product replacement obligation to BARDA.  In July 2016, the Company received $32.6 million of payments related to product deliveries previously made to the Strategic Stockpile (see paragraph above regarding the BARDA Modification).  Separately, the Company invoiced BARDA $21.3 million in July 2016 for the product delivery of 126,000 courses of TPOXX™ in July 2016.  On August 2, 2016, the Company invoiced BARDA $20.5 million for meeting the milestone described above.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">With regard to future product deliveries, between August 2016 and first quarter 2017, the Company expects to deliver and invoice for approximately 269,000 courses of TPOXX™ in order to receive the remaining payments tied to the physical delivery of TPOXX™ to the Strategic Stockpile.  In total, the Company expects to deliver approximately 845,000 courses of TPOXX™ between August, 2016 and late 2017 in order to fulfill the delivery requirements of the BARDA Contract.  Courses to be delivered are expected to be at a dosage of 600 mg administered twice per day (1,200 mg per day), and 269,000 courses are expected to be invoiced and 576,000 courses are expected to be at no additional cost to BARDA.  Most of the “no additional cost to BARDA” courses are attributable to a change in TPOXX™ dosage (see paragraph below).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Starting in 2015, product deliveries of TPOXX™ have been at a provisional dosage of 600 mg administered twice per day (1,200 mg per day). This is a change from the provisional dosage that was in effect when product deliveries were made in 2013 and 2014 (600 mg per day). In 2013 and 2014, the provisional dosage of courses delivered to the Strategic Stockpile was 600 mg administered once a day. The change in the provisional dosage is based on FDA guidance received by the Company in 2014, subsequent to the delivery of 1.3 million courses of TPOXX™. Based on the current provisional dosage of 600 mg administered twice per day (1,200 mg per day), the Company expects to supplement previously delivered courses of TPOXX™, at no additional cost to BARDA, with additional dosages so that all of the courses previously delivered to BARDA will be at the new provisional dosage. The Company and BARDA agreed to an amendment (the “BARDA Amendment”) of the BARDA Contract to reflect the foregoing, which modification was approved by the Bankruptcy Court in April 2015.  In February 2016, the FDA confirmed (through dose concurrence) its earlier dosage guidance of 600 mg administered twice per day (1,200 mg per day).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company expects to incur significant incremental costs with the production of additional dosage.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"> In addition to the Base Contract, the BARDA Contract also separately contains $122.7 million of options that, if exercised by BARDA: would result in a $50 million payment to the Company in the event of FDA approval for extension to 84-month expiry for TPOXX™ (from 38 month expiry as required in the Base Contract); would fund up to $58.3 million of development and supportive activities such as work on a smallpox prophylaxis indication for TPOXX™; and/or would fund $14.4 million of production-related activities related to warm-base manufacturing. In 2015, BARDA exercised two options related to extending the indication of the drug to the geriatric and pediatric populations.  The stated value of these exercises was minimal.  BARDA may not exercise additional options in the future. Options are exercisable by BARDA at its sole discretion.  BARDA has indicated that it will evaluate, after the FDA’s review and evaluation of stability data, the Company's request that BARDA exercise the option for the $50 million payment to the Company in the event of FDA approval of 84-month expiry for TPOXX™.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The BARDA Contract expires in September 2020.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The BARDA Contract is a multiple deliverable arrangement comprising delivery of courses and covered research and development activities. The BARDA Contract provides certain product replacement rights with respect to delivered courses. For this reason, recognition of revenue that might otherwise occur upon delivery of courses is expected to be deferred until the Company’s obligations related to potential replacement of delivered courses are satisfied. The Company assessed the selling price for each of the aforementioned deliverables - research and development activities and drug product. The selling price of certain reimbursed research and development services was determined by reference to existing and past research and development grants and contracts between the Company and various government agencies. The selling price of drug product was determined by reference to other Companies’ sales of drug products such as antiviral therapeutics, orphan drugs and drugs with potential life-saving impact similar to TPOXX™, including products delivered to the Strategic Stockpile.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company has recognized revenue for reimbursement of certain BARDA Contract research and development services. Cash inflows related to delivery of courses will continue to be recorded as deferred revenue. In addition, direct costs incurred by the Company to fulfill the delivery of courses including the supplementing of courses previously delivered under the BARDA Contract are being deferred and will be recognized as expenses over the same period that the related deferred revenue is recognized as revenue.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of June 30, 2016 and December 31, 2015, deferred direct costs under the BARDA Contract of approximately $56.2 million and $52.5 million, respectively, are included in deferred costs on the consolidated balance sheets. As of June 30, 2016, the Company recorded $288.3 million of deferred revenue. Deferred revenue has been recorded for the delivery of courses of TPOXX™ to the Strategic Stockpile and certain supportive services provided as part of the BARDA Contract. For the three and six months ended June 30, 2016, revenue from reimbursed research and development was $1.2 million and $2.1 million, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic; text-align: justify;">Research Agreements</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company obtains funding from the contracts and grants it obtains from various agencies of the U.S. Government to support its research and development activities. Currently, the Company has one contract and one grant with varying expiration dates through February 2018 that provide for potential future aggregate research and development funding for specific projects of approximately $6.3 million. We may not utilize all available funds under the contract and/or grant.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The funded amount includes, among other things, options that may or may not be exercised at the U.S. government’s discretion. Moreover, the contract and grant contain customary terms and conditions including the U.S. Government’s right to terminate or restructure a grant for convenience at any time.</div></div>