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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 463.60 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.40 451.60 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 337.83 451.60 Td (TED BY) Tj ET Q q 0 0 0 rg BT 374.41 451.60 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 427.60 Td (None) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 404.80 Td () Tj ET Q endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.45 730.10 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.94 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.53 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.91 706.10 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 627.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 599.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 571.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 543.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 515.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 480.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 452.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 424.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 396.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 396.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 368.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 340.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 312.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 284.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 256.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 228.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 228.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 200.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 172.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 172.60 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 144.60 486.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 144.60 26.00 -14.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.25 632.27 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.17 Td (PART I) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 602.8333984375 m 147.38671875 602.8333984375 l s q 0 0 1 rg BT 71.00 604.17 Td (Item 1. Business) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 588.8333984375 m 161.8251953125 588.8333984375 l s q 0 0 1 rg BT 71.00 590.17 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 574.8333984375 m 224.6865234375 574.8333984375 l s q 0 0 1 rg BT 71.00 576.17 Td (Item 1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 175.52 576.17 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 560.8333984375 m 152.3720703125 560.8333984375 l s q 0 0 1 rg BT 71.00 562.17 Td (Item 2. Properties) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 546.8333984375 m 185.9658203125 546.8333984375 l s q 0 0 1 rg BT 71.00 548.17 Td (Item 3. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 532.8333984375 m 210.140625 532.8333984375 l s q 0 0 1 rg BT 71.00 534.17 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.17 Td (PART II) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 490.8333984375 m 552.62109375 490.8333984375 l s q 0 0 1 rg BT 71.00 492.17 Td (Item 5. Market for Registrant's Common Equity) Tj ET Q q 0 0 1 rg BT 272.40 492.17 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 480.88339843750003 m 110.43359375 480.88339843750003 l s q 0 0 1 rg BT 71.00 482.22 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 469.8333984375 m 206.7861328125 469.8333984375 l s q 0 0 1 rg BT 71.00 471.17 Td (Item 6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 455.8333984375 m 470.1162109375 455.8333984375 l s q 0 0 1 rg BT 71.00 457.17 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 166.81 457.17 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 235.98 457.17 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 441.8333984375 m 353.16796875 441.8333984375 l s q 0 0 1 rg BT 71.00 443.17 Td (Item 7A. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 275.95 443.17 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 427.8333984375 m 296.7763671875 427.8333984375 l s q 0 0 1 rg BT 71.00 429.17 Td (Item 8. Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 413.8333984375 m 328.8427734375 413.8333984375 l s q 0 0 1 rg BT 95.00 415.17 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 260.24 415.17 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 399.8333984375 m 353.2666015625 399.8333984375 l s q 0 0 1 rg BT 95.00 401.17 Td (Consolidated Balance Sheets as of December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 385.8333984375 m 450.7373046875 385.8333984375 l s q 0 0 1 rg BT 95.00 387.17 Td (Consolidated Statements of Operations for the years ended December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 371.8333984375 m 490.830078125 371.8333984375 l s q 0 0 1 rg BT 95.00 373.17 Td (Consolidated Statements of Stockholders) Tj ET Q q 0 0 1 rg BT 262.29 373.17 Td ( Equity for the years ended December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 357.8333984375 m 453.8134765625 357.8333984375 l s q 0 0 1 rg BT 95.00 359.17 Td (Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 343.8333984375 m 284.6923828125 343.8333984375 l s q 0 0 1 rg BT 95.00 345.17 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 329.8333984375 m 470.638671875 329.8333984375 l s q 0 0 1 rg BT 71.00 331.17 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 257.63 331.17 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 322.06 331.17 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 315.8333984375 m 209.8623046875 315.8333984375 l s q 0 0 1 rg BT 71.00 317.17 Td (Item 9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 301.8333984375 m 184.02734375 301.8333984375 l s q 0 0 1 rg BT 71.00 303.17 Td (Item 9B. Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.17 Td (PART III) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 259.8333984375 m 339.3203125 259.8333984375 l s q 0 0 1 rg BT 71.00 261.17 Td (Item 10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 206.88 261.17 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 245.83339843750002 m 211.7080078125 245.83339843750002 l s q 0 0 1 rg BT 71.00 247.17 Td (Item 1) Tj ET Q q 0 0 1 rg BT 96.45 247.17 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 231.83339843750002 m 516.9814453125 231.83339843750002 l s q 0 0 1 rg BT 71.00 233.17 Td (Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 217.83339843750002 m 414.5205078125 217.83339843750002 l s q 0 0 1 rg BT 71.00 219.17 Td (Item 13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 250.50 219.17 Td (T) Tj ET Q q 0 0 1 rg BT 256.26 219.17 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 203.83339843750002 m 270.1162109375 203.83339843750002 l s q 0 0 1 rg BT 71.00 205.17 Td (Item 14. Principal ) Tj ET Q q 0 0 1 rg BT 149.88 205.17 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.17 Td (PART IV) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 161.83339843750002 m 287.34765625 161.83339843750002 l s q 0 0 1 rg BT 71.00 163.17 Td (Item 15. Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 133.83339843750002 m 95.216796875 133.83339843750002 l s q 0 0 1 rg BT 53.00 135.17 Td (Signatures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 602.8333984375 m 544 602.8333984375 l s q 0 0 1 rg BT 539.00 604.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 588.8333984375 m 549 588.8333984375 l s q 0 0 1 rg BT 539.00 590.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 574.8333984375 m 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429.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 413.8333984375 m 549 413.8333984375 l s q 0 0 1 rg BT 539.00 415.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 399.8333984375 m 549 399.8333984375 l s q 0 0 1 rg BT 539.00 401.17 Td (36) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 385.8333984375 m 549 385.8333984375 l s q 0 0 1 rg BT 539.00 387.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 371.8333984375 m 549 371.8333984375 l s q 0 0 1 rg BT 539.00 373.17 Td (38) Tj ET Q BT 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0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 301.8333984375 m 549 301.8333984375 l s q 0 0 1 rg BT 539.00 303.17 Td (61) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 259.8333984375 m 549 259.8333984375 l s q 0 0 1 rg BT 539.00 261.17 Td (62) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 245.83339843750002 m 549 245.83339843750002 l s q 0 0 1 rg BT 539.00 247.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 231.83339843750002 m 549 231.83339843750002 l s q 0 0 1 rg BT 539.00 233.17 Td (73) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 217.83339843750002 m 549 217.83339843750002 l s q 0 0 1 rg BT 539.00 219.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 203.83339843750002 m 549 203.83339843750002 l s q 0 0 1 rg BT 539.00 205.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 161.83339843750002 m 549 161.83339843750002 l s q 0 0 1 rg BT 539.00 163.17 Td (77) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 539 133.83339843750002 m 549 133.83339843750002 l s q 0 0 1 rg BT 539.00 135.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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Our technology brings the marketers and creators together) Tj ET Q q 0 0 0 rg BT 322.56 598.25 Td (, enabling their transactions to be completed at scale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (through the management of content workflow) Tj ET Q q 0 0 0 rg BT 232.91 586.25 Td (, creator search and tar) Tj ET Q q 0 0 0 rg BT 323.51 586.25 Td (geting, bidding, analytics and payment processing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (Marketers, including brands, agencies and publishers, engage us to gain access to our technology and network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (creators. ) Tj ET Q q 0 0 0 rg BT 86.46 550.25 Td (These companies are our primary customers and where we generate the majority of our revenue. ) Tj ET Q q 0 0 0 rg BT 474.46 550.25 Td (They use our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (technology for two primary purposes; the engagement of online influencers for influencer marketing campaigns \(also known as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Influencer Marketing\), or the creation of stand-alone content for distribution through their owned channels \(Custom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Content\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (Influencer Marketing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.23 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.23 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 191.87 490.25 Td (e work with marketers to facilitate influencer marketing campaigns at scale. ) Tj ET Q q 0 0 0 rg BT 499.80 490.25 Td (A) Tj ET Q q 0 0 0 rg BT 506.47 490.25 Td ( subset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (influencer marketing known as "Sponsored Social" is when a company compensates an online influencer such as a blogger or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (tweeter \(creators\) to share sponsored content with the creator's social network following. ) Tj ET Q q 0 0 0 rg BT 418.71 466.25 Td (This sponsored content is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (within the body of the content stream, a practice also referred to as native advertising. ) Tj ET Q q 0 0 0 rg BT 406.90 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 415.54 454.25 Td (e believe that we pioneered the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (concept of a marketplace for sponsorships on the social web in 2006 with the launch of our first platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.89 442.25 Td (PayPerPost,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (have focused on scaling our product and service of) Tj ET Q q 0 0 0 rg BT 253.08 430.25 Td (ferings ever since.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.25 Td (Custom Content.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.47 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.97 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 166.61 406.25 Td (e also work with marketers to augment or replace their content development ef) Tj ET Q q 0 0 0 rg BT 481.31 406.25 Td (forts. ) Tj ET Q q 0 0 0 rg BT 504.46 406.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (customers use our platform to connect with creators to produce both editorial and marketing content that can be published both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (online and of) Tj ET Q q 0 0 0 rg BT 102.58 382.25 Td (fline. Our network of creators includes professional journalists, subject matter experts, bloggers and everyday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (content creators, allowing our customers to produce content ranging from complex white papers to simple product descriptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Many of our content customers use this service to create a steady stream of posts for their corporate blog. ) Tj ET Q q 0 0 0 rg BT 473.57 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 482.21 358.25 Td (e first began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 346.25 Td (fering custom content services in 2015 after the acquisition of Ebyline, Inc. \("Ebyline"\), a leading marketplace in the editorial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (content space, and continued to expand this of) Tj ET Q q 0 0 0 rg BT 234.77 334.25 Td (fering with our acquisition of ZenContent, Inc. \("ZenContent"\), which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (predominantly focused on e-commerce-related asset creation, in July 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 298.25 Td ( Platforms) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (IZEA.com and The IZEA) Tj ET Q q 0 0 0 rg BT 191.01 274.25 Td ( Exchange.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.68 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 248.64 274.25 Td (e launched a public beta of IZEA.com powered by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.01 274.25 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.01 274.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 470.51 274.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 491.43 274.25 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.36 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (\(") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.41 262.25 Td (IZEAx") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.16 262.25 Td (\) in March 2014 and unveiled our latest version 2.0 of the platform in February 2017. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 433.47 262.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.01 262.25 Td ( is designed to provide a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (unified ecosystem that enables the creation of multiple types of custom content including blog posts, status updates, videos and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (photos through a wide variety of social channels including blogs, ) Tj ET Q q 0 0 0 rg BT 312.82 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 318.23 238.25 Td (witter) Tj ET Q q 0 0 0 rg BT 341.16 238.25 Td (, Facebook, Instagram and ) Tj ET Q q 0 0 0 rg BT 449.28 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.03 238.25 Td (umblr) Tj ET Q q 0 0 0 rg BT 478.52 238.25 Td (, among others. ) Tj ET Q q 0 0 0 rg BT 545.00 238.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (system is available to our customers and partners via a self-serve portal, as a managed service or as a licensed white label. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 214.25 Td ( is engineered from the ground-up to replace all of our previous platforms with an integrated of) Tj ET Q q 0 0 0 rg BT 455.80 214.25 Td (fering that is improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (and more ef) Tj ET Q q 0 0 0 rg BT 97.57 202.25 Td (ficient for the company to operate. Our intention is to focus all of our engineering resources on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.89 202.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.44 202.25 Td ( platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (for the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 158.10 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 166.73 190.25 Td (e completed the sunset of our previous platforms in November 2014 and currently use ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 513.31 190.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.86 190.25 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (the only automated system for managing social sponsorships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (Ebyline.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 120.17 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.67 154.25 Td ( In January 2015, we acquired Ebyline, Inc. including the Ebyline technology platform. Ebyline is a content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (marketplace which was originally designed to replace editorial newsrooms located within newspapers with a V) Tj ET Q q 0 0 0 rg BT 498.14 142.25 Td (irtual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Newsroom. ) Tj ET Q q 0 0 0 rg BT 103.14 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.78 130.25 Td (e have evolved Ebyline) Tj ET Q q 0 0 0 rg BT 208.13 130.25 Td (s model to focus on producing content for brands, in addition to the self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (functionality used by newspapers. ) Tj ET Q q 0 0 0 rg BT 190.90 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.54 118.25 Td (e plan to integrate certain functions of this platform into ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 426.14 118.25 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.18 118.25 Td (in the future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (ZenContent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.40 94.25 Td ( In July 2016, we acquired ZenContent, Inc. including its custom content creation workflow technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (and database of creators. ZenContent) Tj ET Q q 0 0 0 rg BT 203.83 82.25 Td (s platform enables highly scalable, multi-part production of content for both e-commerce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (entities, as well as brand marketers. ) Tj ET Q q 0 0 0 rg BT 194.77 70.25 Td (Whereas Ebyline utilizes editorial or expert-grade creators \(given its newspaper and media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (heritage\), ZenContent) Tj ET Q q 0 0 0 rg BT 140.52 58.25 Td (s approach is the opposite: to parse work out to a wide array of qualified creators who together can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (develop custom content assets with unmatched quality) Tj ET Q q 0 0 0 rg BT 267.08 46.25 Td (, speed, and price. ) Tj ET Q q 0 0 0 rg BT 341.59 46.25 Td (This platform is currently utilized by our Managed ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Service team to service its orders for custom content. ) Tj ET Q q 0 0 0 rg BT 264.75 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.39 742.10 Td (e plan to integrate certain functions of this platform into ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 499.99 742.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.04 742.10 Td (in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 706.10 Td ( Marketers and Cr) Tj ET Q q 0 0 0 rg BT 147.68 706.10 Td (eators) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (IZEAx, Ebyline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.09 682.10 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 166.53 682.10 Td (ZenContent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.69 682.10 Td (were designed with the same purpose: to streamline transactions between marketers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and creators. ) Tj ET Q q 0 0 0 rg BT 105.90 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.54 670.10 Td (e utilize these proprietary technologies to create ef) Tj ET Q q 0 0 0 rg BT 316.21 670.10 Td (ficiencies and economies of scale for both parties. Each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (platform provides marketers with access to a lar) Tj ET Q q 0 0 0 rg BT 241.69 658.10 Td (ge network of creators along with complete workflow management, content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (control, payment processing and related performance tracking. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (For influencer marketing campaigns, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 236.23 622.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.78 622.10 Td ( provides integrated Federal ) Tj ET Q q 0 0 0 rg BT 376.00 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.76 622.10 Td (rade Commission \("FTC"\) legal compliance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (In particular) Tj ET Q q 0 0 0 rg BT 98.74 610.10 Td (, the integrated FTC compliance framework requires creators to provide disclosure to their followers with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to the sponsored nature of the content and allows marketers to review the content for FTC compliance. If the marketer chooses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (sponsorships can be managed end-to-end without the need for interaction with one of our team members through a self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (interface.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 108.22 550.10 Td ( of) Tj ET Q q 0 0 0 rg BT 118.87 550.10 Td (fers turnkey account management services to manage campaigns on behalf of the customer if they choose to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (not license our technology to do so for themselves. ) Tj ET Q q 0 0 0 rg BT 258.39 538.10 Td (This includes working with marketers to optimize the opportunity that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (presented to creators, providing clear instructions on what is required to fill the opportunity) Tj ET Q q 0 0 0 rg BT 414.81 526.10 Td (, identifying and sourcing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (creators that are the best fit for the opportunity) Tj ET Q q 0 0 0 rg BT 235.95 514.10 Td (, managing the of) Tj ET Q q 0 0 0 rg BT 305.75 514.10 Td (fer and acceptance process with the creators, verifying that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (creators) Tj ET Q q 0 0 0 rg BT 84.23 502.10 Td ( content, once submitted, meets the requirements of the opportunity and managing the overall campaign to meet the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (goals of the marketer) Tj ET Q q 0 0 0 rg BT 134.14 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 141.08 490.10 Td (Account managers also provide customers with progress updates on their campaign that include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (campaign metrics and all postings created throughout the campaign. ) Tj ET Q q 0 0 0 rg BT 326.87 478.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 376.77 478.10 Td (, they assemble comprehensive campaign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (recaps at the conclusion of the campaign and work with the marketers on plans for follow-up strategies after the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (campaign has ended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (Our customers, or our account management staf) Tj ET Q q 0 0 0 rg BT 277.70 430.10 Td (f acting on the customers) Tj ET Q q 0 0 0 rg BT 380.81 430.10 Td ( behalf as part of the account management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (services we of) Tj ET Q q 0 0 0 rg BT 107.02 418.10 Td (fer) Tj ET Q q 0 0 0 rg BT 117.71 418.10 Td (, have the ability to review the creators) Tj ET Q q 0 0 0 rg BT 275.80 418.10 Td ( content through our platforms to verify whether or not it conforms to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (the requirements of the opportunity) Tj ET Q q 0 0 0 rg BT 190.98 406.10 Td (. Our platforms provide for the ability to review creators) Tj ET Q q 0 0 0 rg BT 421.55 406.10 Td ( content prior to publishing, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (all the other platforms provide for a review after the content is published. If the content does not conform, the creator is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (requested to make any necessary adjustments. If the creator refuses, the opportunity is deemed to have been withdrawn. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Neither the customer nor our account management staf) Tj ET Q q 0 0 0 rg BT 269.46 370.10 Td (f modifies creators) Tj ET Q q 0 0 0 rg BT 347.02 370.10 Td ( content without the creators) Tj ET Q q 0 0 0 rg BT 463.46 370.10 Td ( involvement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (consent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (The value proposition we of) Tj ET Q q 0 0 0 rg BT 198.57 334.10 Td (fer to both marketers and creators strengthens our position as a trusted partner and allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (us to derive revenue from both customer bases. ) Tj ET Q q 0 0 0 rg BT 243.28 322.10 Td (As more marketers utilize our marketplaces, we increase the breadth and depth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (of monetization opportunities for creators, attracting more creators and further enhancing value for our marketers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 286.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 286.10 Td (, we have more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.33 286.10 Td (810,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.83 286.10 Td ( user connections from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.69 286.10 Td (539,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.19 286.10 Td ( user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 500.61 286.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.16 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.48 286.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (approximate aggregate reach of those user connections is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.02 274.10 Td (4.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 274.10 Td (, which represents the total number of non-unique fans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (followers of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.10 262.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 262.10 Td ( users. Creators in our system range from leading social influencers to accredited journalists. Our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (number of user accounts may be higher than the number of our actual individual creators because some creators may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (created multiple accounts. ) Tj ET Q q 0 0 0 rg BT 157.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 165.63 238.10 Td (e define a user connection as a social account or blog that has been added to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 472.18 238.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.73 238.10 Td ( under a user ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (account. It is possible for one user to add as many user connections as they like, and it is common for talent managers and lar) Tj ET Q q 0 0 0 rg BT 550.79 226.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (publishers to add many connections under a single account. ) Tj ET Q q 0 0 0 rg BT 290.31 214.10 Td (The aggregate reach number includes current and naturally expired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (OAuth connections, but does not include manual disconnects. ) Tj ET Q q 0 0 0 rg BT 301.71 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.35 202.10 Td (e define naturally expired OAuth connections as a social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (media user authentication that has timed out for any number of reasons. Our creators currently publish sponsored content to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (blogs and ) Tj ET Q q 0 0 0 rg BT 90.93 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.34 178.10 Td (witter and reach other existing platforms such as Facebook, Pinterest, ) Tj ET Q q 0 0 0 rg BT 376.64 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.39 178.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 405.88 178.10 Td (, LinkedIn, Google and Bing through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (syndication or sharing of that content. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 142.10 Td (e are currently limited in our ability to service the needs of all marketers and creators. ) Tj ET Q q 0 0 0 rg BT 442.10 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.74 142.10 Td (e have a lar) Tj ET Q q 0 0 0 rg BT 496.36 142.10 Td (ge number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (marketers and creators that we cannot currently match for sponsorship or custom content opportunities. ) Tj ET Q q 0 0 0 rg BT 468.03 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 476.67 130.10 Td (e believe that ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 532.48 130.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.02 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (should improve our ability to more ef) Tj ET Q q 0 0 0 rg BT 199.79 118.10 Td (ficiently match marketplace participants by providing access to more social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (channels and by of) Tj ET Q q 0 0 0 rg BT 125.07 106.10 Td (fering a lar) Tj ET Q q 0 0 0 rg BT 168.75 106.10 Td (ger inventory of quality marketers and creators. However) Tj ET Q q 0 0 0 rg BT 400.21 106.10 Td (, we are still limited by the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (marketers using our platforms to bring more liquidity and transactions to the creators in the marketplace. In October 2015, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (announced the public beta of SocialLinks, a new of) Tj ET Q q 0 0 0 rg BT 255.03 82.10 Td (fering inside of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 318.63 82.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.17 82.10 Td (. ) Tj ET Q q 0 0 0 rg BT 348.99 82.10 Td (Through our research and development ef) Tj ET Q q 0 0 0 rg BT 516.25 82.10 Td (forts, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (are developing additional product of) Tj ET Q q 0 0 0 rg BT 195.33 70.10 Td (ferings to solve this problem. Recent announcements have included SocialLinks, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 58.10 Td (filiate marketing compensation opportunity for creators, and ContentAmp, a performance-based content syndication ) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (compensation opportunity) Tj ET Q q 0 0 0 rg BT 154.06 742.10 Td (. SocialLinks is designed to provide creators with an ability to monetize their social channels through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (an af) Tj ET Q q 0 0 0 rg BT 69.53 730.10 Td (filiate marketing model which compensates them for generating sales for IZEA) Tj ET Q q 0 0 0 rg BT 386.09 730.10 Td ( partners. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 706.10 Td (o date, we have completed over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 706.10 Td (3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.41 706.10 Td ( social sponsorship transactions for customers ranging from small local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (businesses to Fortune 500 companies. ) Tj ET Q q 0 0 0 rg BT 206.19 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 214.83 694.10 Td (e consider each individual piece of custom content, sponsored blog post, tweet or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (other status update as an individual transaction so long as the creator of that content is being compensated for such post, tweet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (or other status update.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.82 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.46 646.10 Td (e derive the majority of our revenue from marketers for the use of our network of social media content creators to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (fulfill marketer sponsor requests for a blog post, tweet, click or action \("Sponsored Revenue"\). ) Tj ET Q q 0 0 0 rg BT 433.44 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.08 634.10 Td (e derive the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (portion of our revenue from the creation of custom content \("Content Revenue"\) and from various service fees char) Tj ET Q q 0 0 0 rg BT 511.43 622.10 Td (ged to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (marketers and creators for services, maintenance and enhancement of their accounts \("Service Fee Revenue"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Industry Backgr) Tj ET Q q 0 0 0 rg BT 120.66 586.10 Td (ound and ) Tj ET Q q 0 0 0 rg BT 163.29 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.22 586.10 Td (r) Tj ET Q q 0 0 0 rg BT 173.48 586.10 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (Despite the inherently conversational nature of influencer and content marketing as part of the broader integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (marketing landscape, many marketer budgets are currently allocated towards traditional display advertising and paid search, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (including banner ads and text links on social sites. ) Tj ET Q q 0 0 0 rg BT 255.62 538.10 Td (While most marketers understand the value of word of mouth marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (peer recommendations, and product reviews, the industry is nascent and few understand how to ef) Tj ET Q q 0 0 0 rg BT 441.92 526.10 Td (fectively and ef) Tj ET Q q 0 0 0 rg BT 503.93 526.10 Td (ficiently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (engage influencers and content creators and produce custom content appropriately for these purposes. ) Tj ET Q q 0 0 0 rg BT 461.61 514.10 Td (Those who engage are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (quickly limited by the amount of ef) Tj ET Q q 0 0 0 rg BT 191.46 502.10 Td (fort required to adequately manage and measure a truly integrated campaign.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (The influencer and content marketing categories have been limited primarily by the current inef) Tj ET Q q 0 0 0 rg BT 468.72 478.10 Td (ficiencies of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (market. Due to their lar) Tj ET Q q 0 0 0 rg BT 145.89 466.10 Td (ge and highly fragmented nature, marketers have been forced to utilize a variety of highly inef) Tj ET Q q 0 0 0 rg BT 522.78 466.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (sources and processes to navigate the complicated landscape, often resulting in low returns on their time investment or worse-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (yet, questionable results. ) Tj ET Q q 0 0 0 rg BT 153.69 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 162.32 442.10 Td (e believe this is lar) Tj ET Q q 0 0 0 rg BT 237.12 442.10 Td (gely due to marketers and creators lacking an ef) Tj ET Q q 0 0 0 rg BT 428.52 442.10 Td (ficient way to identify and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (engage each other in the marketplace. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (At the same time, influencers and content creators that would like to monetize their community and work product are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (faced with significant challenges in making marketers aware of their services and finding quality marketers who are motivated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (to sponsor them. In addition, those creators with smaller networks simply lack the individual influence and audience needed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (warrant the processing of a micro-transaction. In many cases, it costs a marketer more money to issue a check to a small ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (creator than the value of the sponsorship payment itself. Further complicating the sponsorship process for both parties are FTC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (regulations around social media endorsements, IRS tax reporting generally applicable to anyone receiving income for services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (and the associated campaign tracking required to provide compliance. ) Tj ET Q q 0 0 0 rg BT 334.43 334.10 Td (While many marketers would prefer to be part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (conversation, we believe the complexity and cost of individual sponsorship often deters them from doing so.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 298.10 Td (e believe that the current challenges in ef) Tj ET Q q 0 0 0 rg BT 258.54 298.10 Td (ficiency and measurable success represent a significant opportunity for us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 286.10 Td (e address these challenges with tar) Tj ET Q q 0 0 0 rg BT 196.46 286.10 Td (geted, scalable marketplaces that aggregate content creators and marketers. In doing so, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (we of) Tj ET Q q 0 0 0 rg BT 72.31 274.10 Td (fer an ef) Tj ET Q q 0 0 0 rg BT 105.43 274.10 Td (ficient, innovative way for creators and marketers of all sizes to find each other and form a compensated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (relationship.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (Since our inception in 2006, we have worked diligently to establish and leverage key strengths in our business model, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.12 202.10 Td ( culture of innovation and creativity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.17 202.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.67 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.49 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.13 202.10 Td (e believe the only way to survive and thrive in our rapidly changing world ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (is to change ahead of it. ) Tj ET Q q 0 0 0 rg BT 149.79 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.42 190.10 Td (e are in a state of constant evolution and re-invention; this is The IZEA) Tj ET Q q 0 0 0 rg BT 446.95 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.27 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.91 190.10 Td (ay) Tj ET Q q 0 0 0 rg BT 466.69 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.45 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 487.09 190.10 Td (e have created a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (culture committed to innovation and creativity that challenges convention and breaks new ground. IZEA) Tj ET Q q 0 0 0 rg BT 470.16 178.10 Td ( team members are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (protective and proud of our culture by applying its humble, yet hungry attitude to all facets of our business. Our people and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (their innovations ultimately provide us with our lar) Tj ET Q q 0 0 0 rg BT 253.95 154.10 Td (gest competitive advantage. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (First-mover advantage with a highly disruptive business model) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.08 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.58 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.40 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.03 130.10 Td (e believe that by pioneering the social sponsorship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (space and investing heavily in innovation, acquisitions and marketing, we were first to develop positive rapport among creators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and marketers alike. ) Tj ET Q q 0 0 0 rg BT 135.62 106.10 Td (This loyalty has resulted in consistent revenue growth and high levels of repeat business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (Scalable and leverageable operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.04 82.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.54 82.10 Td ( Our business model allows revenue to be derived in a variety of ways, all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (which rely on our marketplace as a hub. ) Tj ET Q q 0 0 0 rg BT 214.76 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.40 70.10 Td (e intend to introduce multiple new product of) Tj ET Q q 0 0 0 rg BT 404.56 70.10 Td (ferings within ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.89 70.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.93 70.10 Td (to substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (decrease our operations and support expense over time as revenue grows.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Experienced management team, board of directors and strategic advisors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.26 742.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.76 742.25 Td ( Our management team includes not only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (a highly experienced team of entrepreneurs and executives from the digital media, technology and entertainment industries, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (also outstanding strategic advisory board members who are experts in social media and integrated marketing campaigns. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Management for details.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 682.25 Td ( Gr) Tj ET Q q 0 0 0 rg BT 82.13 682.25 Td (owth Strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (After ten years of working in and developing the influencer and content marketing categories, we believe our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (model is market-tested and ready for growth. Our development ef) Tj ET Q q 0 0 0 rg BT 315.01 646.25 Td (forts have included assembling a diverse and experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (senior management team and engineering team, launching and optimizing our proprietary marketplaces, developing a cross-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (platform sales force and refining our message to the market. Key elements of our strategy to accelerate revenue growth and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (continue product development include: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (An integrated approach) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.79 586.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.29 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.11 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.75 586.25 Td (e believe we are the only company that can currently provide both custom content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (creation and influencer marketing at scale. It is our opinion that this provides a significant advantage for us in the market and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (we have already seen strong sales response to proposals that include both content and sponsored social. Moving forward we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (believe that content revenues will play a significant role in IZEA) Tj ET Q q 0 0 0 rg BT 308.25 550.25 Td () Tj ET Q q 0 0 0 rg BT 311.03 550.25 Td (s growth.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td (Large client services team) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.91 526.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.41 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.23 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.87 526.25 Td (e expect the growth of our client development team to be the primary driver of near) Tj ET Q q 0 0 0 rg BT 542.71 526.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (term revenues. ) Tj ET Q q 0 0 0 rg BT 113.68 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.32 514.25 Td (e have been developing a comprehensive on-boarding and on-going education curriculum that led to record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (bookings in 2016. ) Tj ET Q q 0 0 0 rg BT 126.77 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.41 502.25 Td (e intend to add additional client development personnel who receive a commission for meeting sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 490.25 Td (gets to more ef) Tj ET Q q 0 0 0 rg BT 119.89 490.25 Td (fectively service customers throughout North ) Tj ET Q q 0 0 0 rg BT 302.90 490.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 344.64 490.25 Td (These individuals will be based across our various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 478.25 Td (fices in ) Tj ET Q q 0 0 0 rg BT 89.62 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.66 478.25 Td (inter Park, Chicago, Los ) Tj ET Q q 0 0 0 rg BT 198.09 478.25 Td (Angeles and ) Tj ET Q q 0 0 0 rg BT 250.12 478.25 Td (T) Tj ET Q q 0 0 0 rg BT 255.53 478.25 Td (oronto. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (Strategic partnerships) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.85 454.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.17 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 192.81 454.25 Td (e continue to develop strategic partnerships and reseller agreements with companies that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (can provide additional growth in our base of creators and marketers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 327.96 442.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.51 442.25 Td ( is designed to be easily white labeled, allowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (partners to operate their own node on the exchange. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.74 430.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.29 430.25 Td ( is also designed to be resold by partners that do not require a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (custom-branded solution. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (Product development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.93 394.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.43 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.25 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 188.89 394.25 Td (e will continue to recruit additional engineering and product innovation team members to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (enhance ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.25 382.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 382.25 Td ( to develop new technology ideas within this platform that complement our mission as a company) Tj ET Q q 0 0 0 rg BT 501.46 382.25 Td (. In 2017, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (intend to focus our ef) Tj ET Q q 0 0 0 rg BT 135.35 370.25 Td (forts on building functionality to meet partner demand, developing our mobile app and unlocking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (additional revenue generating opportunities utilizing our existing platforms and users through initiatives such as SocialLinks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (and ContentAmp.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (Accretive acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.27 322.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.77 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.59 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 192.23 322.25 Td (e continually seek to identify and acquire companies, technologies and assets to add to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (portfolio of software services that will drive additional near and long-term revenue. In July 201) Tj ET Q q 0 0 0 rg BT 433.40 310.25 Td (1, we acquired Germany) Tj ET Q q 0 0 0 rg BT 534.47 310.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Magpie ) Tj ET Q q 0 0 0 rg BT 82.87 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 88.28 298.25 Td (witter advertising network that included a lar) Tj ET Q q 0 0 0 rg BT 268.04 298.25 Td (ge network of marketers and ) Tj ET Q q 0 0 0 rg BT 384.76 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 390.17 298.25 Td (witter creators in multiple countries. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (December 2012, we acquired FeaturedUsers, one of the first advertising networks specifically designed to help ) Tj ET Q q 0 0 0 rg BT 496.06 286.25 Td (T) Tj ET Q q 0 0 0 rg BT 501.47 286.25 Td (witter users ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (grow their followers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (In January 2015, we acquired Ebyline, Inc., an online marketplace that enables publishers to access a network of over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (15,000 content creators ranging from writers to illustrators in 84 countries. Over 2,000 fully vetted individuals in the Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (network have professional journalism credentials with backgrounds at well-known media outlets. Ebyline) Tj ET Q q 0 0 0 rg BT 477.95 226.25 Td (s proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (workflow is utilized by leading media or) Tj ET Q q 0 0 0 rg BT 212.56 214.25 Td (ganizations to manage the entire customer content creation process - from creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (selection through electronic payment. In addition to publishers, Ebyline is leveraged by marketers to produce custom branded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (content for use on their owned and operated sites, as well as third party content marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 510.23 190.25 Td (forts. ) Tj ET Q q 0 0 0 rg BT 535.88 190.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Ebyline technology platform has been used by publishers and brands to manage their content projects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (In July 2016, we acquired ZenContent, which developed a proprietary custom content marketing technology platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (to facilitate the creation of high volume original content for businesses. ZenContent services a number of Fortune 500 e-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (commerce customers, amongst others. ZenContent) Tj ET Q q 0 0 0 rg BT 255.50 130.25 Td (s proprietary tools ingest full product databases, source creators and provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (quality assurance for custom content projects, making product listings friendlier for consumers and more indexable for search. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Outside of e-commerce, ZenContent also works with leading online publishers for the production of articles and text updates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (including a real-time application program interface \(API\) that enables production of content for rapid publishing of news ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (stories and augmentation of consumer content. ) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 718.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 718.25 Td (, we had more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.89 718.25 Td (810,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.39 718.25 Td ( user connections from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.25 718.25 Td (539,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.75 718.25 Td ( user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.18 718.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.72 718.25 Td (. ) Tj ET Q q 0 0 0 rg BT 529.04 718.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (approximate aggregate reach of those user connections is) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.9333333333333333 0.15294117647058825 0.1411764705882353 rg BT 278.52 706.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 281.02 706.25 Td (4.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 706.25 Td (, which represents the total number of non-unique fans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (followers of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.10 694.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 694.25 Td ( users. Creators in our system include leading social influencers to accredited journalists.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 670.25 Td (In the case of our managed marketers, we typically enter into a master agreement. Under the master agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (marketer may submit one or more insertion orders pursuant to which we provide services for production of requested content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (specifically for the marketer or for advertising through our creator's network of social media connections. ) Tj ET Q q 0 0 0 rg BT 476.75 646.25 Td (The master ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (agreement, according to our standard terms, is terminable by us or our customers upon 30 days prior written notice or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (immediately if a material breach has occurred that is not promptly cured. Fees under the master agreement are typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (payable within 30 days after the date of our invoice in accordance with the terms agreed to in the applicable statement of work. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (The master agreement additionally provides for standard service disclaimers and limitations of liability for our benefit, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (as a reciprocal confidentiality provision. ) Tj ET Q q 0 0 0 rg BT 216.15 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.79 586.25 Td (e also enter into agreements with self-service" customers who agree to our terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (of service available on the applicable online platform when they create their account. ) Tj ET Q q 0 0 0 rg BT 394.95 574.25 Td (These self-service customers do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (separately enter into a master agreement with us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 538.25 Td (e provide services to customers in multiple industry segments, including consumer products, retail/eT) Tj ET Q q 0 0 0 rg BT 500.52 538.25 Td (ail, technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (and travel. Our customers are predominantly located in the United States followed by Canada, India, the United Kingdom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (over 150 other countries. Our business serves advertising and public relations agencies, as well as brands and businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (directly) Tj ET Q q 0 0 0 rg BT 79.89 502.25 Td (. In many cases, influencer marketing dollars flow through the advertising or public relations agency) Tj ET Q q 0 0 0 rg BT 483.84 502.25 Td (, even when we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (have a direct relationship with the brand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.25 Td (e have only one customer who accounts for 10% or more of our revenues in recent years. Gannett Co. Inc., acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (by Journal Media Group, Inc. in ) Tj ET Q q 0 0 0 rg BT 180.53 454.25 Td (April 2016, accounted for 9.97% and 14.03%, of our revenues for the years ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 177.10 442.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Sales and Marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 394.25 Td (e primarily sell social sponsorship and custom content campaigns through our sales team, our self-service platforms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (and, to a lesser extent, by utilizing distribution relationships such as resellers, af) Tj ET Q q 0 0 0 rg BT 369.47 382.25 Td (filiates and white label partners. ) Tj ET Q q 0 0 0 rg BT 499.79 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 508.43 382.25 Td (e tar) Tj ET Q q 0 0 0 rg BT 525.74 382.25 Td (get ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (regional, national and global brands and advertising agencies in the following ways:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (Client Development ) Tj ET Q q 0 0 0 rg BT 173.03 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.78 346.25 Td (eam.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.55 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.87 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 212.50 346.25 Td (e have a client development team each of whom is assigned a geographic region or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (specific marketers, primarily within the United States. ) Tj ET Q q 0 0 0 rg BT 271.43 334.25 Td (The team members are responsible for identifying and managing sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (opportunities in their respective tar) Tj ET Q q 0 0 0 rg BT 189.78 322.25 Td (get areas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (Business Development ) Tj ET Q q 0 0 0 rg BT 183.60 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 189.35 298.25 Td (eam.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.12 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.44 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 223.08 298.25 Td (e have a business development team that develops and maintains partnerships with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (independent resellers and distribution partners who are responsible for selling one or more of our platforms under an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (independent contractor relationship. ) Tj ET Q q 0 0 0 rg BT 196.44 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 205.07 274.25 Td (e maintain two types of reseller relationships: resellers and white label partners. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Resellers focus their ef) Tj ET Q q 0 0 0 rg BT 141.73 262.25 Td (forts on selling a variety of marketers in geographies around the world. ) Tj ET Q q 0 0 0 rg BT 428.41 262.25 Td (White label partners are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (complementary relationships that add additional marketers and creators to our network. ) Tj ET Q q 0 0 0 rg BT 404.43 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 413.07 250.25 Td (e intend to increase our number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (resellers and white label partners under the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 224.10 238.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.64 238.25 Td ( technology platform.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (Self-Service Platforms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.24 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.19 214.25 Td (Announced at IZEAFest in February 2017, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 362.32 214.25 Td (ContentAmp) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.31 214.25 Td ( was developed as a self-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (marketplace to enable marketers and publishers of all sizes to independently access our network of creators for performance-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (oriented content syndication. ) Tj ET Q q 0 0 0 rg BT 170.62 190.25 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 188.67 190.25 Td (Ebyline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.21 190.25 Td ( platform also serves as self-service marketplace for publishers and agencies of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (sizes to independently access our network of journalists a request the creation of custom content. Self-service customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (extend our global reach and increase deal flow) Tj ET Q q 0 0 0 rg BT 235.65 166.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (Referral Pr) Tj ET Q q 0 0 0 rg BT 134.95 142.25 Td (ogram.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 142.25 Td ( ) Tj ET Q q 0 0 0 rg BT 169.67 142.25 Td (As more marketers contribute opportunities into our marketplaces, we believe we will increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (the breadth and depth of the monetization value of) Tj ET Q q 0 0 0 rg BT 251.42 130.25 Td (fered to our creators, attracting more creators to enroll into our platforms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (thereby enhancing the value of our platforms to future marketers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 316.02 118.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.56 118.25 Td ( contains a program designed to compensate social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (media content creators for referring other creators to join these platforms. In these programs, we incur the cost to pay a referral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (fee to the referrer equal to 2.5%-10% of the referee's earnings for up to a two-year period. Directly trackable creator referrals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (are new creator signups that we receive as the result of a current creator sharing a unique tracking link to our platform. ) Tj ET Q q 0 0 0 rg BT 529.08 82.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (link allows us to determine how a new creator learned about our platform. ) Tj ET Q q 0 0 0 rg BT 351.11 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 359.75 70.25 Td (e paid referral fees to creators approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 58.25 Td (70,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 58.25 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 58.25 Td (46,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 58.25 Td ( in the years ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 385.09 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 392.41 58.25 Td (These programs amplify our marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (dollars and decrease the investment required to attract new creators. ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 125.18 742.25 Td (Acumen.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 742.25 Td ( Our team possesses a strong marketing and advertising background. ) Tj ET Q q 0 0 0 rg BT 444.94 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 453.57 742.25 Td (e focus our corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (marketing ef) Tj ET Q q 0 0 0 rg BT 100.63 730.25 Td (forts on increasing brand awareness, communicating each of our platform advantages, generating qualified leads ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (for our sales team and growing our creator network. Our corporate marketing plan is designed to continually elevate awareness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (of our brand and generate demand for social sponsorship. ) Tj ET Q q 0 0 0 rg BT 284.47 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 293.11 706.25 Td (e rely on a number of channels in this area, including tradeshows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (third party social media platforms \(e.g., Facebook and ) Tj ET Q q 0 0 0 rg BT 268.92 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 274.33 694.25 Td (witter\), IZEA-hosted community events, paid searches, content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (marketing, influencer marketing and our corporate websites.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Revenue Model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 634.25 Td (e derive revenue from three sources: revenue from a marketer when it pays for a social media publisher or influencer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (such as a blogger or tweeter \("creators"\) to share sponsored content with their social network audience \("Sponsored Revenue"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (revenue when a publisher or company purchases custom branded content for its own use, as well as third party content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 191.44 598.25 Td (forts \("Content Revenue"\) and revenue derived from various service and license fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 586.25 Td (ged to users of our platforms \("Service Fee Revenue"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 562.25 Td (e earn Sponsored Revenue either on a per post or action basis from opportunities created by marketers using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (platforms or on an advertising campaign basis where we manage the entire campaign for our customers, often using multiple ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (platforms to accomplish a full influencer marketing campaign. Marketers may prepay for services by placing a deposit in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (account with us.) Tj ET Q q 0 0 0 rg BT 120.08 526.25 Td (The deposits are typically paid by the marketer through the use of checks, wire transfers or credit cards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 514.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 86.97 514.25 Td (, for each dollar a marketer spends with us for sponsored services, approximately 50% of it goes to our social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (content creators. Celebrity creators typically retain a higher percentage of each transaction due to the higher base price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (associated with these sponsorships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.25 Td (Sponsored Revenue is recognized and considered earned after a marketer's sponsored content is posted through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 533.49 466.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.04 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and shared through a creator's social network for a requisite period of time. ) Tj ET Q q 0 0 0 rg BT 352.63 454.25 Td (The requisite period ranges from 3 days for a tweet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (to 30 days for a blog, video or other form of custom content. Revenue is only recorded upon successful completion of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (actions. If the action was not successful, the marketer's account would not be char) Tj ET Q q 0 0 0 rg BT 377.34 430.25 Td (ged and no revenue would be recorded. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (IZ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.44 418.25 Td (EAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.09 418.25 Td ( can be activated and used in a self-service fashion or with the assistance of our account management team. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (fees related to Sponsored Revenue from advertising campaigns managed by us are recognized ratably over the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (campaign which may range from a few days to months. Sponsored Revenue accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.56 394.25 Td (61%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.89 394.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.33 394.25 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.66 394.25 Td ( of our total revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 382.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 382.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 382.25 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.83 382.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 351.49 382.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.25 Td (Content Revenue is recognized when the content is delivered to and accepted by the customer) Tj ET Q q 0 0 0 rg BT 460.87 358.25 Td (. Content revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.19 346.25 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.52 346.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.96 346.25 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.29 346.25 Td ( of our total revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.20 346.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 346.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.68 346.25 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.70 346.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 548.36 346.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 322.25 Td (Service Fee Revenue is generated when fees are char) Tj ET Q q 0 0 0 rg BT 297.93 322.25 Td (ged to customers primarily related to subscription fees for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 310.25 Td (ferent levels of service within a platform, licensing fees for white-label use of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 374.15 310.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.69 310.25 Td (, early cash-out fees if a creator wishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (to take proceeds earned for services from their account when the account balance is below certain minimum balance thresholds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (and inactivity fees for dormant accounts. ) Tj ET Q q 0 0 0 rg BT 215.60 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.23 286.25 Td (e set certain minimum cash-out balance thresholds, typically $50, to encourage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (creators to help us better manage the time, Paypal fees and administrative costs that are associated with each cash-out by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (creators. Once a creator's account balance exceeds the minimum balance, they can request to be paid without incurring a fee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Service Fee Revenue is recognized immediately when the service is performed or at the time an account becomes dormant or is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (cashed out. Service Fee Revenue for subscription or licensing fees are recognized straight-line over the term of service. Self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (service marketers must prepay for services by placing a deposit in their account with us.) Tj ET Q q 0 0 0 rg BT 407.21 226.25 Td (The deposits are typically paid by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (marketer via credit card. Marketers who use us to manage their social advertising campaigns or custom content requests may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (prepay for services or request credit terms. Payments received or billings in advance of services are recorded as unearned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (revenue until earned as described above. Service Fee Revenue accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.25 190.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.58 190.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.02 190.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.35 190.25 Td ( of our total revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.25 190.25 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 178.25 Td ( ended ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.70 178.25 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.72 178.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 305.39 178.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (As ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.61 154.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.16 154.25 Td ( continues to gain adoption from our marketers, creators and partners in future periods, we anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (additional forms of revenue streams including subscription fees, listing fees, licensing fees and sponsored search fees as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (of new functionality built into the platform. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 106.25 Td (e were able to achieve gross mar) Tj ET Q q 0 0 0 rg BT 224.95 106.25 Td (gins on all our products of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.97 106.25 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 106.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.74 106.25 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.07 106.25 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 94.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.68 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 227.63 94.25 Td (As part of our commitment to increase shareholder value, we are constantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (seeking methods to further increase mar) Tj ET Q q 0 0 0 rg BT 210.04 82.25 Td (gins by implementing technology advancements and adjusting our revenue mix to focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (on higher mar) Tj ET Q q 0 0 0 rg BT 105.91 70.25 Td (gin opportunities. ) Tj ET Q q 0 0 0 rg BT 183.78 70.25 Td (The mix of sales between our higher mar) Tj ET Q q 0 0 0 rg BT 347.71 70.25 Td (gin managed services for Sponsored Revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (our lower mar) Tj ET Q q 0 0 0 rg BT 106.46 58.25 Td (gin self-service workflow portion of Content Revenue has a significant af) Tj ET Q q 0 0 0 rg BT 400.64 58.25 Td (fect on our overall gross profit ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 100.25 742.10 Td (As a result of the changes in our sales mix and an increase in managed services, we expect that our mar) Tj ET Q q 0 0 0 rg BT 513.53 742.10 Td (gins will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (average 47% to 48% for the foreseeable future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 706.10 Td (echnology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.55 682.10 Td ( spans multiple social networks, blogs and ) Tj ET Q q 0 0 0 rg BT 282.82 682.10 Td (Y) Tj ET Q q 0 0 0 rg BT 289.04 682.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 304.80 682.10 Td (ube. ) Tj ET Q q 0 0 0 rg BT 326.56 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.19 682.10 Td (e aggregate our creators in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 443.75 682.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 682.10 Td ( which allows us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (create scale and tar) Tj ET Q q 0 0 0 rg BT 126.15 670.10 Td (geting for our marketers. ) Tj ET Q q 0 0 0 rg BT 227.88 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.52 670.10 Td (e provide the ability to tar) Tj ET Q q 0 0 0 rg BT 339.92 670.10 Td (get our creators based on a variety of software rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (and filters. ) Tj ET Q q 0 0 0 rg BT 95.08 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.72 658.10 Td (e provide self-service platforms that service all business types and sizes. Unlike traditional public relations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (marketers only pay for completed posts. ) Tj ET Q q 0 0 0 rg BT 215.33 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.97 646.10 Td (e provide trackable results by automatically embedding tracking links and pixels, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (well as support, for third-party tracking \(such as DAR) Tj ET Q q 0 0 0 rg BT 265.74 634.10 Td (T\). ) Tj ET Q q 0 0 0 rg BT 280.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.63 634.10 Td (e also provide dashboards for real-time reporting, providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (immediate feedback. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Privacy and Security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 574.10 Td (e are committed to protecting the privacy) Tj ET Q q 0 0 0 rg BT 258.92 574.10 Td (, reputations and dignity of our marketers and creators. ) Tj ET Q q 0 0 0 rg BT 482.75 574.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 532.08 574.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (have invested heavily in many areas to prevent the misuse of information that we collect. ) Tj ET Q q 0 0 0 rg BT 411.09 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.73 562.10 Td (e do not misuse personally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (identifiable information that we collect and we use reasonable and suitable physical, electronic and managerial safeguards to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (protect such information. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 514.10 Td (oduct Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (Our product development team is responsible for platform and infrastructure development, application development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (user interface and application design, enterprise connectivity) Tj ET Q q 0 0 0 rg BT 292.31 478.10 Td (, Internet applications and design, quality assurance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (documentation and release management. One of our core strengths is our knowledge of and experience in launching and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (operating scalable influencer marketing marketplaces. Our product development expenses, consisting primarily of salaries paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (to development personnel and included in general and administrative expenses, were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.81 442.10 Td ($2,738,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.81 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 442.10 Td ($1,942,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.25 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.85 430.10 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.88 430.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.54 430.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e launched a public beta version of IZEA.com powered by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 330.94 406.10 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.94 406.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 348.44 406.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 369.37 406.10 Td ( Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.29 406.10 Td ( \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.12 406.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.67 406.10 Td (\) in March 2014 and unveiled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (our latest version 2.0 of the platform in February 2017. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 275.23 394.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.78 394.10 Td ( is designed to provide a unified ecosystem that enables the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (creation of multiple types of content including blog posts, status updates, videos and photos through a wide variety of social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (channels including blogs, ) Tj ET Q q 0 0 0 rg BT 154.25 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 159.66 370.10 Td (witter) Tj ET Q q 0 0 0 rg BT 182.58 370.10 Td (, Facebook, Instagram and ) Tj ET Q q 0 0 0 rg BT 290.70 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 296.46 370.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 319.95 370.10 Td (, among others. ) Tj ET Q q 0 0 0 rg BT 386.42 370.10 Td (The system is available to our customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and partners via a self-serve portal, as a managed service or as a licensed white label. ) Tj ET Q q 0 0 0 rg BT 395.50 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.14 358.10 Td (e continue to add new features and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (additional functionality to this platform each year) Tj ET Q q 0 0 0 rg BT 247.72 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.04 346.10 Td (These new features will enable our platform to facilitate the contracting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (workflow and delivery of direct content as well as provide for invoicing, collaborating and direct payments for our SaaS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 97.87 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 106.50 322.10 Td (e incurred and capitalized software development costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.41 322.10 Td ($471,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.91 322.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.35 322.10 Td ($452,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.85 322.10 Td ( in our balance sheet during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 310.10 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 310.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 270.66 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (Our team believes that constant innovation is the only way to achieve long-term growth and our intention is to focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (all of our engineering resources on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.33 274.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.88 274.10 Td ( platform for the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 381.91 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.55 274.10 Td (e intend to continue to invest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (creation of new technology additions that complement our core of) Tj ET Q q 0 0 0 rg BT 313.90 262.10 Td (ferings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 214.10 Td (e face competition from multiple companies in the social sponsorship industry) Tj ET Q q 0 0 0 rg BT 407.25 214.10 Td (. Direct and indirect competitors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (the social sponsorship space include Facebook, ) Tj ET Q q 0 0 0 rg BT 241.16 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 246.57 202.10 Td (witter) Tj ET Q q 0 0 0 rg BT 269.50 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.13 202.10 Td (Y) Tj ET Q q 0 0 0 rg BT 280.35 202.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 296.10 202.10 Td (ube, BlogHer) Tj ET Q q 0 0 0 rg BT 349.58 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.40 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 359.81 202.10 Td (apInfluence and Collective Bias. ) Tj ET Q q 0 0 0 rg BT 495.14 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.77 202.10 Td (e also face ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (competition in the content space from companies such as Contently) Tj ET Q q 0 0 0 rg BT 319.56 190.10 Td (, Newscred and Scripted. In addition, there are a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (agencies, public relations firms and niche consultancies that provide content development and conduct manual influencer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (outreach programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (Competition for advertising placements among current and future suppliers of Internet navigational and informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (services, high traf) Tj ET Q q 0 0 0 rg BT 121.18 130.10 Td (fic websites and social sponsorship providers, as well as competition with other media for native advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (placements, could result in significant price competition, declining mar) Tj ET Q q 0 0 0 rg BT 334.74 118.10 Td (gins and reductions in advertising revenue. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (as we continue our ef) Tj ET Q q 0 0 0 rg BT 135.34 106.10 Td (forts to expand the scope of our services with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.46 106.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 106.10 Td (, we may compete with a greater number of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (companies across an increasing range of dif) Tj ET Q q 0 0 0 rg BT 224.75 94.10 Td (ferent services, including in vertical markets where competitors may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (advantages in expertise, brand recognition and other areas. If existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 470.51 82.10 Td (fer products or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (services that provide significant performance, price, creative or other advantages over those of) Tj ET Q q 0 0 0 rg BT 427.44 70.10 Td (fered by us, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (prospects, results of operations and financial condition could be negatively af) Tj ET Q q 0 0 0 rg BT 359.45 58.10 Td (fected. ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 Td (e also compete with traditional advertising media such as direct mail, television, radio, cable and print for a share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (marketers' total advertising budgets. Many current and potential competitors enjoy competitive advantages over us, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (longer operating histories, greater name recognition, lar) Tj ET Q q 0 0 0 rg BT 272.51 718.10 Td (ger customer bases, greater access to advertising space on high-traf) Tj ET Q q 0 0 0 rg BT 541.11 718.10 Td (fic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (websites, and significantly greater financial, technical, sales and marketing resources. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 682.10 Td (oprietary Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Proprietary rights are important to our success and our competitive position. ) Tj ET Q q 0 0 0 rg BT 392.97 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 398.38 658.10 Td (o protect our proprietary rights, we rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (on intellectual property and trade secret laws, confidentiality procedures and contractual provisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 130.64 622.10 Td (e currently own 31 domestic trademark registrations, 13 foreign registrations, and have 7 total pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (applications \(3 in the United States and 4 foreign\). ) Tj ET Q q 0 0 0 rg BT 256.71 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.35 610.10 Td (e have abandoned approximately 20 other U.S. applications. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (United States, we own 31 trademarks registered with the U.S. Patent and ) Tj ET Q q 0 0 0 rg BT 343.36 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 349.12 598.10 Td (rademark Of) Tj ET Q q 0 0 0 rg BT 399.75 598.10 Td (fice \(USPT) Tj ET Q q 0 0 0 rg BT 444.83 598.10 Td (O\), including "Blogger's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Choice ) Tj ET Q q 0 0 0 rg BT 80.27 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 86.58 586.10 Td (wards," "Champion the Creators," "Connecting Creators and Brands," ContentAmp, Ebyline, "FanAds," "Get ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Everyone ) Tj ET Q q 0 0 0 rg BT 90.63 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.04 574.10 Td (alking," Influence Rank, "InPostLinks," "IZEA," "IZEA) Tj ET Q q 0 0 0 rg BT 329.10 574.10 Td ( Exchange," "IZEAx," "Native ) Tj ET Q q 0 0 0 rg BT 453.72 574.10 Td (Ad Exchange," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td ("PayPerPost," "Postie," "Selective Syndication," ShareMonitor) Tj ET Q q 0 0 0 rg BT 306.01 562.10 Td (, "SocialSpark," "SoundAmp," "Sponsored Music," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ("Sponsored Social," Sponsored Stream, "Sponsorship Marketplace," "Staree," The Content Marketplace, "The Creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Marketplace," "T) Tj ET Q q 0 0 0 rg BT 118.54 538.10 Td (otal Social ) Tj ET Q q 0 0 0 rg BT 163.35 538.10 Td (V) Tj ET Q q 0 0 0 rg BT 169.47 538.10 Td (alue,""V) Tj ET Q q 0 0 0 rg BT 203.41 538.10 Td (irtual Newsroom," "W) Tj ET Q q 0 0 0 rg BT 292.70 538.10 Td (e Reward \(Design\)," and have acquired ZenContent. ) Tj ET Q q 0 0 0 rg BT 513.45 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.09 538.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (own foreign trademark registrations for "Izea" on the International Register in ) Tj ET Q q 0 0 0 rg BT 366.39 526.10 Td (Ar) Tj ET Q q 0 0 0 rg BT 376.76 526.10 Td (gentina, ) Tj ET Q q 0 0 0 rg BT 410.64 526.10 Td (Australia, Canada, China, Colombia, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Cuba, Japan, New Zealand, Norway) Tj ET Q q 0 0 0 rg BT 194.02 514.10 Td (, Russian Federation, Switzerland, and the European Union.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (In addition to these registered marks, we currently have 4 pending foreign applications for the mark "Izea" in Brazil, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Iceland, Israel, and Mexico, with the intention of filing additional applications in both the U.S. and foreign countries where we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (have a bona fide commercial interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 130.64 442.10 Td (e also own approximately 470 domain names related to the various aspects of IZEA) Tj ET Q q 0 0 0 rg BT 464.71 442.10 Td () Tj ET Q q 0 0 0 rg BT 467.49 442.10 Td (s products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e actively protect our intellectual property rights, but have encountered challenges following the U.S. Supreme ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Court decision in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.38 394.10 Td (Alice Corp. v) Tj ET Q q 0 0 0 rg BT 173.68 394.10 Td (. CLS Bank International, 573 U.S. __, 134 S. Ct. 2347 \(2014\) and Intellectual V) Tj ET Q q 0 0 0 rg BT 495.60 394.10 Td (entur) Tj ET Q q 0 0 0 rg BT 516.34 394.10 Td (es I LLC ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (vs. Symantec Corp. \(Fed. Cir) Tj ET Q q 0 0 0 rg BT 165.82 382.10 Td (. 2016\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.65 382.10 Td (which changed the patent environment for software-based applications. ) Tj ET Q q 0 0 0 rg BT 484.05 382.10 Td (As a result, given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (the dif) Tj ET Q q 0 0 0 rg BT 75.64 370.10 Td (ficulty in overcoming USPT) Tj ET Q q 0 0 0 rg BT 189.06 370.10 Td (O rejections of certain of the Corporation's pending patent applications, management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (decided not to actively pursue the remaining patent applications but to let them naturally expire over the coming months. ) Tj ET Q q 0 0 0 rg BT 538.30 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 546.93 358.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (met with similar resistance in ) Tj ET Q q 0 0 0 rg BT 169.70 346.10 Td (Australia, Canada, and the European Union, and so have abandoned pursuit of those applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (as well. However) Tj ET Q q 0 0 0 rg BT 121.80 334.10 Td (, IZEA) Tj ET Q q 0 0 0 rg BT 149.01 334.10 Td ( has a pending foreign patent application in Brazil which it retains. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 310.10 Td (e cannot provide any assurance that our proprietary rights with respect to our products or services will be viable or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (have value in the future since the validity) Tj ET Q q 0 0 0 rg BT 214.57 298.10 Td (, enforceability and type of protection of proprietary rights in Internet-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (industries are uncertain and still evolving.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (Despite our ef) Tj ET Q q 0 0 0 rg BT 142.46 262.10 Td (forts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (or to obtain and use information that we regard as proprietary) Tj ET Q q 0 0 0 rg BT 295.38 250.10 Td (. Policing unauthorized use of our products is dif) Tj ET Q q 0 0 0 rg BT 490.44 250.10 Td (ficult, and while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (we are unable to determine the extent to which piracy of our software products exists, software piracy can be expected to be a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (persistent problem. In addition, the laws of some foreign countries do not protect proprietary rights to as great an extent as do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the laws of the United States, and ef) Tj ET Q q 0 0 0 rg BT 194.22 214.10 Td (fective copyright, trademark, trade secret and patent protection may not be available in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (those jurisdictions. Our means of protecting our proprietary rights may not be adequate to protect us from the infringement or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (misappropriation of such rights by others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (Further) Tj ET Q q 0 0 0 rg BT 115.04 166.10 Td (, in recent years, there has been significant litigation in the United States involving patents and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (intellectual property rights, particularly in the software and Internet-related industries. ) Tj ET Q q 0 0 0 rg BT 396.36 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.00 154.10 Td (e can and have been subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (intellectual property infringement claims as the number of our competitors grows and our products and services overlap with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (competitive of) Tj ET Q q 0 0 0 rg BT 107.86 130.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 140.44 130.10 Td (These claims, even if not meritorious, could be expensive to defend and could divert management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (attention from operating our Company) Tj ET Q q 0 0 0 rg BT 203.76 118.10 Td (. If we become liable to third parties for infringing their intellectual property rights, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (could be required to pay a substantial award of damages and to develop non-infringing technology) Tj ET Q q 0 0 0 rg BT 443.13 106.10 Td (, obtain a license or cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (selling the products that contain the infringing intellectual property) Tj ET Q q 0 0 0 rg BT 317.61 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.43 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 331.07 94.10 Td (e may be unable to develop non-infringing technology or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (obtain a license on commercially reasonable terms, if at all.) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Government Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 718.25 Td (e are subject to a number of foreign and domestic laws and regulations that af) Tj ET Q q 0 0 0 rg BT 404.91 718.25 Td (fect companies conducting business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the Internet, many of which are still evolving and could be interpreted in ways that could harm our business. In the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (States and abroad, laws relating to the liability of providers of online services for activities of their users and other third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (are currently being tested by a number of claims. ) Tj ET Q q 0 0 0 rg BT 250.58 682.25 Td (These regulations and laws may involve taxation, tarif) Tj ET Q q 0 0 0 rg BT 467.56 682.25 Td (fs, creator privacy) Tj ET Q q 0 0 0 rg BT 539.37 682.25 Td (, data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (protection, content, copyrights, distribution, electronic contracts and other communications, consumer protection, the provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (of online payment services and the characteristics and quality of services. It is not entirely clear how existing laws which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (govern issues such as property ownership, taxation, export or import matters and personal privacy apply to the Internet, as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (vast majority of these laws were adopted prior to the advent of the Internet and do not contemplate or address the unique issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (raised by the Internet or e-commerce. In addition, it is possible that governments of one or more countries may seek to censor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (content available on our platforms or may even attempt to completely block access to our platforms. ) Tj ET Q q 0 0 0 rg BT 452.93 610.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.27 610.25 Td (, adverse legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (or regulatory developments could substantially harm our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Many states have passed laws requiring notification to subscribers when there is a security breach of personally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (identifiable data. ) Tj ET Q q 0 0 0 rg BT 122.01 562.25 Td (There are also a number of legislative proposals pending before the U.S. Congress, various state legislative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (bodies and foreign governments concerning data protection. In addition, data protection laws in Europe and other jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (outside the United States can be more restrictive than those within the United States, and the interpretation and application of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (these laws are still uncertain and in flux. It is possible that these laws may be interpreted and applied in a manner that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (inconsistent with our data practices. If so, in addition to the possibility of fines, this could result in an order requiring that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (change and/or abandon certain of our then-existing data practices, which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 441.60 502.25 Td (fect on our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Furthermore, the Digital Millennium Copyright ) Tj ET Q q 0 0 0 rg BT 242.20 490.25 Td (Act has provisions that limit, but do not necessarily eliminate, our liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (linking to third-party websites that contain materials which infringe copyrights or other intellectual property rights of third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (parties, so long as we comply with the statutory requirements of this act. Complying with these various laws could cause us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (incur substantial costs or require us to change our business practices in a manner adverse to our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 430.25 Td (e, as any e-commerce service provider are subject to FTC and various state rules and regulations on advertising and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (marketing on the Internet. In certain cases, we are retained by marketers to manage their advertising campaigns through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (platforms, thereby increasing our exposure as not only the service provider but also the medium through which advertisements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (are broadcast. In addition to those requirements, the marketers, creators, and agencies that use our platforms are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (specific guidance and regulations regarding online advertising, such as the FTC's ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 376.71 382.25 Td (Dot Com Disclosur) Tj ET Q q 0 0 0 rg BT 454.13 382.25 Td (es - Information about ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Online ) Tj ET Q q 0 0 0 rg BT 79.54 370.25 Td (Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.64 370.25 Td (, the FTC) Tj ET Q q 0 0 0 rg BT 166.47 370.25 Td (s Enforcement Policy Statement on Deceptively Formatted ) Tj ET Q q 0 0 0 rg BT 403.92 370.25 Td (Advertisements, issued in 2015, and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Guides Concerning the Use of Endorsements and ) Tj ET Q q 0 0 0 rg BT 249.50 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 254.91 358.25 Td (estimonials in ) Tj ET Q q 0 0 0 rg BT 312.69 358.25 Td (Advertising \(known as the Guides\) that were updated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (reissued by the FTC in 2013, and further clarified in 2015. Each of the foregoing are sub-categories that have been taken up by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (the FTC under the FTC ) Tj ET Q q 0 0 0 rg BT 145.83 334.25 Td (Act to prevent "unfair or deceptive acts and practices" within advertising. ) Tj ET Q q 0 0 0 rg BT 442.04 334.25 Td (These new Guides, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (example, significantly extend the scope of potential liability associated with the use of testimonials and endorsements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (including injecting endorsement requirements into advertising methods such as blogging and other online posting of sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (advertisements by a creator) Tj ET Q q 0 0 0 rg BT 159.12 298.25 Td (. In particular) Tj ET Q q 0 0 0 rg BT 212.86 298.25 Td (, the Guides provide creators must always disclose the material connection between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (creator and the marketer) Tj ET Q q 0 0 0 rg BT 147.04 286.25 Td (, such as if they received consideration for blogging or posting about a particular product, service, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (brand or the like, whether the consideration comprises something tangible \(i.e., cash, discounts, objects that are provided to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (them at no cost, even for testing purposes\) or intangible \(such as accolades and more prominent future blogging or posting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (opportunities\). In addition, the creator must not make claims about the product or service he or she is discussing that go beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (what the marketer could say about the product or service. ) Tj ET Q q 0 0 0 rg BT 281.68 238.25 Td (The Guides further provide that the marketer should ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (creators speaking on its behalf are provided guidance and training needed to ensure their claims, statements and representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (are truthful, transparent and properly substantiated, and monitor the activities of creators speaking on its behalf. In the event a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (creator) Tj ET Q q 0 0 0 rg BT 77.35 202.25 Td (, blogger) Tj ET Q q 0 0 0 rg BT 112.50 202.25 Td (, agency or marketer should fail to comply with the Dot Com Disclosures, the Guides or any other FTC rule, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (regulation or policy) Tj ET Q q 0 0 0 rg BT 128.22 190.25 Td (, which may be manifest by making deceptive, misleading or unsubstantiated claims and representations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (failing to disclose a sponsorship relationship or otherwise, then various parties related to the advertising campaign \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (the service provider of the platform over which the campaign is managed\) may be subject to liability as a result of such non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (compliance. In the event it was found that we \(or an marketer customer\) failed to comply with the FTC ) Tj ET Q q 0 0 0 rg BT 464.32 154.25 Td (Act or state advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (rules, it could result in the potential imposition of equitable redress or penalties that could include monetary damages, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (modification of certain business practices, or an order to cease certain aspects of our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (More generally) Tj ET Q q 0 0 0 rg BT 146.71 106.25 Td (, if there is negative consumer perception and mistrust of the practice of undisclosed compensation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (creators to endorse the marketers' specific products, then this could result in a reduction by marketers in the use of influencer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (marketing platforms like ours as a means for advertising which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 433.85 82.25 Td (fect on our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td ( ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 Td (e follow the 1995 European Union Data Protection Directivewith regard todatawe collect from users located in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (European Union and are currentlymonitoringchanges required by the recently adopted General Data Protection Regulation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (which will supersede the Data Protection Directive as of May 25, 2018, to ensure thatwe are compliant with relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (requirements when andto the extentthey are implemented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (As a governing member of a leading marketing and advertising industry association, the ) Tj ET Q q 0 0 0 rg BT 440.73 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 449.36 682.10 Td (ord of Mouth Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Association \(WOMMA\), we are committed to promoting ethical social sponsorship practices and have established terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (service for users of our platforms which refer to the FTC Guides and include one or more of the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Mandatory Disclosur) Tj ET Q q 0 0 0 rg BT 176.65 634.10 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.59 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.41 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.04 634.10 Td (e mandate disclosure of the sponsored relationship between the marketer and creator) Tj ET Q q 0 0 0 rg BT 534.42 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.37 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 548.04 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (sponsorship cannot be published through the platform unless a phrase or paragraph disclosing the sponsored relationship is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (included. For example, a creator is required to select one of a number of disclosure phrases such as sponsored, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (advertisement or ad prior to the publication of a tweet or a post. Other social sponsorship forms may be monitored through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (a Disclosure ) Tj ET Q q 0 0 0 rg BT 101.66 586.10 Td (Audit tool that monitors posts on an ongoing basis to make sure they continue to include disclosure after the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (posts are approved. Failure to disclose the sponsored relationship is a violation of our terms of service, which may result in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (withholding of payment for the sponsorship and the creator being removed from our network.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 96.37 538.10 Td (eedom of Choice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.40 538.10 Td ( Creators are free to choose which sponsorships to publish. Our platforms do not auto-inject an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (marketer's message into an influencer's social media network.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Authentic ) Tj ET Q q 0 0 0 rg BT 130.54 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.84 502.10 Td (oice. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 169.64 502.10 Td (e encourage honesty of opinion in the selection of sponsorships by a creator and similarly we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (encourage marketers to create opportunities that allow the creator to write the sponsorship in their own words, provided that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (creator always adheres to our terms of service and code of ethics which includes disclosing their sponsored relationships at all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (times while using any of the platforms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.93 442.10 Td (ranspar) Tj ET Q q 0 0 0 rg BT 125.64 442.10 Td (ency of Identity) Tj ET Q q 0 0 0 rg BT 191.75 442.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 442.10 Td (Our platforms are designed to be open, safe environment for our marketers, creators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (users. In fact, we do not cloak the identities of marketers or creators. Both parties involved in a potential transaction can see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (each other's profiles and make informed decisions before engaging with each other) Tj ET Q q 0 0 0 rg BT 380.85 418.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 96.37 394.10 Td (e-Publication Marketer) Tj ET Q q 0 0 0 rg BT 196.43 394.10 Td ( Review) Tj ET Q q 0 0 0 rg BT 229.48 394.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.48 394.10 Td ( Marketers may choose to review their sponsored content before it is published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (and to request a change to the sponsored content prior to publication in the case of factual inaccuracies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 131.65 358.10 Td (V) Tj ET Q q 0 0 0 rg BT 138.50 358.10 Td (iolations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.62 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 190.58 358.10 Td (e have zero tolerance for violations of our terms of service and encourage the reporting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (violations directly to IZEA. If violations are reported, we promptly investigate them and in appropriate cases, marketers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (creators and users are removed from our network and prohibited from using our sites. In addition, we take an active role in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (reporting spam accounts to ) Tj ET Q q 0 0 0 rg BT 160.35 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.76 322.10 Td (witter and Facebook.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 298.10 Td (e also believe, and have subsequently included requirements within our terms of service, based on positions taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (by certain federal courts and the FTC, that communications and messages disseminated by creators through social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (networks are subject to and must comply at all times with CAN-SP) Tj ET Q q 0 0 0 rg BT 317.66 274.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 335.72 274.10 Td (Act \(Controlling the ) Tj ET Q q 0 0 0 rg BT 418.76 274.10 Td (Assault of Non-Solicited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Pornography and Marketing ) Tj ET Q q 0 0 0 rg BT 164.70 262.10 Td (Act\) requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 238.10 Td (o date, we have not been materially impacted by the rules governing messaging over social media networks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (social sponsorship, including the CAN-SP) Tj ET Q q 0 0 0 rg BT 218.25 226.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 236.31 226.10 Td (Act and the ) Tj ET Q q 0 0 0 rg BT 284.72 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 290.13 226.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 415.39 226.10 Td (Act of 1991. However) Tj ET Q q 0 0 0 rg BT 506.90 226.10 Td (, we cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (predict the impact of future regulations on us, our marketers or our creators that use our platforms or the impact of attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (circumvent our mechanisms that are designed to ensure compliance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 154.10 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 154.10 Td (, we had a total of 135 full-time employees, including 92 in sales and marketing, 30 in product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (engineering and 13 in administration and finance. None of our employees are represented by a collective bar) Tj ET Q q 0 0 0 rg BT 483.82 142.10 Td (gaining agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (nor have we experienced any work stoppage. ) Tj ET Q q 0 0 0 rg BT 232.52 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.16 130.10 Td (e consider our relations with our employees to be good. Our future success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (depends on our continuing ability to attract and retain highly qualified engineers, graphic designers, computer scientists, sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and marketing and senior management personnel. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Corporate Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 58.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 108.22 58.10 Td ( was founded in February 2006 under the name PayPerPost, Inc. and became a public company incorporated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (the state of Nevada in May 201) Tj ET Q q 0 0 0 rg BT 175.15 46.10 Td (1. In January 2015, we purchased all of the outstanding shares of capital stock of Ebyline, Inc. ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and in July 2016, we purchased all the outstanding shares of capital stock of ZenContent, Inc. ) Tj ET Q q 0 0 0 rg BT 429.17 742.10 Td (These entities, which aid in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (management and production of custom branded content, now operate as wholly-owned subsidiaries under IZEA, Inc. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (March 9, 2016, we formed IZEA) Tj ET Q q 0 0 0 rg BT 181.35 718.10 Td ( Canada, Inc., a wholly-owned subsidiary of IZEA, Inc. incorporated in Ontario, Canada to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (operate as a sales and support of) Tj ET Q q 0 0 0 rg BT 179.22 706.10 Td (fice for our Canadian customers and partners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (Our executive of) Tj ET Q q 0 0 0 rg BT 153.01 682.10 Td (fices are located at 480 N. Orlando ) Tj ET Q q 0 0 0 rg BT 294.62 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 301.10 682.10 Td (venue, Suite 200, ) Tj ET Q q 0 0 0 rg BT 372.86 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.89 682.10 Td (inter Park, FL) Tj ET Q q 0 0 0 rg BT 437.35 682.10 Td ( 32789 and our telephone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (number is \(407\) 674-691) Tj ET Q q 0 0 0 rg BT 149.34 670.10 Td (1.) Tj ET Q q 0 0 0 rg BT 161.66 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.29 670.10 Td (e maintain a corporate website at https://izea.com.) Tj ET Q q 0 0 0 rg BT 375.59 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.23 670.10 Td (e provide free access to various reports that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (we file with or furnish to the U.S. Securities and Exchange Commission through our website, as soon as reasonably practicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (after they have been filed or furnished. ) Tj ET Q q 0 0 0 rg BT 210.03 646.10 Td (These reports include, but are not limited to, our annual reports on Form 10-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports. Our SEC reports can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (accessed through the investors section of our website, or through https://) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 339.6630859375 620.7669921875 m 393.12255859375 620.7669921875 l s q 0 0 0 rg BT 339.66 622.10 Td (www) Tj ET Q q 0 0 0 rg BT 360.68 622.10 Td (.sec.gov) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 622.10 Td (. Information on our website does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (constitute part of this annual report on Form10-K or any other report we file or furnish with the SEC. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.63 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.63 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 586.10 Td (Investors and others should note that we use social media to communicate with our subscribers and the public about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (our Company) Tj ET Q q 0 0 0 rg BT 104.07 574.10 Td (, our services, new product developments and other matters. ) Tj ET Q q 0 0 0 rg BT 346.22 574.10 Td (Any information that we consider to be material to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (evaluation of our Company will be included in filings on the SEC EDGAR website, and may also be disseminated using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (investor relations website \(https://izea.com\) and press releases. However) Tj ET Q q 0 0 0 rg BT 340.34 550.10 Td (, we encourage investors, the media, and others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (interested in our Company to also review our social media channels @izea on ) Tj ET Q q 0 0 0 rg BT 363.66 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 369.07 538.10 Td (witter and izeainc on Facebook. ) Tj ET Q q 0 0 0 rg BT 498.84 538.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (information contained in these social media channels is not part of, and is not incorporated into or included in, this annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (report on Form 10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ( ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 742.25 Td (1A) Tj ET Q q 0 0 0 rg BT 90.84 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.34 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.84 742.25 Td (RISK ) Tj ET Q q 0 0 0 rg BT 127.79 742.25 Td (F) Tj ET Q q 0 0 0 rg BT 133.16 742.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 154.09 742.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (In addition to the information set forth at the beginning of Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 445.16 718.25 Td (Analysis entitled "Special ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Note Regar) Tj ET Q q 0 0 0 rg BT 95.45 706.25 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 145.92 706.25 Td (d-Looking Information," you should consider that ther) Tj ET Q q 0 0 0 rg BT 363.35 706.25 Td (e ar) Tj ET Q q 0 0 0 rg BT 378.81 706.25 Td (e numer) Tj ET Q q 0 0 0 rg BT 410.93 706.25 Td (ous and varied risks, known and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (unknown, that may pr) Tj ET Q q 0 0 0 rg BT 136.85 694.25 Td (event us fr) Tj ET Q q 0 0 0 rg BT 178.13 694.25 Td (om achieving our goals.If any of these risks actually occur) Tj ET Q q 0 0 0 rg BT 416.42 694.25 Td (, our business, financial condition ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (or r) Tj ET Q q 0 0 0 rg BT 64.91 682.25 Td (esults of operation may be materially and adversely affected.In such case, the trading price of our common stock could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (decline and investors could lose all or part of their investment. These risk factors may not identify all risks that we face and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (our operations could also be affected by factors that ar) Tj ET Q q 0 0 0 rg BT 270.44 658.25 Td (e not pr) Tj ET Q q 0 0 0 rg BT 301.18 658.25 Td (esently known to us or that we curr) Tj ET Q q 0 0 0 rg BT 441.63 658.25 Td (ently consider to be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (immaterial to our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.80 622.25 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 300.56 622.25 Td ( Business and Industry) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 598.25 Td (e have a history of annual net losses, expect future losses and cannot assure you that we will achieve profitability) Tj ET Q q 0 0 0 rg BT 522.24 598.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 574.25 Td (e have incurred significant net losses and negative cash flow from operations for most periods since our inception, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (which has resulted in a total accumulated deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.31 562.25 Td ($41,809,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.31 562.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.47 562.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.06 562.25 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.67 562.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.27 562.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 550.25 Td (, we had a net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.23 550.25 Td ($7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.23 550.25 Td (, including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.44 550.25 Td ($7,476,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 550.25 Td ( loss from operations and we expect to incur a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (loss for the fiscal year 2017. ) Tj ET Q q 0 0 0 rg BT 167.75 538.25 Td (Although our revenue has increased since inception, we have not achieved profitability and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (cannot be certain that we will be able to maintain these growth rates or realize suf) Tj ET Q q 0 0 0 rg BT 376.64 526.25 Td (ficient revenue to achieve profitability) Tj ET Q q 0 0 0 rg BT 529.25 526.25 Td (. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (achieve profitability) Tj ET Q q 0 0 0 rg BT 130.15 514.25 Td (, we may not be able to sustain it. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (If we fail to retain existing customers or add new customers, our revenue and business will be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.98 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.25 Td (e depend on our ability to attract and retain customers that are prepared to of) Tj ET Q q 0 0 0 rg BT 400.45 466.25 Td (fer products or services on compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (terms through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 108.33 454.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.87 454.25 Td (. ) Tj ET Q q 0 0 0 rg BT 138.32 454.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 188.22 454.25 Td (, we rely on customers who purchase direct custom content from our creators in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 95.64 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.28 442.25 Td (e must continue to attract and retain customers in order to increase revenue and achieve profitability) Tj ET Q q 0 0 0 rg BT 503.75 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 511.07 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 519.71 442.25 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.59 442.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.03 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (customer that accounted for nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.33 430.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.66 430.25 Td ( and another customer that accounted for 8% of our revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.39 430.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.99 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 418.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 162.28 418.25 Td (The loss of either of these customers or a significant reduction in revenue from either of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (customers could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 221.96 406.25 Td (fect on our results of operation. Moreover) Tj ET Q q 0 0 0 rg BT 391.51 406.25 Td (, if customers do not find our marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (and promotional services ef) Tj ET Q q 0 0 0 rg BT 160.62 394.25 Td (fective, they are not satisfied with content they receive, or they do not believe that utilizing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (platforms provides them with a long-term increase in value, revenue or profit, they may stop using our platforms or managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (services. In addition, we may experience attrition in our customers in the ordinary course of business resulting from several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (factors, including losses to competitors, mer) Tj ET Q q 0 0 0 rg BT 226.73 358.25 Td (gers, closures or bankruptcies. If we are unable to attract new customers in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (numbers suf) Tj ET Q q 0 0 0 rg BT 98.98 346.25 Td (ficient to grow our business, or if too many customers are unwilling to of) Tj ET Q q 0 0 0 rg BT 391.52 346.25 Td (fer products or services with compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (terms to our creators through our platforms or if too many lar) Tj ET Q q 0 0 0 rg BT 295.03 334.25 Td (ge customers seek extended payment terms, our operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (will be adversely af) Tj ET Q q 0 0 0 rg BT 128.40 322.25 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 298.25 Td (e are developing a new platform to process all of our existing business transactions and grow our operations, but cannot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (provide any assurance regarding its commercial success. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 262.25 Td (e are continuing to develop our primary platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 295.41 262.25 Td (IZEAx,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.46 262.25 Td ( and we intend to focus all of our engineering resources on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.72 250.25 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.76 250.25 Td (platform for the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 237.79 250.25 Td (Throughout 2017, we will continue to add additional features to support SaaS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (white-label partners and integrate the Ebyline platform of) Tj ET Q q 0 0 0 rg BT 280.01 238.25 Td (ferings for custom content services within our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.35 238.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.90 238.25 Td ( platform. ) Tj ET Q q 0 0 0 rg BT 536.15 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 544.79 238.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (are spending a significant amount of time and resources on the development of this platform, but we cannot provide any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (assurances of its short or long-term commercial success or growth. ) Tj ET Q q 0 0 0 rg BT 321.97 214.25 Td (There is no assurance that the amount of money being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (allocated for the platform will be suf) Tj ET Q q 0 0 0 rg BT 196.44 202.25 Td (ficient to complete it, or that such completion will result in significant revenues or profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (for us. ) Tj ET Q q 0 0 0 rg BT 80.37 190.25 Td (There is a risk that the mer) Tj ET Q q 0 0 0 rg BT 187.37 190.25 Td (ging of our Ebyline customers into ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 329.02 190.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.57 190.25 Td ( will result in a decrease in revenue related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (self-service content business if the customers do not understand the changes or do not believe that the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 459.05 178.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.60 178.25 Td ( platform can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (provide them with a similar or improved service from what they received in the Ebyline platform. If our marketers and creators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (do not perceive this platform to be of high value and quality) Tj ET Q q 0 0 0 rg BT 289.57 154.25 Td (, we may not be able to retain them or acquire new marketers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (creators. ) Tj ET Q q 0 0 0 rg BT 86.09 142.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 136.00 142.25 Td (, if existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 323.82 142.25 Td (fer products or services that provide significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (performance, price, creative or other advantages over this platform, demand for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 370.42 130.25 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.46 130.25 Td (may decrease and our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (prospects, results of operations and financial condition could be negatively af) Tj ET Q q 0 0 0 rg BT 359.45 118.25 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 94.25 Td (e have experienced rapid growth over a short period and we do not know whether this will continue to develop or whether ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (it can be maintained. If we are unable to successfully respond to changes in the market, our business could be harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (Our business has grown rapidly as publishers, marketers and creators have increasingly used our platforms. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 46.25 Td (ficult to predict whether our platforms will continue to grow and whether the historical levels of growth can be maintained. ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (e expect that the platforms will evolve in ways that may be dif) Tj ET Q q 0 0 0 rg BT 307.83 742.10 Td (ficult to predict. It is possible that marketers and creators could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (broadly determine that they no longer believe in the value of our current platforms. In the event of these or any other changes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the market, our continued success will depend on our ability to successfully adjust our strategy to meet the changing market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (dynamics. If we are unable to do so, our business, prospects, results of operation and financial condition could be materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (harmed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 670.10 Td (e may fail to meet publicly announced financial guidance or other expectations about our business, which could cause ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (our stock to decline in value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (From time to time, we provide preliminary financial results or forward-looking financial guidance, to our investors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (including the guidance provided above under "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 360.53 622.10 Td (Analysis." Such statements are based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (current views, expectations and assumptions and involve known and unknown risks and uncertainties that may cause actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (results, performance, achievements or share prices to be materially dif) Tj ET Q q 0 0 0 rg BT 330.54 598.10 Td (ferent from any future results, performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (achievements or share prices expressed or implied by such statements. Such risks and uncertainties include, among others: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (changes to the assumptions used to forecast or calculate such guidance, the risk that our business does not perform as expected, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (changes in the markets for our products and services and risks related to competitive factors. Such risks are summarized in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (other risks factors included this Risk Factors section.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Delays in releasing enhanced versions of our products and services could adversely af) Tj ET Q q 0 0 0 rg BT 403.13 526.10 Td (fect our competitive position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (As part of our strategy) Tj ET Q q 0 0 0 rg BT 175.33 502.10 Td (, we expect to periodically release enhanced versions of our premier platforms and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (services. Even if our new versions contain the features and functionality our customers want, in the event we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (timely introduce these new product releases, our competitive position may be harmed. ) Tj ET Q q 0 0 0 rg BT 396.94 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.58 478.10 Td (e cannot assure you that we will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (able to successfully complete the development of currently planned or future products in a timely and ef) Tj ET Q q 0 0 0 rg BT 466.35 466.10 Td (ficient manner) Tj ET Q q 0 0 0 rg BT 523.82 466.10 Td (. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the complexity of these products, internal quality assurance testing and customer testing of pre-commercial releases may reveal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (product performance issues or desirable feature enhancements that could lead us to postpone the release of these new versions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (In addition, the reallocation of resources associated with any postponement would likely cause delays in the development and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (release of other future products or enhancements to our currently available products. ) Tj ET Q q 0 0 0 rg BT 389.59 418.10 Td (Any delay in releasing other future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (products or enhancements of our products could cause our financial results to be adversely impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 382.10 Td (e may expand our business through acquisitions of other companies, technologies and assets, which may divert our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (management's attention or prove not to be successful or result in equity dilution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 346.10 Td (e have completed two significant recent acquisitions, Ebyline, Inc. in January 2015 and ZenContent, Inc. in July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 74.82 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.46 334.10 Td (e may decide to pursue other acquisitions of companies, technologies and assets in the future. Such transactions could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (divert our management's time and focus from operating our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 298.10 Td (Integrating an acquired company) Tj ET Q q 0 0 0 rg BT 217.24 298.10 Td (, technology or assets is risky and may result in unforeseen operating dif) Tj ET Q q 0 0 0 rg BT 506.71 298.10 Td (ficulties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (expenditures, including, among other things, with respect to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (incorporating new technologies into our existing business infrastructure;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (consolidating corporate and administrative functions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (coordinating our sales and marketing functions to incorporate the new company) Tj ET Q q 0 0 0 rg BT 404.70 238.10 Td (, technology or assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (maintaining morale, retaining and integrating key employees to support the new business or technology and managing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (our expansion in capacity; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (maintaining standards, controls, procedures and policies \(including ef) Tj ET Q q 0 0 0 rg BT 364.35 202.10 Td (fective internal control over financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (and disclosure controls and procedures\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 166.10 Td (In addition, a significant portion of the purchase price of companies we may acquire may be allocated to acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (goodwill and other intangible assets, which must be assessed for impairment at least annually) Tj ET Q q 0 0 0 rg BT 423.15 154.10 Td (. In the future, if our acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (do not yield expected returns, we may be required to take char) Tj ET Q q 0 0 0 rg BT 299.17 142.10 Td (ges to our earnings based on this impairment assessment process, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (which could harm our operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 106.10 Td (Future acquisitions could result in potentially dilutive issuances of our equity securities, including our common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (or the incurrence of debt, contingent liabilities, amortization expenses or acquired in-process research and development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (expenses, any of which could harm our business, financial condition and results of operations. Future acquisitions may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (require us to obtain additional financing, which may not be available on favorable terms, or at all. ) Tj ET Q q 0 0 0 rg BT 443.03 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 451.67 70.10 Td (e currently have no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (commitments or agreements with respect to any such acquisitions, and there can be no assurance that we will complete any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (acquisitions in the future.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (The social sponsorship landscape is subject to numerous changes that could cause our revenue to decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 706.25 Td (Our business model may not continue to be ef) Tj ET Q q 0 0 0 rg BT 269.67 706.25 Td (fective in the future for a number of reasons, including the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (social sponsorship is, by its nature, limited in content relative to other media;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.25 Td (companies may be reluctant or slow to adopt social sponsorship that replaces, limits or competes with their existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (direct marketing ef) Tj ET Q q 0 0 0 rg BT 161.89 658.25 Td (forts;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (companies may prefer other forms of advertising we do not of) Tj ET Q q 0 0 0 rg BT 334.08 646.25 Td (fer) Tj ET Q q 0 0 0 rg BT 344.77 646.25 Td (, including certain forms of search engine placements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (companies may not utilize social sponsorship due to concerns of click-fraud particularly related to search engine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (placements \(click-fraud is a form of online fraud when a person or computer program imitates a legitimate user by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (clicking on an advertisement for the purpose generating a char) Tj ET Q q 0 0 0 rg BT 335.44 610.25 Td (ge per click without having an actual interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (tar) Tj ET Q q 0 0 0 rg BT 96.37 598.25 Td (get of the advertisement's link\); and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (regulatory actions may negatively impact certain business practices that we currently rely on to generate a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (our revenue and profitability) Tj ET Q q 0 0 0 rg BT 200.03 574.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (If the number of companies that purchase social sponsorship from us or the size of the sponsorship campaigns does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (not grow) Tj ET Q q 0 0 0 rg BT 85.18 538.25 Td (, our revenue could decline which would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 354.88 538.25 Td (fect on our business, prospects, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (operations and financial condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 502.25 Td (e rely on third party social media platforms to provide the mechanism necessary to deliver influencer marketing, and any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (change in the platform terms, costs, availability) Tj ET Q q 0 0 0 rg BT 244.63 490.25 Td (, or access to these technologies could adversely af) Tj ET Q q 0 0 0 rg BT 451.91 490.25 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.25 Td (e rely on third party social media platforms such as Facebook, Instagram, ) Tj ET Q q 0 0 0 rg BT 390.48 466.25 Td (T) Tj ET Q q 0 0 0 rg BT 395.89 466.25 Td (witter) Tj ET Q q 0 0 0 rg BT 418.82 466.25 Td (, and ) Tj ET Q q 0 0 0 rg BT 440.38 466.25 Td (Y) Tj ET Q q 0 0 0 rg BT 446.61 466.25 Td (ouT) Tj ET Q q 0 0 0 rg BT 462.36 466.25 Td (ube to serve as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (mechanism for publishing influencer marketing to tar) Tj ET Q q 0 0 0 rg BT 263.65 454.25 Td (geted audiences, in order to deliver our sponsored social services to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 95.37 442.25 Td (These platforms include technologies that provide some of the core functionality required to operate the sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (social portion of our platform, as well as functionalities such as user traf) Tj ET Q q 0 0 0 rg BT 338.91 430.25 Td (fic reporting, ad-serving, content delivery services and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 91.47 418.25 Td (There can be no assurance that these providers will continue to make all or any of their technologies available to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (on reasonable terms, or at all. Providers may start char) Tj ET Q q 0 0 0 rg BT 267.80 406.25 Td (ging fees or otherwise change their business models in a manner that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (impedes our ability to use their technologies. In any event, we have no control over these companies or their decision-making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (with respect to granting us access to their social media platforms, or providing us with analytical data, and any material change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (in the current terms, costs, availability or use of their social media platforms or analytical data could adversely af) Tj ET Q q 0 0 0 rg BT 501.88 370.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.26 334.25 Td (business ) Tj ET Q q 0 0 0 rg BT 106.86 334.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 142.78 334.25 Td (on ) Tj ET Q q 0 0 0 rg BT 155.93 334.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 199.63 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.78 334.25 Td (unimpeded ) Tj ET Q q 0 0 0 rg BT 265.93 334.25 Td (access ) Tj ET Q q 0 0 0 rg BT 294.61 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 304.98 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.34 334.25 Td (Internet ) Tj ET Q q 0 0 0 rg BT 356.27 334.25 Td (by ) Tj ET Q q 0 0 0 rg BT 368.29 334.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 382.83 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.87 334.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 444.13 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.28 334.25 Td (their ) Tj ET Q q 0 0 0 rg BT 484.31 334.25 Td (end ) Tj ET Q q 0 0 0 rg BT 501.90 334.25 Td (users. ) Tj ET Q q 0 0 0 rg BT 528.66 334.25 Td (Internet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (access ) Tj ET Q q 0 0 0 rg BT 77.86 322.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 117.95 322.25 Td (or ) Tj ET Q q 0 0 0 rg BT 128.61 322.25 Td (distributors ) Tj ET Q q 0 0 0 rg BT 177.61 322.25 Td (may ) Tj ET Q q 0 0 0 rg BT 196.59 322.25 Td (be ) Tj ET Q q 0 0 0 rg BT 207.79 322.25 Td (able ) Tj ET Q q 0 0 0 rg BT 226.77 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.31 322.25 Td (block, ) Tj ET Q q 0 0 0 rg BT 262.79 322.25 Td (degrade ) Tj ET Q q 0 0 0 rg BT 297.32 322.25 Td (or ) Tj ET Q q 0 0 0 rg BT 307.98 322.25 Td (charge ) Tj ET Q q 0 0 0 rg BT 338.07 322.25 Td (for ) Tj ET Q q 0 0 0 rg BT 352.06 322.25 Td (access ) Tj ET Q q 0 0 0 rg BT 379.92 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.46 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.67 322.25 Td (content, ) Tj ET Q q 0 0 0 rg BT 440.49 322.25 Td (which ) Tj ET Q q 0 0 0 rg BT 467.27 322.25 Td (could ) Tj ET Q q 0 0 0 rg BT 491.81 322.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 510.79 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.33 322.25 Td (additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.16 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.44 310.25 Td (us ) Tj ET Q q 0 0 0 rg BT 111.39 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.45 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.41 310.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 190.58 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.64 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.92 310.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 241.98 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.81 310.25 Td (end ) Tj ET Q q 0 0 0 rg BT 270.31 310.25 Td (users ) Tj ET Q q 0 0 0 rg BT 294.48 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 312.54 310.25 Td (advertisers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.25 Td (Products and services such as ours depend on our ability and the ability of our customers' users to access the Internet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 87.68 274.25 Td (, this access is provided by companies that have, or in the future may have, significant market power in the broadband ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (and internet access marketplace, including incumbent telephone companies, cable companies, mobile communications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (companies and government-owned service providers. Some of these providers may take, or have stated that they may take, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (measures that could degrade, disrupt, or increase the cost of user access to products or services such as ours by restricting or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (prohibiting the use of their infrastructure to support or facilitate product or service of) Tj ET Q q 0 0 0 rg BT 389.43 226.25 Td (ferings such as ours, or by char) Tj ET Q q 0 0 0 rg BT 513.94 226.25 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (increased fees to businesses such as ours to provide content or to have users access that content. Such interference could result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (in a loss of existing viewers, subscribers and advertisers, and increased costs, and could impair our ability to attract new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (viewers, subscribers and advertisers, thereby harming our revenues and growth.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (If we fail to retain existing creators, our revenue and business will be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 142.25 Td (e must continue to retain and acquire creators that publish sponsorships through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.23 142.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.78 142.25 Td ( in order to increase revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (from customers and achieve profitability) Tj ET Q q 0 0 0 rg BT 212.08 130.25 Td (. If creators do not perceive our products and services to be of high value and quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (or if we fail to provide value with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.18 118.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.73 118.25 Td (, we may not be able to acquire or retain creators. If we are unable to acquire new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (creators in numbers suf) Tj ET Q q 0 0 0 rg BT 143.40 106.25 Td (ficient to grow our business, or if creators cease using our products and services, the revenue we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (generate may decrease and our operating results will be adversely af) Tj ET Q q 0 0 0 rg BT 323.03 94.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 352.28 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.91 94.25 Td (e believe that many of our new creators originate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (from word of mouth and other referrals from existing creators, and therefore we must ensure that our existing creators remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (loyal to our service in order to continue receiving those referrals. If our ef) Tj ET Q q 0 0 0 rg BT 344.70 70.25 Td (forts to satisfy our existing creators are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (successful, we may not be able to acquire new creators in suf) Tj ET Q q 0 0 0 rg BT 294.17 58.25 Td (ficient numbers to continue to grow our business or we may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (required to incur significantly higher marketing expenses in order to acquire new creators.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Intense competition in our target market could impair our ability to grow and to achieve profitability) Tj ET Q q 0 0 0 rg BT 462.70 742.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (The market for native advertising is highly competitive. ) Tj ET Q q 0 0 0 rg BT 314.09 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 322.73 718.25 Td (e expect this competition to continue to increase, in part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (because there are no significant barriers to entry to our industry) Tj ET Q q 0 0 0 rg BT 303.15 706.25 Td (. Increased competition may result in price reductions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (advertising space, reduced mar) Tj ET Q q 0 0 0 rg BT 173.65 694.25 Td (gins and loss of market share. Our principal competitors include other companies that provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (marketers with Internet advertising solutions and companies that of) Tj ET Q q 0 0 0 rg BT 319.19 682.25 Td (fer pay per click search services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (Competition for advertising placements among current and future suppliers of Internet navigational and informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (services, high traf) Tj ET Q q 0 0 0 rg BT 121.18 646.25 Td (fic websites and social sponsorship providers, as well as competition with other media for native advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (placements, could result in significant price competition, declining mar) Tj ET Q q 0 0 0 rg BT 334.74 634.25 Td (gins and reductions in advertising revenue. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (as we continue our ef) Tj ET Q q 0 0 0 rg BT 135.34 622.25 Td (forts to expand the scope of our services, we may compete with a greater number of other media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (companies across an increasing range of dif) Tj ET Q q 0 0 0 rg BT 224.75 610.25 Td (ferent services, including in vertical markets where competitors may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (advantages in expertise, brand recognition and other areas. If existing or future competitors develop or of) Tj ET Q q 0 0 0 rg BT 470.51 598.25 Td (fer products or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (services that provide significant performance, price, creative or other advantages over those of) Tj ET Q q 0 0 0 rg BT 427.44 586.25 Td (fered by us, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (prospects, results of operations and financial condition could be negatively af) Tj ET Q q 0 0 0 rg BT 359.45 574.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 391.19 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 399.83 574.25 Td (e also compete with traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (advertising media, such as direct mail, television, radio, cable and print for a share of marketers' total advertising budgets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Many current and potential competitors enjoy competitive advantages over us, such as longer operating histories, greater name ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (recognition, lar) Tj ET Q q 0 0 0 rg BT 110.91 538.25 Td (ger customer bases, greater access to advertising space on high-traf) Tj ET Q q 0 0 0 rg BT 379.51 538.25 Td (fic websites, and significantly greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (financial, technical, sales and marketing resources. ) Tj ET Q q 0 0 0 rg BT 257.70 526.25 Td (As a result, we may be unable to compete successfully) Tj ET Q q 0 0 0 rg BT 475.31 526.25 Td (. If we fail to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (compete successfully) Tj ET Q q 0 0 0 rg BT 134.60 514.25 Td (, we could lose customers or advertising inventory and our revenue and results of operations could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Our business depends on a strong brand, and if we are not able to maintain and enhance our brand, or if we receive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (unfavorable media coverage, our ability to expand our base of creators and marketers will be impaired and our business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and operating results will be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 430.25 Td (e believe that the brand identity that we have developed has significantly contributed to the success of our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 418.25 Td (e also believe that maintaining and enhancing the "IZEA" brand is critical to expanding our base of creators and marketers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Maintaining and enhancing our brand may require us to make substantial investments and these investments may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (successful. If we fail to promote and maintain the "IZEA" brand, or if we incur excessive expenses in this ef) Tj ET Q q 0 0 0 rg BT 485.07 394.25 Td (fort, our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (prospects, operating results and financial condition will be materially and adversely af) Tj ET Q q 0 0 0 rg BT 394.71 382.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 426.45 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 435.09 382.25 Td (e anticipate that, as our market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (becomes increasingly competitive, maintaining and enhancing our brand may become increasingly dif) Tj ET Q q 0 0 0 rg BT 458.57 370.25 Td (ficult and expensive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Unfavorable publicity or consumer perception of our platforms, applications, practices or service of) Tj ET Q q 0 0 0 rg BT 448.57 358.25 Td (ferings, or the of) Tj ET Q q 0 0 0 rg BT 515.03 358.25 Td (ferings of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (our marketers, could adversely af) Tj ET Q q 0 0 0 rg BT 183.37 346.25 Td (fect our reputation, resulting in dif) Tj ET Q q 0 0 0 rg BT 320.93 346.25 Td (ficulties in recruiting, decreased revenue and a negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (impact on the number of marketers and the size of our creator base, the loyalty of our creators and the number and variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (sponsorships we of) Tj ET Q q 0 0 0 rg BT 126.48 322.25 Td (fer each day) Tj ET Q q 0 0 0 rg BT 174.69 322.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.14 322.25 Td (As a result, our business, prospects, results of operation and financial condition could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (materially and adversely af) Tj ET Q q 0 0 0 rg BT 158.38 310.25 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Our total number of user accounts may be higher than the number of our actual individual marketers or creators and may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (not be representative of the number of persons who are active users.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (Our total number of user accounts in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 235.13 250.25 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.17 250.25 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 280.11 250.25 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 250.25 Td (may be higher than the number of our actual individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (marketers and creators because some may have created multiple accounts for dif) Tj ET Q q 0 0 0 rg BT 371.62 238.25 Td (ferent purposes, including dif) Tj ET Q q 0 0 0 rg BT 489.19 238.25 Td (ferent user ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (connections. ) Tj ET Q q 0 0 0 rg BT 102.58 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.22 226.25 Td (e define a user connection as a social account or blog that has been added to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.77 226.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.32 226.25 Td ( under a user account. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (possible for one user to add as many user connections as they like, and it is common for talent mangers and lar) Tj ET Q q 0 0 0 rg BT 492.48 214.25 Td (ge publishers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (add many connections under a single account. Given the challenges inherent in identifying these creators, we do not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (reliable system to accurately identify the number of actual individual creators, and thus we rely on the number of total user ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (connections and user accounts as our measure of the size of our user base. In addition, the number of user accounts includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (total number of individuals that have completed registration through a specific date, less individuals who have unsubscribed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (and should not be considered as representative of the number of persons who continue to actively create to fulfill the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (sponsorships of) Tj ET Q q 0 0 0 rg BT 112.32 142.25 Td (fered through our platforms. Many users may create an account, but do not actively participate in marketplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 106.25 Td (e may become subject to government regulation and legal uncertainties that could reduce demand for our products and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (services or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.60 94.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.10 94.25 Td (increase the cost of doing business, thereby adversely af) Tj ET Q q 0 0 0 rg BT 325.62 94.25 Td (fecting our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (As described in the section "Business - Government Regulation," we are subject to laws and regulations applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (businesses generally and certain laws or regulations directly applicable to service providers for advertising and marketing ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Internet commerce. Due to the increasing popularity and use of the social media, it is possible that a number of laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (regulations may become applicable to us or may be adopted in the future with respect to the Internet covering issues such as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (truth-in-advertising;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (user privacy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (taxation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (right to access personal data;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (copyrights;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (distribution; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (characteristics and quality of services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (The applicability of existing laws governing issues such as property ownership, copyrights and other intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 598.10 Td (, encryption, taxation, libel, export or import matters and personal privacy to social media platforms is uncertain. ) Tj ET Q q 0 0 0 rg BT 539.31 598.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (vast majority of these laws were adopted prior to the broad commercial use of social media platforms and related technologies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (As a result, they do not contemplate or address the unique issues of social media and related technologies. Changes to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (laws intended to address these issues, including some recently proposed changes, could create uncertainty in the social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (marketplace. Such uncertainty could reduce demand for our services or increase the cost of doing business due to increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (costs of litigation or increased service delivery costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Our social sponsorship business is subject to the risks associated with word of mouth advertising and endorsements, such) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.43 514.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.93 514.10 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (violations of the truth-in-advertising, FTC Guides and other similar regulatory requirements and, more generally) Tj ET Q q 0 0 0 rg BT 526.06 502.10 Td (, loss of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (consumer confidence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.55 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.10 Td (e do not engage in tar) Tj ET Q q 0 0 0 rg BT 180.81 466.10 Td (geted or online behavioral advertising practices, nor do we compile or use information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (concerning consumer behavior on an individual level, but we may do so from time to time in the aggregate and on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (anonymous basis to analyze our services and of) Tj ET Q q 0 0 0 rg BT 240.04 442.10 Td (ferings, and better optimize them for improved business results.) Tj ET Q q 0 0 0 rg BT 499.43 442.10 Td (As the practice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of tar) Tj ET Q q 0 0 0 rg BT 71.20 430.10 Td (geted advertising has become increasingly scrutinized by both regulators and the industry alike, a greater emphasis has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (been placed on educating consumers about their privacy choices on theInternet, and providing them with the right to opt in or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (opt out of certain industry practices, such as tar) Tj ET Q q 0 0 0 rg BT 238.93 406.10 Td (geted advertising. ) Tj ET Q q 0 0 0 rg BT 317.33 406.10 Td (The common threadthroughout both tar) Tj ET Q q 0 0 0 rg BT 477.39 406.10 Td (geted advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (and the FTC requirements describedin detail in the section "Business - Government Regulation"is the increased importance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (placed on transparency between the marketer and the consumer to ensure that consumers know the dif) Tj ET Q q 0 0 0 rg BT 458.28 382.10 Td (ference between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (information and advertising on the Internet, and are af) Tj ET Q q 0 0 0 rg BT 283.88 370.10 Td (forded the opportunity to decide how their data will be used in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (manner to which they are marketed. ) Tj ET Q q 0 0 0 rg BT 196.15 358.10 Td (There is a risk regarding negative consumer perception of the practice of undisclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (compensation of social media users to endorse specific products which pertains to a risk of overall general public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (confidencein the FTC's ability to enforceits Guides Concerning the Use of Endorsements and ) Tj ET Q q 0 0 0 rg BT 430.14 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 435.55 334.10 Td (estimonials in ) Tj ET Q q 0 0 0 rg BT 493.33 334.10 Td (Advertisingin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (social media. ) Tj ET Q q 0 0 0 rg BT 107.21 322.10 Td (As describedin the section "Business - Government Regulation," we undertake various measures through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (controls across our platforms and by monitoring and enforcing our code of ethics to ensure that marketers and creators comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (with the FTC Guides when utilizing our sites, but if competitors and other companies do not, it could create a negative overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (perception for the industry) Tj ET Q q 0 0 0 rg BT 155.71 286.10 Td (. Not only will readers stop relying on blogs for useful, timely and insightful information that enrich ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (their lives by having access to up-to-the-minute information that often bears dif) Tj ET Q q 0 0 0 rg BT 367.78 274.10 Td (ferent perspectives and philosophies, but a lack ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of compliance will almost inevitably result in greater governmental oversight and involvement in an already-highly regulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (marketplace. If there is pervasive overall negative perception caused by others not complying with FTC Guides among its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (other acts, regulations and policies, then this could result in reduced revenue and results of operations and higher compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (costs for us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (New tax treatment of companies engaged in internet commerce may adversely af) Tj ET Q q 0 0 0 rg BT 381.16 202.10 Td (fect the commercial use of our services and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (Due to the global nature of social media, it is possible that various states or foreign countries might attempt to regulate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (our transmissions or levy sales, income or other taxes relating to our activities. ) Tj ET Q q 0 0 0 rg BT 369.19 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 374.60 154.10 Td (ax authorities at the international, federal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (state and local levels are currently reviewing the appropriate treatment of companies engaged in internet commerce. New or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (revised international, federal, state or local tax regulations may subject us or our creators to additional sales, income and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 77.87 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.50 118.10 Td (e cannot predict the ef) Tj ET Q q 0 0 0 rg BT 175.17 118.10 Td (fect of current attempts to impose sales, income or other taxes on commerce over social media. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (New or revised taxes and, in particular) Tj ET Q q 0 0 0 rg BT 204.26 106.10 Td (, sales taxes, ) Tj ET Q q 0 0 0 rg BT 256.57 106.10 Td (V) Tj ET Q q 0 0 0 rg BT 262.50 106.10 Td (A) Tj ET Q q 0 0 0 rg BT 268.61 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 274.54 106.10 Td ( and similar taxes would likely increase the cost of doing business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (online and decrease the attractiveness of advertising and selling goods and services over social media. New taxes could also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (create significant increases in internal costs necessary to capture data, and collect and remit taxes. ) Tj ET Q q 0 0 0 rg BT 442.89 82.10 Td (Any of these events could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (have an adverse ef) Tj ET Q q 0 0 0 rg BT 123.94 70.10 Td (fect on our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td () Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Failure to comply with federal, state and international privacy laws and regulations, or the expansion of current or the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (enactment of new privacy laws or regulations, could adversely af) Tj ET Q q 0 0 0 rg BT 315.91 730.25 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 706.25 Td ( variety of federal, state and international laws and regulations govern the collection, use, retention, sharing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (security of consumer data. ) Tj ET Q q 0 0 0 rg BT 160.34 694.25 Td (The existing privacy-related laws and regulations are evolving and subject to potentially dif) Tj ET Q q 0 0 0 rg BT 526.71 694.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (interpretations. In addition, various federal, state and foreign legislative and regulatory bodies may expand current or enact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (new laws regarding privacy matters. For example, recently there have been Congressional hearings and increased attention to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (the capture and use of location-based information relating to users of smartphones and other mobile devices. ) Tj ET Q q 0 0 0 rg BT 488.57 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.21 658.25 Td (e have posted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (privacy policies and practices concerning the collection, use and disclosure of creator data on our websites and platforms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Several internet companies have incurred penalties for failing to abide by the representations made in their privacy policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (practices. In addition, several states have adopted legislation that requires businesses to implement and maintain reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (security procedures and practices to protect sensitive personal information and to provide notice to consumers in the event of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (security breach. ) Tj ET Q q 0 0 0 rg BT 117.75 598.25 Td (Any failure, or perceived failure, by us to comply with our posted privacy policies or with any data-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (consent orders, FTC requirements or orders or other federal, state or international privacy or consumer protection-related laws, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (regulations or industry self-regulatory principles could result in claims, proceedings or actions against us by governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (entities or others or other liabilities, which could adversely af) Tj ET Q q 0 0 0 rg BT 295.30 562.25 Td (fect our business. In addition, a failure or perceived failure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (comply with industry standards or with our own privacy policies and practices could result in a loss of creators or marketers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (and adversely af) Tj ET Q q 0 0 0 rg BT 115.34 538.25 Td (fect our business. Federal, state and international governmental authorities continue to evaluate the privacy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (implications inherent in the use of third-party web "cookies" for behavioral advertising. ) Tj ET Q q 0 0 0 rg BT 405.11 526.25 Td (The regulation of these cookies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (other current online advertising practices could adversely af) Tj ET Q q 0 0 0 rg BT 289.44 514.25 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Our business depends on our ability to maintain and scale the network infrastructure necessary to operate our platforms ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (and applications, and any significant disruption in service on our platforms and applications could result in a loss of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (creators or marketers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (Creators and marketers access our services through our platforms and applications. Our reputation and ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (acquire, retain, and serve our creators and marketers are dependent upon the reliable performance of our platforms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (applications and the underlying network infrastructure. ) Tj ET Q q 0 0 0 rg BT 271.88 418.25 Td (As our creator base continues to grow) Tj ET Q q 0 0 0 rg BT 422.85 418.25 Td (, we will need an increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (amount of network capacity and computing power) Tj ET Q q 0 0 0 rg BT 251.05 406.25 Td (. ) Tj ET Q q 0 0 0 rg BT 255.87 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 264.51 406.25 Td (e have spent and expect to continue to spend substantial amounts for data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (centers and equipment and related network infrastructure to handle the traf) Tj ET Q q 0 0 0 rg BT 348.58 394.25 Td (fic on our platforms and applications. ) Tj ET Q q 0 0 0 rg BT 503.36 394.25 Td (The operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (of these systems is expensive and complex and could result in operational failures. In the event that our creator base or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (amount of traf) Tj ET Q q 0 0 0 rg BT 107.02 370.25 Td (fic on our platforms and applications grows more quickly than anticipated, we may be required to incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (significant additional costs. Interruptions in these systems, whether due to system failures, computer viruses or physical or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (electronic break-ins, could af) Tj ET Q q 0 0 0 rg BT 166.43 346.25 Td (fect the security or availability of our platforms and applications, and prevent our creators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (marketers from accessing our services. ) Tj ET Q q 0 0 0 rg BT 209.66 334.25 Td (A) Tj ET Q q 0 0 0 rg BT 216.33 334.25 Td ( substantial portion of our network infrastructure is hosted by third-party providers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Any disruption in these services or any failure of these providers to handle existing or increased traf) Tj ET Q q 0 0 0 rg BT 449.70 322.25 Td (fic could significantly harm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (our business. ) Tj ET Q q 0 0 0 rg BT 106.67 310.25 Td (Any financial or other dif) Tj ET Q q 0 0 0 rg BT 208.68 310.25 Td (ficulties these providers face may adversely af) Tj ET Q q 0 0 0 rg BT 393.97 310.25 Td (fect our business, and we exercise little ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (control over these providers, which increases our vulnerability to problems with the services they provide. If we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (maintain or expand our network infrastructure successfully or if we experience operational failures, we could lose current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (potential creators and marketers, which could harm our operating results and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (If our security measures are breached, or if our services are subject to attacks that degrade or deny the ability of users to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (access our platforms, our platforms and applications may be perceived as not being secure, marketers and creators may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (curtail or stop using our services, and we may incur significant legal and financial exposure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (Our platforms and applications and the network infrastructure that is hosted by third-party providers involve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (storage and transmission of marketer and creator proprietary information, and security breaches could expose us to a risk of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (loss of this information, litigation and potential liability) Tj ET Q q 0 0 0 rg BT 271.55 178.25 Td (. Our security measures may be breached due to the actions of outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (parties, employee error) Tj ET Q q 0 0 0 rg BT 142.06 166.25 Td (, malfeasance, security flaws in the third party hosting service that we rely upon or any number of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (reasons and, as a result, an unauthorized party may obtain access to our data or our marketers' or creators' data. ) Tj ET Q q 0 0 0 rg BT 495.38 154.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 545.28 154.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (outside parties may attempt to fraudulently induce employees, marketers or creators to disclose sensitive information in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (to gain access to our data or our marketers' or creators' data.) Tj ET Q q 0 0 0 rg BT 294.06 130.25 Td (Although we do have security measures in place, we have had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (instances where some customers have used fraudulent credit cards in order to pay for our services. ) Tj ET Q q 0 0 0 rg BT 445.51 118.25 Td (While these breaches of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (security did not result in material harm to our business, any future breach or unauthorized access could result in significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (legal and financial exposure, damage to our reputation and a loss of confidence in the security of our platforms and applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (that could potentially have an adverse ef) Tj ET Q q 0 0 0 rg BT 211.42 82.25 Td (fect on our business. Because the techniques used to obtain and use unauthorized credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (cards, obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (recognized until launched against a tar) Tj ET Q q 0 0 0 rg BT 203.92 58.25 Td (get, we may be unable to anticipate these techniques or to implement adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (preventative measures on a timely basis. If an actual or perceived breach of our security occurs, the market perception of the ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 742.10 Td (fectiveness of our security measures could be harmed and we could lose marketers, creators and vendors and have dif) Tj ET Q q 0 0 0 rg BT 527.51 742.10 Td (ficulty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (obtaining merchant processors or insurance coverage essential for our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (If our technology platforms contain defects, we may need to suspend their availability and our business and reputation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (would be) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.95 694.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.45 694.10 Td (harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Platforms as complex as ours often contain unknown and undetected errors or performance problems. Many serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (defects are frequently found during the period immediately following introduction and initial release of new platforms or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (enhancements to existing platforms. ) Tj ET Q q 0 0 0 rg BT 196.36 646.10 Td (Although we attempt to resolve all errors that we believe would be considered serious by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (our customers before making our platforms available to them, our products are not error) Tj ET Q q 0 0 0 rg BT 401.91 634.10 Td (-free. ) Tj ET Q q 0 0 0 rg BT 425.60 634.10 Td (These errors or performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (problems could result in lost revenues or delays in customer acceptance that would be detrimental to our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 95.36 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.00 610.10 Td (e may not be able to detect and correct errors before releasing our product commercially) Tj ET Q q 0 0 0 rg BT 456.52 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.34 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.98 610.10 Td (e cannot assure you ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (that undetected errors or performance problems in our existing or future products will not be discovered in the future or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (known errors, considered minor by us, will not be considered serious by our customers, resulting in a decrease in our revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 562.10 Td (e may be subject to lawsuits for information by our marketers and our creators, which may af) Tj ET Q q 0 0 0 rg BT 442.16 562.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (Laws relating to the liability of providers of online services for activities of their marketers or of their social media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (creators and for the content of their marketers' listings are currently unsettled. It is unclear whether we could be subjected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (claims for defamation, negligence, copyright or trademark infringement or claims based on other theories relating to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (information we publish on our websites or the information that is published across our platforms. ) Tj ET Q q 0 0 0 rg BT 440.86 502.10 Td (These types of claims have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (been brought, sometimes successfully) Tj ET Q q 0 0 0 rg BT 200.99 490.10 Td (, against online services, as well as print publications in the past. ) Tj ET Q q 0 0 0 rg BT 461.58 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.22 490.10 Td (e may not successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (avoid civil or criminal liability for unlawful activities carried out by our marketers or our creators. Our potential liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (unlawful activities of our marketers or our creators or for the content of our marketers' listings could require us to implement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (measures to reduce our exposure to such liability) Tj ET Q q 0 0 0 rg BT 245.13 454.10 Td (, which may require us, among other things, to spend substantial resources or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (to discontinue certain service of) Tj ET Q q 0 0 0 rg BT 177.55 442.10 Td (ferings. Our insurance may not adequately protect us against these types of claims and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (defense of such claims may divert the attention of our management from our operations. If we are subjected to such lawsuits, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (may adversely af) Tj ET Q q 0 0 0 rg BT 118.12 418.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (If we fail to detect click-fraud, we could lose the confidence of our marketers and advertising partners as a result of lost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (revenue to marketers or misappropriation of proprietary and confidential information, thereby causing our) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.31 382.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.81 382.10 Td (business to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.60 370.10 Td (fer) Tj ET Q q 0 0 0 rg BT 73.71 370.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Click-fraud is a form of online fraud when a person or computer program imitates a legitimate user by clicking on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (an advertisement for the purpose generating a char) Tj ET Q q 0 0 0 rg BT 252.23 334.10 Td (ge per click without having an actual interest in the tar) Tj ET Q q 0 0 0 rg BT 469.75 334.10 Td (get of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (advertisement's link. ) Tj ET Q q 0 0 0 rg BT 137.16 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.80 322.10 Td (e are exposed to the risk of fraudulent or illegitimate clicks on our sponsored listings. ) Tj ET Q q 0 0 0 rg BT 491.92 322.10 Td (The security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (measures we have in place, which are designed to reduce the likelihood of click-fraud, detect click-fraud from time to time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (While the instances of click-fraud that we have detected to date have not had a material ef) Tj ET Q q 0 0 0 rg BT 409.65 298.10 Td (fect on our business, click-fraud ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (could result in an marketer experiencing a reduced return on their investment in our advertising programs because the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (fraudulent clicks will not lead to revenue for the marketers. ) Tj ET Q q 0 0 0 rg BT 291.58 274.10 Td (As a result, our marketers and advertising partners may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (dissatisfied with our advertising programs, which could lead to loss of marketers, advertising partners and revenue. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (anyone who is able to circumvent our security measures could misappropriate proprietary and confidential information or could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (cause interruptions in our operations. ) Tj ET Q q 0 0 0 rg BT 203.39 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.03 238.10 Td (e may be required to expend significant capital and other resources to protect against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (such security breaches or to address problems caused by such breaches. Concerns over the security of the Internet and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (online transactions and the privacy of users may also deter people from using the Internet to conduct transactions that involve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (transmitting confidential information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (If third parties claim that we infringe their intellectual property rights, it may result in costly litigation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 154.10 Td (e cannot assure you that third parties will not claim our current or future products or services infringe their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 160.53 142.10 Td (Any such claims, with or without merit, could cause costly litigation that could consume significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (management time. ) Tj ET Q q 0 0 0 rg BT 125.81 130.10 Td (As the number of product and services of) Tj ET Q q 0 0 0 rg BT 290.86 130.10 Td (ferings in our market increases and functionalities increasingly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (overlap, companies such as ours may become increasingly subject to infringement claims. ) Tj ET Q q 0 0 0 rg BT 412.49 118.10 Td (These claims also might require us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (enter into royalty or license agreements. If required, we may not be able to obtain such royalty or license agreements, or obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (them on terms acceptable to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 97.96 70.10 Td (, we have not relied upon patents to protect our proprietary technology) Tj ET Q q 0 0 0 rg BT 387.03 70.10 Td (, and our competitors may be able to of) Tj ET Q q 0 0 0 rg BT 547.12 70.10 Td (fer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (similar products and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.02 58.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.52 58.10 Td (services which would harm our competitive position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td () Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Our success depends upon our proprietary technology) Tj ET Q q 0 0 0 rg BT 300.85 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.17 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.81 742.10 Td (e do not have registered patents on any of our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (platforms, because we determined that the costs of patent prosecution outweighed the benefits given the alternative of reliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (upon copyright law to protect our computer code and other proprietary technology and properties. In addition to copyright ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (laws, we rely upon service mark and trade secret laws, confidentiality procedures and contractual provisions to establish and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (protect our proprietary rights. ) Tj ET Q q 0 0 0 rg BT 172.74 694.10 Td (As part of our confidentiality procedures, we enter into non-disclosure agreements with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (employees and consultants. Despite these precautions, third parties could copy or otherwise obtain and use our technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (without authorization, or develop similar technology independently) Tj ET Q q 0 0 0 rg BT 319.01 670.10 Td (. In addition, ef) Tj ET Q q 0 0 0 rg BT 382.70 670.10 Td (fective protection of intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (rights is unavailable or limited in certain foreign countries. ) Tj ET Q q 0 0 0 rg BT 290.03 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 298.67 658.10 Td (e cannot assure you that the protection of our proprietary rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (will be adequate or that our competitors will not independently develop similar technology) Tj ET Q q 0 0 0 rg BT 412.59 646.10 Td (, duplicate our products and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (or design around any intellectual property rights we hold. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Our market is subject to rapid technological change and, to compete, we must continually enhance our products and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 574.10 Td (e must continue to enhance and improve the performance, functionality and reliability of our products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (The social sponsorship industry is characterized by rapid technological change, changes in user requirements and preferences, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (frequent new product and service introductions embodying new technologies and the emer) Tj ET Q q 0 0 0 rg BT 412.21 550.10 Td (gence of new industry standards and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (practices that could render our products and services obsolete. In the past, we have discovered that some of our customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (desire additional performance and functionality not currently of) Tj ET Q q 0 0 0 rg BT 304.45 526.10 Td (fered by our products. Our success will depend, in part, on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (ability to develop new products and services that address the increasingly sophisticated and varied needs of our customers, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (respond to technological advances and emer) Tj ET Q q 0 0 0 rg BT 226.69 502.10 Td (ging industry standards and practices on a cost-ef) Tj ET Q q 0 0 0 rg BT 423.96 502.10 Td (fective and timely basis. ) Tj ET Q q 0 0 0 rg BT 523.47 502.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (development of our technology and other proprietary technology involves significant technical and business risks. ) Tj ET Q q 0 0 0 rg BT 508.32 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.95 490.10 Td (e may fail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (to use new technologies ef) Tj ET Q q 0 0 0 rg BT 155.90 478.10 Td (fectively or to adapt our proprietary technology and systems to customer requirements or emer) Tj ET Q q 0 0 0 rg BT 534.21 478.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (industry standards. If we are unable to adapt to changing market conditions, customer requirements or emer) Tj ET Q q 0 0 0 rg BT 480.52 466.10 Td (ging industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (standards, we may not be able to increase our revenue and expand our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 63.15 430.10 Td (ficulties we may encounter managing our growth could adversely af) Tj ET Q q 0 0 0 rg BT 342.70 430.10 Td (fect our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e have increased our full-time employees from 92 to 137 and our revenues from $8,322,274 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.53 406.10 Td ($27,310,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.53 406.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (and for the year ended December 31, 2014 compared to December 31, 2016, respectively) Tj ET Q q 0 0 0 rg BT 406.43 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.25 394.10 Td (This growth has placed, and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (continued growth will continue to place, a strain on our managerial and financial resources. ) Tj ET Q q 0 0 0 rg BT 420.16 382.10 Td (As our business needs expand, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (intend to hire new employees. ) Tj ET Q q 0 0 0 rg BT 175.06 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.47 370.10 Td (o manage the expected growth of our operations and personnel, we will be required to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (improve existing, and implement new) Tj ET Q q 0 0 0 rg BT 236.71 352.10 Td (, operational, financial and management controls, reporting systems and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (procedures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 328.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (install enhanced management information systems; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (train, motivate and manage our employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 292.10 Td (e may not be able to install adequate management information and control systems in an ef) Tj ET Q q 0 0 0 rg BT 457.96 292.10 Td (ficient and timely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (manner) Tj ET Q q 0 0 0 rg BT 79.58 280.10 Td (, and our current or planned personnel, systems, procedures and controls may not be adequate to support our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (operations. If we are unable to manage growth ef) Tj ET Q q 0 0 0 rg BT 246.13 268.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 280.46 268.10 Td (, our business would be seriously harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (If we lose key personnel or are unable to attract and retain additional qualified personnel we may not be able to successfully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (manage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.78 232.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.28 232.10 Td (our business and achieve our objectives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 208.10 Td (e believe our future success will depend upon our ability to retain our key management, including Edward H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (Murphy) Tj ET Q q 0 0 0 rg BT 81.57 196.10 Td (, our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 236.63 196.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 254.54 196.10 Td (, and R) Tj ET Q q 0 0 0 rg BT 282.75 196.10 Td (yan S. Schram, our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 439.20 196.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 456.96 196.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 473.63 196.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 510.21 196.10 Td (, who is our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (founder) Tj ET Q q 0 0 0 rg BT 80.70 184.10 Td (, has unique knowledge regarding the social sponsorship space and business contacts that would be dif) Tj ET Q q 0 0 0 rg BT 490.42 184.10 Td (ficult to replace. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 172.10 Td (. Schram has sales, marketing and development expertise regarding our platforms that our other of) Tj ET Q q 0 0 0 rg BT 454.70 172.10 Td (ficers do not possess. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (Even though we have employment agreements in place with them, if Messrs. Murphy and Schram were to become unavailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (to us, our operations would be adversely af) Tj ET Q q 0 0 0 rg BT 222.00 148.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 250.87 148.10 Td (Although we maintain "key-man" life insurance for our benefit on the lives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (of Mr) Tj ET Q q 0 0 0 rg BT 72.50 136.10 Td (. Murphy and Mr) Tj ET Q q 0 0 0 rg BT 140.83 136.10 Td (. Schram, this insurance may be inadequate to compensate us for the loss of our executive of) Tj ET Q q 0 0 0 rg BT 510.54 136.10 Td (ficers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 112.10 Td (Our future success and our ability to expand our operations will also depend in lar) Tj ET Q q 0 0 0 rg BT 414.07 112.10 Td (ge part on our ability to attract and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (retain additional qualified engineers, sales and marketing and senior management personnel. Competition for these types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (employees is intense due to the limited number of qualified professionals and the high demand for them, particularly in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (Orlando, Florida area where our headquarters are located. ) Tj ET Q q 0 0 0 rg BT 283.04 76.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.68 76.10 Td (e have in the past experienced dif) Tj ET Q q 0 0 0 rg BT 425.33 76.10 Td (ficulty in recruiting qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (personnel. Failure to attract, assimilate and retain personnel, including key management, technical, sales and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (personnel, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 225.58 52.10 Td (fect on our business and potential growth.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Public company compliance may make it more dif) Tj ET Q q 0 0 0 rg BT 255.62 730.10 Td (ficult to attract and retain of) Tj ET Q q 0 0 0 rg BT 372.39 730.10 Td (ficers and directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 706.10 Td (The Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 169.86 706.10 Td (Act and new rules subsequently implemented by the SEC have required changes in corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (governance practices of public companies.) Tj ET Q q 0 0 0 rg BT 224.65 694.10 Td (As a public company) Tj ET Q q 0 0 0 rg BT 308.71 694.10 Td (, we expect these rules and regulations to increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (compliance costs and to make certain activities more time consuming and costly) Tj ET Q q 0 0 0 rg BT 370.64 682.10 Td (.) Tj ET Q q 0 0 0 rg BT 377.59 682.10 Td (As a public company) Tj ET Q q 0 0 0 rg BT 461.65 682.10 Td (, we also expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (these rules and regulations may make it more dif) Tj ET Q q 0 0 0 rg BT 244.76 670.10 Td (ficult and expensive for us to obtain director and of) Tj ET Q q 0 0 0 rg BT 449.79 670.10 Td (ficer liability insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (similar coverage.) Tj ET Q q 0 0 0 rg BT 123.31 646.10 Td (As a result, it may be more dif) Tj ET Q q 0 0 0 rg BT 244.76 646.10 Td (ficult and costly for us to attract and retain qualified persons to serve on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Board of Directors or as executive of) Tj ET Q q 0 0 0 rg BT 198.10 634.10 Td (ficers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.75 610.10 Td (Risks Relating to our) Tj ET Q q 0 0 0 rg BT 316.85 610.10 Td ( Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Exercise of stock options, warrants and other securities will dilute your percentage of ownership and could cause our stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (price to fall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.71 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 550.10 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 550.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.14 550.10 Td (5,670,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.14 550.10 Td ( shares of common stock issued, outstanding stock options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (962,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 538.10 Td ( shares of our common stock at an average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.06 538.10 Td ($8.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.56 538.10 Td ( per share, and outstanding warrantsto purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (557,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 526.10 Td ( shares of our common stock at an average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.06 526.10 Td ($8.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.56 526.10 Td ( per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 502.10 Td (e also have reserved shares to issue stock options, restricted stock or other awards to purchase or receive up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (18,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 490.10 Td ( shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 255.98 490.10 Td (1 Equity Incentive Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.57 490.10 Td (49,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.07 490.10 Td ( shares of common stock under our 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Employee Stock Purchase Plan. In the future, we may grant additional stock options, restricted stock units, warrants and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (convertible securities, as well as issue additional shares of common stock pursuant to the earn-out provisions of the stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (purchase agreements in connection with our Ebyline and ZenContent acquisitions. ) Tj ET Q q 0 0 0 rg BT 384.17 454.10 Td (The exercise, conversion or exchange by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (holders of stock options, restricted stock units, warrants or convertible securities for shares of common stock, and the issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of new shares pursuant to acquisition earn-out provisions, will dilute the percentage ownership of our other stockholders. Sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of a substantial number of shares of our common stock could cause the price of our common stock to fall and could impair our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (ability to raise capital by selling additional securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (There may be substantial sales of our common stock under our ef) Tj ET Q q 0 0 0 rg BT 319.56 382.10 Td (fective shelf registration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 358.10 Td (e have an ef) Tj ET Q q 0 0 0 rg BT 142.48 358.10 Td (fective shelf registration statement on Form S-3 \(File No. 333-212247\) for the sale of up to $75,000,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (of our common stock. Currently) Tj ET Q q 0 0 0 rg BT 180.44 346.10 Td (, under Form S-3 rules, we can only sell our securities in a public primary of) Tj ET Q q 0 0 0 rg BT 486.02 346.10 Td (fering with a value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (not exceeding one-third of our public float in any 12-month period, because our public float is below $75,000,000. Sales of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (substantial number of shares of our common stock or securities convertible or exercisable into shares of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (under the shelf registration statement could cause the market price of our common stock to drop and could dilute your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (percentage of ownership.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (There may be substantial sales of our common stockunder the prospectus relating to our 2013 and 2014 private placements, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (which could cause our stock price todrop.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 223.90 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 238.10 Td (e have ef) Tj ET Q q 0 0 0 rg BT 130.54 238.10 Td (fective registration statements \(File No. 333-191743 and File No. 333-197482\) covering the resale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (587,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.50 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 226.10 Td (shares of our common stock that may be of) Tj ET Q q 0 0 0 rg BT 257.55 226.10 Td (fered by certain stockholders who participated in our 2013 private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (placement and loan consideration from ) Tj ET Q q 0 0 0 rg BT 208.00 214.10 Td (August through September 2013 or who obtained shares of common stock for services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (The number of shares the selling stockholders may sell consists of 487,226 shares of common stock that are currently issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and outstanding and 99,976 shares of common stock that they may receive if they exercise their warrants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 166.10 Td (e also have an ef) Tj ET Q q 0 0 0 rg BT 161.09 166.10 Td (fective registration statement \(File No. 333-195081\) covering the resale of 1,469,147 sharesof our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (common stock that may be of) Tj ET Q q 0 0 0 rg BT 168.40 154.10 Td (fered by certain stockholders who participated in our 2014 private placement. ) Tj ET Q q 0 0 0 rg BT 480.89 154.10 Td (The number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (shares the selling stockholders may sell consists of 1,147,663 shares of common stock that are currently issued and outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (and 321,484 shares of common stock that they may receive if they exercise their warrants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (There are currently no agreements or understandings in place with these selling stockholders to restrict their sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (those shares. Sales of a substantial number of shares of our common stockby the selling stockholders over a short period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (time could cause themarket price of our common stock todrop and could impair our ability to raise capital in the future by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (selling additional securities.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Issuance of stock to pay future obligations will dilute your percentage of ownership and could cause our stock price to fall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.74 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.25 Td (On July 31, 2016, we purchased all of the outstanding shares of capital stock of ZenContent, Inc. pursuant to the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (of a Stock Purchase ) Tj ET Q q 0 0 0 rg BT 131.09 706.25 Td (Agreement among our company) Tj ET Q q 0 0 0 rg BT 259.57 706.25 Td (, ZenContent and the stockholders of ZenContent for a maximum purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (price to be paid over the next three years of $4,500,000. Upon closing we made a cash payment of $400,000 and issued 86,207 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (shares of our common stock valued at $600,000 \(using the 30 trading-day volume-weighted average closing price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (common stock of $6.96 per share as of July 29, 2016\). ) Tj ET Q q 0 0 0 rg BT 272.28 670.25 Td (The agreement also requires \(i\) three equal annual installment payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (totaling $1,000,000 commencing 12 months following the closing and \(ii\) contingent performance payments of up to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (aggregate of $2,500,000 over the three 12-month periods following the closing, based upon ZenContent achieving certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (minimum revenue thresholds. Of these payments, 33% of each such annual installment or contingent performance payment will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (be in the form of cash and the remainder of such payment will be in the form of either cash or additional shares of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (stock, determined at our option. If we issue stock as payment for up to 67% of the future amounts owed, there is no stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (maximum on the number of shares that we may issue. ) Tj ET Q q 0 0 0 rg BT 270.33 598.25 Td (This may result in the issuance of substantial amount of shares because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (the number of shares will be determined using the 30 trading-day volume-weighted average closing price of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (prior to the payment. ) Tj ET Q q 0 0 0 rg BT 136.19 574.25 Td (The issuance of a substantial number of shares of our common stock to the former stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (ZenContent or our other stockholders or the perception that such sales may occur could cause our stock price to decline, make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (it more dif) Tj ET Q q 0 0 0 rg BT 92.03 550.25 Td (ficult for us to raise funds through future of) Tj ET Q q 0 0 0 rg BT 265.70 550.25 Td (ferings of our common stock or acquire other businesses using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (common stock as consideration.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (market, or if they adversely change their recommendations regarding our stock, our stock price and trading volume could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (decline.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.25 Td (The trading market for our common stock is influenced by the research and reports that securities or industry analysts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (may publish about us, our business, our market, or our competitors. No person is under any obligation to publish research or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (reports on us, and any person publishing research or reports on us may discontinue doing so at any time without notice. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (adequate research coverage is not maintained on our company or if any of the analysts who cover us downgrade our stock or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (publish inaccurate or unfavorable research about our business or provide relatively more favorable recommendations about our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (competitors, our stock price would likely decline. If any analysts who cover us were to cease coverage of our company or fail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our stock price or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (trading volume to decline.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Our earnings are subject to substantial quarterly and annual fluctuations and to market downturns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (Our revenues and earnings may fluctuate significantly in the future. General economic or other political conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (may cause a downturn in the market for our products or services. ) Tj ET Q q 0 0 0 rg BT 314.37 322.25 Td (A) Tj ET Q q 0 0 0 rg BT 321.04 322.25 Td ( future downturn in the market for our products or services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 123.12 310.25 Td (fect our operating results and increase the risk of substantial quarterly and annual fluctuations in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (earnings. Our future operating results may be af) Tj ET Q q 0 0 0 rg BT 241.42 298.25 Td (fected by many factors, including, but not limited to: our ability to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (existing or secure anticipated marketers and creators; our ability to develop, introduce and market new products and services on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (a timely basis; changes in the mix of products developed, produced and sold; and disputes with our marketers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (creators.) Tj ET Q q 0 0 0 rg BT 88.96 262.25 Td (These factors af) Tj ET Q q 0 0 0 rg BT 152.64 262.25 Td (fecting our future earnings are dif) Tj ET Q q 0 0 0 rg BT 287.12 262.25 Td (ficult to forecast and could harm our quarterly and/or annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (operating results. ) Tj ET Q q 0 0 0 rg BT 123.69 250.25 Td (The change in our earnings or general economic conditions may cause the market price of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (to fluctuate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Our stock price may be volatile.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 190.25 Td (While our shares of common stock are listed for trading on the Nasdaq Capital Market, the stock market in general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (and the stock prices of technology-based companies in particular) Tj ET Q q 0 0 0 rg BT 308.96 178.25 Td (, have experienced volatility that often has been unrelated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (the operating performance of any specific public company) Tj ET Q q 0 0 0 rg BT 282.87 166.25 Td (.) Tj ET Q q 0 0 0 rg BT 290.19 166.25 Td (The market price of our common stock has historically experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (and may continue to experience significant volatility) Tj ET Q q 0 0 0 rg BT 259.84 154.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.79 154.25 Td (As a result, the market price could fluctuate widely in price in response ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (to various factors, many of which are beyond our control, including the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (changes in our industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (competitive pricing pressures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (our ability to obtain working capital financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (additions or departures of key personnel;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (limited "public float" in the hands of a small number of persons whose sales or lack of sales could result in positive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (negative pricing pressure on the market prices of our common stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (expiration of any Rule 144 holding periods or registration of unregistered securities issued by us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 46.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.25 Td (sales of our common stock;) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (our ability to execute our business plan;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (operating results that fall below expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (loss of any strategic relationship;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (regulatory developments; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (economic and other external factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 670.10 Td (These and other market and industry factors may cause the market price and demand for our common stock to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (fluctuate substantially) Tj ET Q q 0 0 0 rg BT 137.38 658.10 Td (, regardless of our actual operating performance, which may limit or prevent investors from readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (selling their shares of common stock and may otherwise negatively af) Tj ET Q q 0 0 0 rg BT 329.18 646.10 Td (fect the liquidity of our common stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 622.10 Td (e have not paid dividends in the past and do not expect to pay dividends in the future.) Tj ET Q q 0 0 0 rg BT 412.23 622.10 Td (Any return on investment may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (limited to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.61 610.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.11 610.10 Td (the value of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.10 Td (e have never paid cash dividends on our common stock and do not anticipate doing so in the foreseeable future.) Tj ET Q q 0 0 0 rg BT 545.43 586.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (payment of dividends on our common stock will depend on earnings, financial condition and other business and economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (factors af) Tj ET Q q 0 0 0 rg BT 87.29 562.10 Td (fecting us at such time as our Board of Directors may consider relevant.If we do not pay dividends, our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (stock may be less valuable because a return on your investment will only occur if our stock price appreciates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (ITEM 1B - UNRESOL) Tj ET Q q 0 0 0 rg BT 146.60 514.10 Td (VED ST) Tj ET Q q 0 0 0 rg BT 181.70 514.10 Td (AFF) Tj ET Q q 0 0 0 rg BT 200.77 514.10 Td ( COMMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (ITEM 2 - PROPER) Tj ET Q q 0 0 0 rg BT 133.26 454.10 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 430.10 Td ( Our corporate headquarters are located at 480 N. Orlando ) Tj ET Q q 0 0 0 rg BT 320.62 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.10 430.10 Td (venue, Suite 200 in ) Tj ET Q q 0 0 0 rg BT 406.63 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.67 430.10 Td (inter Park, Florida. ) Tj ET Q q 0 0 0 rg BT 493.53 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 502.17 430.10 Td (e occupy our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 418.10 Td (fices pursuant to a five-year) Tj ET Q q 0 0 0 rg BT 169.37 418.10 Td (, five-month sublease agreement that expires in ) Tj ET Q q 0 0 0 rg BT 360.42 418.10 Td (April 2019 and is renewable for one additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (year until ) Tj ET Q q 0 0 0 rg BT 89.99 406.10 Td (April 2020. ) Tj ET Q q 0 0 0 rg BT 140.92 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.56 406.10 Td (e lease approximately 15,500 square feet based on an annually increasing rate of $17.50 to $22.50 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (square foot annual rate over the lease term. ) Tj ET Q q 0 0 0 rg BT 224.46 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.10 394.10 Td (e also lease flexible of) Tj ET Q q 0 0 0 rg BT 322.32 394.10 Td (fice space under one-year renewable contracts in Los ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Angeles, Chicago and ) Tj ET Q q 0 0 0 rg BT 140.35 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.76 382.10 Td (oronto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 358.10 Td (otal rent expense recorded in general and administrative expense in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operations was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.47 346.10 Td ($618,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.97 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 346.10 Td ($491,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.90 346.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.28 346.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.88 346.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.76 346.10 Td (December 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.78 346.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 556.45 346.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.17 310.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 86.67 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.17 310.10 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 128.63 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.13 310.10 Td (PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.10 Td (From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (of business. Litigation is, however) Tj ET Q q 0 0 0 rg BT 187.36 274.10 Td (, subject to inherent uncertainties, and an adverse result in these or other matters may arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (from time to time that may harm our business. ) Tj ET Q q 0 0 0 rg BT 237.56 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 246.20 262.10 Td (e are currently not aware of any legal proceedings or claims that we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (would or could have, individually or in the aggregate, a material adverse ef) Tj ET Q q 0 0 0 rg BT 350.26 250.10 Td (fect on us. Regardless of final outcomes, however) Tj ET Q q 0 0 0 rg BT 552.03 250.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (any such proceedings or claims, may nonetheless impose a significant burden on management and employees and may come ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (with costly defense costs or unfavorable preliminary interim rulings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (ITEM 4 MINE SAFETY) Tj ET Q q 0 0 0 rg BT 162.97 190.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 166.10 Td (Not applicable) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 81.36 718.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 91.05 718.25 Td (- ) Tj ET Q q 0 0 0 rg BT 99.07 718.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 143.89 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.58 718.25 Td (FOR ) Tj ET Q q 0 0 0 rg BT 174.37 718.25 Td (REGISTRANT'S ) Tj ET Q q 0 0 0 rg BT 253.53 718.25 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 307.10 718.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 345.63 718.25 Td (, ) Tj ET Q q 0 0 0 rg BT 352.82 718.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 379.86 718.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 405.11 718.25 Td (ST) Tj ET Q q 0 0 0 rg BT 417.16 718.25 Td (OCKHOLDER ) Tj ET Q q 0 0 0 rg BT 487.97 718.25 Td (MA) Tj ET Q q 0 0 0 rg BT 503.89 718.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 540.33 718.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (ISSUER ) Tj ET Q q 0 0 0 rg BT 88.63 706.25 Td (PURCHASES ) Tj ET Q q 0 0 0 rg BT 151.69 706.25 Td (OF) Tj ET Q q 0 0 0 rg BT 165.21 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.71 706.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.29 706.25 Td (SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Common Stock Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (On January 26, 2016, our shares of common stock commenced trading on the Nasdaq Capital Market under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (symbol IZEA. Prior thereto, our common stock was quoted on the OTCQB marketplace under the same symbol. On January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (6, 2016, we filed a Certificate of Change with the Secretary of State of Nevada to ef) Tj ET Q q 0 0 0 rg BT 385.81 634.25 Td (fect a reverse stock split of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (shares of common stock at a ratio of one share for every 20 shares outstanding prior to the ef) Tj ET Q q 0 0 0 rg BT 420.82 622.25 Td (fective date of the reverse stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (split. ) Tj ET Q q 0 0 0 rg BT 74.17 610.25 Td (All historical prices in the following table reflect the 1-for) Tj ET Q q 0 0 0 rg BT 306.40 610.25 Td (-20 reverse stock split of our outstanding shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (stock that became market ef) Tj ET Q q 0 0 0 rg BT 161.99 598.25 Td (fective on January 1) Tj ET Q q 0 0 0 rg BT 242.42 598.25 Td (1, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (The following table sets forth the range of the high and low closing prices reported for our common stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (periods presented below) Tj ET Q q 0 0 0 rg BT 146.54 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 153.86 562.25 Td (The quotations represent inter) Tj ET Q q 0 0 0 rg BT 273.34 562.25 Td (-dealer prices without retail mark-ups, mark-downs or commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (and may not necessarily represent actual transactions. ) Tj ET Q q 0 0 0 rg BT 269.46 550.25 Td (The quotations may be rounded for presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 525.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 525.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 497.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 497.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 525.75 m 422.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 525.75 m 492.5 525.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 525.75 m 562.5 525.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td (Fiscal year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 530.32 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 530.32 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.32 Td (First quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 516.32 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 516.32 Td (4.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 502.32 Td (Second quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 502.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 502.32 Td (10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 502.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 502.32 Td (7.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 488.32 Td (Third quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 488.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 488.32 Td (8.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 488.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 488.32 Td (6.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 474.32 Td (Fourth quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 474.32 Td (9.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 474.32 Td (6.81) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 433.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 433.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 405.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 405.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 405.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 405.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 433.75 m 422.5 433.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 433.75 m 492.5 433.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 433.75 m 562.5 433.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.32 Td (Fiscal year ended December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 438.32 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 438.32 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 424.32 Td (First quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 424.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 424.32 Td (8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 424.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 424.32 Td (6.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 410.32 Td (Second quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 410.32 Td (7.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 410.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 410.32 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 396.32 Td (Third quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 396.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 396.32 Td (7.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 396.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 396.32 Td (5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 382.32 Td (Fourth quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 382.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 382.32 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 382.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 382.32 Td (4.38) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 330.25 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.04 330.25 Td (, we had approximately 298 shareholders of record of our common stock.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 93.60 210.25 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 144.43 210.25 Td (for) Tj ET Q q 0 0 0 rg BT 157.02 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.52 210.25 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 198.70 210.25 Td (under) Tj ET Q q 0 0 0 rg BT 224.08 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.58 210.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 257.98 210.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 322.15 210.25 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 186.25 Td (See ) Tj ET Q q 0 0 0 rg BT 102.94 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.66 186.25 Td (section ) Tj ET Q q 0 0 0 rg BT 148.48 186.25 Td ("Equity ) Tj ET Q q 0 0 0 rg BT 181.73 186.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 242.00 186.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 262.28 186.25 Td (Information," ) Tj ET Q q 0 0 0 rg BT 319.13 186.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.39 186.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 365.22 186.25 Td (1) Tj ET Q q 0 0 0 rg BT 369.85 186.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 377.35 186.25 Td (in ) Tj ET Q q 0 0 0 rg BT 387.63 186.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 406.23 186.25 Td (III ) Tj ET Q q 0 0 0 rg BT 418.72 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.55 186.25 Td (this ) Tj ET Q q 0 0 0 rg BT 446.50 186.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 470.67 186.25 Td (10-K.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (The foregoing issuances of shares were made in reliance upon the exemption from registration provided by Section 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 142.19 694.10 Td (Act of 1933, as amended.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 81.40 670.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 108.44 670.10 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (ITEM 6 - SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 204.47 610.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 220.67 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.60 610.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Not applicable for smaller reporting companies.) 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Historical results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (percentage relationships among any amounts in these financial statements are not necessarily indicative of trends in operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (results for any future period. ) Tj ET Q q 0 0 0 rg BT 168.95 646.25 Td (This report contains forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 377.88 646.25 Td (The statements, which are not historical facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (contained in this report, including this Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 327.87 634.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Operations, and notes to our consolidated financial statements, particularly those that utilize terminology such as may) Tj ET Q q 0 0 0 rg BT 524.50 622.25 Td (, will, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (would, could, should, should, expects, anticipates, estimates, believes, intends, or plans or comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (terminology are forward-looking statements. 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Marketers receive influential consumer content and engaging, shareable stories that drive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (awareness. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.25 Td (e help power the creator economy) Tj ET Q q 0 0 0 rg BT 229.76 286.25 Td (, allowing everyone from college students and stay at home moms to celebrities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the opportunity to monetize their content, creativity and influence. Marketers benefit from buzz, traf) Tj ET Q q 0 0 0 rg BT 453.28 274.25 Td (fic, awareness and sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (and creators earn cash compensation in exchange for their work and promotion.) 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Our technology enables transactions to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (completed at scale through the management of custom content workflow) Tj ET Q q 0 0 0 rg BT 340.65 226.25 Td (, creator search and tar) Tj ET Q q 0 0 0 rg BT 431.25 226.25 Td (geting, bidding, analytics and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (payment processing. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 137.20 214.25 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.75 214.25 Td ( is designed to provide a unified ecosystem that enables the creation of multiple types of content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (including blog posts, status updates, videos and photos through a wide variety of social channels including blogs, ) Tj ET Q q 0 0 0 rg BT 505.31 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 510.72 202.25 Td (witter) Tj ET Q q 0 0 0 rg BT 533.64 202.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Facebook, 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ET Q q 0 0 0 rg BT 316.46 742.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.96 742.25 Td ( Compar) Tj ET Q q 0 0 0 rg BT 391.84 742.25 Td (ed to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.82 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 436.74 742.25 Td (welve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.20 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (December) Tj ET Q q 0 0 0 rg BT 93.13 730.25 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 706.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.43 706.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.37 706.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 148.87 706.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 170.81 706.25 Td (a ) Tj ET Q q 0 0 0 rg BT 177.74 706.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 217.46 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.29 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.12 706.25 Td (statements ) Tj ET Q q 0 0 0 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0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 474.75 m 347.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 460.75 m 347.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 474.75 m 424.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 460.75 m 424.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 474.75 m 428.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 460.75 m 428.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 474.75 m 493.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 460.75 m 493.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 474.75 m 497.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 460.75 m 497.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 474.75 m 562.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 460.75 m 562.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 446.75 m 266.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 444.75 m 266.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 446.75 m 343.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 444.75 m 343.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 446.75 m 347.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 444.75 m 347.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 446.75 m 424.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 444.75 m 424.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 446.75 m 428.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 444.75 m 428.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 446.75 m 493.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 444.75 m 493.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 446.75 m 497.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 444.75 m 497.5 444.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 460.75 m 562.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.75 m 562.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 444.75 m 562.5 444.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.80 685.42 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.45 671.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.50 661.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 671.32 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.50 661.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 661.42 Td ($ Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 661.42 Td (% Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 647.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 647.32 Td (27,310,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 647.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 647.32 Td (20,467,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 647.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 647.32 Td (6,842,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 647.32 Td (33.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 647.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.32 Td (Cost of sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 633.32 Td (14,242,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 633.32 Td (12,236,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 633.32 Td (2,005,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 633.32 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 633.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 619.32 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 619.32 Td (13,068,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 619.32 Td (8,231,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 619.32 Td (4,837,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 619.32 Td (58.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 619.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.32 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 605.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 605.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 591.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 591.32 Td (10,282,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 591.32 Td (7,517,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 591.32 Td (2,765,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 591.32 Td (36.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 591.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 577.32 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 577.32 Td (10,261,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 577.32 Td (7,936,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 577.32 Td (2,325,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 577.32 Td (29.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 577.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 563.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 563.32 Td (20,544,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 563.32 Td (15,453,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 563.32 Td (5,091,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 563.32 Td (32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.32 Td (Loss from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 549.37 Td (\(7,476,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 549.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 549.37 Td (\(7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 549.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 549.37 Td (\(254,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 549.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 549.32 Td (\(3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 549.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.32 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 535.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 535.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 521.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 521.37 Td (\(82,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 521.37 Td (\(115,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 521.32 Td (32,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 521.32 Td (\(28.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 521.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 507.32 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 507.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 507.37 Td (\(1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 507.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 507.32 Td (1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 507.32 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 507.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 493.32 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 493.32 Td (9,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 493.37 Td (\(2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 493.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 493.32 Td (2,142,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 493.32 Td (\(100.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 493.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 479.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 479.37 Td (\(10,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 479.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 479.32 Td (9,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 479.37 Td (\(19,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 479.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 479.32 Td (\(204.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 479.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 465.32 Td (Total other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 465.37 Td (\(83,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 465.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 465.37 Td (\(4,085,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 465.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 465.32 Td (4,001,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 465.32 Td (97.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 465.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.42 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 450.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 450.47 Td (\(7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 450.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 450.47 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 450.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 450.42 Td (3,747,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 450.42 Td (33.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 450.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (The following table breaks down our approximate revenue, cost of sales and gross profit by revenue stream for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.97 386.25 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 374.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 374.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.91 374.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 374.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 374.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 323.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 323.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 323.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 323.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 323.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 323.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 295.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 295.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 295.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 295.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 295.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 295.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 267.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 267.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 267.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 267.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 267.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 267.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 239.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 239.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 239.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 239.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 239.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 239.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 211.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 211.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 183.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 183.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 183.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 183.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 183.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 183.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 155.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 155.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 155.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 155.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 155.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 155.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 127.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 127.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 127.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 127.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 127.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 127.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 99.75 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 99.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 99.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 99.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 99.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 99.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 348.75 m 351.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 348.75 m 431.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 348.75 m 351.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 323.75 m 351.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 348.75 m 416.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 323.75 m 416.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 348.75 m 431.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 323.75 m 431.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 348.75 m 496.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 323.75 m 496.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 348.75 m 561.5 348.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 323.75 m 561.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 267.75 m 351.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 267.75 m 416.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 267.75 m 431.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 267.75 m 496.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 267.75 m 561.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 267.75 m 351.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 254.75 m 351.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 252.75 m 351.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 267.75 m 416.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 254.75 m 416.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 252.75 m 416.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 267.75 m 431.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 254.75 m 431.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 252.75 m 431.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 267.75 m 496.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 254.75 m 496.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 252.75 m 496.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 267.75 m 561.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 254.75 m 561.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 252.75 m 561.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 183.75 m 351.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 183.75 m 416.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 183.75 m 431.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 183.75 m 496.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 183.75 m 561.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 183.75 m 351.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 170.75 m 351.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 168.75 m 351.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 183.75 m 416.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 170.75 m 416.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 168.75 m 416.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 183.75 m 431.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 170.75 m 431.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 168.75 m 431.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 183.75 m 496.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 170.75 m 496.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 168.75 m 496.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 183.75 m 561.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 170.75 m 561.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 168.75 m 561.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 99.75 m 416.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 99.75 m 561.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 99.75 m 351.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 86.75 m 351.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 84.75 m 351.5 84.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 99.75 m 416.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 86.75 m 416.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 84.75 m 416.5 84.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 99.75 m 431.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 86.75 m 431.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 84.75 m 431.5 84.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 99.75 m 496.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 86.75 m 496.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 84.75 m 496.5 84.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 99.75 m 561.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 86.75 m 561.5 86.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 84.75 m 561.5 84.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 353.42 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 338.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 328.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.45 338.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 328.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.45 338.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 328.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 338.42 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 328.42 Td (2015) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 312.86259765625 m 147 312.86259765625 l s q 0 0 0 rg BT 52.00 314.43 Td (Revenue & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 300.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 300.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 300.32 Td (16,704,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 300.32 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 300.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 300.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.60 300.32 Td (12,230,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 300.32 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 300.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 286.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 286.32 Td (10,231,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 286.32 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 286.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 286.32 Td (7,978,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 286.32 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 286.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 272.32 Td (Service Fees & Other Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 272.32 Td (375,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 272.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 272.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 272.32 Td (260,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 272.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 272.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 258.32 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 258.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 258.32 Td (27,310,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 258.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 258.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 258.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.60 258.32 Td (20,468,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 258.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 258.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 228.86259765625005 m 164.783203125 228.86259765625005 l s q 0 0 0 rg BT 52.00 230.43 Td (Cost of Sales & % of Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.32 Td (Sponsored COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 216.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 216.32 Td (6,538,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 216.32 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 216.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 216.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 216.32 Td (5,177,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 216.32 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 216.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 202.32 Td (Content COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 202.32 Td (7,704,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 202.32 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 202.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 202.32 Td (7,060,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 202.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 202.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 188.32 Td (Service Fees & Other COS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 188.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 188.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 188.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 188.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 188.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 188.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 174.32 Td (Total Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 174.32 Td (14,242,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 174.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 174.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.60 174.32 Td (12,237,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 174.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 174.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52 144.86259765625005 m 154.7587890625 144.86259765625005 l s q 0 0 0 rg BT 52.00 146.43 Td (Gross Profit & Profit %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 132.32 Td (Sponsored Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 132.32 Td (10,166,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 132.32 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 132.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 132.32 Td (7,053,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 132.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 132.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 118.32 Td (Content Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 118.32 Td (2,527,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 118.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 118.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 118.32 Td (918,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 118.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 118.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 104.32 Td (Service Fees & Other Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 104.32 Td (375,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 104.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 104.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 104.32 Td (260,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 104.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 104.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 90.32 Td (Total Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 90.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.60 90.32 Td (13,068,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 90.32 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 90.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 90.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 90.32 Td (8,231,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 90.32 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 90.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 62.25 Td (Revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.25 62.25 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.86 62.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.73 62.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.32 62.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.82 62.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.57 62.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.57 62.25 Td ($6,842,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.57 62.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.40 62.25 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.73 62.25 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 50.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 50.25 Td (.Sponsored Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.53 50.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.29 50.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.79 50.25 Td ($4,474,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.79 50.25 Td (, Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 50.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.19 50.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.69 50.25 Td ($2,253,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.69 50.25 Td ( and Service Fee Revenue ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.25 742.10 Td ($1) Tj ET Q q 0 0 0 rg BT 99.88 742.10 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.38 742.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.21 742.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.81 742.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.69 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.27 742.10 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.06 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.06 742.10 Td (. Sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.49 730.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.24 730.10 Td ( primarily due to our lar) Tj ET Q q 0 0 0 rg BT 220.86 730.10 Td (ger sales force, concentrated sales ef) Tj ET Q q 0 0 0 rg BT 366.71 730.10 Td (forts toward lar) Tj ET Q q 0 0 0 rg BT 428.18 730.10 Td (ger IZEA) Tj ET Q q 0 0 0 rg BT 465.66 730.10 Td ( managed campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (rather than smaller marketer self-service campaigns and generating repeat business from existing customers. Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 706.10 Td ( due to the same reasons as Sponsored Revenue, as well as a full twelve full months of Content Revenue reported in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2016 compared to only eleven months in 2015 as the Ebyline acquisition occurred on January 30, 2015. Service Fee Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 682.10 Td ( in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.25 682.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 682.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.73 682.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.31 682.10 Td ( due to more licensing fees generated from the white-label partners in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 670.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 646.10 Td (e estimate that revenue for the year ending December 31, 2017 will increase approximately 25% to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ($34 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (Our net bookings of $30.0 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.04 610.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.64 610.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.52 610.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.10 610.10 Td ( were 23% higher than the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (bookings of $24.5 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.27 598.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.87 598.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.75 598.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.33 598.10 Td (. Net bookings is a measure of sales orders received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (minus any cancellations or changes in a given period. Management uses net bookings as a leading indicator of future revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (recognition as revenue is typically recognized within 90-120 days of booking, though lar) Tj ET Q q 0 0 0 rg BT 405.01 574.10 Td (ger contracts may be recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (twelve months from the original booking date. Net bookings can be af) Tj ET Q q 0 0 0 rg BT 332.81 562.10 Td (fected by) Tj ET Q q 0 0 0 rg BT 369.08 562.10 Td (, among other things, cancellations or changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (to orders that occur in future periods. Reductions in net bookings or changes in the expected timing of delivery for services due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (to delays and customer preferences or other considerations may result in fluctuations in expected future revenue. ) Tj ET Q q 0 0 0 rg BT 505.21 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.85 538.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (experienced higher bookings as a result of the joint benefit of revenue gained by recent acquisitions and the increase in average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (deal size from existing and new customers alike. ) Tj ET Q q 0 0 0 rg BT 249.20 514.10 Td (These bookings are expected to continue to translate into higher revenue in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (2017 as compared to 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 71.94 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.77 478.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 106.94 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.57 478.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 137.60 478.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 152.89 478.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 163.25 478.10 Td (ofit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 454.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 103.66 454.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 121.87 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.31 454.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 153.85 454.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.63 454.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 206.39 454.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 245.71 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.14 454.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 292.14 454.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 311.46 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.34 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.78 454.10 Td (content ) Tj ET Q q 0 0 0 rg BT 368.32 454.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 402.07 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.95 454.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 444.61 454.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 475.60 454.10 Td (content ) Tj ET Q q 0 0 0 rg BT 507.14 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.58 454.10 Td (advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (services ) Tj ET Q q 0 0 0 rg BT 84.71 442.10 Td (through ) Tj ET Q q 0 0 0 rg BT 118.32 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.03 442.10 Td (promotion ) Tj ET Q q 0 0 0 rg BT 177.20 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.03 442.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 231.08 442.10 Td (content ) Tj ET Q q 0 0 0 rg BT 263.01 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.29 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.23 442.10 Td (blog ) Tj ET Q q 0 0 0 rg BT 300.51 442.10 Td (post, ) Tj ET Q q 0 0 0 rg BT 322.18 442.10 Td (tweet, ) Tj ET Q q 0 0 0 rg BT 348.83 442.10 Td (click ) Tj ET Q q 0 0 0 rg BT 370.77 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 381.60 442.10 Td (action.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (Cost of sales for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.49 418.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.09 418.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.97 418.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.55 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.05 418.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 418.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 418.10 Td ($2,005,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 418.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.63 418.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.96 418.10 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 406.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 406.10 Td (.Cost of sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.43 406.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.19 406.10 Td ( primarily due to the increase in our sales, but the increase was tempered by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (improved mar) Tj ET Q q 0 0 0 rg BT 106.19 394.10 Td (gins on our managed services for Content Revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (Gross profit for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.43 370.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.03 370.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.91 370.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.49 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.99 370.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 370.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.75 370.10 Td ($4,837,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 370.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.58 370.10 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 370.10 Td (, compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 358.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 358.10 Td (. Our grossprofit as a percentage of revenue increased from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.94 358.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.27 358.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 358.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.25 358.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.13 358.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 346.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.78 346.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.11 346.10 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.86 346.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.86 346.10 Td (. Sponsored Revenue gross mar) Tj ET Q q 0 0 0 rg BT 345.04 346.10 Td (gin was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.37 346.10 Td (61%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.70 346.10 Td ( and Content Revenue gross mar) Tj ET Q q 0 0 0 rg BT 526.77 346.10 Td (gin was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 334.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.71 334.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.31 334.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.19 334.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.77 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.09 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.73 334.10 Td (e estimate that our average gross mar) Tj ET Q q 0 0 0 rg BT 435.38 334.10 Td (gins for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (December 31, 2017 will average approximately 47% to 48%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (The gross profit increase was primarily attributable to increased use of our managed services by marketers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (agencies. Prior to being acquired by IZEA, Ebyline generated Content Revenue primarily from newspaper and traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (publishers through their workflow platform on a self-service basis at a 7% to 9% profit. ) Tj ET Q q 0 0 0 rg BT 404.64 274.10 Td (After the acquisition, these customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (still produce a significant amount of revenue, but we are increasing the sales of Content Revenue to customers on a managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (basis and expect to see continued improvement in the Content Revenue mar) Tj ET Q q 0 0 0 rg BT 353.34 250.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 377.33 250.10 Td (The mix of sales between our higher mar) Tj ET Q q 0 0 0 rg BT 541.26 250.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Sponsored Revenue and our lower mar) Tj ET Q q 0 0 0 rg BT 205.61 238.10 Td (gin Content Revenue \(particularly the self-service workflow portion of this revenue\) has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (a significant ef) Tj ET Q q 0 0 0 rg BT 109.24 226.10 Td (fect on our overall gross profit percentage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 202.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.71 202.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.59 202.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.17 202.10 Td (, managed services were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.40 202.10 Td (36%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.73 202.10 Td ( of Content Revenue compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.92 202.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.25 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 190.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 190.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.36 190.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.94 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.89 190.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 301.79 190.10 Td (, the mar) Tj ET Q q 0 0 0 rg BT 336.88 190.10 Td (gins on the managed portion of Content Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (increased by 18 percentage points for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.88 178.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.48 178.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.36 178.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.94 178.10 Td ( as we incorporated higher standard pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (guidelines into revenue during 2016 and we lowered our production costs after the acquisition of ZenContent in July 2016. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 96.39 142.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (Operating expenses consist of general and administrative expenses and sales and marketing expenses.) Tj ET Q q 0 0 0 rg BT 497.64 118.10 Td (T) Tj ET Q q 0 0 0 rg BT 503.05 118.10 Td (otal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 106.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.08 106.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.96 106.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.54 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.04 106.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.79 106.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.79 106.10 Td ($5,091,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.79 106.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 106.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 106.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 77.32 94.10 Td (The increase was primarily attributable to increased personnel costs and additional overhead resulting from increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (personnel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 58.10 Td (General and administrative expenses consist primarily of administrative and engineering personnel costs, general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (operating costs, public company costs, including non-cash stock compensation, acquisition costs, facilities costs, insurance, ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (depreciation, professional fees,and investor relations costs. General and administrative expense for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.36 742.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.96 742.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.08 730.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.84 730.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.84 730.10 Td ($2,765,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.67 730.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 730.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.29 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.11 730.10 Td (The increase was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (attributable to a $1 million increase in personnel costs and a $142,000 increase in variable costs related to personnel such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (software and subscription costs, communication, travel and supply costs. ) Tj ET Q q 0 0 0 rg BT 346.15 706.10 Td (These costs increased as a result of an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (average number of our administrative and engineering personnel by 34% since the prior year period along with increased costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (for those personnel. Increased personnel costs are expected to continue in 2017 due to planned growth in the total number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (administrative and engineering personnel needed to handle our growing or) Tj ET Q q 0 0 0 rg BT 347.78 670.10 Td (ganization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 646.10 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline, Inc. for aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (consideration up to $8,850,000, including guaranteed payments of $3,350,000 and contingent performance payments up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ($5,500,000 based on Ebyline meeting certain revenue tar) Tj ET Q q 0 0 0 rg BT 277.80 622.10 Td (gets for each of the three years ending December 31, 2015, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 77.32 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.96 610.10 Td (e initially determined the fair value of the contingent payments to be $2,210,000 using a Monte-Carlo simulation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (simulate revenue over the next three years. Of this amount, $357,700 was determined to be future compensation expense and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the $1,834,300 remainder was determined to be purchase consideration and recorded as acquisition costs payable. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.60 574.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 574.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.06 574.10 Td (, we reassessed the expected revenues to be produced from Ebyline over the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (three years and did not believe that it would meet any of the tar) Tj ET Q q 0 0 0 rg BT 302.79 562.10 Td (gets required to achieve the performance payments. ) Tj ET Q q 0 0 0 rg BT 511.41 562.10 Td (Therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (we recorded a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.12 550.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.12 550.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 550.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.10 550.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.98 550.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.56 550.10 Td (, due to the reduction in our estimated fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (value of contingent acquisition costs payable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 514.10 Td (On July 31, 2016, we purchased all of the outstanding shares of capital stock of ZenContent, Inc. for aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (consideration up to $4,500,000, including guaranteed payments of $2,000,000 and contingent performance payments up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ($2,500,000 based on ZenContent meeting certain revenue tar) Tj ET Q q 0 0 0 rg BT 293.91 490.10 Td (gets for each of the three years ending July 31, 2017, 2018 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 77.32 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.96 478.10 Td (e initially determined the fair value of the contingent payments to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.53 478.10 Td ($230,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.03 478.10 Td ( using a Monte-Carlo simulation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (simulate revenue over the next three years. ) Tj ET Q q 0 0 0 rg BT 225.76 466.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.21 466.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.79 466.10 Td (, we reassessed the expected revenues to be produced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (from ZenContent over the next three years and determined that current fair value was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.75 454.10 Td ($324,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.25 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.57 454.10 Td (Therefore, we recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ($94,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 442.10 Td ( expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.03 442.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.64 442.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.51 442.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.10 442.10 Td ( compared to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.74 442.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.74 442.10 Td ( gain during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.28 442.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.88 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 430.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 430.10 Td (, resulting in a net increase of $1,928,300 in general and administrative expense in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (statement of operations, due to the change in our estimated fair value of contingent acquisition costs payable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 394.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 394.10 Td ( portion of the guaranteed ZenContent payments are subject to downward adjustment of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.52 394.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.85 394.10 Td ( if Brianna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (DeMike, ZenContent) Tj ET Q q 0 0 0 rg BT 137.76 382.10 Td (s co-founder) Tj ET Q q 0 0 0 rg BT 187.62 382.10 Td (, is terminated by IZEA) Tj ET Q q 0 0 0 rg BT 281.76 382.10 Td ( for cause or she terminates her employment without good reason. ) Tj ET Q q 0 0 0 rg BT 547.80 382.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (a result, we initially reduced our acquisition cost liability by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 370.10 Td ($300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 370.10 Td ( to be accrued as compensation expense over the three-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (year term rather than allocated to the purchase price in accordance with ) Tj ET Q q 0 0 0 rg BT 337.64 358.10 Td (ASC 805-10-55-25. ) Tj ET Q q 0 0 0 rg BT 421.90 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.54 358.10 Td (e increased acquisition costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (payable and general and administrative expense in our consolidated statement of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.64 346.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.25 346.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 334.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.58 334.10 Td ($102,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.08 334.10 Td ( related to the portion that was earned during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (The increase in general and administrative expenses is also attributable to a $241,000 increase in depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (amortization expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.07 298.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 298.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.88 298.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.46 298.10 Td ( as a result of the amortization of software ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (development costs for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 140.81 286.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.86 286.10 Td (and the Ebyline and ZenContent intangible assets acquired; a $12,000 increase in contractor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (expense for outsourced engineering and finance projects; and a $131,000 increase in rent for our facilities and an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 262.10 Td (fice in Canada and California. Legal fees decreased by $784,000 from the prior year period due to the settlement of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (patent litigation in ) Tj ET Q q 0 0 0 rg BT 125.27 250.10 Td (August 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (Sales and marketing expenses consist primarily of personnel costs related to employees and consultants who support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (sales and marketing ef) Tj ET Q q 0 0 0 rg BT 139.51 214.10 Td (forts, promotional and advertising costs and trade show expenses. Sales and marketing expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.60 202.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 202.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.06 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.56 202.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.32 202.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.32 202.10 Td ($2,325,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.32 202.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 202.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.48 202.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.77 202.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.77 202.10 Td (.) Tj ET Q q 0 0 0 rg BT 511.09 202.10 Td (The increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (was primarily attributable to a $2,552,000 increase in personnel costs and a $280,000 increase in variable costs related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (personnel such as software and subscription costs, communication, travel and supply costs. ) Tj ET Q q 0 0 0 rg BT 419.19 178.10 Td (These increases in the personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (costs are the result of a 23% increase in the number of our sales and marketing personnel since the prior year along with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td ($328,000 increase in commission expense as a result of the increase in customer bookings. ) Tj ET Q q 0 0 0 rg BT 417.78 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.54 154.10 Td (ravel costs included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (variable costs increased by 13% as a result of increased training and corporate events during the first half of 2016. Sales and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (marketing expenses also increased $74,000 in contractor expenses and $42,000 as a result of increased non-cash stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (compensation costs related to the new employees. ) Tj ET Q q 0 0 0 rg BT 254.48 118.10 Td (These increases were of) Tj ET Q q 0 0 0 rg BT 350.08 118.10 Td (fset by a $621,000 decrease in public relations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (marketing events during 2016 as compared to 2015. ) Tj ET Q q 0 0 0 rg BT 260.05 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.69 106.10 Td (e anticipate these expenses will increase again in 2017 due to IZEAFest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (2017, which was held in February 2017, and other planned marketing ef) Tj ET Q q 0 0 0 rg BT 338.35 94.10 Td (forts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (Although we estimate that operating expenses will increase for the year ending December 31, 2017 as a result of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (continued expansion and investment in future growth, we expect that operating expenses as a percentage of revenue will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (decline slightly for the year) Tj ET Q q 0 0 0 rg BT 159.41 46.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.73 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.37 46.10 Td (e estimate that ) Tj ET Q q 0 0 0 rg BT 235.07 46.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 309.79 46.10 Td ( for the year ending December 31, 2017 will be approximately ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (negative $6 million as a result of our continued investment in sales and engineering staf) Tj ET Q q 0 0 0 rg BT 400.84 742.10 Td (f necessary to increase our revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (support our customers. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.87 706.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.03 706.10 Td (\(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 111.47 682.10 Td (income ) Tj ET Q q 0 0 0 rg BT 143.61 682.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 185.18 682.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 219.56 682.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 259.47 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.51 682.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 302.64 682.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 340.05 682.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 358.32 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.02 682.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 411.48 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.52 682.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 459.65 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.79 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.71 682.10 Td (change ) Tj ET Q q 0 0 0 rg BT 522.73 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.21 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.14 682.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.16 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.99 670.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 133.86 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Interest expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.52 646.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.12 646.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.58 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.08 646.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.50 646.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 646.10 Td ($32,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 646.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.77 646.10 Td ($82,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.27 646.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.09 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.09 634.10 Td ( primarily due to the lower imputed interest on the remaining balance of acquisition costs payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 610.10 Td (From July 20, 2015 through ) Tj ET Q q 0 0 0 rg BT 199.90 610.10 Td (August 14, 2015, we of) Tj ET Q q 0 0 0 rg BT 293.60 610.10 Td (fered a 25% discount on the warrant exercise prices to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (holding the series ) Tj ET Q q 0 0 0 rg BT 122.49 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.16 598.10 Td ( and series B warrants to purchase common stock issued in its ) Tj ET Q q 0 0 0 rg BT 378.56 598.10 Td (August - September 2013 private placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (\(the 2013 ) Tj ET Q q 0 0 0 rg BT 94.80 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.44 586.10 Td (arrants\) and a 26% discount on the warrant exercise prices to investors holding series ) Tj ET Q q 0 0 0 rg BT 450.56 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 457.23 586.10 Td ( and series B warrants to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (purchase common stock issued in its February 2014 private placement \(the 2014 ) Tj ET Q q 0 0 0 rg BT 378.62 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.26 574.10 Td (arrants and together with the 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 562.10 Td (arrants, the "W) Tj ET Q q 0 0 0 rg BT 118.28 562.10 Td (arrants"\). ) Tj ET Q q 0 0 0 rg BT 159.85 562.10 Td (At the close of the of) Tj ET Q q 0 0 0 rg BT 243.81 562.10 Td (fer period on ) Tj ET Q q 0 0 0 rg BT 297.40 562.10 Td (August 14, 2015, ) Tj ET Q q 0 0 0 rg BT 368.61 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.25 562.10 Td (arrants for a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.16 562.10 Td (2,191,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.16 562.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (common stock were exercised and converted into common stock at an average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.12 550.10 Td ($5.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 550.10 Td ( per share for total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 538.10 Td ($12,861,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.87 538.10 Td ( less $3,972 in transaction costs. ) Tj ET Q q 0 0 0 rg BT 282.84 538.10 Td (The amendment of ) Tj ET Q q 0 0 0 rg BT 360.68 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.32 538.10 Td (arrants to reduce the exercise price required us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (to treat the adjustment as an exchange whereby it computed the fair value of the ) Tj ET Q q 0 0 0 rg BT 372.20 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 380.83 526.10 Td (arrants immediately prior to the price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (reduction and the fair value of the ) Tj ET Q q 0 0 0 rg BT 187.82 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 196.46 514.10 Td (arrants after the price reduction. ) Tj ET Q q 0 0 0 rg BT 329.26 514.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.31 514.10 Td ($1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.31 514.10 Td ( change in the fair value of the ) Tj ET Q q 0 0 0 rg BT 516.52 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 525.16 514.10 Td (arrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (as a result of the price reduction was treated as a loss on exchange and recorded in the consolidated statements of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 490.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 490.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 490.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 490.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 466.10 Td (In prior years, we entered into financing transactions that gave rise to derivative liabilities. ) Tj ET Q q 0 0 0 rg BT 452.64 466.10 Td (These financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (instruments are carried at fair value in our financial statements. Changes in the fair value of derivative financial instruments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (required to be recorded in other income \(expense\) in the period of change. ) Tj ET Q q 0 0 0 rg BT 351.64 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.28 442.10 Td (e recorded expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.23 442.10 Td ($9,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.73 442.10 Td ( and income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ($2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 430.10 Td ( resulting from the increase or decrease in the fair value of certain warrants and stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.51 430.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.11 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 418.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 418.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.40 418.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 418.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 247.06 418.10 Td (. Due to the lar) Tj ET Q q 0 0 0 rg BT 309.08 418.10 Td (ge exercise of ) Tj ET Q q 0 0 0 rg BT 366.92 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.56 418.10 Td (arrants in ) Tj ET Q q 0 0 0 rg BT 415.00 418.10 Td (August 2015 resulting in fewer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (remaining warrants requiring re-measurement of fair values, we believe that these fluctuations will be little to none in future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (periods unless we enter into new financing transactions that create derivative liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 370.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.05 370.10 Td ($19,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.55 370.10 Td ( change in other income \(expense\) is primarily the result of currency exchange losses related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Canadian transactions during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 358.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.46 358.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.33 358.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.92 358.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.49 334.10 Td (Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (Net loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.88 310.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.48 310.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.36 310.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.94 310.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.49 310.10 Td ($7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.49 310.10 Td (, which decreased from a net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 298.10 Td (1,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.63 298.10 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.38 298.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.38 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 219.70 298.10 Td (The reduction in net loss was primarily the result of the increased revenue and profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 286.10 Td (gins along with a reduced expense from the change in the fair value of derivative financial instruments partially of) Tj ET Q q 0 0 0 rg BT 522.25 286.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the increase in operating expenses as discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 238.10 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 176.48 238.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (Below are financial measures of cash operating expenses \(Cash Opex\) and ) Tj ET Q q 0 0 0 rg BT 395.05 214.10 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 477.64 214.10 Td (These are non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 202.10 Td ( financial measure as defined under the rules of the Securities and Exchange Commission \(the SEC\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 178.10 Td (e define Cash Opex as total operating expenses exclusive of unusual or non-cash expenses such as depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (amortization, non-cash stock related compensation, gain or loss on asset disposals or impairment and changes in contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (acquisition costs, and all other non-cash income and expense items such as loss on exchanges and changes in fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (derivatives, if applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 118.10 Td (e define ) Tj ET Q q 0 0 0 rg BT 128.51 118.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 203.23 118.10 Td ( as earnings or loss before interest, taxes, depreciation and amortization, non-cash stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (related compensation, gain or loss on asset disposals or impairment, changes in contingent acquisition costs, and all other non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (cash income and expense items such as loss on exchanges and changes in fair value of derivatives, if applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 70.10 Td (e use Cash Opex as a percentage of revenue and ) Tj ET Q q 0 0 0 rg BT 289.00 70.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 363.71 70.10 Td ( as measures of operating performance, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (planning purposes, to allocate resources to enhance the financial performance of our business and in communications with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (board of directors regarding our financial performance. ) Tj ET Q q 0 0 0 rg BT 273.05 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.69 46.10 Td (e believe that Cash Opex as a percentage of revenue and ) Tj ET Q q 0 0 0 rg BT 509.09 46.10 Td (Adjusted ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 742.10 Td ( also provide useful information to investors as they exclude transactions not related to our core cash operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (business activities, including non-cash transactions, and they provide consistency and facilitate period-to-period comparisons. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 718.10 Td (e believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (cash operations. ) Tj ET Q q 0 0 0 rg BT 116.37 706.10 Td (All companies do not calculate Cash Opex and ) Tj ET Q q 0 0 0 rg BT 305.77 706.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 380.48 706.10 Td ( in the same manner) Tj ET Q q 0 0 0 rg BT 460.61 706.10 Td (, and Cash Opex and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 124.72 694.10 Td ( as presented by us may not be comparable to Cash Opex and ) Tj ET Q q 0 0 0 rg BT 372.15 694.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 446.87 694.10 Td ( presented by other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (companies, which limits their usefulness as comparative measures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 125.03 658.10 Td (, Cash Opex and ) Tj ET Q q 0 0 0 rg BT 193.08 658.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 267.79 658.10 Td ( have limitations as analytical tools, and you should not consider them in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (isolation or as a substitute for an analysis of our results of operations as reported under generally accepted accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (principles in the United States \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 220.62 634.10 Td (These limitations include that Cash Opex and ) Tj ET Q q 0 0 0 rg BT 404.75 634.10 Td (Adjusted EBITDA: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.10 Td (do not include stock-based compensation expense, which has been, and will continue to be for the foreseeable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (future, a significant recurring expense for our business and an important part of our compensation strategy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 586.10 Td (do not include stock issued for payment of services, which is a non-cash expense, but has been, and is expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 574.10 Td (be for the foreseeable future, an important means for us to compensate our vendors and other parties who provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.10 Td (us with services; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 550.10 Td (do not include depreciation and intangible assets amortization expense, impairment char) Tj ET Q q 0 0 0 rg BT 456.76 550.10 Td (ges and gains or losses on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 538.10 Td (disposal of equipment, which is not always a current period cash expense, but the assets being depreciated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 526.10 Td (amortized may have to be replaced in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 140.43 502.10 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.10 Td (excludes changes in fair value of derivatives, interest expense and other gains, losses, and expenses that we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 466.10 Td (believe are indicative of our ongoing results, but these items may represent a reduction or increase in cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 454.10 Td (available to us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (Because of these limitations, Cash Opex should not be considered as a measure of our total operating expenses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 124.72 418.10 Td ( should not be considered as a measure of discretionary cash available to us to invest in the operation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (growth of our business or as a measure of cash that will be available to us to meet our obligations. ) Tj ET Q q 0 0 0 rg BT 446.76 406.10 Td (Y) Tj ET Q q 0 0 0 rg BT 452.98 406.10 Td (ou should compensate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (these limitations by relying primarily on our GAAP) Tj ET Q q 0 0 0 rg BT 256.55 394.10 Td ( results and using these non-GAAP) Tj ET Q q 0 0 0 rg BT 397.00 394.10 Td ( financial measures as supplements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (evaluating these non-GAAP) Tj ET Q q 0 0 0 rg BT 162.38 382.10 Td ( financial measures, you should be aware that in the future we may incur expenses similar to those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (for which adjustments are made in calculating ) Tj ET Q q 0 0 0 rg BT 236.33 370.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 311.04 370.10 Td ( and Cash Opex. Our presentation of these non-GAAP) Tj ET Q q 0 0 0 rg BT 530.63 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (financial measures should also not be construed to infer that our future results will be unaf) Tj ET Q q 0 0 0 rg BT 411.11 358.10 Td (fected by unusual or non-recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (The following table sets forth a reconciliation from the GAAP) Tj ET Q q 0 0 0 rg BT 298.73 310.10 Td ( measurement of Operating Expenses to our non-GAAP) Tj ET Q q 0 0 0 rg BT 521.92 310.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (measure of Cash Opex and Cash Opex as a percentage of revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.33 298.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.93 298.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.81 298.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.39 298.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.83 298.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.83 298.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 231.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 231.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 203.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 203.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.60 378.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 175.60 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 175.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 175.60 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 138.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 138.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 138.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 109.60 378.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 109.60 65.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 109.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 109.60 65.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 86.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 86.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 86.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 86.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 261.6 m 493.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 261.6 m 497.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 261.6 m 562.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 246.60000000000002 m 428.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 261.6 m 493.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 246.60000000000002 m 493.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 261.6 m 497.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 246.60000000000002 m 497.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 261.6 m 562.5 261.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 246.60000000000002 m 562.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 246.60000000000002 m 493.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 246.60000000000002 m 497.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 246.60000000000002 m 562.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 138.60000000000002 m 493.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 138.60000000000002 m 497.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 138.60000000000002 m 562.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 138.60000000000002 m 428.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 138.60000000000002 m 493.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 138.60000000000002 m 497.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 138.60000000000002 m 562.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 123.60000000000002 m 428.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 110.60000000000002 m 428.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 108.60000000000002 m 428.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 123.60000000000002 m 493.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 110.60000000000002 m 493.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 108.60000000000002 m 493.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 123.60000000000002 m 497.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 110.60000000000002 m 497.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 108.60000000000002 m 497.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 123.60000000000002 m 562.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 110.60000000000002 m 562.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 108.60000000000002 m 562.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 86.60000000000002 m 493.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 86.60000000000002 m 497.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 86.60000000000002 m 562.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 86.60000000000002 m 428.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 73.60000000000002 m 428.5 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 71.60000000000002 m 428.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 86.60000000000002 m 493.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 73.60000000000002 m 493.5 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 71.60000000000002 m 493.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 86.60000000000002 m 497.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 73.60000000000002 m 497.5 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 71.60000000000002 m 497.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 86.60000000000002 m 562.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 73.60000000000002 m 562.5 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 71.60000000000002 m 562.5 71.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 276.27 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 266.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 251.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 251.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.27 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 236.27 Td (20,544,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.60 236.27 Td (15,453,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 222.17 Td (Less:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 208.17 Td (Non-cash stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 208.17 Td (748,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 208.17 Td (705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 194.17 Td (Non-cash stock issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 194.17 Td (133,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 194.17 Td (177,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 180.17 Td (Loss on disposal of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 180.17 Td (9,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 180.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 157.27 Td (Increase/\(decrease\) in value of contingent acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 157.27 Td (94,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 157.32 Td (\(1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 157.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 143.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 143.17 Td (1,299,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 143.17 Td (1,059,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 128.27 Td (Total excluded expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 128.27 Td (2,285,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 128.27 Td (108,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 114.17 Td (Cash Opex) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 114.17 Td (18,259,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.60 114.17 Td (15,344,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 91.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 91.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 91.27 Td (27,310,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 91.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.60 91.27 Td (20,467,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 77.17 Td (Cash Opex / Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 77.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 77.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 77.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 77.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td ( ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (The following table sets forth a reconciliation from the GAAP) Tj ET Q q 0 0 0 rg BT 334.73 742.10 Td ( measurement of Net loss to our non-GAAP) Tj ET Q q 0 0 0 rg BT 510.17 742.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (measure of ) Tj ET Q q 0 0 0 rg BT 96.09 730.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 170.81 730.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.19 730.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.79 730.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.67 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.25 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.69 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 730.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 666.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 666.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 638.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 638.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 610.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 610.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 582.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 582.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 554.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 554.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 704.6 m 493.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 704.6 m 497.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 704.6 m 562.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 680.6 m 428.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 680.6 m 493.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 680.6 m 497.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 680.6 m 562.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 680.6 m 493.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 680.6 m 497.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 680.6 m 562.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 554.6 m 428.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 541.6 m 428.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 539.6 m 428.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 554.6 m 493.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 541.6 m 493.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 539.6 m 493.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 554.6 m 497.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 541.6 m 497.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 539.6 m 497.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 554.6 m 562.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 541.6 m 562.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 539.6 m 562.5 539.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 709.27 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.45 695.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 685.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 695.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 685.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 671.17 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 671.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 671.22 Td (\(7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 671.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 671.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 671.22 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 671.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 657.17 Td (Non-cash stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 657.17 Td (748,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 657.17 Td (705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 643.17 Td (Non-cash stock issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 643.17 Td (133,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 643.17 Td (177,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 629.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 629.22 Td (\(9,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 629.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 629.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 615.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 615.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 615.17 Td (1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 601.17 Td (Loss on disposal of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 601.17 Td (9,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 601.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 587.17 Td (Increase/\(decrease\) in value of contingent acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 587.17 Td (94,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 587.22 Td (\(1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 587.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 573.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 573.17 Td (82,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 573.17 Td (115,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 559.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 559.17 Td (1,299,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 559.17 Td (1,059,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 545.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 545.22 Td (\(5,201,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 545.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 545.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 545.22 Td (\(7,103,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 545.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 493.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 469.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.64 469.10 Td (e had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.86 469.10 Td ($5,949,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.86 469.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.02 469.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.61 469.10 Td ( as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.14 469.10 Td ($1) Tj ET Q q 0 0 0 rg BT 460.77 469.10 Td (1,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.77 469.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 457.10 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.27 457.10 Td ($5,659,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.27 457.10 Td ( primarily due to the funding of our operating losses.) Tj ET Q q 0 0 0 rg BT 449.16 457.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.79 457.10 Td (e have incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (significant net losses and negative cash flow from operations for most periods since our inception, which has resulted in a total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (accumulated deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.90 433.10 Td ($41,809,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.90 433.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.06 433.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.64 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 304.46 433.10 Td (T) Tj ET Q q 0 0 0 rg BT 309.87 433.10 Td (o date, we have financed our operations through internally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (generated revenue from operations and the sale and exercise of our equity securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.10 Td (Cash used for operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.40 397.10 Td ($4,719,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.40 397.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.23 397.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.83 397.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 397.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.29 397.10 Td ( and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (primarily a result of our loss from operations during the period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.38 385.10 Td ($7,476,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 385.10 Td (. Cash used for investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.19 385.10 Td ($967,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.69 385.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 373.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 373.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 373.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 373.10 Td ( due primarily to a $400,000 cash payment for the purchase of ZenContent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (and nearly $600,000 in purchases of computer and of) Tj ET Q q 0 0 0 rg BT 262.81 361.10 Td (fice equipment for our expanding staf) Tj ET Q q 0 0 0 rg BT 413.41 361.10 Td (f and development of our proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (software. Cash provided by financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.89 349.10 Td ($27,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 349.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.21 349.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.82 349.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.70 349.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.28 349.10 Td ( and was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (result of proceeds from the exercise of stock options of) Tj ET Q q 0 0 0 rg BT 270.03 337.10 Td (fset by expenses on the issuance of shares and principal payments on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (capital lease obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 301.10 Td (On January 30, 2015, we purchased all of the outstanding shares of capital stock of Ebyline for aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (consideration up to $8,850,000, including a cash payment at closing of $1,200,000, a stock issuance valued at $250,000 paid on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (July 30, 2015, $1,877,064 in two equal installments of $938,532 on the first and second anniversaries of the closing, and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td ($5,500,000 in contingent performance payments, subject to Ebyline meeting certain revenue tar) Tj ET Q q 0 0 0 rg BT 432.47 265.10 Td (gets for each of the three years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (ending December 31, 2015, 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 230.06 253.10 Td (The $1,877,064 in annual payments and the $5,500,000 in contingent performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (payments may be made in cash or common stock, at our option. ) Tj ET Q q 0 0 0 rg BT 310.04 241.10 Td (The performance payments are to be made only if Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (achieves at least 90% of Content Revenue tar) Tj ET Q q 0 0 0 rg BT 231.14 229.10 Td (gets of $17,000,000 in 2015, $27,000,000 in 2016 and $32,000,000 in 2017. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (January 29, 2016, we issued 1) Tj ET Q q 0 0 0 rg BT 169.89 217.10 Td (14,398 shares of common stock valued at $848,832 to satisfy our first annual installment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (payment of $938,532 less $89,700 in closing related expenses owed as part of the January 2015 Ebyline Stock Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (Agreement. On January 30, 2017,we issued 200,542 shares of common stock valued at $938,532 to satisfy the final annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (guaranteed payment owed as part of the January 2015 Ebyline Stock Purchase ) Tj ET Q q 0 0 0 rg BT 364.91 181.10 Td (Agreement. Based on actual results and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (projections, we do not believe that we will owe any of the $5,500,000 in contingent performance payments related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (Ebyline acquisition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 133.10 Td (On July 31, 2016, we purchased all of the outstanding shares of capital stock of ZenContent. Upon closing we \(a\) paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (a cash payment of $400,000 and \(b\) issued 86,207 shares of our common stock valued at $600,000 \(using the 30 trading-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (volume-weighted average closing price of our common stock of $6.96 per share as of July 29, 2016\). ) Tj ET Q q 0 0 0 rg BT 458.88 109.10 Td (The agreement also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (requires \(i\) three equal annual installment payments totaling $1,000,000, commencing 12 months following the closing and \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (contingent performance payments of up to an aggregate of $2,500,000 over the three 12-month periods following the closing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (based upon ZenContent achieving certain minimum revenue thresholds. Of these payments, 33% of each such annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (installment or contingent performance payment will be in the form of cash and the remainder of such payment will be in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (form of either cash or additional shares of our common stock \(determined at our option\). If we decide to issue stock rather than ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (make cash payments, this may result in the issuance of substantial amount of shares because the number of shares will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (determined using the 30 trading-day volume-weighted average closing price of our common stock prior to the payment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 706.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 706.10 Td (April 13, 2015, we expanded our secured credit facility agreement with ) Tj ET Q q 0 0 0 rg BT 387.94 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 396.58 706.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 422.41 706.10 Td (Alliance Bank, the parent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (company of Bridge Bank, N.A. of San Jose, California \("W) Tj ET Q q 0 0 0 rg BT 287.40 694.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 313.22 694.10 Td (Alliance"\). Pursuant to this agreement, we may submit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (requests for funding up to 80% of our eligible accounts receivable up to a maximum credit limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.11 682.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.51 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 493.33 682.10 Td (This agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (is secured by our accounts receivable and substantially all of our other assets. ) Tj ET Q q 0 0 0 rg BT 364.44 670.10 Td (The agreement renews annually and requires us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (to pay an annual facility fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 658.10 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.17 658.10 Td ( \(0.4% of the credit limit\) and an annual due diligence fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.52 658.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.02 658.10 Td (. Interest accrues on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the advances at the rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.61 646.10 Td (prime plus 2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.94 646.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 264.74 646.10 Td (The default rate of interest is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.47 646.10 Td (prime plus 7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 450.24 646.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.69 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.27 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (we had no advances outstanding under this agreement. ) Tj ET Q q 0 0 0 rg BT 272.71 634.10 Td (Assuming that all of our accounts receivable balance was eligible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (funding, we have available credit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.33 622.10 Td ($2,996,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.33 622.10 Td ( under the agreement as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 622.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.20 622.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 598.10 Td (e believe that, with our current cash and our available credit line with ) Tj ET Q q 0 0 0 rg BT 374.35 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.99 598.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 408.81 598.10 Td (Alliance, we will have suf) Tj ET Q q 0 0 0 rg BT 513.32 598.10 Td (ficient cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (reserves available to cover expenses for longer than the next twelve months. Given the volatility in U.S. equity markets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (our normal working capital fluctuations, we may seek to raise additional capital at any time to supplement our operating cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (flows to the extent we can do so on competitive market terms. In such event, an equity financing may dilute the ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (interests of our common stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 104.16 526.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 526.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 101.58 502.10 Td (do ) Tj ET Q q 0 0 0 rg BT 114.08 502.10 Td (not ) Tj ET Q q 0 0 0 rg BT 129.35 502.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 160.17 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.45 502.10 Td (any ) Tj ET Q q 0 0 0 rg BT 187.39 502.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.99 502.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 266.82 502.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 301.52 502.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.46 502.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 364.84 502.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.67 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 383.82 502.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 423.51 502.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 446.56 502.10 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 478.10 Td (Accounting Policies and Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (The preparation of the accompanying financial statements and related disclosures in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 518.55 454.10 Td ( requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (us to make judgments, assumptions and estimates that af) Tj ET Q q 0 0 0 rg BT 276.17 442.10 Td (fect the amounts reported in the accompanying financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (and the accompanying notes.) Tj ET Q q 0 0 0 rg BT 170.89 430.10 Td (The preparation of these financial statements requires managements to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 127.03 418.10 Td (fect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (assets and liabilities.) Tj ET Q q 0 0 0 rg BT 137.30 406.10 Td (When making these estimates and assumptions, we consider our historical experience, our knowledge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (economic and market factors and various other factors that we believe to be reasonable under the circumstances.) Tj ET Q q 0 0 0 rg BT 503.98 394.10 Td (Actual results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (could dif) Tj ET Q q 0 0 0 rg BT 85.64 382.10 Td (fer from these estimates.) Tj ET Q q 0 0 0 rg BT 188.76 382.10 Td (The following critical accounting policies are significantly af) Tj ET Q q 0 0 0 rg BT 433.21 382.10 Td (fected by judgments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (assumptions and estimates used in the preparation of the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (Accounts receivable are customer obligations due under normal trade terms. Uncollectibility of accounts receivable is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (not significant since most customers are bound by contract and are required to fund us for all the costs of an opportunity) Tj ET Q q 0 0 0 rg BT 534.50 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (defined as an order created by a marketer for a creator to write about the marketer) Tj ET Q q 0 0 0 rg BT 377.70 322.10 Td () Tj ET Q q 0 0 0 rg BT 380.48 322.10 Td (s product. If a portion of the account balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (is deemed uncollectible, we will either write-of) Tj ET Q q 0 0 0 rg BT 238.92 310.10 Td (f the amount owed or provide a reserve based on the uncollectible portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (account. Management determines the collectibility of accounts by regularly evaluating individual customer receivables and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (considering a customer) Tj ET Q q 0 0 0 rg BT 143.12 286.10 Td () Tj ET Q q 0 0 0 rg BT 145.90 286.10 Td (s financial condition, credit history and current economic conditions. ) Tj ET Q q 0 0 0 rg BT 423.70 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.33 286.10 Td (e have a reserve of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.79 286.10 Td ($237,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.29 286.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (doubtful accounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.53 274.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.12 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.94 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.57 274.10 Td (e believe that this estimate is reasonable, but there can be no assurance that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (estimate will not change as a result of a change in economic conditions or business conditions within the industry) Tj ET Q q 0 0 0 rg BT 503.14 262.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (individual customers or our Company) Tj ET Q q 0 0 0 rg BT 201.00 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.94 250.10 Td (Any adjustments to this account are reflected in the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (operations as a general and administrative expense. Bad debt expense was less than 1% of revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.68 238.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.29 238.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 226.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 226.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 202.10 Td (Throughout 2013 and the first quarter of 2014, we developed our new web-based advertising exchange platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.87 190.10 Td (This platform is being utilized both internally and externally to facilitate native advertising campaigns on a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 77.30 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.94 178.10 Td (e continue to add new features and additional functionality to this platform each year) Tj ET Q q 0 0 0 rg BT 425.00 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.31 178.10 Td (These new features will enable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (our platform to facilitate the contracting, workflow and delivery of direct custom content as well as provide for invoicing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (collaborating and direct payments for our SaaS customers. In accordance with ) Tj ET Q q 0 0 0 rg BT 366.84 154.10 Td (ASC 350-40,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.62 154.10 Td ( Internal Use Softwar) Tj ET Q q 0 0 0 rg BT 505.64 154.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.08 154.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 528.96 154.10 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (985-730, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 88.33 142.10 Td (Computer Softwar) Tj ET Q q 0 0 0 rg BT 161.58 142.10 Td (e Resear) Tj ET Q q 0 0 0 rg BT 195.91 142.10 Td (ch and Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.11 142.10 Td (, research phase costs should be expensed as incurred and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (development phase costs including direct materials and services, payroll and benefits and interest costs may be capitalized. ) Tj ET Q q 0 0 0 rg BT 545.95 130.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (a result, we have capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 118.10 Td ($1,492,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 118.10 Td ( in direct materials, consulting, payroll and benefit costs to software development costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (in the consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.78 106.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.36 106.10 Td (. ) Tj ET Q q 0 0 0 rg BT 289.18 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 297.82 106.10 Td (e estimate the useful life of our software to be 5 years, consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (with the amount of time our legacy platforms were in-service, and we are amortizing the software development costs over this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 58.10 Td (e derive revenue from three sources: revenue from a marketer when it pays for a social media publisher or influencer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (such as a blogger or tweeter \("creators"\) to share sponsored content with their social network audience \("Sponsored Revenue"\), ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (revenue when a publisher or company purchases custom branded content for its own use, as well as third party content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (marketing and native advertising ef) Tj ET Q q 0 0 0 rg BT 191.44 730.10 Td (forts \("Content Revenue"\) and revenue derived from various service and license fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 718.10 Td (ged to users of our platforms \("Service Fee Revenue"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (For our managed customers, we enter into an agreement to provide services that may require multiple deliverables in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the form of \(a\) sponsored social items, such as blogs, tweets, photos or videos shared through social network of) Tj ET Q q 0 0 0 rg BT 495.56 682.10 Td (ferings that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (provide awareness or advertising buzz regarding the marketer's brand; \(b\) media advertisements, such as click-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (advertisements appearing in websites and social media channels and \(c\) original content items, such as a research or news ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (article, informational material or videos that a publisher or other marketer can use. ) Tj ET Q q 0 0 0 rg BT 384.69 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.33 646.10 Td (e may provide one type or a combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (of all types of these deliverables including a management fee on a statement of work for a lump sum fee. ) Tj ET Q q 0 0 0 rg BT 474.12 634.10 Td (These deliverables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (are to be provided over a stated period that may range from one day to one year) Tj ET Q q 0 0 0 rg BT 367.66 622.10 Td (. Each of these items are considered delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (once the content is live through a public or social network or custom content has been delivered to the customer for their own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (use. Revenue is accounted for separately on each of the deliverables in the time frames set forth below) Tj ET Q q 0 0 0 rg BT 459.19 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.51 598.10 Td (The statement of work ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (typically provides for a cancellation fee if the agreement is canceled by the customer prior to our completion of services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Payment terms are typically 30 days from the invoice date. If we are unable to provide a portion of the services, we may agree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (with the customer to provide a dif) Tj ET Q q 0 0 0 rg BT 185.34 562.10 Td (ferent type of service or to provide a credit for the value of those services that may be applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (to the existing order or used for future services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 526.10 Td (Sponsored Revenue is recognized and considered earned after a marketer's sponsored content is posted through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 533.49 526.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.04 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (and shared through a creator's social network for a requisite period of time. ) Tj ET Q q 0 0 0 rg BT 352.63 514.10 Td (The requisite period ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.19 514.10 Td (3 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.02 514.10 Td ( for a tweet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 502.10 Td (30 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.11 502.10 Td ( for a blog, video or other form of content. Management fees related to Sponsored Revenue from advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (campaigns managed by us are recognized ratably over the term of the campaign which may range from a few days to several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (months. Content Revenue is recognized when the content is delivered to and accepted by the customer) Tj ET Q q 0 0 0 rg BT 461.82 478.10 Td (. Service Fee Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (is generated when fees are char) Tj ET Q q 0 0 0 rg BT 175.02 466.10 Td (ged to customers primarily related to subscription fees for dif) Tj ET Q q 0 0 0 rg BT 420.05 466.10 Td (ferent levels of service within a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (platform, licensing fees for white-label use of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 234.94 454.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 454.10 Td (, early cash-out fees if a creator wishes to take proceeds earned for services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (from their account when the account balance is below certain minimum balance thresholds and inactivity fees for dormant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (accounts. Service Fee Revenue is recognized immediately when the service is performed or at the time an account becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (dormant or is cashed out. Service Fee Revenue for subscription or licensing fees is recognized straight-line over the term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (service. Self-service marketers must prepay for services by placing a deposit in their account with us.) Tj ET Q q 0 0 0 rg BT 462.46 406.10 Td (The deposits are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (typically paid by the marketer via credit card. Marketers who use us to manage their social advertising campaigns or content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (requests may prepay for services or request credit terms. Payments received or billings in advance of services are recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (unearned revenue until earned as described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 346.10 Td (All of our revenue is generated through the rendering of services and is recognized under the general guidelines of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 71.77 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.18 334.10 Td (opic 13 ) Tj ET Q q 0 0 0 rg BT 108.85 334.10 Td (A.1, which states that revenue will be recognized when it is realized or realizable and earned. ) Tj ET Q q 0 0 0 rg BT 486.84 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.48 334.10 Td (e consider our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (revenue as generally realized or realizable and earned once \(i\) persuasive evidence of an arrangement exists, \(ii\) services have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (been rendered, \(iii\) the price to the marketer or customer is fixed \(required to be paid at a set amount that is not subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (refund or adjustment\) and determinable, and \(iv\) collectibility is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 392.49 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.13 298.10 Td (e record revenue on the gross amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (earned sincewe generally are the primary obligor in the arrangement, take on credit risk, establish the pricing and determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the service specifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 250.10 Td (Stock-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (expense over the employee) Tj ET Q q 0 0 0 rg BT 161.34 238.10 Td (s requisite service period.) Tj ET Q q 0 0 0 rg BT 268.35 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.99 238.10 Td (e estimate the fair value of each stock option as of the date of grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (using the Black-Scholes pricing model.Options typically vest ratably over four years with one-fourth of options vesting one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (year from the date of grant and the remaining optionsvesting monthly) Tj ET Q q 0 0 0 rg BT 330.11 214.10 Td (, in equal increments over the remaining three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (periodand generally have five or ten-year contract lives.) Tj ET Q q 0 0 0 rg BT 283.60 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.24 202.10 Td (e estimate the fair value of our common stock using the closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (stock price of our common stock on the date of the option award.) Tj ET Q q 0 0 0 rg BT 315.58 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.22 190.10 Td (e estimate the volatility of our common stock at the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (grant based on the volatility of comparable peer companies that are publicly traded and have had a longer trading history than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 63.71 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 72.35 166.10 Td (e determine the expected life based on historical experience with similar awards, giving consideration to the contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (terms, vesting schedules and post-vesting forfeitures. ) Tj ET Q q 0 0 0 rg BT 264.77 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.41 154.10 Td (e use the risk-free interest rate on the implied yield currently available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (on U.S. ) Tj ET Q q 0 0 0 rg BT 82.60 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.36 142.10 Td (reasury issues with an equivalent remaining term approximately equal to the expected life of the award. ) Tj ET Q q 0 0 0 rg BT 504.98 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.61 142.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (never paid any cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 118.10 Td (e estimate forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (service period based on the extent to which actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 306.94 106.10 Td (fer) Tj ET Q q 0 0 0 rg BT 317.64 106.10 Td (, or are expected to dif) Tj ET Q q 0 0 0 rg BT 407.42 106.10 Td (fer) Tj ET Q q 0 0 0 rg BT 418.12 106.10 Td (, from such estimates.Changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (and a revised amount of unamortized compensation expense to be recognized in future periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td ( ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (The following table shows the number of options granted under our 201) Tj ET Q q 0 0 0 rg BT 373.63 742.10 Td (1 Equity Incentive Plans and the assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (used to determine the fair value of those options during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.55 730.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 730.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.03 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.61 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.05 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.05 730.10 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.45 706.10 Td (1 Equity Incentive Plans - Options Granted) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.60 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 650.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 650.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 650.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 650.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 650.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 650.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 650.6 m 148.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 650.6 m 217.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 650.6 m 286.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 650.6 m 355.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 650.6 m 424.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 650.6 m 493.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 650.6 m 562.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 650.6 m 562.5 650.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.90 655.27 Td (Period Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 665.27 Td (Total Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.35 655.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.45 675.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.90 665.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.75 655.27 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.45 685.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 675.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.85 665.27 Td (Expected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 655.27 Td (Term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.45 675.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 665.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.95 655.27 Td (Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 685.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 675.27 Td (Average Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 665.27 Td (Free Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 655.27 Td (Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 685.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.90 675.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 665.27 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.90 655.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 641.17 Td (December ) Tj ET Q q 0 0 0 rg BT 102.58 641.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.58 641.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 641.17 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 641.17 Td ($7.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 641.17 Td (6.0 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 641.17 Td (55.47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 641.17 Td (1.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 641.17 Td ($3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 627.17 Td (December ) Tj ET Q q 0 0 0 rg BT 102.58 627.17 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.58 627.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 627.17 Td (179,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 627.17 Td ($6.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 627.17 Td (6.0 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 627.17 Td (47.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 627.17 Td (1.58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 627.17 Td ($2.88) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 599.10 Td (There were outstanding options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.17 599.10 Td (959,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.67 599.10 Td ( shares with a weighted average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.19 599.10 Td ($8.1) Tj ET Q q 0 0 0 rg BT 511.32 599.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.32 599.10 Td ( per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (of which options to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.03 587.10 Td (545,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.53 587.10 Td ( shares were exercisable with a weighted average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.45 587.10 Td ($9.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.95 587.10 Td ( per share as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 138.40 575.10 Td (The intrinsic value on outstanding options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 575.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.74 575.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.29 575.10 Td ($8,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.79 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 465.11 575.10 Td (The intrinsic value on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (exercisable options as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 563.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.66 563.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.21 563.10 Td ($7,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.71 563.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 539.10 Td (e account for derivative instruments in accordance with ) Tj ET Q q 0 0 0 rg BT 318.44 539.10 Td (ASC 815, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 360.39 539.10 Td (Derivatives and Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.93 539.10 Td ( , which requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (additional disclosures about the our objectives and strategies for using derivative instruments, how the derivative instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (and related hedged items are accounted for) Tj ET Q q 0 0 0 rg BT 221.18 515.10 Td (, and how the derivative instruments and related hedging items af) Tj ET Q q 0 0 0 rg BT 482.31 515.10 Td (fect the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.03 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.67 503.10 Td (e do not use derivative instruments to hedge exposures to cash flow) Tj ET Q q 0 0 0 rg BT 375.23 503.10 Td (, market or foreign currency risk. ) Tj ET Q q 0 0 0 rg BT 510.00 503.10 Td (T) Tj ET Q q 0 0 0 rg BT 515.41 503.10 Td (erms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.72 479.10 Td (ASC 815 to be accounted for separately from the host contract, and recorded on the balance sheet at fair value. ) Tj ET Q q 0 0 0 rg BT 519.92 479.10 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (value of derivative liabilities, if any) Tj ET Q q 0 0 0 rg BT 192.08 467.10 Td (, is required to be revalued at each reporting date, with corresponding changes in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (recorded in current period operating results. Pursuant to ) Tj ET Q q 0 0 0 rg BT 275.21 455.10 Td (ASC 815, an evaluation of specifically identified conditions is made to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability) Tj ET Q q 0 0 0 rg BT 505.02 443.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 419.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 419.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 395.10 Td (See "Note 1. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 237.01 395.10 Td (Accounting Policies," under Item 8 in Part II of this Form 10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (ITEM 7A) Tj ET Q q 0 0 0 rg BT 90.84 359.10 Td ( QUANTIT) Tj ET Q q 0 0 0 rg BT 146.77 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 153.25 359.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 179.65 359.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 242.53 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 249.01 359.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 348.49 359.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 383.87 359.10 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 431.19 359.10 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 335.10 Td (Not applicable to smaller reporting companies.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 8 -FINANCIAL) Tj ET Q q 0 0 0 rg BT 148.62 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 162.61 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 169.09 742.25 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 219.94 742.25 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 311.70 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 325.79 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 332.64 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 348.84 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 354.77 742.25 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 84.65 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.14 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.64 706.25 Td (OF) Tj ET Q q 0 0 0 rg BT 107.15 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.65 706.25 Td (INDEPENDENT) Tj ET Q q 0 0 0 rg BT 182.26 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.76 706.25 Td (REGISTERED ) Tj ET Q q 0 0 0 rg BT 252.84 706.25 Td (PUBLIC ) Tj ET Q q 0 0 0 rg BT 292.57 706.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 364.52 706.25 Td (FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 76.94 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.77 682.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 127.48 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 682.25 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 77.77 670.25 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 658.25 Td (inter ) Tj ET Q q 0 0 0 rg BT 79.86 658.25 Td (Park, ) Tj ET Q q 0 0 0 rg BT 103.19 658.25 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 622.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.20 622.25 Td (have ) Tj ET Q q 0 0 0 rg BT 86.21 622.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 117.77 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.12 622.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 192.55 622.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 245.22 622.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 277.88 622.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 304.45 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.91 622.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 342.30 622.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 359.70 622.25 Td (as ) Tj ET Q q 0 0 0 rg BT 370.16 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.62 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.75 622.25 Td (December ) Tj ET Q q 0 0 0 rg BT 425.96 622.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.58 622.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 462.71 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.28 622.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 503.91 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.47 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.82 622.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.22 610.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 148.12 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.13 610.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 205.97 610.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 259.10 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.78 610.25 Td (equity) Tj ET Q q 0 0 0 rg BT 286.13 610.25 Td (, ) Tj ET Q q 0 0 0 rg BT 291.31 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.43 610.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.88 610.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 353.79 610.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.13 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.03 610.25 Td (years ) Tj ET Q q 0 0 0 rg BT 406.81 610.25 Td (then ) Tj ET Q q 0 0 0 rg BT 426.71 610.25 Td (ended. ) Tj ET Q q 0 0 0 rg BT 455.57 610.25 Td (These ) Tj ET Q q 0 0 0 rg BT 482.13 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.80 610.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.22 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.46 598.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 137.92 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.26 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.50 598.25 Td (Company) Tj ET Q q 0 0 0 rg BT 206.16 598.25 Td (s ) Tj ET Q q 0 0 0 rg BT 213.07 598.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 269.68 598.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 288.24 598.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 345.70 598.25 Td (is ) Tj ET Q q 0 0 0 rg BT 355.39 598.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.19 598.25 Td (express ) Tj ET Q q 0 0 0 rg BT 399.19 598.25 Td (an ) Tj ET Q q 0 0 0 rg BT 411.65 598.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 445.22 598.25 Td (on ) Tj ET Q q 0 0 0 rg BT 458.24 598.25 Td (these ) Tj ET Q q 0 0 0 rg BT 481.80 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.80 598.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.27 586.25 Td (on ) Tj ET Q q 0 0 0 rg BT 87.77 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.60 586.25 Td (audits.) 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ET Q q 0 0 0 rg BT 82.63 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.41 538.25 Td (material ) Tj ET Q q 0 0 0 rg BT 128.61 538.25 Td (misstatement. ) Tj ET Q q 0 0 0 rg BT 186.14 538.25 Td (The ) Tj ET Q q 0 0 0 rg BT 204.13 538.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 245.47 538.25 Td (is ) Tj ET Q q 0 0 0 rg BT 254.58 538.25 Td (not ) Tj ET Q q 0 0 0 rg BT 269.80 538.25 Td (required ) Tj ET Q q 0 0 0 rg BT 305.56 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.78 538.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 339.60 538.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 355.38 538.25 Td (were ) Tj ET Q q 0 0 0 rg BT 377.25 538.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.35 538.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 427.11 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.34 538.25 Td (perform, ) Tj ET Q q 0 0 0 rg BT 474.49 538.25 Td (an ) Tj ET Q q 0 0 0 rg BT 486.37 538.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 508.81 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.58 538.25 Td (its ) Tj ET Q q 0 0 0 rg BT 531.47 538.25 Td (internal ) Tj 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rg BT 50.00 490.25 Td (examining, ) Tj ET Q q 0 0 0 rg BT 97.08 490.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.44 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.24 490.25 Td (test ) Tj ET Q q 0 0 0 rg BT 132.49 490.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 157.35 490.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 195.25 490.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 240.39 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.97 490.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 291.22 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.02 490.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 354.82 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 364.97 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.55 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.89 490.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 463.96 490.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 503.55 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 490.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 91.62 478.25 Td (used ) Tj ET Q q 0 0 0 rg BT 112.13 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.76 478.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 173.15 478.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 212.55 478.25 Td (made ) Tj ET Q q 0 0 0 rg BT 236.39 478.25 Td (by ) Tj ET Q q 0 0 0 rg BT 248.58 478.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 304.35 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 314.87 478.25 Td (well ) Tj ET Q q 0 0 0 rg BT 334.27 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 344.78 478.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 388.62 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.02 478.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 432.97 478.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 470.13 478.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 510.64 478.25 Td (presentation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 466.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.58 466.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.95 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 114.44 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.39 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.77 442.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 110.88 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.16 442.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 177.75 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 214.79 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 259.06 442.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 292.75 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.58 442.25 Td (above ) Tj ET Q q 0 0 0 rg BT 328.52 442.25 Td (present ) Tj ET Q q 0 0 0 rg BT 359.45 442.25 Td (fairly) Tj ET Q q 0 0 0 rg BT 380.45 442.25 Td (, ) Tj ET Q q 0 0 0 rg BT 385.01 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.84 442.25 Td (all ) Tj ET Q q 0 0 0 rg BT 406.89 442.25 Td (material ) Tj ET Q q 0 0 0 rg BT 441.71 442.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 478.47 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.74 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 529.78 442.25 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 430.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 89.68 430.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 107.99 430.25 Td (at ) Tj ET Q q 0 0 0 rg BT 118.25 430.25 Td (December ) Tj ET Q q 0 0 0 rg BT 162.37 430.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.91 430.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 200.96 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.43 430.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 243.98 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.46 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.71 430.25 Td (results ) Tj ET Q q 0 0 0 rg BT 305.86 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.23 430.25 Td (its ) Tj ET Q q 0 0 0 rg BT 329.72 430.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 374.42 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.90 430.25 Td (its ) Tj ET Q q 0 0 0 rg BT 404.39 430.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 425.20 430.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 450.46 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 465.16 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.42 430.25 Td (years ) Tj ET Q q 0 0 0 rg BT 504.56 430.25 Td (then ) Tj ET Q q 0 0 0 rg BT 524.82 430.25 Td (ended, ) Tj ET Q q 0 0 0 rg BT 554.23 430.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 96.93 418.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.21 418.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 163.58 418.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 205.52 418.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 245.22 418.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 282.69 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.97 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.69 418.25 Td (United ) Tj ET Q q 0 0 0 rg BT 337.40 418.25 Td (States ) Tj ET Q q 0 0 0 rg BT 363.79 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.07 418.25 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 61.95 370.25 Td (BDO ) Tj ET Q q 0 0 0 rg BT 85.56 370.25 Td (USA, ) Tj ET Q q 0 0 0 rg BT 110.57 370.25 Td (LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Certified ) Tj ET Q q 0 0 0 rg BT 88.04 358.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 115.55 358.25 Td (Accountants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 334.25 Td (ampa, ) Tj ET Q q 0 0 0 rg BT 82.07 334.25 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (March28, ) Tj ET Q q 0 0 0 rg BT 93.60 322.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 322.25 Td ( ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.45 742.10 Td (IZEA, Inc.) 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BT 519.50 700.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.90 672.17 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.17 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 644.17 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 644.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 644.17 Td (5,949,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 644.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 644.17 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 630.17 Td (Accounts receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 630.17 Td (3,745,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 630.17 Td (3,917,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 616.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 616.17 Td (322,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 616.17 Td (193,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 602.17 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 602.17 Td (11,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.17 Td (16,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 588.17 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 588.17 Td (10,029,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 588.17 Td (15,736,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 564.17 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 564.17 Td (460,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 564.17 Td (596,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 550.17 Td (3,604,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 550.17 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.17 Td (Intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 536.17 Td (1,662,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 536.17 Td (1,806,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.17 Td (Software development costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 522.17 Td (1,103,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 522.17 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 508.17 Td (161,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 508.17 Td (117,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 494.17 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 494.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 494.17 Td (17,022,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 494.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 494.17 Td (21,539,051) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 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BT 462.15 309.27 Td (62,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 309.27 Td (102,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.27 Td (Acquisition costs payable, less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 294.27 Td (688,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 294.27 Td (889,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.27 Td (Warrant liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 279.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 279.27 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 264.27 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 264.27 Td (8,034,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 264.27 Td (7,352,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 239.27 Td (Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 239.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 239.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 209.27 Td (Stockholders equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 194.27 Td (Preferred stock; $.0001 par value; 10,000,000 shares authorized; no shares issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 184.27 Td (outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 184.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 184.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 169.27 Td (Common stock, $.0001 par value; 200,000,000 shares authorized; 5,456,118 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 159.27 Td (5,222,951, respectively, issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 159.27 Td (545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 159.27 Td (522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 144.27 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 144.27 Td (50,797,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 144.27 Td (48,436,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 129.27 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 129.32 Td (\(41,809,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 129.32 Td (\(34,249,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 114.27 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 114.27 Td (8,987,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 114.27 Td (14,187,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 89.27 Td (Total liabilities and stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 89.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 89.27 Td (17,022,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 89.27 Td ($) Tj ET Q BT /F1 10.00 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 577.27 Td (10,282,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 577.27 Td (7,517,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 562.27 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 562.27 Td (10,261,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 562.27 Td (7,936,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 547.27 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 547.27 Td (20,544,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 547.27 Td (15,453,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.27 Td (Loss from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 522.32 Td (\(7,476,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 522.32 Td (\(7,222,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.27 Td (Other income 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 452.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 437.27 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 437.32 Td (\(10,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 437.27 Td (9,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 422.27 Td (Total other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 422.32 Td (\(83,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 422.32 Td (\(4,085,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 397.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 397.32 Td (\(7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 397.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 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BT 356.50 566.06 Td (219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 566.06 Td (12,860,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 566.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 566.06 Td (12,861,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 552.06 Td (Stock purchase plan subscriptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 552.06 Td (13,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 552.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.25 552.06 Td (76,169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 552.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 552.06 Td (76,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 538.06 Td (Stock issued for payment of services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 538.06 Td (100,756) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 538.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 538.06 Td (125,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 538.06 Td () Tj ET Q BT 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0 0 0 rg BT 58.00 496.06 Td (Net loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 496.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 496.06 Td (\(11,308,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 496.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.50 496.06 Td (\(11,308,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.00 496.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 482.06 Td (Balance, December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 482.06 Td (5,222,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 482.06 Td (522) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 482.06 Td (48,436,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 482.06 Td (\(34,249,521) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 482.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 482.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 482.06 Td (14,187,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 468.06 Td (Stock issued for payment of acquisition liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 468.06 Td (200,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 468.06 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.00 468.06 Td (1,448,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 468.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 468.06 Td (1,448,832) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 454.06 Td (Stock purchase plan issuances) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 454.06 Td (11,453) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 454.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.25 454.06 Td (58,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 454.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 454.06 Td (58,021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 440.06 Td (Stock issued for payment of services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 440.06 Td (21,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 440.06 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 440.06 Td (129,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 440.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.75 440.06 Td (129,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 426.06 Td (Stock issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 426.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 426.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.25 426.06 Td (\(23,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 426.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 426.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.25 426.06 Td (\(23,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.00 426.06 Td (\)) 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Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 384.06 Td (5,456,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 384.06 Td (545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 384.06 Td (50,797,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 384.06 Td (\(41,809,721) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 384.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 384.06 Td (8,987,863) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.90 56.10 Td (See accompanying notes to the consolidated financial statements.) 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rg /GS0 gs 483.50 377.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 351.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 351.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 351.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 330.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 330.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 330.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 304.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 304.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 304.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 304.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 278.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 278.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 278.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 278.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 257.60 352.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 257.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 257.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 257.60 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 231.60 352.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 231.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 231.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 231.60 78.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 210.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 210.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 210.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 210.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 186.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 186.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 186.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 186.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 166.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 166.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 166.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 166.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 142.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 142.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 142.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 142.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 118.60 352.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 118.60 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 118.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 118.60 78.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 698.6 m 479.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 698.6 m 483.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 698.6 m 561.5 698.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 684.6 m 401.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 698.6 m 479.5 698.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 684.6 m 479.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 684.6 m 483.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 684.6 m 561.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 437.6 m 401.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 437.6 m 479.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 437.6 m 483.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 437.6 m 561.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 424.6 m 401.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 424.6 m 479.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 424.6 m 483.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 437.6 m 561.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 351.6 m 479.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 351.6 m 561.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 351.6 m 401.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 338.6 m 401.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 351.6 m 479.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 338.6 m 479.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 351.6 m 483.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 338.6 m 483.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 351.6 m 561.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 338.6 m 561.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 278.6 m 401.5 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 278.6 m 479.5 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 278.6 m 483.5 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 278.6 m 561.5 278.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 265.6 m 401.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 265.6 m 479.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 265.6 m 483.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 265.6 m 561.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 231.60000000000002 m 401.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 231.60000000000002 m 479.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 231.60000000000002 m 483.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 231.60000000000002 m 561.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 211.60000000000002 m 401.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 209.60000000000002 m 401.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 211.60000000000002 m 479.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 209.60000000000002 m 479.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 211.60000000000002 m 483.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 209.60000000000002 m 483.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 211.60000000000002 m 561.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 209.60000000000002 m 561.5 209.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 710.17 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 700.22 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 689.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 689.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.17 Td (Cash flows from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 675.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 675.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 662.17 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 662.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 662.22 Td (\(7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 662.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 662.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.30 662.22 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 662.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.17 Td (Adjustments to reconcile net loss to net cash used for operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 649.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 636.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 636.17 Td (253,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 636.17 Td (206,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 623.17 Td (Amortization of software development costs and other intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 623.17 Td (1,046,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 623.17 Td (852,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 610.17 Td (Loss on disposal of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 610.17 Td (9,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 610.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 597.17 Td (Provision for losses on accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 597.17 Td (163,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 597.17 Td (163,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 584.17 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 584.17 Td (748,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 584.17 Td (705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 571.17 Td (Fair value of stock and warrants issued or to be issued for payment of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 571.17 Td (133,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 571.17 Td (177,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 558.17 Td (Increase \(decrease\) in fair value of contingent acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 558.17 Td (94,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 558.22 Td (\(1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 558.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 545.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 545.17 Td (1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 532.17 Td (Change in fair value of derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 532.22 Td (\(9,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 532.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 532.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 519.17 Td (Changes in operating assets and liabilities, net of effects of business acquired:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 506.17 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 506.17 Td (346,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 506.22 Td (\(1,608,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 506.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 493.17 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 493.22 Td (\(115,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 493.17 Td (83,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 480.17 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 480.17 Td (443,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 480.17 Td (141,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 467.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 467.17 Td (17,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 467.17 Td (582,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 454.17 Td (Unearned revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 454.22 Td (\(268,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 454.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 454.17 Td (1,783,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 441.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 441.22 Td (\(20,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 441.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 441.17 Td (896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 428.17 Td (Net cash used for operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 428.22 Td (\(4,719,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 428.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 428.22 Td (\(6,072,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 428.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 407.17 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 394.17 Td (Purchase of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 394.22 Td (\(122,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 394.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 394.22 Td (\(187,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 394.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 381.17 Td (Increase in software development costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 381.22 Td (\(471,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 381.22 Td (\(452,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 381.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 368.17 Td (Acquisition, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 368.22 Td (\(329,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 368.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 368.22 Td (\(1,072,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 368.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 355.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 355.22 Td (\(43,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 355.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 355.17 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 342.17 Td (Net cash used for investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 342.22 Td (\(967,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 342.22 Td (\(1,710,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 321.17 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 321.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 321.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 308.17 Td (Proceeds from exercise of options and warrants, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 308.17 Td (58,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 308.17 Td (12,937,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 295.17 Td (Stock issuance costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 295.22 Td (\(23,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 295.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 295.22 Td (\(12,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 295.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 282.17 Td (Payments on capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 282.22 Td (\(7,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 282.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 282.22 Td (\(54,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 282.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 269.17 Td (Net cash provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 269.17 Td (27,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 269.17 Td (12,870,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 248.17 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 248.22 Td (\(5,659,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 248.17 Td (5,086,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 235.17 Td (Cash and cash equivalents, beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 235.17 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 235.17 Td (6,521,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 214.17 Td (Cash and cash equivalents, end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 214.17 Td (5,949,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 214.17 Td (11,608,452) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 187.88339843749998 m 200.5791015625 187.88339843749998 l s q 0 0 0 rg BT 52.00 189.22 Td (Supplemental cash flow information:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 177.22 Td (Cash paid during the year for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 177.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 177.22 Td (68,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 177.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 177.22 Td (6,401) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 155.88339843749998 m 228.064453125 155.88339843749998 l s q 0 0 0 rg BT 52.00 157.22 Td (Non-cash financing and investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 145.22 Td (Fair value of warrants issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 145.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 145.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 145.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 145.22 Td (51,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 133.22 Td (Acquisition costs payable for assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 133.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 133.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 133.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 133.22 Td (3,942,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 121.22 Td (Acquisition costs paid through issuance of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 121.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 121.22 Td (1,448,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 121.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 121.22 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 109.22 Td (Fair value of warrants reclassified from liability to equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 109.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 109.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 109.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 109.22 Td (6,530,046) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.90 59.10 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (NOTE 1. ) Tj ET Q q 0 0 0 rg BT 122.00 719.10 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 167.75 719.10 Td (Y) Tj ET Q q 0 0 0 rg BT 174.60 719.10 Td ( OF) Tj ET Q q 0 0 0 rg BT 190.62 719.10 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 259.62 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.57 719.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 129.82421875 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Natur) Tj ET Q q 0 0 0 rg BT 75.37 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 82.31 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.14 695.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 77.69 683.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 95.38 683.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 133.89 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 154.09 683.10 Td (its ) Tj ET Q q 0 0 0 rg BT 165.95 683.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 226.14 683.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 278.28 683.10 Td ("we," ) Tj ET Q q 0 0 0 rg BT 303.02 683.10 Td ("us," ) Tj ET Q q 0 0 0 rg BT 325.00 683.10 Td ("our) Tj ET Q q 0 0 0 rg BT 342.01 683.10 Td (," ) Tj ET Q q 0 0 0 rg BT 351.01 683.10 Td ("IZEA" ) Tj ET Q q 0 0 0 rg BT 384.36 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.11 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.75 683.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 462.55 683.10 Td (was ) Tj ET Q q 0 0 0 rg BT 480.52 683.10 Td (founded ) Tj ET Q q 0 0 0 rg BT 515.71 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.91 683.10 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (2006 ) Tj ET Q q 0 0 0 rg BT 72.07 671.10 Td (under ) Tj ET Q q 0 0 0 rg BT 96.91 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.20 671.10 Td (name ) Tj ET Q q 0 0 0 rg BT 134.93 671.10 Td (PayPerPost, ) Tj ET Q q 0 0 0 rg BT 185.07 671.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 202.41 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.92 671.10 Td (became ) Tj ET Q q 0 0 0 rg BT 251.52 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.03 671.10 Td (public ) Tj ET Q q 0 0 0 rg BT 285.10 671.10 Td (company ) Tj ET Q q 0 0 0 rg BT 323.83 671.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 376.44 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.29 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 671.10 Td (state ) Tj ET Q q 0 0 0 rg BT 420.97 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.38 671.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 463.99 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.84 671.10 Td (May ) Tj ET Q q 0 0 0 rg BT 494.24 671.10 Td (201) Tj ET Q q 0 0 0 rg BT 508.87 671.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 518.44 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.52 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 530.92 671.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 74.52 659.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 96.74 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.76 659.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 141.33 659.10 Td (all ) Tj ET Q q 0 0 0 rg BT 153.34 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.70 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.94 659.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 226.63 659.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 253.64 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.00 659.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 292.67 659.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 315.80 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.16 659.10 Td (Ebyline, ) Tj ET Q q 0 0 0 rg BT 361.78 659.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 379.08 659.10 Td (\(Ebyline\) ) Tj ET Q q 0 0 0 rg BT 427.74 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.20 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.01 659.10 Td (July ) Tj ET Q q 0 0 0 rg BT 472.70 659.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 497.22 659.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 519.44 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.46 659.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.76 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.74 647.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 124.17 647.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.92 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.02 647.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 189.43 647.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 212.31 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.40 647.10 Td (ZenContent, ) Tj ET Q q 0 0 0 rg BT 273.88 647.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 290.91 647.10 Td (\("ZenContent"\). ) Tj ET Q q 0 0 0 rg BT 357.21 647.10 Td (Both ) Tj ET Q q 0 0 0 rg BT 378.42 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.52 647.10 Td (these ) Tj ET Q q 0 0 0 rg BT 410.83 647.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 443.97 647.10 Td (now ) Tj ET Q q 0 0 0 rg BT 462.96 647.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 494.15 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.24 647.10 Td (wholly-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.47 635.10 Td (under ) Tj ET Q q 0 0 0 rg BT 122.49 635.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 149.01 635.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 165.53 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.78 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.03 635.10 Td (On ) Tj ET Q q 0 0 0 rg BT 181.50 635.10 Td (March ) Tj ET Q q 0 0 0 rg BT 208.85 635.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 217.61 635.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 241.36 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.83 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.96 635.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 325.09 635.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 347.31 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.56 635.10 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 382.30 635.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 401.32 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.01 635.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 466.03 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.28 635.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 507.74 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 511.49 635.10 Td (incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.20 623.10 Td (Ontario, ) Tj ET Q q 0 0 0 rg BT 95.68 623.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 128.09 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.29 623.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 170.14 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.90 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.76 623.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 209.63 623.10 Td (of) Tj ET Q q 0 0 0 rg BT 217.78 623.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 235.19 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.27 623.10 Td (IZEA's ) Tj ET Q q 0 0 0 rg BT 280.16 623.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 320.35 623.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 363.32 623.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 405.74 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.95 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.59 623.10 Td (second ) Tj ET Q q 0 0 0 rg BT 460.78 623.10 Td (half ) Tj ET Q q 0 0 0 rg BT 478.76 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.51 623.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 514.44 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.86 623.10 Td (On ) Tj ET Q q 0 0 0 rg BT 530.98 623.10 Td (April ) Tj ET Q q 0 0 0 rg BT 554.51 623.10 Td (5, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.85 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.42 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.65 611.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 150.81 611.10 Td (Articles ) Tj ET Q q 0 0 0 rg BT 184.82 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.50 611.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 211.98 611.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 227.09 611.10 Td (with ) Tj ET Q q 0 0 0 rg BT 247.22 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.79 611.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 301.89 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.57 611.10 Td (State ) Tj ET Q q 0 0 0 rg BT 334.92 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.60 611.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 378.49 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.61 611.10 Td (ef) Tj ET Q q 0 0 0 rg BT 396.20 611.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 413.54 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.10 611.10 Td (mer) Tj ET Q q 0 0 0 rg BT 443.47 611.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 458.59 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.27 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 481.07 611.10 Td (wholly-owned, ) Tj ET Q q 0 0 0 rg BT 543.69 611.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.08 599.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 130.54 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.35 599.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 157.57 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.89 599.10 Td (Innovations, ) Tj ET Q q 0 0 0 rg BT 211.92 599.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 232.00 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.76 599.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 279.38 599.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 327.79 599.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 368.99 599.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 421.84 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 434.15 599.10 Td (September ) Tj ET Q q 0 0 0 rg BT 479.23 599.10 Td (19, ) Tj ET Q q 0 0 0 rg BT 494.05 599.10 Td (2006, ) Tj ET Q q 0 0 0 rg BT 518.86 599.10 Td (into ) Tj ET Q q 0 0 0 rg BT 536.74 599.10 Td (IZEA, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 70.12 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.69 587.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 117.58 587.10 Td (corporation. ) Tj ET Q q 0 0 0 rg BT 168.53 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.71 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.61 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 229.85 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.88 587.10 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 297.86 587.10 Td (near ) Tj ET Q q 0 0 0 rg BT 317.42 587.10 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 355.04 587.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 386.29 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 406.42 587.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 448.76 587.10 Td (of) Tj ET Q q 0 0 0 rg BT 456.91 587.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 478.14 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.27 587.10 Td (Illinois, ) Tj ET Q q 0 0 0 rg BT 521.46 587.10 Td (California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 575.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 99.42 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.36 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.30 575.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 145.24 575.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 182.71 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.99 575.10 Td (New ) Tj ET Q q 0 0 0 rg BT 214.00 575.10 Td (Y) Tj ET Q q 0 0 0 rg BT 220.22 575.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 238.55 575.10 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 279.38 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.32 575.10 Td (Massachusetts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.92 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.18 551.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 144.87 551.10 Td (online ) Tj ET Q q 0 0 0 rg BT 172.24 551.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 227.36 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.73 551.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 282.08 551.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 332.21 551.10 Td (between ) Tj ET Q q 0 0 0 rg BT 367.90 551.10 Td (marketers ) Tj ET Q q 0 0 0 rg BT 409.70 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.51 551.10 Td (influential ) Tj ET Q q 0 0 0 rg BT 469.98 551.10 Td (content ) Tj ET Q q 0 0 0 rg BT 501.79 551.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 538.13 551.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 83.71 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 97.98 539.10 Td (compensated ) Tj ET Q q 0 0 0 rg BT 152.24 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 164.31 539.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 186.52 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.59 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.31 539.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 244.92 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.42 539.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 309.60 539.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 338.88 539.10 Td (content ) Tj ET Q q 0 0 0 rg BT 370.37 539.10 Td (such ) Tj ET Q q 0 0 0 rg BT 390.77 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.16 539.10 Td (long-form ) Tj ET Q q 0 0 0 rg BT 443.77 539.10 Td (text, ) Tj ET Q q 0 0 0 rg BT 463.33 539.10 Td (videos, ) Tj ET Q q 0 0 0 rg BT 494.00 539.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 522.73 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.23 539.10 Td (status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (updates ) Tj ET Q q 0 0 0 rg BT 82.45 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.36 527.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 121.25 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.49 527.10 Td (marketers ) Tj ET Q q 0 0 0 rg BT 172.82 527.10 Td (through ) Tj ET Q q 0 0 0 rg BT 205.83 527.10 Td (websites, ) Tj ET Q q 0 0 0 rg BT 244.68 527.10 Td (blogs ) Tj ET Q q 0 0 0 rg BT 268.26 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.60 527.10 Td (social ) Tj ET Q q 0 0 0 rg BT 309.83 527.10 Td (media ) Tj ET Q q 0 0 0 rg BT 336.17 527.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 375.57 527.10 Td (Marketers ) Tj ET Q q 0 0 0 rg BT 418.01 527.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 448.78 527.10 Td (influential ) Tj ET Q q 0 0 0 rg BT 491.78 527.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 532.57 527.10 Td (content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.36 515.10 Td (engaging, ) Tj ET Q q 0 0 0 rg BT 109.43 515.10 Td (shareable ) Tj ET Q q 0 0 0 rg BT 150.10 515.10 Td (stories ) Tj ET Q q 0 0 0 rg BT 179.13 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 197.04 515.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 220.50 515.10 Td (awareness. ) Tj ET Q q 0 0 0 rg BT 267.01 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.72 515.10 Td (These ) Tj ET Q q 0 0 0 rg BT 296.51 515.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 352.18 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.30 515.10 Td (powered ) Tj ET Q q 0 0 0 rg BT 404.65 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 417.56 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.70 515.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 454.92 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.83 515.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 500.17 515.10 Td (\() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 507.94 515.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.49 515.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 546.47 515.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.43 503.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 142.72 503.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 174.56 503.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 224.17 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.80 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.09 503.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 288.59 503.10 Td (at ) Tj ET Q q 0 0 0 rg BT 297.66 503.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 319.50 503.10 Td (through ) Tj ET Q q 0 0 0 rg BT 352.46 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.53 503.10 Td (management ) Tj ET Q q 0 0 0 rg BT 419.47 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.65 503.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 460.39 503.10 Td (content ) Tj ET Q q 0 0 0 rg BT 491.68 503.10 Td (workflow) Tj ET Q q 0 0 0 rg BT 529.91 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.26 503.10 Td (creator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (search ) Tj ET Q q 0 0 0 rg BT 78.24 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.38 491.10 Td (tar) Tj ET Q q 0 0 0 rg BT 105.75 491.10 Td (geting, ) Tj ET Q q 0 0 0 rg BT 135.94 491.10 Td (bidding, ) Tj ET Q q 0 0 0 rg BT 171.70 491.10 Td (analytics ) Tj ET Q q 0 0 0 rg BT 209.95 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.09 491.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 264.23 491.10 Td (processing. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 312.20 491.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.74 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.45 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 349.82 491.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 388.07 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.55 491.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 431.80 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 438.94 491.10 Td (unified ) Tj ET Q q 0 0 0 rg BT 469.97 491.10 Td (ecosystem ) Tj ET Q q 0 0 0 rg BT 514.33 491.10 Td (that ) Tj ET Q q 0 0 0 rg BT 532.02 491.10 Td (enables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.77 479.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 99.52 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.40 479.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 146.28 479.10 Td (types ) Tj ET Q q 0 0 0 rg BT 169.94 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.82 479.10 Td (content ) Tj ET Q q 0 0 0 rg BT 212.80 479.10 Td (including ) Tj ET Q q 0 0 0 rg BT 253.13 479.10 Td (blog ) Tj ET Q q 0 0 0 rg BT 273.46 479.10 Td (posts, ) Tj ET Q q 0 0 0 rg BT 299.07 479.10 Td (status ) Tj ET Q q 0 0 0 rg BT 324.40 479.10 Td (updates, ) Tj ET Q q 0 0 0 rg BT 359.99 479.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 388.65 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.64 479.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 434.86 479.10 Td (through ) Tj ET Q q 0 0 0 rg BT 468.52 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.51 479.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 497.50 479.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 527.81 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.69 479.10 Td (social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 87.49 467.10 Td (including ) Tj ET Q q 0 0 0 rg BT 127.76 467.10 Td (blogs, ) Tj ET Q q 0 0 0 rg BT 154.25 467.10 Td (T) Tj ET Q q 0 0 0 rg BT 159.66 467.10 Td (witter) Tj ET Q q 0 0 0 rg BT 182.58 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.58 467.10 Td (Facebook, ) Tj ET Q q 0 0 0 rg BT 231.46 467.10 Td (Instagram ) Tj ET Q q 0 0 0 rg BT 273.95 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.70 467.10 Td (T) Tj ET Q q 0 0 0 rg BT 296.46 467.10 Td (umblr) Tj ET Q q 0 0 0 rg BT 319.95 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 324.95 467.10 Td (among ) Tj ET Q q 0 0 0 rg BT 354.66 467.10 Td (others. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 441.53505859375 m 132.7685546875 441.53505859375 l s q 0 0 0 rg BT 50.00 443.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 443.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 443.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.29 431.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.47 431.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 107.04 431.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.61 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.90 431.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.86 431.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 207.26 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.77 431.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 258.04 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.98 431.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 319.49 431.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.34 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 431.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 393.46 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.86 431.10 Td (State ) Tj ET Q q 0 0 0 rg BT 425.93 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.33 431.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 468.94 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.79 431.10 Td (ef) Tj ET Q q 0 0 0 rg BT 486.38 431.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 503.44 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.95 431.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.89 431.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 419.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 419.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 419.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 419.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 419.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 419.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.16 419.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 419.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 419.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 419.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 419.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 419.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 517.55 419.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 407.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 407.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 407.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 407.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 407.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 407.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 407.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 407.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 407.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 407.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 407.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 407.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 407.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 407.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 395.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 395.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 395.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 395.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 395.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 395.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 395.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 395.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 395.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 395.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 395.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 395.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.34 383.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 127.01 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.02 383.10 Td (common ) Tj ET Q q 0 0 0 rg BT 175.69 383.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 199.48 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 217.15 383.10 Td (became ) Tj ET Q q 0 0 0 rg BT 250.36 383.10 Td (market ) Tj ET Q q 0 0 0 rg BT 280.81 383.10 Td (ef) Tj ET Q q 0 0 0 rg BT 288.39 383.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 318.27 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 330.95 383.10 Td (January ) Tj ET Q q 0 0 0 rg BT 364.73 383.10 Td (1) Tj ET Q q 0 0 0 rg BT 369.36 383.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 379.54 383.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 404.71 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.20 383.10 Td (There ) Tj ET Q q 0 0 0 rg BT 433.19 383.10 Td (was ) Tj ET Q q 0 0 0 rg BT 451.42 383.10 Td (no ) Tj ET Q q 0 0 0 rg BT 464.10 383.10 Td (change ) Tj ET Q q 0 0 0 rg BT 495.09 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.55 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.45 383.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.67 383.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 371.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.80 371.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 156.50 371.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 183.99 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.82 371.10 Td (common ) Tj ET Q q 0 0 0 rg BT 232.31 371.10 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 345.53505859375 m 165.56640625 345.53505859375 l s q 0 0 0 rg BT 50.00 347.10 Td (Principles ) Tj ET Q q 0 0 0 rg BT 95.27 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.10 347.10 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.86 335.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.71 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.01 335.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 206.53 335.10 Td (include ) Tj ET Q q 0 0 0 rg BT 239.27 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.80 335.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 293.10 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.74 335.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 333.32 335.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 351.90 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.65 335.10 Td (its ) Tj ET Q q 0 0 0 rg BT 382.42 335.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 443.50 335.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 496.52 335.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 530.94 335.10 Td (after ) Tj ET Q q 0 0 0 rg BT 552.57 335.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.99 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 108.09 323.10 Td (January ) Tj ET Q q 0 0 0 rg BT 141.30 323.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.90 323.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 180.51 323.10 Td (ZenContent, ) Tj ET Q q 0 0 0 rg BT 232.33 323.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 249.70 323.10 Td (after ) Tj ET Q q 0 0 0 rg BT 270.12 323.10 Td (its ) Tj ET Q q 0 0 0 rg BT 281.68 323.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 327.67 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.77 323.10 Td (July ) Tj ET Q q 0 0 0 rg BT 358.55 323.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.15 323.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 397.76 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.30 323.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 436.52 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.63 323.10 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 473.22 323.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 490.59 323.10 Td (after ) Tj ET Q q 0 0 0 rg BT 511.01 323.10 Td (its ) Tj ET Q q 0 0 0 rg BT 522.57 323.10 Td (formation ) Tj ET Q q 0 0 0 rg BT 564.50 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 311.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.88 311.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 113.88 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.83 311.10 Td (All ) Tj ET Q q 0 0 0 rg BT 131.10 311.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 175.82 311.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 233.30 311.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 270.22 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.16 311.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 337.42 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 358.80 311.10 Td (been ) Tj ET Q q 0 0 0 rg BT 380.18 311.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 424.88 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.16 311.10 Td (consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.47 287.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.93 287.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.83 287.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.97 287.10 Td (were ) Tj ET Q q 0 0 0 rg BT 232.32 287.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 271.21 287.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.81 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.94 287.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 360.75 287.10 Td (method ) Tj ET Q q 0 0 0 rg BT 394.66 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.91 287.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 454.71 287.10 Td (with ) Tj ET Q q 0 0 0 rg BT 476.41 287.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 498.62 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.55 287.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.78 287.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 96.68 275.10 Td (acquirer ) Tj ET Q q 0 0 0 rg BT 132.24 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.38 275.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 177.29 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 275.10 Td (ZenContent. ) Tj ET Q q 0 0 0 rg BT 247.06 275.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 274.85 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.88 275.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 336.57 275.10 Td (method ) Tj ET Q q 0 0 0 rg BT 369.37 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.51 275.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 429.69 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.71 275.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 483.06 275.10 Td (price ) Tj ET Q q 0 0 0 rg BT 505.85 275.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.33 275.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 554.22 275.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 263.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 111.35 263.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 146.47 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.81 263.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.71 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 232.94 263.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 270.27 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.62 263.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 327.74 263.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 365.08 263.10 Td (based ) Tj ET Q q 0 0 0 rg BT 390.76 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 403.66 263.10 Td (their ) Tj ET Q q 0 0 0 rg BT 424.89 263.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 468.33 263.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 485.11 263.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.78 263.10 Td (values ) Tj ET Q q 0 0 0 rg BT 544.23 263.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 251.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 95.54 251.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 133.57 251.10 Td (price ) Tj ET Q q 0 0 0 rg BT 156.06 251.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 194.65 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.93 251.10 Td (goodwill. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 225.53505859375002 m 167.5439453125 225.53505859375002 l s q 0 0 0 rg BT 50.00 227.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.17 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.80 227.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 116.97 227.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.76 215.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 148.69 215.10 Td (all ) Tj ET Q q 0 0 0 rg BT 160.85 215.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 188.56 215.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 214.06 215.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 264.00 215.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 306.70 215.10 Td (with ) Tj ET Q q 0 0 0 rg BT 326.64 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.24 215.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 369.28 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.77 215.10 Td (three ) Tj ET Q q 0 0 0 rg BT 401.92 215.10 Td (months ) Tj ET Q q 0 0 0 rg BT 433.53 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.02 215.10 Td (less ) Tj ET Q q 0 0 0 rg BT 461.19 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 482.79 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.17 215.10 Td (date ) Tj ET Q q 0 0 0 rg BT 515.98 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.47 215.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.22 203.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 92.49 203.10 Td (equivalents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 177.53505859375002 m 283.69140625 177.53505859375002 l s q 0 0 0 rg BT 50.00 179.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 91.94 179.10 Td (Receivable ) Tj ET Q q 0 0 0 rg BT 140.54 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.16 179.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 223.32 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.15 179.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 245.63 179.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 264.24 179.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 89.07 167.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 131.45 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 144.96 167.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 182.91 167.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 228.65 167.10 Td (due ) Tj ET Q q 0 0 0 rg BT 244.39 167.10 Td (under ) Tj ET Q q 0 0 0 rg BT 268.46 167.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 298.09 167.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 319.37 167.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 345.39 167.10 Td (Uncollectibility ) Tj ET Q q 0 0 0 rg BT 409.45 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.08 167.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 455.37 167.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 497.75 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 505.72 167.10 Td (not ) Tj ET Q q 0 0 0 rg BT 519.80 167.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (since ) Tj ET Q q 0 0 0 rg BT 73.21 155.10 Td (most ) Tj ET Q q 0 0 0 rg BT 95.32 155.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 138.52 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.39 155.10 Td (bound ) Tj ET Q q 0 0 0 rg BT 181.05 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.71 155.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 228.57 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.67 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.54 155.10 Td (required ) Tj ET Q q 0 0 0 rg BT 296.51 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.95 155.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 327.94 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.82 155.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.37 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 398.69 155.10 Td (all ) Tj ET Q q 0 0 0 rg BT 411.34 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.22 155.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 448.88 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.87 155.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.97 155.10 Td (opportunity) Tj ET Q q 0 0 0 rg BT 522.42 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 532.02 155.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.50 143.10 Td (an ) Tj ET Q q 0 0 0 rg BT 72.11 143.10 Td (order ) Tj ET Q q 0 0 0 rg BT 95.39 143.10 Td (created ) Tj ET Q q 0 0 0 rg BT 126.42 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 138.59 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.21 143.10 Td (marketer ) Tj ET Q q 0 0 0 rg BT 182.91 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.74 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.35 143.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 233.28 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.23 143.10 Td (write ) Tj ET Q q 0 0 0 rg BT 265.95 143.10 Td (about ) Tj ET Q q 0 0 0 rg BT 290.34 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.73 143.10 Td (marketer) Tj ET Q q 0 0 0 rg BT 340.63 143.10 Td () Tj ET Q q 0 0 0 rg BT 343.41 143.10 Td (s ) Tj ET Q q 0 0 0 rg BT 349.48 143.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 384.70 143.10 Td (If ) Tj ET Q q 0 0 0 rg BT 393.53 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 400.14 143.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 431.20 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.70 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.09 143.10 Td (account ) Tj ET Q q 0 0 0 rg BT 489.36 143.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 522.07 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 530.91 143.10 Td (deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (uncollectible, ) Tj ET Q q 0 0 0 rg BT 106.83 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.73 131.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.30 131.10 Td (will ) Tj ET Q q 0 0 0 rg BT 181.53 131.10 Td (either ) Tj ET Q q 0 0 0 rg BT 206.98 131.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 239.01 131.10 Td (f ) Tj ET Q q 0 0 0 rg BT 245.02 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.92 131.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 292.59 131.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 316.94 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.95 131.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 361.18 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.30 131.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 399.85 131.10 Td (based ) Tj ET Q q 0 0 0 rg BT 425.30 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.98 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.88 131.10 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 507.21 131.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 538.78 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 131.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 87.59 119.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 143.78 119.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 191.64 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.85 119.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 262.39 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.71 119.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 313.69 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 327.68 119.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 367.77 119.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 413.41 119.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 457.95 119.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 498.60 119.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 547.56 119.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 100.12 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.02 107.10 Td (customer) Tj ET Q q 0 0 0 rg BT 145.04 107.10 Td () Tj ET Q q 0 0 0 rg BT 147.82 107.10 Td (s ) Tj ET Q q 0 0 0 rg BT 155.17 107.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.61 107.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 237.35 107.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.57 107.10 Td (history ) Tj ET Q q 0 0 0 rg BT 294.81 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.71 107.10 Td (current ) Tj ET Q q 0 0 0 rg BT 344.49 107.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 386.82 107.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 434.20 107.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.20 107.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 495.55 107.10 Td (had ) Tj ET Q q 0 0 0 rg BT 513.45 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.35 107.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 553.68 107.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td ($237,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.31 95.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.56 95.10 Td ($139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.06 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.87 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.34 95.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 199.04 95.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 236.84 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 247.98 95.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.12 95.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 318.02 95.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.02 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.83 95.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.08 95.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.08 95.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.39 95.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 431.05 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 436.36 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.18 95.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 494.19 95.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 529.76 95.10 Td (that ) Tj ET Q q 0 0 0 rg BT 547.57 95.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 85.07 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.49 83.10 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 140.50 83.10 Td (but ) Tj ET Q q 0 0 0 rg BT 155.02 83.10 Td (there ) Tj ET Q q 0 0 0 rg BT 176.76 83.10 Td (can ) Tj ET Q q 0 0 0 rg BT 192.39 83.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.58 83.10 Td (no ) Tj ET Q q 0 0 0 rg BT 215.33 83.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 255.94 83.10 Td (that ) Tj ET Q q 0 0 0 rg BT 272.69 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.66 83.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 321.73 83.10 Td (will ) Tj ET Q q 0 0 0 rg BT 339.04 83.10 Td (not ) Tj ET Q q 0 0 0 rg BT 353.56 83.10 Td (change ) Tj ET Q q 0 0 0 rg BT 383.63 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 393.71 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.90 83.10 Td (result ) Tj ET Q q 0 0 0 rg BT 423.87 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.95 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.14 83.10 Td (change ) Tj ET Q q 0 0 0 rg BT 470.20 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.73 83.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.35 83.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.23 71.10 Td (business ) Tj ET Q q 0 0 0 rg BT 96.02 71.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 139.58 71.10 Td (within ) Tj ET Q q 0 0 0 rg BT 167.03 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.15 71.10 Td (industry) Tj ET Q q 0 0 0 rg BT 213.27 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 217.67 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 71.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 274.23 71.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 316.68 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 326.90 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.02 71.10 Td (Company) Tj ET Q q 0 0 0 rg BT 379.26 71.10 Td (. ) Tj ET Q q 0 0 0 rg BT 383.65 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.13 71.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 404.25 71.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 453.92 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.60 71.10 Td (this ) Tj ET Q q 0 0 0 rg BT 479.94 71.10 Td (account ) Tj ET Q q 0 0 0 rg BT 512.93 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.04 71.10 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.48 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.41 59.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.66 59.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 169.58 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.61 59.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 222.97 59.10 Td (as ) Tj ET Q q 0 0 0 rg BT 233.01 59.10 Td (a ) Tj ET Q q 0 0 0 rg BT 239.16 59.10 Td (general ) Tj ET Q q 0 0 0 rg BT 270.29 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.43 59.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 345.34 59.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 381.76 59.10 Td (Bad ) Tj ET Q q 0 0 0 rg BT 399.57 59.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 418.50 59.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 452.41 59.10 Td (was ) Tj ET Q q 0 0 0 rg BT 469.67 59.10 Td (less ) Tj ET Q q 0 0 0 rg BT 486.37 59.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 59.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.63 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.33 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.37 59.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 47.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 47.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 108.03 47.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 47.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.98 47.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.36 47.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 224.94 47.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.94 47.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.44 47.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.38 47.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.38 47.10 Td (. ) Tj ET Q q 0 0 0 rg BT 289.38 47.10 Td ( ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (Concentrations ) Tj ET Q q 0 0 0 rg BT 113.23 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.25 719.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 149.70 719.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 167.39 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 187.86 719.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 218.87 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.33 719.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 267.01 719.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 310.78 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 325.67 719.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 363.35 719.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 394.37 719.10 Td (because ) Tj ET Q q 0 0 0 rg BT 428.71 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.84 719.10 Td (lar) Tj ET Q q 0 0 0 rg BT 446.20 719.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 458.33 719.10 Td (number ) Tj ET Q q 0 0 0 rg BT 491.57 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.59 719.10 Td (geographically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 81.26 707.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 124.19 707.10 Td (make ) Tj ET Q q 0 0 0 rg BT 148.22 707.10 Td (up ) Tj ET Q q 0 0 0 rg BT 160.61 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.21 707.10 Td (Company) Tj ET Q q 0 0 0 rg BT 216.87 707.10 Td (s ) Tj ET Q q 0 0 0 rg BT 223.14 707.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 262.18 707.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 284.83 707.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 303.88 707.10 Td (spreading ) Tj ET Q q 0 0 0 rg BT 345.14 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.74 707.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 382.11 707.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.25 707.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 426.96 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.89 707.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 486.16 707.10 Td (also ) Tj ET Q q 0 0 0 rg BT 504.65 707.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 539.25 707.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.12 695.10 Td (through ) Tj ET Q q 0 0 0 rg BT 100.35 695.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 125.24 695.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 168.74 695.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.62 695.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 218.53 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.09 695.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 281.65 695.10 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 329.99 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.65 695.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.66 695.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 426.88 695.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 451.77 695.10 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 499.43 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.88 695.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.45 695.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.27 683.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 104.97 683.10 Td (does ) Tj ET Q q 0 0 0 rg BT 125.80 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 141.08 683.10 Td (require ) Tj ET Q q 0 0 0 rg BT 171.89 683.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 211.58 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.86 683.10 Td (support ) Tj ET Q q 0 0 0 rg BT 254.35 683.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 291.83 683.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 337.91 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.86 683.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.35 683.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 410.93 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.93 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.93 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.64 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 492.03 683.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.96 683.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.96 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.46 683.10 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.83 671.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 119.76 671.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.81 671.10 Td (more ) Tj ET Q q 0 0 0 rg BT 156.75 671.10 Td (than ) Tj ET Q q 0 0 0 rg BT 176.36 671.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.69 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.09 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.81 671.10 Td (total ) Tj ET Q q 0 0 0 rg BT 227.98 671.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 265.36 671.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 311.33 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.20 671.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.59 671.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 384.07 671.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.07 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.96 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.58 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 464.86 671.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.69 671.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.13 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.52 671.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 537.57 671.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.72 659.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.57 659.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.90 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.08 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.60 659.10 Td (total ) Tj ET Q q 0 0 0 rg BT 157.56 659.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 194.74 659.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 240.34 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.08 659.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.15 659.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.78 659.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.22 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.41 659.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 371.25 659.10 Td (that ) Tj ET Q q 0 0 0 rg BT 388.43 659.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 431.15 659.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 659.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.33 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.52 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.03 659.10 Td (its ) Tj ET Q q 0 0 0 rg BT 487.67 659.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 521.50 659.10 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 659.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 78.61 647.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.06 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.01 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.85 647.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 193.89 647.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.89 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.84 647.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.24 647.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.67 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.63 647.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 287.24 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 304.19 647.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 346.68 647.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.30 647.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.63 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.58 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.87 647.10 Td (its ) Tj ET Q q 0 0 0 rg BT 402.27 647.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 435.87 647.10 Td (during ) Tj ET Q q 0 0 0 rg BT 463.94 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.11 647.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 506.72 647.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.17 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 635.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.58 635.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 609.53505859375 m 159.55078125 609.53505859375 l s q 0 0 0 rg BT 50.00 611.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 611.10 Td (operty ) Tj ET Q q 0 0 0 rg BT 90.63 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.26 611.10 Td (Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 85.91 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.81 599.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 145.49 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.17 599.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.61 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 204.29 599.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 224.37 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.17 599.10 Td (if ) Tj ET Q q 0 0 0 rg BT 241.74 599.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 277.63 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.88 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.78 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 328.14 599.10 Td (combination, ) Tj ET Q q 0 0 0 rg BT 382.10 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.78 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.47 599.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.82 599.10 Td (date ) Tj ET Q q 0 0 0 rg BT 467.94 599.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.28 599.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 508.91 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.37 599.10 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 587.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 119.98 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.15 587.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 171.08 587.10 Td (using ) Tj ET Q q 0 0 0 rg BT 195.25 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.97 587.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 260.79 587.10 Td (method ) Tj ET Q q 0 0 0 rg BT 293.28 587.10 Td (over ) Tj ET Q q 0 0 0 rg BT 313.55 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.27 587.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.09 587.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 396.03 587.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 417.41 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.24 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.96 587.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.79 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.62 587.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 576.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.60 455.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 548.60 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 576.6 m 50.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 576.6 m 505.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 576.6 m 562.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 562.6 m 50.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 562.6 m 562.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 548.6 m 50.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 548.6 m 562.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 534.6 m 50.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 520.6 m 505.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 534.6 m 562.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 520.6 m 562.5 520.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.17 Td (Computer Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 567.17 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.17 Td (Software Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.05 553.17 Td (3 - 5 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.17 Td (Office Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 539.17 Td (3 - 10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.17 Td (Furniture and Fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 525.17 Td (5 - 10 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 92.88 497.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 151.89 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.89 497.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 213.76 497.10 Td (over ) Tj ET Q q 0 0 0 rg BT 233.32 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.32 497.10 Td (shorter ) Tj ET Q q 0 0 0 rg BT 276.88 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.01 497.10 Td (term ) Tj ET Q q 0 0 0 rg BT 321.13 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.25 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.26 497.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 367.03 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.15 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.16 497.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 431.27 497.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 457.50 497.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 478.18 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.30 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.31 497.10 Td (improvements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 88.38 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.75 485.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 152.91 485.10 Td (under ) Tj ET Q q 0 0 0 rg BT 179.61 485.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.20 485.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 238.02 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.16 485.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 304.18 485.10 Td (over ) Tj ET Q q 0 0 0 rg BT 325.89 485.10 Td (their ) Tj ET Q q 0 0 0 rg BT 348.15 485.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.41 485.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 418.79 485.10 Td (lives. ) Tj ET Q q 0 0 0 rg BT 444.12 485.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 500.82 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.42 485.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 547.56 485.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 104.37 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.42 473.10 Td (char) Tj ET Q q 0 0 0 rg BT 137.45 473.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 155.73 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.36 473.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.41 473.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.58 473.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 255.24 473.10 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 311.85 473.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.36 473.10 Td (betterments ) Tj ET Q q 0 0 0 rg BT 377.85 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.13 473.10 Td (major ) Tj ET Q q 0 0 0 rg BT 423.30 473.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 484.36 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.41 473.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 547.56 473.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.88 461.10 Td (over ) Tj ET Q q 0 0 0 rg BT 117.44 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.46 461.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 173.79 461.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 200.03 461.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 220.71 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.84 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.85 461.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 272.35 461.10 Td (The ) Tj ET Q q 0 0 0 rg BT 289.69 461.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 324.81 461.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.49 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.62 461.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 395.74 461.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 414.21 461.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.34 461.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 452.23 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.46 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.48 461.10 Td (related ) Tj ET Q q 0 0 0 rg BT 511.48 461.10 Td (accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 101.82 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.43 449.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 161.04 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.23 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 449.10 Td (year ) Tj ET Q q 0 0 0 rg BT 205.46 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.19 449.10 Td (disposal, ) Tj ET Q q 0 0 0 rg BT 253.87 449.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.06 449.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 311.46 449.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 334.97 449.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.70 449.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 372.00 449.10 Td (included ) Tj ET Q q 0 0 0 rg BT 408.83 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.02 449.10 Td (general ) Tj ET Q q 0 0 0 rg BT 450.84 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.69 449.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 527.30 449.10 Td (expense. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 423.53505859375 m 172.5732421875 423.53505859375 l s q 0 0 0 rg BT 50.00 425.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 83.70 425.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.64 425.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 149.24 425.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.77 413.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 106.17 413.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.07 413.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 145.96 413.10 Td (350-40,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 176.79 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 413.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 211.89 413.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 228.88 413.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 259.63 413.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.06 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.50 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.06 413.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 301.96 413.10 Td (985-730, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.23 413.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 380.67 413.10 Td (Softwar) Tj ET Q q 0 0 0 rg BT 411.41 413.10 Td (e ) Tj ET Q q 0 0 0 rg BT 417.29 413.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 444.69 413.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 455.57 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.01 413.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 413.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.70 413.10 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 74.71 401.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 96.65 401.10 Td (related ) Tj ET Q q 0 0 0 rg BT 125.80 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.52 401.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 168.00 401.10 Td (use ) Tj ET Q q 0 0 0 rg BT 183.28 401.10 Td (software ) Tj ET Q q 0 0 0 rg BT 219.65 401.10 Td (should ) Tj ET Q q 0 0 0 rg BT 248.26 401.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.64 401.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 298.79 401.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.06 401.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 344.32 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 401.10 Td (development ) Tj ET Q q 0 0 0 rg BT 414.29 401.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 439.00 401.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 460.95 401.10 Td (including ) Tj ET Q q 0 0 0 rg BT 500.66 401.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 525.37 401.10 Td (materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.55 389.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 105.37 389.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 136.81 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.37 389.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 189.14 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.69 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.24 389.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.35 389.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.68 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.23 389.10 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 344.15 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.04 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.70 389.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.71 389.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 449.69 389.10 Td (software ) Tj ET Q q 0 0 0 rg BT 487.23 389.10 Td (development ) Tj ET Q q 0 0 0 rg BT 542.00 389.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 81.93 377.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.20 377.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 109.70 377.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.80 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.30 377.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 155.80 377.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 181.63 377.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 210.79 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.62 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.33 377.10 Td (software ) Tj ET Q q 0 0 0 rg BT 273.26 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.09 377.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 326.58 377.10 Td (features. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 351.53505859375 m 122.5146484375 351.53505859375 l s q 0 0 0 rg BT 50.00 353.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.85 353.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.08 341.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.50 341.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.46 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.22 341.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 192.63 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.50 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 213.48 341.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 255.01 341.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.88 341.10 Td (through ) Tj ET Q q 0 0 0 rg BT 312.52 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 323.50 341.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 368.92 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.79 341.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 411.43 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.96 341.10 Td (January ) Tj ET Q q 0 0 0 rg BT 455.60 341.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 469.63 341.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 491.17 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.14 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 518.13 341.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.77 329.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 110.42 329.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.86 329.10 Td (July ) Tj ET Q q 0 0 0 rg BT 141.97 329.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.91 329.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 181.85 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.11 329.10 Td (The ) Tj ET Q q 0 0 0 rg BT 202.09 329.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.42 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.53 329.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 298.29 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.94 329.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 360.92 329.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 403.35 329.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.12 329.10 Td (over ) Tj ET Q q 0 0 0 rg BT 449.33 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.20 329.10 Td (period ) Tj ET Q q 0 0 0 rg BT 484.19 329.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.96 329.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.96 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.40 329.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.61 329.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.61 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.05 329.10 Td (months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.92 317.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 136.74 317.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 179.56 317.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 207.12 317.10 Td (including ) Tj ET Q q 0 0 0 rg BT 246.61 317.10 Td (property ) Tj ET Q q 0 0 0 rg BT 282.21 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.36 317.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 344.80 317.10 Td (software ) Tj ET Q q 0 0 0 rg BT 380.95 317.10 Td (development ) Tj ET Q q 0 0 0 rg BT 434.32 317.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 456.04 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.20 317.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.46 317.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 536.17 317.10 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.33 305.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 113.10 305.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 154.63 305.10 Td (events ) Tj ET Q q 0 0 0 rg BT 182.85 305.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.85 305.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 228.72 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.17 305.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 298.48 305.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 332.80 305.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.46 305.10 Td (their ) Tj ET Q q 0 0 0 rg BT 371.45 305.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 407.44 305.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 443.99 305.10 Td (may ) Tj ET Q q 0 0 0 rg BT 463.88 305.10 Td (not ) Tj ET Q q 0 0 0 rg BT 479.32 305.10 Td (be ) Tj ET Q q 0 0 0 rg BT 491.43 305.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 543.23 305.10 Td (If ) Tj ET Q q 0 0 0 rg BT 552.56 305.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 93.29 293.10 Td (is ) Tj ET Q q 0 0 0 rg BT 101.60 293.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 139.06 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.92 293.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 192.88 293.10 Td (future ) Tj ET Q q 0 0 0 rg BT 218.39 293.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 273.36 293.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.77 293.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 316.63 293.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 359.37 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.78 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.64 293.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.72 293.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.57 293.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 468.63 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 488.05 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.91 293.10 Td (asset's ) Tj ET Q q 0 0 0 rg BT 528.68 293.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.39 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.56 281.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 134.94 281.10 Td (if ) Tj ET Q q 0 0 0 rg BT 143.44 281.10 Td (there ) Tj ET Q q 0 0 0 rg BT 165.82 281.10 Td (has ) Tj ET Q q 0 0 0 rg BT 181.55 281.10 Td (been ) Tj ET Q q 0 0 0 rg BT 202.82 281.10 Td (an ) Tj ET Q q 0 0 0 rg BT 214.65 281.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 265.65 281.10 Td (which ) Tj ET Q q 0 0 0 rg BT 292.48 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.55 281.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 344.47 281.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.19 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.80 281.10 Td (dif) Tj ET Q q 0 0 0 rg BT 380.73 281.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 412.54 281.10 Td (between ) Tj ET Q q 0 0 0 rg BT 448.25 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.86 281.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 479.14 281.10 Td (value ) Tj ET Q q 0 0 0 rg BT 503.19 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.91 281.10 Td (an ) Tj ET Q q 0 0 0 rg BT 525.74 281.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 547.58 281.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (its ) Tj ET Q q 0 0 0 rg BT 62.16 269.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 98.19 269.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 125.06 269.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 166.65 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.69 269.10 Td (future ) Tj ET Q q 0 0 0 rg BT 204.28 269.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 260.32 269.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 280.80 269.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 305.73 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 320.65 269.10 Td (based ) Tj ET Q q 0 0 0 rg BT 346.14 269.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.85 269.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 397.09 269.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 428.13 269.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 449.72 269.10 Td (for ) Tj ET Q q 0 0 0 rg BT 464.10 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.03 269.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 518.13 269.10 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.70 257.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 118.40 257.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 162.89 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.16 257.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 220.20 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.35 257.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 265.83 257.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 296.71 257.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 315.64 257.10 Td (values ) Tj ET Q q 0 0 0 rg BT 344.01 257.10 Td (take ) Tj ET Q q 0 0 0 rg BT 363.50 257.10 Td (into ) Tj ET Q q 0 0 0 rg BT 381.88 257.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 438.58 257.10 Td (management ) Tj ET Q q 0 0 0 rg BT 492.49 257.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 532.53 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.69 257.10 Td (risk-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 86.47 245.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 123.51 245.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 148.03 245.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.62 245.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.98 245.10 Td (believed ) Tj ET Q q 0 0 0 rg BT 228.00 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.92 245.10 Td (be ) Tj ET Q q 0 0 0 rg BT 251.51 245.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 294.65 245.10 Td (with ) Tj ET Q q 0 0 0 rg BT 315.58 245.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 368.18 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.32 245.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 438.33 245.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 488.13 245.10 Td (would ) Tj ET Q q 0 0 0 rg BT 516.27 245.10 Td (use ) Tj ET Q q 0 0 0 rg BT 532.75 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.68 245.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.57 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.25 233.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.48 233.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 142.99 233.10 Td (For ) Tj ET Q q 0 0 0 rg BT 159.23 233.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.80 233.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 202.81 233.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.26 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.61 233.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.84 233.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 319.28 233.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.28 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.64 233.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.43 233.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.43 233.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.28 233.10 Td (there ) Tj ET Q q 0 0 0 rg BT 405.62 233.10 Td (were ) Tj ET Q q 0 0 0 rg BT 427.40 233.10 Td (no ) Tj ET Q q 0 0 0 rg BT 439.76 233.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 488.21 233.10 Td (char) Tj ET Q q 0 0 0 rg BT 505.23 233.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 520.92 233.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.00 221.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 132.08 221.10 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 175.68 221.10 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 195.53505859375002 m 88.896484375 195.53505859375002 l s q 0 0 0 rg BT 50.00 197.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.82 185.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.39 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.65 185.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 178.79 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.15 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.41 185.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 243.98 185.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 300.90 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.26 185.10 Td (an ) Tj ET Q q 0 0 0 rg BT 324.74 185.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 362.20 185.10 Td (business ) Tj ET Q q 0 0 0 rg BT 399.13 185.10 Td (over ) Tj ET Q q 0 0 0 rg BT 419.94 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.20 185.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 452.11 185.10 Td (value ) Tj ET Q q 0 0 0 rg BT 476.81 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.17 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.43 185.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 549.79 185.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 85.10 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.43 173.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 145.32 173.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 173.83 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 192.27 173.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 234.05 173.10 Td (has ) Tj ET Q q 0 0 0 rg BT 250.27 173.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 288.72 173.10 Td (that ) Tj ET Q q 0 0 0 rg BT 306.61 173.10 Td (has ) Tj ET Q q 0 0 0 rg BT 322.83 173.10 Td (been ) Tj ET Q q 0 0 0 rg BT 344.60 173.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 382.46 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.14 173.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 439.90 173.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.57 173.10 Td (its ) Tj ET Q q 0 0 0 rg BT 472.91 173.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 519.68 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.91 173.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.62 161.10 Td (ZenContent. ) Tj ET Q q 0 0 0 rg BT 118.51 161.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 158.47 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.33 161.10 Td (not ) Tj ET Q q 0 0 0 rg BT 182.29 161.10 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 226.95 161.10 Td (but ) Tj ET Q q 0 0 0 rg BT 241.91 161.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 272.41 161.10 Td (it ) Tj ET Q q 0 0 0 rg BT 280.15 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.00 161.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 314.51 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.35 161.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 376.63 161.10 Td (at ) Tj ET Q q 0 0 0 rg BT 386.03 161.10 Td (least ) Tj ET Q q 0 0 0 rg BT 406.54 161.10 Td (annually) Tj ET Q q 0 0 0 rg BT 440.32 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 445.00 161.10 Td (In ) Tj ET Q q 0 0 0 rg BT 455.52 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.91 161.10 Td (event ) Tj ET Q q 0 0 0 rg BT 493.75 161.10 Td (that ) Tj ET Q q 0 0 0 rg BT 510.93 161.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 95.64 149.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.41 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.39 149.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.82 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.92 149.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 197.25 149.10 Td (has ) Tj ET Q q 0 0 0 rg BT 212.35 149.10 Td (become ) Tj ET Q q 0 0 0 rg BT 245.21 149.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 285.02 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.01 149.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.67 149.10 Td (will ) Tj ET Q q 0 0 0 rg BT 356.99 149.10 Td (record ) Tj ET Q q 0 0 0 rg BT 384.30 149.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.51 149.10 Td (char) Tj ET Q q 0 0 0 rg BT 407.53 149.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 418.74 149.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.17 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.16 149.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 477.92 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.02 149.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 535.89 149.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 137.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 88.87 137.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 119.69 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.97 137.10 Td (which ) Tj ET Q q 0 0 0 rg BT 156.90 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.62 137.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 229.66 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.83 137.10 Td (made.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 113.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.98 113.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 145.85 113.10 Td (its ) Tj ET Q q 0 0 0 rg BT 157.07 113.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 185.50 113.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 233.37 113.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 252.92 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.02 113.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 300.35 113.10 Td (during ) Tj ET Q q 0 0 0 rg BT 328.23 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.22 113.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.43 113.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 398.52 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.62 113.10 Td (each ) Tj ET Q q 0 0 0 rg BT 428.71 113.10 Td (year) Tj ET Q q 0 0 0 rg BT 445.52 113.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.79 113.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.89 113.10 Td (more ) Tj ET Q q 0 0 0 rg BT 482.21 113.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 522.66 113.10 Td (, ) Tj ET Q q 0 0 0 rg BT 526.93 113.10 Td (if ) Tj ET Q q 0 0 0 rg BT 534.81 113.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 91.68 101.10 Td (are ) Tj ET Q q 0 0 0 rg BT 106.13 101.10 Td (present. ) Tj ET Q q 0 0 0 rg BT 139.75 101.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 179.77 101.10 Td (is ) Tj ET Q q 0 0 0 rg BT 188.68 101.10 Td (required ) Tj ET Q q 0 0 0 rg BT 224.24 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.26 101.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.94 101.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 271.51 101.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.41 101.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 333.75 101.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.21 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.67 101.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.57 101.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 414.37 101.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 438.05 101.10 Td (A) Tj ET Q q 0 0 0 rg BT 444.72 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.96 101.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 485.86 101.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 503.66 101.10 Td (is ) Tj ET Q q 0 0 0 rg BT 512.57 101.10 Td (an ) Tj ET Q q 0 0 0 rg BT 524.25 101.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.49 89.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.98 89.10 Td (one ) Tj ET Q q 0 0 0 rg BT 112.58 89.10 Td (level ) Tj ET Q q 0 0 0 rg BT 134.17 89.10 Td (below ) Tj ET Q q 0 0 0 rg BT 160.77 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.15 89.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.07 89.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 250.56 89.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 274.65 89.10 Td (which ) Tj ET Q q 0 0 0 rg BT 301.25 89.10 Td (is ) Tj ET Q q 0 0 0 rg BT 310.08 89.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 343.88 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.82 89.10 Td (as ) Tj ET Q q 0 0 0 rg BT 364.31 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.91 89.10 Td (component. ) Tj ET Q q 0 0 0 rg BT 420.00 89.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 474.36 89.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 513.74 89.10 Td (its ) Tj ET Q q 0 0 0 rg BT 525.34 89.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (units ) Tj ET Q q 0 0 0 rg BT 71.44 77.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.43 77.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 122.64 77.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 156.84 77.10 Td (components ) Tj ET Q q 0 0 0 rg BT 207.15 77.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 218.58 77.10 Td (have ) Tj ET Q q 0 0 0 rg BT 239.45 77.10 Td (discrete ) Tj ET Q q 0 0 0 rg BT 272.53 77.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.50 77.10 Td (information ) Tj ET Q q 0 0 0 rg BT 358.70 77.10 Td (available; ) Tj ET Q q 0 0 0 rg BT 399.56 77.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 413.76 77.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 444.07 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.84 77.10 Td (business ) Tj ET Q q 0 0 0 rg BT 489.72 77.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 530.59 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.01 77.10 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.64 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.52 65.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 127.28 65.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 164.14 65.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 202.67 65.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 236.20 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.85 65.10 Td (component's ) Tj ET Q q 0 0 0 rg BT 303.42 65.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.61 65.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 374.66 65.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 391.53 65.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.30 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.17 65.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 472.16 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.93 65.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 519.79 65.10 Td (businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.02 53.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 103.93 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.52 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.56 53.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 169.03 53.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 187.40 53.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 231.31 53.10 Td (with ) Tj ET Q q 0 0 0 rg BT 251.91 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.94 53.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 304.18 53.10 Td (business ) Tj ET Q q 0 0 0 rg BT 340.89 53.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.47 53.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.29 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.32 53.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 441.01 53.10 Td (or) Tj ET Q q 0 0 0 rg BT 449.16 53.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 500.84 53.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 538.64 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 53.10 Td (the ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 90.79 731.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 123.54 731.10 Td (If ) Tj ET Q q 0 0 0 rg BT 131.56 731.10 Td (two ) Tj ET Q q 0 0 0 rg BT 147.92 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.61 731.10 Td (more ) Tj ET Q q 0 0 0 rg BT 179.52 731.10 Td (components ) Tj ET Q q 0 0 0 rg BT 229.21 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 242.78 731.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 275.23 731.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 330.46 731.10 Td (similar) Tj ET Q q 0 0 0 rg BT 357.83 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.69 731.10 Td (those ) Tj ET Q q 0 0 0 rg BT 384.16 731.10 Td (components ) Tj ET Q q 0 0 0 rg BT 433.85 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 447.42 731.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 492.64 731.10 Td (into ) Tj ET Q q 0 0 0 rg BT 509.56 731.10 Td (one ) Tj ET Q q 0 0 0 rg BT 525.36 731.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.48 719.10 Td (when ) Tj ET Q q 0 0 0 rg BT 91.06 719.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 137.97 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.11 719.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 180.69 719.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 218.17 719.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 266.20 719.10 Td (review) Tj ET Q q 0 0 0 rg BT 292.75 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 297.18 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.96 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.43 719.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 357.24 719.10 Td (has ) Tj ET Q q 0 0 0 rg BT 372.50 719.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 419.40 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.32 719.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 457.68 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.39 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.75 719.10 Td (after ) Tj ET Q q 0 0 0 rg BT 503.99 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 719.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 707.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 94.43 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.37 707.10 Td (ZenContent, ) Tj ET Q q 0 0 0 rg BT 163.58 707.10 Td (it ) Tj ET Q q 0 0 0 rg BT 171.64 707.10 Td (had ) Tj ET Q q 0 0 0 rg BT 188.58 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.52 707.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 246.34 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.62 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 278.00 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 294.94 707.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 334.09 707.10 Td (unit.) 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(for ) Tj ET Q q 0 0 0 rg BT 450.39 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.30 671.10 Td (social ) Tj ET Q q 0 0 0 rg BT 485.09 671.10 Td (media ) Tj ET Q q 0 0 0 rg BT 513.00 671.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 553.69 671.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (influencer ) Tj ET Q q 0 0 0 rg BT 93.44 659.10 Td (such ) Tj ET Q q 0 0 0 rg BT 114.67 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 125.91 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.25 659.10 Td (blogger ) Tj ET Q q 0 0 0 rg BT 166.70 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.93 659.10 Td (tweeter ) Tj ET Q q 0 0 0 rg BT 210.26 659.10 Td (\("creators"\) ) Tj ET Q q 0 0 0 rg BT 259.64 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.32 659.10 Td (share ) Tj ET Q q 0 0 0 rg BT 294.32 659.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 337.78 659.10 Td (content ) Tj ET Q q 0 0 0 rg BT 370.12 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 390.80 659.10 Td (their ) Tj ET Q q 0 0 0 rg BT 412.03 659.10 Td (social ) Tj ET Q 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rg BT 478.77 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.12 647.10 Td (third ) Tj ET Q q 0 0 0 rg BT 510.02 647.10 Td (party ) Tj ET Q q 0 0 0 rg BT 532.58 647.10 Td (content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 92.90 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.70 635.10 Td (native ) Tj ET Q q 0 0 0 rg BT 136.49 635.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 183.28 635.10 Td (ef) Tj ET Q q 0 0 0 rg BT 190.87 635.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 211.56 635.10 Td (\("Content ) Tj ET Q q 0 0 0 rg BT 252.99 635.10 Td (Revenue"\) ) Tj ET Q q 0 0 0 rg BT 297.75 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.55 635.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 348.55 635.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 380.89 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 402.69 635.10 Td (various ) Tj ET Q q 0 0 0 rg BT 434.49 635.10 Td (service ) Tj ET Q q 0 0 0 rg BT 465.16 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.96 635.10 Td (license ) Tj ET Q q 0 0 0 rg BT 512.08 635.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 530.54 635.10 Td (char) Tj ET Q q 0 0 0 rg BT 547.56 635.10 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 623.10 Td (users ) Tj ET Q q 0 0 0 rg BT 83.33 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.16 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.88 623.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 155.96 623.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 196.78 623.10 Td (\("Service ) Tj ET Q q 0 0 0 rg BT 236.68 623.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 253.62 623.10 Td (Revenue"\). ) Tj ET Q q 0 0 0 rg BT 301.02 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.37 599.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 104.95 599.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 150.48 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.18 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.55 599.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 232.90 599.10 Td (into ) Tj ET Q q 0 0 0 rg BT 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(blogs, ) Tj ET Q q 0 0 0 rg BT 251.59 587.10 Td (tweets, ) Tj ET Q q 0 0 0 rg BT 282.29 587.10 Td (photos ) Tj ET Q q 0 0 0 rg BT 311.61 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.59 587.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 351.35 587.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 380.10 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 413.86 587.10 Td (social ) Tj ET Q q 0 0 0 rg BT 439.83 587.10 Td (network ) Tj ET Q q 0 0 0 rg BT 475.25 587.10 Td (of) Tj ET Q q 0 0 0 rg BT 483.40 587.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 513.82 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.47 587.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (awareness ) Tj ET Q q 0 0 0 rg BT 94.15 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.54 575.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 153.04 575.10 Td (buzz ) Tj ET Q q 0 0 0 rg BT 174.98 575.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 216.36 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.64 575.10 Td (marketer's ) Tj ET Q q 0 0 0 rg BT 275.93 575.10 Td (brand; ) Tj ET Q q 0 0 0 rg BT 304.54 575.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 319.26 575.10 Td (media ) Tj ET Q q 0 0 0 rg BT 346.76 575.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 412.30 575.10 Td (such ) Tj ET Q q 0 0 0 rg BT 433.69 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 445.09 575.10 Td (click-through ) Tj ET Q q 0 0 0 rg BT 502.02 575.10 Td (advertisements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (appearing ) Tj ET Q q 0 0 0 rg BT 91.79 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.94 563.10 Td (websites ) Tj ET Q q 0 0 0 rg BT 138.74 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.55 563.10 Td (social ) Tj ET Q q 0 0 0 rg BT 181.24 563.10 Td (media ) Tj ET Q q 0 0 0 rg BT 208.04 563.10 Td (channels; ) Tj ET Q q 0 0 0 rg BT 248.17 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.98 563.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 278.44 563.10 Td (original ) Tj ET Q q 0 0 0 rg BT 311.91 563.10 Td (content ) Tj ET Q q 0 0 0 rg BT 343.71 563.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 370.25 563.10 Td (such ) Tj ET Q q 0 0 0 rg BT 390.94 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.64 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.45 563.10 Td (research ) Tj ET Q q 0 0 0 rg BT 444.12 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.82 563.10 Td (news ) Tj ET Q q 0 0 0 rg BT 477.74 563.10 Td (article, ) Tj ET Q q 0 0 0 rg BT 507.58 563.10 Td (informational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (material ) Tj ET Q q 0 0 0 rg BT 84.83 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.24 551.10 Td (videos ) Tj ET Q q 0 0 0 rg BT 123.42 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.49 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.01 551.10 Td (publisher ) Tj ET Q q 0 0 0 rg BT 186.30 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.70 551.10 Td (marketer ) Tj ET Q q 0 0 0 rg BT 234.31 551.10 Td (can ) Tj ET Q q 0 0 0 rg BT 250.26 551.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 268.17 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.09 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 287.72 551.10 Td (Company ) Tj 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539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.90 539.10 Td (work ) Tj ET Q q 0 0 0 rg BT 309.90 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.00 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.88 539.10 Td (lump ) Tj ET Q q 0 0 0 rg BT 353.88 539.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 373.00 539.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 390.15 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.42 539.10 Td (These ) Tj ET Q q 0 0 0 rg BT 418.74 539.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 469.49 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.36 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 506.25 539.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 544.24 539.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.32 527.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 83.53 527.10 Td (period ) Tj ET Q q 0 0 0 rg BT 111.95 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 129.83 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.93 527.10 Td (range ) Tj ET Q q 0 0 0 rg BT 175.01 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.33 527.10 Td (one ) Tj ET Q q 0 0 0 rg BT 214.65 527.10 Td (day ) Tj ET Q q 0 0 0 rg BT 231.97 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.63 527.10 Td (one ) Tj ET Q q 0 0 0 rg BT 259.95 527.10 Td (year) Tj ET Q q 0 0 0 rg BT 276.61 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.99 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.87 527.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 307.73 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.95 527.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.37 527.10 Td (items ) Tj ET Q q 0 0 0 rg BT 366.92 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.01 527.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 428.20 527.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 468.29 527.10 Td (once ) Tj ET Q q 0 0 0 rg BT 490.04 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.14 527.10 Td (content ) Tj ET Q q 0 0 0 rg BT 537.46 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 547.01 527.10 Td (live ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.45 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.22 515.10 Td (public ) Tj ET Q q 0 0 0 rg BT 117.56 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.23 515.10 Td (social ) Tj ET Q q 0 0 0 rg BT 153.89 515.10 Td (network ) Tj ET Q q 0 0 0 rg BT 189.00 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.67 515.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 230.89 515.10 Td (content ) Tj ET Q q 0 0 0 rg BT 262.67 515.10 Td (has ) Tj ET Q q 0 0 0 rg BT 278.33 515.10 Td (been ) Tj ET Q q 0 0 0 rg BT 299.55 515.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 339.09 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.21 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.76 515.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 402.76 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.76 515.10 Td (their ) Tj ET Q q 0 0 0 rg BT 437.42 515.10 Td (own ) Tj ET Q q 0 0 0 rg BT 456.98 515.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 475.15 515.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 512.48 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.48 515.10 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.97 503.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 108.81 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.12 503.10 Td (each ) Tj ET Q q 0 0 0 rg BT 143.75 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.39 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.91 503.10 Td (deliverables ) Tj ET Q q 0 0 0 rg BT 222.53 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.62 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.15 503.10 Td (time ) Tj ET Q q 0 0 0 rg BT 270.23 503.10 Td (frames ) Tj ET Q q 0 0 0 rg BT 300.75 503.10 Td (set ) Tj ET Q q 0 0 0 rg BT 315.16 503.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 337.91 503.10 Td (below) Tj ET Q q 0 0 0 rg BT 361.70 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.51 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.58 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 389.44 503.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 431.07 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.71 503.10 Td (work ) Tj ET Q q 0 0 0 rg BT 466.57 503.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 504.87 503.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 542.62 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.59 503.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 100.46 491.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 114.82 491.10 Td (if ) Tj ET Q q 0 0 0 rg BT 123.08 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.45 491.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 181.24 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 190.06 491.10 Td (canceled ) Tj ET Q q 0 0 0 rg BT 227.19 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 239.34 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.71 491.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 292.51 491.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 314.11 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.04 491.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 371.18 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.66 491.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 418.52 491.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 455.67 491.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 480.04 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 494.40 491.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 531.54 491.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 543.69 491.10 Td (days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.84 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.45 479.10 Td (invoice ) Tj ET Q q 0 0 0 rg BT 118.28 479.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 139.83 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.23 479.10 Td (If ) Tj ET Q q 0 0 0 rg BT 151.29 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.90 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 207.19 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 216.25 479.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 245.31 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.48 479.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 288.43 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.26 479.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 326.55 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.28 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.89 479.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 388.99 479.10 Td (it ) Tj ET Q q 0 0 0 rg BT 396.95 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.56 479.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 440.61 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.78 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.40 479.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 514.45 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.62 479.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 557.57 479.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 467.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 86.67 467.10 Td (type ) Tj ET Q q 0 0 0 rg BT 106.32 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.07 467.10 Td (service ) Tj ET Q q 0 0 0 rg BT 147.82 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.58 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.78 467.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 201.76 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.63 467.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 233.82 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 247.91 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.55 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 286.63 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.39 467.10 Td (those ) Tj ET Q q 0 0 0 rg BT 320.93 467.10 Td (services ) Tj ET Q q 0 0 0 rg BT 355.56 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 372.99 467.10 Td (may ) Tj ET Q q 0 0 0 rg BT 392.63 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 404.50 467.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 436.36 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.57 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 467.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 495.31 467.10 Td (order ) Tj ET Q q 0 0 0 rg BT 518.83 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.59 467.10 Td (used ) Tj ET Q q 0 0 0 rg BT 550.35 467.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.38 455.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 94.33 431.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 131.43 431.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.22 431.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 186.19 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.74 431.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 248.17 431.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 276.93 431.10 Td (after ) Tj ET Q q 0 0 0 rg BT 297.36 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 303.91 431.10 Td (marketer's ) Tj ET Q q 0 0 0 rg BT 347.25 431.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 389.92 431.10 Td (content ) Tj ET Q q 0 0 0 rg BT 421.46 431.10 Td (is ) Tj ET Q q 0 0 0 rg BT 430.25 431.10 Td (posted ) Tj ET Q q 0 0 0 rg BT 458.47 431.10 Td (through ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 491.69 431.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.24 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.35 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.90 431.10 Td (shared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.90 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.13 419.10 Td (creator's ) Tj ET Q q 0 0 0 rg BT 127.37 419.10 Td (social ) Tj ET Q q 0 0 0 rg BT 153.48 419.10 Td (network ) Tj ET Q q 0 0 0 rg BT 189.04 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.49 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.72 419.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 247.94 419.10 Td (period ) Tj ET Q q 0 0 0 rg BT 276.28 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.40 419.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 310.26 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 328.60 419.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 365.83 419.10 Td (period ) Tj ET Q q 0 0 0 rg BT 394.16 419.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 423.05 419.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.28 419.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 453.07 419.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.19 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.64 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.87 419.10 Td (tweet ) Tj ET Q q 0 0 0 rg BT 520.32 419.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.89 419.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 543.68 419.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.85 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.48 407.10 Td (blog, ) Tj ET Q q 0 0 0 rg BT 92.95 407.10 Td (video ) Tj ET Q q 0 0 0 rg BT 117.35 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.87 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 150.61 407.10 Td (form ) Tj ET Q q 0 0 0 rg BT 172.24 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.76 407.10 Td (content. ) Tj ET Q q 0 0 0 rg BT 216.88 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.07 407.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 273.46 407.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 291.75 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 321.15 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.11 407.10 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 375.52 407.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 412.70 407.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.33 407.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 480.95 407.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 525.91 407.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.68 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.57 395.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 116.14 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 130.02 395.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 175.56 395.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 205.00 395.10 Td (over ) Tj ET Q q 0 0 0 rg BT 224.45 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.34 395.10 Td (term ) Tj ET Q q 0 0 0 rg BT 258.34 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.35 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.24 395.10 Td (campaign ) Tj ET Q q 0 0 0 rg BT 322.79 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 348.91 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 367.80 395.10 Td (range ) Tj ET Q q 0 0 0 rg BT 391.69 395.10 Td (from ) Tj ET Q q 0 0 0 rg BT 412.80 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.92 395.10 Td (few ) Tj ET Q q 0 0 0 rg BT 435.59 395.10 Td (days ) Tj ET Q q 0 0 0 rg BT 455.59 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.05 395.10 Td (several ) Tj ET Q q 0 0 0 rg BT 495.04 395.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 528.67 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.34 395.10 Td (Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 87.86 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.41 383.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 144.15 383.10 Td (when ) Tj ET Q q 0 0 0 rg BT 168.69 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.79 383.10 Td (content ) Tj ET Q q 0 0 0 rg BT 216.10 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.65 383.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 265.73 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.38 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.70 383.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 331.55 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.43 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.52 383.10 Td (customer) Tj ET Q q 0 0 0 rg BT 395.63 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.01 383.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 433.87 383.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 451.19 383.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 489.05 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 498.60 383.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 540.34 383.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.29 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.70 371.10 Td (char) Tj ET Q q 0 0 0 rg BT 99.72 371.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 116.36 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.33 371.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 169.08 371.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 208.49 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 237.88 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.86 371.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 298.94 371.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 317.24 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 331.09 371.10 Td (dif) Tj ET Q q 0 0 0 rg BT 342.02 371.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 367.53 371.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 393.05 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.58 371.10 Td (service ) Tj ET Q q 0 0 0 rg BT 434.09 371.10 Td (within ) Tj ET Q q 0 0 0 rg BT 461.84 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.48 371.10 Td (platform, ) Tj ET Q q 0 0 0 rg BT 507.61 371.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 545.91 371.10 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.00 359.10 Td (white-label ) Tj ET Q q 0 0 0 rg BT 111.32 359.10 Td (use ) Tj ET Q q 0 0 0 rg BT 126.99 359.10 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 137.67 359.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.21 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.05 359.10 Td (early ) Tj ET Q q 0 0 0 rg BT 190.38 359.10 Td (cash-out ) Tj ET Q q 0 0 0 rg BT 226.60 359.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 245.04 359.10 Td (if ) Tj ET Q q 0 0 0 rg BT 253.49 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.27 359.10 Td (creator ) Tj ET Q q 0 0 0 rg BT 290.36 359.10 Td (wishes ) Tj ET Q q 0 0 0 rg BT 319.93 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.05 359.10 Td (take ) Tj ET Q q 0 0 0 rg BT 349.04 359.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 386.92 359.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 415.91 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.91 359.10 Td (services ) Tj ET Q q 0 0 0 rg BT 464.46 359.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.24 359.10 Td (their ) Tj ET Q q 0 0 0 rg BT 506.90 359.10 Td (account ) Tj ET Q q 0 0 0 rg BT 540.34 359.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 347.10 Td (account ) Tj ET Q q 0 0 0 rg BT 97.92 347.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 130.75 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.72 347.10 Td (below ) Tj ET Q q 0 0 0 rg BT 166.46 347.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 195.97 347.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 237.16 347.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 270.00 347.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 313.41 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.15 347.10 Td (inactivity ) Tj ET Q q 0 0 0 rg BT 370.22 347.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 388.62 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.58 347.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 438.21 347.10 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 478.00 347.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 510.28 347.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 527.02 347.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.80 335.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 104.79 335.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 156.90 335.10 Td (when ) Tj ET Q q 0 0 0 rg BT 180.69 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.03 335.10 Td (service ) Tj ET Q q 0 0 0 rg BT 225.48 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.28 335.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 278.05 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.51 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 297.85 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.20 335.10 Td (time ) Tj ET Q q 0 0 0 rg BT 332.10 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 343.66 335.10 Td (account ) Tj ET Q q 0 0 0 rg BT 376.89 335.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 414.00 335.10 Td (dormant ) Tj ET Q q 0 0 0 rg BT 449.45 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.91 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.71 335.10 Td (cashed ) Tj ET Q q 0 0 0 rg BT 498.04 335.10 Td (out. ) Tj ET Q q 0 0 0 rg BT 515.45 335.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 547.56 335.10 Td (Fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.97 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.62 323.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 151.50 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 161.82 323.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 199.91 323.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 218.00 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.66 323.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 272.51 323.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 322.82 323.10 Td (over ) Tj ET Q q 0 0 0 rg BT 342.57 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.78 323.10 Td (term ) Tj ET Q q 0 0 0 rg BT 377.09 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.41 323.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 420.22 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.20 323.10 Td (Self-service ) Tj ET Q q 0 0 0 rg BT 471.95 323.10 Td (marketers ) Tj ET Q q 0 0 0 rg BT 513.36 323.10 Td (must ) Tj ET Q q 0 0 0 rg BT 534.80 323.10 Td (prepay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.49 311.10 Td (services ) Tj ET Q q 0 0 0 rg BT 99.52 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 112.35 311.10 Td (placing ) Tj ET Q q 0 0 0 rg BT 144.61 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.88 311.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 183.59 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.19 311.10 Td (their ) Tj ET Q q 0 0 0 rg BT 215.35 311.10 Td (account ) Tj ET Q q 0 0 0 rg BT 249.27 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 269.87 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.92 311.10 Td (Company) Tj ET Q q 0 0 0 rg BT 323.15 311.10 Td (. ) Tj ET Q q 0 0 0 rg BT 328.48 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.10 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.48 311.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 385.08 311.10 Td (are ) Tj ET Q q 0 0 0 rg BT 400.12 311.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 437.94 311.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 457.98 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.81 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.85 311.10 Td (marketer ) Tj ET Q q 0 0 0 rg BT 524.21 311.10 Td (via ) Tj ET Q q 0 0 0 rg BT 539.25 311.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (card. ) Tj ET Q q 0 0 0 rg BT 72.17 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.64 299.10 Td (Marketers ) Tj ET Q q 0 0 0 rg BT 117.65 299.10 Td (who ) Tj ET Q q 0 0 0 rg BT 137.33 299.10 Td (use ) Tj ET Q q 0 0 0 rg BT 153.13 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.82 299.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.17 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.42 299.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 252.98 299.10 Td (their ) Tj ET Q q 0 0 0 rg BT 273.77 299.10 Td (social ) Tj ET Q q 0 0 0 rg BT 299.56 299.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 346.46 299.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 391.69 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.49 299.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 433.85 299.10 Td (content ) Tj ET Q q 0 0 0 rg BT 465.75 299.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 500.98 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 520.67 299.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 550.34 299.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.41 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.94 287.10 Td (request ) Tj ET Q q 0 0 0 rg BT 129.02 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 154.98 287.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 182.90 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.10 287.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 228.19 287.10 Td (received ) Tj ET Q q 0 0 0 rg BT 265.25 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.78 287.10 Td (billings ) Tj ET Q q 0 0 0 rg BT 309.99 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.96 287.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 356.92 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.45 287.10 Td (services ) Tj ET Q q 0 0 0 rg BT 403.86 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.27 287.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.44 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.97 287.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 508.82 287.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 543.66 287.10 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.15 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 89.98 275.10 Td (described ) Tj ET Q q 0 0 0 rg BT 130.79 275.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (All ) Tj ET Q q 0 0 0 rg BT 65.72 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.00 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.16 251.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 139.68 251.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 174.27 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.89 251.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 225.69 251.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.75 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.91 251.10 Td (rendering ) Tj ET Q q 0 0 0 rg BT 316.17 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.44 251.10 Td (services ) Tj ET Q q 0 0 0 rg BT 362.59 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.98 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.59 251.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 436.40 251.10 Td (under ) Tj ET Q q 0 0 0 rg BT 462.11 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.27 251.10 Td (general ) Tj ET Q q 0 0 0 rg BT 509.64 251.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 553.69 251.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 72.59 239.10 Td (T) Tj ET Q q 0 0 0 rg BT 78.00 239.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 98.60 239.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 111.24 239.10 Td (A.1, ) Tj ET Q q 0 0 0 rg BT 131.85 239.10 Td (which ) Tj ET Q q 0 0 0 rg BT 159.67 239.10 Td (states ) Tj ET Q q 0 0 0 rg BT 185.27 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 203.65 239.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 238.68 239.10 Td (will ) Tj ET Q q 0 0 0 rg BT 257.62 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 270.44 239.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 317.69 239.10 Td (when ) Tj ET Q q 0 0 0 rg BT 342.73 239.10 Td (it ) Tj ET Q q 0 0 0 rg BT 351.67 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.72 239.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 396.75 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.46 239.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 450.70 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.53 239.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 501.05 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.19 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 239.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 90.90 227.10 Td (its ) Tj ET Q q 0 0 0 rg BT 103.48 227.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 138.26 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.73 227.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 190.06 227.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 224.84 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.30 227.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 278.29 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.87 227.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 325.64 227.10 Td (once ) Tj ET Q q 0 0 0 rg BT 347.66 227.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 360.23 227.10 Td (persuasive ) Tj ET Q q 0 0 0 rg BT 405.57 227.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 444.23 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.70 227.10 Td (an ) Tj ET Q q 0 0 0 rg BT 468.27 227.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 521.38 227.10 Td (exists, ) Tj ET Q q 0 0 0 rg BT 549.79 227.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.18 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 107.03 215.10 Td (been ) Tj ET Q q 0 0 0 rg BT 128.88 215.10 Td (rendered, ) Tj ET Q q 0 0 0 rg BT 169.33 215.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 187.30 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.49 215.10 Td (price ) Tj ET Q q 0 0 0 rg BT 225.45 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.20 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.39 215.10 Td (marketer ) Tj ET Q q 0 0 0 rg BT 289.90 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.20 215.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 340.83 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.47 215.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 373.99 215.10 Td (\(required ) Tj ET Q q 0 0 0 rg BT 413.61 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.37 215.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.78 215.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 456.97 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 467.16 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.57 215.10 Td (set ) Tj ET Q q 0 0 0 rg BT 488.65 215.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 521.62 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 539.59 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 549.23 215.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.15 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.74 203.10 Td (refund ) Tj ET Q q 0 0 0 rg BT 120.66 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.81 203.10 Td (adjustment\) ) Tj ET Q q 0 0 0 rg BT 181.84 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.10 203.10 Td (determinable, ) Tj ET Q q 0 0 0 rg BT 256.62 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.88 203.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 291.14 203.10 Td (collectibility ) Tj ET Q q 0 0 0 rg BT 344.50 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 353.99 203.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 400.12 203.10 Td (assured. ) Tj ET Q q 0 0 0 rg BT 435.43 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.05 203.10 Td (The ) Tj ET Q q 0 0 0 rg BT 456.42 203.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 498.12 203.10 Td (records ) Tj ET Q q 0 0 0 rg BT 530.37 203.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.98 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.18 191.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 99.28 191.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.25 191.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 159.88 191.10 Td (sinceit ) Tj ET Q q 0 0 0 rg BT 190.47 191.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 229.65 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.31 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.50 191.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 286.14 191.10 Td (obligor ) Tj ET Q q 0 0 0 rg BT 317.01 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.77 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.97 191.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 395.42 191.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 417.95 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 429.94 191.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 454.68 191.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 474.17 191.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 519.47 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.67 191.10 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 179.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 113.31 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.03 179.10 Td (service ) Tj ET Q q 0 0 0 rg BT 158.84 179.10 Td (specifications. ) Tj ET Q q 0 0 0 rg BT 218.82 179.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 153.53505859375002 m 125.8349609375 153.53505859375002 l s q 0 0 0 rg BT 50.00 155.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 102.50 155.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 99.91 143.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 122.61 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.51 143.10 Td (char) Tj ET Q q 0 0 0 rg BT 154.54 143.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 171.68 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.15 143.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.05 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.08 143.10 Td (they ) Tj ET Q q 0 0 0 rg BT 248.00 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.90 143.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 301.41 143.10 Td (including ) Tj ET Q q 0 0 0 rg BT 341.88 143.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 382.90 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.38 143.10 Td (content ) Tj ET Q q 0 0 0 rg BT 425.51 143.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 459.85 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.33 143.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 506.35 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.26 143.10 Td (Company) Tj ET Q q 0 0 0 rg BT 559.50 143.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 98.63 131.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 132.25 131.10 Td (char) Tj ET Q q 0 0 0 rg BT 149.28 131.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 165.13 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.32 131.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 217.39 131.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.46 131.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.09 131.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 272.16 131.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.61 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.02 131.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.32 131.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 385.81 131.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.81 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.23 131.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.08 131.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.08 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.49 131.10 Td (were ) Tj ET Q q 0 0 0 rg BT 465.33 131.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.51 131.10 Td ($455,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.63 119.10 Td ($558,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.13 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.81 119.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.47 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 164.16 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.65 119.10 Td (Advertising ) Tj ET Q q 0 0 0 rg BT 217.05 119.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.24 119.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.63 119.10 Td (included ) Tj ET Q q 0 0 0 rg BT 293.25 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.22 119.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 326.85 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.47 119.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 388.20 119.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 423.60 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.56 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.97 119.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.46 119.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 107.10 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 81.53505859375002 m 111.1767578125 81.53505859375002 l s q 0 0 0 rg BT 50.00 83.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 83.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.63 83.10 Td (Rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 71.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.33 71.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.33 71.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.21 71.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 185.20 71.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.98 71.10 Td (its ) Tj ET Q q 0 0 0 rg BT 212.54 71.10 Td (of) Tj ET Q q 0 0 0 rg BT 220.69 71.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 238.79 71.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 276.33 71.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 308.88 71.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 327.54 71.10 Td (abatements ) Tj ET Q q 0 0 0 rg BT 375.63 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.19 71.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 454.05 71.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 477.71 71.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 517.47 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.92 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.25 71.10 Td (base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 75.97 59.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 94.15 59.10 Td (during ) Tj ET Q q 0 0 0 rg BT 123.46 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.88 59.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 162.07 59.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 186.10 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.07 59.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.82 59.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.91 59.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.09 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 302.96 59.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 328.92 59.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 364.33 59.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.53 59.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.17 59.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 436.70 59.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 459.90 59.10 Td (over ) Tj ET Q q 0 0 0 rg BT 480.87 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.29 59.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 519.48 59.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 543.50 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.47 59.10 Td (The ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.18 731.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.90 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.40 731.10 Td (dif) Tj ET Q q 0 0 0 rg BT 148.33 731.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 180.03 731.10 Td (between ) Tj ET Q q 0 0 0 rg BT 215.64 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.15 731.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 280.76 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 315.25 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.98 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.49 731.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 372.65 731.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 408.83 731.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 428.33 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 453.39 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.90 731.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 490.18 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 500.80 731.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 536.39 731.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 554.23 731.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 719.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 125.53 719.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.57 719.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 211.60 719.10 Td (sheets.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 693.53505859375 m 108.0615234375 693.53505859375 l s q 0 0 0 rg BT 50.00 695.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.98 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.73 695.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.49 683.10 Td (has ) Tj ET Q q 0 0 0 rg BT 125.35 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.66 683.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 178.16 683.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 208.44 683.10 Td (income ) Tj ET Q q 0 0 0 rg BT 240.40 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.15 683.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 289.88 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 306.85 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.16 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.90 683.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 376.63 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.49 683.10 Td (net ) Tj ET Q q 0 0 0 rg BT 402.24 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 442.53 683.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 471.45 683.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 509.50 683.10 Td (income ) Tj ET Q q 0 0 0 rg BT 541.47 683.10 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.08 671.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 106.48 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.01 671.10 Td (using ) Tj ET Q q 0 0 0 rg BT 143.56 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.64 671.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 190.05 671.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 212.47 671.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 250.98 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 277.29 671.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 311.37 671.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 358.79 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.99 671.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 404.16 671.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 418.25 671.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 443.45 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.76 671.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 498.85 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.38 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.47 671.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.74 659.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 134.59 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.79 659.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 189.75 659.10 Td (dif) Tj ET Q q 0 0 0 rg BT 200.67 659.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 236.85 659.10 Td (between ) Tj ET Q q 0 0 0 rg BT 273.03 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.12 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.96 659.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 365.49 659.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 388.35 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.66 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 659.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 435.83 659.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 458.70 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.90 659.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.09 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.40 659.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 555.35 659.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.02 659.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.38 647.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 132.08 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.91 647.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 178.62 647.10 Td (when ) Tj ET Q q 0 0 0 rg BT 202.45 647.10 Td (it ) Tj ET Q q 0 0 0 rg BT 210.17 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.01 647.10 Td (more ) Tj ET Q q 0 0 0 rg BT 241.72 647.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 266.66 647.10 Td (than ) Tj ET Q q 0 0 0 rg BT 286.04 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.98 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 318.14 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.75 647.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 360.22 647.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 374.60 647.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 396.21 647.10 Td (will ) Tj ET Q q 0 0 0 rg BT 413.93 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 428.87 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 440.48 647.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 476.78 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.79 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 496.50 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 537.56 647.10 Td (incurs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 85.73 635.10 Td (state ) Tj ET Q q 0 0 0 rg BT 106.46 635.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 145.51 635.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.13 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.31 635.10 Td (two ) Tj ET Q q 0 0 0 rg BT 187.72 635.10 Td (states ) Tj ET Q q 0 0 0 rg BT 212.34 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.18 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 248.26 635.10 Td (included ) Tj ET Q q 0 0 0 rg BT 285.09 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.27 635.10 Td (general ) Tj ET Q q 0 0 0 rg BT 327.10 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.94 635.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 403.56 635.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.06 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.24 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.86 635.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.81 635.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 623.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.67 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.67 599.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 151.00 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.56 599.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 208.88 599.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 249.20 599.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.54 599.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 306.28 599.10 Td (if ) Tj ET Q q 0 0 0 rg BT 315.50 599.10 Td (any) Tj ET Q q 0 0 0 rg BT 329.29 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.91 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.47 599.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 398.34 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.68 599.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 444.01 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.46 599.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 495.78 599.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.12 599.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.35 599.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.61 587.10 Td (there ) Tj ET Q q 0 0 0 rg BT 100.77 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 110.62 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 118.23 587.10 Td (less ) Tj ET Q q 0 0 0 rg BT 136.41 587.10 Td (than ) Tj ET Q q 0 0 0 rg BT 156.80 587.10 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 243.28 587.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 290.34 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.84 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.24 587.10 Td (position ) Tj ET Q q 0 0 0 rg BT 352.64 587.10 Td (being ) Tj ET Q q 0 0 0 rg BT 378.03 587.10 Td (upheld ) Tj ET Q q 0 0 0 rg BT 408.42 587.10 Td (when ) Tj ET Q q 0 0 0 rg BT 433.26 587.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 473.08 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.25 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.65 587.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 537.02 587.10 Td (taxing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (authority) Tj ET Q q 0 0 0 rg BT 85.45 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.66 575.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 113.36 575.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 152.18 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 167.09 575.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 200.88 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.36 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 223.50 575.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 280.07 575.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.98 575.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 329.34 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.48 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.62 575.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 413.53 575.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 447.34 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.71 575.10 Td (established ) Tj ET Q q 0 0 0 rg BT 503.85 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.55 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.47 575.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 76.25 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.24 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 137.57 563.10 Td (has ) Tj ET Q q 0 0 0 rg BT 154.35 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 170.58 563.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 217.89 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.77 563.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 260.33 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.43 563.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 316.08 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.75 563.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 373.81 563.10 Td (If ) Tj ET Q q 0 0 0 rg BT 383.92 563.10 Td (there ) Tj ET Q q 0 0 0 rg BT 407.35 563.10 Td (were ) Tj ET Q q 0 0 0 rg BT 430.23 563.10 Td (an ) Tj ET Q q 0 0 0 rg BT 443.12 563.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 500.42 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 516.09 563.10 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 549.80 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.08 551.10 Td (would ) Tj ET Q q 0 0 0 rg BT 120.27 551.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 162.33 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 194.95 551.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 229.23 551.10 Td (related ) Tj ET Q q 0 0 0 rg BT 259.62 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.59 551.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 327.65 551.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.06 551.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 377.91 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.88 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 421.50 551.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 456.90 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.53 551.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 513.27 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.24 551.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 90.92 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.96 539.10 Td (Company) Tj ET Q q 0 0 0 rg BT 150.63 539.10 Td (s ) Tj ET Q q 0 0 0 rg BT 157.02 539.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 171.74 539.10 Td (years ) Tj ET Q q 0 0 0 rg BT 195.34 539.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 226.16 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.44 539.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 288.37 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.87 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 539.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 349.18 539.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 386.67 539.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 419.15 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.86 539.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 458.86 539.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 481.36 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.30 539.10 Td (2015.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 513.53505859375 m 191.6552734375 513.53505859375 l s q 0 0 0 rg BT 50.00 515.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.92 515.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 139.43 515.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 94.54 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.87 503.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 180.88 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.43 503.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 227.75 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.43 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.75 503.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 324.76 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 335.43 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 358.32 503.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 396.76 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.09 503.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 445.87 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 452.65 503.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 487.77 503.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.11 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.89 503.10 Td (one ) Tj ET Q q 0 0 0 rg BT 553.67 503.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (more ) Tj ET Q q 0 0 0 rg BT 74.14 491.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 121.06 491.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 151.86 491.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 175.72 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.75 491.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 229.83 491.10 Td (security ) Tj ET Q q 0 0 0 rg BT 265.08 491.10 Td (price ) Tj ET Q q 0 0 0 rg BT 288.66 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 300.58 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 324.72 491.10 Td (variable\), ) Tj ET Q q 0 0 0 rg BT 366.35 491.10 Td (require ) Tj ET Q q 0 0 0 rg BT 398.26 491.10 Td (no ) Tj ET Q q 0 0 0 rg BT 411.85 491.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 438.77 491.10 Td (net ) Tj ET Q q 0 0 0 rg BT 454.58 491.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.06 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.09 491.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 549.79 491.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 95.87 479.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 140.33 479.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.58 479.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 226.51 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 246.00 479.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.70 479.10 Td (free-standing ) Tj ET Q q 0 0 0 rg BT 312.73 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.32 479.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 366.68 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.73 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.54 479.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.79 479.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 488.22 479.10 Td (Further) Tj ET Q q 0 0 0 rg BT 517.26 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.03 479.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.06 467.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 137.80 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.08 467.10 Td (initially) Tj ET Q q 0 0 0 rg BT 183.54 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 189.12 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.63 467.10 Td (subsequently) Tj ET Q q 0 0 0 rg BT 258.20 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.77 467.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 305.17 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 315.46 467.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 332.41 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 357.14 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.66 467.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 412.71 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 424.12 467.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 464.41 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 475.82 467.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 504.50 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 467.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 86.67 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.01 455.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 141.68 455.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 190.03 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.49 455.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 246.14 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.23 455.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 286.37 455.10 Td (815, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 305.55 455.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 353.33 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.01 455.10 Td (Hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.45 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.14 455.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 435.04 455.10 Td (815\), ) Tj ET Q q 0 0 0 rg BT 462.00 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 488.12 455.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 522.01 455.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 97.23 443.10 Td (about ) Tj ET Q q 0 0 0 rg BT 122.23 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.24 443.10 Td (Company) Tj ET Q q 0 0 0 rg BT 178.91 443.10 Td (s ) Tj ET Q q 0 0 0 rg BT 185.59 443.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 228.92 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.15 443.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 286.70 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 301.15 443.10 Td (using ) Tj ET Q q 0 0 0 rg BT 325.61 443.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 368.38 443.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 420.33 443.10 Td (how ) Tj ET Q q 0 0 0 rg BT 440.34 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.35 443.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 498.12 443.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 547.58 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.71 431.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 109.10 431.10 Td (items ) Tj ET Q q 0 0 0 rg BT 132.28 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 146.00 431.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 188.05 431.10 Td (for) Tj ET Q q 0 0 0 rg BT 199.31 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 203.32 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.27 431.10 Td (how ) Tj ET Q q 0 0 0 rg BT 238.00 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.73 431.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 293.23 431.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 341.41 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.36 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 386.07 431.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 419.80 431.10 Td (items ) Tj ET Q q 0 0 0 rg BT 442.98 431.10 Td (af) Tj ET Q q 0 0 0 rg BT 450.57 431.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 467.06 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.79 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.29 431.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.61 419.10 Td (does ) Tj ET Q q 0 0 0 rg BT 132.03 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 147.90 419.10 Td (use ) Tj ET Q q 0 0 0 rg BT 164.32 419.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 207.39 419.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 257.15 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.01 419.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 294.98 419.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 338.06 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.93 419.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 369.79 419.10 Td (flow) Tj ET Q q 0 0 0 rg BT 387.47 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 393.06 419.10 Td (market ) Tj ET Q q 0 0 0 rg BT 423.91 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 435.33 419.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 467.30 419.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 505.36 419.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 525.73 419.10 Td (T) Tj ET Q q 0 0 0 rg BT 531.14 419.10 Td (erms ) Tj ET Q q 0 0 0 rg BT 553.67 419.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.92 407.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 125.51 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.65 407.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 178.22 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.92 407.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 229.83 407.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 263.96 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.22 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 288.92 407.10 Td (they ) Tj ET Q q 0 0 0 rg BT 308.07 407.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 339.43 407.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 382.45 407.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 424.35 407.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 472.94 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.87 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 504.00 407.10 Td (required ) Tj ET Q q 0 0 0 rg BT 539.24 407.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 71.95 395.10 Td (815 ) Tj ET Q q 0 0 0 rg BT 89.44 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.72 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 111.65 395.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 154.68 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 168.83 395.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 211.86 395.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.79 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.51 395.10 Td (host ) Tj ET Q q 0 0 0 rg BT 267.67 395.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 304.87 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.80 395.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 359.27 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.77 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.48 395.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 419.51 395.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 442.55 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.26 395.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.63 395.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 495.10 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 513.15 395.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.52 395.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.67 395.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.69 383.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 135.12 383.10 Td (if ) Tj ET Q q 0 0 0 rg BT 143.93 383.10 Td (any) Tj ET Q q 0 0 0 rg BT 157.72 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.93 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.31 383.10 Td (required ) Tj ET Q q 0 0 0 rg BT 208.33 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.82 383.10 Td (be ) Tj ET Q q 0 0 0 rg BT 230.97 383.10 Td (revalued ) Tj ET Q q 0 0 0 rg BT 268.10 383.10 Td (at ) Tj ET Q q 0 0 0 rg BT 278.03 383.10 Td (each ) Tj ET Q q 0 0 0 rg BT 299.05 383.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 338.42 383.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 360.28 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 380.77 383.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 440.68 383.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 475.60 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.09 383.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 502.67 383.10 Td (value ) Tj ET Q q 0 0 0 rg BT 527.04 383.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.18 371.10 Td (current ) Tj ET Q q 0 0 0 rg BT 90.90 371.10 Td (period ) Tj ET Q q 0 0 0 rg BT 118.84 371.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 159.01 371.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 190.02 371.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 227.42 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.07 371.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 258.92 371.10 Td (815, ) Tj ET Q q 0 0 0 rg BT 278.83 371.10 Td (an ) Tj ET Q q 0 0 0 rg BT 290.67 371.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 334.72 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.45 371.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 393.94 371.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 434.66 371.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 478.73 371.10 Td (is ) Tj ET Q q 0 0 0 rg BT 487.80 371.10 Td (made ) Tj ET Q q 0 0 0 rg BT 511.86 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.04 371.10 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.71 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.42 359.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.80 359.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.96 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.79 359.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 187.71 359.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 215.21 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.38 359.10 Td (required ) Tj ET Q q 0 0 0 rg BT 260.20 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.48 359.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.42 359.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 322.68 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.51 359.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.01 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.84 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 382.67 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 389.60 359.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 432.08 359.10 Td (liability) Tj ET Q q 0 0 0 rg BT 462.54 359.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 333.53505859375 m 202.607421875 333.53505859375 l s q 0 0 0 rg BT 50.00 335.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 335.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 335.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 97.05 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.88 335.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 150.38 335.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.59 323.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.25 323.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.19 323.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.21 323.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 200.91 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 215.16 323.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.18 323.10 Td (at ) Tj ET Q q 0 0 0 rg BT 261.44 323.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.35 323.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 303.55 323.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 321.70 323.10 Td (value ) Tj ET Q q 0 0 0 rg BT 345.40 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.11 323.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 386.13 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.50 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.76 323.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 450.56 323.10 Td (price ) Tj ET Q q 0 0 0 rg BT 472.58 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.62 323.10 Td (would ) Tj ET Q q 0 0 0 rg BT 516.66 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 528.14 323.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 311.10 Td (an ) Tj ET Q q 0 0 0 rg BT 76.51 311.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.66 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.69 311.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 129.62 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.10 311.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 173.35 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.49 311.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 214.31 311.10 Td (\(an ) Tj ET Q q 0 0 0 rg BT 229.78 311.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 247.48 311.10 Td (price\) ) Tj ET Q q 0 0 0 rg BT 273.50 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.99 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.91 311.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 337.16 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.20 311.10 Td (most ) Tj ET Q q 0 0 0 rg BT 370.35 311.10 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 427.48 311.10 Td (market ) Tj ET Q q 0 0 0 rg BT 457.95 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.32 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.24 311.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 509.39 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 520.42 311.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 554.24 311.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (an ) Tj ET Q q 0 0 0 rg BT 62.18 299.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 93.79 299.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 140.40 299.10 Td (between ) Tj ET Q q 0 0 0 rg BT 176.45 299.10 Td (market ) Tj ET Q q 0 0 0 rg BT 206.95 299.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 256.34 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 269.07 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.03 299.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 340.08 299.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.77 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 380.05 299.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 420.00 299.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 465.50 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.45 299.10 Td (based ) Tj ET Q q 0 0 0 rg BT 505.95 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.69 299.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 287.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 122.74 287.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 152.19 287.10 Td (Observable ) Tj ET Q q 0 0 0 rg BT 200.22 287.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 227.16 287.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 255.19 287.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 285.45 287.10 Td (obtainable ) Tj ET Q q 0 0 0 rg BT 329.59 287.10 Td (data ) Tj ET Q q 0 0 0 rg BT 348.75 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.68 287.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 422.05 287.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 457.03 287.10 Td (while ) Tj ET Q q 0 0 0 rg BT 481.74 287.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 537.55 287.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 78.03 275.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 107.73 275.10 Td (market ) Tj ET Q q 0 0 0 rg BT 138.00 275.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 192.45 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.77 275.10 Td (There ) Tj ET Q q 0 0 0 rg BT 220.58 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.29 275.10 Td (three ) Tj ET Q q 0 0 0 rg BT 257.77 275.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 283.60 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.43 275.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 321.38 275.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.87 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 358.59 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 370.53 275.10 Td (used ) Tj ET Q q 0 0 0 rg BT 391.36 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.64 275.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 437.45 275.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.83 275.10 Td (value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 251.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td (Level 1 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 251.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 251.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 251.10 Td (aluation based on quoted market prices in active markets for identical assets and liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 230.10 Td (Level 2 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 230.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 230.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 230.10 Td (aluation based on quoted market prices for similar assets and liabilities in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 209.10 Td (Level 3 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 118.76 209.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.08 209.10 Td (V) Tj ET Q q 0 0 0 rg BT 132.20 209.10 Td (aluation based on unobservable inputs that are supported by little or no market activity) Tj ET Q q 0 0 0 rg BT 477.85 209.10 Td (, therefore requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 197.10 Td (management) Tj ET Q q 0 0 0 rg BT 139.87 197.10 Td (s best estimate of what market participants would use as fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 70.99 176.10 Td (value ) Tj ET Q q 0 0 0 rg BT 97.53 176.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.63 176.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 182.84 176.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 212.71 176.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.80 176.10 Td (based ) Tj ET Q q 0 0 0 rg BT 257.45 176.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.34 176.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.42 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 347.07 176.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 401.40 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.72 176.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 461.15 176.10 Td (information ) Tj ET Q q 0 0 0 rg BT 513.25 176.10 Td (available ) Tj ET Q q 0 0 0 rg BT 554.22 176.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 107.07 164.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.30 164.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.34 164.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.71 164.10 Td (does ) Tj ET Q q 0 0 0 rg BT 193.52 164.10 Td (not ) Tj ET Q q 0 0 0 rg BT 209.78 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 232.14 164.10 Td (any ) Tj ET Q q 0 0 0 rg BT 250.07 164.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 276.31 164.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 284.80 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.61 164.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 305.09 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.56 164.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.37 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.19 164.10 Td (liabilities.) Tj ET Q q 0 0 0 rg BT 424.22 164.10 Td (The ) Tj ET Q q 0 0 0 rg BT 443.25 164.10 Td (Company) Tj ET Q q 0 0 0 rg BT 484.92 164.10 Td (s ) Tj ET Q q 0 0 0 rg BT 492.29 164.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 518.54 164.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 527.03 164.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.07 152.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 131.23 152.10 Td (at ) Tj ET Q q 0 0 0 rg BT 141.30 152.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 158.03 152.10 Td (value ) Tj ET Q q 0 0 0 rg BT 182.53 152.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 222.60 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.78 152.10 Td (its ) Tj ET Q q 0 0 0 rg BT 246.08 152.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 292.81 152.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 311.77 152.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 345.73 152.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 364.68 152.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 386.97 152.10 Td (2\) ) Tj ET Q q 0 0 0 rg BT 398.15 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.44 152.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.73 152.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 456.12 152.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 490.08 152.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 509.02 152.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 531.31 152.10 Td (6\) ) Tj ET Q q 0 0 0 rg BT 542.49 152.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.67 152.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 109.01 140.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.01 140.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.43 140.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.35 140.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 184.15 140.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 240.39 140.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 267.76 140.10 Td (used ) Tj ET Q q 0 0 0 rg BT 289.01 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.71 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.85 140.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.65 140.10 Td (value ) Tj ET Q q 0 0 0 rg BT 356.22 140.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 412.45 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.71 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.84 140.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 476.19 140.10 Td (include ) Tj ET Q q 0 0 0 rg BT 508.55 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 140.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (term ) Tj ET Q q 0 0 0 rg BT 71.38 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.87 128.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 143.57 128.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 176.06 128.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 200.49 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.54 128.10 Td (In ) Tj ET Q q 0 0 0 rg BT 214.92 128.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 262.41 128.10 Td (its ) Tj ET Q q 0 0 0 rg BT 274.91 128.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 300.72 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 318.77 128.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 367.38 128.10 Td (used ) Tj ET Q q 0 0 0 rg BT 388.76 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.59 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.86 128.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 431.79 128.10 Td (value ) Tj ET Q q 0 0 0 rg BT 456.50 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.88 128.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 507.86 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 128.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 96.13 116.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 131.72 116.10 Td (available ) Tj ET Q q 0 0 0 rg BT 170.63 116.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 193.45 116.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 215.14 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.40 116.10 Td (US ) Tj ET Q q 0 0 0 rg BT 247.79 116.10 Td (T) Tj ET Q q 0 0 0 rg BT 253.55 116.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 285.38 116.10 Td (Y) Tj ET Q q 0 0 0 rg BT 292.05 116.10 Td (ields. ) Tj ET Q q 0 0 0 rg BT 316.25 116.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.07 116.10 Td (However) Tj ET Q q 0 0 0 rg BT 355.32 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 360.64 116.10 Td (since ) Tj ET Q q 0 0 0 rg BT 384.00 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.04 116.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.74 116.10 Td (does ) Tj ET Q q 0 0 0 rg BT 461.89 116.10 Td (not ) Tj ET Q q 0 0 0 rg BT 477.48 116.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.18 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 506.43 116.10 Td (formal ) Tj ET Q q 0 0 0 rg BT 535.91 116.10 Td (credit-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (standing, ) Tj ET Q q 0 0 0 rg BT 88.96 104.10 Td (management ) Tj ET Q q 0 0 0 rg BT 142.62 104.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 183.51 104.10 Td (its ) Tj ET Q q 0 0 0 rg BT 195.53 104.10 Td (standing ) Tj ET Q q 0 0 0 rg BT 231.99 104.10 Td (among ) Tj ET Q q 0 0 0 rg BT 261.78 104.10 Td (various ) Tj ET Q q 0 0 0 rg BT 293.79 104.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 329.68 104.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 355.58 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 104.10 Td (grades ) Tj ET Q q 0 0 0 rg BT 401.26 104.10 Td (for ) Tj ET Q q 0 0 0 rg BT 415.49 104.10 Td (use ) Tj ET Q q 0 0 0 rg BT 431.39 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.74 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.53 104.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 486.60 104.10 Td (During ) Tj ET Q q 0 0 0 rg BT 517.50 104.10 Td (all ) Tj ET Q q 0 0 0 rg BT 530.07 104.10 Td (periods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.65 92.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 144.53 92.10 Td (that ) Tj ET Q q 0 0 0 rg BT 162.08 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.86 92.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 224.00 92.10 Td (standing ) Tj ET Q q 0 0 0 rg BT 260.45 92.10 Td (was ) Tj ET Q q 0 0 0 rg BT 278.56 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.90 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 92.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 351.22 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.55 92.10 Td (high-risk ) Tj ET Q q 0 0 0 rg BT 400.22 92.10 Td (grades ) Tj ET Q q 0 0 0 rg BT 428.88 92.10 Td (\(BB- ) Tj ET Q q 0 0 0 rg BT 451.44 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.78 92.10 Td (CCC ) Tj ET Q q 0 0 0 rg BT 484.35 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.69 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.46 92.10 Td (Standard ) Tj ET Q q 0 0 0 rg BT 547.57 92.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (Poor's ) Tj ET Q q 0 0 0 rg BT 77.15 80.10 Td (Rating\). ) Tj ET Q q 0 0 0 rg BT 112.21 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.78 80.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.23 80.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 200.44 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 211.34 80.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 252.21 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.56 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.34 80.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 318.23 80.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 361.34 80.10 Td (period ) Tj ET Q q 0 0 0 rg BT 389.46 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.80 80.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 435.12 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.02 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.80 80.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 515.03 80.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.03 80.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 68.10 Td (result ) Tj ET Q q 0 0 0 rg BT 99.43 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.71 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.65 68.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 169.14 68.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 194.41 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.24 68.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 233.29 68.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.66 68.10 Td (value ) Tj ET Q q 0 0 0 rg BT 273.82 68.10 Td (measurement. ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.39 731.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 111.77 731.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 147.93 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 172.44 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.61 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 213.66 731.10 Td (on-balance-sheet ) Tj ET Q q 0 0 0 rg BT 284.25 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.08 731.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 371.59 731.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 429.41 731.10 Td (their ) Tj ET Q q 0 0 0 rg BT 450.59 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.31 731.10 Td (values ) Tj ET Q q 0 0 0 rg BT 495.70 731.10 Td (due ) Tj ET Q q 0 0 0 rg BT 512.99 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.61 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.68 731.10 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (term ) Tj ET Q q 0 0 0 rg BT 71.28 719.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 99.22 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.51 719.10 Td (these ) Tj ET Q q 0 0 0 rg BT 134.01 719.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 185.92 719.10 Td (These ) Tj ET Q q 0 0 0 rg BT 212.75 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.69 719.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 300.31 719.10 Td (include ) Tj ET Q q 0 0 0 rg BT 332.70 719.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.43 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.82 719.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 391.55 719.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 442.55 719.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 480.49 719.10 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 527.02 719.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 87.32 707.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 127.70 707.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 163.08 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.25 707.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 216.06 707.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 258.39 707.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 289.34 707.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 331.95 707.10 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 375.40 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.34 707.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.95 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.34 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.40 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.34 707.10 Td (Company) Tj ET Q q 0 0 0 rg BT 504.01 707.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.63 707.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 542.01 707.10 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.94 695.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 149.42 695.10 Td (their ) Tj ET Q q 0 0 0 rg BT 170.25 695.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 206.06 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 230.22 695.10 Td (based ) Tj ET Q q 0 0 0 rg BT 255.49 695.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 277.99 695.10 Td (current ) Tj ET Q q 0 0 0 rg BT 308.80 695.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 330.18 695.10 Td (available ) Tj ET Q q 0 0 0 rg BT 368.77 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.05 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.76 695.10 Td (Company) Tj ET Q q 0 0 0 rg BT 432.00 695.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 669.53505859375 m 166.9580078125 669.53505859375 l s q 0 0 0 rg BT 50.00 671.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 105.28 671.10 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 100.83 659.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 158.32 659.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 176.38 659.10 Td (related ) Tj ET Q q 0 0 0 rg BT 205.53 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.26 659.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 238.31 659.10 Td (options ) Tj ET Q q 0 0 0 rg BT 269.71 659.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 301.65 659.10 Td (under ) Tj ET Q q 0 0 0 rg BT 326.37 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.53 659.10 Td (201) Tj ET Q q 0 0 0 rg BT 355.16 659.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 362.11 659.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 390.73 659.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 429.88 659.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 449.61 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.99 659.10 Td (201) Tj ET Q q 0 0 0 rg BT 480.62 659.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 487.57 659.10 Td (B ) Tj ET Q q 0 0 0 rg BT 496.19 659.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 524.81 659.10 Td (Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.00 647.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 105.70 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.42 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.87 647.10 Td ("201) Tj ET Q q 0 0 0 rg BT 143.58 647.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 150.80 647.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 179.69 647.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 219.12 647.10 Td (Plans"\) ) Tj ET Q q 0 0 0 rg BT 250.43 647.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 268.75 647.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 290.42 647.10 Td (8\) ) Tj ET Q q 0 0 0 rg BT 300.97 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.87 647.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 350.41 647.10 Td (at ) Tj ET Q q 0 0 0 rg BT 359.85 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.29 647.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 397.07 647.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 418.45 647.10 Td (based ) Tj ET Q q 0 0 0 rg BT 443.44 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 455.67 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.11 647.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.21 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.09 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.65 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.09 647.10 Td (award, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.71 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 75.65 635.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 121.79 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.39 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.10 635.10 Td (straight-lined ) Tj ET Q q 0 0 0 rg BT 194.70 635.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 229.18 635.10 Td (over ) Tj ET Q q 0 0 0 rg BT 249.22 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.71 635.10 Td (employee) Tj ET Q q 0 0 0 rg BT 305.36 635.10 Td (s ) Tj ET Q q 0 0 0 rg BT 311.52 635.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 348.23 635.10 Td (service ) Tj ET Q q 0 0 0 rg BT 378.82 635.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 409.14 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.25 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 429.07 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 470.23 635.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 509.71 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.20 635.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.35 635.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.52 623.10 Td (each ) Tj ET Q q 0 0 0 rg BT 81.03 623.10 Td (option ) Tj ET Q q 0 0 0 rg BT 108.78 623.10 Td (award ) Tj ET Q q 0 0 0 rg BT 135.40 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 147.59 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.00 623.10 Td (date ) Tj ET Q q 0 0 0 rg BT 180.84 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.36 623.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 214.10 623.10 Td (using ) Tj ET Q q 0 0 0 rg BT 237.96 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.59 623.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 304.55 623.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 363.95 623.10 Td (model ) Tj ET Q q 0 0 0 rg BT 391.14 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 408.33 623.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 427.74 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.15 623.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 493.79 623.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 518.19 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.16 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.57 623.10 Td (table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.72 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.98 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 98.96 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.28 611.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 179.93 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.58 611.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.89 611.10 Td (value ) Tj ET Q q 0 0 0 rg BT 234.98 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.74 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 257.63 611.10 Td (common ) Tj ET Q q 0 0 0 rg BT 295.06 611.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 318.60 611.10 Td (using ) Tj ET Q q 0 0 0 rg BT 342.70 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.35 611.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 388.67 611.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 412.22 611.10 Td (price ) Tj ET Q q 0 0 0 rg BT 434.64 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.40 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 457.28 611.10 Td (common ) Tj ET Q q 0 0 0 rg BT 494.71 611.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.25 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 530.69 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.34 611.10 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.42 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 599.10 Td (option ) Tj ET Q q 0 0 0 rg BT 105.36 599.10 Td (award. ) Tj ET Q q 0 0 0 rg BT 135.37 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.23 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.87 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.84 599.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 239.13 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.44 599.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 293.63 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.04 599.10 Td (its ) Tj ET Q q 0 0 0 rg BT 317.58 599.10 Td (common ) Tj ET Q q 0 0 0 rg BT 355.66 599.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 379.85 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.15 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.45 599.10 Td (date ) Tj ET Q q 0 0 0 rg BT 425.19 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.61 599.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 460.24 599.10 Td (based ) Tj ET Q q 0 0 0 rg BT 486.10 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.18 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.48 599.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 553.68 599.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 99.35 587.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 119.27 587.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 164.74 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 182.45 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.36 587.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 232.85 587.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 260.54 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.69 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 299.28 587.10 Td (had ) Tj ET Q q 0 0 0 rg BT 316.43 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.57 587.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 351.83 587.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 382.87 587.10 Td (history ) Tj ET Q q 0 0 0 rg BT 413.35 587.10 Td (than ) Tj ET Q q 0 0 0 rg BT 433.28 587.10 Td (itself. ) Tj ET Q q 0 0 0 rg BT 458.29 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 476.55 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.14 587.10 Td (determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.69 575.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 100.69 575.10 Td (life ) Tj ET Q q 0 0 0 rg BT 115.48 575.10 Td (based ) Tj ET Q q 0 0 0 rg BT 139.72 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 151.19 575.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 189.87 575.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 234.64 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.88 575.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 283.13 575.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 315.42 575.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 342.44 575.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 397.78 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.03 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.71 575.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 466.60 575.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 492.79 575.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 523.14 575.10 Td (schedules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.37 563.10 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 117.19 563.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 163.12 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 180.60 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 221.42 563.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 240.57 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.71 563.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 290.51 563.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 321.88 563.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 338.79 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.72 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.87 563.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 397.35 563.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 419.28 563.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 457.30 563.10 Td (available ) Tj ET Q q 0 0 0 rg BT 495.32 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.25 563.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 526.82 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 532.58 563.10 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 76.05 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 95.99 551.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.58 551.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 151.39 551.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 194.09 551.10 Td (term ) Tj ET Q q 0 0 0 rg BT 214.58 551.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 274.49 551.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 298.31 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.24 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.62 551.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 360.31 551.10 Td (life ) Tj ET Q q 0 0 0 rg BT 375.79 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.28 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.65 551.10 Td (award. ) Tj ET Q q 0 0 0 rg BT 429.59 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 447.29 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 488.34 551.10 Td (has ) Tj ET Q q 0 0 0 rg BT 503.82 551.10 Td (never ) Tj ET Q q 0 0 0 rg BT 528.19 551.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 547.56 551.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.31 539.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 111.75 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 124.29 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 136.29 539.10 Td (common ) Tj ET Q q 0 0 0 rg BT 173.83 539.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 197.49 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.47 539.10 Td (does ) Tj ET Q q 0 0 0 rg BT 235.35 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 250.67 539.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 292.08 539.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 321.85 539.10 Td (any ) Tj ET Q q 0 0 0 rg BT 338.83 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.15 539.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 400.58 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.91 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.67 539.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 473.74 539.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 502.66 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.02 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 539.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (used ) Tj ET Q q 0 0 0 rg BT 72.07 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.03 527.10 Td (following ) Tj ET Q q 0 0 0 rg BT 130.65 527.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 183.84 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.24 527.10 Td (options ) Tj ET Q q 0 0 0 rg BT 232.43 527.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 266.15 527.10 Td (under ) Tj ET Q q 0 0 0 rg BT 292.66 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.61 527.10 Td (201) Tj ET Q q 0 0 0 rg BT 323.24 527.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 331.98 527.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 362.39 527.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 403.33 527.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 428.74 527.10 Td (during ) Tj ET Q q 0 0 0 rg BT 458.58 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.54 527.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 504.94 527.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.38 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 515.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.08 515.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 515.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 515.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 374.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 467.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 467.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 467.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 467.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.60 374.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 443.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 443.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 443.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 443.60 65.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 492.6 m 493.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 492.6 m 497.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 492.6 m 562.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 467.6 m 424.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 467.6 m 493.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 467.6 m 562.5 467.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 495.22 Td (Twelve Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 472.28 Td (2011 Equity Incentive Plans Assumptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.45 482.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 472.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 483.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 473.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.22 Td (Expected term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.20 458.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.20 458.22 Td (6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.22 Td (Weighted average volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.05 446.22 Td (47.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.05 446.22 Td (55.47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.22 Td (Weighted average risk free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.55 434.22 Td (1.58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.55 434.22 Td (1.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.22 Td (Expected dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.50 422.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 422.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.04 396.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 396.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.14 396.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 193.28 396.10 Td (when ) Tj ET Q q 0 0 0 rg BT 217.43 396.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 267.13 396.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 325.17 396.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 359.88 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.81 396.10 Td (this ) Tj ET Q q 0 0 0 rg BT 393.75 396.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 429.57 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.40 396.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 484.54 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.71 396.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 529.53 396.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 396.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 85.98 384.10 Td (service ) Tj ET Q q 0 0 0 rg BT 115.85 384.10 Td (period ) Tj ET Q q 0 0 0 rg BT 142.94 384.10 Td (based ) Tj ET Q q 0 0 0 rg BT 167.26 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.81 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 384.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 218.56 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.89 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 253.88 384.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 279.30 384.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 322.49 384.10 Td (dif) Tj ET Q q 0 0 0 rg BT 333.42 384.10 Td (fer) Tj ET Q q 0 0 0 rg BT 344.12 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.17 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 358.05 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.80 384.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 408.88 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.21 384.10 Td (dif) Tj ET Q q 0 0 0 rg BT 429.14 384.10 Td (fer) Tj ET Q q 0 0 0 rg BT 439.84 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.89 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.88 384.10 Td (such ) Tj ET Q q 0 0 0 rg BT 484.75 384.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 526.02 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.56 384.10 Td (Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.59 372.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 101.72 372.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 146.17 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 161.19 372.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 207.86 372.10 Td (through ) Tj ET Q q 0 0 0 rg BT 241.78 372.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.02 372.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 296.26 372.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 333.49 372.10 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 382.69 372.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.93 372.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.41 372.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 466.08 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.67 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.70 372.10 Td (period ) Tj ET Q q 0 0 0 rg BT 520.05 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.19 372.10 Td (change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.72 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.44 360.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 104.59 360.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 136.87 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.48 360.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 199.74 360.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 257.56 360.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 292.04 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.10 360.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.82 360.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 359.96 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.02 360.10 Td (future ) Tj ET Q q 0 0 0 rg BT 396.17 360.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 429.89 360.10 Td (A) Tj ET Q q 0 0 0 rg BT 436.37 360.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 465.29 360.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 503.10 360.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 543.14 360.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 348.10 Td (9.52%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.76 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.26 348.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.20 348.10 Td (8.32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.03 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.53 348.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.14 348.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.85 348.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 218.01 348.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.46 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.96 348.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.33 348.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 334.92 348.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.92 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.42 348.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 348.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.36 348.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.36 348.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 447.02 348.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.02 348.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 322.53505859375 m 212.7734375 322.53505859375 l s q 0 0 0 rg BT 50.00 324.10 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 115.83 324.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 171.11 324.10 Td (Payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 312.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 115.78 312.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 162.48 312.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 190.31 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.80 312.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.62 312.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.11 312.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 309.94 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.55 312.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 368.37 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.64 312.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 420.13 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.74 312.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 471.32 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.81 312.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 512.53 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.80 312.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 82.13 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.48 300.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 140.29 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.28 300.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 171.86 300.10 Td (505, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 191.50 300.10 Td (Equity-Based ) Tj ET Q q 0 0 0 rg BT 253.06 300.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 294.07 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.98 300.10 Td (Non-Employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.36 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.49 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.47 300.10 Td (The ) Tj ET Q q 0 0 0 rg BT 397.15 300.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 452.59 300.10 Td (date ) Tj ET Q q 0 0 0 rg BT 471.38 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.18 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 300.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 515.54 300.10 Td (value ) Tj ET Q q 0 0 0 rg BT 539.32 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 300.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.45 288.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 126.58 288.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 154.04 288.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.16 288.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 210.60 288.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.28 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.95 288.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 262.94 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.73 288.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 285.63 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.31 288.10 Td (date ) Tj ET Q q 0 0 0 rg BT 319.42 288.10 Td (at ) Tj ET Q q 0 0 0 rg BT 329.09 288.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.99 288.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.89 288.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.89 288.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.01 288.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 482.99 288.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.45 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.13 288.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 553.69 288.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (vendor ) Tj ET Q q 0 0 0 rg BT 79.82 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.54 276.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 121.67 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.05 276.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 146.32 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 276.10 Td (date ) Tj ET Q q 0 0 0 rg BT 179.29 276.10 Td (at ) Tj ET Q q 0 0 0 rg BT 188.56 276.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.04 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.31 276.10 Td (consultant ) Tj ET Q q 0 0 0 rg BT 272.46 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.84 276.10 Td (vendor's ) Tj ET Q q 0 0 0 rg BT 318.36 276.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 370.93 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 379.65 276.10 Td (complete. ) Tj ET Q q 0 0 0 rg BT 420.70 276.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.30 276.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.22 276.10 Td (value ) Tj ET Q q 0 0 0 rg BT 477.93 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.31 276.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 515.35 276.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.86 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.50 264.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 136.35 264.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.20 264.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 173.17 264.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 226.02 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.54 264.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 275.61 264.10 Td (when ) Tj ET Q q 0 0 0 rg BT 300.13 264.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 330.28 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.69 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.42 264.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.94 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.13 264.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 428.98 264.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 478.50 264.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 506.36 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.00 264.10 Td (consultants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.75 252.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.39 252.10 Td (future ) Tj ET Q q 0 0 0 rg BT 113.03 252.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 143.67 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.87 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.84 252.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.92 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.46 252.10 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 252.97 252.10 Td (if ) Tj ET Q q 0 0 0 rg BT 260.84 252.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.12 252.10 Td (does ) Tj ET Q q 0 0 0 rg BT 333.21 252.10 Td (not ) Tj ET Q q 0 0 0 rg BT 347.75 252.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 371.71 252.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.14 252.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 425.77 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.85 252.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 469.82 252.10 Td (over ) Tj ET Q q 0 0 0 rg BT 489.35 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 252.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 533.97 252.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 564.52 252.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.24 240.10 Td (values ) Tj ET Q q 0 0 0 rg BT 95.93 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.72 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.07 240.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 161.76 240.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 192.78 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.24 240.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 230.38 240.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 279.18 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.52 240.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.98 240.10 Td (each ) Tj ET Q q 0 0 0 rg BT 349.43 240.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 388.22 240.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 418.40 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.39 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 438.07 240.10 Td (change ) Tj ET Q q 0 0 0 rg BT 468.52 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.43 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 494.44 240.10 Td (value ) Tj ET Q q 0 0 0 rg BT 518.23 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.04 240.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.87 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.17 228.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 137.57 228.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.20 228.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 236.50 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.92 228.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 295.16 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.25 228.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 350.22 228.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 391.63 228.10 Td (related ) Tj ET Q q 0 0 0 rg BT 421.92 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.79 228.10 Td (non-employees ) Tj ET Q q 0 0 0 rg BT 496.97 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 506.73 228.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.35 228.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.27 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.77 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.49 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 118.86 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 143.02 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.85 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.56 216.10 Td (related ) Tj ET Q q 0 0 0 rg BT 198.27 216.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 221.88 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.71 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.42 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 263.80 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 287.95 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.78 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.50 216.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 350.71 216.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 394.85 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 404.02 216.10 Td (more ) Tj ET Q q 0 0 0 rg BT 427.07 216.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 457.33 216.10 Td (determinable.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 190.53505859375002 m 141.3818359375 190.53505859375002 l s q 0 0 0 rg BT 50.00 192.10 Td (Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 180.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.67 180.10 Td (does ) Tj ET Q q 0 0 0 rg BT 132.11 180.10 Td (not ) Tj ET Q q 0 0 0 rg BT 148.01 180.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 182.23 180.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 218.10 180.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.98 180.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 299.31 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 314.09 180.10 Td (management ) Tj ET Q q 0 0 0 rg BT 368.30 180.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.07 180.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 449.24 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.13 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.79 180.10 Td (results ) Tj ET Q q 0 0 0 rg BT 500.02 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.46 180.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.86 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.58 168.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 146.08 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.58 168.10 Td (which ) Tj ET Q q 0 0 0 rg BT 185.52 168.10 Td (management ) Tj ET Q q 0 0 0 rg BT 239.11 168.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 278.81 168.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.96 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.90 168.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 367.95 168.10 Td (business ) Tj ET Q q 0 0 0 rg BT 404.34 168.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 446.56 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.06 168.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 142.53505859375002 m 120.5419921875 142.53505859375002 l s q 0 0 0 rg BT 50.00 144.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.05 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.88 144.10 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.10 132.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 114.19 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.07 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.61 132.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.37 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.71 132.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.69 132.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.03 132.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.45 132.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.44 132.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.20 132.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.72 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.05 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.82 132.10 Td (United ) Tj ET Q q 0 0 0 rg BT 492.60 132.10 Td (States ) Tj ET Q q 0 0 0 rg BT 518.04 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.58 132.10 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.73 120.10 Td (management ) Tj ET Q q 0 0 0 rg BT 138.34 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.64 120.10 Td (make ) Tj ET Q q 0 0 0 rg BT 172.82 120.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 212.56 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.52 120.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 281.49 120.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.01 120.10 Td (af) Tj ET Q q 0 0 0 rg BT 306.60 120.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 324.11 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.85 120.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 374.69 120.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.10 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.95 120.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.80 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.77 120.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 504.51 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.47 120.10 Td (disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.24 108.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 104.37 108.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.61 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.97 108.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.10 108.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.23 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.36 108.10 Td (date ) Tj ET Q q 0 0 0 rg BT 226.93 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.30 108.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.20 108.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.32 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.68 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.81 108.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 398.04 108.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 433.84 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.08 108.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 481.53 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.89 108.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 535.90 108.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 96.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 103.87 96.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 133.87 96.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 163.02 96.10 Td (results ) Tj ET Q q 0 0 0 rg BT 191.63 96.10 Td (could ) Tj ET Q q 0 0 0 rg BT 216.35 96.10 Td (dif) Tj ET Q q 0 0 0 rg BT 227.28 96.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.87 96.10 Td (from ) Tj ET Q q 0 0 0 rg BT 262.81 96.10 Td (those ) Tj ET Q q 0 0 0 rg BT 286.42 96.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 70.53505859375002 m 204.248046875 70.53505859375002 l s q 0 0 0 rg BT 50.00 72.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 72.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 72.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.61 60.10 Td (June ) Tj ET Q q 0 0 0 rg BT 81.22 60.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 106.00 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.49 60.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 159.48 60.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 208.42 60.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 250.13 60.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 276.85 60.10 Td (\("F) Tj ET Q q 0 0 0 rg BT 289.08 60.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 318.23 60.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 345.51 60.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 383.88 60.10 Td (that ) Tj ET Q q 0 0 0 rg BT 401.15 60.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 431.76 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.82 60.10 Td (all ) Tj ET Q q 0 0 0 rg BT 454.09 60.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 493.03 60.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 524.19 60.10 Td (that ) Tj ET Q q 0 0 0 rg BT 541.46 60.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.33 48.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 115.10 48.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 164.31 48.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 204.64 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.42 48.10 Td (which ) Tj ET Q q 0 0 0 rg BT 240.87 48.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.09 48.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 279.32 48.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.65 48.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.88 48.10 Td (award ) Tj ET Q q 0 0 0 rg BT 330.31 48.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 362.87 48.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.87 48.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.31 48.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 438.84 48.10 Td (tar) Tj ET Q q 0 0 0 rg BT 449.21 48.10 Td (get ) Tj ET Q q 0 0 0 rg BT 463.43 48.10 Td (that ) Tj ET Q q 0 0 0 rg BT 480.43 48.10 Td (af) Tj ET Q q 0 0 0 rg BT 488.02 48.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 508.91 48.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 539.80 48.10 Td (could ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.71 731.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 99.51 731.10 Td (after ) Tj ET Q q 0 0 0 rg BT 120.09 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 731.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 171.28 731.10 Td (service ) Tj ET Q q 0 0 0 rg BT 201.87 731.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 232.19 731.10 Td (It ) Tj ET Q q 0 0 0 rg BT 240.56 731.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 275.04 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 292.30 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.01 731.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 351.80 731.10 Td (tar) Tj ET Q q 0 0 0 rg BT 362.17 731.10 Td (get ) Tj ET Q q 0 0 0 rg BT 376.66 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 393.92 731.10 Td (af) Tj ET Q q 0 0 0 rg BT 401.51 731.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 422.66 731.10 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 456.31 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.02 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 490.29 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 514.77 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 526.48 731.10 Td (achieved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (after ) Tj ET Q q 0 0 0 rg BT 70.27 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.45 719.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 120.84 719.10 Td (service ) Tj ET Q q 0 0 0 rg BT 151.12 719.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 181.13 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.52 719.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 221.69 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.97 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.37 719.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 290.85 719.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 330.59 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.99 719.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 378.94 719.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 412.57 719.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 458.40 719.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 496.45 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.07 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.25 719.10 Td (treatment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.01 707.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 114.22 707.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 160.87 707.10 Td (This ) Tj ET Q q 0 0 0 rg BT 181.33 707.10 Td (update ) Tj ET Q q 0 0 0 rg BT 210.67 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 228.91 707.10 Td (ef) Tj ET Q q 0 0 0 rg BT 236.50 707.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 266.38 707.10 Td (January ) Tj ET Q q 0 0 0 rg BT 300.16 707.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 310.35 707.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 333.03 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.15 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.05 707.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 402.73 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.74 707.10 Td (this ) Tj ET Q q 0 0 0 rg BT 430.87 707.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 469.65 707.10 Td (did ) Tj ET Q q 0 0 0 rg BT 485.11 707.10 Td (not ) Tj ET Q q 0 0 0 rg BT 500.57 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 522.13 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.25 707.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.71 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.21 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 695.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 154.01 695.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 191.49 695.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.63 671.10 Td (August ) Tj ET Q q 0 0 0 rg BT 92.48 671.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 117.94 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.11 671.10 Td (F) Tj ET Q q 0 0 0 rg BT 137.93 671.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 160.34 671.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.30 671.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.35 671.10 Td (about ) Tj ET Q q 0 0 0 rg BT 252.52 671.10 Td (disclosing ) Tj ET Q q 0 0 0 rg BT 296.03 671.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.43 671.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 339.85 671.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 368.36 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.10 671.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 416.49 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 427.77 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.17 671.10 Td (going ) Tj ET Q q 0 0 0 rg BT 460.90 671.10 Td (concern. ) Tj ET Q q 0 0 0 rg BT 497.79 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 516.29 671.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 555.34 671.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 86.80 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.94 659.10 Td (define ) Tj ET Q q 0 0 0 rg BT 124.29 659.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 183.44 659.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 240.25 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.39 659.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 286.06 659.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 320.64 659.10 Td (there ) Tj ET Q q 0 0 0 rg BT 342.99 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 352.02 659.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 397.16 659.10 Td (doubt ) Tj ET Q q 0 0 0 rg BT 422.30 659.10 Td (about ) Tj ET Q q 0 0 0 rg BT 446.88 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 458.69 659.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 489.52 659.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 517.44 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.58 659.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.65 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.41 647.10 Td (going ) Tj ET Q q 0 0 0 rg BT 92.51 647.10 Td (concern ) Tj ET Q q 0 0 0 rg BT 126.48 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.23 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.33 647.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 186.20 647.10 Td (related ) Tj ET Q q 0 0 0 rg BT 215.72 647.10 Td (footnote ) Tj ET Q q 0 0 0 rg BT 251.37 647.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 300.46 647.10 Td (This ) Tj ET Q q 0 0 0 rg BT 320.56 647.10 Td (update ) Tj ET Q q 0 0 0 rg BT 349.54 647.10 Td (was ) Tj ET Q q 0 0 0 rg BT 367.41 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 375.00 647.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 404.52 647.10 Td (December ) Tj ET Q q 0 0 0 rg BT 447.93 647.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 462.75 647.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 485.07 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.83 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.36 647.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 553.68 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.95 635.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 105.54 635.10 Td (did ) Tj ET Q q 0 0 0 rg BT 120.82 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 136.10 635.10 Td (have ) Tj ET Q q 0 0 0 rg BT 157.48 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.41 635.10 Td (material ) Tj ET Q q 0 0 0 rg BT 199.67 635.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 229.38 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.88 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.60 635.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 303.68 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.16 635.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.71 611.10 Td (September ) Tj ET Q q 0 0 0 rg BT 105.84 611.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 130.72 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.31 611.10 Td (F) Tj ET Q q 0 0 0 rg BT 150.13 611.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 171.96 611.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 199.34 611.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 237.81 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.96 611.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 283.67 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.26 611.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 344.51 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.54 611.10 Td (measurement-period ) Tj ET Q q 0 0 0 rg BT 443.11 611.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 493.26 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 507.29 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 519.11 611.10 Td (acquirer ) Tj ET Q q 0 0 0 rg BT 554.24 611.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 58.29 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 96.03 599.10 Td (combination. ) Tj ET Q q 0 0 0 rg BT 152.10 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 171.49 599.10 Td (update ) Tj ET Q q 0 0 0 rg BT 202.00 599.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 238.06 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 251.35 599.10 Td (acquirer ) Tj ET Q q 0 0 0 rg BT 287.95 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.58 599.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 342.29 599.10 Td (any ) Tj ET Q q 0 0 0 rg BT 360.58 599.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 412.21 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.84 599.10 Td (provisional ) Tj ET Q q 0 0 0 rg BT 472.68 599.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 510.42 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.60 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.67 599.10 Td (initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 95.38 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.54 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.49 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 149.89 587.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 201.38 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 220.67 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.61 587.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 285.33 587.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 330.72 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.00 587.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 377.06 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.35 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.07 587.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 438.23 587.10 Td (period ) Tj ET Q q 0 0 0 rg BT 465.29 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.57 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 500.52 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.24 587.10 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.02 575.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 110.81 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.40 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.42 575.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 189.55 575.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 219.40 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.54 575.10 Td (opposed ) Tj ET Q q 0 0 0 rg BT 264.68 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.27 575.10 Td (revising ) Tj ET Q q 0 0 0 rg BT 308.30 575.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 329.55 575.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 360.80 575.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 400.92 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.51 575.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.30 575.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 493.70 575.10 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 518.01 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 529.26 575.10 Td (acquirer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 71.84 563.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 98.68 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 111.08 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.02 563.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 194.18 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 205.47 563.10 Td (needed, ) Tj ET Q q 0 0 0 rg BT 239.24 563.10 Td (including ) Tj ET Q q 0 0 0 rg BT 279.97 563.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 330.12 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.85 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 353.26 563.10 Td (current-period ) Tj ET Q q 0 0 0 rg BT 413.40 563.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 450.23 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.41 563.10 Td (full ) Tj ET Q q 0 0 0 rg BT 482.25 563.10 Td (ef) Tj ET Q q 0 0 0 rg BT 489.83 563.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 507.77 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.06 563.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.22 563.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 105.39 551.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 161.89 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 173.69 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 197.71 551.10 Td (income ) Tj ET Q q 0 0 0 rg BT 230.61 551.10 Td (ef) Tj ET Q q 0 0 0 rg BT 238.20 551.10 Td (fects, ) Tj ET Q q 0 0 0 rg BT 263.05 551.10 Td (by ) Tj ET Q q 0 0 0 rg BT 276.52 551.10 Td (line ) Tj ET Q q 0 0 0 rg BT 294.98 551.10 Td (item, ) Tj ET Q q 0 0 0 rg BT 318.72 551.10 Td (if ) Tj ET Q q 0 0 0 rg BT 328.30 551.10 Td (any) Tj ET Q q 0 0 0 rg BT 342.09 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.06 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 359.86 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.77 551.10 Td (result ) Tj ET Q q 0 0 0 rg BT 393.45 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.25 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.94 551.10 Td (change ) Tj ET Q q 0 0 0 rg BT 452.72 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.97 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.66 551.10 Td (provisional ) Tj ET Q q 0 0 0 rg BT 528.12 551.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 93.71 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 105.23 539.10 Td (if ) Tj ET Q q 0 0 0 rg BT 114.52 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.93 539.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 176.98 539.10 Td (had ) Tj ET Q q 0 0 0 rg BT 194.61 539.10 Td (been ) Tj ET Q q 0 0 0 rg BT 216.67 539.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 261.51 539.10 Td (at ) Tj ET Q q 0 0 0 rg BT 271.91 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.31 539.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 334.38 539.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 356.49 539.10 Td (This ) Tj ET Q q 0 0 0 rg BT 377.46 539.10 Td (update ) Tj ET Q q 0 0 0 rg BT 407.30 539.10 Td (was ) Tj ET Q q 0 0 0 rg BT 426.04 539.10 Td (ef) Tj ET Q q 0 0 0 rg BT 433.62 539.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 464.01 539.10 Td (January ) Tj ET Q q 0 0 0 rg BT 498.30 539.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 508.98 539.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 532.17 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.50 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.33 527.10 Td (this ) Tj ET Q q 0 0 0 rg BT 115.27 527.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 153.87 527.10 Td (did ) Tj ET Q q 0 0 0 rg BT 169.15 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 184.42 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 205.80 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.74 527.10 Td (material ) Tj ET Q q 0 0 0 rg BT 248.00 527.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 277.71 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 290.21 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.93 527.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 352.01 527.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.49 527.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.29 503.10 Td (May ) Tj ET Q q 0 0 0 rg BT 82.58 503.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.03 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.21 503.10 Td (F) Tj ET Q q 0 0 0 rg BT 128.03 503.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.44 503.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 177.74 503.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 227.36 503.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 269.75 503.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 301.59 503.10 Td (\("ASU"\) ) Tj ET Q q 0 0 0 rg BT 339.38 503.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 357.06 503.10 Td (2014-09, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.84 503.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 432.66 503.10 Td (fr) Tj ET Q q 0 0 0 rg BT 438.96 503.10 Td (om ) Tj ET Q q 0 0 0 rg BT 454.14 503.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 496.55 503.10 Td (with ) Tj ET Q q 0 0 0 rg BT 516.73 503.10 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.52 503.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.11 491.10 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 121.11 491.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 147.77 491.10 Td (all ) Tj ET Q q 0 0 0 rg BT 159.44 491.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 192.78 491.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 226.10 491.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 273.32 491.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 311.08 491.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.53 491.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 361.65 491.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.70 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 382.92 491.10 Td (core ) Tj ET Q q 0 0 0 rg BT 401.80 491.10 Td (principle ) Tj ET Q q 0 0 0 rg BT 439.02 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.65 491.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 470.33 491.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 505.34 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 513.68 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.14 491.10 Td (recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.17 479.10 Td (when ) Tj ET Q q 0 0 0 rg BT 112.46 479.10 Td (promised ) Tj ET Q q 0 0 0 rg BT 152.30 479.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 178.82 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.78 479.10 Td (services ) Tj ET Q q 0 0 0 rg BT 224.62 479.10 Td (are ) Tj ET Q q 0 0 0 rg BT 239.46 479.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 285.39 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.80 479.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 338.97 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.38 479.10 Td (an ) Tj ET Q q 0 0 0 rg BT 361.45 479.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 394.07 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 411.70 479.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 443.75 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.60 479.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 515.10 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.51 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 552.58 479.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.59 467.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 108.39 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.99 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.25 467.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 164.05 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.53 467.10 Td (those ) Tj ET Q q 0 0 0 rg BT 202.46 467.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 229.17 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.31 467.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 277.22 467.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 300.04 467.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 336.19 467.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 367.88 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.14 467.10 Td (five ) Tj ET Q q 0 0 0 rg BT 393.50 467.10 Td (step ) Tj ET Q q 0 0 0 rg BT 412.43 467.10 Td (process ) Tj ET Q q 0 0 0 rg BT 445.23 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.83 467.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 489.18 467.10 Td (this ) Tj ET Q q 0 0 0 rg BT 506.44 467.10 Td (core ) Tj ET Q q 0 0 0 rg BT 526.47 467.10 Td (principle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 69.71 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.27 455.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 105.82 455.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 119.99 455.10 Td (more ) Tj ET Q q 0 0 0 rg BT 143.31 455.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 183.86 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.07 455.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 241.06 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.05 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.26 455.10 Td (required ) Tj ET Q q 0 0 0 rg BT 309.35 455.10 Td (within ) Tj ET Q q 0 0 0 rg BT 337.68 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.68 455.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 387.10 455.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 435.41 455.10 Td (process ) Tj ET Q q 0 0 0 rg BT 468.18 455.10 Td (than ) Tj ET Q q 0 0 0 rg BT 488.17 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.15 455.10 Td (required ) Tj ET Q q 0 0 0 rg BT 539.24 455.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 84.77 443.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 110.89 443.10 Td (. ) Tj ET Q q 0 0 0 rg BT 116.49 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.38 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.03 443.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 175.01 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 184.79 443.10 Td (ef) Tj ET Q q 0 0 0 rg BT 192.37 443.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 222.68 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.45 443.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 267.21 443.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 299.75 443.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 342.85 443.10 Td (after ) Tj ET Q q 0 0 0 rg BT 364.27 443.10 Td (December ) Tj ET Q q 0 0 0 rg BT 408.46 443.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 424.07 443.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 449.67 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.22 443.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 499.20 443.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.75 443.10 Td (therein, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.89 431.10 Td (either ) Tj ET Q q 0 0 0 rg BT 98.87 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.42 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.86 431.10 Td (following ) Tj ET Q q 0 0 0 rg BT 164.96 431.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 204.96 431.10 Td (methods: ) Tj ET Q q 0 0 0 rg BT 243.84 431.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 255.50 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.16 431.10 Td (full ) Tj ET Q q 0 0 0 rg BT 278.26 431.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 332.12 431.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 370.99 431.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 411.52 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.95 431.10 Td (application ) Tj ET Q q 0 0 0 rg BT 472.60 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.15 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.59 431.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 533.68 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.68 431.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.42 419.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 112.05 419.10 Td (period ) Tj ET Q q 0 0 0 rg BT 140.57 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 161.33 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.52 419.10 Td (option ) Tj ET Q q 0 0 0 rg BT 205.06 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.81 419.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 237.66 419.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 267.84 419.10 Td (practical ) Tj ET Q q 0 0 0 rg BT 305.24 419.10 Td (expedients, ) Tj ET Q q 0 0 0 rg BT 353.48 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.79 419.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 379.98 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 387.40 419.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 442.02 419.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 481.64 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.40 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.59 419.10 Td (cumulative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 407.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.07 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.90 407.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 119.51 407.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 156.46 407.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 178.96 407.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 214.79 407.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 261.15 407.10 Td (at ) Tj ET Q q 0 0 0 rg BT 270.87 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.59 407.10 Td (date ) Tj ET Q q 0 0 0 rg BT 304.74 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.57 407.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 353.07 407.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 383.33 407.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 419.16 407.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 461.65 407.10 Td (footnote ) Tj ET Q q 0 0 0 rg BT 497.48 407.10 Td (disclosures\). ) Tj ET Q q 0 0 0 rg BT 550.24 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.46 383.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.69 383.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.32 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.66 383.10 Td (F) Tj ET Q q 0 0 0 rg BT 132.48 383.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 154.06 383.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 180.72 383.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 202.86 383.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 219.71 383.10 Td (2016-08, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 257.67 383.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 293.66 383.10 Td (fr) Tj ET Q q 0 0 0 rg BT 299.96 383.10 Td (om ) Tj ET Q q 0 0 0 rg BT 314.31 383.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 355.88 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 375.24 383.10 Td (Customers ) Tj ET Q q 0 0 0 rg BT 420.15 383.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 428.12 383.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 447.47 383.10 Td (606\): ) Tj ET Q q 0 0 0 rg BT 471.26 383.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 511.16 383.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 538.69 383.10 Td (Agent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 113.66 371.10 Td (\(Reporting ) Tj ET Q q 0 0 0 rg BT 159.53 371.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 195.94 371.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 206.68 371.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 222.01 371.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 250.11 371.10 Td (Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.33 371.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.19 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.28 371.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 343.37 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.69 371.10 Td (this ) Tj ET Q q 0 0 0 rg BT 370.12 371.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 392.67 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 407.43 371.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 444.40 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.73 371.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 490.60 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.36 371.10 Td (understanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.92 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.72 359.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 141.07 359.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 179.76 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 192.34 359.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 230.47 359.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 258.61 359.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 282.86 359.10 Td (considerations ) Tj ET Q q 0 0 0 rg BT 343.21 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 355.80 359.10 Td (amending ) Tj ET Q q 0 0 0 rg BT 397.82 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 427.61 359.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 461.86 359.10 Td (illustrative ) Tj ET Q q 0 0 0 rg BT 507.22 359.10 Td (examples ) Tj ET Q q 0 0 0 rg BT 547.57 359.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 80.74 347.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 124.26 347.10 Td (illustrative ) Tj ET Q q 0 0 0 rg BT 170.55 347.10 Td (examples ) Tj ET Q q 0 0 0 rg BT 211.84 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.14 347.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 248.33 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.64 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.38 347.10 Td (application ) Tj ET Q q 0 0 0 rg BT 323.33 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.19 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.93 347.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 392.79 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 411.86 347.10 Td (ef) Tj ET Q q 0 0 0 rg BT 419.45 347.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 450.18 347.10 Td (date ) Tj ET Q q 0 0 0 rg BT 470.36 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.32 347.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 529.62 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.47 347.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 103.04 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.21 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.93 335.10 Td (same ) Tj ET Q q 0 0 0 rg BT 149.98 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.81 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.52 335.10 Td (ef) Tj ET Q q 0 0 0 rg BT 183.11 335.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 212.81 335.10 Td (date ) Tj ET Q q 0 0 0 rg BT 231.97 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.91 335.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 289.18 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.46 335.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 321.96 335.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 357.79 335.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 383.62 335.10 Td (above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.84 313.10 Td (April ) Tj ET Q q 0 0 0 rg BT 82.88 313.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.32 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.47 313.10 Td (F) Tj ET Q q 0 0 0 rg BT 126.29 313.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 147.68 313.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 174.18 313.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 196.12 313.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 212.78 313.10 Td (2016-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 250.55 313.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 286.34 313.10 Td (fr) Tj ET Q q 0 0 0 rg BT 292.64 313.10 Td (om ) Tj ET Q q 0 0 0 rg BT 306.80 313.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.18 313.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.34 313.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 415.39 313.10 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 460.65 313.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 514.79 313.10 Td (Obligations ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.36 301.10 Td (Licensing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.25 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.11 301.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.96 301.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 135.32 301.10 Td (2016-10 ) Tj ET Q q 0 0 0 rg BT 171.02 301.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.05 301.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 216.85 301.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.99 301.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 256.00 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.58 301.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 289.05 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.85 301.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 353.20 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.90 301.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 401.26 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.84 301.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 454.29 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.43 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.01 301.10 Td (F) Tj ET Q q 0 0 0 rg BT 483.83 301.10 Td (ASB's ) Tj ET Q q 0 0 0 rg BT 511.34 301.10 Td (new ) Tj ET Q q 0 0 0 rg BT 530.37 301.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 85.49 289.10 Td (on ) Tj ET Q q 0 0 0 rg BT 97.09 289.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 142.59 289.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.72 289.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 243.27 289.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.32 289.10 Td (is ) Tj ET Q q 0 0 0 rg BT 267.60 289.10 Td (also ) Tj ET Q q 0 0 0 rg BT 285.31 289.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 321.35 289.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.74 289.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 365.68 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.50 289.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 437.77 289.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.53 289.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 499.24 289.10 Td (implementation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 90.91 277.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.96 277.10 Td (ef) Tj ET Q q 0 0 0 rg BT 116.55 277.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 146.25 277.10 Td (date ) Tj ET Q q 0 0 0 rg BT 165.41 277.10 Td (for ) Tj ET Q q 0 0 0 rg BT 179.01 277.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 201.52 277.10 Td (2016-10 ) Tj ET Q q 0 0 0 rg BT 237.35 277.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.52 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.24 277.10 Td (same ) Tj ET Q q 0 0 0 rg BT 284.28 277.10 Td (as ) Tj ET Q q 0 0 0 rg BT 295.11 277.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.72 277.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 331.23 277.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 367.06 277.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 392.88 277.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (These ) Tj ET Q q 0 0 0 rg BT 76.41 253.10 Td (new ) Tj ET Q q 0 0 0 rg BT 95.60 253.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 129.78 253.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 177.85 253.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 218.15 253.10 Td (will ) Tj ET Q q 0 0 0 rg BT 236.24 253.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.21 253.10 Td (ef) Tj ET Q q 0 0 0 rg BT 255.80 253.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 285.53 253.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.72 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.47 253.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 355.89 253.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.20 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.95 253.10 Td (first ) Tj ET Q q 0 0 0 rg BT 399.59 253.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 430.44 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.30 253.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 466.33 253.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.64 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.39 253.10 Td (option ) Tj ET Q q 0 0 0 rg BT 529.48 253.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.79 253.10 Td (adopt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (it ) Tj ET Q q 0 0 0 rg BT 58.18 241.10 Td (in ) Tj ET Q q 0 0 0 rg BT 68.58 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.42 241.10 Td (first ) Tj ET Q q 0 0 0 rg BT 102.15 241.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 133.09 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.04 241.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 168.97 241.10 Td (The ) Tj ET Q q 0 0 0 rg BT 187.14 241.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.65 241.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 267.36 241.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 312.75 241.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 350.36 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.20 241.10 Td (new ) Tj ET Q q 0 0 0 rg BT 384.48 241.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 420.98 241.10 Td (ef) Tj ET Q q 0 0 0 rg BT 428.57 241.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 458.39 241.10 Td (January ) Tj ET Q q 0 0 0 rg BT 492.12 241.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 502.24 241.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 527.17 241.10 Td (The ) Tj ET Q q 0 0 0 rg BT 545.34 241.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 86.04 229.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 118.21 229.10 Td (two ) Tj ET Q q 0 0 0 rg BT 135.37 229.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 171.43 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.92 229.10 Td (adoption: ) Tj ET Q q 0 0 0 rg BT 221.86 229.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 283.45 229.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.40 229.10 Td (each ) Tj ET Q q 0 0 0 rg BT 313.88 229.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 335.48 229.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 374.31 229.10 Td (period ) Tj ET Q q 0 0 0 rg BT 402.02 229.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 442.50 229.10 Td (\(full ) Tj ET Q q 0 0 0 rg BT 461.89 229.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 515.69 229.10 Td (method\), ) Tj ET Q q 0 0 0 rg BT 553.69 229.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 113.02 217.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.40 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.22 217.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 198.26 217.10 Td (ef) Tj ET Q q 0 0 0 rg BT 205.84 217.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 224.43 217.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.37 217.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 271.08 217.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 309.68 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.50 217.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 365.20 217.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 412.66 217.10 Td (at ) Tj ET Q q 0 0 0 rg BT 423.48 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.30 217.10 Td (date ) Tj ET Q q 0 0 0 rg BT 459.56 217.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.49 217.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 498.43 217.10 Td (application ) Tj ET Q q 0 0 0 rg BT 546.46 217.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 87.53 205.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 140.61 205.10 Td (method\). ) Tj ET Q q 0 0 0 rg BT 177.76 205.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.74 205.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 235.05 205.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 272.58 205.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 316.77 205.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 353.19 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.84 205.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 402.15 205.10 Td (using ) Tj ET Q q 0 0 0 rg BT 425.25 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.90 205.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 476.43 205.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 529.50 205.10 Td (method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 193.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.64 193.10 Td (is ) Tj ET Q q 0 0 0 rg BT 120.42 193.10 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 163.51 193.10 Td (each ) Tj ET Q q 0 0 0 rg BT 184.93 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.37 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.69 193.10 Td (five ) Tj ET Q q 0 0 0 rg BT 230.34 193.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 253.45 193.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.33 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.65 193.10 Td (new ) Tj ET Q q 0 0 0 rg BT 299.42 193.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 334.17 193.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 382.82 193.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 413.42 193.10 Td (which ) Tj ET Q q 0 0 0 rg BT 440.96 193.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.27 193.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.71 193.10 Td (follows: ) Tj ET Q q 0 0 0 rg BT 503.59 193.10 Td (1\) ) Tj ET Q q 0 0 0 rg BT 515.03 193.10 Td (Identify ) Tj ET Q q 0 0 0 rg BT 549.79 193.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 84.26 181.10 Td (with ) Tj ET Q q 0 0 0 rg BT 104.10 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.38 181.10 Td (customer; ) Tj ET Q q 0 0 0 rg BT 159.87 181.10 Td (2\) ) Tj ET Q q 0 0 0 rg BT 170.26 181.10 Td (Identify ) Tj ET Q q 0 0 0 rg BT 203.98 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.26 181.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.84 181.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 317.34 181.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.18 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.46 181.10 Td (contract; ) Tj ET Q q 0 0 0 rg BT 378.50 181.10 Td (3\) ) Tj ET Q q 0 0 0 rg BT 388.89 181.10 Td (Determine ) Tj ET Q q 0 0 0 rg BT 433.15 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.43 181.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 493.36 181.10 Td (price; ) Tj ET Q q 0 0 0 rg BT 518.19 181.10 Td (4\) ) Tj ET Q q 0 0 0 rg BT 528.12 181.10 Td (Allocate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.19 169.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 110.04 169.10 Td (price ) Tj ET Q q 0 0 0 rg BT 132.00 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.76 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.95 169.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 208.45 169.10 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 257.65 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.06 169.10 Td (5\) ) Tj ET Q q 0 0 0 rg BT 284.37 169.10 Td (Recognize ) Tj ET Q q 0 0 0 rg BT 328.55 169.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 362.17 169.10 Td (when ) Tj ET Q q 0 0 0 rg BT 385.81 169.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 399.45 169.10 Td (as\) ) Tj ET Q q 0 0 0 rg BT 413.08 169.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 465.58 169.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 512.00 169.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.18 169.10 Td (satisfied. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 157.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.66 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.79 157.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 148.59 157.10 Td (has ) Tj ET Q q 0 0 0 rg BT 164.83 157.10 Td (not ) Tj ET Q q 0 0 0 rg BT 180.52 157.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 195.65 157.10 Td (finalized ) Tj ET Q q 0 0 0 rg BT 233.54 157.10 Td (its ) Tj ET Q q 0 0 0 rg BT 245.90 157.10 Td (review ) Tj ET Q q 0 0 0 rg BT 276.02 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.37 157.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 328.50 157.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.19 157.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 382.08 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.21 157.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 427.33 157.10 Td (that ) Tj ET Q q 0 0 0 rg BT 445.24 157.10 Td (this ) Tj ET Q q 0 0 0 rg BT 462.60 157.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 499.39 157.10 Td (will ) Tj ET Q q 0 0 0 rg BT 517.85 157.10 Td (have ) Tj ET Q q 0 0 0 rg BT 539.64 157.10 Td (on ) Tj ET Q q 0 0 0 rg BT 552.56 157.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 145.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.52 145.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.41 121.10 Td (February ) Tj ET Q q 0 0 0 rg BT 100.58 121.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 126.16 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.46 121.10 Td (F) Tj ET Q q 0 0 0 rg BT 146.28 121.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 168.81 121.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 196.20 121.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.29 121.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 237.09 121.10 Td (2016-02,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 272.92 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.99 121.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.22 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.57 121.10 Td (The ) Tj ET Q q 0 0 0 rg BT 327.20 121.10 Td (new ) Tj ET Q q 0 0 0 rg BT 346.93 121.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 383.89 121.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 430.29 121.10 Td (a ) Tj ET Q q 0 0 0 rg BT 437.81 121.10 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 488.09 121.10 Td (\(ROU\) ) Tj ET Q q 0 0 0 rg BT 518.94 121.10 Td (model ) Tj ET Q q 0 0 0 rg BT 547.02 121.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.69 109.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.62 109.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 117.98 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.25 109.10 Td (record ) Tj ET Q q 0 0 0 rg BT 156.27 109.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.20 109.10 Td (ROU ) Tj ET Q q 0 0 0 rg BT 186.80 109.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 208.72 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.65 109.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.57 109.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 255.05 109.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 288.64 109.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.13 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.83 109.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 348.85 109.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 371.88 109.10 Td (for ) Tj ET Q q 0 0 0 rg BT 386.03 109.10 Td (all ) Tj ET Q q 0 0 0 rg BT 398.51 109.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 424.88 109.10 Td (with ) Tj ET Q q 0 0 0 rg BT 445.14 109.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 469.85 109.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 497.88 109.10 Td (than ) Tj ET Q q 0 0 0 rg BT 517.58 109.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 530.07 109.10 Td (months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (Leases ) Tj ET Q q 0 0 0 rg BT 78.87 97.10 Td (will ) Tj ET Q q 0 0 0 rg BT 96.08 97.10 Td (be ) Tj ET Q q 0 0 0 rg BT 107.18 97.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 146.61 97.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.60 97.10 Td (either ) Tj ET Q q 0 0 0 rg BT 181.02 97.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 212.10 97.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.09 97.10 Td (operating, ) Tj ET Q q 0 0 0 rg BT 264.02 97.10 Td (with ) Tj ET Q q 0 0 0 rg BT 283.46 97.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 337.88 97.10 Td (af) Tj ET Q q 0 0 0 rg BT 345.46 97.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 374.89 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.76 97.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 418.19 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.18 97.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 462.05 97.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 509.25 97.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.69 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.56 97.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 93.74 85.10 Td (The ) Tj ET Q q 0 0 0 rg BT 112.42 85.10 Td (new ) Tj ET Q q 0 0 0 rg BT 132.23 85.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 169.25 85.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.06 85.10 Td (ef) Tj ET Q q 0 0 0 rg BT 186.65 85.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 216.99 85.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.79 85.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 256.59 85.10 Td (years ) Tj ET Q q 0 0 0 rg BT 280.83 85.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 323.97 85.10 Td (after ) Tj ET Q q 0 0 0 rg BT 345.42 85.10 Td (December ) Tj ET Q q 0 0 0 rg BT 389.65 85.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 405.29 85.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 430.94 85.10 Td (including ) Tj ET Q q 0 0 0 rg BT 471.85 85.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 503.87 85.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 536.46 85.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (those ) Tj ET Q q 0 0 0 rg BT 73.45 73.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 97.45 73.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 122.87 73.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.54 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.88 73.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 170.33 73.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 224.31 73.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 264.42 73.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 303.41 73.10 Td (is ) Tj ET Q q 0 0 0 rg BT 312.42 73.10 Td (required ) Tj ET Q q 0 0 0 rg BT 348.08 73.10 Td (for ) Tj ET Q q 0 0 0 rg BT 362.08 73.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 392.19 73.10 Td (for ) Tj ET Q q 0 0 0 rg BT 406.19 73.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 435.18 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.96 73.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 492.07 73.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 518.28 73.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 552.29 73.10 Td (at, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.79 61.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 92.67 61.10 Td (into ) Tj ET Q q 0 0 0 rg BT 110.69 61.10 Td (after) Tj ET Q q 0 0 0 rg BT 128.61 61.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.57 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.24 61.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 190.70 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.49 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.16 61.10 Td (earliest ) Tj ET Q q 0 0 0 rg BT 247.50 61.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 299.38 61.10 Td (period ) Tj ET Q q 0 0 0 rg BT 327.38 61.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 368.16 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.40 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.07 61.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.51 61.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 477.68 61.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.92 61.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 527.58 61.10 Td (practical ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (expedients ) Tj ET Q q 0 0 0 rg BT 96.35 731.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 138.53 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.86 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.99 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 203.47 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 213.72 731.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 253.41 731.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 298.64 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.45 731.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 345.25 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 363.83 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 381.08 731.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 404.67 731.10 Td (will ) Tj ET Q q 0 0 0 rg BT 423.81 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 446.28 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.87 731.10 Td (its ) Tj ET Q q 0 0 0 rg BT 472.90 731.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.03 731.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (NOTE 2. ) Tj ET Q q 0 0 0 rg BT 122.00 683.10 Td (BUSINESS ) Tj ET Q q 0 0 0 rg BT 172.31 683.10 Td (ACQUISITIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (EBYLINE, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.72 642.10 Td (January ) Tj ET Q q 0 0 0 rg BT 98.31 642.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 113.31 642.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 138.31 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.02 642.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.40 642.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 237.44 642.10 Td (all ) Tj ET Q q 0 0 0 rg BT 249.93 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.76 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.47 642.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 324.63 642.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 352.12 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.94 642.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 392.09 642.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 415.70 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.52 642.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 460.12 642.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 497.06 642.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.33 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.05 642.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.76 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.59 642.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 75.86 630.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 114.37 630.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 164.38 630.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 189.12 630.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.53 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.95 630.10 Td (January ) Tj ET Q q 0 0 0 rg BT 246.14 630.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 261.72 630.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.31 630.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.39 630.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.92 630.10 Td (among ) Tj ET Q q 0 0 0 rg BT 348.22 630.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 376.57 630.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 410.76 630.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.29 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.59 630.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 497.22 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.64 630.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 542.83 630.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.58 630.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 92.95 618.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 130.89 618.10 Td (price ) Tj ET Q q 0 0 0 rg BT 153.27 618.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.45 618.10 Td (be ) Tj ET Q q 0 0 0 rg BT 175.29 618.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 194.90 618.10 Td (over ) Tj ET Q q 0 0 0 rg BT 215.07 618.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.68 618.10 Td (next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.30 618.10 Td (three ) Tj ET Q q 0 0 0 rg BT 271.68 618.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.78 618.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.18 618.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.91 618.10 Td ($8,850,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.91 618.10 Td (. ) Tj ET Q q 0 0 0 rg BT 355.81 618.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.21 618.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 385.05 618.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.22 618.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 412.09 618.10 Td (Angeles, ) Tj ET Q q 0 0 0 rg BT 449.76 618.10 Td (California, ) Tj ET Q q 0 0 0 rg BT 495.20 618.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 528.70 618.10 Td (operates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (an ) Tj ET Q q 0 0 0 rg BT 60.97 606.10 Td (online ) Tj ET Q q 0 0 0 rg BT 87.50 606.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 137.89 606.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.42 606.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 185.94 606.10 Td (publishers ) Tj ET Q q 0 0 0 rg BT 228.58 606.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.89 606.10 Td (access ) Tj ET Q q 0 0 0 rg BT 264.96 606.10 Td (a ) Tj ET Q q 0 0 0 rg BT 270.93 606.10 Td (network ) Tj ET Q q 0 0 0 rg BT 305.23 606.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.10 606.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.40 606.10 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.90 606.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.43 606.10 Td (content ) Tj ET Q q 0 0 0 rg BT 394.40 606.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 427.58 606.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 459.66 606.10 Td (from ) Tj ET Q q 0 0 0 rg BT 480.63 606.10 Td (writers ) Tj ET Q q 0 0 0 rg BT 509.93 606.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.24 606.10 Td (illustrators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.86 594.10 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.86 594.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.93 594.10 Td (countries. ) Tj ET Q q 0 0 0 rg BT 119.17 594.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.25 594.10 Td (Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.31 594.10 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.81 594.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.89 594.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 196.86 594.10 Td (vetted ) Tj ET Q q 0 0 0 rg BT 225.37 594.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 273.89 594.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.75 594.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.04 594.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 337.22 594.10 Td (network ) Tj ET Q q 0 0 0 rg BT 374.07 594.10 Td (have ) Tj ET Q q 0 0 0 rg BT 397.03 594.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 449.98 594.10 Td (journalism ) Tj ET Q q 0 0 0 rg BT 496.83 594.10 Td (credentials ) Tj ET Q q 0 0 0 rg BT 544.22 594.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (backgrounds ) Tj ET Q q 0 0 0 rg BT 103.86 582.10 Td (at ) Tj ET Q q 0 0 0 rg BT 113.85 582.10 Td (well-known ) Tj ET Q q 0 0 0 rg BT 164.38 582.10 Td (media ) Tj ET Q q 0 0 0 rg BT 191.58 582.10 Td (outlets. ) Tj ET Q q 0 0 0 rg BT 223.51 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.28 582.10 Td (Ebyline) Tj ET Q q 0 0 0 rg BT 260.16 582.10 Td (s ) Tj ET Q q 0 0 0 rg BT 266.82 582.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 314.01 582.10 Td (workflow ) Tj ET Q q 0 0 0 rg BT 355.66 582.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.09 582.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 397.85 582.10 Td (by ) Tj ET Q q 0 0 0 rg BT 410.62 582.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 442.81 582.10 Td (media ) Tj ET Q q 0 0 0 rg BT 470.01 582.10 Td (or) Tj ET Q q 0 0 0 rg BT 478.16 582.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 526.47 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.02 582.10 Td (obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 570.10 Td (content ) Tj ET Q q 0 0 0 rg BT 96.26 570.10 Td (they ) Tj ET Q q 0 0 0 rg BT 115.79 570.10 Td (need ) Tj ET Q q 0 0 0 rg BT 136.97 570.10 Td (from ) Tj ET Q q 0 0 0 rg BT 158.72 570.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 209.90 570.10 Td (content ) Tj ET Q q 0 0 0 rg BT 241.64 570.10 Td (creators. ) Tj ET Q q 0 0 0 rg BT 278.10 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.40 570.10 Td (In ) Tj ET Q q 0 0 0 rg BT 291.04 570.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 326.12 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.21 570.10 Td (publishers, ) Tj ET Q q 0 0 0 rg BT 382.12 570.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 415.53 570.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.51 570.10 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 465.68 570.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.99 570.10 Td (marketers ) Tj ET Q q 0 0 0 rg BT 519.72 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.80 570.10 Td (produce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 81.18 558.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 115.67 558.10 Td (content ) Tj ET Q q 0 0 0 rg BT 147.39 558.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.34 558.10 Td (use ) Tj ET Q q 0 0 0 rg BT 176.96 558.10 Td (on ) Tj ET Q q 0 0 0 rg BT 189.25 558.10 Td (their ) Tj ET Q q 0 0 0 rg BT 209.87 558.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 238.82 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.54 558.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 292.26 558.10 Td (sites, ) Tj ET Q q 0 0 0 rg BT 314.82 558.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.44 558.10 Td (well ) Tj ET Q q 0 0 0 rg BT 344.95 558.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.57 558.10 Td (third ) Tj ET Q q 0 0 0 rg BT 376.74 558.10 Td (party ) Tj ET Q q 0 0 0 rg BT 399.58 558.10 Td (content ) Tj ET Q q 0 0 0 rg BT 431.30 558.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 474.13 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.86 558.10 Td (native ) Tj ET Q q 0 0 0 rg BT 517.58 558.10 Td (advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 546.10 Td (forts. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 526.53505859375 m 245.654296875 526.53505859375 l s q 0 0 0 rg BT 50.00 528.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 528.10 Td (chase Price and ) Tj ET Q q 0 0 0 rg BT 134.53 528.10 Td (Acquisition Costs Payable) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 265.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 467.60 68.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 467.60 59.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 467.60 60.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 467.60 60.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.60 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 435.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 435.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 435.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 435.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.60 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 407.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 407.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 407.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 407.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.60 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 379.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 379.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 379.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 379.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.60 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 351.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 351.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 351.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 351.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 467.6 m 315.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 467.6 m 383.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 467.6 m 442.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 467.6 m 502.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 467.6 m 383.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 467.6 m 442.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 467.6 m 502.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 407.6 m 502.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 407.6 m 315.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 394.6 m 315.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 392.6 m 315.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 407.6 m 383.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 394.6 m 383.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 392.6 m 383.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 407.6 m 442.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 394.6 m 442.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 392.6 m 442.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 407.6 m 502.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 394.6 m 502.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 392.6 m 502.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 407.6 m 562.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 394.6 m 562.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 392.6 m 562.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 351.6 m 502.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 351.6 m 315.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 338.6 m 315.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 336.6 m 315.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 351.6 m 383.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 338.6 m 383.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 336.6 m 383.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 351.6 m 442.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 338.6 m 442.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 336.6 m 442.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 351.6 m 502.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 338.6 m 502.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 336.6 m 502.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 351.6 m 562.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 338.6 m 562.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 336.6 m 562.5 336.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 507.27 Td (Estimated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 497.27 Td (Gross Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.90 487.27 Td (Consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 507.27 Td (Initial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.30 497.27 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 487.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.05 507.27 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 497.27 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.40 487.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.05 507.27 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.80 497.27 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.40 487.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.70 472.27 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.20 472.27 Td (1/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.20 472.27 Td (12/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.20 472.27 Td (12/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.27 Td (Cash paid at closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 456.27 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 456.27 Td (1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 456.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 456.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.27 Td (Guaranteed purchase price \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 440.27 Td (2,127,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 440.27 Td (1,982,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 440.27 Td (1,823,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 440.27 Td (934,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.17 Td (Contingent performance payments \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 426.17 Td (2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 426.17 Td (1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 426.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 426.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.17 Td (Acquisition costs payable by Ebyline shareholders \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 412.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 412.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 412.22 Td (\(89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 412.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 412.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 398.17 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 398.17 Td (5,537,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 398.17 Td (5,016,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 398.17 Td (1,734,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 398.17 Td (934,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 370.17 Td (Current portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 370.17 Td (844,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 370.17 Td (934,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 356.17 Td (Long term portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 356.17 Td (889,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 356.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 342.17 Td (Total acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 342.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 342.17 Td (1,734,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 342.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 342.17 Td (934,728) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 314.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 99.60 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 314.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.35 314.10 Td (January ) Tj ET Q q 0 0 0 rg BT 156.26 314.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 179.06 314.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 212.97 314.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.55 314.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 276.84 314.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 324.07 314.10 Td (required ) Tj ET Q q 0 0 0 rg BT 360.19 314.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.43 314.10 Td ($1,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.43 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.24 314.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.81 314.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 473.05 314.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.07 314.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 517.26 314.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.51 314.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 302.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 126.78 302.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 162.88 302.10 Td (on ) Tj ET Q q 0 0 0 rg BT 174.55 302.10 Td (July ) Tj ET Q q 0 0 0 rg BT 192.89 302.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 207.06 302.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 228.73 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.83 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.94 302.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.38 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.38 302.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.15 302.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 339.26 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.26 302.10 Td (up ) Tj ET Q q 0 0 0 rg BT 360.92 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.37 302.10 Td (an ) Tj ET Q q 0 0 0 rg BT 381.48 302.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.14 302.10 Td ($1,900,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.14 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.81 302.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.14 302.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 503.13 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.58 302.10 Td (proportional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 290.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 144.15 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.31 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.90 290.10 Td (event ) Tj ET Q q 0 0 0 rg BT 192.94 290.10 Td (Ebyline) Tj ET Q q 0 0 0 rg BT 226.82 290.10 Td (s ) Tj ET Q q 0 0 0 rg BT 233.10 290.10 Td (final ) Tj ET Q q 0 0 0 rg BT 253.80 290.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 276.19 290.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 310.21 290.10 Td (was ) Tj ET Q q 0 0 0 rg BT 328.15 290.10 Td (below ) Tj ET Q q 0 0 0 rg BT 354.97 290.10 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.97 290.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 408.18 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.56 290.10 Td (Ebyline's ) Tj ET Q q 0 0 0 rg BT 449.74 290.10 Td (final ) Tj ET Q q 0 0 0 rg BT 470.45 290.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 493.94 290.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 527.97 290.10 Td (for ) Tj ET Q q 0 0 0 rg BT 542.01 290.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 278.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.81 278.10 Td ($7,903,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.81 278.10 Td (. ) Tj ET Q q 0 0 0 rg BT 173.57 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.11 278.10 Td (As ) Tj ET Q q 0 0 0 rg BT 190.48 278.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 214.57 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.05 278.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 273.30 278.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.55 278.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 331.47 278.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.26 278.10 Td ($1,877,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.26 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.52 278.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 447.88 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.91 278.10 Td (two ) Tj ET Q q 0 0 0 rg BT 477.17 278.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 502.09 278.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 553.68 278.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 266.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.79 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.08 266.10 Td (January ) Tj ET Q q 0 0 0 rg BT 189.47 266.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 204.25 266.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 226.54 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.27 266.10 Td (January ) Tj ET Q q 0 0 0 rg BT 276.66 266.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 291.45 266.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 316.24 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.36 266.10 Td (This ) Tj ET Q q 0 0 0 rg BT 338.43 266.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 384.58 266.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 422.41 266.10 Td (price ) Tj ET Q q 0 0 0 rg BT 444.68 266.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 500.84 266.10 Td (was ) Tj ET Q q 0 0 0 rg BT 518.68 266.10 Td (discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.85 254.10 Td (present ) Tj ET Q q 0 0 0 rg BT 144.80 254.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.53 254.10 Td (using ) Tj ET Q q 0 0 0 rg BT 192.27 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.56 254.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.21 254.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 296.94 254.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 314.00 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.40 254.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 349.80 254.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 368.54 254.10 Td (2% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.94 254.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.51 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.58 254.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 422.64 254.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 456.92 254.10 Td (imputed ) Tj ET Q q 0 0 0 rg BT 491.76 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.84 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.12 254.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 242.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.69 242.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 160.47 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.94 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 242.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 246.85 242.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 300.08 242.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 344.98 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.00 242.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 400.34 242.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 242.10 Td ($49,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.08 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.77 242.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 242.10 Td ($91,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.40 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.09 242.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.44 242.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 242.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 230.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.45 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.34 230.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.11 230.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 219.08 230.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.08 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.97 230.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 230.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.30 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.69 230.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 329.36 230.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.75 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.64 230.10 Td (Per ) Tj ET Q q 0 0 0 rg BT 350.86 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.97 230.10 Td (January ) Tj ET Q q 0 0 0 rg BT 397.96 230.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 419.85 230.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 452.84 230.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 477.51 230.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 515.08 230.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.14 218.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 160.94 218.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.86 218.10 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.36 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.28 218.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 247.19 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.44 218.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.80 218.10 Td (common ) Tj ET Q q 0 0 0 rg BT 308.72 218.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 332.75 218.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 362.32 218.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.46 218.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.96 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.88 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.57 218.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 452.60 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.96 218.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 491.76 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.01 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.15 218.10 Td (guaranteed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 206.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 142.24 206.10 Td (price ) Tj ET Q q 0 0 0 rg BT 164.93 206.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 202.06 206.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 245.32 206.10 Td (on ) Tj ET Q q 0 0 0 rg BT 258.02 206.10 Td (July ) Tj ET Q q 0 0 0 rg BT 277.39 206.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 292.60 206.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 317.80 206.10 Td (On ) Tj ET Q q 0 0 0 rg BT 332.72 206.10 Td (January ) Tj ET Q q 0 0 0 rg BT 366.52 206.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 381.73 206.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 406.93 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.85 206.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 463.44 206.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.14 206.10 Td (1) Tj ET Q q 0 0 0 rg BT 495.77 206.10 Td (14,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.27 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.97 206.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.67 206.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 194.10 Td (its ) Tj ET Q q 0 0 0 rg BT 115.80 194.10 Td (common ) Tj ET Q q 0 0 0 rg BT 153.15 194.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 176.62 194.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 205.63 194.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.20 194.10 Td ($848,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.70 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.05 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.19 194.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 293.65 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.22 194.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 337.23 194.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 383.45 194.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 420.24 194.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.92 194.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.42 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.78 194.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.13 194.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.63 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.99 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.12 194.10 Td (closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 182.10 Td (related ) Tj ET Q q 0 0 0 rg BT 133.70 182.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.30 182.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 190.90 182.10 Td (item ) Tj ET Q q 0 0 0 rg BT 211.17 182.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 224.77 182.10 Td (below\). ) Tj ET Q q 0 0 0 rg BT 257.54 182.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 158.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 100.16 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 158.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.41 158.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 127.04 158.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 171.89 158.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 225.05 158.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 266.01 158.10 Td (up ) Tj ET Q q 0 0 0 rg BT 278.65 158.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.06 158.10 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.06 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.70 158.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.54 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.96 158.10 Td (be ) Tj ET Q q 0 0 0 rg BT 374.03 158.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 393.89 158.10 Td (based ) Tj ET Q q 0 0 0 rg BT 419.29 158.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.93 158.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 465.67 158.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 500.52 158.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 530.36 158.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 146.10 Td (tar) Tj ET Q q 0 0 0 rg BT 114.37 146.10 Td (gets. ) Tj ET Q q 0 0 0 rg BT 135.03 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.93 146.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.53 146.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.10 146.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 247.47 146.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.73 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.56 146.10 Td (be ) Tj ET Q q 0 0 0 rg BT 283.05 146.10 Td (made ) Tj ET Q q 0 0 0 rg BT 306.76 146.10 Td (only ) Tj ET Q q 0 0 0 rg BT 326.59 146.10 Td (if ) Tj ET Q q 0 0 0 rg BT 334.75 146.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 367.90 146.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 404.37 146.10 Td (at ) Tj ET Q q 0 0 0 rg BT 413.64 146.10 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.02 146.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.35 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.40 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.78 146.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 498.50 146.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 535.53 146.10 Td (tar) Tj ET Q q 0 0 0 rg BT 545.90 146.10 Td (gets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 134.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.90 134.10 Td ($17,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.90 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.47 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.82 134.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.89 134.10 Td ($27,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.89 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.46 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.81 134.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 281.39 134.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 134.10 Td ($32,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.40 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.97 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.32 134.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 382.39 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.85 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.96 134.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.41 134.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.64 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.54 134.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.33 134.10 Td ($5,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.33 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.90 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.80 134.10 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 122.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.46 122.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 196.71 122.10 Td (was ) Tj ET Q q 0 0 0 rg BT 214.20 122.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 256.66 122.10 Td (using ) Tj ET Q q 0 0 0 rg BT 280.26 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.64 122.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 340.23 122.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 384.38 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.09 122.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 429.91 122.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 463.49 122.10 Td (over ) Tj ET Q q 0 0 0 rg BT 483.19 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.34 122.10 Td (next ) Tj ET Q q 0 0 0 rg BT 516.49 122.10 Td (three ) Tj ET Q q 0 0 0 rg BT 538.41 122.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 564.51 122.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 110.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 128.84 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.69 110.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 188.52 110.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 245.02 110.10 Td (has ) Tj ET Q q 0 0 0 rg BT 260.98 110.10 Td (an ) Tj ET Q q 0 0 0 rg BT 273.04 110.10 Td (option ) Tj ET Q q 0 0 0 rg BT 301.22 110.10 Td (like ) Tj ET Q q 0 0 0 rg BT 318.85 110.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 358.96 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.02 110.10 Td (risk-neutral ) Tj ET Q q 0 0 0 rg BT 414.74 110.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 461.23 110.10 Td (is ) Tj ET Q q 0 0 0 rg BT 470.53 110.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 516.47 110.10 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 98.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.61 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.77 98.10 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 176.22 98.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.71 98.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 236.54 98.10 Td (started ) Tj ET Q q 0 0 0 rg BT 266.15 98.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.87 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.26 98.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 348.86 98.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 385.12 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.40 98.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 440.43 98.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 475.02 98.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 502.97 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.35 98.10 Td (risk-adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 86.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 139.82 86.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 156.74 86.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.00 86.10 Td (8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.83 86.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 193.10 86.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.47 86.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 245.84 86.10 Td (it ) Tj ET Q q 0 0 0 rg BT 253.33 86.10 Td (will ) Tj ET Q q 0 0 0 rg BT 270.82 86.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 298.86 86.10 Td (geometric ) Tj ET Q q 0 0 0 rg BT 340.78 86.10 Td (brownian ) Tj ET Q q 0 0 0 rg BT 380.48 86.10 Td (motion ) Tj ET Q q 0 0 0 rg BT 410.75 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.46 86.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 456.28 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.43 86.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 504.00 86.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.16 86.10 Td (future ) Tj ET Q q 0 0 0 rg BT 538.97 86.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 564.51 86.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 74.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 127.55 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.21 74.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 167.99 74.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 202.09 74.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.09 74.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.86 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 286.07 74.10 Td (of) Tj ET Q q 0 0 0 rg BT 294.22 74.10 Td (f ) Tj ET Q q 0 0 0 rg BT 300.00 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.78 74.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 357.66 74.10 Td (made ) Tj ET Q q 0 0 0 rg BT 381.77 74.10 Td (during ) Tj ET Q q 0 0 0 rg BT 410.32 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.99 74.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 473.82 74.10 Td (payout ) Tj ET Q q 0 0 0 rg BT 503.48 74.10 Td (was ) Tj ET Q q 0 0 0 rg BT 521.49 74.10 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 62.10 Td (for ) Tj ET Q q 0 0 0 rg BT 117.66 62.10 Td (each ) Tj ET Q q 0 0 0 rg BT 137.98 62.10 Td (year ) Tj ET Q q 0 0 0 rg BT 157.19 62.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.63 62.10 Td (present ) Tj ET Q q 0 0 0 rg BT 204.50 62.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 233.16 62.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.94 62.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 290.47 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.69 62.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 329.45 62.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 346.46 62.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 389.55 62.10 Td (with ) Tj ET Q q 0 0 0 rg BT 409.33 62.10 Td (these ) Tj ET Q q 0 0 0 rg BT 431.88 62.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 474.56 62.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.11 62.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 538.69 62.10 Td (initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 50.10 Td (value ) Tj ET Q q 0 0 0 rg BT 128.99 50.10 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 175.65 50.10 Td (was ) Tj ET Q q 0 0 0 rg BT 194.54 50.10 Td (based ) Tj ET Q q 0 0 0 rg BT 220.64 50.10 Td (on ) Tj ET Q q 0 0 0 rg BT 233.98 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.53 50.10 Td (average ) Tj ET Q q 0 0 0 rg BT 283.95 50.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 321.71 50.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.49 50.10 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.99 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.32 50.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 425.88 50.10 Td (trials. ) Tj ET Q q 0 0 0 rg BT 451.71 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.80 50.10 Td (The ) Tj ET Q q 0 0 0 rg BT 473.69 50.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 513.13 50.10 Td (used ) Tj ET Q q 0 0 0 rg BT 534.79 50.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 50.10 Td (the ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 149.51 742.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.34 742.10 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.67 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.46 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.51 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.34 742.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 243.73 742.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 269.23 742.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 314.74 742.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 349.68 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.74 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.47 742.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 412.28 742.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 429.44 742.10 Td (value ) Tj ET Q q 0 0 0 rg BT 454.38 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.00 742.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 511.50 742.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 145.00 730.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.00 730.10 Td ($2,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.67 730.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.34 730.10 Td (January30, ) Tj ET Q q 0 0 0 rg BT 265.12 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.12 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 290.29 730.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 326.28 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 730.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 386.05 730.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 439.24 730.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 480.24 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 495.12 730.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 526.12 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.57 730.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.68 730.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 143.80 718.10 Td (related ) Tj ET Q q 0 0 0 rg BT 173.04 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.85 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.10 718.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 238.57 718.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 290.60 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.96 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 330.20 718.10 Td (key ) Tj ET Q q 0 0 0 rg BT 346.67 718.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 393.52 718.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 415.01 718.10 Td (805-10-55-25 ) Tj ET Q q 0 0 0 rg BT 472.04 718.10 Td (indicates ) Tj ET Q q 0 0 0 rg BT 509.61 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.64 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.12 718.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.78 706.10 Td (these ) Tj ET Q q 0 0 0 rg BT 139.77 706.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 181.55 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 194.44 706.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 225.09 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.87 706.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 275.30 706.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.29 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.52 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 358.41 706.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 392.94 706.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.16 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.82 706.10 Td (term ) Tj ET Q q 0 0 0 rg BT 451.60 706.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 478.36 706.10 Td (than ) Tj ET Q q 0 0 0 rg BT 499.03 706.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 538.57 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 706.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 141.67 694.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 166.28 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.26 694.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 212.30 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.65 694.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 267.67 694.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 301.44 694.10 Td (its ) Tj ET Q q 0 0 0 rg BT 313.02 694.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 342.92 694.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 380.58 694.10 Td (price ) Tj ET Q q 0 0 0 rg BT 402.70 694.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 458.70 694.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.83 694.10 Td ($357,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.33 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.46 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.03 694.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.66 682.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 146.43 682.10 Td (present ) Tj ET Q q 0 0 0 rg BT 178.75 682.10 Td (value ) Tj ET Q q 0 0 0 rg BT 203.85 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.62 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.28 682.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 276.93 682.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 330.90 682.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 372.67 682.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.33 682.10 Td ($1,834,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.33 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.27 682.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 462.15 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 475.59 682.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 502.91 682.10 Td (results ) Tj ET Q q 0 0 0 rg BT 532.46 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 547.56 682.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 151.12 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.46 670.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 199.81 670.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 237.48 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 251.83 670.10 Td (2015-2017, ) Tj ET Q q 0 0 0 rg BT 300.34 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.24 670.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 349.59 670.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 387.26 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.61 670.10 Td (every ) Tj ET Q q 0 0 0 rg BT 426.50 670.10 Td (year ) Tj ET Q q 0 0 0 rg BT 446.39 670.10 Td (is ) Tj ET Q q 0 0 0 rg BT 455.75 670.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 493.96 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.42 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.55 670.10 Td (below ) Tj ET Q q 0 0 0 rg BT 543.67 670.10 Td (90% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.29 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.46 658.10 Td (required ) Tj ET Q q 0 0 0 rg BT 163.73 658.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 197.35 658.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 238.18 658.10 Td (tar) Tj ET Q q 0 0 0 rg BT 248.55 658.10 Td (gets. ) Tj ET Q q 0 0 0 rg BT 269.11 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.93 658.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 314.80 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.97 658.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 369.81 658.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 403.41 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.58 658.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 433.42 658.10 Td (value ) Tj ET Q q 0 0 0 rg BT 457.03 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.31 658.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 511.48 658.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 646.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 144.65 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.75 646.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 174.29 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 186.61 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.16 646.10 Td (end ) Tj ET Q q 0 0 0 rg BT 217.92 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.58 646.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 253.40 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.56 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 273.43 646.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 310.17 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.27 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.82 646.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 375.46 646.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 391.67 646.10 Td (value ) Tj ET Q q 0 0 0 rg BT 415.65 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.30 646.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 470.84 646.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 523.69 646.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 123.12 634.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 161.67 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.57 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.58 634.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 222.92 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.82 634.10 Td (general ) Tj ET Q q 0 0 0 rg BT 267.82 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.83 634.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 346.60 634.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 382.38 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.73 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.52 634.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 457.67 634.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 511.79 634.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 553.68 634.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 148.16 622.10 Td (during ) Tj ET Q q 0 0 0 rg BT 176.76 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.48 622.10 Td (year ) Tj ET Q q 0 0 0 rg BT 211.19 622.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.56 622.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.15 622.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 622.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 104.00 598.10 Td (According ) Tj ET Q q 0 0 0 rg BT 149.46 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.50 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.97 598.10 Td (January ) Tj ET Q q 0 0 0 rg BT 210.32 598.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 233.58 598.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 267.94 598.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 293.97 598.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 332.61 598.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.79 598.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.29 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 418.54 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.58 598.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 461.72 598.10 Td (related ) Tj ET Q q 0 0 0 rg BT 492.18 598.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 531.53 598.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 552.01 598.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 586.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 137.83 586.10 Td (during ) Tj ET Q q 0 0 0 rg BT 166.66 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.61 586.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 228.21 586.10 Td (process ) Tj ET Q q 0 0 0 rg BT 260.93 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 283.09 586.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 316.91 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 329.63 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.57 586.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 373.97 586.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 429.73 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.26 586.10 Td (These ) Tj ET Q q 0 0 0 rg BT 458.86 586.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 481.59 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 503.74 586.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 542.56 586.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.72 574.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 165.08 574.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 202.01 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 214.51 574.10 Td (January ) Tj ET Q q 0 0 0 rg BT 248.11 574.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 263.11 574.10 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 543.53505859375 m 159.794921875 543.53505859375 l s q 0 0 0 rg BT 50.00 545.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 545.10 Td (chase Price ) Tj ET Q q 0 0 0 rg BT 115.91 545.10 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (The final allocation of the purchase price as of January 30, 2015 is summarized as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 491.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 491.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 463.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 463.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 435.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 407.60 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 491.6 m 472.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 491.6 m 562.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 491.6 m 472.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 491.6 m 562.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 407.6 m 562.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 407.6 m 562.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 394.6 m 562.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 392.6 m 562.5 392.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.85 506.27 Td (Final Purchase Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.85 496.27 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.17 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 482.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 482.17 Td (738,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.17 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 468.17 Td (27,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.17 Td (Identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 454.17 Td (2,370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 440.17 Td (2,468,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.17 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 426.17 Td (18,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 412.22 Td (\(605,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 412.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 398.17 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 398.17 Td (5,016,939) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.60 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 90.10 370.10 Td (many ) Tj ET Q q 0 0 0 rg BT 114.61 370.10 Td (syner) Tj ET Q q 0 0 0 rg BT 136.09 370.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 154.48 370.10 Td (between ) Tj ET Q q 0 0 0 rg BT 190.09 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.59 370.10 Td (business ) Tj ET Q q 0 0 0 rg BT 240.77 370.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 284.72 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.34 370.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 328.73 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.46 370.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 367.67 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.96 370.10 Td (including ) Tj ET Q q 0 0 0 rg BT 410.03 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.75 370.10 Td (database ) Tj ET Q q 0 0 0 rg BT 453.47 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.09 370.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 498.02 370.10 Td (that ) Tj ET Q q 0 0 0 rg BT 515.30 370.10 Td (can ) Tj ET Q q 0 0 0 rg BT 531.47 370.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 80.58 358.10 Td (content ) Tj ET Q q 0 0 0 rg BT 111.71 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.84 358.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 173.97 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.10 358.10 Td (syner) Tj ET Q q 0 0 0 rg BT 211.58 358.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 229.38 358.10 Td (between ) Tj ET Q q 0 0 0 rg BT 264.39 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.41 358.10 Td (online ) Tj ET Q q 0 0 0 rg BT 306.10 358.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 360.54 358.10 Td (that ) Tj ET Q q 0 0 0 rg BT 377.23 358.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 405.02 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.49 358.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 456.73 358.10 Td (on ) Tj ET Q q 0 0 0 rg BT 468.42 358.10 Td (both ) Tj ET Q q 0 0 0 rg BT 487.89 358.10 Td (sides. ) Tj ET Q q 0 0 0 rg BT 512.09 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.66 358.10 Td (The ) Tj ET Q q 0 0 0 rg BT 530.90 358.10 Td (Ebyline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.56 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.67 346.10 Td (included ) Tj ET Q q 0 0 0 rg BT 147.00 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.68 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.80 346.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 226.24 346.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.13 346.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 309.24 346.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 352.14 346.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.04 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.16 346.10 Td (date ) Tj ET Q q 0 0 0 rg BT 399.71 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.95 346.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 457.73 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.96 346.10 Td (January ) Tj ET Q q 0 0 0 rg BT 502.96 346.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 518.36 346.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 543.77 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 346.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.53 334.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 127.61 334.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 175.57 334.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 209.64 334.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.40 334.10 Td ($9,313,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.40 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.82 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.69 334.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 308.22 334.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 332.86 334.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.62 334.10 Td ($2,109,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.62 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.04 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.25 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.89 334.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 468.85 334.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 509.60 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.35 334.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.91 322.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 322.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 110.29 322.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.73 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.98 322.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.11 322.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.45 322.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.45 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.70 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.39 322.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.28 322.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.87 322.10 Td ($8,001,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.87 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.12 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.81 322.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 407.17 322.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 432.64 322.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.22 322.10 Td ($942,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.72 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.97 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.00 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.47 322.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.82 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.65 310.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 145.81 310.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.41 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.13 310.10 Td (eleven ) Tj ET Q q 0 0 0 rg BT 217.72 310.10 Td (months ) Tj ET Q q 0 0 0 rg BT 249.67 310.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.61 310.10 Td (January ) Tj ET Q q 0 0 0 rg BT 305.21 310.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 320.21 310.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 342.71 310.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.32 310.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 434.90 310.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.67 286.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.67 286.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 150.22 286.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 165.67 286.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 191.67 286.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.00 286.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 265.89 286.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.55 286.10 Td (information ) Tj ET Q q 0 0 0 rg BT 367.88 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.33 286.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 405.71 286.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 423.10 286.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.55 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 441.77 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.11 286.10 Td (business ) Tj ET Q q 0 0 0 rg BT 492.12 286.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 544.23 286.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 83.60 274.10 Td (had ) Tj ET Q q 0 0 0 rg BT 100.54 274.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 138.02 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 150.52 274.10 Td (January ) Tj ET Q q 0 0 0 rg BT 184.12 274.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 194.12 274.10 Td (2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 212.60 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 212.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.60 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 184.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 212.60000000000002 m 495.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 212.60000000000002 m 562.5 212.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.80 253.27 Td (Pro-Forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.85 239.17 Td (Twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 229.22 Td (Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.70 217.17 Td (12/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 203.17 Td (Pro-Forma Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 203.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 203.17 Td (21,178,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 189.17 Td (Pro-Forma Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 189.17 Td (12,887,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.17 Td (Pro-Forma Gross Profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 175.17 Td (8,290,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.17 Td (Pro-Forma Net Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 161.22 Td (\(11,398,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 161.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.01 133.10 Td (did ) Tj ET Q q 0 0 0 rg BT 90.58 133.10 Td (not ) Tj ET Q q 0 0 0 rg BT 106.15 133.10 Td (have ) Tj ET Q q 0 0 0 rg BT 127.81 133.10 Td (any ) Tj ET Q q 0 0 0 rg BT 145.04 133.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 183.09 133.10 Td (nonrecurring ) Tj ET Q q 0 0 0 rg BT 237.53 133.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 253.65 133.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 280.31 133.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 330.88 133.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 364.21 133.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 412.54 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.11 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.12 133.10 Td (business ) Tj ET Q q 0 0 0 rg BT 474.80 133.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 527.58 133.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.05 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.54 121.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 113.13 121.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 129.74 121.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 156.89 121.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.81 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.52 121.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 249.17 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.21 121.10 Td (The ) Tj ET Q q 0 0 0 rg BT 271.03 121.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 287.63 121.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 314.78 121.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 349.70 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.41 121.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 404.57 121.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 455.60 121.10 Td (have ) Tj ET Q q 0 0 0 rg BT 477.75 121.10 Td (been ) Tj ET Q q 0 0 0 rg BT 499.90 121.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 543.70 121.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 87.10 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.42 109.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 148.11 109.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 194.09 109.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 227.30 109.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.40 109.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 273.15 109.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 320.80 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.35 109.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 376.12 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 109.10 Td (results ) Tj ET Q q 0 0 0 rg BT 418.66 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.54 109.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 456.18 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 109.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.60 109.10 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.48 97.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 121.07 97.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.11 97.10 Td (would ) Tj ET Q q 0 0 0 rg BT 167.15 97.10 Td (have ) Tj ET Q q 0 0 0 rg BT 189.08 97.10 Td (been ) Tj ET Q q 0 0 0 rg BT 211.00 97.10 Td (char) Tj ET Q q 0 0 0 rg BT 228.03 97.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 245.51 97.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 286.33 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.60 97.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.52 97.10 Td (value ) Tj ET Q q 0 0 0 rg BT 343.22 97.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 394.04 97.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.87 97.10 Td (property ) Tj ET Q q 0 0 0 rg BT 441.79 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.27 97.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 504.53 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.01 97.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.66 85.10 Td (had ) Tj ET Q q 0 0 0 rg BT 92.43 85.10 Td (been ) Tj ET Q q 0 0 0 rg BT 113.63 85.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 145.40 85.10 Td (from ) Tj ET Q q 0 0 0 rg BT 167.16 85.10 Td (January ) Tj ET Q q 0 0 0 rg BT 200.59 85.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.42 85.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 235.25 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.41 85.10 Td (The ) Tj ET Q q 0 0 0 rg BT 255.29 85.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.50 85.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 85.10 Td ($87,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.98 85.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.08 85.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 453.83 85.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 476.15 85.10 Td (which ) Tj ET Q q 0 0 0 rg BT 502.92 85.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.46 85.10 Td (included ) Tj ET Q q 0 0 0 rg BT 554.22 85.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (general ) Tj ET Q q 0 0 0 rg BT 84.04 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.09 73.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 164.91 73.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.74 73.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.35 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.18 73.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 282.38 73.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 337.53 73.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 380.47 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.41 73.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 439.68 73.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.96 73.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.79 73.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 504.06 73.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.51 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 73.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 61.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 61.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.58 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.90 61.10 Td (These ) Tj ET Q q 0 0 0 rg BT 162.28 61.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 184.78 61.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.49 61.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 236.96 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.24 61.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 263.07 61.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 289.44 61.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 325.82 61.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.98 61.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.70 61.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 383.85 61.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.80 61.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.18 61.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 500.76 61.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.76 61.10 Td (.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ZENCONTENT) Tj ET Q q 0 0 0 rg BT 116.30 718.25 Td (, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.64 700.25 Td (July ) Tj ET Q q 0 0 0 rg BT 83.73 700.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 98.65 700.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.57 700.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.21 700.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 179.51 700.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 222.47 700.25 Td (all ) Tj ET Q q 0 0 0 rg BT 234.88 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.63 700.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.27 700.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 309.35 700.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 336.76 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.51 700.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.58 700.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.11 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.86 700.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 460.49 700.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 497.35 700.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.55 700.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.18 700.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.82 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 557.57 700.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 74.99 688.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 112.82 688.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 161.96 688.25 Td (by ) Tj ET Q q 0 0 0 rg BT 174.17 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.82 688.25 Td (among ) Tj ET Q q 0 0 0 rg BT 220.25 688.25 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 247.74 688.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 297.16 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.82 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.25 688.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 381.01 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.55 688.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 440.98 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 454.85 688.25 Td (a ) Tj ET Q q 0 0 0 rg BT 461.51 688.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 504.27 688.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 542.02 688.25 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.12 676.25 Td (be ) Tj ET Q q 0 0 0 rg BT 73.90 676.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 94.46 676.25 Td (over ) Tj ET Q q 0 0 0 rg BT 115.58 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.14 676.25 Td (next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.70 676.25 Td (three ) Tj ET Q q 0 0 0 rg BT 175.03 676.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.13 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.47 676.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.14 676.25 Td ($4,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.14 676.25 Td (. ) Tj ET Q q 0 0 0 rg BT 261.99 676.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 289.77 676.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.89 676.25 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 342.88 676.25 Td (V) Tj ET Q q 0 0 0 rg BT 349.50 676.25 Td (iew) Tj ET Q q 0 0 0 rg BT 363.29 676.25 Td (, ) Tj ET Q q 0 0 0 rg BT 369.13 676.25 Td (California, ) Tj ET Q q 0 0 0 rg BT 415.52 676.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 466.08 676.25 Td (of) Tj ET Q q 0 0 0 rg BT 474.23 676.25 Td (fers ) Tj ET Q q 0 0 0 rg BT 492.56 676.25 Td (a ) Tj ET Q q 0 0 0 rg BT 500.34 676.25 Td (custom ) Tj ET Q q 0 0 0 rg BT 532.57 676.25 Td (content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 93.50 664.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 140.88 664.25 Td (platform ) Tj ET Q q 0 0 0 rg BT 178.27 664.25 Td (that ) Tj ET Q q 0 0 0 rg BT 196.22 664.25 Td (creates ) Tj ET Q q 0 0 0 rg BT 226.92 664.25 Td (high ) Tj ET Q q 0 0 0 rg BT 247.66 664.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 280.60 664.25 Td (original ) Tj ET Q q 0 0 0 rg BT 314.66 664.25 Td (content ) Tj ET Q q 0 0 0 rg BT 347.05 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 361.66 664.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 409.33 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 412.29 664.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 462.45 664.25 Td (services ) Tj ET Q q 0 0 0 rg BT 497.61 664.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.00 664.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 532.96 664.25 Td (base ) Tj ET Q q 0 0 0 rg BT 553.68 664.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Fortune ) Tj ET Q q 0 0 0 rg BT 82.81 652.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 99.52 652.25 Td (e-commerce ) Tj ET Q q 0 0 0 rg BT 150.64 652.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 195.39 652.25 Td (amongst ) Tj ET Q q 0 0 0 rg BT 230.98 652.25 Td (others. ) Tj ET Q q 0 0 0 rg BT 259.63 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.34 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.04 652.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 311.96 652.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 354.21 652.25 Td (have ) Tj ET Q q 0 0 0 rg BT 374.80 652.25 Td (access ) Tj ET Q q 0 0 0 rg BT 402.04 652.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.53 652.25 Td (its ) Tj ET Q q 0 0 0 rg BT 422.68 652.25 Td (network ) Tj ET Q q 0 0 0 rg BT 457.16 652.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.19 652.25 Td (more ) Tj ET Q q 0 0 0 rg BT 489.45 652.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.37 652.25 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.87 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 532.58 652.25 Td (content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (creators ) Tj ET Q q 0 0 0 rg BT 83.69 640.25 Td (for ) Tj ET Q q 0 0 0 rg BT 97.40 640.25 Td (lar) Tj ET Q q 0 0 0 rg BT 107.76 640.25 Td (ge-scale ) Tj ET Q q 0 0 0 rg BT 142.56 640.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 164.05 640.25 Td (production. ) Tj ET Q q 0 0 0 rg BT 211.92 640.25 Td (ZenContent) Tj ET Q q 0 0 0 rg BT 261.91 640.25 Td (s ) Tj ET Q q 0 0 0 rg BT 267.85 640.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 314.32 640.25 Td (tools ) Tj ET Q q 0 0 0 rg BT 335.81 640.25 Td (ingest ) Tj ET Q q 0 0 0 rg BT 361.74 640.25 Td (full ) Tj ET Q q 0 0 0 rg BT 377.68 640.25 Td (product ) Tj ET Q q 0 0 0 rg BT 410.27 640.25 Td (databases, ) Tj ET Q q 0 0 0 rg BT 453.13 640.25 Td (source ) Tj ET Q q 0 0 0 rg BT 481.27 640.25 Td (creators ) Tj ET Q q 0 0 0 rg BT 514.97 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.45 640.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 80.69 628.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 122.47 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 137.04 628.25 Td (custom ) Tj ET Q q 0 0 0 rg BT 168.84 628.25 Td (content ) Tj ET Q q 0 0 0 rg BT 201.18 628.25 Td (projects, ) Tj ET Q q 0 0 0 rg BT 238.25 628.25 Td (making ) Tj ET Q q 0 0 0 rg BT 271.16 628.25 Td (product ) Tj ET Q q 0 0 0 rg BT 304.62 628.25 Td (listings ) Tj ET Q q 0 0 0 rg BT 336.43 628.25 Td (friendlier ) Tj ET Q q 0 0 0 rg BT 376.54 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.12 628.25 Td (consumers ) Tj ET Q q 0 0 0 rg BT 436.80 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.15 628.25 Td (more ) Tj ET Q q 0 0 0 rg BT 477.61 628.25 Td (indexable ) Tj ET Q q 0 0 0 rg BT 519.39 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 533.96 628.25 Td (search. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Outside ) Tj ET Q q 0 0 0 rg BT 84.21 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.64 616.25 Td (e-commerce, ) Tj ET Q q 0 0 0 rg BT 150.65 616.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 200.96 616.25 Td (also ) Tj ET Q q 0 0 0 rg BT 220.17 616.25 Td (works ) Tj ET Q q 0 0 0 rg BT 247.71 616.25 Td (with ) Tj ET Q q 0 0 0 rg BT 268.59 616.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 301.12 616.25 Td (online ) Tj ET Q q 0 0 0 rg BT 329.21 616.25 Td (publishers ) Tj ET Q q 0 0 0 rg BT 373.42 616.25 Td (for ) Tj ET Q q 0 0 0 rg BT 388.18 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.50 616.25 Td (production ) Tj ET Q q 0 0 0 rg BT 449.92 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.35 616.25 Td (articles ) Tj ET Q q 0 0 0 rg BT 493.33 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.86 616.25 Td (text ) Tj ET Q q 0 0 0 rg BT 528.96 616.25 Td (updates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (including ) Tj ET Q q 0 0 0 rg BT 91.10 604.25 Td (a ) Tj ET Q q 0 0 0 rg BT 98.87 604.25 Td (real-time ) Tj ET Q q 0 0 0 rg BT 138.29 604.25 Td (application ) Tj ET Q q 0 0 0 rg BT 186.05 604.25 Td (program ) Tj ET Q q 0 0 0 rg BT 223.25 604.25 Td (interface ) Tj ET Q q 0 0 0 rg BT 261.55 604.25 Td (that ) Tj ET Q q 0 0 0 rg BT 279.88 604.25 Td (enables ) Tj ET Q q 0 0 0 rg BT 313.19 604.25 Td (production ) Tj ET Q q 0 0 0 rg BT 359.84 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.50 604.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 398.16 604.25 Td (for ) Tj ET Q q 0 0 0 rg BT 413.15 604.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 437.03 604.25 Td (publishing ) Tj ET Q q 0 0 0 rg BT 482.58 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.24 604.25 Td (news ) Tj ET Q q 0 0 0 rg BT 518.12 604.25 Td (stories ) Tj ET Q q 0 0 0 rg BT 547.56 604.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (augmentation ) Tj ET Q q 0 0 0 rg BT 106.93 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.76 592.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 159.14 592.25 Td (content. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 566.68505859375 m 245.654296875 566.68505859375 l s q 0 0 0 rg BT 50.00 568.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 568.25 Td (chase Price and ) Tj ET Q q 0 0 0 rg BT 134.53 568.25 Td (Acquisition Costs Payable) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 310.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 497.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 497.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 497.75 68.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.75 310.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 465.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 465.75 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 465.75 68.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 435.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 435.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 435.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 407.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 407.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 407.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.75 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 379.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 379.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 379.75 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 497.75 m 360.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 497.75 m 427.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.75 m 494.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 497.75 m 427.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 497.75 m 494.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 435.75 m 360.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 422.75 m 360.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 420.75 m 360.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 435.75 m 427.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 422.75 m 427.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 420.75 m 427.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 435.75 m 494.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 422.75 m 494.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 420.75 m 494.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 435.75 m 562.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 422.75 m 562.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 420.75 m 562.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 379.75 m 360.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 366.75 m 360.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 364.75 m 360.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 379.75 m 427.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 366.75 m 427.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 364.75 m 427.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 379.75 m 494.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 366.75 m 494.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 364.75 m 494.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 379.75 m 562.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 364.75 m 562.5 364.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 547.42 Td (Estimated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 537.42 Td (Gross) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.45 527.42 Td (Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.40 517.42 Td (Consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 527.42 Td (Initial Present) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 517.42 Td (and Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 537.42 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 527.42 Td (Present and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 517.42 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.20 502.42 Td (7/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.20 502.42 Td (7/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 502.42 Td (12/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.42 Td (Cash paid at closing \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 486.42 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 486.42 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 486.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.42 Td (Stock paid at closing \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 470.42 Td (600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 470.42 Td (600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.42 Td (Guaranteed purchase price \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 454.42 Td (933,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 454.42 Td (566,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 454.42 Td (682,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.32 Td (Contingent performance payments \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 440.32 Td (2,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 440.32 Td (230,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 440.32 Td (324,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 426.32 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 426.32 Td (4,433,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 426.32 Td (1,796,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 426.32 Td (1,006,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 398.32 Td (Current portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 398.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 398.32 Td (318,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.32 Td (Long term portion of acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 384.32 Td (688,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.32 Td (Total acquisition costs payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 370.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 370.32 Td (1,006,348) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 99.60 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 330.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.58 330.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 164.47 330.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 221.37 330.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 241.61 330.25 Td (at ) Tj ET Q q 0 0 0 rg BT 251.86 330.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 283.77 330.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.46 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.71 330.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 360.62 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.98 330.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 422.22 330.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 462.46 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.82 330.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 487.95 330.25 Td (a ) Tj ET Q q 0 0 0 rg BT 495.42 330.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 516.22 330.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.68 330.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 318.25 Td ($400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.31 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.56 318.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 176.03 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.06 318.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 227.75 318.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.89 318.25 Td (86,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.39 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 269.20 318.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.00 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.15 318.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 330.36 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 333.17 318.25 Td (common ) Tj ET Q q 0 0 0 rg BT 370.98 318.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 394.90 318.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 424.37 318.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.40 318.25 Td ($600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 474.71 318.25 Td (\(using ) Tj ET Q q 0 0 0 rg BT 502.52 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.55 318.25 Td (30 ) Tj ET Q q 0 0 0 rg BT 530.36 318.25 Td (trading-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 306.25 Td (day ) Tj ET Q q 0 0 0 rg BT 120.94 306.25 Td (volume-weighted ) Tj ET Q q 0 0 0 rg BT 193.42 306.25 Td (average ) Tj ET Q q 0 0 0 rg BT 227.00 306.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 258.39 306.25 Td (price ) Tj ET Q q 0 0 0 rg BT 280.88 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.71 306.25 Td (IZEA's ) Tj ET Q q 0 0 0 rg BT 322.67 306.25 Td (common ) Tj ET Q q 0 0 0 rg BT 360.16 306.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 383.77 306.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.60 306.25 Td ($6.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.60 306.25 Td (per ) Tj ET Q q 0 0 0 rg BT 434.87 306.25 Td (share ) Tj ET Q q 0 0 0 rg BT 458.47 306.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.30 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.13 306.25 Td (July ) Tj ET Q q 0 0 0 rg BT 499.30 306.25 Td (29, ) Tj ET Q q 0 0 0 rg BT 514.30 306.25 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 282.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 100.16 282.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 282.25 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 150.65 282.25 Td (future ) Tj ET Q q 0 0 0 rg BT 179.53 282.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 238.41 282.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 275.08 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.42 282.25 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.86 282.25 Td (three ) Tj ET Q q 0 0 0 rg BT 327.85 282.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 354.51 282.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 386.17 282.25 Td (installment ) Tj ET Q q 0 0 0 rg BT 435.62 282.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 478.95 282.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 514.50 282.25 Td ($1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 282.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 270.25 Td (commencing ) Tj ET Q q 0 0 0 rg BT 157.83 270.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 170.01 270.25 Td (months ) Tj ET Q q 0 0 0 rg BT 201.63 270.25 Td (following ) Tj ET Q q 0 0 0 rg BT 242.70 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.09 270.25 Td (closing, ) Tj ET Q q 0 0 0 rg BT 290.66 270.25 Td (less ) Tj ET Q q 0 0 0 rg BT 307.83 270.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.45 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.63 270.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 356.57 270.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.08 270.25 Td ($66,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.58 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.75 270.25 Td (due ) Tj ET Q q 0 0 0 rg BT 418.37 270.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.33 270.25 Td (a ) Tj ET Q q 0 0 0 rg BT 434.94 270.25 Td (customary ) Tj ET Q q 0 0 0 rg BT 478.78 270.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 509.84 270.25 Td (date ) Tj ET Q q 0 0 0 rg BT 528.67 270.25 Td (working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 258.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.41 258.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 180.05 258.25 Td (\("guaranteed ) Tj ET Q q 0 0 0 rg BT 234.09 258.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 272.38 258.25 Td (price"\), ) Tj ET Q q 0 0 0 rg BT 305.04 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.24 258.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 337.22 258.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 382.19 258.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 435.47 258.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 476.56 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.65 258.25 Td (up ) Tj ET Q q 0 0 0 rg BT 500.41 258.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.95 258.25 Td (an ) Tj ET Q q 0 0 0 rg BT 523.15 258.25 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 246.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.40 246.25 Td ($2,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.40 246.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.47 246.25 Td (over ) Tj ET Q q 0 0 0 rg BT 181.31 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.60 246.25 Td (three ) Tj ET Q q 0 0 0 rg BT 217.65 246.25 Td (12-month ) Tj ET Q q 0 0 0 rg BT 258.61 246.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 290.12 246.25 Td (following ) Tj ET Q q 0 0 0 rg BT 331.08 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.36 246.25 Td (closing. ) Tj ET Q q 0 0 0 rg BT 378.82 246.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.74 246.25 Td (These ) Tj ET Q q 0 0 0 rg BT 406.69 246.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 447.08 246.25 Td (are ) Tj ET Q q 0 0 0 rg BT 461.36 246.25 Td (also ) Tj ET Q q 0 0 0 rg BT 479.54 246.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 509.93 246.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.78 246.25 Td (downward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 234.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 151.39 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.23 234.25 Td (up ) Tj ET Q q 0 0 0 rg BT 176.74 234.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.02 234.25 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 234.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.86 234.25 Td (if ) Tj ET Q q 0 0 0 rg BT 219.48 234.25 Td (Brianna ) Tj ET Q q 0 0 0 rg BT 254.64 234.25 Td (DeMike, ) Tj ET Q q 0 0 0 rg BT 293.42 234.25 Td (ZenContent) Tj ET Q q 0 0 0 rg BT 343.41 234.25 Td (s ) Tj ET Q q 0 0 0 rg BT 350.81 234.25 Td (co-founder) Tj ET Q q 0 0 0 rg BT 394.28 234.25 Td (, ) Tj ET Q q 0 0 0 rg BT 400.28 234.25 Td (is ) Tj ET Q q 0 0 0 rg BT 410.46 234.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 456.73 234.25 Td (by ) Tj ET Q q 0 0 0 rg BT 470.24 234.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 492.45 234.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.96 234.25 Td (for ) Tj ET Q q 0 0 0 rg BT 511.13 234.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 536.85 234.25 Td (or ) Tj ET Q q 0 0 0 rg BT 548.69 234.25 Td (she ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 222.25 Td (terminates ) Tj ET Q q 0 0 0 rg BT 149.09 222.25 Td (her ) Tj ET Q q 0 0 0 rg BT 165.30 222.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 218.74 222.25 Td (without ) Tj ET Q q 0 0 0 rg BT 252.74 222.25 Td (good ) Tj ET Q q 0 0 0 rg BT 276.18 222.25 Td (reason. ) Tj ET Q q 0 0 0 rg BT 307.46 222.25 Td (As ) Tj ET Q q 0 0 0 rg BT 322.01 222.25 Td (a ) Tj ET Q q 0 0 0 rg BT 329.90 222.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 358.05 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.71 222.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 416.04 222.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 450.59 222.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 485.68 222.25 Td (its ) Tj ET Q q 0 0 0 rg BT 498.57 222.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 545.90 222.25 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 210.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 138.02 210.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.94 210.25 Td ($300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.44 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.36 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.05 210.25 Td (be ) Tj ET Q q 0 0 0 rg BT 214.41 210.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 248.41 210.25 Td (as ) Tj ET Q q 0 0 0 rg BT 259.65 210.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 318.11 210.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 353.24 210.25 Td (over ) Tj ET Q q 0 0 0 rg BT 373.92 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.06 210.25 Td (three-year ) Tj ET Q q 0 0 0 rg BT 432.49 210.25 Td (term ) Tj ET Q q 0 0 0 rg BT 453.74 210.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 479.97 210.25 Td (than ) Tj ET Q q 0 0 0 rg BT 500.10 210.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 539.11 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 210.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 198.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 141.31 198.25 Td (price ) Tj ET Q q 0 0 0 rg BT 163.07 198.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.62 198.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 219.35 198.25 Td (with ) Tj ET Q q 0 0 0 rg BT 238.51 198.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 259.74 198.25 Td (805-10-55-25. ) Tj ET Q q 0 0 0 rg BT 319.00 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 320.77 198.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 380.32 198.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 414.30 198.25 Td (added ) Tj ET Q q 0 0 0 rg BT 439.95 198.25 Td (to ) Tj ET Q q 0 0 0 rg BT 449.50 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.49 198.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 509.14 198.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 530.91 198.25 Td (payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 186.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.87 186.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 160.27 186.25 Td (as ) Tj ET Q q 0 0 0 rg BT 172.03 186.25 Td (general ) Tj ET Q q 0 0 0 rg BT 204.88 186.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.75 186.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 283.39 186.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 319.02 186.25 Td (in ) Tj ET Q q 0 0 0 rg BT 330.23 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.88 186.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 393.89 186.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 447.86 186.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 489.61 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.37 186.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 546.45 186.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 174.25 Td ($102,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 174.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.54 174.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 174.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.48 174.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 200.17 174.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.62 174.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.66 174.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.57 174.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 315.69 174.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.69 174.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.22 174.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.11 174.25 Td (The ) Tj ET Q q 0 0 0 rg BT 359.69 174.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 385.06 174.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 430.96 174.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 468.53 174.25 Td (price ) Tj ET Q q 0 0 0 rg BT 490.55 174.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 546.46 174.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 162.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 149.36 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.18 162.25 Td (present ) Tj ET Q q 0 0 0 rg BT 190.10 162.25 Td (value ) Tj ET Q q 0 0 0 rg BT 213.79 162.25 Td (using ) Tj ET Q q 0 0 0 rg BT 237.50 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.75 162.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 298.37 162.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 342.07 162.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 359.10 162.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.46 162.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 394.83 162.25 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.54 162.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.87 162.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.90 162.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.23 162.25 Td (5.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.06 162.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 460.93 162.25 Td ( ) Tj ET Q q 0 0 0 rg BT 462.97 162.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 495.00 162.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 529.24 162.25 Td (imputed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 150.25 Td (on ) Tj ET Q q 0 0 0 rg BT 115.57 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.35 150.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 174.80 150.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 196.37 150.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 229.03 150.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.38 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.16 150.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 312.04 150.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 364.15 150.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 404.03 150.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.93 150.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 457.15 150.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.27 150.25 Td ($13,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.77 150.25 Td ( ) Tj ET Q q 0 0 0 rg BT 508.34 150.25 Td (for ) Tj ET Q q 0 0 0 rg BT 521.57 150.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 150.25 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 138.25 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.45 138.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.95 138.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.33 138.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 220.91 138.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.91 138.25 Td (. ) Tj ET Q q 0 0 0 rg BT 245.91 138.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 114.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 104.00 114.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.73 114.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 168.12 114.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 221.82 114.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 263.33 114.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.71 114.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 310.22 114.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.18 114.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 371.57 114.25 Td (achieving ) Tj ET Q q 0 0 0 rg BT 413.62 114.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.00 114.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 486.08 114.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 520.90 114.25 Td (thresholds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 102.25 Td (over ) Tj ET Q q 0 0 0 rg BT 124.42 102.25 Td (36 ) Tj ET Q q 0 0 0 rg BT 137.06 102.25 Td (months. ) Tj ET Q q 0 0 0 rg BT 171.66 102.25 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 221.52 102.25 Td (is ) Tj ET Q q 0 0 0 rg BT 230.84 102.25 Td (required ) Tj ET Q q 0 0 0 rg BT 266.80 102.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.23 102.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 299.31 102.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 340.85 102.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 379.03 102.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.01 102.25 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 410.16 102.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 102.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.20 102.25 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 464.35 102.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.24 102.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.89 102.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 102.25 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 533.12 102.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 90.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.54 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.53 90.25 Td (first, ) Tj ET Q q 0 0 0 rg BT 150.90 90.25 Td (second ) Tj ET Q q 0 0 0 rg BT 181.44 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 198.64 90.25 Td (third, ) Tj ET Q q 0 0 0 rg BT 222.79 90.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 266.09 90.25 Td (12-month ) Tj ET Q q 0 0 0 rg BT 307.75 90.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 339.95 90.25 Td (following ) Tj ET Q q 0 0 0 rg BT 381.60 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.59 90.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 428.24 90.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.78 90.25 Td (order ) Tj ET Q q 0 0 0 rg BT 462.65 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.19 90.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 504.82 90.25 Td (any ) Tj ET Q q 0 0 0 rg BT 522.02 90.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.68 90.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.91 78.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 165.81 78.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 220.03 78.25 Td (payments. ) Tj ET Q q 0 0 0 rg BT 264.54 78.25 Td ( ) Tj ET Q q 0 0 0 rg BT 268.23 78.25 Td (Of ) Tj ET Q q 0 0 0 rg BT 282.48 78.25 Td (these ) Tj ET Q q 0 0 0 rg BT 306.71 78.25 Td (payments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.23 78.25 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.56 78.25 Td ( ) Tj ET Q q 0 0 0 rg BT 373.25 78.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.27 78.25 Td (each ) Tj ET Q q 0 0 0 rg BT 407.28 78.25 Td (such ) Tj ET Q q 0 0 0 rg BT 429.30 78.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 459.65 78.25 Td (installment ) Tj ET Q q 0 0 0 rg BT 507.78 78.25 Td (or ) Tj ET Q q 0 0 0 rg BT 519.80 78.25 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 66.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 157.32 66.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 194.55 66.25 Td (will ) Tj ET Q q 0 0 0 rg BT 212.90 66.25 Td (be ) Tj ET Q q 0 0 0 rg BT 225.14 66.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.71 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.73 66.25 Td (form ) Tj ET Q q 0 0 0 rg BT 272.96 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.09 66.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 304.66 66.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.89 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.90 66.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 380.23 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.36 66.25 Td (such ) Tj ET Q q 0 0 0 rg BT 412.49 66.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 449.72 66.25 Td (will ) Tj ET Q q 0 0 0 rg BT 468.07 66.25 Td (be ) Tj ET Q q 0 0 0 rg BT 480.31 66.25 Td (in ) Tj ET Q q 0 0 0 rg BT 490.88 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.90 66.25 Td (form ) Tj ET Q q 0 0 0 rg BT 528.13 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.26 66.25 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 54.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 124.66 54.25 Td (or ) Tj ET Q q 0 0 0 rg BT 135.88 54.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 178.77 54.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 206.65 54.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.87 54.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 240.09 54.25 Td ( ) Tj ET Q q 0 0 0 rg BT 242.98 54.25 Td (common ) Tj ET Q q 0 0 0 rg BT 280.87 54.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 304.87 54.25 Td (at ) Tj ET Q q 0 0 0 rg BT 314.98 54.25 Td (then ) Tj ET Q q 0 0 0 rg BT 335.09 54.25 Td (average ) Tj ET Q q 0 0 0 rg BT 369.07 54.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.07 54.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 419.84 54.25 Td (\(determined ) Tj ET Q q 0 0 0 rg BT 471.05 54.25 Td (at ) Tj ET Q q 0 0 0 rg BT 481.16 54.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 502.82 54.25 Td () Tj ET Q q 0 0 0 rg BT 505.59 54.25 Td (s ) Tj ET Q q 0 0 0 rg BT 512.38 54.25 Td (option\). ) Tj ET Q q 0 0 0 rg BT 546.45 54.25 Td (The ) Tj ET Q q 0 0 0 rg BT 564.50 54.25 Td ( ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.05 772.75 Td (IZEA, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 760.75 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td ($230,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.04 742.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 162.45 742.10 Td (value ) Tj ET Q q 0 0 0 rg BT 187.65 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.51 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.27 742.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 261.02 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 315.08 742.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 356.94 742.10 Td (was ) Tj ET Q q 0 0 0 rg BT 376.03 742.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 420.09 742.10 Td (using ) Tj ET Q q 0 0 0 rg BT 445.30 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 453.28 742.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 508.47 742.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 554.23 742.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 140.53 730.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 174.82 730.10 Td (over ) Tj ET Q q 0 0 0 rg BT 195.23 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.09 730.10 Td (next ) Tj ET Q q 0 0 0 rg BT 229.95 730.10 Td (three ) Tj ET Q q 0 0 0 rg BT 252.58 730.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 278.82 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.47 730.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 306.33 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.19 730.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 366.04 730.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 422.56 730.10 Td (has ) Tj ET Q q 0 0 0 rg BT 438.53 730.10 Td (an ) Tj ET Q q 0 0 0 rg BT 450.62 730.10 Td (option ) Tj ET Q q 0 0 0 rg BT 478.82 730.10 Td (like ) Tj ET Q q 0 0 0 rg BT 496.46 730.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 536.59 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 543.67 730.10 Td (risk-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (neutral ) Tj ET Q q 0 0 0 rg BT 134.56 718.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 181.23 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 190.70 718.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 236.81 718.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 285.15 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.60 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.62 718.10 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 356.93 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.28 718.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 416.96 718.10 Td (started ) Tj ET Q q 0 0 0 rg BT 446.42 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 466.99 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.23 718.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 528.69 718.10 Td (measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.56 706.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 157.87 706.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 191.74 706.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 218.97 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.64 706.10 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 279.52 706.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 315.64 706.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 332.85 706.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.41 706.10 Td (16.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.24 706.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 374.80 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.46 706.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 428.13 706.10 Td (it ) Tj ET Q q 0 0 0 rg BT 435.91 706.10 Td (will ) Tj ET Q q 0 0 0 rg BT 453.70 706.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 482.03 706.10 Td (geometric ) Tj ET Q q 0 0 0 rg BT 524.24 706.10 Td (brownian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td (motion ) Tj ET Q q 0 0 0 rg BT 134.40 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.24 694.10 Td (simulate ) Tj ET Q q 0 0 0 rg BT 180.18 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.46 694.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 228.17 694.10 Td (at ) Tj ET Q q 0 0 0 rg BT 237.45 694.10 Td (future ) Tj ET Q q 0 0 0 rg BT 263.39 694.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 288.49 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.56 694.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 313.72 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.00 694.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 353.39 694.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 387.10 694.10 Td (was ) Tj ET Q q 0 0 0 rg BT 404.71 694.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 445.09 694.10 Td (based ) Tj ET Q q 0 0 0 rg BT 469.92 694.10 Td (of) Tj ET Q q 0 0 0 rg BT 478.07 694.10 Td (f ) Tj ET Q q 0 0 0 rg BT 483.46 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.86 694.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 540.35 694.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (during ) Tj ET Q q 0 0 0 rg BT 131.78 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.67 682.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 193.73 682.10 Td (payout ) Tj ET Q q 0 0 0 rg BT 222.62 682.10 Td (was ) Tj ET Q q 0 0 0 rg BT 239.85 682.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 282.05 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 295.39 682.10 Td (each ) Tj ET Q q 0 0 0 rg BT 315.38 682.10 Td (year ) Tj ET Q q 0 0 0 rg BT 334.26 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.37 682.10 Td (present ) Tj ET Q q 0 0 0 rg BT 380.92 682.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 409.25 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.71 682.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 465.91 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.81 682.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 504.24 682.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 520.92 682.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.29 670.10 Td (these ) Tj ET Q q 0 0 0 rg BT 149.35 670.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 193.43 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 212.49 670.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 260.58 670.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 287.43 670.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.59 670.10 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 359.43 670.10 Td (was ) Tj ET Q q 0 0 0 rg BT 378.50 670.10 Td (based ) Tj ET Q q 0 0 0 rg BT 404.78 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 418.29 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.02 670.10 Td (average ) Tj ET Q q 0 0 0 rg BT 468.61 670.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 506.56 670.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.51 670.10 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 148.67 658.10 Td (trials. ) Tj ET Q q 0 0 0 rg BT 173.62 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.89 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 193.89 658.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 232.45 658.10 Td (used ) Tj ET Q q 0 0 0 rg BT 253.23 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.34 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.01 658.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 326.68 658.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.69 658.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.02 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.97 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.24 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 388.24 658.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.13 658.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.56 658.10 Td (used ) Tj ET Q q 0 0 0 rg BT 458.34 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.45 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.12 658.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 531.79 658.10 Td (was ) Tj ET Q q 0 0 0 rg BT 549.80 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 646.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 150.79 646.10 Td (current ) Tj ET Q q 0 0 0 rg BT 181.32 646.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 225.19 646.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 242.39 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.93 646.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 278.47 646.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.35 646.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.68 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.89 646.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.22 646.10 Td (5.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.05 646.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 350.09 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.15 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 369.90 646.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.00 646.10 Td (revalued ) Tj ET Q q 0 0 0 rg BT 447.64 646.10 Td (its ) Tj ET Q q 0 0 0 rg BT 459.30 646.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 494.83 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.37 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.80 646.10 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.35 634.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 192.62 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 202.78 634.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.94 634.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 270.85 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.68 634.10 Td (based ) Tj ET Q q 0 0 0 rg BT 317.28 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.11 634.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 354.81 634.10 Td (results ) Tj ET Q q 0 0 0 rg BT 382.75 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.24 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.51 634.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 458.77 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.26 634.10 Td (Content ) Tj ET Q q 0 0 0 rg BT 505.76 634.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 542.57 634.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 153.35 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.93 622.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 217.05 622.10 Td (that ) Tj ET Q q 0 0 0 rg BT 234.19 622.10 Td (current ) Tj ET Q q 0 0 0 rg BT 264.65 622.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.67 622.10 Td (value ) Tj ET Q q 0 0 0 rg BT 304.46 622.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 622.10 Td ($324,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.30 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.28 622.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 410.34 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.69 622.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 459.59 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.51 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.87 622.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 524.33 622.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.35 622.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.90 610.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 159.69 610.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 212.78 610.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 246.45 610.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 280.68 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.03 610.10 Td (an ) Tj ET Q q 0 0 0 rg BT 303.04 610.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 338.37 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.72 610.10 Td (general ) Tj ET Q q 0 0 0 rg BT 380.72 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.73 610.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 457.51 610.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 492.29 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.64 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 610.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 157.04 598.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 197.86 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.69 598.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 252.85 598.10 Td (during ) Tj ET Q q 0 0 0 rg BT 281.46 598.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.17 598.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 325.33 598.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.78 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.28 598.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 598.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 442.24 598.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.24 598.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 567.53505859375 m 159.794921875 567.53505859375 l s q 0 0 0 rg BT 50.00 569.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 569.10 Td (chase Price ) Tj ET Q q 0 0 0 rg BT 115.91 569.10 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.19 551.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.38 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.00 551.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 207.86 551.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 237.03 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.89 551.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 295.97 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.94 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.80 551.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 362.98 551.10 Td (price ) Tj ET Q q 0 0 0 rg BT 386.61 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.04 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.90 551.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 460.87 551.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 511.72 551.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 547.58 551.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 93.26 539.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 119.85 539.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 157.54 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.25 539.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.73 539.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 253.43 539.10 Td (based ) Tj ET Q q 0 0 0 rg BT 279.47 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.73 539.10 Td (their ) Tj ET Q q 0 0 0 rg BT 314.32 539.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 358.12 539.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 375.26 539.10 Td (market ) Tj ET Q q 0 0 0 rg BT 406.29 539.10 Td (values ) Tj ET Q q 0 0 0 rg BT 435.10 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 456.15 539.10 Td (any ) Tj ET Q q 0 0 0 rg BT 473.85 539.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 503.22 539.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 542.02 539.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.59 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.87 527.10 Td (goodwill. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (The allocation of the purchase price as of July 31, 2016 is summarized as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 467.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 439.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.60 422.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 411.60 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 467.6 m 472.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 467.6 m 472.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 397.6 m 562.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 397.6 m 562.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 384.6 m 562.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 382.6 m 562.5 382.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.85 482.27 Td (Final Purchase Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.85 472.27 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.17 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 458.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 458.17 Td (415,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.17 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 444.17 Td (4,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.17 Td (Identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 430.17 Td (722,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 416.17 Td (1,136,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 402.22 Td (\(482,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 402.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 388.17 Td (Total estimated consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 388.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 388.17 Td (1,796,547) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (There ) Tj ET Q q 0 0 0 rg BT 76.53 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 91.96 360.10 Td (many ) Tj ET Q q 0 0 0 rg BT 117.39 360.10 Td (syner) Tj ET Q q 0 0 0 rg BT 138.87 360.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 158.20 360.10 Td (between ) Tj ET Q q 0 0 0 rg BT 194.73 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.17 360.10 Td (business ) Tj ET Q q 0 0 0 rg BT 247.28 360.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.15 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.70 360.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 354.13 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.78 360.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 394.00 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.22 360.10 Td (including ) Tj ET Q q 0 0 0 rg BT 438.21 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.86 360.10 Td (database ) Tj ET Q q 0 0 0 rg BT 483.51 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.05 360.10 Td (creators ) Tj ET Q q 0 0 0 rg BT 529.92 360.10 Td (that ) Tj ET Q q 0 0 0 rg BT 548.13 360.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 83.38 348.10 Td (custom ) Tj ET Q q 0 0 0 rg BT 115.10 348.10 Td (content ) Tj ET Q q 0 0 0 rg BT 147.37 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.64 348.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 211.91 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.18 348.10 Td (syner) Tj ET Q q 0 0 0 rg BT 250.66 348.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 269.60 348.10 Td (between ) Tj ET Q q 0 0 0 rg BT 305.75 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.91 348.10 Td (online ) Tj ET Q q 0 0 0 rg BT 349.74 348.10 Td (marketplaces ) Tj ET Q q 0 0 0 rg BT 405.32 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 423.15 348.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 452.08 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.69 348.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 506.07 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.91 348.10 Td (both ) Tj ET Q q 0 0 0 rg BT 539.52 348.10 Td (sides. ) Tj ET Q q 0 0 0 rg BT 564.52 348.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 336.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 117.72 336.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 161.86 336.10 Td (are ) Tj ET Q q 0 0 0 rg BT 176.54 336.10 Td (included ) Tj ET Q q 0 0 0 rg BT 213.46 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.72 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.41 336.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 291.44 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.90 336.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.59 336.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 416.06 336.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.54 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.24 336.10 Td (date ) Tj ET Q q 0 0 0 rg BT 462.38 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.19 336.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 519.55 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.36 336.10 Td (July ) Tj ET Q q 0 0 0 rg BT 549.51 336.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 74.80 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.94 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.79 324.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 144.31 324.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 188.27 324.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 236.11 324.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 270.06 324.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 324.10 Td ($936,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.19 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.50 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.24 324.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 360.66 324.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 385.18 324.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.81 324.10 Td ($436,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.31 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.62 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.70 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.22 324.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 513.06 324.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 553.69 324.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.23 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.47 312.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.26 312.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 152.49 312.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.94 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.51 312.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.97 312.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 269.63 312.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.63 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.70 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.09 312.10 Td (The ) Tj ET Q q 0 0 0 rg BT 315.21 312.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 356.68 312.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.57 312.10 Td ($52,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.07 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.64 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.00 312.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 514.99 312.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 537.56 312.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.48 300.10 Td (included ) Tj ET Q q 0 0 0 rg BT 101.19 300.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.25 300.10 Td (general ) Tj ET Q q 0 0 0 rg BT 142.94 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.66 300.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 219.14 300.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 253.62 300.10 Td (on ) Tj ET Q q 0 0 0 rg BT 265.90 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.39 300.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 327.25 300.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 380.06 300.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 420.66 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.26 300.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 475.20 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 489.13 300.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 300.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.55 300.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 288.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 288.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 288.10 Td (. ) Tj ET Q q 0 0 0 rg BT 159.96 288.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (NOTE 3. ) Tj ET Q q 0 0 0 rg BT 122.00 252.10 Td (PROPER) Tj ET Q q 0 0 0 rg BT 162.76 252.10 Td (TY) Tj ET Q q 0 0 0 rg BT 176.28 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 252.10 Td (AND EQUIPMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (Property and equipment consists of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 192.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 192.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 192.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 192.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 168.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 168.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 168.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 144.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 144.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 144.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 144.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 120.60 348.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 120.60 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 120.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 120.60 80.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 192.60000000000002 m 478.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 192.60000000000002 m 482.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 192.60000000000002 m 562.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 144.60000000000002 m 478.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 144.60000000000002 m 562.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 144.60000000000002 m 478.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 144.60000000000002 m 562.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 120.60000000000002 m 478.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 120.60000000000002 m 562.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 120.60000000000002 m 478.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 109.60000000000002 m 478.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 107.60000000000002 m 478.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 120.60000000000002 m 562.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 109.60000000000002 m 562.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 107.60000000000002 m 562.5 107.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.95 207.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 197.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.95 207.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 197.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 183.22 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 183.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 183.22 Td (254,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 183.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 183.22 Td (252,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 171.22 Td (Office equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 171.22 Td (65,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 171.22 Td (53,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 159.22 Td (Computer equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 159.22 Td (432,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 159.22 Td (421,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.22 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 147.22 Td (324,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 147.22 Td (314,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 135.22 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 135.22 Td (1,076,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 135.22 Td (1,041,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 123.22 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 123.22 Td (\(616,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 123.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 123.22 Td (\(445,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 123.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 111.22 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 111.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 111.22 Td (460,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 111.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 111.22 Td (596,008) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (Computer ) Tj ET Q q 0 0 0 rg BT 92.66 85.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 137.53 85.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 173.52 85.10 Td (items ) Tj ET Q q 0 0 0 rg BT 197.85 85.10 Td (under ) Tj ET Q q 0 0 0 rg BT 223.28 85.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 252.60 85.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 279.14 85.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.35 85.10 Td ($59,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.85 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.52 85.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.51 85.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 85.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.25 85.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.25 85.10 Td (. ) Tj ET Q q 0 0 0 rg BT 453.42 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.49 85.10 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 511.47 85.10 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.13 73.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.50 73.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 141.31 73.10 Td (under ) Tj ET Q q 0 0 0 rg BT 167.67 73.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 197.91 73.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 225.38 73.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.18 73.10 Td ($37,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.68 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.27 73.10 Td (as ) Tj ET Q q 0 0 0 rg BT 304.19 73.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.11 73.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.79 73.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.79 73.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.88 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.47 73.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 460.70 73.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 496.50 73.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.09 73.10 Td (property ) Tj ET Q q 0 0 0 rg BT 547.56 73.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 93.52 61.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 129.81 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.90 61.10 Td (general ) Tj ET Q q 0 0 0 rg BT 169.63 61.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.38 61.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 243.90 61.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 277.42 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.51 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.04 61.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 359.66 61.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 411.51 61.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.03 61.10 Td (of ) Tj ET 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q 0 0 0 rg BT 453.80 653.27 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 658.27 Td (Useful) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 648.27 Td (Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 638.27 Td (\(in years\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.20 638.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.20 638.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 624.17 Td (Content provider networks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 624.17 Td (160,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.50 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 624.17 Td (57,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 624.17 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 624.17 Td 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q 0 0 0 rg BT 253.83 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.54 500.10 Td (following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 464.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 464.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 434.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 434.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 404.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 404.60 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 464.6 m 464.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 464.6 m 468.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 464.6 m 560.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 419.6 m 464.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 419.6 m 560.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 389.6 m 464.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 375.6 m 464.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 373.6 m 464.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 389.6 m 560.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 375.6 m 560.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 373.6 m 560.5 373.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.95 479.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 469.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.95 479.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 469.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.27 Td (Ebyline Intangible Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 454.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 454.27 Td (2,370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 454.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 454.27 Td (2,370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (ZenContent Intangible Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 439.27 Td (722,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.27 Td (Domains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 424.27 Td (166,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 424.27 Td (166,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Total Intangible Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 409.27 Td (3,258,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 409.27 Td (2,536,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td (Accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 394.32 Td (\(1,595,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 394.32 Td (\(730,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (Intangible Assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 379.27 Td (1,662,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 379.27 Td (1,806,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.28 351.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 351.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.30 351.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 165.35 351.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.30 351.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 228.56 351.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 271.28 351.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 297.35 351.10 Td (over ) Tj ET Q q 0 0 0 rg BT 317.85 351.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.01 351.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 364.40 351.10 Td (average ) Tj ET Q q 0 0 0 rg BT 398.22 351.10 Td (period ) Tj ET Q q 0 0 0 rg BT 426.49 351.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.55 351.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 445.29 351.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.38 351.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.62 351.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.74 351.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 529.79 351.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.14 339.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.08 339.10 Td (general ) Tj ET Q q 0 0 0 rg BT 131.67 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.27 339.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 209.64 339.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.01 339.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.95 339.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.33 339.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 332.80 339.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 386.51 339.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 431.88 339.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.38 339.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 488.20 339.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.91 339.10 Td ($865,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.41 339.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.57 339.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td ($730,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 327.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.16 327.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.88 327.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 148.03 327.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.48 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.98 327.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.36 327.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 264.94 327.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.94 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.44 327.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.38 327.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.38 327.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.38 327.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 377.04 327.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.55 303.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.31 303.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.83 303.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.83 303.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.76 303.10 Td (future ) Tj ET Q q 0 0 0 rg BT 184.07 303.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 224.82 303.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 277.79 303.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 312.43 303.10 Td (related ) Tj ET Q q 0 0 0 rg BT 342.07 303.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.28 303.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 400.25 303.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 442.67 303.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 468.44 303.10 Td (over ) Tj ET Q q 0 0 0 rg BT 488.64 303.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.29 303.10 Td (next ) Tj ET Q q 0 0 0 rg BT 522.94 303.10 Td (five ) Tj ET Q q 0 0 0 rg BT 540.92 303.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 291.10 Td (set ) Tj ET Q q 0 0 0 rg BT 72.78 291.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 94.72 291.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.00 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.71 291.10 Td (following ) Tj ET Q q 0 0 0 rg BT 161.10 291.10 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 255.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 225.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 225.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 195.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 195.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 255.60000000000002 m 482.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 255.60000000000002 m 562.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 180.60000000000002 m 562.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 180.60000000000002 m 562.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 166.60000000000002 m 562.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 164.60000000000002 m 562.5 164.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.27 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.30 270.27 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.05 260.27 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 245.27 Td (994,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 230.27 Td (349,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 215.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 215.27 Td (207,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 200.27 Td (84,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 185.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 185.27 Td (26,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 170.27 Td (1,662,536) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 130.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.00 130.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 147.38 130.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.12 130.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 188.06 130.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 236.44 130.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 256.50 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.12 130.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 304.96 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 317.24 130.10 Td (October ) Tj ET Q q 0 0 0 rg BT 351.73 130.10 Td (1st ) Tj ET Q q 0 0 0 rg BT 365.69 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.30 130.10 Td (each ) Tj ET Q q 0 0 0 rg BT 396.90 130.10 Td (year) Tj ET Q q 0 0 0 rg BT 413.56 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.34 130.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 458.40 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 467.36 130.10 Td (required ) Tj ET Q q 0 0 0 rg BT 502.96 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.02 130.10 Td (be ) Tj ET Q q 0 0 0 rg BT 524.74 130.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 550.35 130.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 99.85 118.10 Td (at ) Tj ET Q q 0 0 0 rg BT 110.81 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.77 118.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 167.17 118.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 186.48 118.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 212.16 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.63 118.10 Td (The ) Tj ET Q q 0 0 0 rg BT 234.93 118.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.56 118.10 Td (has ) Tj ET Q q 0 0 0 rg BT 294.64 118.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 343.36 118.10 Td (that ) Tj ET Q q 0 0 0 rg BT 362.10 118.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 385.29 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.81 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.00 118.10 Td (after ) Tj ET Q q 0 0 0 rg BT 437.06 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.03 118.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 500.65 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.73 118.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 547.58 118.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (ZenContent, ) Tj ET Q q 0 0 0 rg BT 102.68 106.10 Td (it ) Tj ET Q q 0 0 0 rg BT 111.21 106.10 Td (had ) Tj ET Q q 0 0 0 rg BT 128.63 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.04 106.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 187.33 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.08 106.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.93 106.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.37 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.35 106.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 276.97 106.10 Td (unit. ) Tj ET Q q 0 0 0 rg BT 298.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.32 106.10 Td (As ) Tj ET Q q 0 0 0 rg BT 314.41 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.71 106.10 Td (October ) Tj ET Q q 0 0 0 rg BT 360.89 106.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 371.36 106.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 396.83 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.02 106.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 453.32 106.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 470.17 106.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.79 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.10 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.29 106.10 Td (Company) Tj ET Q q 0 0 0 rg BT 559.52 106.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.25 94.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.74 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.44 94.10 Td (current ) Tj ET Q q 0 0 0 rg BT 133.24 94.10 Td (market ) Tj ET Q q 0 0 0 rg BT 163.49 94.10 Td (price ) Tj ET Q q 0 0 0 rg BT 185.96 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.77 94.10 Td (its ) Tj ET Q q 0 0 0 rg BT 208.70 94.10 Td (common ) Tj ET Q q 0 0 0 rg BT 246.18 94.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 269.78 94.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.26 94.10 Td (October ) Tj ET Q q 0 0 0 rg BT 316.95 94.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.94 94.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 351.92 94.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 391.60 94.10 Td (its ) Tj ET Q q 0 0 0 rg BT 403.53 94.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 439.33 94.10 Td (value ) Tj ET Q q 0 0 0 rg BT 463.47 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.73 94.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 502.31 94.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.13 94.10 Td ($21 ) Tj ET Q q 0 0 0 rg BT 530.61 94.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 94.54 82.10 Td (management ) Tj ET Q q 0 0 0 rg BT 148.25 82.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 191.97 82.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.59 82.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 247.77 82.10 Td (was ) Tj ET Q q 0 0 0 rg BT 265.95 82.10 Td (not ) Tj ET Q q 0 0 0 rg BT 281.35 82.10 Td (impaired; ) Tj ET Q q 0 0 0 rg BT 322.29 82.10 Td (however) Tj ET Q q 0 0 0 rg BT 356.32 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.45 82.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 406.28 82.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 441.12 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.52 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.36 82.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 518.43 82.10 Td (used ) Tj ET Q q 0 0 0 rg BT 539.39 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 82.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 98.19 70.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 147.89 70.10 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 186.22 70.10 Td (could ) Tj ET Q q 0 0 0 rg BT 212.04 70.10 Td (result ) Tj ET Q q 0 0 0 rg BT 237.87 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.25 70.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 292.85 70.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 332.56 70.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 382.26 70.10 Td (char) Tj ET Q q 0 0 0 rg BT 399.29 70.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 416.23 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.61 70.10 Td (future ) Tj ET Q q 0 0 0 rg BT 455.10 70.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 490.64 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.25 70.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 535.63 70.10 Td (or ) Tj ET Q q 0 0 0 rg BT 547.57 70.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.60 58.10 Td (thereon ) Tj ET Q q 0 0 0 rg BT 131.08 58.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.25 58.10 Td (not ) Tj ET Q q 0 0 0 rg BT 155.53 58.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 199.68 58.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.84 58.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 228.56 58.10 Td (purposes.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (NOTE 5. ) Tj ET Q q 0 0 0 rg BT 122.00 718.10 Td (SOFTW) Tj ET Q q 0 0 0 rg BT 157.01 718.10 Td (ARE DEVELOPMENT) Tj ET Q q 0 0 0 rg BT 258.78 718.10 Td ( COSTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Software development costs consists of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 643.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 643.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 613.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 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10.00 Tf ET q 0 0 0 rg BT 428.00 648.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.95 658.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 648.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.27 Td (Software development costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 633.27 Td (1,492,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 633.27 Td (1,021,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.27 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 618.32 Td (\(388,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 618.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 618.32 Td (\(207,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 618.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 603.27 Td (Software development costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 603.27 Td (1,103,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 603.27 Td (813,932) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.22 575.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 155.09 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.97 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.45 575.10 Td (April ) Tj ET Q q 0 0 0 rg BT 206.45 575.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 220.84 575.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 245.23 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.12 575.10 Td (its ) Tj ET Q q 0 0 0 rg BT 258.46 575.10 Td (project ) Tj ET Q q 0 0 0 rg BT 288.11 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.78 575.10 Td (create ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 323.54 575.10 Td (IZEAx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.98 575.10 Td (became ) Tj ET Q q 0 0 0 rg BT 383.40 575.10 Td (technologically ) Tj ET Q q 0 0 0 rg BT 446.94 575.10 Td (feasible ) Tj ET Q q 0 0 0 rg BT 479.92 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.25 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.36 575.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 75.75 563.10 Td (began. ) Tj ET Q q 0 0 0 rg BT 104.89 563.10 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 155.09 563.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 178.08 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.50 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.70 563.10 Td (first ) Tj ET Q q 0 0 0 rg BT 229.79 563.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 261.08 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.40 563.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 297.88 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.08 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.95 563.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 399.02 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 411.46 563.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.10 563.10 Td (web-based ) Tj ET Q q 0 0 0 rg BT 476.84 563.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 524.25 563.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (platform, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 89.72 551.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 120.55 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.33 551.10 Td (On ) Tj ET Q q 0 0 0 rg BT 138.33 551.10 Td (March ) Tj ET Q q 0 0 0 rg BT 167.22 551.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 182.50 551.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 207.78 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.78 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.45 551.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 303.33 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.55 551.10 Td (public ) Tj ET Q q 0 0 0 rg BT 338.33 551.10 Td (beta ) Tj ET Q q 0 0 0 rg BT 357.77 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.88 551.10 Td (IZEA.com ) Tj ET Q q 0 0 0 rg BT 414.15 551.10 Td (powered ) Tj ET Q q 0 0 0 rg BT 451.36 551.10 Td (by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.15 551.10 Td (IZEAx) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.69 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.98 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.56 551.10 Td (This ) Tj ET Q q 0 0 0 rg BT 518.12 551.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 555.34 551.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (being ) Tj ET Q q 0 0 0 rg BT 74.31 539.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 106.39 539.10 Td (both ) Tj ET Q q 0 0 0 rg BT 126.25 539.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 166.67 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.19 539.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 225.26 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.13 539.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 272.20 539.10 Td (native ) Tj ET Q q 0 0 0 rg BT 298.72 539.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 345.24 539.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 390.10 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.19 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.72 539.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 438.56 539.10 Td (scale. ) Tj ET Q q 0 0 0 rg BT 463.13 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.07 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.71 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.69 539.10 Td (continues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.05 527.10 Td (add ) Tj ET Q q 0 0 0 rg BT 76.75 527.10 Td (new ) Tj ET Q q 0 0 0 rg BT 95.68 527.10 Td (features ) Tj ET Q q 0 0 0 rg BT 129.59 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.30 527.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 188.56 527.10 Td (functionality ) Tj ET Q q 0 0 0 rg BT 241.93 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.97 527.10 Td (this ) Tj ET Q q 0 0 0 rg BT 268.69 527.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 305.39 527.10 Td (each ) Tj ET Q q 0 0 0 rg BT 325.97 527.10 Td (year) Tj ET Q q 0 0 0 rg BT 342.63 527.10 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Tj ET Q q 0 0 0 rg BT 303.23 467.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 326.21 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.97 467.10 Td (software ) Tj ET Q q 0 0 0 rg BT 374.38 467.10 Td (development ) Tj ET Q q 0 0 0 rg BT 429.01 467.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.99 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.75 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.95 467.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.47 467.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 73.39 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.56 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.73 455.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.65 455.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.65 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.78 455.10 Td (The ) Tj ET Q q 0 0 0 rg BT 198.17 455.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 239.90 455.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 281.05 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.11 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209.68 443.10 Td (were ) Tj ET Q q 0 0 0 rg BT 231.61 443.10 Td (in-service.) 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0 0 0 rg BT 204.59 407.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.11 407.10 Td ($181,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.61 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.57 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.97 407.10 Td ($122,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.47 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.43 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 336.06 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.24 407.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 380.85 407.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.26 407.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.10 407.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.15 407.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.11 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.52 407.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.52 407.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 395.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.71 371.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.64 371.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.32 371.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.32 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.41 371.10 Td (future ) Tj ET Q q 0 0 0 rg BT 184.89 371.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 225.80 371.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 278.94 371.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 313.74 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 343.54 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.92 371.10 Td (software ) Tj ET Q q 0 0 0 rg BT 390.94 371.10 Td (development ) Tj ET Q q 0 0 0 rg BT 445.19 371.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 467.79 371.10 Td (over ) Tj ET Q q 0 0 0 rg BT 488.15 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.96 371.10 Td (next ) Tj ET Q q 0 0 0 rg BT 522.78 371.10 Td (five ) Tj ET Q q 0 0 0 rg BT 540.92 371.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 359.10 Td (set ) Tj ET Q q 0 0 0 rg BT 72.78 359.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 94.72 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.00 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.71 359.10 Td (following ) Tj ET Q q 0 0 0 rg BT 161.10 359.10 Td (schedule:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 323.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 323.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 293.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.60 412.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 263.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 323.6 m 462.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 323.6 m 562.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 248.60000000000002 m 562.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 234.60000000000002 m 562.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 232.60000000000002 m 562.5 232.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.27 Td (Year ending December 31:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 338.27 Td (Software Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.05 328.27 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 313.27 Td (298,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 298.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 298.27 Td (298,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 283.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 283.27 Td (213,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 268.27 Td (176,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 253.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 253.27 Td (117,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 238.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 238.27 Td (1,103,959) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 198.10 Td (6. ) Tj ET Q q 0 0 0 rg BT 122.00 198.10 Td (DERIV) Tj ET Q q 0 0 0 rg BT 152.94 198.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.42 198.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 186.37 198.10 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 242.49 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 198.10 Td (INSTRUMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.61 174.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.56 174.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 147.83 174.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.35 174.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.84 174.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.24 174.10 Td (other ) Tj ET Q q 0 0 0 rg BT 228.85 174.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 267.01 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.85 174.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 318.90 174.10 Td (if ) Tj ET Q q 0 0 0 rg BT 327.07 174.10 Td (those ) Tj ET Q q 0 0 0 rg BT 350.24 174.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 388.40 174.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.80 174.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 441.96 174.10 Td (components ) Tj ET Q q 0 0 0 rg BT 492.35 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.74 174.10 Td (those ) Tj ET Q q 0 0 0 rg BT 525.92 174.10 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 81.86 162.10 Td (as ) Tj ET Q q 0 0 0 rg BT 93.73 162.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 141.14 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.46 162.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.43 162.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 209.50 162.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 253.57 162.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.77 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.09 162.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 328.58 162.10 Td (with ) Tj ET Q q 0 0 0 rg BT 349.90 162.10 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 393.41 162.10 Td (810-10-05-4 ) Tj ET Q q 0 0 0 rg BT 446.94 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.92 162.10 Td (815-40-25 ) Tj ET Q q 0 0 0 rg BT 510.11 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.98 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.74 162.10 Td (F) Tj ET Q q 0 0 0 rg BT 542.56 162.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.46 150.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 141.69 150.10 Td (Codification. ) Tj ET Q q 0 0 0 rg BT 196.78 150.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.13 150.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.15 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.28 150.10 Td (this ) Tj ET Q q 0 0 0 rg BT 268.53 150.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 315.20 150.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 355.76 150.10 Td (is ) Tj ET Q q 0 0 0 rg BT 365.23 150.10 Td (that ) Tj ET Q q 0 0 0 rg BT 383.02 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.04 150.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 414.72 150.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.17 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.30 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.32 150.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 508.10 150.10 Td (is ) Tj ET Q q 0 0 0 rg BT 517.57 150.10 Td (marked-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.37 138.10 Td (each ) Tj ET Q q 0 0 0 rg BT 101.28 138.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 134.42 138.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 157.56 138.10 Td (date ) Tj ET Q q 0 0 0 rg BT 176.82 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.86 138.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 231.44 138.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.37 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.41 138.10 Td (liability) Tj ET Q q 0 0 0 rg BT 279.87 138.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.97 138.10 Td (In ) Tj ET Q q 0 0 0 rg BT 295.90 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.72 138.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.98 138.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.57 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.39 138.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.87 138.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.13 138.10 Td (is ) Tj ET Q q 0 0 0 rg BT 417.40 138.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 454.98 138.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.91 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.95 138.10 Td (liability) Tj ET Q q 0 0 0 rg BT 503.41 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.51 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.33 138.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.24 138.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.11 126.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.99 126.10 Td (is ) Tj ET Q q 0 0 0 rg BT 101.89 126.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 140.09 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.10 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.55 126.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 220.32 126.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 261.87 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.43 126.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 318.31 126.10 Td (as ) Tj ET Q q 0 0 0 rg BT 329.87 126.10 Td (other ) Tj ET Q q 0 0 0 rg BT 353.65 126.10 Td (income ) Tj ET Q q 0 0 0 rg BT 386.31 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 397.87 126.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 435.80 126.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 461.25 126.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 510.02 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.58 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.03 126.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 96.10 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.09 114.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 150.80 114.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 185.78 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.33 114.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 245.19 114.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 297.40 114.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 350.45 114.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 397.10 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.21 114.10 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 446.24 114.10 Td (as ) Tj ET Q q 0 0 0 rg BT 457.34 114.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 503.71 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.81 114.10 Td (a ) Tj ET Q q 0 0 0 rg BT 522.02 114.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 97.65 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.25 102.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 157.40 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.45 102.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 198.81 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.96 102.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.22 102.10 Td (value ) Tj ET Q q 0 0 0 rg BT 249.25 102.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.85 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.44 102.10 Td (date ) Tj ET Q q 0 0 0 rg BT 292.48 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.18 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.78 102.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 364.01 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.72 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.31 102.10 Td (event ) Tj ET Q q 0 0 0 rg BT 413.34 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.16 102.10 Td (then ) Tj ET Q q 0 0 0 rg BT 449.76 102.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.13 102.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.38 102.10 Td (value ) Tj ET Q q 0 0 0 rg BT 507.42 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 516.46 102.10 Td (reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 90.10 Td (equity) Tj ET Q q 0 0 0 rg BT 84.62 90.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 66.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 123.54 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.48 66.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 177.08 66.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 228.85 66.10 Td (including ) Tj ET Q q 0 0 0 rg BT 269.24 66.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 304.06 66.10 Td (such ) Tj ET Q q 0 0 0 rg BT 325.01 66.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 374.29 66.10 Td (should ) Tj ET Q q 0 0 0 rg BT 403.57 66.10 Td (be ) Tj ET Q q 0 0 0 rg BT 415.63 66.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 453.22 66.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.16 66.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 503.99 66.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.94 66.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.88 66.10 Td (equity) Tj ET Q q 0 0 0 rg BT 550.23 66.10 Td (, ) Tj ET Q q 0 0 0 rg BT 555.34 66.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (re-assessed ) Tj ET Q q 0 0 0 rg BT 99.59 54.10 Td (at ) Tj ET Q q 0 0 0 rg BT 111.42 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.25 54.10 Td (end ) Tj ET Q q 0 0 0 rg BT 147.30 54.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.24 54.10 Td (each ) Tj ET Q q 0 0 0 rg BT 183.16 54.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 224.43 54.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 257.09 54.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 308.91 54.10 Td (that ) Tj ET Q q 0 0 0 rg BT 328.52 54.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.34 54.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 381.06 54.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 423.43 54.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.37 54.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 465.98 54.10 Td (that ) Tj ET Q q 0 0 0 rg BT 485.58 54.10 Td (become ) Tj ET Q q 0 0 0 rg BT 521.29 54.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.23 54.10 Td (to ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 113.04 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.76 731.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 175.81 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.10 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.05 731.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.67 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 236.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.13 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.53 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 291.69 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.54 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.27 731.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 362.56 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 375.07 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.80 731.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 452.84 731.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 474.51 731.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 519.23 731.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.63 719.10 Td (will ) Tj ET Q q 0 0 0 rg BT 109.60 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.46 719.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 163.63 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.83 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.46 719.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 224.40 719.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 248.37 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.11 719.10 Td (current ) Tj ET Q q 0 0 0 rg BT 291.84 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.59 719.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 353.65 719.10 Td (based ) Tj ET Q q 0 0 0 rg BT 379.83 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.24 719.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 428.86 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.61 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.80 719.10 Td (net-cash ) Tj ET Q q 0 0 0 rg BT 493.53 719.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 538.05 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.48 707.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 137.75 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.92 707.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 184.96 707.10 Td (within ) Tj ET Q q 0 0 0 rg BT 213.01 707.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 225.51 707.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.46 707.10 Td (after ) Tj ET Q q 0 0 0 rg BT 278.28 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.99 707.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 326.03 707.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 349.07 707.10 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.18 683.10 Td (further ) Tj ET Q q 0 0 0 rg BT 92.45 683.10 Td (described ) Tj ET Q q 0 0 0 rg BT 132.83 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.68 683.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 164.18 683.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 173.75 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.03 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.98 683.10 Td (has ) Tj ET Q q 0 0 0 rg BT 244.38 683.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 279.76 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.60 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.10 683.10 Td (series ) Tj ET Q q 0 0 0 rg BT 320.94 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.33 683.10 Td (private ) Tj ET Q q 0 0 0 rg BT 361.16 683.10 Td (placements ) Tj ET Q q 0 0 0 rg BT 408.21 683.10 Td (between ) Tj ET Q q 0 0 0 rg BT 443.59 683.10 Td (201) Tj ET Q q 0 0 0 rg BT 458.22 683.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 465.28 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.79 683.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 503.85 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 530.36 683.10 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.88 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.21 671.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 113.19 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.62 671.10 Td (warrants. ) Tj ET Q q 0 0 0 rg BT 164.66 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.54 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 186.19 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.18 671.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 276.27 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 294.37 671.10 Td (some ) Tj ET Q q 0 0 0 rg BT 318.58 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.02 671.10 Td (these ) Tj ET Q q 0 0 0 rg BT 353.67 671.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 391.21 671.10 Td (required ) Tj ET Q q 0 0 0 rg BT 427.63 671.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 483.49 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 494.93 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.47 671.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 536.68 671.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.23 671.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.70 659.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 123.87 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.15 659.10 Td (their ) Tj ET Q q 0 0 0 rg BT 154.98 659.10 Td (terms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.52 635.10 Td (July ) Tj ET Q q 0 0 0 rg BT 94.05 635.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 109.40 635.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.26 635.10 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 635.10 Td (August ) Tj ET Q q 0 0 0 rg BT 197.33 635.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 212.69 635.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 238.04 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.11 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.85 635.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.00 635.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 326.39 635.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.69 635.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.02 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.87 635.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.61 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.47 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.54 635.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 452.93 635.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 488.54 635.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 515.27 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.90 635.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 82.97 623.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 119.80 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 141.65 623.10 Td (its ) Tj ET Q q 0 0 0 rg BT 153.51 623.10 Td (February ) Tj ET Q q 0 0 0 rg BT 192.02 623.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 214.43 623.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 245.16 623.10 Td (Placement ) Tj ET Q q 0 0 0 rg BT 289.22 623.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 307.18 623.10 Td ("2014 ) Tj ET Q q 0 0 0 rg BT 333.50 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.14 623.10 Td (arrants"\). ) Tj ET Q q 0 0 0 rg BT 381.66 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.07 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.48 623.10 Td (If ) Tj ET Q q 0 0 0 rg BT 395.55 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.40 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.59 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.22 623.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 464.06 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.91 623.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 498.86 623.10 Td (did ) Tj ET Q q 0 0 0 rg BT 514.05 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 529.24 623.10 Td (exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 62.49 611.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 85.32 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.95 611.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 124.21 611.10 Td (at ) Tj ET Q q 0 0 0 rg BT 134.47 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.73 611.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 184.42 611.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 220.22 611.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 247.14 611.10 Td (during ) Tj ET Q q 0 0 0 rg BT 276.29 611.10 Td (this ) Tj ET Q q 0 0 0 rg BT 293.78 611.10 Td (time ) Tj ET Q q 0 0 0 rg BT 314.60 611.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 345.69 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.95 611.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 396.75 611.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 423.67 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.05 611.10 Td (any ) Tj ET Q q 0 0 0 rg BT 452.53 611.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 503.33 611.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 526.15 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.79 611.10 Td (arrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 89.58 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 99.17 599.10 Td (their ) Tj ET Q q 0 0 0 rg BT 119.87 599.10 Td (original ) Tj ET Q q 0 0 0 rg BT 153.35 599.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 188.48 599.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 214.73 599.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.44 599.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.94 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.31 599.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.13 599.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.63 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.00 599.10 Td (per ) Tj ET Q q 0 0 0 rg BT 312.15 599.10 Td (share ) Tj ET Q q 0 0 0 rg BT 335.62 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.66 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.25 599.10 Td (series ) Tj ET Q q 0 0 0 rg BT 388.87 599.10 Td (A) Tj ET Q q 0 0 0 rg BT 395.54 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.91 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.73 599.10 Td (series ) Tj ET Q q 0 0 0 rg BT 439.87 599.10 Td (B ) Tj ET Q q 0 0 0 rg BT 448.92 599.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 471.12 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 479.76 599.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 511.84 599.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.50 599.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.42 587.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.27 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.03 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.34 587.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 168.20 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.07 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.38 587.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 225.01 587.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 259.86 587.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 284.44 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.75 587.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 336.96 587.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 369.61 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.14 587.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 412.12 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.54 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.86 587.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 458.80 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.44 587.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 496.74 587.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 525.48 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.35 587.10 Td (amend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 575.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 86.70 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 95.34 575.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 124.87 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.97 575.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 167.29 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.83 575.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 230.24 575.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 282.00 575.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 328.21 575.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 372.20 575.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 413.40 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.51 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.05 575.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 460.21 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.84 575.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 500.71 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.58 575.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 553.67 575.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.34 563.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 117.80 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 140.03 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.04 563.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 177.64 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.27 563.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 216.27 563.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 261.27 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.28 563.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 316.85 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.64 563.10 Td (required ) Tj ET Q q 0 0 0 rg BT 370.75 563.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 404.65 563.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 460.20 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.33 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.34 563.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 508.93 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.57 563.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 547.57 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 87.68 551.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 125.36 551.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 174.71 551.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 214.60 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 248.39 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.75 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.55 551.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.01 551.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.25 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.16 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.96 551.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 375.52 551.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 408.21 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 419.79 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.59 551.10 Td (Company) Tj ET Q q 0 0 0 rg BT 475.26 551.10 Td (s ) Tj ET Q q 0 0 0 rg BT 480.73 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.29 551.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 79.63 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.15 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.24 539.10 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 155.75 539.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 189.26 539.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 223.88 539.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 249.62 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.93 539.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 313.34 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.54 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.62 539.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 388.92 539.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 434.67 539.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 478.20 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.85 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.93 539.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 523.66 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.30 539.10 Td (arrants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.61 527.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 89.22 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.95 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.56 527.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 136.78 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.42 527.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 175.02 527.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 205.17 527.10 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 253.38 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.78 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.64 527.10 Td (As ) Tj ET Q q 0 0 0 rg BT 271.15 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 277.98 527.10 Td (result ) Tj ET Q q 0 0 0 rg BT 302.59 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.32 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.93 527.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 376.97 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.15 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.76 527.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 423.98 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.61 527.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 462.22 527.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 489.33 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.94 527.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 526.16 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.80 527.10 Td (arrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (no ) Tj ET Q q 0 0 0 rg BT 62.50 515.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 90.55 515.10 Td (require ) Tj ET Q q 0 0 0 rg BT 121.36 515.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 154.97 515.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 210.23 515.10 Td (after ) Tj ET Q q 0 0 0 rg BT 230.49 515.10 Td (August ) Tj ET Q q 0 0 0 rg BT 261.88 515.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 276.88 515.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (At ) Tj ET Q q 0 0 0 rg BT 63.02 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.26 491.10 Td (close ) Tj ET Q q 0 0 0 rg BT 101.83 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.18 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.42 491.10 Td (of) Tj ET Q q 0 0 0 rg BT 136.57 491.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 150.69 491.10 Td (period ) Tj ET Q q 0 0 0 rg BT 179.26 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 191.62 491.10 Td (August ) Tj ET Q q 0 0 0 rg BT 223.53 491.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 239.05 491.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 264.58 491.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 303.71 491.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 349.48 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.95 491.10 Td (converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.39 491.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.39 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.41 491.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.43 491.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 526.77 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 491.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 479.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.15 479.10 Td (at ) Tj ET Q q 0 0 0 rg BT 97.67 479.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.19 479.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.52 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.82 479.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 169.01 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.98 479.10 Td (total ) Tj ET Q q 0 0 0 rg BT 203.05 479.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 240.90 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.53 479.10 Td ($8,760,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.53 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 301.17 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 319.02 479.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 367.97 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.60 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.13 479.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 415.26 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.90 479.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 453.41 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.49 479.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 492.44 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.96 479.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 542.02 479.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (required ) Tj ET Q q 0 0 0 rg BT 85.17 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.23 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 139.97 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.60 467.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 169.21 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.28 467.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 229.01 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.19 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 250.48 467.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 290.09 467.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 326.37 467.10 Td (it ) Tj ET Q q 0 0 0 rg BT 333.77 467.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 375.06 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.13 467.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.85 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 428.36 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.54 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.61 467.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 474.32 467.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.96 467.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 512.02 467.10 Td (immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.18 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.71 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.67 455.10 Td (price ) Tj ET Q q 0 0 0 rg BT 120.40 455.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 160.90 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.09 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 455.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 209.67 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 234.07 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.14 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.10 455.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 282.65 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.29 455.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 321.24 455.10 Td (after ) Tj ET Q q 0 0 0 rg BT 342.30 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.26 455.10 Td (price ) Tj ET Q q 0 0 0 rg BT 379.99 455.10 Td (reduction. ) Tj ET Q q 0 0 0 rg BT 423.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.54 455.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.83 455.10 Td ($1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.83 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.58 455.10 Td (change ) Tj ET Q q 0 0 0 rg BT 522.64 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.16 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.12 455.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.61 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.90 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.08 443.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 123.82 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 132.46 443.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 162.63 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.92 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.31 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 206.49 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.78 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.96 443.10 Td (price ) Tj ET Q q 0 0 0 rg BT 255.90 443.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 296.62 443.10 Td (was ) Tj ET Q q 0 0 0 rg BT 315.13 443.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 345.29 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.58 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.98 443.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 382.50 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.46 443.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 436.17 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.57 443.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 491.50 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.24 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 443.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 431.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 147.75 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.58 431.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 202.74 431.10 Td (during ) Tj ET Q q 0 0 0 rg BT 231.35 431.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.06 431.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 275.22 431.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.67 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.17 431.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.54 431.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.13 431.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.13 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.13 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.49 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.31 407.10 Td (result ) Tj ET Q q 0 0 0 rg BT 94.90 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 407.10 Td (above ) Tj ET Q q 0 0 0 rg BT 146.46 407.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 199.10 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.70 407.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.95 407.10 Td (value ) Tj ET Q q 0 0 0 rg BT 253.98 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 407.10 Td ($5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.07 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.45 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 407.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.04 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.42 407.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 421.55 407.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 443.76 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.40 407.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 481.98 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.80 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.39 407.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.65 407.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td ($1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.90 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 110.80 395.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.92 395.10 Td (396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.42 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.31 395.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 204.76 395.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 255.41 395.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 278.10 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.74 395.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 316.84 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.07 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.66 395.10 Td (August ) Tj ET Q q 0 0 0 rg BT 370.45 395.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 385.85 395.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 408.75 395.10 Td (was ) Tj ET Q q 0 0 0 rg BT 427.20 395.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 457.32 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.00 395.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.89 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.12 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.71 395.10 Td (August ) Tj ET Q q 0 0 0 rg BT 549.50 395.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 359.10 Td (following ) Tj ET Q q 0 0 0 rg BT 107.98 359.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.19 359.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 178.73 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.72 359.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 239.07 359.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 270.84 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.05 359.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 302.70 359.10 Td (value ) Tj ET Q q 0 0 0 rg BT 326.13 359.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 375.66 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.76 359.10 Td (its ) Tj ET Q q 0 0 0 rg BT 396.99 359.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 438.74 359.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 474.94 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.38 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.37 359.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.14 359.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.57 359.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 347.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 347.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.46 347.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.40 347.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 347.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 301.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 301.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 301.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 273.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 273.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 273.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 245.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 245.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 217.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 217.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 217.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 189.60 332.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 189.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 189.60 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 301.6 m 382.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 301.6 m 472.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 301.6 m 562.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 301.6 m 472.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 301.6 m 562.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 231.60000000000002 m 382.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 231.60000000000002 m 472.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 231.60000000000002 m 562.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 231.60000000000002 m 472.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 231.60000000000002 m 562.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 189.60000000000002 m 382.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 176.60000000000002 m 382.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 174.60000000000002 m 382.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 189.60000000000002 m 472.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 176.60000000000002 m 472.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 174.60000000000002 m 472.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 189.60000000000002 m 562.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 174.60000000000002 m 562.5 174.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.95 326.27 Td (Linked Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 316.27 Td (Shares to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 306.27 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 431.32 306.27 Td (W) Tj ET Q q 0 0 0 rg BT 439.96 306.27 Td (arrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 316.27 Td (W) Tj ET Q q 0 0 0 rg BT 509.64 316.27 Td (arrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 306.27 Td (Liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.17 Td (Balance, December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 292.17 Td (1,795,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 292.17 Td (3,203,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 278.17 Td (Exercise of warrants for common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 278.22 Td (\(1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 278.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 278.22 Td (\(5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 278.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 264.17 Td (Loss on exchange of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 264.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 264.17 Td (1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.17 Td (Reclassification of fair value of 2014 Private Placement warrants to equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 250.22 Td (\(396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 250.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 250.22 Td (\(1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 250.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 236.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 236.17 Td (2,133,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.17 Td (Balance, December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 222.17 Td (6,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 222.17 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.17 Td (Expiration of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 208.22 Td (\(694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 208.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 194.17 Td (Change in fair value of derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 194.22 Td (\(5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 194.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 180.17 Td (Balance, December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 180.17 Td (5,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 180.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.75 152.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.71 152.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.43 152.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.43 152.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.57 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.42 152.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.95 152.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.02 152.10 Td (5,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.52 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.16 152.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 290.33 152.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.95 152.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 345.59 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.00 152.10 Td (its ) Tj ET Q q 0 0 0 rg BT 368.09 152.10 Td (September ) Tj ET Q q 0 0 0 rg BT 413.49 152.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 436.12 152.10 Td (public ) Tj ET Q q 0 0 0 rg BT 463.75 152.10 Td (of) Tj ET Q q 0 0 0 rg BT 471.90 152.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 498.42 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 516.05 152.10 Td (still ) Tj ET Q q 0 0 0 rg BT 533.69 152.10 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 104.05 140.10 Td (as ) Tj ET Q q 0 0 0 rg BT 113.68 140.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.41 140.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 151.81 140.10 Td (due ) Tj ET Q q 0 0 0 rg BT 167.54 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.62 140.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.11 140.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 251.95 140.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 276.02 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.75 140.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 318.05 140.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 371.55 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.62 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.13 140.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 443.46 140.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.66 140.10 Td (The ) Tj ET Q q 0 0 0 rg BT 461.50 140.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.67 140.10 Td (value ) Tj ET Q q 0 0 0 rg BT 499.62 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 140.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.88 128.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 126.32 128.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 160.33 128.10 Td (related ) Tj ET Q q 0 0 0 rg BT 190.43 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.11 128.10 Td (these ) Tj ET Q q 0 0 0 rg BT 224.56 128.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 257.99 128.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 285.88 128.10 Td (as ) Tj ET Q q 0 0 0 rg BT 297.11 128.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.34 128.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.33 128.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.33 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.23 128.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.68 128.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.68 128.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.08 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.98 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.88 128.10 Td (During ) Tj ET Q q 0 0 0 rg BT 461.11 128.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.23 128.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 505.79 128.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.23 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 128.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.70 116.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.70 116.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.31 116.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.36 116.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.36 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.47 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 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(in ) Tj ET Q q 0 0 0 rg BT 60.28 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 104.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 91.37 104.10 Td (value ) Tj ET Q q 0 0 0 rg BT 115.53 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.36 104.10 Td (its ) Tj ET Q q 0 0 0 rg BT 138.31 104.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 171.34 104.10 Td (liability) Tj ET Q q 0 0 0 rg BT 201.80 104.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.66 77.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 114.36 77.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 150.91 77.10 Td (were ) Tj ET Q q 0 0 0 rg BT 172.45 77.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 201.22 77.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.34 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.67 77.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 270.88 77.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 293.54 77.10 Td (using ) Tj ET Q q 0 0 0 rg BT 317.33 77.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.88 77.10 Td (Binomial ) Tj ET Q q 0 0 0 rg BT 363.22 77.10 Td (Lattice ) Tj ET Q q 0 0 0 rg BT 393.10 77.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 422.84 77.10 Td (V) Tj ET Q q 0 0 0 rg BT 428.95 77.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 463.13 77.10 Td (T) Tj ET Q q 0 0 0 rg BT 468.54 77.10 Td (echnique ) Tj ET Q q 0 0 0 rg BT 506.75 77.10 Td (\(Binomial\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 96.38 65.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 123.33 65.10 Td (into ) Tj ET Q q 0 0 0 rg BT 141.39 65.10 Td (this ) Tj ET Q q 0 0 0 rg BT 158.33 65.10 Td (technique ) Tj ET Q q 0 0 0 rg BT 199.71 65.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.54 65.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.37 65.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.95 65.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.45 65.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.39 65.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.39 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.89 65.10 Td (were ) Tj ET Q q 0 0 0 rg BT 363.82 65.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.65 65.10 Td (follows:) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.50 374.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 706.50 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 706.50 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.50 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 678.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 678.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 648.50 374.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 648.50 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 648.50 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.50 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 620.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 620.50 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 706.5 m 424.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 706.5 m 493.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 706.5 m 562.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 706.5 m 493.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 706.5 m 562.5 706.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 711.18 Td (Binomial Assumptions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.40 721.18 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 711.18 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.40 721.18 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 711.18 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.07 Td (Fair market value of asset) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 156.30 701.60 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.25 697.07 Td ($4.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 697.07 Td ($7.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 683.07 Td (Exercise price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.75 683.07 Td ($25.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 683.07 Td ($25.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 668.17 Td (erm) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.96 672.70 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.45 668.17 Td (0.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.45 668.17 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.17 Td (Implied expected life) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 137.96 657.70 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.45 653.17 Td (0.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.45 653.17 Td (1.7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 639.07 Td (V) Tj ET Q q 0 0 0 rg BT 58.93 639.07 Td (olatility range of inputs) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 152.53 643.60 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.05 639.07 Td (55.91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 639.07 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.07 Td (Equivalent volatility) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.93 629.60 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.05 625.07 Td (55.91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 625.07 Td (83.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.17 Td (Risk-free interest rate range of inputs) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 202.11 614.70 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.55 610.17 Td (0.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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0 rg BT 333.24 573.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 379.95 573.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 410.96 573.00 Td (stock ) Tj ET Q q 0 0 0 rg BT 434.20 573.00 Td (price ) Tj ET Q q 0 0 0 rg BT 456.31 573.00 Td (as ) Tj ET Q q 0 0 0 rg BT 466.77 573.00 Td (reflected ) Tj ET Q q 0 0 0 rg BT 503.86 573.00 Td (in ) Tj ET Q q 0 0 0 rg BT 513.77 573.00 Td (the ) Tj ET Q q 0 0 0 rg BT 528.11 573.00 Td (OTCQB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 561.00 Td (for ) Tj ET Q q 0 0 0 rg BT 82.16 561.00 Td (the ) Tj ET Q q 0 0 0 rg BT 96.88 561.00 Td (period ) Tj ET Q q 0 0 0 rg BT 124.92 561.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.30 561.00 Td (December ) Tj ET Q q 0 0 0 rg BT 194.88 561.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 209.88 561.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 232.38 561.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.32 561.00 Td (the ) Tj ET Q q 0 0 0 rg BT 264.04 561.00 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 296.53 561.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 327.91 561.00 Td (Market ) Tj ET Q q 0 0 0 rg BT 359.29 561.00 Td (for ) Tj ET Q q 0 0 0 rg BT 373.45 561.00 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 561.00 Td (period ) Tj ET Q q 0 0 0 rg BT 416.21 561.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.59 561.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.17 561.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.17 561.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 543.00 Td (\(2\)) Tj ET Q q 0 0 0 rg BT 84.48 543.00 Td (The ) Tj ET Q q 0 0 0 rg BT 103.34 543.00 Td (term ) Tj ET Q q 0 0 0 rg BT 124.97 543.00 Td (is ) Tj ET Q q 0 0 0 rg BT 134.95 543.00 Td (the ) Tj ET Q q 0 0 0 rg BT 150.48 543.00 Td (contractual ) Tj ET Q q 0 0 0 rg BT 198.21 543.00 Td (remaining ) Tj ET Q q 0 0 0 rg BT 242.06 543.00 Td (term, ) Tj ET Q q 0 0 0 rg BT 266.20 543.00 Td (allocated ) Tj ET Q q 0 0 0 rg BT 305.60 543.00 Td (among ) Tj ET Q q 0 0 0 rg BT 336.13 543.00 Td (twelve ) Tj ET Q q 0 0 0 rg BT 366.09 543.00 Td (equal ) Tj ET Q q 0 0 0 rg BT 391.06 543.00 Td (intervals ) Tj ET Q q 0 0 0 rg BT 428.80 543.00 Td (for ) Tj ET Q q 0 0 0 rg BT 443.77 543.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 482.63 543.00 Td (of ) Tj ET Q q 0 0 0 rg BT 494.27 543.00 Td (calculating ) Tj ET Q q 0 0 0 rg BT 541.45 543.00 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 531.00 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 97.45 531.00 Td (such ) Tj ET Q q 0 0 0 rg BT 118.28 531.00 Td (as ) Tj ET Q q 0 0 0 rg BT 129.11 531.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 167.72 531.00 Td (and ) Tj ET Q q 0 0 0 rg BT 184.66 531.00 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 221.02 531.00 Td (rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 513.00 Td (\(3\)) Tj ET Q q 0 0 0 rg BT 84.48 513.00 Td (The ) Tj ET Q q 0 0 0 rg BT 102.53 513.00 Td (implied ) Tj ET Q q 0 0 0 rg BT 135.58 513.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 173.61 513.00 Td (life, ) Tj ET Q q 0 0 0 rg BT 191.94 513.00 Td (and ) Tj ET Q q 0 0 0 rg BT 208.87 513.00 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 253.02 513.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 291.63 513.00 Td (and ) Tj ET Q q 0 0 0 rg BT 308.57 513.00 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 344.94 513.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.87 513.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.36 513.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 430.74 513.00 Td (are ) Tj ET Q q 0 0 0 rg BT 445.45 513.00 Td (derived ) Tj ET Q q 0 0 0 rg BT 477.94 513.00 Td (from ) Tj ET Q q 0 0 0 rg BT 499.88 513.00 Td (the ) Tj ET Q q 0 0 0 rg BT 514.59 513.00 Td (Binomial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 495.00 Td (\(4\)) Tj ET Q q 0 0 0 rg BT 84.48 495.00 Td (The ) Tj ET Q q 0 0 0 rg BT 102.15 495.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.17 495.00 Td (does ) Tj ET Q q 0 0 0 rg BT 163.63 495.00 Td (not ) Tj ET Q q 0 0 0 rg BT 178.53 495.00 Td (have ) Tj ET Q q 0 0 0 rg BT 199.54 495.00 Td (a ) Tj ET Q q 0 0 0 rg BT 206.10 495.00 Td (market ) Tj ET Q q 0 0 0 rg BT 236.00 495.00 Td (trading ) Tj ET Q q 0 0 0 rg BT 266.45 495.00 Td (history ) Tj ET Q q 0 0 0 rg BT 296.36 495.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 318.48 495.00 Td (which ) Tj ET Q q 0 0 0 rg BT 345.05 495.00 Td (to ) Tj ET Q q 0 0 0 rg BT 354.96 495.00 Td (base ) Tj ET Q q 0 0 0 rg BT 374.85 495.00 Td (its ) Tj ET Q q 0 0 0 rg BT 386.43 495.00 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 454.09 495.00 Td (volatility) Tj ET Q q 0 0 0 rg BT 489.55 495.00 Td (. ) Tj ET Q q 0 0 0 rg BT 494.18 495.00 Td ( ) Tj ET Q q 0 0 0 rg BT 495.84 495.00 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 545.17 495.00 Td (, ) Tj ET Q q 0 0 0 rg BT 549.80 495.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 483.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.91 483.00 Td (selected ) Tj ET Q q 0 0 0 rg BT 143.13 483.00 Td (peer ) Tj ET Q q 0 0 0 rg BT 162.36 483.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.15 483.00 Td (that ) Tj ET Q q 0 0 0 rg BT 224.17 483.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 261.74 483.00 Td (a ) Tj ET Q q 0 0 0 rg BT 268.20 483.00 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 312.98 483.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 335.00 483.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 357.02 483.00 Td (which ) Tj ET Q q 0 0 0 rg BT 383.48 483.00 Td (to ) Tj ET Q q 0 0 0 rg BT 393.29 483.00 Td (calculate ) Tj ET Q q 0 0 0 rg BT 430.84 483.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 468.97 483.00 Td (for ) Tj ET Q q 0 0 0 rg BT 482.65 483.00 Td (each ) Tj ET Q q 0 0 0 rg BT 502.99 483.00 Td (of ) Tj ET Q q 0 0 0 rg BT 513.34 483.00 Td (the ) Tj ET Q q 0 0 0 rg BT 527.58 483.00 Td (intervals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 471.00 Td (described ) Tj ET Q q 0 0 0 rg BT 108.82 471.00 Td (in ) Tj ET Q q 0 0 0 rg BT 119.09 471.00 Td (\(2\), ) Tj ET Q q 0 0 0 rg BT 135.75 471.00 Td (above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 453.00 Td (\(5\)) Tj ET Q q 0 0 0 rg BT 84.48 453.00 Td (The ) Tj ET Q q 0 0 0 rg BT 101.66 453.00 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 137.15 453.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 157.66 453.00 Td (used ) Tj ET Q q 0 0 0 rg BT 177.62 453.00 Td (for ) Tj ET Q q 0 0 0 rg BT 190.91 453.00 Td (inputs ) Tj ET Q q 0 0 0 rg BT 216.99 453.00 Td (represent ) Tj ET Q q 0 0 0 rg BT 255.26 453.00 Td (the ) Tj ET Q q 0 0 0 rg BT 269.11 453.00 Td (yields ) Tj ET Q q 0 0 0 rg BT 294.63 453.00 Td (on ) Tj ET Q q 0 0 0 rg BT 306.26 453.00 Td (zero ) Tj ET Q q 0 0 0 rg BT 325.09 453.00 Td (coupon ) Tj ET Q q 0 0 0 rg BT 356.16 453.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 375.58 453.00 Td (Government ) Tj ET Q q 0 0 0 rg BT 427.19 453.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 468.25 453.00 Td (with ) Tj ET Q q 0 0 0 rg BT 487.66 453.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 518.73 453.00 Td (to ) Tj ET Q q 0 0 0 rg BT 528.14 453.00 Td (maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 441.00 Td (consistent ) Tj ET Q q 0 0 0 rg BT 110.50 441.00 Td (with ) Tj ET Q q 0 0 0 rg BT 130.77 441.00 Td (the ) Tj ET Q q 0 0 0 rg BT 145.49 441.00 Td (intervals ) Tj ET Q q 0 0 0 rg BT 182.42 441.00 Td (described ) Tj ET Q q 0 0 0 rg BT 223.24 441.00 Td (in ) Tj ET Q q 0 0 0 rg BT 233.52 441.00 Td (\(2\), ) Tj ET Q q 0 0 0 rg BT 250.18 441.00 Td (above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.00 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 417.00 Td (7. ) Tj ET Q q 0 0 0 rg BT 122.00 417.00 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 204.50 417.00 Td (& ) Tj ET Q q 0 0 0 rg BT 215.33 417.00 Td (CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 391.43505859375 m 126.552734375 391.43505859375 l s q 0 0 0 rg BT 50.00 393.00 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.48 393.00 Td (edit ) Tj ET Q q 0 0 0 rg BT 79.54 393.00 Td (Agr) Tj ET Q q 0 0 0 rg BT 96.02 393.00 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.00 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 381.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.56 381.00 Td (has ) Tj ET Q q 0 0 0 rg BT 125.46 381.00 Td (a ) Tj ET Q q 0 0 0 rg BT 132.46 381.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 165.56 381.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 190.89 381.00 Td (facility ) Tj ET Q q 0 0 0 rg BT 221.78 381.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 265.98 381.00 Td (with ) Tj ET Q q 0 0 0 rg BT 286.14 381.00 Td (W) Tj ET Q q 0 0 0 rg BT 294.78 381.00 Td (estern ) Tj ET Q q 0 0 0 rg BT 320.65 381.00 Td (Alliance ) Tj ET Q q 0 0 0 rg BT 357.09 381.00 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 383.26 381.00 Td (the ) Tj ET Q q 0 0 0 rg BT 398.05 381.00 Td (parent ) Tj ET Q q 0 0 0 rg BT 425.60 381.00 Td (company ) Tj ET Q q 0 0 0 rg BT 464.82 381.00 Td (of ) Tj ET Q q 0 0 0 rg BT 475.71 381.00 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 505.49 381.00 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 531.67 381.00 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 553.68 381.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.00 Td (San ) Tj ET Q q 0 0 0 rg BT 66.60 369.00 Td (Jose, ) Tj ET Q q 0 0 0 rg BT 87.92 369.00 Td (California, ) Tj ET Q q 0 0 0 rg BT 132.57 369.00 Td ( ) Tj ET Q q 0 0 0 rg BT 134.17 369.00 Td (which ) Tj ET Q q 0 0 0 rg BT 160.21 369.00 Td (it ) Tj ET Q q 0 0 0 rg BT 167.37 369.00 Td (obtained ) Tj ET Q q 0 0 0 rg BT 203.40 369.00 Td (on ) Tj ET Q q 0 0 0 rg BT 215.00 369.00 Td (March ) Tj ET Q q 0 0 0 rg BT 242.71 369.00 Td (1, ) Tj ET Q q 0 0 0 rg BT 251.81 369.00 Td (2013 ) Tj ET Q q 0 0 0 rg BT 273.41 369.00 Td (and ) Tj ET Q q 0 0 0 rg BT 289.45 369.00 Td (expanded ) Tj ET Q q 0 0 0 rg BT 329.37 369.00 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 369.00 Td (April ) Tj ET Q q 0 0 0 rg BT 363.32 369.00 Td (13, ) Tj ET Q q 0 0 0 rg BT 377.42 369.00 Td (2015. ) Tj ET Q q 0 0 0 rg BT 401.53 369.00 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 438.13 369.00 Td (to ) Tj ET Q q 0 0 0 rg BT 447.51 369.00 Td (this ) Tj ET Q q 0 0 0 rg BT 463.56 369.00 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 509.30 369.00 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 369.00 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.00 Td (may ) Tj ET Q q 0 0 0 rg BT 69.96 357.00 Td (submit ) Tj ET Q q 0 0 0 rg BT 99.93 357.00 Td (requests ) Tj ET Q q 0 0 0 rg BT 135.44 357.00 Td (for ) Tj ET Q q 0 0 0 rg BT 149.85 357.00 Td (funding ) Tj ET Q q 0 0 0 rg BT 183.70 357.00 Td (up ) Tj ET Q q 0 0 0 rg BT 196.45 357.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.97 357.00 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.30 357.00 Td ( ) Tj ET Q q 0 0 0 rg BT 228.04 357.00 Td (of ) Tj ET Q q 0 0 0 rg BT 239.12 357.00 Td (its ) Tj ET Q q 0 0 0 rg BT 251.31 357.00 Td (eligible ) Tj ET Q q 0 0 0 rg BT 284.04 357.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 321.77 357.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 365.60 357.00 Td (up ) Tj ET Q q 0 0 0 rg BT 378.34 357.00 Td (to ) Tj ET Q q 0 0 0 rg BT 388.86 357.00 Td (a ) Tj ET Q q 0 0 0 rg BT 396.04 357.00 Td (maximum ) Tj ET Q q 0 0 0 rg BT 439.34 357.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 464.85 357.00 Td (limit ) Tj ET Q q 0 0 0 rg BT 486.48 357.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.56 357.00 Td ($5 ) Tj ET Q q 0 0 0 rg BT 510.30 357.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.19 357.00 Td (. ) Tj ET Q q 0 0 0 rg BT 544.24 357.00 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 94.24 345.00 Td (is ) Tj ET Q q 0 0 0 rg BT 103.51 345.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 136.65 345.00 Td (by ) Tj ET Q q 0 0 0 rg BT 149.25 345.00 Td (the ) Tj ET Q q 0 0 0 rg BT 164.06 345.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 211.25 345.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 248.83 345.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 292.51 345.00 Td (and ) Tj ET Q q 0 0 0 rg BT 309.55 345.00 Td (substantially ) Tj ET Q q 0 0 0 rg BT 362.70 345.00 Td (all ) Tj ET Q q 0 0 0 rg BT 375.30 345.00 Td (of ) Tj ET Q q 0 0 0 rg BT 386.23 345.00 Td (the ) Tj ET Q q 0 0 0 rg BT 401.04 345.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 448.22 345.00 Td (other ) Tj ET Q q 0 0 0 rg BT 471.37 345.00 Td (assets. ) Tj ET Q q 0 0 0 rg BT 499.80 345.00 Td ( ) Tj ET Q q 0 0 0 rg BT 502.21 345.00 Td (The ) Tj ET Q q 0 0 0 rg BT 520.36 345.00 Td (agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.00 Td (renews ) Tj ET Q q 0 0 0 rg BT 80.92 333.00 Td (annually ) Tj ET Q q 0 0 0 rg BT 117.95 333.00 Td (and ) Tj ET Q q 0 0 0 rg BT 134.99 333.00 Td (requires ) Tj ET Q q 0 0 0 rg BT 169.80 333.00 Td (the ) Tj ET Q q 0 0 0 rg BT 184.61 333.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.10 333.00 Td (to ) Tj ET Q q 0 0 0 rg BT 236.48 333.00 Td (pay ) Tj ET Q q 0 0 0 rg BT 253.51 333.00 Td (an ) Tj ET Q q 0 0 0 rg BT 265.55 333.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 294.80 333.00 Td (facility ) Tj ET Q q 0 0 0 rg BT 325.72 333.00 Td (fee ) Tj ET Q q 0 0 0 rg BT 340.53 333.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.46 333.00 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.96 333.00 Td ( ) Tj ET Q q 0 0 0 rg BT 386.56 333.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.89 333.00 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.72 333.00 Td ( ) Tj ET Q q 0 0 0 rg BT 413.32 333.00 Td (of ) Tj ET Q q 0 0 0 rg BT 424.25 333.00 Td (the ) Tj ET Q q 0 0 0 rg BT 439.06 333.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 464.43 333.00 Td (limit\) ) Tj ET Q q 0 0 0 rg BT 489.25 333.00 Td (and ) Tj ET Q q 0 0 0 rg BT 506.28 333.00 Td (an ) Tj ET Q q 0 0 0 rg BT 518.32 333.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 547.58 333.00 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.00 Td (diligence ) Tj ET Q q 0 0 0 rg BT 89.47 321.00 Td (fee ) Tj ET Q q 0 0 0 rg BT 104.50 321.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.65 321.00 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.15 321.00 Td (. ) Tj ET Q q 0 0 0 rg BT 148.48 321.00 Td (Interest ) Tj ET Q q 0 0 0 rg BT 181.28 321.00 Td (accrues ) Tj ET Q q 0 0 0 rg BT 214.08 321.00 Td (on ) Tj ET Q q 0 0 0 rg BT 226.90 321.00 Td (the ) Tj ET Q q 0 0 0 rg BT 241.94 321.00 Td (advances ) Tj ET Q q 0 0 0 rg BT 281.41 321.00 Td (at ) Tj ET Q q 0 0 0 rg BT 291.45 321.00 Td (the ) Tj ET Q q 0 0 0 rg BT 306.49 321.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 324.30 321.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.45 321.00 Td (prime ) Tj ET Q q 0 0 0 rg BT 361.60 321.00 Td (plus ) Tj ET Q q 0 0 0 rg BT 381.09 321.00 Td (2% ) Tj ET Q q 0 0 0 rg BT 397.24 321.00 Td (per ) Tj ET Q q 0 0 0 rg BT 412.83 321.00 Td (annum) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.05 321.00 Td (. ) Tj ET Q q 0 0 0 rg BT 445.17 321.00 Td (The ) Tj ET Q q 0 0 0 rg BT 463.54 321.00 Td (default ) Tj ET Q q 0 0 0 rg BT 494.12 321.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 511.93 321.00 Td (of ) Tj ET Q q 0 0 0 rg BT 523.08 321.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 555.34 321.00 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.00 Td (prime ) Tj ET Q q 0 0 0 rg BT 76.44 309.00 Td (plus ) Tj ET Q q 0 0 0 rg BT 96.23 309.00 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.56 309.00 Td (. ) Tj ET Q q 0 0 0 rg BT 115.18 309.00 Td ( ) Tj ET Q q 0 0 0 rg BT 117.60 309.00 Td (As ) Tj ET Q q 0 0 0 rg BT 131.83 309.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.28 309.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 202.48 309.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.48 309.00 Td ( ) Tj ET Q q 0 0 0 rg BT 225.60 309.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.15 309.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 309.00 Td (, ) Tj ET Q q 0 0 0 rg BT 268.77 309.00 Td (the ) Tj ET Q q 0 0 0 rg BT 284.10 309.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.11 309.00 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.66 309.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.66 309.00 Td ( ) Tj ET Q q 0 0 0 rg BT 356.78 309.00 Td (advances ) Tj ET Q q 0 0 0 rg BT 396.54 309.00 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 446.32 309.00 Td (under ) Tj ET Q q 0 0 0 rg BT 472.21 309.00 Td (this ) Tj ET Q q 0 0 0 rg BT 489.77 309.00 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 537.03 309.00 Td ( ) Tj ET Q q 0 0 0 rg BT 539.46 309.00 Td (As ) Tj ET Q q 0 0 0 rg BT 553.69 309.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.53 297.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.53 297.00 Td (, ) Tj ET Q q 0 0 0 rg BT 133.47 297.00 Td (the ) Tj ET Q q 0 0 0 rg BT 148.13 297.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.46 297.00 Td (had ) Tj ET Q q 0 0 0 rg BT 206.35 297.00 Td (a ) Tj ET Q q 0 0 0 rg BT 213.23 297.00 Td (net ) Tj ET Q q 0 0 0 rg BT 227.89 297.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 265.32 297.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 308.84 297.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 341.82 297.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.59 297.00 Td ($3,745,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.59 297.00 Td (. ) Tj ET Q q 0 0 0 rg BT 402.53 297.00 Td ( ) Tj ET Q q 0 0 0 rg BT 404.44 297.00 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 447.44 297.00 Td (that ) Tj ET Q q 0 0 0 rg BT 464.88 297.00 Td (all ) Tj ET Q q 0 0 0 rg BT 477.32 297.00 Td (of ) Tj ET Q q 0 0 0 rg BT 488.10 297.00 Td (the ) Tj ET Q q 0 0 0 rg BT 502.76 297.00 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 297.00 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.00 Td (accounts ) Tj ET Q q 0 0 0 rg BT 86.88 285.00 Td (receivable ) Tj ET Q q 0 0 0 rg BT 129.86 285.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 162.29 285.00 Td (was ) Tj ET Q q 0 0 0 rg BT 179.74 285.00 Td (eligible ) Tj ET Q q 0 0 0 rg BT 211.63 285.00 Td (for ) Tj ET Q q 0 0 0 rg BT 225.19 285.00 Td (funding, ) Tj ET Q q 0 0 0 rg BT 260.70 285.00 Td (it ) Tj ET Q q 0 0 0 rg BT 268.15 285.00 Td (has ) Tj ET Q q 0 0 0 rg BT 283.38 285.00 Td (available ) Tj ET Q q 0 0 0 rg BT 321.37 285.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 346.03 285.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.26 285.00 Td ($2,996,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.26 285.00 Td ( ) Tj ET Q q 0 0 0 rg BT 403.16 285.00 Td (under ) Tj ET Q q 0 0 0 rg BT 427.82 285.00 Td (the ) Tj ET Q q 0 0 0 rg BT 441.94 285.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 485.48 285.00 Td (as ) Tj ET Q q 0 0 0 rg BT 495.71 285.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 285.00 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 273.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 249.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.76 249.00 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.24 249.00 Td ($21,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.74 249.00 Td ( ) Tj ET Q q 0 0 0 rg BT 178.90 249.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.50 249.00 Td ($23,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 249.00 Td ( ) Tj ET Q q 0 0 0 rg BT 230.16 249.00 Td (in ) Tj ET Q q 0 0 0 rg BT 240.10 249.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.26 249.00 Td (related ) Tj ET Q q 0 0 0 rg BT 291.63 249.00 Td (to ) Tj ET Q q 0 0 0 rg BT 301.57 249.00 Td (this ) Tj ET Q q 0 0 0 rg BT 318.18 249.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 343.10 249.00 Td (facility ) Tj ET Q q 0 0 0 rg BT 373.59 249.00 Td (and ) Tj ET Q q 0 0 0 rg BT 390.19 249.00 Td (expansion ) Tj ET Q q 0 0 0 rg BT 432.90 249.00 Td (during ) Tj ET Q q 0 0 0 rg BT 461.17 249.00 Td (the ) Tj ET Q q 0 0 0 rg BT 475.54 249.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.71 249.00 Td (twelve ) Tj ET Q q 0 0 0 rg BT 506.52 249.00 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.97 249.00 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 249.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.28 237.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.28 237.00 Td ( ) Tj ET Q q 0 0 0 rg BT 130.47 237.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.10 237.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 237.00 Td (, ) Tj ET Q q 0 0 0 rg BT 171.80 237.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.46 237.00 Td (. ) Tj ET Q q 0 0 0 rg BT 224.15 237.00 Td ( ) Tj ET Q q 0 0 0 rg BT 226.19 237.00 Td (These ) Tj ET Q q 0 0 0 rg BT 252.26 237.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.45 237.00 Td (are ) Tj ET Q q 0 0 0 rg BT 288.85 237.00 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 334.35 237.00 Td (in ) Tj ET Q q 0 0 0 rg BT 344.33 237.00 Td (the ) Tj ET Q q 0 0 0 rg BT 358.74 237.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 405.51 237.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 458.25 237.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 490.97 237.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 513.71 237.00 Td (within ) Tj ET Q q 0 0 0 rg BT 541.46 237.00 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.00 Td (current ) Tj ET Q q 0 0 0 rg BT 80.97 225.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.95 225.00 Td (and ) Tj ET Q q 0 0 0 rg BT 124.05 225.00 Td (are ) Tj ET Q q 0 0 0 rg BT 138.91 225.00 Td (amortized ) Tj ET Q q 0 0 0 rg BT 181.54 225.00 Td (to ) Tj ET Q q 0 0 0 rg BT 191.97 225.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 224.06 225.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 258.92 225.00 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.34 225.00 Td (one ) Tj ET Q q 0 0 0 rg BT 296.44 225.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.09 225.00 Td (. ) Tj ET Q q 0 0 0 rg BT 318.05 225.00 Td (The ) Tj ET Q q 0 0 0 rg BT 336.25 225.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.79 225.00 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.43 225.00 Td ($19,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.93 225.00 Td ( ) Tj ET Q q 0 0 0 rg BT 455.58 225.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.67 225.00 Td ($18,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.17 225.00 Td ( ) Tj ET Q q 0 0 0 rg BT 507.83 225.00 Td (of ) Tj ET Q q 0 0 0 rg BT 518.81 225.00 Td (these ) Tj ET Q q 0 0 0 rg BT 542.01 225.00 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.00 Td (through ) Tj ET Q q 0 0 0 rg BT 83.31 213.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 114.95 213.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 149.36 213.00 Td (during ) Tj ET Q q 0 0 0 rg BT 177.67 213.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.08 213.00 Td (twelve ) Tj ET Q q 0 0 0 rg BT 220.94 213.00 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.39 213.00 Td ( ) Tj ET Q q 0 0 0 rg BT 252.59 213.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.67 213.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.96 213.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.96 213.00 Td ( ) Tj ET Q q 0 0 0 rg BT 359.16 213.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.80 213.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 213.00 Td (, ) Tj ET Q q 0 0 0 rg BT 400.50 213.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 448.16 213.00 Td (. ) Tj ET Q q 0 0 0 rg BT 452.87 213.00 Td ( ) Tj ET Q q 0 0 0 rg BT 454.91 213.00 Td (The ) Tj ET Q q 0 0 0 rg BT 472.66 213.00 Td (remaining ) Tj ET Q q 0 0 0 rg BT 515.40 213.00 Td (value ) Tj ET Q q 0 0 0 rg BT 539.26 213.00 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 213.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.00 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 96.57 201.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 117.05 201.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 140.32 201.00 Td (related ) Tj ET Q q 0 0 0 rg BT 170.79 201.00 Td (to ) Tj ET Q q 0 0 0 rg BT 181.83 201.00 Td (the ) Tj ET Q q 0 0 0 rg BT 197.31 201.00 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 227.80 201.00 Td (Bank ) Tj ET Q q 0 0 0 rg BT 252.17 201.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 279.71 201.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.40 201.00 Td (as ) Tj ET Q q 0 0 0 rg BT 339.00 201.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.59 201.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 409.94 201.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.94 201.00 Td ( ) Tj ET Q q 0 0 0 rg BT 433.21 201.00 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.14 201.00 Td ($7,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.64 201.00 Td (. ) Tj ET Q q 0 0 0 rg BT 476.41 201.00 Td ( ) Tj ET Q q 0 0 0 rg BT 479.44 201.00 Td (This ) Tj ET Q q 0 0 0 rg BT 500.48 201.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 533.74 201.00 Td (will ) Tj ET Q q 0 0 0 rg BT 552.56 201.00 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.00 Td (amortized ) Tj ET Q q 0 0 0 rg BT 92.48 189.00 Td (to ) Tj ET Q q 0 0 0 rg BT 102.76 189.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.69 189.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 169.40 189.00 Td (during ) Tj ET Q q 0 0 0 rg BT 198.01 189.00 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 222.16 189.00 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 163.43505859375 m 137.48046875 163.43505859375 l s q 0 0 0 rg BT 50.00 165.00 Td (Lease Commitments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.00 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.17 153.00 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 141.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 107.60 141.00 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 160.83 141.00 Td (are ) Tj ET Q q 0 0 0 rg BT 175.19 141.00 Td (located ) Tj ET Q q 0 0 0 rg BT 206.21 141.00 Td (at ) Tj ET Q q 0 0 0 rg BT 215.58 141.00 Td (480 ) Tj ET Q q 0 0 0 rg BT 232.73 141.00 Td (N. ) Tj ET Q q 0 0 0 rg BT 244.60 141.00 Td (Orlando ) Tj ET Q q 0 0 0 rg BT 279.05 141.00 Td (A) Tj ET Q q 0 0 0 rg BT 285.52 141.00 Td (venue, ) Tj ET Q q 0 0 0 rg BT 314.05 141.00 Td (Suite ) Tj ET Q q 0 0 0 rg BT 336.76 141.00 Td (200 ) Tj ET Q q 0 0 0 rg BT 353.91 141.00 Td (in ) Tj ET Q q 0 0 0 rg BT 363.68 141.00 Td (W) Tj ET Q q 0 0 0 rg BT 372.72 141.00 Td (inter ) Tj ET Q q 0 0 0 rg BT 393.19 141.00 Td (Park, ) Tj ET Q q 0 0 0 rg BT 416.17 141.00 Td (Florida. ) Tj ET Q q 0 0 0 rg BT 449.71 141.00 Td ( ) Tj ET Q q 0 0 0 rg BT 451.70 141.00 Td (The ) Tj ET Q q 0 0 0 rg BT 469.40 141.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 510.44 141.00 Td (occupies ) Tj ET Q q 0 0 0 rg BT 547.57 141.00 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.00 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 129.00 Td (fice ) Tj ET Q q 0 0 0 rg BT 75.27 129.00 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 111.84 129.00 Td (to ) Tj ET Q q 0 0 0 rg BT 121.75 129.00 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.32 129.00 Td (five ) Tj ET Q q 0 0 0 rg BT 146.00 129.00 Td (years, ) Tj ET Q q 0 0 0 rg BT 171.73 129.00 Td (five ) Tj ET Q q 0 0 0 rg BT 189.41 129.00 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.86 129.00 Td ( ) Tj ET Q q 0 0 0 rg BT 220.99 129.00 Td (sublease ) Tj ET Q q 0 0 0 rg BT 257.00 129.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 300.78 129.00 Td (that ) Tj ET Q q 0 0 0 rg BT 317.90 129.00 Td (expires ) Tj ET Q q 0 0 0 rg BT 348.91 129.00 Td (in ) Tj ET Q q 0 0 0 rg BT 358.35 129.00 Td (April ) Tj ET Q q 0 0 0 rg BT 381.60 129.00 Td (2019 ) Tj ET Q q 0 0 0 rg BT 403.73 129.00 Td (and ) Tj ET Q q 0 0 0 rg BT 420.30 129.00 Td (is ) Tj ET Q q 0 0 0 rg BT 429.10 129.00 Td (renewable ) Tj ET Q q 0 0 0 rg BT 472.32 129.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.11 129.00 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.55 129.00 Td ( ) Tj ET Q q 0 0 0 rg BT 502.68 129.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 544.81 129.00 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.00 Td (until ) Tj ET Q q 0 0 0 rg BT 70.57 117.00 Td (April ) Tj ET Q q 0 0 0 rg BT 94.55 117.00 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.92 117.00 Td (2020. ) Tj ET Q q 0 0 0 rg BT 135.29 117.00 Td ( ) Tj ET Q q 0 0 0 rg BT 137.96 117.00 Td (The ) Tj ET Q q 0 0 0 rg BT 156.38 117.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.13 117.00 Td (leases ) Tj ET Q q 0 0 0 rg BT 224.88 117.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.51 117.00 Td (15,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.01 117.00 Td ( ) Tj ET Q q 0 0 0 rg BT 315.88 117.00 Td (square ) Tj ET Q q 0 0 0 rg BT 344.85 117.00 Td (feet ) Tj ET Q q 0 0 0 rg BT 362.71 117.00 Td (based ) Tj ET Q q 0 0 0 rg BT 388.35 117.00 Td (on ) Tj ET Q q 0 0 0 rg BT 401.22 117.00 Td (an ) Tj ET Q q 0 0 0 rg BT 413.53 117.00 Td (annually ) Tj ET Q q 0 0 0 rg BT 450.83 117.00 Td (increasing ) Tj ET Q q 0 0 0 rg BT 494.80 117.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 512.65 117.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.86 117.00 Td ($17.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.36 117.00 Td ( ) Tj ET Q q 0 0 0 rg BT 554.23 117.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.00 Td ($22.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 105.00 Td ( ) Tj ET Q q 0 0 0 rg BT 79.96 105.00 Td (per ) Tj ET Q q 0 0 0 rg BT 95.19 105.00 Td (square ) Tj ET Q q 0 0 0 rg BT 123.75 105.00 Td (foot ) Tj ET Q q 0 0 0 rg BT 142.33 105.00 Td (over ) Tj ET Q q 0 0 0 rg BT 162.56 105.00 Td (the ) Tj ET Q q 0 0 0 rg BT 177.24 105.00 Td (lease ) Tj ET Q q 0 0 0 rg BT 199.68 105.00 Td (term. ) Tj ET Q q 0 0 0 rg BT 222.79 105.00 Td (The ) Tj ET Q q 0 0 0 rg BT 240.80 105.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 282.15 105.00 Td (also ) Tj ET Q q 0 0 0 rg BT 300.72 105.00 Td (leases ) Tj ET Q q 0 0 0 rg BT 327.06 105.00 Td (flexible ) Tj ET Q q 0 0 0 rg BT 360.07 105.00 Td (of) Tj ET Q q 0 0 0 rg BT 368.21 105.00 Td (fice ) Tj ET Q q 0 0 0 rg BT 385.66 105.00 Td (space ) Tj ET Q q 0 0 0 rg BT 410.33 105.00 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.56 105.00 Td (one ) Tj ET Q q 0 0 0 rg BT 452.46 105.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.67 105.00 Td ( ) Tj ET Q q 0 0 0 rg BT 472.13 105.00 Td (renewable ) Tj ET Q q 0 0 0 rg BT 515.68 105.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 554.24 105.00 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.00 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 93.00 Td (Angeles, ) Tj ET Q q 0 0 0 rg BT 104.72 93.00 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 140.54 93.00 Td (and ) Tj ET Q q 0 0 0 rg BT 157.30 93.00 Td (T) Tj ET Q q 0 0 0 rg BT 162.71 93.00 Td (oronto.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 69.00 Td (Capital Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.00 Td (During ) Tj ET Q q 0 0 0 rg BT 80.69 57.00 Td (2013 ) Tj ET Q q 0 0 0 rg BT 103.05 57.00 Td (and ) Tj ET Q q 0 0 0 rg BT 119.84 57.00 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.70 57.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.28 57.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.52 57.00 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.30 57.00 Td (into ) Tj ET Q q 0 0 0 rg BT 250.22 57.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.23 57.00 Td (leases ) Tj ET Q q 0 0 0 rg BT 305.46 57.00 Td (for ) Tj ET Q q 0 0 0 rg BT 319.48 57.00 Td (equipment ) Tj ET Q q 0 0 0 rg BT 364.05 57.00 Td (which ) Tj ET Q q 0 0 0 rg BT 390.85 57.00 Td (expire ) Tj ET Q q 0 0 0 rg BT 418.19 57.00 Td (on ) Tj ET Q q 0 0 0 rg BT 430.55 57.00 Td (various ) Tj ET Q q 0 0 0 rg BT 462.35 57.00 Td (dates ) Tj ET Q q 0 0 0 rg BT 485.25 57.00 Td (between ) Tj ET Q q 0 0 0 rg BT 520.93 57.00 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.50 45.00 Td (and ) Tj ET Q q 0 0 0 rg BT 89.44 45.00 Td (January ) Tj ET Q q 0 0 0 rg BT 123.04 45.00 Td (2016. ) Tj ET Q q 0 0 0 rg BT 147.86 45.00 Td (There ) Tj ET Q q 0 0 0 rg BT 173.67 45.00 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.38 45.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.38 45.00 Td ( ) Tj ET Q q 0 0 0 rg BT 200.88 45.00 Td (remaining ) Tj ET Q q 0 0 0 rg BT 243.92 45.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 290.86 45.00 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 340.03 45.00 Td (under ) Tj ET Q q 0 0 0 rg BT 365.30 45.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 394.45 45.00 Td (leases ) Tj ET Q q 0 0 0 rg BT 420.83 45.00 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.54 45.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 489.13 45.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.13 45.00 Td (.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.57 730.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 97.69 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.92 730.10 Td (future ) Tj ET Q q 0 0 0 rg BT 133.70 730.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 174.49 730.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 196.38 730.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 236.61 730.10 Td (under ) Tj ET Q q 0 0 0 rg BT 261.28 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.40 730.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 321.88 730.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 384.30 730.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 410.08 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.31 730.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.54 730.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 488.53 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.53 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.43 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.00 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.23 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.60 408.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 692.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 692.60 100.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 668.60 408.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 668.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 668.60 100.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 692.6 m 458.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 692.6 m 562.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 692.6 m 458.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 692.6 m 462.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 692.6 m 562.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 656.6 m 562.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 656.6 m 562.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 645.6 m 562.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 643.6 m 562.5 643.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 695.33 Td (Year ending December 31:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.60 695.33 Td (Operating Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 683.22 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 683.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 683.22 Td (449,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 671.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 671.22 Td (333,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 659.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 659.22 Td (113,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.22 Td (Total minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 647.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 647.22 Td (896,228) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 621.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.36 621.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 89.85 621.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 124.01 621.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 160.94 621.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.67 621.10 Td (general ) Tj ET Q q 0 0 0 rg BT 202.04 621.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.43 621.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 277.59 621.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 311.75 621.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.47 621.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.64 621.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 395.90 621.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.40 621.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 492.56 621.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.84 621.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 546.45 621.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 609.10 Td ($618,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.76 609.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.26 609.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.20 609.10 Td ($491,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.70 609.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.20 609.10 Td (for ) Tj ET Q q 0 0 0 rg BT 221.36 609.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.07 609.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 265.23 609.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.68 609.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.18 609.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.55 609.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 382.14 609.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.14 609.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.64 609.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.58 609.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 609.10 Td (, ) Tj ET Q q 0 0 0 rg BT 446.58 609.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 494.24 609.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 583.53505859375 m 123.96484375 583.53505859375 l s q 0 0 0 rg BT 50.00 585.10 Td (Retir) Tj ET Q q 0 0 0 rg BT 72.03 585.10 Td (ement ) Tj ET Q q 0 0 0 rg BT 100.63 585.10 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.34 573.10 Td (December ) Tj ET Q q 0 0 0 rg BT 103.44 573.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 127.95 573.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.18 573.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.08 573.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 227.85 573.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.30 573.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 262.97 573.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 282.20 573.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.21 573.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 332.87 573.10 Td (all ) Tj ET Q q 0 0 0 rg BT 344.87 573.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 376.88 573.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 424.15 573.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.02 573.10 Td (The ) Tj ET Q q 0 0 0 rg BT 443.58 573.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 484.47 573.10 Td (matches ) Tj ET Q q 0 0 0 rg BT 519.25 573.10 Td (participant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 105.40 561.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.80 561.10 Td (an ) Tj ET Q q 0 0 0 rg BT 127.86 561.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 160.47 561.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 184.75 561.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.15 561.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.48 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.10 561.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.06 561.10 Td (each ) Tj ET Q q 0 0 0 rg BT 247.99 561.10 Td (participant's ) Tj ET Q q 0 0 0 rg BT 299.07 561.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 350.57 561.10 Td (up ) Tj ET Q q 0 0 0 rg BT 363.19 561.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.59 561.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.92 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.55 561.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.50 561.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.34 561.10 Td (participant's ) Tj ET Q q 0 0 0 rg BT 466.41 561.10 Td (salary) Tj ET Q q 0 0 0 rg BT 489.64 561.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.76 561.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.19 561.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.36 561.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (become ) Tj ET Q q 0 0 0 rg BT 83.94 549.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 112.34 549.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.96 549.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.29 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.14 549.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 173.65 549.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 220.37 549.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.53 549.10 Td (two ) Tj ET Q q 0 0 0 rg BT 259.38 549.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.48 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.32 549.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.50 549.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 328.17 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.01 549.10 Td (During ) Tj ET Q q 0 0 0 rg BT 362.19 549.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.26 549.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 406.76 549.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.21 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.06 549.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.78 549.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 524.71 549.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.71 549.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.56 549.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 537.10 Td (, ) Tj ET Q q 0 0 0 rg BT 75.00 537.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 537.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.22 537.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.60 537.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.42 537.10 Td ($166,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.92 537.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.42 537.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.36 537.10 Td ($125,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.86 537.10 Td (, ) Tj ET Q q 0 0 0 rg BT 268.86 537.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 316.52 537.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.52 537.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.80 537.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 366.50 537.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.66 537.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 420.38 537.10 Td (employer ) Tj ET Q q 0 0 0 rg BT 460.64 537.10 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 518.41 537.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 511.53505859375 m 92.2265625 511.53505859375 l s q 0 0 0 rg BT 50.00 513.10 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (From ) Tj ET Q q 0 0 0 rg BT 73.87 501.10 Td (time ) Tj ET Q q 0 0 0 rg BT 93.85 501.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.83 501.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 126.31 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.73 501.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.82 501.10 Td (may ) Tj ET Q q 0 0 0 rg BT 201.24 501.10 Td (become ) Tj ET Q q 0 0 0 rg BT 234.54 501.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 271.74 501.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.72 501.10 Td (various ) Tj ET Q q 0 0 0 rg BT 313.36 501.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 348.34 501.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.98 501.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 386.62 501.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 437.14 501.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.34 501.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 475.42 501.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.40 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.82 501.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 535.90 501.10 Td (course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 489.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 99.37 489.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 141.13 489.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 152.62 489.10 Td (however) Tj ET Q q 0 0 0 rg BT 186.65 489.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.47 489.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.11 489.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.21 489.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 267.30 489.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 323.21 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.97 489.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.73 489.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 384.59 489.10 Td (result ) Tj ET Q q 0 0 0 rg BT 409.13 489.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.23 489.10 Td (these ) Tj ET Q q 0 0 0 rg BT 442.10 489.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.75 489.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.62 489.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.37 489.10 Td (may ) Tj ET Q q 0 0 0 rg BT 526.91 489.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 549.78 489.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.69 477.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 135.04 477.10 Td (The ) Tj ET Q q 0 0 0 rg BT 152.69 477.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.69 477.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.46 477.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 240.67 477.10 Td (not ) Tj ET Q q 0 0 0 rg BT 255.55 477.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 281.53 477.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.97 477.10 Td (any ) Tj ET Q q 0 0 0 rg BT 308.51 477.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 330.06 477.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 380.48 477.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.92 477.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 419.13 477.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.23 477.10 Td (it ) Tj ET Q q 0 0 0 rg BT 443.90 477.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 478.77 477.10 Td (would ) Tj ET Q q 0 0 0 rg BT 505.88 477.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.32 477.10 Td (could ) Tj ET Q q 0 0 0 rg BT 540.64 477.10 Td (have, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 100.83 465.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.66 465.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.94 465.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.66 465.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 180.52 465.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.46 465.10 Td (material ) Tj ET Q q 0 0 0 rg BT 222.71 465.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 255.75 465.10 Td (ef) Tj ET Q q 0 0 0 rg BT 263.34 465.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 280.83 465.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.33 465.10 Td (its ) Tj ET Q q 0 0 0 rg BT 305.27 465.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 349.43 465.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.26 465.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.74 465.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 434.97 465.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 429.10 Td (8. ) Tj ET Q q 0 0 0 rg BT 122.00 429.10 Td (ST) Tj ET Q q 0 0 0 rg BT 134.05 429.10 Td (OCKHOLDERS' ) Tj ET Q q 0 0 0 rg BT 211.01 429.10 Td (EQUITY) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 403.53505859375 m 129.541015625 403.53505859375 l s q 0 0 0 rg BT 50.00 405.10 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 100.83 405.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 121.21 405.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 393.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.57 393.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.97 393.10 Td (200,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.97 393.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.04 393.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 225.31 393.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 253.37 393.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.77 393.10 Td (common ) Tj ET Q q 0 0 0 rg BT 302.83 393.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 327.01 393.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.52 393.10 Td (10,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.52 393.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.59 393.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 437.86 393.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.92 393.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.31 393.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 517.02 393.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 543.70 393.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 381.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.22 381.10 Td (par ) Tj ET Q q 0 0 0 rg BT 92.49 381.10 Td (value ) Tj ET Q q 0 0 0 rg BT 116.64 381.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.47 381.10 Td ($0.0001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.97 381.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.47 381.10 Td (per ) Tj ET Q q 0 0 0 rg BT 177.74 381.10 Td (share. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 355.53505859375 m 132.7685546875 355.53505859375 l s q 0 0 0 rg BT 50.00 357.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 86.37 357.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 112.76 357.10 Td (Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.29 345.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.47 345.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 107.04 345.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 131.61 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.90 345.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.86 345.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 207.26 345.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.77 345.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 258.04 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.98 345.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 319.49 345.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.34 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 345.10 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 393.46 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.86 345.10 Td (State ) Tj ET Q q 0 0 0 rg BT 425.93 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.33 345.10 Td (Nevada ) Tj ET Q q 0 0 0 rg BT 468.94 345.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.79 345.10 Td (ef) Tj ET Q q 0 0 0 rg BT 486.38 345.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 503.44 345.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.95 345.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 540.89 345.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (split ) Tj ET Q q 0 0 0 rg BT 69.75 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.60 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 333.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 122.85 333.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.81 333.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.99 333.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.50 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.35 333.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.32 333.10 Td (common ) Tj ET Q q 0 0 0 rg BT 276.84 333.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.46 333.10 Td (at ) Tj ET Q q 0 0 0 rg BT 310.20 333.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.16 333.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 338.00 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.85 333.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.81 333.10 Td (share ) Tj ET Q q 0 0 0 rg BT 389.43 333.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.61 333.10 Td (every ) Tj ET Q q 0 0 0 rg BT 428.33 333.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 440.85 333.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.36 333.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 517.55 333.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.51 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 333.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 321.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.19 321.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.25 321.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.98 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.60 321.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 162.87 321.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 186.38 321.10 Td (split. ) Tj ET Q q 0 0 0 rg BT 208.50 321.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 321.10 Td (All ) Tj ET Q q 0 0 0 rg BT 225.55 321.10 Td (current ) Tj ET Q q 0 0 0 rg BT 256.27 321.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.11 321.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 312.72 321.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.34 321.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 403.61 321.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 431.00 321.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.60 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.78 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.40 321.10 Td (share ) Tj ET Q q 0 0 0 rg BT 508.90 321.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.74 321.10 Td (per ) Tj ET Q q 0 0 0 rg BT 540.91 321.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (information ) Tj ET Q q 0 0 0 rg BT 100.63 309.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.72 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.35 309.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 179.36 309.10 Td (common ) Tj ET Q q 0 0 0 rg BT 217.77 309.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.30 309.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.06 309.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.59 309.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 327.55 309.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 360.40 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 309.10 Td (1-for) Tj ET Q q 0 0 0 rg BT 395.82 309.10 Td (-20 ) Tj ET Q q 0 0 0 rg BT 412.58 309.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 444.87 309.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.40 309.10 Td (split ) Tj ET Q q 0 0 0 rg BT 490.04 309.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 309.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.22 297.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.77 297.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.65 297.10 Td (common ) Tj ET Q q 0 0 0 rg BT 175.21 297.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.87 297.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.42 297.10 Td (became ) Tj ET Q q 0 0 0 rg BT 249.51 297.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.83 297.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.42 297.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 317.18 297.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.73 297.10 Td (January ) Tj ET Q q 0 0 0 rg BT 363.39 297.10 Td (1) Tj ET Q q 0 0 0 rg BT 368.02 297.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 378.07 297.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 403.13 297.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.68 297.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.06 297.10 Td (There ) Tj ET Q q 0 0 0 rg BT 433.93 297.10 Td (was ) Tj ET Q q 0 0 0 rg BT 452.03 297.10 Td (no ) Tj ET Q q 0 0 0 rg BT 464.59 297.10 Td (change ) Tj ET Q q 0 0 0 rg BT 495.46 297.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.80 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.57 297.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.67 297.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 285.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.80 285.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 156.50 285.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 183.99 285.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.82 285.10 Td (common ) Tj ET Q q 0 0 0 rg BT 232.31 285.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.92 285.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 259.53505859375 m 123.6376953125 259.53505859375 l s q 0 0 0 rg BT 50.00 261.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 84.74 261.10 Td (Uplisting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.14 249.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.16 249.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 111.57 249.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.99 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.13 249.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 196.63 249.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 223.53 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.78 249.10 Td (common ) Tj ET Q q 0 0 0 rg BT 270.69 249.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 293.72 249.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 343.95 249.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 374.19 249.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.11 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.25 249.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 432.15 249.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 462.95 249.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 493.75 249.10 Td (under ) Tj ET Q q 0 0 0 rg BT 518.43 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.57 249.10 Td (symbol ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (IZEA. ) Tj ET Q q 0 0 0 rg BT 77.77 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.27 237.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 102.77 237.10 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 135.53 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.25 237.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 197.33 237.10 Td (common ) Tj ET Q q 0 0 0 rg BT 234.82 237.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 258.43 237.10 Td (was ) Tj ET Q q 0 0 0 rg BT 276.48 237.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 306.20 237.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.70 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.42 237.10 Td (OTCQB ) Tj ET Q q 0 0 0 rg BT 369.81 237.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 421.17 237.10 Td (under ) Tj ET Q q 0 0 0 rg BT 446.44 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.15 237.10 Td (same ) Tj ET Q q 0 0 0 rg BT 484.20 237.10 Td (symbol.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 211.53505859375002 m 164.365234375 211.53505859375002 l s q 0 0 0 rg BT 50.00 213.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 213.10 Td (Issued ) Tj ET Q q 0 0 0 rg BT 106.13 213.10 Td (for) Tj ET Q q 0 0 0 rg BT 118.72 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 213.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 137.14 213.10 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.96 201.10 Td (further ) Tj ET Q q 0 0 0 rg BT 92.02 201.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 132.20 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.83 201.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 163.12 201.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 172.46 201.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.31 201.10 Td (July ) Tj ET Q q 0 0 0 rg BT 202.83 201.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 217.18 201.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 241.53 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.60 201.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.34 201.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.19 201.10 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.69 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.54 201.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 379.38 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.55 201.10 Td (common ) Tj ET Q q 0 0 0 rg BT 426.40 201.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 449.36 201.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 477.86 201.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.93 201.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.43 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.28 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.91 201.10 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.11 189.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 86.66 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.66 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.55 189.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 156.08 189.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 193.29 189.10 Td (price ) Tj ET Q q 0 0 0 rg BT 214.94 189.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 251.04 189.10 Td (per ) Tj ET Q q 0 0 0 rg BT 265.48 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.37 189.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 312.14 189.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 336.58 189.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 373.98 189.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 422.58 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.25 189.10 Td (On ) Tj ET Q q 0 0 0 rg BT 438.14 189.10 Td (January ) Tj ET Q q 0 0 0 rg BT 470.90 189.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 485.07 189.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 509.24 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 189.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.76 177.10 Td (1) Tj ET Q q 0 0 0 rg BT 82.39 177.10 Td (14,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.89 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.65 177.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 140.40 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.49 177.10 Td (common ) Tj ET Q q 0 0 0 rg BT 189.25 177.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 213.12 177.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 242.54 177.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.51 177.10 Td ($848,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.01 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.78 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.32 177.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 332.19 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.16 177.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 376.58 177.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 423.20 177.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 460.40 177.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.49 177.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.75 177.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.51 177.10 Td ($89,700) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 165.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 91.67 165.10 Td (related ) Tj ET Q q 0 0 0 rg BT 121.37 165.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 159.97 165.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 184.13 165.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.96 165.10 Td (part ) Tj ET Q q 0 0 0 rg BT 213.00 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.83 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.55 165.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 272.15 165.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 297.43 165.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 335.48 165.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.85 141.10 Td (July ) Tj ET Q q 0 0 0 rg BT 84.15 141.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 99.27 141.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.40 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.24 141.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 180.76 141.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 223.92 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.88 141.10 Td (all ) Tj ET Q q 0 0 0 rg BT 247.50 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.46 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.30 141.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.59 141.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 350.21 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.17 141.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.44 141.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 414.18 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.14 141.10 Td (ZenContent, ) Tj ET Q q 0 0 0 rg BT 477.48 141.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 514.54 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.95 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.79 141.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.56 129.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.22 129.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 92.23 129.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 130.07 129.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 179.22 129.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 203.10 129.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.66 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.22 129.10 Td (July ) Tj ET Q q 0 0 0 rg BT 243.12 129.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 257.84 129.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 282.57 129.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.80 129.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.47 129.10 Td (among ) Tj ET Q q 0 0 0 rg BT 340.91 129.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 368.41 129.10 Td (ZenContent ) Tj ET Q q 0 0 0 rg BT 417.85 129.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.51 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.96 129.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 501.73 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.29 129.10 Td (ZenContent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 73.99 117.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 107.14 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.13 117.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 161.78 117.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 174.65 117.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 193.63 117.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.84 117.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.38 117.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 255.58 117.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.67 117.10 Td ($400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.17 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.94 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.15 117.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 334.58 117.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.34 117.10 Td (86,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.84 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.61 117.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 417.37 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.47 117.10 Td (common ) Tj ET Q q 0 0 0 rg BT 464.23 117.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 487.10 117.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 515.53 117.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.51 117.10 Td ($600,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 77.60 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.43 105.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 105.03 105.10 Td (trading-day ) Tj ET Q q 0 0 0 rg BT 153.73 105.10 Td (volume-weighted ) Tj ET Q q 0 0 0 rg BT 226.32 105.10 Td (average ) Tj ET Q q 0 0 0 rg BT 260.00 105.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 291.50 105.10 Td (price ) Tj ET Q q 0 0 0 rg BT 314.09 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.02 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.84 105.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 387.03 105.10 Td (common ) Tj ET Q q 0 0 0 rg BT 424.63 105.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.34 105.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.28 105.10 Td ($6.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.78 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.38 105.10 Td (per ) Tj ET Q q 0 0 0 rg BT 499.76 105.10 Td (share ) Tj ET Q q 0 0 0 rg BT 523.46 105.10 Td (as ) Tj ET Q q 0 0 0 rg BT 534.39 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.33 105.10 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 65.00 93.10 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 93.33 93.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 67.53505859375002 m 156.201171875 67.53505859375002 l s q 0 0 0 rg BT 50.00 69.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 69.10 Td (Issued ) Tj ET Q q 0 0 0 rg BT 106.13 69.10 Td (for) Tj ET Q q 0 0 0 rg BT 118.72 69.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 69.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.85 57.10 Td (April ) Tj ET Q q 0 0 0 rg BT 87.05 57.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 101.64 57.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 123.73 57.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.26 57.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.35 57.10 Td (December ) Tj ET Q q 0 0 0 rg BT 195.53 57.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 210.12 57.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 234.71 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.02 57.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 290.00 57.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.09 57.10 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.59 57.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.68 57.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.21 57.10 Td (1,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.71 57.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.80 57.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 412.38 57.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 460.04 57.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.64 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.06 57.10 Td (common ) Tj ET Q q 0 0 0 rg BT 512.14 57.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 535.34 57.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.72 45.10 Td ($18,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.22 45.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.72 45.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.88 45.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 150.25 45.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 173.86 45.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 204.68 45.10 Td (during ) Tj ET Q q 0 0 0 rg BT 233.29 45.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 45.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 277.16 45.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.61 45.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.11 45.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.48 45.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.07 45.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.07 45.10 Td (.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.98 719.10 Td (August ) Tj ET Q q 0 0 0 rg BT 95.14 719.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 109.90 719.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 134.66 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.13 719.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.28 719.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.54 719.10 Td (84,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.04 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.30 719.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 274.55 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.15 719.10 Td (common ) Tj ET Q q 0 0 0 rg BT 322.40 719.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.77 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.81 719.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 380.12 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.64 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.40 719.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 420.10 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.02 719.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 461.28 719.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 493.52 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.56 719.10 Td (him ) Tj ET Q q 0 0 0 rg BT 521.38 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.42 719.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 553.68 719.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 106.37 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.53 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 144.14 707.10 Td (made ) Tj ET Q q 0 0 0 rg BT 168.30 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.57 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.29 707.10 Td (Company) Tj ET Q q 0 0 0 rg BT 231.53 707.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.74 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.81 683.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 683.10 Td (13,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.69 683.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.87 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.39 683.10 Td (common ) Tj ET Q q 0 0 0 rg BT 247.58 683.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 271.88 683.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 301.72 683.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.13 683.10 Td ($107,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.63 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.82 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.79 683.10 Td (five ) Tj ET Q q 0 0 0 rg BT 382.52 683.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 420.70 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.55 683.10 Td (their ) Tj ET Q q 0 0 0 rg BT 457.06 683.10 Td (service ) Tj ET Q q 0 0 0 rg BT 488.57 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 500.09 683.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 538.27 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 671.10 Td (during ) Tj ET Q q 0 0 0 rg BT 120.00 671.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.71 671.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 163.87 671.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.32 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.82 671.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.19 671.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 280.78 671.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.78 671.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.35 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.05 647.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 134.86 647.10 Td (each ) Tj ET Q q 0 0 0 rg BT 154.98 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.12 647.10 Td (its ) Tj ET Q q 0 0 0 rg BT 176.38 647.10 Td (five ) Tj ET Q q 0 0 0 rg BT 193.73 647.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 244.41 647.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.20 647.10 Td (81) Tj ET Q q 0 0 0 rg BT 290.83 647.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.83 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.64 647.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 324.44 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.58 647.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 373.59 647.10 Td (common ) Tj ET Q q 0 0 0 rg BT 410.39 647.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.31 647.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 461.77 647.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 647.10 Td ($6,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.10 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.57 647.10 Td (their ) Tj ET Q q 0 0 0 rg BT 533.71 647.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.66 635.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 97.97 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.63 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.17 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.38 635.10 Td (during ) Tj ET Q q 0 0 0 rg BT 192.82 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.36 635.10 Td (first ) Tj ET Q q 0 0 0 rg BT 225.80 635.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 256.44 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.09 635.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 291.92 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.25 635.10 Td (On ) Tj ET Q q 0 0 0 rg BT 308.80 635.10 Td (May ) Tj ET Q q 0 0 0 rg BT 329.45 635.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 344.28 635.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 369.11 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.65 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 424.86 635.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 452.19 635.10 Td (each ) Tj ET Q q 0 0 0 rg BT 472.83 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.49 635.10 Td (its ) Tj ET Q q 0 0 0 rg BT 495.26 635.10 Td (five ) Tj ET Q q 0 0 0 rg BT 513.14 635.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.54 623.10 Td (3,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.04 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.59 623.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 140.13 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.02 623.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 190.77 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 228.32 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 251.98 623.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 281.19 623.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.96 623.10 Td ($18,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.46 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.01 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.22 623.10 Td (their ) Tj ET Q q 0 0 0 rg BT 361.10 623.10 Td (service ) Tj ET Q q 0 0 0 rg BT 391.97 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 402.85 623.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 440.39 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.27 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.04 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.48 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 521.70 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.46 623.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.84 611.10 Td (April ) Tj ET Q q 0 0 0 rg BT 82.89 611.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 104.84 611.10 Td (through ) Tj ET Q q 0 0 0 rg BT 137.89 611.10 Td (December ) Tj ET Q q 0 0 0 rg BT 180.91 611.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 205.36 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.16 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 224.65 611.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.70 611.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 275.19 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.91 611.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 308.51 611.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 354.32 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.59 611.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.29 611.10 Td (362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.24 611.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.17 611.10 Td (per ) Tj ET Q q 0 0 0 rg BT 482.88 611.10 Td (month. ) Tj ET Q q 0 0 0 rg BT 512.88 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.68 611.10 Td (T) Tj ET Q q 0 0 0 rg BT 520.09 611.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 537.03 611.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.50 599.10 Td (during ) Tj ET Q q 0 0 0 rg BT 106.11 599.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 599.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 149.98 599.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.43 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.93 599.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 599.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 266.89 599.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.89 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.39 599.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.32 599.10 Td (20,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.82 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.32 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 351.04 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.97 599.10 Td (total ) Tj ET Q q 0 0 0 rg BT 378.25 599.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 404.08 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 428.23 599.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.06 599.10 Td ($125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.56 599.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.17 575.10 Td (April 1) Tj ET Q q 0 0 0 rg BT 92.41 575.10 Td (1, 2016, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.01 575.10 Td (749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.01 575.10 Td ( shares of restricted common stock valued at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.51 575.10 Td ($4,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.01 575.10 Td ( to four employees as a contest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (award.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.87 539.10 Td (following ) Tj ET Q q 0 0 0 rg BT 111.08 539.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.84 539.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 170.49 539.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 222.69 539.10 Td (information ) Tj ET Q q 0 0 0 rg BT 273.23 539.10 Td (about ) Tj ET Q q 0 0 0 rg BT 298.77 539.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 342.64 539.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 383.17 539.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 407.60 539.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 457.59 539.10 Td (during ) Tj ET Q q 0 0 0 rg BT 487.03 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.57 539.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.55 539.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.00 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 527.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 527.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 527.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 461.60 308.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 461.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 461.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 461.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 437.60 308.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 437.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 437.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 437.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.60 308.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 413.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 413.60 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 413.60 68.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 461.6 m 358.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 461.6 m 358.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 461.6 m 426.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 461.6 m 494.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 461.6 m 562.5 461.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 413.6 m 358.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 402.6 m 358.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 400.6 m 358.5 400.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 413.6 m 426.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 402.6 m 426.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 400.6 m 426.5 400.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 413.6 m 494.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 402.6 m 494.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 400.6 m 494.5 400.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 413.6 m 562.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 402.6 m 562.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 400.6 m 562.5 400.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 466.28 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.35 476.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 466.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.95 496.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.40 486.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 476.27 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.40 466.27 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.95 506.27 Td (Weighted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.40 496.27 Td (Average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 486.27 Td (Remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.80 476.27 Td (Years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 466.27 Td (to Vest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.22 Td (Nonvested at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 452.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 452.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 452.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 440.22 Td (21,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 440.22 Td (6.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 428.22 Td (\(21,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 428.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 428.22 Td (6.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 416.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 416.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.22 Td (Nonvested at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 404.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 404.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 404.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 378.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.26 378.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 108.32 378.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 155.03 378.10 Td (for ) Tj ET Q q 0 0 0 rg BT 169.55 378.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 219.61 378.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 260.79 378.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.30 378.10 Td (services ) Tj ET Q q 0 0 0 rg BT 310.36 378.10 Td (during ) Tj ET Q q 0 0 0 rg BT 339.32 378.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.39 378.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 383.90 378.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.35 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.20 378.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.93 378.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.87 378.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.87 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.72 378.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.01 378.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.23 366.10 Td ($133,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.73 366.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.40 366.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.51 366.10 Td ($125,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.01 366.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.19 366.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 215.85 366.10 Td (. ) Tj ET Q q 0 0 0 rg BT 221.03 366.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.51 366.10 Td (The ) Tj ET Q q 0 0 0 rg BT 241.73 366.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 258.28 366.10 Td (value ) Tj ET Q q 0 0 0 rg BT 282.61 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.62 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.51 366.10 Td (services ) Tj ET Q q 0 0 0 rg BT 343.39 366.10 Td (is ) Tj ET Q q 0 0 0 rg BT 352.73 366.10 Td (based ) Tj ET Q q 0 0 0 rg BT 378.18 366.10 Td (on ) Tj ET Q q 0 0 0 rg BT 390.85 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 366.10 Td (value ) Tj ET Q q 0 0 0 rg BT 430.07 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.08 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.97 366.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 503.22 366.10 Td (common ) Tj ET Q q 0 0 0 rg BT 540.89 366.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.07 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.58 354.10 Td (term ) Tj ET Q q 0 0 0 rg BT 105.20 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.83 354.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 148.94 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.07 354.10 Td (The ) Tj ET Q q 0 0 0 rg BT 168.92 354.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 210.10 354.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 256.26 354.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.00 354.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 282.51 354.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.14 354.10 Td ($4,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.64 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.94 354.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.56 354.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.30 354.10 Td (change ) Tj ET Q q 0 0 0 rg BT 370.91 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.99 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.50 354.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.68 354.10 Td (value ) Tj ET Q q 0 0 0 rg BT 435.63 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.26 354.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 492.43 354.10 Td (during ) Tj ET Q q 0 0 0 rg BT 520.83 354.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 354.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.25 342.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.93 342.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.82 342.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.82 342.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.13 342.10 Td (based ) Tj ET Q q 0 0 0 rg BT 218.70 342.10 Td (on ) Tj ET Q q 0 0 0 rg BT 231.50 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.52 342.10 Td (change ) Tj ET Q q 0 0 0 rg BT 277.64 342.10 Td (between ) Tj ET Q q 0 0 0 rg BT 313.76 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.57 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.59 342.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 378.97 342.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 402.89 342.10 Td (price ) Tj ET Q q 0 0 0 rg BT 425.67 342.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 448.48 342.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 485.16 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.40 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 342.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.35 330.10 Td (price ) Tj ET Q q 0 0 0 rg BT 97.58 330.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 120.83 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.29 330.10 Td (date ) Tj ET Q q 0 0 0 rg BT 156.19 330.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.76 330.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 202.40 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.41 330.10 Td (There ) Tj ET Q q 0 0 0 rg BT 231.97 330.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.88 330.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.88 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.12 330.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 298.91 330.10 Td (future ) Tj ET Q q 0 0 0 rg BT 326.03 330.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 384.82 330.10 Td (related ) Tj ET Q q 0 0 0 rg BT 415.27 330.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.29 330.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 470.08 330.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 510.53 330.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 542.09 330.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.67 330.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 318.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 318.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 292.53505859375 m 144.35546875 292.53505859375 l s q 0 0 0 rg BT 50.00 294.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 294.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 89.54 294.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.46 294.10 Td (ransactions) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 282.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 85.47 282.10 Td (Issuances:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.22 270.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.31 270.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 111.80 270.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 136.30 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.51 270.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.39 270.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 218.39 270.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.82 270.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 257.35 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.12 270.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.66 270.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.16 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.15 270.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 356.14 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.46 270.10 Td (common ) Tj ET Q q 0 0 0 rg BT 403.45 270.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 426.55 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.33 270.10 Td (an ) Tj ET Q q 0 0 0 rg BT 447.76 270.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 481.97 270.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 518.40 270.10 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 564.50 270.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 258.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 101.11 258.10 Td (was ) Tj ET Q q 0 0 0 rg BT 119.17 258.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 140.57 258.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 168.63 258.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.14 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.86 258.10 Td (date ) Tj ET Q q 0 0 0 rg BT 215.03 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.87 258.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 264.76 258.10 Td (has ) Tj ET Q q 0 0 0 rg BT 280.60 258.10 Td (an ) Tj ET Q q 0 0 0 rg BT 292.55 258.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 327.82 258.10 Td (price ) Tj ET Q q 0 0 0 rg BT 350.31 258.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 258.10 Td ($10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.17 258.10 Td (per ) Tj ET Q q 0 0 0 rg BT 406.45 258.10 Td (share ) Tj ET Q q 0 0 0 rg BT 430.06 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.01 258.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 478.39 258.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.90 258.10 Td (January ) Tj ET Q q 0 0 0 rg BT 524.51 258.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 539.53 258.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 564.53 258.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.28 246.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 246.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.27 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.34 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.29 246.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 168.55 246.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.29 246.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 227.90 246.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.18 246.10 Td ($7,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.68 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.41 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.58 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.53 246.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.15 246.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.74 246.10 Td ($100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.74 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.48 246.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.54 246.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 478.81 246.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.20 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.15 246.10 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 543.92 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 246.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.09 234.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.96 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.94 234.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 147.69 234.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 183.78 234.10 Td (was ) Tj ET Q q 0 0 0 rg BT 201.55 234.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 238.74 234.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.28 234.10 Td (an ) Tj ET Q q 0 0 0 rg BT 260.93 234.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 295.90 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.89 234.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 348.10 234.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 378.64 234.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.50 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.50 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.93 234.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 478.72 234.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.48 234.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 73.57 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.02 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.26 222.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 222.10 Td ($7,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.01 222.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.58 222.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.80 222.10 Td (was ) Tj ET Q q 0 0 0 rg BT 264.37 222.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 302.37 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.16 222.10 Td (general ) Tj ET Q q 0 0 0 rg BT 345.61 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.06 222.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 423.29 222.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 458.52 222.10 Td (during ) Tj ET Q q 0 0 0 rg BT 487.64 222.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.88 222.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.55 222.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 210.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 210.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 210.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.60 186.10 Td (June ) Tj ET Q q 0 0 0 rg BT 85.32 186.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 100.20 186.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 125.08 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.68 186.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 180.95 186.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 208.33 186.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.16 186.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 248.08 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.24 186.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.16 186.10 Td (12,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.66 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.04 186.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 353.41 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.13 186.10 Td (common ) Tj ET Q q 0 0 0 rg BT 401.50 186.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 425.00 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.16 186.10 Td (an ) Tj ET Q q 0 0 0 rg BT 446.98 186.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 481.58 186.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 518.39 186.10 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 564.50 186.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.75 174.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 100.49 174.10 Td (was ) Tj ET Q q 0 0 0 rg BT 118.25 174.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 139.34 174.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 167.09 174.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.30 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.72 174.10 Td (date ) Tj ET Q q 0 0 0 rg BT 212.58 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.11 174.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 261.69 174.10 Td (has ) Tj ET Q q 0 0 0 rg BT 277.23 174.10 Td (an ) Tj ET Q q 0 0 0 rg BT 288.87 174.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 323.83 174.10 Td (price ) Tj ET Q q 0 0 0 rg BT 346.02 174.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.56 174.10 Td ($10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.06 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.26 174.10 Td (per ) Tj ET Q q 0 0 0 rg BT 401.23 174.10 Td (share ) Tj ET Q q 0 0 0 rg BT 424.54 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.18 174.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 472.26 174.10 Td (on ) Tj ET Q q 0 0 0 rg BT 484.47 174.10 Td (June ) Tj ET Q q 0 0 0 rg BT 505.00 174.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 519.70 174.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 544.41 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 174.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.45 162.10 Td (value ) Tj ET Q q 0 0 0 rg BT 88.68 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.59 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.38 162.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 144.49 162.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 166.06 162.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 201.52 162.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.64 162.10 Td ($44,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 162.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.22 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.68 162.10 Td (The ) Tj ET Q q 0 0 0 rg BT 273.80 162.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 289.25 162.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.48 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.39 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.18 162.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 368.29 162.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 403.74 162.10 Td (was ) Tj ET Q q 0 0 0 rg BT 420.87 162.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.42 162.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.32 162.10 Td (an ) Tj ET Q q 0 0 0 rg BT 478.34 162.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 512.66 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.02 162.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 81.50 150.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 111.32 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.27 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.66 150.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 185.42 150.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 239.13 150.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 272.83 150.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 296.55 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.17 150.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 372.88 150.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 408.26 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.21 150.10 Td (general ) Tj ET Q q 0 0 0 rg BT 451.81 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.42 150.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 529.80 150.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.61 138.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 138.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 122.48 138.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.43 138.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 138.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.39 138.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 138.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 114.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 85.47 114.10 Td (Exer) Tj ET Q q 0 0 0 rg BT 103.98 114.10 Td (cises:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.52 102.10 Td (July ) Tj ET Q q 0 0 0 rg BT 94.05 102.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 109.40 102.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.26 102.10 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 102.10 Td (August ) Tj ET Q q 0 0 0 rg BT 197.33 102.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 212.69 102.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 238.04 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.11 102.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.85 102.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.00 102.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 326.39 102.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.69 102.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.02 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.87 102.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 391.61 102.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.47 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.54 102.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 452.93 102.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 488.54 102.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 515.27 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.90 102.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 83.42 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.50 90.10 Td (series ) Tj ET Q q 0 0 0 rg BT 123.50 90.10 Td (A) Tj ET Q q 0 0 0 rg BT 130.17 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.04 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.34 90.10 Td (series ) Tj ET Q q 0 0 0 rg BT 175.97 90.10 Td (B ) Tj ET Q q 0 0 0 rg BT 185.50 90.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 222.80 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.44 90.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 271.84 90.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.70 90.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 333.67 90.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 361.53 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.18 90.10 Td (its ) Tj ET Q q 0 0 0 rg BT 383.86 90.10 Td (August ) Tj ET Q q 0 0 0 rg BT 415.61 90.10 Td (- ) Tj ET Q q 0 0 0 rg BT 421.81 90.10 Td (September ) Tj ET Q q 0 0 0 rg BT 467.43 90.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 490.30 90.10 Td (private ) Tj ET Q q 0 0 0 rg BT 520.92 90.10 Td (placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.35 78.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 95.38 78.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.02 78.10 Td (arrants\) ) Tj ET Q q 0 0 0 rg BT 141.79 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.03 78.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.27 78.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.60 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.40 78.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 224.08 78.10 Td (on ) Tj ET Q q 0 0 0 rg BT 236.88 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.90 78.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 285.24 78.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 320.79 78.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 347.47 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.04 78.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 396.95 78.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 430.31 78.10 Td (series ) Tj ET Q q 0 0 0 rg BT 455.26 78.10 Td (A) Tj ET Q q 0 0 0 rg BT 461.93 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.73 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.96 78.10 Td (series ) Tj ET Q q 0 0 0 rg BT 507.53 78.10 Td (B ) Tj ET Q q 0 0 0 rg BT 517.00 78.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 554.23 78.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.63 66.10 Td (common ) Tj ET Q q 0 0 0 rg BT 124.72 66.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 147.92 66.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 175.02 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.89 66.10 Td (its ) Tj ET Q q 0 0 0 rg BT 196.43 66.10 Td (February ) Tj ET Q q 0 0 0 rg BT 234.62 66.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 256.72 66.10 Td (private ) Tj ET Q q 0 0 0 rg BT 286.57 66.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 329.76 66.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 347.40 66.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 373.78 66.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.42 66.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 416.15 66.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.69 66.10 Td (together ) Tj ET Q q 0 0 0 rg BT 467.54 66.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.42 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.73 66.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 523.67 66.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.31 66.10 Td (arrants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.59 54.10 Td ("W) Tj ET Q q 0 0 0 rg BT 77.31 54.10 Td (arrants"\). ) Tj ET Q q 0 0 0 rg BT 116.80 54.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.17 54.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.54 54.10 Td (If ) Tj ET Q q 0 0 0 rg BT 130.58 54.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.39 54.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.54 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.13 54.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 198.93 54.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.74 54.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 233.66 54.10 Td (did ) Tj ET Q q 0 0 0 rg BT 248.81 54.10 Td (not ) Tj ET Q q 0 0 0 rg BT 263.96 54.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 299.09 54.10 Td (its ) Tj ET Q q 0 0 0 rg BT 310.74 54.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.37 54.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 348.95 54.10 Td (at ) Tj ET Q q 0 0 0 rg BT 358.54 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.13 54.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 407.15 54.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 442.27 54.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 468.52 54.10 Td (during ) Tj ET Q q 0 0 0 rg BT 497.00 54.10 Td (this ) Tj ET Q q 0 0 0 rg BT 513.82 54.10 Td (time ) Tj ET Q q 0 0 0 rg BT 533.97 54.10 Td (period, ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 731.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 99.03 731.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 124.93 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.29 731.10 Td (any ) Tj ET Q q 0 0 0 rg BT 151.76 731.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 201.40 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.03 731.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 239.27 731.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 269.06 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 278.31 731.10 Td (their ) Tj ET Q q 0 0 0 rg BT 298.66 731.10 Td (original ) Tj ET Q q 0 0 0 rg BT 331.79 731.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 366.58 731.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 392.48 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.84 731.10 Td ($5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.34 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.37 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.84 731.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.34 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.37 731.10 Td (per ) Tj ET Q q 0 0 0 rg BT 488.16 731.10 Td (share ) Tj ET Q q 0 0 0 rg BT 511.29 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.98 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.23 731.10 Td (series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.27 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 74.30 719.10 Td (series ) Tj ET Q q 0 0 0 rg BT 98.66 719.10 Td (B ) Tj ET Q q 0 0 0 rg BT 106.93 719.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 128.41 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.05 719.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 168.35 719.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 216.01 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.11 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.14 719.10 Td ($7.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.64 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.24 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.27 719.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.77 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.37 719.10 Td (per ) Tj ET Q q 0 0 0 rg BT 319.73 719.10 Td (share ) Tj ET Q q 0 0 0 rg BT 342.43 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 355.68 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.49 719.10 Td (series ) Tj ET Q q 0 0 0 rg BT 393.51 719.10 Td (A) Tj ET Q q 0 0 0 rg BT 400.18 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.77 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.81 719.10 Td (series ) Tj ET Q q 0 0 0 rg BT 442.17 719.10 Td (B ) Tj ET Q q 0 0 0 rg BT 450.44 719.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 471.92 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.55 719.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 511.86 719.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.52 719.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.57 695.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 100.13 695.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 134.90 695.10 Td (of) Tj ET Q q 0 0 0 rg BT 143.05 695.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 156.17 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 173.74 695.10 Td (made ) Tj ET Q q 0 0 0 rg BT 197.42 695.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 233.88 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.67 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.91 695.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 282.15 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.35 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 300.99 695.10 Td (arrant ) Tj ET Q q 0 0 0 rg BT 325.88 695.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 377.33 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 695.10 Td (Exercise ) Tj ET Q q 0 0 0 rg BT 429.79 695.10 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 482.63 695.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 506.30 695.10 Td (July ) Tj ET Q q 0 0 0 rg BT 524.99 695.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 539.51 695.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 82.39 683.10 Td (into ) Tj ET Q q 0 0 0 rg BT 100.92 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.67 683.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 154.08 683.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 187.05 683.10 Td (more ) Tj ET Q q 0 0 0 rg BT 210.57 683.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.75 683.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.08 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.05 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.35 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.54 683.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 326.09 683.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 375.73 683.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 398.70 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.10 683.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 438.86 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 447.50 683.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 480.17 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.15 683.10 Td (In ) Tj ET Q q 0 0 0 rg BT 494.45 683.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 535.17 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 90.07 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.15 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.67 671.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 147.51 671.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 182.57 671.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 207.36 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.88 671.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 260.29 671.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 293.15 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.89 671.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 336.08 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.71 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.23 671.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 383.37 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.01 671.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 421.52 671.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 450.47 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.55 671.10 Td (amend ) Tj ET Q q 0 0 0 rg BT 489.51 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.03 671.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 526.17 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.80 671.10 Td (arrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.61 659.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 93.43 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.47 659.10 Td (price-based ) Tj ET Q q 0 0 0 rg BT 157.39 659.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 209.66 659.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 256.37 659.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 300.87 659.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 342.58 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.18 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.23 659.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 390.86 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.50 659.10 Td (arrants. ) Tj ET Q q 0 0 0 rg BT 431.83 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 450.21 659.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 485.80 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.96 659.10 Td (these ) Tj ET Q q 0 0 0 rg BT 520.34 659.10 Td (provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.64 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.06 647.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 108.10 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.74 647.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 146.15 647.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 190.55 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.97 647.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 244.95 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 262.15 647.10 Td (required ) Tj ET Q q 0 0 0 rg BT 297.66 647.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 330.97 647.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 385.93 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.46 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.88 647.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 432.92 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.56 647.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 470.97 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.61 647.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 525.91 647.10 Td (non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 100.41 635.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 141.36 635.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 176.20 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.61 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.46 635.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.98 635.10 Td (value ) Tj ET Q q 0 0 0 rg BT 242.27 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.23 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.09 635.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 310.70 635.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 344.45 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.08 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.94 635.10 Td (Company) Tj ET Q q 0 0 0 rg BT 413.60 635.10 Td (s ) Tj ET Q q 0 0 0 rg BT 420.13 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.74 635.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 505.09 635.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 535.49 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 635.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 99.04 623.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 133.08 623.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 168.22 623.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 194.49 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.32 623.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 259.25 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.97 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.58 623.10 Td (anti-dilution ) Tj ET Q q 0 0 0 rg BT 336.41 623.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 382.68 623.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 426.74 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.91 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.52 623.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 473.73 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.37 623.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 514.47 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.08 623.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 553.68 623.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.25 611.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 88.06 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.70 611.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 126.94 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 611.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 167.22 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.86 611.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 206.10 611.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 236.90 611.10 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 285.74 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.11 611.10 Td (As ) Tj ET Q q 0 0 0 rg BT 302.25 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.72 611.10 Td (result ) Tj ET Q q 0 0 0 rg BT 334.97 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.33 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 611.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 411.27 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.08 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.32 611.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 460.14 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.78 611.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 499.01 611.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 526.76 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 611.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 599.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.34 599.10 Td (no ) Tj ET Q q 0 0 0 rg BT 100.84 599.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 128.89 599.10 Td (require ) Tj ET Q q 0 0 0 rg BT 159.71 599.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 193.32 599.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 248.57 599.10 Td (after ) Tj ET Q q 0 0 0 rg BT 268.84 599.10 Td (August ) Tj ET Q q 0 0 0 rg BT 300.23 599.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 315.23 599.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 337.73 599.10 Td (\(See ) Tj ET Q q 0 0 0 rg BT 358.00 599.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 379.94 599.10 Td (6\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (At ) Tj ET Q q 0 0 0 rg BT 62.87 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 575.10 Td (close ) Tj ET Q q 0 0 0 rg BT 101.37 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.57 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.66 575.10 Td (of) Tj ET Q q 0 0 0 rg BT 135.81 575.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 149.78 575.10 Td (period ) Tj ET Q q 0 0 0 rg BT 178.20 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.43 575.10 Td (August ) Tj ET Q q 0 0 0 rg BT 222.19 575.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 237.56 575.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 262.93 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.80 575.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 304.78 575.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 350.41 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.72 575.10 Td (converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.01 575.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.01 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.88 575.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 480.74 575.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 526.94 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.02 575.10 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 563.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 88.45 563.10 Td (at ) Tj ET Q q 0 0 0 rg BT 98.28 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 563.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.43 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.04 563.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 170.53 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.80 563.10 Td (total ) Tj ET Q q 0 0 0 rg BT 205.18 563.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 243.33 563.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.26 563.10 Td ($8,760,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.26 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.87 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.92 563.10 Td (798,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.42 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.02 563.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 381.62 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.56 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.38 563.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 429.80 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 438.44 563.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 468.25 563.10 Td (at ) Tj ET Q q 0 0 0 rg BT 478.08 563.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.90 563.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.23 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.84 563.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 550.33 563.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (total ) Tj ET Q q 0 0 0 rg BT 70.09 551.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 107.94 551.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 551.10 Td ($4,100,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.59 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.40 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.55 551.10 Td (This ) Tj ET Q q 0 0 0 rg BT 190.65 551.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 224.62 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.71 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.25 551.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 285.44 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.08 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.84 551.10 Td (total ) Tj ET Q q 0 0 0 rg BT 322.93 551.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 551.10 Td (2,191,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.57 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.89 551.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 403.20 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.84 551.10 Td (common ) Tj ET Q q 0 0 0 rg BT 451.15 551.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 474.58 551.10 Td (at ) Tj ET Q q 0 0 0 rg BT 484.11 551.10 Td (an ) Tj ET Q q 0 0 0 rg BT 495.86 551.10 Td (average ) Tj ET Q q 0 0 0 rg BT 529.26 551.10 Td (exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.51 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.36 539.10 Td ($5.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.86 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.39 539.10 Td (per ) Tj ET Q q 0 0 0 rg BT 123.68 539.10 Td (share ) Tj ET Q q 0 0 0 rg BT 147.30 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.48 539.10 Td (total ) Tj ET Q q 0 0 0 rg BT 181.78 539.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 219.84 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.69 539.10 Td ($12,861,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 539.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.54 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 303.61 539.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 338.88 539.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 365.28 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.14 539.10 Td (any ) Tj ET Q q 0 0 0 rg BT 392.92 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.55 539.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 431.28 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 446.59 539.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 486.86 539.10 Td (during ) Tj ET Q q 0 0 0 rg BT 515.50 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.05 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.69 539.10 Td (arrant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 96.38 527.10 Td (of) Tj ET Q q 0 0 0 rg BT 104.53 527.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 118.13 527.10 Td (period ) Tj ET Q q 0 0 0 rg BT 146.17 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 167.55 527.10 Td (reverted ) Tj ET Q q 0 0 0 rg BT 202.80 527.10 Td (back ) Tj ET Q q 0 0 0 rg BT 224.18 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.46 527.10 Td (their ) Tj ET Q q 0 0 0 rg BT 255.28 527.10 Td (original ) Tj ET Q q 0 0 0 rg BT 288.89 527.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 324.14 527.10 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 503.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 116.01 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.25 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.24 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 148.88 503.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 177.99 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.68 503.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 216.23 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.36 503.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 265.02 503.10 Td (price ) Tj ET Q q 0 0 0 rg BT 286.91 503.10 Td (required ) Tj ET Q q 0 0 0 rg BT 322.14 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.26 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.06 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.74 503.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 406.41 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.54 503.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 466.33 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.57 503.10 Td (an ) Tj ET Q q 0 0 0 rg BT 487.91 503.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 527.58 503.10 Td (whereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (it ) Tj ET Q q 0 0 0 rg BT 57.60 491.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 99.07 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.33 491.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 129.24 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 152.94 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.31 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.42 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.06 491.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 215.30 491.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 267.33 491.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 288.81 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.63 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.88 491.10 Td (price ) Tj ET Q q 0 0 0 rg BT 334.91 491.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 374.71 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.19 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.45 491.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 421.36 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 445.06 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.43 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.54 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 478.18 491.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 507.42 491.10 Td (after ) Tj ET Q q 0 0 0 rg BT 527.78 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.04 491.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (reduction. ) Tj ET Q q 0 0 0 rg BT 92.84 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.24 479.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.37 479.10 Td ($1,197,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.37 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.95 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.97 479.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.76 479.10 Td ($647,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.26 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.84 479.10 Td (change ) Tj ET Q q 0 0 0 rg BT 263.74 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.10 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.90 479.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.35 479.10 Td (value ) Tj ET Q q 0 0 0 rg BT 329.59 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.50 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.30 479.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 377.88 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.90 479.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 417.29 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.93 479.10 Td (arrants, ) Tj ET Q q 0 0 0 rg BT 458.22 479.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 505.88 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.96 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.87 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.89 479.10 Td (result ) Tj ET Q q 0 0 0 rg BT 553.68 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.80 467.10 Td (price ) Tj ET Q q 0 0 0 rg BT 89.37 467.10 Td (reduction, ) Tj ET Q q 0 0 0 rg BT 133.22 467.10 Td (was ) Tj ET Q q 0 0 0 rg BT 152.35 467.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 183.14 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.05 467.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.08 467.10 Td ($1,845,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.08 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.66 467.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 270.81 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.39 467.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 325.73 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.75 467.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 382.31 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.67 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.47 467.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 457.64 467.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 511.76 467.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 553.67 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 455.10 Td (during ) Tj ET Q q 0 0 0 rg BT 122.76 455.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 455.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 166.64 455.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.08 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.58 455.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.96 455.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 283.54 455.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.54 455.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.49 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.31 431.10 Td (result ) Tj ET Q q 0 0 0 rg BT 94.90 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.21 431.10 Td (above ) Tj ET Q q 0 0 0 rg BT 146.46 431.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 199.10 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.70 431.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.95 431.10 Td (value ) Tj ET Q q 0 0 0 rg BT 253.98 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 431.10 Td ($5,348,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.07 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.45 431.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 431.10 Td (1,392,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.04 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.42 431.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 421.55 431.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 443.76 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.40 431.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 481.98 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.80 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.39 431.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.65 431.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td ($1,181,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.90 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 110.80 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.92 419.10 Td (396,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.42 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.31 419.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 204.76 419.10 Td (unexercised ) Tj ET Q q 0 0 0 rg BT 255.41 419.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 278.10 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.74 419.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 316.84 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.07 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.66 419.10 Td (August ) Tj ET Q q 0 0 0 rg BT 370.45 419.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 385.85 419.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 408.75 419.10 Td (was ) Tj ET Q q 0 0 0 rg BT 427.20 419.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 457.32 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.00 419.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.89 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.12 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.71 419.10 Td (August ) Tj ET Q q 0 0 0 rg BT 549.50 419.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 73.77 407.10 Td (This ) Tj ET Q q 0 0 0 rg BT 92.91 407.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 154.80 407.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 172.84 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.42 407.10 Td ($647,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.92 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.28 407.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 242.21 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.57 407.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 292.69 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.39 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.97 407.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 337.23 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 345.87 407.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 374.44 407.10 Td (already ) Tj ET Q q 0 0 0 rg BT 405.23 407.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 444.36 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.06 407.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.42 407.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 511.20 407.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.01 407.10 Td ($7,178,035) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (total ) Tj ET Q q 0 0 0 rg BT 72.67 395.10 Td (change ) Tj ET Q q 0 0 0 rg BT 105.89 395.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 145.77 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.45 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.57 395.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 225.05 395.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.49 395.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 323.71 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.94 395.10 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 394.19 395.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 424.09 395.10 Td (during ) Tj ET Q q 0 0 0 rg BT 455.10 395.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.22 395.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 503.78 395.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.22 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 395.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 383.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 383.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.17 359.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 94.10 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.05 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.89 359.10 Td (common ) Tj ET Q q 0 0 0 rg BT 157.50 359.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 181.23 359.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 227.18 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.01 359.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 264.63 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.69 359.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 304.12 359.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.76 359.10 Td (arrants ) Tj ET Q q 0 0 0 rg BT 342.58 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.87 359.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 386.14 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.76 359.10 Td (IZEA) Tj ET Q q 0 0 0 rg BT 420.42 359.10 Td () Tj ET Q q 0 0 0 rg BT 423.20 359.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.71 359.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 481.21 359.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 527.71 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.33 359.10 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (S-1 ) Tj ET Q q 0 0 0 rg BT 65.34 347.10 Td (\(Registration ) Tj ET Q q 0 0 0 rg BT 119.00 347.10 Td (Nos. ) Tj ET Q q 0 0 0 rg BT 139.07 347.10 Td (333-191743, ) Tj ET Q q 0 0 0 rg BT 191.35 347.10 Td (333-195081 ) Tj ET Q q 0 0 0 rg BT 241.13 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.02 347.10 Td (333-197482\), ) Tj ET Q q 0 0 0 rg BT 312.63 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 338.52 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.17 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.62 347.10 Td (file ) Tj ET Q q 0 0 0 rg BT 378.40 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 397.63 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.29 347.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 452.18 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.07 347.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 508.94 347.10 Td (Commission. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 321.53505859375 m 110.29296875 321.53505859375 l s q 0 0 0 rg BT 50.00 323.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.39 323.10 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.29 323.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.50 311.10 Td (May ) Tj ET Q q 0 0 0 rg BT 80.99 311.10 Td (201) Tj ET Q q 0 0 0 rg BT 95.62 311.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.29 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.67 311.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 146.28 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.78 311.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 196.15 311.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 229.97 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.36 311.10 Td (201) Tj ET Q q 0 0 0 rg BT 258.99 311.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 266.15 311.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 294.98 311.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 334.35 311.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.30 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.80 311.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 392.23 311.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 409.67 311.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 427.38 311.10 Td (May ) Tj ET Q q 0 0 0 rg BT 452.32 311.10 Td (201) Tj ET Q q 0 0 0 rg BT 466.95 311.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 474.11 311.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 504.17 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 521.88 311.10 Td (May ) Tj ET Q q 0 0 0 rg BT 542.38 311.10 Td (201) Tj ET Q q 0 0 0 rg BT 557.01 311.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.42 299.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 99.18 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.04 299.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 155.58 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.00 299.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 189.19 299.10 Td (options ) Tj ET Q q 0 0 0 rg BT 221.29 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.71 299.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 269.90 299.10 Td (up ) Tj ET Q q 0 0 0 rg BT 282.54 299.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 299.10 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.62 299.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 363.25 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.23 299.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.31 299.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 425.61 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 439.92 299.10 Td (its ) Tj ET Q q 0 0 0 rg BT 452.01 299.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.42 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.51 299.10 Td (consultants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.23 287.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.67 287.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.86 287.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.86 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 156.47 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.80 287.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.80 287.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.35 287.10 Td (28,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.85 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.96 287.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 285.07 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.51 287.10 Td (common ) Tj ET Q q 0 0 0 rg BT 332.61 287.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 355.83 287.10 Td (available ) Tj ET Q q 0 0 0 rg BT 394.04 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.81 287.10 Td (future ) Tj ET Q q 0 0 0 rg BT 433.80 287.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 460.35 287.10 Td (under ) Tj ET Q q 0 0 0 rg BT 485.23 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.56 287.10 Td (May ) Tj ET Q q 0 0 0 rg BT 520.00 287.10 Td (201) Tj ET Q q 0 0 0 rg BT 534.63 287.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 541.74 287.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 564.52 287.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.04 263.10 Td (August ) Tj ET Q q 0 0 0 rg BT 95.27 263.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 110.11 263.10 Td (201) Tj ET Q q 0 0 0 rg BT 124.74 263.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 134.58 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.14 263.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.36 263.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 224.36 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.91 263.10 Td (201) Tj ET Q q 0 0 0 rg BT 253.54 263.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 260.88 263.10 Td (B ) Tj ET Q q 0 0 0 rg BT 269.89 263.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 298.89 263.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 338.43 263.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 358.55 263.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 376.44 263.10 Td (August ) Tj ET Q q 0 0 0 rg BT 412.11 263.10 Td (201) Tj ET Q q 0 0 0 rg BT 426.73 263.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 434.07 263.10 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 461.96 263.10 Td (reserving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.51 263.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.01 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.34 263.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.67 263.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.12 251.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.34 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 124.13 251.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 160.12 251.10 Td (under ) Tj ET Q q 0 0 0 rg BT 185.01 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.88 251.10 Td (August ) Tj ET Q q 0 0 0 rg BT 229.89 251.10 Td (201) Tj ET Q q 0 0 0 rg BT 244.52 251.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 251.64 251.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 274.04 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.69 251.10 Td (As ) Tj ET Q q 0 0 0 rg BT 288.93 251.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.38 251.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 357.58 251.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.58 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 382.20 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.54 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 437.55 251.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.11 251.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.11 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.23 251.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.34 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.79 251.10 Td (common ) Tj ET Q q 0 0 0 rg BT 540.91 251.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (available ) Tj ET Q q 0 0 0 rg BT 88.59 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.75 239.10 Td (future ) Tj ET Q q 0 0 0 rg BT 129.13 239.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 156.06 239.10 Td (under ) Tj ET Q q 0 0 0 rg BT 181.33 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 239.10 Td (August ) Tj ET Q q 0 0 0 rg BT 226.89 239.10 Td (201) Tj ET Q q 0 0 0 rg BT 241.52 239.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 249.02 239.10 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.85 215.10 Td (both ) Tj ET Q q 0 0 0 rg BT 98.49 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.57 215.10 Td (May ) Tj ET Q q 0 0 0 rg BT 134.76 215.10 Td (201) Tj ET Q q 0 0 0 rg BT 149.39 215.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 157.25 215.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 177.88 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.18 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.63 215.10 Td (August ) Tj ET Q q 0 0 0 rg BT 241.38 215.10 Td (201) Tj ET Q q 0 0 0 rg BT 256.01 215.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 263.87 215.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 284.51 215.10 Td (\(together) Tj ET Q q 0 0 0 rg BT 320.20 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.56 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.64 215.10 Td ("201) Tj ET Q q 0 0 0 rg BT 359.35 215.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 367.21 215.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 396.74 215.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 436.80 215.10 Td (Plans"\), ) Tj ET Q q 0 0 0 rg BT 471.24 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.32 215.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 513.62 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.81 215.10 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 96.40 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.14 203.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 146.42 203.10 Td (price ) Tj ET Q q 0 0 0 rg BT 168.93 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.23 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.19 203.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 210.93 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 225.12 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.86 203.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 269.87 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.61 203.10 Td (period ) Tj ET Q q 0 0 0 rg BT 312.69 203.10 Td (within ) Tj ET Q q 0 0 0 rg BT 340.77 203.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.73 203.10 Td (each ) Tj ET Q q 0 0 0 rg BT 388.57 203.10 Td (option ) Tj ET Q q 0 0 0 rg BT 416.65 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 436.39 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 448.35 203.10 Td (exercised, ) Tj ET Q q 0 0 0 rg BT 491.13 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.10 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.84 203.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 547.58 203.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 94.33 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.33 191.10 Td (each ) Tj ET Q q 0 0 0 rg BT 126.31 191.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 156.83 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 175.05 191.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 210.47 191.10 Td (price ) Tj ET Q q 0 0 0 rg BT 233.12 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.11 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.99 191.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 298.31 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.41 191.10 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 371.95 191.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 395.72 191.10 Td (options ) Tj ET Q q 0 0 0 rg BT 427.84 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.72 191.10 Td (not ) Tj ET Q q 0 0 0 rg BT 463.16 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 475.26 191.10 Td (less ) Tj ET Q q 0 0 0 rg BT 492.93 191.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.81 191.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.14 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.81 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 191.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.00 179.10 Td (market ) Tj ET Q q 0 0 0 rg BT 95.89 179.10 Td (value ) Tj ET Q q 0 0 0 rg BT 119.68 179.10 Td (per ) Tj ET Q q 0 0 0 rg BT 134.57 179.10 Td (share ) Tj ET Q q 0 0 0 rg BT 157.80 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.25 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.60 179.10 Td (Company) Tj ET Q q 0 0 0 rg BT 224.26 179.10 Td (s ) Tj ET Q q 0 0 0 rg BT 230.28 179.10 Td (common ) Tj ET Q q 0 0 0 rg BT 267.40 179.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 290.63 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.76 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.10 179.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 339.78 179.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 361.06 179.10 Td (If ) Tj ET Q q 0 0 0 rg BT 369.85 179.10 Td (an ) Tj ET Q q 0 0 0 rg BT 381.41 179.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 424.09 179.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 447.33 179.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 470.56 179.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 522.11 179.10 Td (more ) Tj ET Q q 0 0 0 rg BT 544.79 179.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.44 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.88 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.21 167.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 143.98 167.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 173.58 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.91 167.10 Td (price ) Tj ET Q q 0 0 0 rg BT 210.00 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.44 167.10 Td (each ) Tj ET Q q 0 0 0 rg BT 240.86 167.10 Td (share ) Tj ET Q q 0 0 0 rg BT 264.07 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.51 167.10 Td (an ) Tj ET Q q 0 0 0 rg BT 286.06 167.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 324.82 167.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.04 167.10 Td (option ) Tj ET Q q 0 0 0 rg BT 375.70 167.10 Td (must ) Tj ET Q q 0 0 0 rg BT 397.26 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.81 167.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 432.57 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.46 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.90 167.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.76 167.10 Td (1) Tj ET Q q 0 0 0 rg BT 487.39 167.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.72 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.83 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.27 167.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 534.26 167.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 76.23 155.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 105.53 155.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 146.48 155.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 193.54 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 205.62 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.91 155.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 246.43 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.83 155.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 296.12 155.10 Td (at ) Tj ET Q q 0 0 0 rg BT 305.41 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 155.10 Td (time ) Tj ET Q q 0 0 0 rg BT 339.55 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.96 155.10 Td (grant, ) Tj ET Q q 0 0 0 rg BT 375.08 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.38 155.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 426.99 155.10 Td (price ) Tj ET Q q 0 0 0 rg BT 449.05 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 457.80 155.10 Td (set ) Tj ET Q q 0 0 0 rg BT 470.98 155.10 Td (at ) Tj ET Q q 0 0 0 rg BT 480.28 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.57 155.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 510.53 155.10 Td (market ) Tj ET Q q 0 0 0 rg BT 540.37 155.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.38 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.64 143.10 Td (Company) Tj ET Q q 0 0 0 rg BT 116.30 143.10 Td (s ) Tj ET Q q 0 0 0 rg BT 122.24 143.10 Td (common ) Tj ET Q q 0 0 0 rg BT 159.28 143.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 182.43 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 194.48 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.74 143.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 231.33 143.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 252.53 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.79 143.10 Td (term ) Tj ET Q q 0 0 0 rg BT 287.16 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 295.88 143.10 Td (set ) Tj ET Q q 0 0 0 rg BT 309.03 143.10 Td (at ) Tj ET Q q 0 0 0 rg BT 318.29 143.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 332.55 143.10 Td (years ) Tj ET Q q 0 0 0 rg BT 355.70 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.18 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.44 143.10 Td (options ) Tj ET Q q 0 0 0 rg BT 417.94 143.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 454.97 143.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 473.12 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.17 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.65 143.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 542.02 143.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.32 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.08 131.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 122.06 131.10 Td (service ) Tj ET Q q 0 0 0 rg BT 152.93 131.10 Td (period ) Tj ET Q q 0 0 0 rg BT 181.02 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.90 131.10 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.22 131.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.55 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.10 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.98 131.10 Td (options ) Tj ET Q q 0 0 0 rg BT 290.98 131.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 312.41 131.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 331.07 131.10 Td (one ) Tj ET Q q 0 0 0 rg BT 348.05 131.10 Td (year ) Tj ET Q q 0 0 0 rg BT 367.81 131.10 Td (from ) Tj ET Q q 0 0 0 rg BT 389.79 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.56 131.10 Td (date ) Tj ET Q q 0 0 0 rg BT 423.76 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.64 131.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 457.74 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.72 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.49 131.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 532.58 131.10 Td (options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 71.54 119.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 90.31 119.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 122.99 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.15 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.58 119.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 162.89 119.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 209.42 119.10 Td (over ) Tj ET Q q 0 0 0 rg BT 229.84 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.71 119.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.26 119.10 Td (three ) Tj ET Q q 0 0 0 rg BT 308.90 119.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 335.15 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.61 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.82 119.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 397.36 119.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 423.90 119.10 Td (new ) Tj ET Q q 0 0 0 rg BT 443.22 119.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 470.87 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.30 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.17 119.10 Td (optionee ) Tj ET Q q 0 0 0 rg BT 533.26 119.10 Td (for ) Tj ET Q q 0 0 0 rg BT 547.58 119.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 107.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 104.43 107.10 Td (or ) Tj ET Q q 0 0 0 rg BT 115.26 107.10 Td (options ) Tj ET Q q 0 0 0 rg BT 147.21 107.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 187.46 107.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 224.40 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.68 107.10 Td (its ) Tj ET Q q 0 0 0 rg BT 246.63 107.10 Td (201) Tj ET Q q 0 0 0 rg BT 261.25 107.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 268.75 107.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 297.92 107.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 337.62 107.10 Td (Plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.16 83.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.86 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.67 83.10 Td (option ) Tj ET Q q 0 0 0 rg BT 137.71 83.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 170.19 83.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.44 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.15 83.10 Td (201) Tj ET Q q 0 0 0 rg BT 224.78 83.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 232.26 83.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 261.41 83.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 301.10 83.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 325.25 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.40 83.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.10 83.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 383.24 83.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.69 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.18 83.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.54 83.10 Td (December31, ) 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0 rg BT 399.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 615.27 Td (8.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 615.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 600.27 Td (179,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 600.27 Td (6.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 585.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 585.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 570.32 Td (\(50,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 570.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 570.27 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.27 Td (Outstanding at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 555.27 Td (959,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 555.27 Td (8.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 555.27 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td (Exercisable at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 531.27 Td (545,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 531.27 Td (9.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 531.27 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.82 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.52 503.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 121.66 503.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.11 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.59 503.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 503.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 235.53 503.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.53 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.01 503.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.94 503.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.94 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.92 503.10 Td (no ) Tj ET Q q 0 0 0 rg BT 308.41 503.10 Td (options ) Tj ET Q q 0 0 0 rg BT 339.34 503.10 Td (were ) Tj ET Q q 0 0 0 rg BT 360.26 503.10 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 401.89 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 418.92 503.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.28 503.10 Td (value ) Tj ET Q q 0 0 0 rg BT 457.43 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.24 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.94 503.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.01 503.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.92 491.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.72 491.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 142.61 491.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.61 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.42 491.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.78 491.10 Td ($4.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.28 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.08 491.10 Td (per ) Tj ET Q q 0 0 0 rg BT 220.66 491.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 246.06 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.74 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 265.09 491.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 299.67 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 323.14 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 334.94 491.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 383.41 491.10 Td (options ) Tj ET Q q 0 0 0 rg BT 414.67 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 424.81 491.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.94 491.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 492.83 491.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.83 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.64 491.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.00 491.10 Td ($8,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 491.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 491.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 479.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 103.32 479.10 Td (value ) Tj ET Q q 0 0 0 rg BT 127.48 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 139.98 479.10 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 187.45 479.10 Td (options ) Tj ET Q q 0 0 0 rg BT 219.39 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 230.22 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.05 479.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.64 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.64 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.14 479.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.19 479.10 Td ($7,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.69 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 372.69 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.18 455.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 96.91 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.76 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.49 455.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 162.55 455.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 185.17 455.10 Td (option ) Tj ET Q q 0 0 0 rg BT 212.24 455.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 243.75 455.10 Td (under ) Tj ET Q q 0 0 0 rg BT 268.03 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.76 455.10 Td (201) Tj ET Q q 0 0 0 rg BT 296.39 455.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 302.90 455.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 331.08 455.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 369.79 455.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 392.98 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 406.15 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.88 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.40 455.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 449.57 455.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.01 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.53 455.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 455.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 443.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 114.44 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 123.61 443.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 164.42 443.10 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 389.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 389.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 389.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 362.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 362.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 362.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 362.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 362.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 362.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 338.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 338.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 338.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 338.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 338.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.60 294.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 314.60 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 314.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 314.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 314.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 314.60 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 290.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 290.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 290.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 389.6 m 344.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 389.6 m 344.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 389.6 m 402.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 389.6 m 406.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 389.6 m 482.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 389.6 m 486.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 338.6 m 344.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 338.6 m 402.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 338.6 m 406.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 338.6 m 482.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 338.6 m 486.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 338.6 m 562.5 338.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 290.6 m 344.5 290.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 290.6 m 482.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 276.6 m 344.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 274.6 m 344.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 290.6 m 402.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 276.6 m 402.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 274.6 m 402.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 290.6 m 406.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 276.6 m 406.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 274.6 m 406.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 276.6 m 482.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 274.6 m 482.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 290.6 m 486.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 276.6 m 486.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 274.6 m 486.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 290.6 m 562.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 276.6 m 562.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 274.6 m 562.5 274.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 394.28 Td (Nonvested Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.35 404.27 Td (Common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 394.27 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.95 423.17 Td (W) Tj ET Q q 0 0 0 rg BT 433.59 423.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.40 413.17 Td (A) Tj ET Q q 0 0 0 rg BT 433.88 413.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 403.17 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.40 393.17 Td (Fair ) Tj ET Q q 0 0 0 rg BT 441.83 393.17 Td (V) Tj ET Q q 0 0 0 rg BT 447.94 393.17 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.95 423.17 Td (W) Tj ET Q q 0 0 0 rg BT 513.59 423.17 Td (eighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 413.17 Td (A) Tj ET Q q 0 0 0 rg BT 513.88 413.17 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.80 403.17 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 535.81 403.17 Td (Y) Tj ET Q q 0 0 0 rg BT 542.03 403.17 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 393.17 Td (to ) Tj ET Q q 0 0 0 rg BT 520.40 393.17 Td (V) Tj ET Q q 0 0 0 rg BT 526.51 393.17 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (Nonvested at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 379.27 Td (372,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 379.27 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 379.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 365.22 Td (277,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 365.22 Td (3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 353.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 353.22 Td (\(147,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 353.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 353.22 Td (4.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 341.22 Td (\(39,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 341.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 341.22 Td (3.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.22 Td (Nonvested at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 329.22 Td (461,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 329.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 329.22 Td (3.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 329.22 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 317.22 Td (179,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 317.22 Td (2.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 305.22 Td (\(187,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 305.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 305.22 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.22 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 293.22 Td (\(40,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 293.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 293.22 Td (3.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.27 Td (Nonvested at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 280.27 Td (414,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 280.27 Td (3.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 280.27 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 101.70 252.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.07 252.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 179.00 252.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.03 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.63 252.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 243.56 252.10 Td (options ) Tj ET Q q 0 0 0 rg BT 275.84 252.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 308.65 252.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.24 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.28 252.10 Td (201) Tj ET Q q 0 0 0 rg BT 363.91 252.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 371.74 252.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 401.23 252.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 441.25 252.10 Td (Plans ) Tj ET Q q 0 0 0 rg BT 465.75 252.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.24 252.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 516.38 252.10 Td (at ) Tj ET Q q 0 0 0 rg BT 526.42 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.46 252.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 72.26 240.10 Td (based ) Tj ET Q q 0 0 0 rg BT 98.13 240.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.23 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.55 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.53 240.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.29 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.72 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.04 240.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 225.08 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.62 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.39 240.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 299.36 240.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.79 240.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.33 240.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.64 240.10 Td (over ) Tj ET Q q 0 0 0 rg BT 379.51 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.83 240.10 Td (employee) Tj ET Q q 0 0 0 rg BT 436.48 240.10 Td (s ) Tj ET Q q 0 0 0 rg BT 443.48 240.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 481.01 240.10 Td (service ) Tj ET Q q 0 0 0 rg BT 512.43 240.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 543.58 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 240.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.16 228.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 130.65 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.14 228.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.29 228.10 Td (value ) Tj ET Q q 0 0 0 rg BT 185.22 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.82 228.10 Td (each ) Tj ET Q q 0 0 0 rg BT 216.41 228.10 Td (option ) Tj ET Q q 0 0 0 rg BT 244.25 228.10 Td (award ) Tj ET Q q 0 0 0 rg BT 270.95 228.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.22 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.71 228.10 Td (date ) Tj ET Q q 0 0 0 rg BT 316.64 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.25 228.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 350.07 228.10 Td (using ) Tj ET Q q 0 0 0 rg BT 374.01 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.73 228.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 440.76 228.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 500.25 228.10 Td (model ) Tj ET Q q 0 0 0 rg BT 527.52 228.10 Td (that ) Tj ET Q q 0 0 0 rg BT 544.79 228.10 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 216.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 117.22 216.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 143.32 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.87 216.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 176.09 216.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 186.16 216.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.57 216.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 209.34 216.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 259.33 216.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 317.64 216.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 352.63 216.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 399.26 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.04 216.10 Td (option ) Tj ET Q q 0 0 0 rg BT 440.37 216.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 471.47 216.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 520.91 216.10 Td (during ) Tj ET Q q 0 0 0 rg BT 549.79 216.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 78.47 204.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.92 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.73 204.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.43 204.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 193.33 204.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.33 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.14 204.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.40 204.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.40 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.21 204.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.58 204.10 Td ($748,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.08 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.89 204.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 204.10 Td ($705,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 204.10 Td (, ) Tj ET Q q 0 0 0 rg BT 367.96 204.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 415.62 204.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.94 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.75 204.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 472.45 204.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 529.80 204.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.24 192.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 103.90 192.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.92 192.10 Td ($89,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.42 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.10 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.57 192.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 178.69 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.81 192.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 237.04 192.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.17 192.10 Td ($658,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.67 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.35 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.82 192.10 Td (general ) Tj ET Q q 0 0 0 rg BT 332.93 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.05 192.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 407.95 192.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 441.84 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.30 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.21 192.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.47 192.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.96 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.94 180.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 146.24 180.10 Td (during ) Tj ET Q q 0 0 0 rg BT 174.99 180.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.85 180.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 219.15 180.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.60 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.24 180.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.76 180.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.49 180.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.49 180.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.64 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.28 180.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 415.80 180.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.99 180.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 508.84 180.10 Td (was ) Tj ET Q q 0 0 0 rg BT 527.03 180.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 168.10 Td ($58,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.83 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.12 168.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 128.06 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.00 168.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 188.04 168.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.98 168.10 Td ($646,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.27 168.10 Td (general ) Tj ET Q q 0 0 0 rg BT 287.19 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.13 168.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 363.84 168.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 398.55 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.83 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.55 168.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 470.63 168.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 523.68 168.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 156.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 105.50 156.10 Td (during ) Tj ET Q q 0 0 0 rg BT 134.36 156.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.34 156.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 178.75 156.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.20 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.95 156.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.59 156.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.43 156.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.43 156.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.68 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.44 156.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 353.30 156.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.60 156.10 Td (related ) Tj ET Q q 0 0 0 rg BT 441.56 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.09 156.10 Td (nonvested ) Tj ET Q q 0 0 0 rg BT 495.40 156.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 526.47 156.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 144.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 78.89 144.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.72 144.10 Td ($1,215,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.72 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.22 144.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.39 144.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 187.21 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.49 144.10 Td (be ) Tj ET Q q 0 0 0 rg BT 209.42 144.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 255.79 144.10 Td (over ) Tj ET Q q 0 0 0 rg BT 276.05 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.77 144.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 364.34 144.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 395.73 144.10 Td (period ) Tj ET Q q 0 0 0 rg BT 423.77 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.60 144.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.86 144.10 Td (three ) Tj ET Q q 0 0 0 rg BT 517.35 144.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.45 144.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 118.53505859375002 m 182.314453125 118.53505859375002 l s q 0 0 0 rg BT 50.00 120.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 94.72 120.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 121.11 120.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 137.04 120.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 162.87 120.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.29 108.10 Td (April ) Tj ET Q q 0 0 0 rg BT 90.34 108.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 106.78 108.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 133.22 108.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 187.70 108.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 222.20 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.58 108.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 268.40 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.67 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.82 108.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 345.34 108.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 395.94 108.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 424.87 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.14 108.10 Td (common ) Tj ET Q q 0 0 0 rg BT 476.08 108.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 503.62 108.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 527.56 108.10 Td (previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (recommendation ) Tj ET Q q 0 0 0 rg BT 118.88 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.99 96.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 171.66 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.56 96.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 221.68 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.69 96.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 273.07 96.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 306.41 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.30 96.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 347.25 96.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 364.20 96.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 385.88 96.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 428.10 96.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 452.55 96.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 490.33 96.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 509.79 96.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 527.01 96.10 Td (ESPP\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.02 84.10 Td (reserved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.47 84.10 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.97 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.55 84.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 161.12 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.04 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.83 84.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 234.00 84.10 Td (common ) Tj ET Q q 0 0 0 rg BT 271.57 84.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 295.26 84.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.51 84.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 345.97 84.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 388.17 84.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.25 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.26 84.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 415.07 84.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 456.52 84.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 495.20 84.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 537.21 84.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 84.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.64 72.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.05 72.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 118.80 72.10 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.13 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.88 72.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.96 72.10 Td (more ) Tj ET Q q 0 0 0 rg BT 174.26 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.01 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.20 72.10 Td (full-time ) Tj ET Q q 0 0 0 rg BT 231.95 72.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.03 72.10 Td (part-time ) Tj ET Q q 0 0 0 rg BT 282.43 72.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 305.18 72.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.51 72.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.51 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.26 72.10 Td (hours ) Tj ET Q q 0 0 0 rg BT 346.24 72.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.32 72.10 Td (more ) Tj ET Q q 0 0 0 rg BT 380.62 72.10 Td (per ) Tj ET Q q 0 0 0 rg BT 396.14 72.10 Td (week ) Tj ET Q q 0 0 0 rg BT 419.99 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.74 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.93 72.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 470.99 72.10 Td (schedule\) ) Tj ET Q q 0 0 0 rg BT 512.06 72.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.48 72.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 554.22 72.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 94.52 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.62 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.16 60.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 140.85 60.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.67 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.83 60.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.70 60.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 188.12 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.44 60.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 226.08 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.18 60.10 Td (successive ) Tj ET Q q 0 0 0 rg BT 280.71 60.10 Td (six ) Tj ET Q q 0 0 0 rg BT 294.70 60.10 Td (month ) Tj ET Q q 0 0 0 rg BT 322.58 60.10 Td (of) Tj ET Q q 0 0 0 rg BT 330.73 60.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 356.93 60.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 388.70 60.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 442.67 60.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.21 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.75 60.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 509.07 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.72 60.10 Td (each ) Tj ET Q q 0 0 0 rg BT 540.36 60.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (year ) Tj ET Q q 0 0 0 rg BT 70.23 48.10 Td (half. ) Tj ET Q q 0 0 0 rg BT 91.30 48.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 114.31 48.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 147.33 48.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 189.22 48.10 Td (who ) Tj ET Q q 0 0 0 rg BT 209.47 48.10 Td (elects ) Tj ET Q q 0 0 0 rg BT 235.25 48.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.06 48.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 291.28 48.10 Td (may ) Tj ET Q q 0 0 0 rg BT 311.52 48.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 350.08 48.10 Td (up ) Tj ET Q q 0 0 0 rg BT 363.10 48.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.91 48.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.24 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.26 48.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.61 48.10 Td (their ) Tj ET Q q 0 0 0 rg BT 427.96 48.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 457.64 48.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 516.21 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.01 48.10 Td (common ) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 731.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.59 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 88.84 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.10 731.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.33 731.10 Td ($21,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.31 731.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 201.22 731.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.03 731.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.53 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.01 731.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 264.48 731.10 Td (per ) Tj ET Q q 0 0 0 rg BT 279.72 731.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.87 731.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 314.23 731.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.75 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.05 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.07 731.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 403.09 731.10 Td (price ) Tj ET Q q 0 0 0 rg BT 425.55 731.10 Td (will ) Tj ET Q q 0 0 0 rg BT 443.59 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 455.50 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.20 731.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 495.45 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.25 731.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.17 731.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.50 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.98 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 719.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.19 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 96.27 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.24 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.88 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.63 719.10 Td (share ) Tj ET Q q 0 0 0 rg BT 161.04 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.69 719.10 Td (common ) Tj ET Q q 0 0 0 rg BT 209.00 719.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 232.42 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.73 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.26 719.10 Td (first ) Tj ET Q q 0 0 0 rg BT 277.68 719.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 308.32 719.10 Td (day ) Tj ET Q q 0 0 0 rg BT 325.07 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.25 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 358.40 719.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 384.59 719.10 Td (period ) Tj ET Q q 0 0 0 rg BT 412.45 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.09 719.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.62 719.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.95 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.27 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.44 719.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 499.63 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.71 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.64 707.10 Td (share ) Tj ET Q q 0 0 0 rg BT 81.94 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.47 707.10 Td (common ) Tj ET Q q 0 0 0 rg BT 131.66 707.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.97 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.17 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.59 707.10 Td (last ) Tj ET Q q 0 0 0 rg BT 201.67 707.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 233.20 707.10 Td (day ) Tj ET Q q 0 0 0 rg BT 250.83 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.36 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.78 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.93 707.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 313.01 707.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 344.02 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.77 707.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 385.19 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.39 707.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.15 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 444.78 707.10 Td (until ) Tj ET Q q 0 0 0 rg BT 466.31 707.10 Td (January ) Tj ET Q q 0 0 0 rg BT 500.61 707.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 511.31 707.10 Td (2024, ) Tj ET Q q 0 0 0 rg BT 537.01 707.10 Td (unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 90.58 695.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 135.05 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 146.75 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.67 695.10 Td (Board. ) Tj ET Q q 0 0 0 rg BT 189.32 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.02 695.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 237.16 695.10 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.09 695.10 Td ($76,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.59 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.29 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.78 695.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.02 695.10 Td (13,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.52 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.22 695.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.92 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.96 695.10 Td (common ) Tj ET Q q 0 0 0 rg BT 439.66 695.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 462.47 695.10 Td (during ) Tj ET Q q 0 0 0 rg BT 490.28 695.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.21 695.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 532.57 695.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.94 683.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.10 683.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.10 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.66 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.73 683.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 207.23 683.10 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.52 683.10 Td ($58,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.02 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.09 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.93 683.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.54 683.10 Td (1) Tj ET Q q 0 0 0 rg BT 313.17 683.10 Td (1,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.67 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.73 683.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 364.79 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.19 683.10 Td (common ) Tj ET Q q 0 0 0 rg BT 412.25 683.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.43 683.10 Td (during ) Tj ET Q q 0 0 0 rg BT 463.61 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.89 683.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 506.61 683.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.06 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 683.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.38 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.38 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.17 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.96 671.10 Td (As ) Tj ET Q q 0 0 0 rg BT 148.36 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.98 671.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 217.36 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.36 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.15 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.66 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 297.84 671.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.57 671.10 Td (49,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.07 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.36 671.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 387.20 671.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 414.48 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.10 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 462.39 671.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 485.79 671.10 Td (available ) Tj ET Q q 0 0 0 rg BT 524.17 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.13 671.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 76.94 659.10 Td (under ) Tj ET Q q 0 0 0 rg BT 102.21 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.92 659.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 138.61 659.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (NOTE 9. ) Tj ET Q q 0 0 0 rg BT 122.00 623.10 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 166.54 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.47 623.10 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (The components of the Company) Tj ET Q q 0 0 0 rg BT 186.08 611.10 Td (s net deferred income taxes are as follows \(rounded\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 579.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 579.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 551.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 551.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 523.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 523.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 495.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 495.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 467.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 467.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 439.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 439.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 411.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 411.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 383.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 383.60 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.6 m 362.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 579.6 m 462.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 579.6 m 562.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.6 m 362.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 579.6 m 462.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 579.6 m 562.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 481.6 m 462.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 481.6 m 562.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 453.6 m 462.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 453.6 m 562.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 397.6 m 462.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 383.6 m 462.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 397.6 m 562.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 383.6 m 562.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 356.6 m 462.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 354.6 m 462.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 356.6 m 562.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 354.6 m 562.5 354.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.95 591.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 581.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.95 591.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 581.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.17 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 556.17 Td (Net operating loss carry forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 556.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 556.17 Td (17,875,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 556.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 556.17 Td (15,649,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 542.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 542.17 Td (256,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 542.17 Td (187,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 528.17 Td (Stock option and warrant expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 528.17 Td (804,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 528.17 Td (618,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 514.17 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 514.17 Td (90,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 514.17 Td (52,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 500.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 500.17 Td (36,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 500.17 Td (44,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 486.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 486.17 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 486.17 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.17 Td (Total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 472.17 Td (19,064,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 472.17 Td (16,553,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.17 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 458.22 Td (\(18,475,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 458.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 458.22 Td (\(15,871,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 458.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.17 Td (Net deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 444.17 Td (589,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 444.17 Td (682,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.17 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 402.17 Td (Fixed and tangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 402.22 Td (\(589,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 402.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 402.22 Td (\(682,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 402.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.17 Td (Total deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 388.22 Td (\(589,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 388.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 388.22 Td (\(682,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 388.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.17 Td (Total deferred tax assets \(liabilities\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 360.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 360.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (The following summary reconciles dif) Tj ET Q q 0 0 0 rg BT 203.11 332.10 Td (ferences from taxes at the federal statutory rate with the ef) Tj ET Q q 0 0 0 rg BT 436.15 332.10 Td (fective rate:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 293.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 293.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 265.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 265.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 237.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 237.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 237.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 209.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 209.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 209.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.60 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 181.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 181.60 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 307.6 m 462.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 293.6 m 362.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 307.6 m 462.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 293.6 m 462.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 293.6 m 362.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 293.6 m 462.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 181.60000000000002 m 462.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 181.60000000000002 m 562.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 167.60000000000002 m 462.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 167.60000000000002 m 562.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 167.60000000000002 m 462.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 154.60000000000002 m 462.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 152.60000000000002 m 462.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 167.60000000000002 m 562.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 154.60000000000002 m 562.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 152.60000000000002 m 562.5 152.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 312.17 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 298.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 298.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.17 Td (Federal income tax at statutory rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.45 284.17 Td (\(34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 284.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 284.17 Td (\(34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 284.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.17 Td (Change in deferred tax asset valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 270.17 Td (39.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 270.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 270.17 Td (28.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 270.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.17 Td (Deferred state taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.45 256.17 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 256.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 256.17 Td (\(2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 256.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 242.17 Td (Non-deductible expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.17 Td (Meals & entertainment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 228.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 228.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 228.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 228.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 214.17 Td (Change in fair value of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 214.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 214.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 214.17 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 214.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.17 Td (ISO stock compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 200.17 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 200.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 200.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 200.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 186.17 Td (Change in state deferred rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.45 186.17 Td (\(4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 186.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 186.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 186.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 172.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 172.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 172.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 172.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 172.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 158.17 Td (Income taxes \(benefit\) at effective rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 158.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 158.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 158.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 158.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.01 130.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.36 130.10 Td (has ) Tj ET Q q 0 0 0 rg BT 128.16 130.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 164.94 130.10 Td (net ) Tj ET Q q 0 0 0 rg BT 180.62 130.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 207.97 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.10 130.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.78 130.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 277.80 130.10 Td (every ) Tj ET Q q 0 0 0 rg BT 303.47 130.10 Td (year ) Tj ET Q q 0 0 0 rg BT 324.14 130.10 Td (since ) Tj ET Q q 0 0 0 rg BT 348.15 130.10 Td (inception. ) Tj ET Q q 0 0 0 rg BT 390.56 130.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.03 130.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 463.57 130.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.57 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 489.54 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.22 130.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.57 130.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.45 118.10 Td ($47,080,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.45 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.15 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.62 118.10 Td (net ) Tj ET Q q 0 0 0 rg BT 184.53 118.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.98 118.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 241.24 118.10 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 299.01 118.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.37 118.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 331.84 118.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 361.29 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.42 118.10 Td (state ) Tj ET Q q 0 0 0 rg BT 397.44 118.10 Td (income ) Tj ET Q q 0 0 0 rg BT 428.57 118.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 442.48 118.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 479.72 118.10 Td (that ) Tj ET Q q 0 0 0 rg BT 496.41 118.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 523.09 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.56 118.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.30 106.10 Td (between ) Tj ET Q q 0 0 0 rg BT 122.04 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.67 106.10 Td (years ) Tj ET Q q 0 0 0 rg BT 160.19 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.93 106.10 Td (2026 ) Tj ET Q q 0 0 0 rg BT 193.35 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.21 106.10 Td (2036. ) Tj ET Q q 0 0 0 rg BT 235.12 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.36 106.10 Td (The ) Tj ET Q q 0 0 0 rg BT 255.33 106.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.33 106.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.29 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.49 106.10 Td (deduct ) Tj ET Q q 0 0 0 rg BT 369.56 106.10 Td (its ) Tj ET Q q 0 0 0 rg BT 381.43 106.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 421.06 106.10 Td (net ) Tj ET Q q 0 0 0 rg BT 435.69 106.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 475.87 106.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 502.18 106.10 Td (may ) Tj ET Q q 0 0 0 rg BT 521.81 106.10 Td (be ) Tj ET Q q 0 0 0 rg BT 533.67 106.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.47 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 94.10 Td (future ) Tj ET Q q 0 0 0 rg BT 101.95 94.10 Td (due ) Tj ET Q q 0 0 0 rg BT 119.08 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.55 94.10 Td (IRC ) Tj ET Q q 0 0 0 rg BT 148.91 94.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 181.60 94.10 Td (382 ) Tj ET Q q 0 0 0 rg BT 199.29 94.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.31 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.44 94.10 Td (result ) Tj ET Q q 0 0 0 rg BT 242.35 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.37 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.28 94.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 313.75 94.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 354.21 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.23 94.10 Td (common ) Tj ET Q q 0 0 0 rg BT 402.92 94.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 426.72 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.19 94.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 459.88 94.10 Td (through ) Tj ET Q q 0 0 0 rg BT 493.68 94.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 518.87 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.56 94.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 553.69 94.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.59 82.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.54 82.10 Td (net ) Tj ET Q q 0 0 0 rg BT 126.12 82.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 166.26 82.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 192.52 82.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 229.31 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.46 82.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 285.70 82.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.85 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.43 82.10 Td (Ebyline ) Tj ET Q q 0 0 0 rg BT 353.91 82.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 400.16 82.10 Td (also ) Tj ET Q q 0 0 0 rg BT 418.64 82.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.22 82.10 Td (be ) Tj ET Q q 0 0 0 rg BT 450.03 82.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.73 82.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.10 82.10 Td (IRC ) Tj ET Q q 0 0 0 rg BT 512.14 82.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 544.51 82.10 Td (382. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.80 70.10 Td (change ) Tj ET Q q 0 0 0 rg BT 98.36 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.39 70.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 147.85 70.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 190.63 70.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.54 70.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.00 70.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 247.91 70.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.35 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.60 70.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.73 70.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 364.06 70.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.06 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.31 70.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 70.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.24 70.10 Td (was ) Tj ET Q q 0 0 0 rg BT 443.04 70.10 Td (an ) Tj ET Q q 0 0 0 rg BT 454.73 70.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 489.73 70.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.31 70.10 Td ($2,604,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.31 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.56 70.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ($4,648,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 58.10 Td (, ) Tj ET Q q 0 0 0 rg BT 100.00 58.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 147.66 58.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.66 58.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 190.16 58.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.87 58.10 Td (from ) Tj ET Q q 0 0 0 rg BT 251.81 58.10 Td (net ) Tj ET Q q 0 0 0 rg BT 266.52 58.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.79 58.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 333.18 58.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 374.54 58.10 Td (during ) Tj ET Q q 0 0 0 rg BT 403.15 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.87 58.10 Td (periods. ) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 730.10 Td (10. ) Tj ET Q q 0 0 0 rg BT 122.00 730.10 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 177.29 730.10 Td (\(LOSS\) ) Tj ET Q q 0 0 0 rg BT 212.02 730.10 Td (PER ) Tj ET Q q 0 0 0 rg BT 234.52 730.10 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 285.90 730.10 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 74.46 706.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 110.59 706.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 135.05 706.10 Td (per ) Tj ET Q q 0 0 0 rg BT 150.07 706.10 Td (common ) Tj ET Q q 0 0 0 rg BT 187.31 706.10 Td (share ) Tj ET Q q 0 0 0 rg BT 210.65 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.57 706.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 261.25 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.50 706.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 309.08 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.54 706.10 Td (net ) Tj ET Q q 0 0 0 rg BT 338.00 706.10 Td (income ) Tj ET Q q 0 0 0 rg BT 369.68 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.26 706.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 398.07 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 410.31 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.78 706.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 447.57 706.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 520.88 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 706.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.81 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.96 694.10 Td (common ) Tj ET Q q 0 0 0 rg BT 126.77 694.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 150.69 694.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 200.18 694.10 Td (during ) Tj ET Q q 0 0 0 rg BT 229.10 694.10 Td (each ) Tj ET Q q 0 0 0 rg BT 250.23 694.10 Td (period ) Tj ET Q q 0 0 0 rg BT 278.60 694.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 322.23 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.05 694.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 357.86 694.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 394.56 694.10 Td (per ) Tj ET Q q 0 0 0 rg BT 410.14 694.10 Td (share ) Tj ET Q q 0 0 0 rg BT 434.06 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 443.54 694.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 485.80 694.10 Td (by ) Tj ET Q q 0 0 0 rg BT 498.61 694.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 534.77 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.80 694.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (income ) Tj ET Q q 0 0 0 rg BT 82.73 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.36 682.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 113.22 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 126.52 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.04 682.10 Td (total ) Tj ET Q q 0 0 0 rg BT 163.11 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.74 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.26 682.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 214.11 682.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 288.48 682.10 Td (number ) Tj ET Q q 0 0 0 rg BT 322.32 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.95 682.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.24 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.87 682.10 Td (common ) Tj ET Q q 0 0 0 rg BT 412.17 682.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 436.58 682.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 486.54 682.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 506.51 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.03 682.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 82.51 670.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.23 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.18 670.10 Td (could ) Tj ET Q q 0 0 0 rg BT 163.36 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.75 670.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 214.46 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.75 670.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 266.13 670.10 Td (into ) Tj ET Q q 0 0 0 rg BT 283.64 670.10 Td (common ) Tj ET Q q 0 0 0 rg BT 320.60 670.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 347.54 670.10 Td (during ) Tj ET Q q 0 0 0 rg BT 375.61 670.10 Td (each ) Tj ET Q q 0 0 0 rg BT 395.88 670.10 Td (period ) Tj ET Q q 0 0 0 rg BT 423.38 670.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 463.66 670.10 Td (less ) Tj ET Q q 0 0 0 rg BT 480.61 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.79 670.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 526.74 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.03 670.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 658.10 Td (could ) Tj ET Q q 0 0 0 rg BT 92.21 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.15 658.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 154.96 658.10 Td (using ) Tj ET Q q 0 0 0 rg BT 179.13 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 658.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 231.88 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 253.82 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.54 658.10 Td (exercises. ) Tj ET Q q 0 0 0 rg BT 310.18 658.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.60 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 614.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 614.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 584.60 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 584.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 584.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 635.6 m 492.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 635.6 m 496.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 635.6 m 561.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 614.6 m 492.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 614.6 m 561.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 614.6 m 492.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 614.6 m 561.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 584.6 m 492.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 584.6 m 561.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 584.6 m 492.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 570.6 m 492.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 568.6 m 492.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 584.6 m 561.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 570.6 m 561.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 568.6 m 561.5 568.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 638.22 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 626.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.50 616.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 626.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 616.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 604.32 Td (\(7,560,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.30 604.32 Td (\(11,308,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.27 Td (Weighted average shares outstanding - basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 589.27 Td (5,380,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 589.27 Td (3,737,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 574.27 Td (Basic and diluted loss per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 574.32 Td (\(1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 574.32 Td (\(3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.13 546.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.61 546.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 148.29 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.10 546.10 Td (following ) Tj ET Q q 0 0 0 rg BT 204.57 546.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 243.81 546.10 Td (average ) Tj ET Q q 0 0 0 rg BT 277.49 546.10 Td (items ) Tj ET Q q 0 0 0 rg BT 301.74 546.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.76 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.57 546.10 Td (above ) Tj ET Q q 0 0 0 rg BT 365.03 546.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 417.61 546.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.53 546.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 458.89 546.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 477.04 546.10 Td (per ) Tj ET Q q 0 0 0 rg BT 492.40 546.10 Td (common ) Tj ET Q q 0 0 0 rg BT 529.98 546.10 Td (share ) Tj ET Q q 0 0 0 rg BT 553.67 546.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.83 534.10 Td (ef) Tj ET Q q 0 0 0 rg BT 78.41 534.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 95.90 534.10 Td (would ) Tj ET Q q 0 0 0 rg BT 123.40 534.10 Td (be ) Tj ET Q q 0 0 0 rg BT 135.34 534.10 Td (anti-dilutive: ) Tj ET Q q 0 0 0 rg BT 189.49 534.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.60 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 453.60 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 453.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 453.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 508.6 m 492.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 508.6 m 496.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 508.6 m 561.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 483.6 m 492.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 483.6 m 561.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 483.6 m 492.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 483.6 m 561.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 438.6 m 492.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 438.6 m 561.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 438.6 m 492.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 424.6 m 492.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 422.6 m 492.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 438.6 m 561.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 422.6 m 561.5 422.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 513.27 Td (Twelve Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 498.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.50 488.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 498.27 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 488.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 473.27 Td (Stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 473.27 Td (889,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 473.27 Td (723,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 458.27 Td (Warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 458.27 Td (551,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 458.27 Td (1,873,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 443.27 Td (Restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 443.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 443.27 Td (58,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 428.27 Td (Total excluded shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 428.27 Td (1,441,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 428.27 Td (2,655,856) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 85.29 388.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 122.00 388.10 Td (RELA) Tj ET Q q 0 0 0 rg BT 149.04 388.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 177.47 388.10 Td (AR) Tj ET Q q 0 0 0 rg BT 191.56 388.10 Td (TY) Tj ET Q q 0 0 0 rg BT 205.08 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.40 388.10 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.61 364.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 111.67 364.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 152.96 364.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 200.36 364.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 245.54 364.10 Td (on ) Tj ET Q q 0 0 0 rg BT 258.29 364.10 Td (August ) Tj ET Q q 0 0 0 rg BT 290.71 364.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 306.74 364.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 330.27 364.10 Td (as ) Tj ET Q q 0 0 0 rg BT 342.13 364.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 383.98 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.29 364.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 418.26 364.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 429.29 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.04 364.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 478.00 364.10 Td (Situations ) Tj ET Q q 0 0 0 rg BT 521.53 364.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 549.78 364.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.69 352.10 Td (lar) Tj ET Q q 0 0 0 rg BT 108.05 352.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 127.27 352.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 178.15 352.10 Td (shareholder) Tj ET Q q 0 0 0 rg BT 224.40 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.01 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.55 352.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 272.65 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.17 352.10 Td (. ) Tj ET Q q 0 0 0 rg BT 286.78 352.10 Td (Brady) Tj ET Q q 0 0 0 rg BT 310.57 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.17 352.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.72 352.10 Td (director ) Tj ET Q q 0 0 0 rg BT 357.92 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.36 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.68 352.10 Td (Company) Tj ET Q q 0 0 0 rg BT 422.92 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.52 352.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 478.83 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.71 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.04 352.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 552.02 352.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (exercising ) Tj ET Q q 0 0 0 rg BT 92.68 340.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 128.69 340.10 Td (that ) Tj ET Q q 0 0 0 rg BT 145.27 340.10 Td (they ) Tj ET Q q 0 0 0 rg BT 164.07 340.10 Td (received ) Tj ET Q q 0 0 0 rg BT 199.52 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.88 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.68 340.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 268.85 340.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 304.87 340.10 Td (private ) Tj ET Q q 0 0 0 rg BT 334.22 340.10 Td (placements. ) Tj ET Q q 0 0 0 rg BT 383.28 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.75 340.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.88 340.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 432.90 340.10 Td (Situations ) Tj ET Q q 0 0 0 rg BT 474.49 340.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 498.30 340.10 Td (made ) Tj ET Q q 0 0 0 rg BT 521.54 340.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.56 340.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.81 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.05 328.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 106.08 328.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 328.10 Td ($3,414,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.44 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.46 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.27 328.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 229.17 328.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.86 328.10 Td (542,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.36 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.39 328.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 304.41 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.77 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.01 328.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 375.62 328.10 Td (common ) Tj ET Q q 0 0 0 rg BT 412.65 328.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 438.28 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.75 328.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 466.42 328.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.95 328.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 497.42 328.10 Td (made ) Tj ET Q q 0 0 0 rg BT 521.10 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.57 328.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.26 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.96 316.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 107.43 316.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.24 316.10 Td ($2,460,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.72 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.98 316.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 232.33 316.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.47 316.10 Td (502,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.97 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.46 316.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 308.93 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.74 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.43 316.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 381.49 316.10 Td (common ) Tj ET Q q 0 0 0 rg BT 418.97 316.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 445.06 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.36 316.10 Td (The ) Tj ET Q q 0 0 0 rg BT 465.39 316.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 497.30 316.10 Td (Situations ) Tj ET Q q 0 0 0 rg BT 539.79 316.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.79 304.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 78.46 304.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.32 304.10 Td (Brady ) Tj ET Q q 0 0 0 rg BT 110.11 304.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 150.21 304.10 Td (their ) Tj ET Q q 0 0 0 rg BT 170.89 304.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 207.68 304.10 Td (at ) Tj ET Q q 0 0 0 rg BT 217.25 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.82 304.10 Td (same ) Tj ET Q q 0 0 0 rg BT 254.72 304.10 Td (price ) Tj ET Q q 0 0 0 rg BT 277.06 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.85 304.10 Td (on ) Tj ET Q q 0 0 0 rg BT 306.20 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.77 304.10 Td (same ) Tj ET Q q 0 0 0 rg BT 343.67 304.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 368.24 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.03 304.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 429.05 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 439.74 304.10 Td (all ) Tj ET Q q 0 0 0 rg BT 452.08 304.10 Td (other ) Tj ET Q q 0 0 0 rg BT 474.99 304.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 507.88 304.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 539.67 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 304.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 99.81 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.46 292.10 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 163.88 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.65 292.10 Td (which ) Tj ET Q q 0 0 0 rg BT 203.52 292.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 229.17 292.10 Td (was ) Tj ET Q q 0 0 0 rg BT 248.16 292.10 Td (led ) Tj ET Q q 0 0 0 rg BT 263.81 292.10 Td (by ) Tj ET Q q 0 0 0 rg BT 277.25 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.90 292.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 325.77 292.10 Td (Situations ) Tj ET Q q 0 0 0 rg BT 369.21 292.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 394.87 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.74 292.10 Td (other ) Tj ET Q q 0 0 0 rg BT 436.72 292.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 487.93 292.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 544.41 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.84 292.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 559.51 292.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Murphy ) Tj ET Q q 0 0 0 rg BT 85.65 280.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.52 280.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 115.19 280.10 Td (. ) Tj ET Q q 0 0 0 rg BT 121.11 280.10 Td (Gardner ) Tj ET Q q 0 0 0 rg BT 157.30 280.10 Td (also ) Tj ET Q q 0 0 0 rg BT 176.84 280.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 227.46 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.67 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.31 280.10 Td (warrant ) Tj ET Q q 0 0 0 rg BT 288.28 280.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 329.46 280.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 376.76 280.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.62 280.10 Td (made ) Tj ET Q q 0 0 0 rg BT 419.71 280.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 461.46 280.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.22 280.10 Td ($2,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.72 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.15 280.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.01 280.10 Td ($179,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 280.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.66 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.94 268.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 169.31 268.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.47 268.10 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.47 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.97 268.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.91 268.10 Td (28,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.41 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.41 268.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 293.44 268.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 320.93 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.76 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.48 268.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 393.56 268.10 Td (common ) Tj ET Q q 0 0 0 rg BT 431.05 268.10 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.84 232.10 Td (12. ) Tj ET Q q 0 0 0 rg BT 122.00 232.10 Td (SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 189.07 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.57 232.10 Td (EVENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (No ) Tj ET Q q 0 0 0 rg BT 64.12 208.10 Td (material ) Tj ET Q q 0 0 0 rg BT 98.77 208.10 Td (events ) Tj ET Q q 0 0 0 rg BT 126.21 208.10 Td (have ) Tj ET Q q 0 0 0 rg BT 146.98 208.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 183.85 208.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.06 208.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.04 208.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.04 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.94 208.10 Td (that ) Tj ET Q q 0 0 0 rg BT 300.83 208.10 Td (require ) Tj ET Q q 0 0 0 rg BT 331.04 208.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 378.47 208.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.70 208.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 431.14 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.81 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 208.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.80 208.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 535.90 208.10 Td (except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 196.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (On January 30, 2017, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.92 172.10 Td (200,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 172.10 Td ( shares of common stock valued at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.22 172.10 Td ($938,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.72 172.10 Td ( \(using the 30 trading-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (volume-weighted average closing price of IZEA's common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.66 160.10 Td ($4.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.16 160.10 Td ( per share as of January 30, 2017\) to satisfy the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (annual guaranteed payment owed as part of the January 2015 Ebyline Stock Purchase ) Tj ET Q q 0 0 0 rg BT 394.06 148.10 Td (Agreement. Such shares were issued in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (accordance with the exemption contained in Section 4\(a\)\(2\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 400.42 136.10 Td (Act of 1933, as amended.) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 9 CHANGES IN DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 249.85 742.25 Td (WITH ) Tj ET Q q 0 0 0 rg BT 280.14 742.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 329.96 742.25 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 376.08 742.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 447.48 742.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 527.76 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (ITEM 9A) Tj ET Q q 0 0 0 rg BT 90.84 670.25 Td ( CONTROLS ) Tj ET Q q 0 0 0 rg BT 158.91 670.25 Td (AND PROCEDURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (Disclosure controls and procedures are controls and other procedures that are designed to ensure that information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (required to be disclosed by us in the reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 438.23 634.25 Td (Act of 1934, as amended \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 95.81 622.25 Td (Act\), is recorded, processed, summarized and reported within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 500.41 622.25 Td (s rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (forms.Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (information required to be disclosed by us in the reports that we file under the Exchange ) Tj ET Q q 0 0 0 rg BT 405.45 598.25 Td (Act is accumulated and communicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (to our management, including our principal executive and financial of) Tj ET Q q 0 0 0 rg BT 329.72 586.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 347.64 586.25 Td (, as appropriate to allow timely decisions regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (required disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 550.25 Td (In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (possible controls and procedures. Furthermore, controls and procedures could be circumvented by the individual acts of some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (persons, by collusion or two or more people or by management override of the control. Misstatements due to error or fraud may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (occur and not be detected on a timely basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 149.83 466.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 182.14 466.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 225.30 466.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 254.56 466.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (In connection with the preparation of this annual report on Form 10-K for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.56 442.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 442.25 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (evaluation was performed under the supervision and with the participation of the Company's management including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 418.25 Td (ficer \("CEO"\) and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 255.23 418.25 Td (ficer \("CFO"\) to determine the ef) Tj ET Q q 0 0 0 rg BT 387.89 418.25 Td (fectiveness of the design and operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (our disclosure controls and procedures \(as defined in Rules 13a-15\(e\) and 15d-15\(e\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 470.69 406.25 Td (Act\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 394.25 Td (.Based on this evaluation, our management concluded that our disclosure controls and procedures were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 382.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.95 382.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.53 382.25 Td ( to provide reasonable assurance that the information required to be disclosed by us in reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (or submitted under the Exchange ) Tj ET Q q 0 0 0 rg BT 184.13 370.25 Td (Act is recorded, processed, summarized, and reported within the time periods specified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (rules and forms of the SEC and that such information is accumulated and communicated to management, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Company's CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Management's ) Tj ET Q q 0 0 0 rg BT 114.72 322.25 Td (Annual Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 257.32 322.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 286.30 322.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 298.25 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (defined in Rules 13a-15\(f\) and 15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 297.42 286.25 Td (Act\). Internal control over financial reporting is a process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (designed by) Tj ET Q q 0 0 0 rg BT 97.40 274.25 Td (, or under the supervision of, our principal executive of) Tj ET Q q 0 0 0 rg BT 317.98 274.25 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 439.41 274.25 Td (ficer and ef) Tj ET Q q 0 0 0 rg BT 484.75 274.25 Td (fected by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 238.25 Td (America. Internal control over financial reporting includes policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (\(i\) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company) Tj ET Q q 0 0 0 rg BT 520.81 214.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (transactions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.25 Td (\(ii\) provide reasonable assurance that transactions are recorded as necessary for the preparation of our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.25 Td (statements in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 465.58 172.25 Td (America, and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.25 Td (receipts and expenditures are made only in accordance with authorizations of our management and directors; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (\(iii\) provide reasonable assurance regarding prevention or timely detection of any unauthorized acquisition, use or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 298.26 130.25 Td (fect on the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 106.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (statement misstatements. ) Tj ET Q q 0 0 0 rg BT 151.93 94.25 Td (Also, projections of any evaluation of internal control ef) Tj ET Q q 0 0 0 rg BT 376.96 94.25 Td (fectiveness to future periods are subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (or procedures may deteriorate.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Our management has assessed the ef) Tj ET Q q 0 0 0 rg BT 232.16 742.10 Td (fectiveness of our internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.17 742.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 483.62 730.10 Td (ganizations of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 718.10 Td (readway Commission \("COSO"\) in Internal Control-Integrated Framework \(2013\). Based on this evaluation, our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (has concluded that our internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 329.16 706.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 706.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.11 706.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.89 682.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 191.86 682.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 658.10 Td (There were no changes in our internal control over financial reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 466.13 658.10 Td (Act Rules 13a-15\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (and 15d-15\(f\)\) that occurred during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.58 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.16 646.10 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 437.16 646.10 Td (fected, or are reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (to materially af) Tj ET Q q 0 0 0 rg BT 110.90 634.10 Td (fect, our internal control over financial reporting. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (ITEM 9B - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 185.93 598.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (On January 30, 2017, we issued 200,542 shares of common stock valued at $938,532 \(using the 30 trading-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (volume-weighted average closing price of IZEA's common stock of $4.68 per share as of January 30, 2017\) to satisfy our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (annual installment payment owed as part of the January 2015 Ebyline Stock Purchase ) Tj ET Q q 0 0 0 rg BT 394.64 550.10 Td (Agreement. Such shares were issued in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (accordance with the exemption contained in Section 4 \(2\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 391.83 538.10 Td (Act of 1933, as amended.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM 10 - DIRECT) Tj ET Q q 0 0 0 rg BT 136.22 718.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 276.25 718.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 350.22 718.25 Td (TE GOVERNANCE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Executive Officers and Dir) Tj ET Q q 0 0 0 rg BT 163.96 694.25 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.25 Td (The names and ages of our executive of) Tj ET Q q 0 0 0 rg BT 244.92 670.25 Td (ficers and directors, and their positions with us, are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 645.75 184.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 645.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 645.75 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 645.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 645.75 232.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 609.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 609.75 232.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 581.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 581.75 232.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 553.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 553.75 232.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 645.75 m 234.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 645.75 m 290.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 645.75 m 526.5 645.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 650.32 Td (Name) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 650.32 Td (Age) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 650.32 Td (Position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.32 Td (Edward H. \(Ted\) Murphy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 636.32 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 636.32 Td (Founder, President, Chief Executive Officer and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 626.37 Td (Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.32 Td (Ryan S. Schram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 614.32 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 614.32 Td (Chief Operating Officer and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.32 Td (LeAnn C. Hitchcock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 600.32 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 600.32 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.32 Td (Brian W. Brady) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 586.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 586.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 572.32 Td (John H. Caron) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 572.32 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 572.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.32 Td (Lindsay A. Gardner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 558.32 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 558.32 Td (Director, Compensation Committee Chairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.32 Td (Jill M. Golder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 544.32 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 544.32 Td (Director, Audit Committee Chairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td (Daniel R. Rua) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 530.32 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 530.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (The principal occupations for at least the past five years of each of our executive of) Tj ET Q q 0 0 0 rg BT 419.29 502.25 Td (ficers and directors are as follows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.96 502.25 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Executive Officers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (Edward H. \(T) Tj ET Q q 0 0 0 rg BT 144.81 454.25 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 195.65 454.25 Td (, Founder) Tj ET Q q 0 0 0 rg BT 236.41 454.25 Td (, Pr) Tj ET Q q 0 0 0 rg BT 251.77 454.25 Td (esident, Chief Executive Officer) Tj ET Q q 0 0 0 rg BT 387.11 454.25 Td ( and Chairman of the Board, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.95 454.25 Td (founded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 72.22 442.25 Td ( in February 2006 as part of MindComet Corp., an interactive advertising agency that he started in 1999 and served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.57 430.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 145.33 430.25 Td (. IZEA) Tj ET Q q 0 0 0 rg BT 175.05 430.25 Td ( was later spun out of MindComet in September 2006. Mr) Tj ET Q q 0 0 0 rg BT 408.91 430.25 Td (. Murphy is a serial entrepreneur who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (is recognized as a pioneer in paid blogging and a catalyst behind the social sponsorship industry) Tj ET Q q 0 0 0 rg BT 433.43 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.38 418.25 Td (As the Founder) Tj ET Q q 0 0 0 rg BT 501.64 418.25 Td (, President and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.57 406.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 145.48 406.25 Td (, Mr) Tj ET Q q 0 0 0 rg BT 162.15 406.25 Td (. Murphy leads IZEA, both with his day-to-day operational leadership and with his strategic vision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (for IZEA) Tj ET Q q 0 0 0 rg BT 86.38 394.25 Td ( and its products. His ef) Tj ET Q q 0 0 0 rg BT 183.68 394.25 Td (forts have received recognition from media outlets including ) Tj ET Q q 0 0 0 rg BT 428.42 394.25 Td (The ) Tj ET Q q 0 0 0 rg BT 446.29 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.93 394.25 Td (all Street Journal, ) Tj ET Q q 0 0 0 rg BT 527.50 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 536.54 394.25 Td (ired, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (USA) Tj ET Q q 0 0 0 rg BT 69.45 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.77 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 77.18 382.25 Td (oday) Tj ET Q q 0 0 0 rg BT 95.97 382.25 Td (, Forbes, ) Tj ET Q q 0 0 0 rg BT 133.01 382.25 Td (The New ) Tj ET Q q 0 0 0 rg BT 172.07 382.25 Td (Y) Tj ET Q q 0 0 0 rg BT 178.29 382.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 193.94 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 199.70 382.25 Td (imes, Business ) Tj ET Q q 0 0 0 rg BT 261.46 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.10 382.25 Td (eek, PC ) Tj ET Q q 0 0 0 rg BT 303.53 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 312.17 382.25 Td (orld, CNN Money and Fortune. In addition to media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (coverage, Mr) Tj ET Q q 0 0 0 rg BT 102.75 370.25 Td (. Murphy has keynoted and spoken on panels at over 100 social media and financial events including SXSW) Tj ET Q q 0 0 0 rg BT 535.63 370.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (WOMMA, BlogW) Tj ET Q q 0 0 0 rg BT 124.75 358.25 Td (orld, Pubcon, and Dow Jones ) Tj ET Q q 0 0 0 rg BT 244.28 358.25 Td (V) Tj ET Q q 0 0 0 rg BT 250.40 358.25 Td (enture One Summit. Mr) Tj ET Q q 0 0 0 rg BT 347.89 358.25 Td (. Murphy is a regular guest on FOX Business, CNBC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (and Bloomber) Tj ET Q q 0 0 0 rg BT 106.75 346.25 Td (g television. Mr) Tj ET Q q 0 0 0 rg BT 172.30 346.25 Td (. Murphy attended Florida State University before starting MindComet and several other earlier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Internet-related businesses. Mr) Tj ET Q q 0 0 0 rg BT 175.52 334.25 Td (. Murphy was elected as a director based on his extensive social sponsorship industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (knowledge and a deep background in social media, mobile technology and e-commerce, as well as significant experience in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (financing technology growth companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (R) Tj ET Q q 0 0 0 rg BT 92.87 286.25 Td (yan S. Schram, Chief Operating Officer) Tj ET Q q 0 0 0 rg BT 262.39 286.25 Td ( and Dir) Tj ET Q q 0 0 0 rg BT 297.77 286.25 Td (ector) Tj ET Q q 0 0 0 rg BT 318.50 286.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 286.25 Td (joined us in September 201) Tj ET Q q 0 0 0 rg BT 432.56 286.25 Td (1 as a senior executive leading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (our client development, account management, brand marketing, public relations and creator alliance or) Tj ET Q q 0 0 0 rg BT 461.04 274.25 Td (ganizations. Prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (joining us, from 2005 to 201) Tj ET Q q 0 0 0 rg BT 164.07 262.25 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 185.74 262.25 Td (. Schram served in various leadership roles, most recently as Group ) Tj ET Q q 0 0 0 rg BT 457.99 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 464.61 262.25 Td (ice President, at ePrize, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (the industry leader in integrated engagement marketing. Prior to that, Mr) Tj ET Q q 0 0 0 rg BT 342.97 250.25 Td (. Schram held roles of increasing responsibility at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (CBS/W) Tj ET Q q 0 0 0 rg BT 80.32 238.25 Td (estwood One and Clear Channel Interactive. Mr) Tj ET Q q 0 0 0 rg BT 274.15 238.25 Td (. Schram holds a B.A. degree in management from the Eli Broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (College of Business at Michigan State University) Tj ET Q q 0 0 0 rg BT 247.10 226.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 266.27 226.25 Td (. Schram was elected as a director of IZEA) Tj ET Q q 0 0 0 rg BT 437.59 226.25 Td ( due to his substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (knowledge and working experience in marketing and client development in quickly evolving industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (LeAnn C. Hitchcock, Chief Financial Officer) Tj ET Q q 0 0 0 rg BT 276.45 190.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.45 190.25 Td (joined us in September 201) Tj ET Q q 0 0 0 rg BT 390.51 190.25 Td (1 as a financial consultant and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (appointed as our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 193.39 178.25 Td (ficer in ) Tj ET Q q 0 0 0 rg BT 223.94 178.25 Td (August 2014. During her time as a consultant, she assisted us with financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (reporting, internal accounting controls and assistance during our quarterly reviews and annual audits. Prior to working with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (IZEA, Ms. Hitchcock worked as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 271.98 154.25 Td (ficer of NBI Juiceworks in 2010 and as the SEC Compliance Of) Tj ET Q q 0 0 0 rg BT 528.13 154.25 Td (ficer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 142.25 Td (orkstream Inc. in 2009. From 2002 to 2009, Ms. Hitchcock worked at Galaxy Nutritional Foods as its Chief Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 130.25 Td (ficer and later its SEC Compliance Of) Tj ET Q q 0 0 0 rg BT 212.37 130.25 Td (ficer until the company was sold and privatized through a tender of) Tj ET Q q 0 0 0 rg BT 480.71 130.25 Td (fer in 2009. Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Hitchcock started her career as an auditor with ) Tj ET Q q 0 0 0 rg BT 238.25 118.25 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 266.86 118.25 Td (Andersen and PriceW) Tj ET Q q 0 0 0 rg BT 353.80 118.25 Td (aterhouse Coopers with a strong emphasis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (public companies. Ms. Hitchcock holds a double major in ) Tj ET Q q 0 0 0 rg BT 285.51 106.25 Td (Accounting and Business ) Tj ET Q q 0 0 0 rg BT 389.12 106.25 Td (Administration from Palm Beach ) Tj ET Q q 0 0 0 rg BT 524.10 106.25 Td (Atlantic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (University and a Masters in ) Tj ET Q q 0 0 0 rg BT 162.48 94.25 Td (Accounting from Florida State University) Tj ET Q q 0 0 0 rg BT 329.02 94.25 Td (. ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 730.10 Td (ectors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Brian ) Tj ET Q q 0 0 0 rg BT 112.77 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 121.85 706.10 Td (. Brady) Tj ET Q q 0 0 0 rg BT 152.97 706.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 172.23 706.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.87 706.10 Td (, joined our Board of Directors in ) Tj ET Q q 0 0 0 rg BT 329.40 706.10 Td (August 2012. Since 1995, Mr) Tj ET Q q 0 0 0 rg BT 449.68 706.10 Td (. Brady has been the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 184.22 694.10 Td (ficer of Northwest Broadcasting, Inc., and Chairman of Bryson Holdings LLC. Collectively) Tj ET Q q 0 0 0 rg BT 552.94 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (these companies own and operate 15 television stations in nine markets. Mr) Tj ET Q q 0 0 0 rg BT 354.65 682.10 Td (. Brady has also been the President of Eagle Creek ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Broadcasting, which owns and operates a CBS af) Tj ET Q q 0 0 0 rg BT 247.00 670.10 Td (filiate in Laredo, ) Tj ET Q q 0 0 0 rg BT 316.23 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 321.64 670.10 Td (exas, since 2002. Mr) Tj ET Q q 0 0 0 rg BT 406.63 670.10 Td (. Brady currently serves on the board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of Syncbak, a privately held technology company) Tj ET Q q 0 0 0 rg BT 247.91 658.10 Td (, SumTV) Tj ET Q q 0 0 0 rg BT 283.29 658.10 Td (, iPowow International, Layer3TV) Tj ET Q q 0 0 0 rg BT 421.12 658.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 440.38 658.10 Td (TV4 Entertainment. Mr) Tj ET Q q 0 0 0 rg BT 537.03 658.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Brady is also one of three senior advisors for Manhatten ) Tj ET Q q 0 0 0 rg BT 276.98 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.62 646.10 Td (est ) Tj ET Q q 0 0 0 rg BT 298.68 646.10 Td (Asset Management, an independent wealth management and high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (net worth financial advisory firm. Mr) Tj ET Q q 0 0 0 rg BT 198.85 634.10 Td (. Brady previously served on the FOX ) Tj ET Q q 0 0 0 rg BT 353.28 634.10 Td (Af) Tj ET Q q 0 0 0 rg BT 363.65 634.10 Td (filiate Board for nine years, serving as Chairman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (for four of those years. He also previously served on the Board of Directors of the National ) Tj ET Q q 0 0 0 rg BT 419.06 622.10 Td (Association of Broadcasting \(8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (years\), Saga Communication \(9 years\) and the Ferris State College Foundation Board \(7 years\). Mr) Tj ET Q q 0 0 0 rg BT 449.07 610.10 Td (. Brady holds a B.S. degree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (in advertising from Ferris State University) Tj ET Q q 0 0 0 rg BT 219.04 598.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 238.21 598.10 Td (. Brady was elected to serve as a member of our Board of Directors due to his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (more than 25 years of experience in the multi-media industry making his input invaluable to us as we expand our portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (customers and platform of) Tj ET Q q 0 0 0 rg BT 155.07 574.10 Td (ferings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (John H. Car) Tj ET Q q 0 0 0 rg BT 138.88 550.10 Td (on, Dir) Tj ET Q q 0 0 0 rg BT 168.70 550.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 550.10 Td (, joined our Board of Directors in ) Tj ET Q q 0 0 0 rg BT 325.87 550.10 Td (April 2015. Mr) Tj ET Q q 0 0 0 rg BT 391.15 550.10 Td (. Caron has 27 years of marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (experience in the consumer packaged goods and restaurant industries. Mr) Tj ET Q q 0 0 0 rg BT 345.74 538.10 Td (. Caron is currently an independent director on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (board of ) Tj ET Q q 0 0 0 rg BT 85.92 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.67 526.10 Td (ijuana Flats, an independent director on the board of ) Tj ET Q q 0 0 0 rg BT 303.10 526.10 Td (Thrive Frozen Nutrition and, since 2013, a board member for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (venV) Tj ET Q q 0 0 0 rg BT 70.55 514.10 Td (elo, a Central Florida early-stage venture fund. Mr) Tj ET Q q 0 0 0 rg BT 274.38 514.10 Td (. Caron was also a member of our Strategic ) Tj ET Q q 0 0 0 rg BT 449.33 514.10 Td (Advisory Board since June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (2013. Mr) Tj ET Q q 0 0 0 rg BT 89.17 502.10 Td (. Caron served as the President of Olive Garden at Darden Restaurants Inc. from May 201) Tj ET Q q 0 0 0 rg BT 448.41 502.10 Td (1 to January 2013, Darden's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Chief Marketing Of) Tj ET Q q 0 0 0 rg BT 129.24 490.10 Td (ficer from March 2010 to May 201) Tj ET Q q 0 0 0 rg BT 268.83 490.10 Td (1 and Darden's Executive ) Tj ET Q q 0 0 0 rg BT 373.19 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 379.81 490.10 Td (ice President of Marketing for Olive Garden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (from 2003 to 2010. ) Tj ET Q q 0 0 0 rg BT 129.17 478.10 Td (As a member of Darden's Executive Operating ) Tj ET Q q 0 0 0 rg BT 318.22 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 323.63 478.10 Td (eam, Mr) Tj ET Q q 0 0 0 rg BT 356.95 478.10 Td (. Caron led brand growth strategy across the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (enterprise to help ensure each Darden brand was appropriately positioned and had clearly identified plans in place to drive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (sustainable growth. Before joining Darden Restaurants, Mr) Tj ET Q q 0 0 0 rg BT 288.56 454.10 Td (. Caron served as ) Tj ET Q q 0 0 0 rg BT 359.75 454.10 Td (V) Tj ET Q q 0 0 0 rg BT 366.37 454.10 Td (ice President and General Manager of Lipton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Beverages for Unilever Bestfoods North ) Tj ET Q q 0 0 0 rg BT 213.57 442.10 Td (America from 2000 to 2002. Mr) Tj ET Q q 0 0 0 rg BT 341.88 442.10 Td (. Caron received a Bachelor's degree in Political ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Science from ) Tj ET Q q 0 0 0 rg BT 105.35 430.10 Td (The Colorado College and a Master's degree in ) Tj ET Q q 0 0 0 rg BT 295.43 430.10 Td (American Politics from New ) Tj ET Q q 0 0 0 rg BT 412.81 430.10 Td (Y) Tj ET Q q 0 0 0 rg BT 419.03 430.10 Td (ork University Department of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Politics. Mr) Tj ET Q q 0 0 0 rg BT 96.67 418.10 Td (. Caron also earned an MBA) Tj ET Q q 0 0 0 rg BT 210.54 418.10 Td ( in Marketing from New ) Tj ET Q q 0 0 0 rg BT 310.42 418.10 Td (Y) Tj ET Q q 0 0 0 rg BT 316.64 418.10 Td (ork University Stern School of Business. Mr) Tj ET Q q 0 0 0 rg BT 496.64 418.10 Td (. Caron was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (elected to serve as a member of the Board of Directors due to his decades of experience in leading and managing marketing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (branding operations in highly competitive industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (Lindsay ) Tj ET Q q 0 0 0 rg BT 122.41 370.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 170.93 370.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 190.19 370.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.83 370.10 Td (, joined our Board of Directors in December 2013. Mr) Tj ET Q q 0 0 0 rg BT 430.67 370.10 Td (. Gardner has 25 years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (executive management and leadership experience at companies ranging from technology startups to the world) Tj ET Q q 0 0 0 rg BT 492.34 358.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 509.10 358.10 Td (gest media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (and entertainment companies. Currently) Tj ET Q q 0 0 0 rg BT 212.35 346.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 229.02 346.10 Td (. Gardner serves as the Chief Content Of) Tj ET Q q 0 0 0 rg BT 391.57 346.10 Td (ficer of Layer3TV) Tj ET Q q 0 0 0 rg BT 464.68 346.10 Td ( and is also a Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Advisor to Oaktree Capital Management, a Los ) Tj ET Q q 0 0 0 rg BT 241.62 334.10 Td (Angeles-based private equity firm with $100 billion under management. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (May 2010, he has focused on global buyout opportunities in the media sector) Tj ET Q q 0 0 0 rg BT 358.00 322.10 Td (. From 2007-2010, Mr) Tj ET Q q 0 0 0 rg BT 449.67 322.10 Td (. Gardner was a partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 310.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 310.10 Td (ork-based, MediaT) Tj ET Q q 0 0 0 rg BT 152.62 310.10 Td (ech Capital Partners. From 1999 until mid-2007, Mr) Tj ET Q q 0 0 0 rg BT 363.71 310.10 Td (. Gardner led distribution, sales and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (for Fox Networks, today the most diverse, powerful and profitable US cable channel operator) Tj ET Q q 0 0 0 rg BT 423.51 298.10 Td (. During his tenure, he built Fox) Tj ET Q q 0 0 0 rg BT 557.10 298.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (cable network portfolio from a handful of small networks into one of the industry) Tj ET Q q 0 0 0 rg BT 378.54 286.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 395.29 286.10 Td (gest and most diverse. Mr) Tj ET Q q 0 0 0 rg BT 500.83 286.10 Td (. Gardner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (currently serves on the board of directors for the Courage Campaign Institute. Mr) Tj ET Q q 0 0 0 rg BT 375.19 274.10 Td (. Gardner received an M.B.A. from ) Tj ET Q q 0 0 0 rg BT 518.29 274.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Wharton School of the University of Pennsylvania and a B.A. degree in Economics from Brandeis University) Tj ET Q q 0 0 0 rg BT 487.86 262.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 507.03 262.10 Td (. Gardner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (was elected to serve as a member of the Board of Directors due to his significant experience in the media, technology and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (entertainment industries, as both an executive and a private equity investor) Tj ET Q q 0 0 0 rg BT 348.52 238.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (Jill M. Golder) Tj ET Q q 0 0 0 rg BT 145.35 214.10 Td (, Dir) Tj ET Q q 0 0 0 rg BT 164.61 214.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.25 214.10 Td (, joined our Board in May 2015. Ms. Golder has almost 30 years of finance, accounting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (corporate governance experience and has served in numerous leadership roles at Fortune 500 companies. Ms. Golder is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (currently the Senior ) Tj ET Q q 0 0 0 rg BT 131.74 190.10 Td (V) Tj ET Q q 0 0 0 rg BT 138.36 190.10 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 283.97 190.10 Td (ficer of Cracker Barrel Old Country Store, Inc., which she joined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (April 2016. She was previously at Ruby ) Tj ET Q q 0 0 0 rg BT 212.58 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 218.34 178.10 Td (uesday) Tj ET Q q 0 0 0 rg BT 245.46 178.10 Td (, Inc. from ) Tj ET Q q 0 0 0 rg BT 289.61 178.10 Td (April 2013 to ) Tj ET Q q 0 0 0 rg BT 345.45 178.10 Td (April 2016 where she served as Executive ) Tj ET Q q 0 0 0 rg BT 516.04 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 522.67 178.10 Td (ice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 181.46 166.10 Td (ficer for two years and as Senior ) Tj ET Q q 0 0 0 rg BT 313.73 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 320.35 166.10 Td (ice President for one year) Tj ET Q q 0 0 0 rg BT 421.97 166.10 Td (. Prior to joining Ruby ) Tj ET Q q 0 0 0 rg BT 514.58 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 520.33 166.10 Td (uesday) Tj ET Q q 0 0 0 rg BT 547.45 166.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Ms. Golder served as Chief Financial Of) Tj ET Q q 0 0 0 rg BT 212.28 154.10 Td (ficer for Cooper's Hawk ) Tj ET Q q 0 0 0 rg BT 311.09 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.13 154.10 Td (inery & Restaurants from 2012 to 2013. Prior to her tenure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (at Cooper) Tj ET Q q 0 0 0 rg BT 89.53 142.10 Td () Tj ET Q q 0 0 0 rg BT 92.30 142.10 Td (s Hawk ) Tj ET Q q 0 0 0 rg BT 124.90 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.94 142.10 Td (inery & Restaurants, Ms. Golder spent 23 years at Darden Restaurants, holding progressively more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (responsible positions in finance including Senior ) Tj ET Q q 0 0 0 rg BT 247.57 130.10 Td (V) Tj ET Q q 0 0 0 rg BT 254.19 130.10 Td (ice President of Finance for Olive Garden, Smokey Bones, Specialty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Restaurant Group and Red Lobster) Tj ET Q q 0 0 0 rg BT 188.86 118.10 Td (.. Ms. Golder has also served as Director of Strategic Planning and Corporate ) Tj ET Q q 0 0 0 rg BT 502.39 118.10 Td (Analysis for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Domino's Pizza International from 1994 to 1995 and she earlier served as a Manager of Finance at ) Tj ET Q q 0 0 0 rg BT 445.66 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 454.30 106.10 Td (alt Disney ) Tj ET Q q 0 0 0 rg BT 497.44 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.08 106.10 Td (orld. Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Golder serves on the University of ) Tj ET Q q 0 0 0 rg BT 190.34 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 195.75 94.10 Td (ennessee Economics ) Tj ET Q q 0 0 0 rg BT 280.17 94.10 Td (Advisory Council. She also serves on the ) Tj ET Q q 0 0 0 rg BT 446.82 94.10 Td (Advisory Board for BarFly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 82.10 Td (entures. She earned a Bachelor of ) Tj ET Q q 0 0 0 rg BT 192.45 82.10 Td (Arts degree with a major in Economics at Kalamazoo College and a Masters in Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Administration from the University of Chicago Booth School of Business. Ms. Golder was elected to serve as a member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Board of Directors due to her extensive knowledge of complex financial, accounting and operational issues highly relevant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (our business.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Daniel R. Rua, Dir) Tj ET Q q 0 0 0 rg BT 165.54 718.10 Td (ector) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.19 718.10 Td (, rejoined our Board of Directors in July 2012. Since November 2015, Mr) Tj ET Q q 0 0 0 rg BT 483.80 718.10 Td (. Rua has served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the CEO of ) Tj ET Q q 0 0 0 rg BT 97.50 706.10 Td (Admiral, a private company that provides advanced adblock analaytics and advertising revenue recover for online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (publishers. From September 2006 to May 201) Tj ET Q q 0 0 0 rg BT 236.28 694.10 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 257.95 694.10 Td (. Rua served as the Executive Chairman and an early investor in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (predecessor entity IZEA) Tj ET Q q 0 0 0 rg BT 147.19 682.10 Td ( Innovations, Inc. Mr) Tj ET Q q 0 0 0 rg BT 233.84 682.10 Td (. Rua has been a Managing Partner of Inflexion Partners, an early-stage venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (capital fund, since January 2002. Prior to Inflexion, Mr) Tj ET Q q 0 0 0 rg BT 272.73 670.10 Td (. Rua was a Partner with Draper ) Tj ET Q q 0 0 0 rg BT 402.69 670.10 Td (Atlantic, the east coast fund of Silicon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 658.10 Td (alley) Tj ET Q q 0 0 0 rg BT 78.33 658.10 Td (s early-stage venture firm Draper Fisher Jurvetson, from 1999 to 2002. Prior to Draper ) Tj ET Q q 0 0 0 rg BT 429.07 658.10 Td (Atlantic, Mr) Tj ET Q q 0 0 0 rg BT 477.95 658.10 Td (. Rua led internet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (protocol development at IBM) Tj ET Q q 0 0 0 rg BT 171.36 646.10 Td (s Networking Labs in Research ) Tj ET Q q 0 0 0 rg BT 299.20 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.96 646.10 Td (riangle, from 1991 to 1999. Mr) Tj ET Q q 0 0 0 rg BT 431.61 646.10 Td (. Rua is a former director of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (InphoMatch \(acquired by Sybase\) and ) Tj ET Q q 0 0 0 rg BT 204.68 634.10 Td (AuctionRover \(acquired by Overture/Y) Tj ET Q q 0 0 0 rg BT 361.12 634.10 Td (ahoo\), and serves other board and operating roles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (as part of his technology investing. Mr) Tj ET Q q 0 0 0 rg BT 206.65 622.10 Td (. Rua holds a B.S. degree in computer engineering from the University of Florida. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (also earned a J.D. from the University of North Carolina School of Law and an M.B.A. from the Kenan-Flagler Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (School of the University of North Carolina. Mr) Tj ET Q q 0 0 0 rg BT 240.81 598.10 Td (. Rua was elected to serve as a member of our Board of Directors due to his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (extensive knowledge of our products and services as a director and early investor in our predecessor) Tj ET Q q 0 0 0 rg BT 450.29 586.10 Td (, as well as his many years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of experience in venture capital investing and operational leadership of other technology growth companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (All directors hold of) Tj ET Q q 0 0 0 rg BT 167.19 550.10 Td (fice until the next annual meeting of stockholders and the election and qualification of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (successors. Of) Tj ET Q q 0 0 0 rg BT 110.08 538.10 Td (ficers are elected annually by the Board of Directors and serve at the discretion of the Board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Family Relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (There are no family relationships among our directors and executive of) Tj ET Q q 0 0 0 rg BT 370.16 490.10 Td (ficers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Involvement in Certain Legal Pr) Tj ET Q q 0 0 0 rg BT 188.69 466.10 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 442.10 Td (o our knowledge, during the past ten years, none of our directors, executive of) Tj ET Q q 0 0 0 rg BT 403.91 442.10 Td (ficers, promoters, control persons or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (nominees has been:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.10 Td (the subject of any bankruptcy petition filed by or against any business of which such person was a general partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 394.10 Td (or executive of) Tj ET Q q 0 0 0 rg BT 163.79 394.10 Td (ficer either at the time of the bankruptcy or within two years prior to that time;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 382.10 Td (convicted in a criminal proceeding or is subject to a pending criminal proceeding \(excluding traf) Tj ET Q q 0 0 0 rg BT 489.80 382.10 Td (fic violations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.10 Td (other minor of) Tj ET Q q 0 0 0 rg BT 161.58 370.10 Td (fenses\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.10 Td (subject to any order) Tj ET Q q 0 0 0 rg BT 182.74 358.10 Td (, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.10 Td (competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 334.10 Td (involvement in any type of business, securities or banking activities; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 322.10 Td (found by a court of competent jurisdiction \(in a civil action\), the SEC or the Commodity Futures ) Tj ET Q q 0 0 0 rg BT 492.64 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 498.39 322.10 Td (rading SEC to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 310.10 Td (have violated a federal or state securities or commodities law) Tj ET Q q 0 0 0 rg BT 347.98 310.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Section 16\(a\) Beneficial Ownership Reporting Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.10 Td (Prior to February 25, 2016, our directors, executive of) Tj ET Q q 0 0 0 rg BT 304.65 262.10 Td (ficers and persons who own greater than 10% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (outstanding shares \(Reporting Persons\) were not required to file Section 16\(a\) ownership reports, because our shares were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (not yet registered pursuant to Section 12\(b\) or Section 12\(g\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 360.20 238.10 Td (Act. Based on our review of forms we received, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (or written representations from reporting persons stating that they were not required to file these forms, we are not aware that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (any of) Tj ET Q q 0 0 0 rg BT 75.09 214.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 93.00 214.10 Td (, director or 10% or greater stockholder failed to file on a timely basis, reports required by Section 16\(a\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 202.10 Td (Act of 1934 during the year ended December 31, 2016, other than Ms. Golder) Tj ET Q q 0 0 0 rg BT 444.48 202.10 Td (, who failed to timely file ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (one Form 4 \(filed with the SEC on May 19, 2016\) due to technical dif) Tj ET Q q 0 0 0 rg BT 329.49 190.10 Td (ficulties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 142.10 Td (e have adopted a code of business conduct and ethics that applies to all our directors, of) Tj ET Q q 0 0 0 rg BT 444.62 142.10 Td (ficers \(including our chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 130.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 116.88 130.10 Td (, chief financial of) Tj ET Q q 0 0 0 rg BT 189.99 130.10 Td (ficer and any person performing similar functions\) and employees. ) Tj ET Q q 0 0 0 rg BT 459.17 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.81 130.10 Td (e have made our code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (of business conduct and ethics available on our website at https://izea.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (Our Board of Directors held 13 meetings during 2016. Each director then serving attended 75% or more of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (aggregate of: \(1\) the total number of Board meetings, and \(2\) the total number of meetings of the committee\(s\) of which he or ) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (she is a member) Tj ET Q q 0 0 0 rg BT 114.30 742.10 Td (, if any) Tj ET Q q 0 0 0 rg BT 141.70 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.02 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 157.66 742.10 Td (e do not have a written policy on board attendance at annual meetings of stockholders; however) Tj ET Q q 0 0 0 rg BT 540.19 742.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (intend to schedule a Board meeting immediately after an annual meeting for which directors attending receive compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 706.10 Td (e have established an audit committee, compensation committee and nominating committee. ) Tj ET Q q 0 0 0 rg BT 466.29 706.10 Td (The Board of Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (has adopted a written charter for each of the audit committee, the compensation committee, and the nominating committee, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (which are reviewed at least yearly by each of the committees. ) Tj ET Q q 0 0 0 rg BT 300.91 682.10 Td (Y) Tj ET Q q 0 0 0 rg BT 307.13 682.10 Td (ou can find links to these materials in the corporate governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (section of our website at https://izea.com. ) Tj ET Q q 0 0 0 rg BT 221.16 670.10 Td (The information contained on the website is not incorporated by reference in, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (considered to be a part of, this Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Audit Committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.73 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.05 634.10 Td (The audit committee's dutiesare to recommend to the Board of Directors the engagement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (independent auditors to audit our financial statements and to review our accounting policies and financial statements. ) Tj ET Q q 0 0 0 rg BT 523.56 622.10 Td (The audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (committeeis responsible to review the scope and fees for the annual audit and the results of audit examinations performed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (our independent public accountants, including their recommendations to improve the system of accounting and internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (controls. ) Tj ET Q q 0 0 0 rg BT 89.54 586.10 Td (The audit committeewould at all times to be composed exclusively of directors who are, in the opinion of the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (member and who possess an understanding of financial statements and generally accepted accounting principles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 538.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.50 538.10 Td (Audit Committee is comprised of three non-employee directors: Jill M. Golder) Tj ET Q q 0 0 0 rg BT 418.30 538.10 Td (, John H. Caron and Daniel R. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Rua.) Tj ET Q q 0 0 0 rg BT 73.43 526.10 Td (The Board has determined that all members of the ) Tj ET Q q 0 0 0 rg BT 275.86 526.10 Td (Audit Committee are independent as that term is currently defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Rule 5605 of the listing standards of the Nasdaq Stock Market and Rule 10A-3\(b\)\(1\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 500.45 514.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (1934.Ms. Golder serves as the audit committee chairman and is designated as the audit committee financial expert" based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (her nearly 30 years of finance, accounting and corporate governance experience. ) Tj ET Q q 0 0 0 rg BT 376.88 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 394.37 490.10 Td (Audit Committee met telephonically four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (times at regularly scheduled meetings during the year ended December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Compensation Committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.90 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.72 454.10 Td (The compensation committeeis tasked with reviewing and approving our compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (policies, including compensation of executive of) Tj ET Q q 0 0 0 rg BT 244.21 442.10 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 273.74 442.10 Td (The compensation committeewould also review and administer our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (equity incentive compensation plans, and recommend and approve grants of stock options or other awards under that plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (The Compensation Committee is comprised of three non-employee directors: Lindsay ) Tj ET Q q 0 0 0 rg BT 432.03 406.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 476.61 406.10 Td (, John H. Caron and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Daniel R. Rua.) Tj ET Q q 0 0 0 rg BT 114.25 394.10 Td (The Board has determined that all members of the Compensation Committee are independent as that term is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (currently defined in Nasdaq Marketplace Rule 4200\(a\)\(15\) and Rule 10A-3\(b\)\(1\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 486.51 382.10 Td (Act of 1934.Mr) Tj ET Q q 0 0 0 rg BT 553.45 382.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Gardner serves as the compensation committee chairman. ) Tj ET Q q 0 0 0 rg BT 285.57 370.10 Td (The Compensation Committee met as needed as part of the 12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (regularly scheduled Board meetings during the year ended December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (Nominating Committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.40 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.72 334.10 Td (The purpose of the nominating committee is to select, or recommend for our entire Board's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (selection, the individuals to stand for election as directors at the annual meeting of stockholders and to oversee the selection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (and composition of committees of our Board. ) Tj ET Q q 0 0 0 rg BT 236.73 310.10 Td (The nominating committee's dutiesalso include considering the adequacy of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (corporate governance and overseeing and approving management continuity planning processes. Our entire Board performs all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (of the duties and responsibilities required of the nominating committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (While we do not have a formal diversity policy for Board membership, the Board does seek to ensure that its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (membership consists of suf) Tj ET Q q 0 0 0 rg BT 158.97 250.10 Td (ficiently diverse backgrounds, meaning a mix of backgrounds and experiences that will enhance the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (quality of the Board) Tj ET Q q 0 0 0 rg BT 133.04 238.10 Td (s deliberations and decisions. In considering candidates for the Board, the independent directors consider) Tj ET Q q 0 0 0 rg BT 555.29 238.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (among other factors, diversity with respect to viewpoints, skills, experience and other demographics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 202.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 202.10 Td ( Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (The Board of Directors has determined that John H. Caron, Lindsay ) Tj ET Q q 0 0 0 rg BT 359.54 178.10 Td (A. Gardner) Tj ET Q q 0 0 0 rg BT 404.13 178.10 Td (, Jill M. Golder and Daniel R. Rua are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (independent, as independence is defined in the listing standards for the Nasdaq Stock Market. ) Tj ET Q q 0 0 0 rg BT 437.94 166.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 487.28 166.10 Td (, four of our seven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (directors are independent. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Board Leadership Structur) Tj ET Q q 0 0 0 rg BT 166.49 130.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (Edward H. \(T) Tj ET Q q 0 0 0 rg BT 140.56 106.10 Td (ed\) Murphy has been our Chairman of the Board, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 474.73 106.10 Td (ficer since 2006 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (when he founded IZEA. ) Tj ET Q q 0 0 0 rg BT 151.46 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.09 94.10 Td (e believe that having one person, particularly Mr) Tj ET Q q 0 0 0 rg BT 354.47 94.10 Td (. Murphy with his deep industry and executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (management experience, his extensive knowledge of the operations of IZEA) Tj ET Q q 0 0 0 rg BT 355.45 82.10 Td ( and his own history of innovation and strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (thinking, serve as both Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 279.48 70.10 Td (ficer is the best leadership structure for IZEA) Tj ET Q q 0 0 0 rg BT 460.25 70.10 Td ( because it demonstrates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (to employees, customers and stockholders that we are under strong leadership, with a single person setting the tone and having ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (primary responsibility for managing our operations. ) Tj ET Q q 0 0 0 rg BT 262.00 46.10 Td (This unity of leadership promotes strategy development and execution, ) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (timely decision-making and ef) Tj ET Q q 0 0 0 rg BT 171.73 742.10 Td (fective management of company resources. ) Tj ET Q q 0 0 0 rg BT 350.08 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 358.72 742.10 Td (e believe that we have been well served by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (structure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Four of our seven directors are independent. In addition, all of the directors on each of the ) Tj ET Q q 0 0 0 rg BT 450.33 706.10 Td (Audit Committee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Compensation Committee are independent directors and each of these committees is led by a committee chair) Tj ET Q q 0 0 0 rg BT 488.47 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.79 694.10 Td (The committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (chairs set the agendas for their committees and report to the full Board on their work. ) Tj ET Q q 0 0 0 rg BT 395.83 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.46 682.10 Td (e do not have a lead independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (director) Tj ET Q q 0 0 0 rg BT 80.69 670.10 Td (, but, as required by Nasdaq, our independent directors meet in executive session without management present as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (frequently as they deem appropriate, typically at the time of each regular in-person Board meeting. ) Tj ET Q q 0 0 0 rg BT 449.85 658.10 Td (All of the independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (directors are highly accomplished and experienced business people in their respective fields, who have demonstrated leadership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (in significant enterprises and are familiar with board processes. Our independent directors bring experience, oversight and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (expertise from outside the company and industry) Tj ET Q q 0 0 0 rg BT 244.86 622.10 Td (, while Mr) Tj ET Q q 0 0 0 rg BT 286.25 622.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 322.82 622.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 339.49 622.10 Td (. Schram and Ms. Hitchcock bring company-specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (experience and expertise. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Risk Oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (While the Board of Directors is responsible for overseeing our risk management, the Board has delegated many of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (these functions to the ) Tj ET Q q 0 0 0 rg BT 137.21 550.10 Td (Audit Committee. Under its charter) Tj ET Q q 0 0 0 rg BT 281.22 550.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 300.38 550.10 Td (Audit Committee is responsible for discussing with management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and the independent auditors our major financial risk exposures, the guidelines and policies by which risk assessment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (management is undertaken, and the steps management has taken to monitor and control risk exposure. In addition to the ) Tj ET Q q 0 0 0 rg BT 533.76 526.10 Td (Audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Committee) Tj ET Q q 0 0 0 rg BT 97.22 514.10 Td (s work in overseeing risk management, the full Board regularly engages in discussions of the most significant risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (that we are facing and how those risks are being managed, and the Board receives reports on risk management from our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 490.10 Td (ficers and from the chair of the ) Tj ET Q q 0 0 0 rg BT 183.93 490.10 Td (Audit Committee. In addition, Mr) Tj ET Q q 0 0 0 rg BT 321.42 490.10 Td (. Murphy) Tj ET Q q 0 0 0 rg BT 361.42 490.10 Td (s extensive knowledge of IZEA) Tj ET Q q 0 0 0 rg BT 487.50 490.10 Td ( uniquely qualifies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (him to lead the Board in assessing risks. ) Tj ET Q q 0 0 0 rg BT 215.36 478.10 Td (The Board of Directors believes that the work undertaken by the ) Tj ET Q q 0 0 0 rg BT 475.00 478.10 Td (Audit Committee, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (full Board and the Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 261.42 466.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 279.34 466.10 Td (, enables the Board to ef) Tj ET Q q 0 0 0 rg BT 376.34 466.10 Td (fectively oversee the IZEA) Tj ET Q q 0 0 0 rg BT 483.24 466.10 Td () Tj ET Q q 0 0 0 rg BT 486.02 466.10 Td (s risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (function.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 1) Tj ET Q q 0 0 0 rg BT 83.62 742.25 Td (1 - EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 215.39 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Summary Compensation ) Tj ET Q q 0 0 0 rg BT 158.72 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 164.47 718.25 Td (able) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.25 Td (The following table sets forth the cash compensation, as well as certain other compensation earned during 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562.5 552.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.20 567.43 Td (Name and Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.75 557.43 Td (Position) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.55 557.43 Td (Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.35 567.43 Td (Salary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.90 567.43 Td (Bonus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.55 577.43 Td (Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.20 567.43 Td (Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.45 577.43 Td (Option) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.20 567.43 Td (Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.55 557.43 Td (\($\) \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.90 617.43 Td (Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 607.43 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.75 597.43 Td (Incentive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 587.43 Td (Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.75 577.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.70 567.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.90 617.43 Td (Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.60 607.43 Td (qualified) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.40 597.43 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.75 587.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.70 577.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 567.43 Td (Earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 557.43 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.60 597.43 Td () Tj ET Q q 0 0 0 rg BT 484.55 597.43 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 587.43 Td (Other) Tj ET Q q 0 0 0 rg BT 502.67 587.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.25 577.43 Td (Compen-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.20 567.43 Td (sation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.05 557.43 Td (\($\) \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.40 567.43 Td () Tj ET Q q 0 0 0 rg BT 527.72 567.43 Td (T) Tj ET Q q 0 0 0 rg BT 533.47 567.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 557.43 Td (\($\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.42 Td (Edward H. \(Ted\) Murphy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 532.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 532.42 Td (232,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 532.42 Td (79,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 532.42 Td (168,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 532.42 Td (1,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 532.42 Td (482,352) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 518.31 Td (President and Chief) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 508.31 Td (Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 518.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 518.32 Td (228,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 518.32 Td (247,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 518.32 Td (206,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 518.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 518.32 Td (1,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 518.32 Td (683,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.42 Td (Ryan S. Schram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 482.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 482.42 Td (248,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 482.42 Td (164,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 482.42 Td (38,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 482.42 Td (452,409) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 468.31 Td (Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 468.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 468.32 Td (243,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 468.32 Td (139,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 468.32 Td (30,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 468.32 Td (413,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.42 Td (LeAnn C. Hitchcock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 432.42 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 432.42 Td (202,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 432.42 Td (16,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 432.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 432.42 Td (218,948) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 418.31 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 418.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.10 418.32 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.10 418.32 Td (16,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 418.32 Td (40,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 418.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 418.32 Td (242,486) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (\(1\) Represents the aggregate grant date fair value of stock options issued during the year as calculated in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (F) Tj ET Q q 0 0 0 rg BT 90.82 358.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 112.22 358.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 133.99 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.40 358.25 Td (opic 718. See "Critical ) Tj ET Q q 0 0 0 rg BT 232.08 358.25 Td (Accounting Policies and Use of Estimates" under "Management) Tj ET Q q 0 0 0 rg BT 491.01 358.25 Td (s Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (Analysis of Financial Condition and Results of Operations" for additional information, including valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (assumptions used in calculating the fair value of the awards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 86.00 316.25 Td (Represents insurance premiums paid by IZEA) Tj ET Q q 0 0 0 rg BT 270.12 316.25 Td ( with respect to life insurance for the benefit of the Named Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.25 Td (Of) Tj ET Q q 0 0 0 rg BT 96.37 304.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 114.13 304.25 Td (.) 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8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.50 137.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 633.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 633.50 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 633.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 633.50 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 633.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 633.50 85.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 633.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 633.50 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 633.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 633.50 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 596.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 596.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 596.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 596.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 596.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 596.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 596.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 596.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 596.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 596.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 568.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 568.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 568.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 568.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 568.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 568.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 568.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 568.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 568.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 568.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 568.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 540.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 540.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 540.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 540.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 540.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 540.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 540.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 540.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 540.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 540.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 512.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 512.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 512.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 512.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 512.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 512.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 512.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 512.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 512.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 512.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 484.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 484.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 484.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 484.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 484.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 484.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 484.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 484.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 484.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 484.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 456.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 456.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 456.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 456.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 456.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 456.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 456.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 456.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 456.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 456.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 428.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 428.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 428.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 428.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 428.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 428.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 428.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 428.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 428.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 428.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 400.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 400.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 400.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 400.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 400.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 400.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 400.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 400.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 400.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 400.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 372.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 372.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 372.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 372.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 372.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 372.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 372.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 372.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 372.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 372.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 344.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 344.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 344.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 344.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 344.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 344.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 344.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 344.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 344.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 344.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 316.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 316.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 316.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 316.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 316.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 316.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 316.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 316.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 316.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 316.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 288.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 288.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 288.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 288.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 288.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 288.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 288.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 288.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 288.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 288.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 288.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 260.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 260.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 260.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 260.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 260.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 260.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 260.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 260.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 260.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 260.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 232.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 232.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 232.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 232.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 232.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 232.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 232.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 232.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 232.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 232.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 232.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 204.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 204.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 204.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 204.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 204.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 204.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 204.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 204.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 204.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 204.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 204.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 176.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 176.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 176.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 176.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 176.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 176.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 176.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 176.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 176.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 176.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 176.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 148.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 148.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 148.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 148.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 148.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 148.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 148.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 148.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 148.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 148.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 148.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 120.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 120.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 120.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 120.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 120.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 120.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 120.50 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 120.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 461.07 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 461.07 Td (5/16/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 447.07 Td (672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 447.07 Td (7,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 447.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 447.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 447.07 Td (7.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 447.07 Td (8/16/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 433.07 Td (525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 433.07 Td (5,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 433.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 433.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 433.07 Td (4.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 433.07 Td (11/17/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 419.07 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 419.07 Td (39,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 419.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 419.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 419.07 Td (4.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 419.07 Td (11/30/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.07 Td (Ryan S. Schram \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 391.07 Td (3,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 391.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 391.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 391.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 391.07 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 391.07 Td (5/25/2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 377.06 Td (Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 377.07 Td (625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 377.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 377.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 377.07 Td (120.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 377.07 Td (5/25/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 363.07 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 363.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 363.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 363.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 363.07 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 363.07 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 349.07 Td (3,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 349.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 349.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 349.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 349.07 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 349.07 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 335.07 Td (7,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 335.07 Td (2,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 335.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 335.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 335.07 Td (5.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 335.07 Td (5/20/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 321.07 Td (29,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 321.07 Td (7,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 321.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 321.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 321.07 Td (6.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.90 321.07 Td (11/3/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 307.07 Td (3,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 307.07 Td (3,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 307.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 307.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 307.07 Td (5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 307.07 Td (1/2/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 293.07 Td (532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 293.07 Td (685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 293.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 293.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 293.07 Td (7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 293.07 Td (4/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 279.07 Td (192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 279.07 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 279.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 279.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 279.07 Td (8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 279.07 Td (7/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 265.07 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 265.07 Td (385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 265.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 265.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 265.07 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 265.07 Td (10/1/2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 251.07 Td (1,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 251.07 Td (4,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 251.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 251.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 251.07 Td (7.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 251.07 Td (1/1/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 237.07 Td (259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 237.07 Td (1,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 237.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 237.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 237.07 Td (6.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 237.07 Td (3/30/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 223.07 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 223.07 Td (788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 223.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 223.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 223.07 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 223.07 Td (5/16/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 209.07 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 209.07 Td (1,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 209.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 209.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 209.07 Td (7.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 209.07 Td (8/16/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 195.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 195.07 Td (962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 195.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 195.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 195.07 Td (4.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 195.07 Td (11/17/2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 167.07 Td (LeAnn C. Hitchcock \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 167.07 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 167.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 167.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 167.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 167.07 Td (72.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 167.07 Td (6/8/2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 153.06 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 153.07 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 153.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 153.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 153.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 153.07 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.20 153.07 Td (3/1/2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 139.07 Td (3,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 139.07 Td (1,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 139.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 139.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 139.07 Td (5.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 139.07 Td (5/20/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 125.07 Td (11,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 125.07 Td (8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 125.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 125.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 125.07 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 125.07 Td (8/25/2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 111.07 Td (2,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 111.07 Td (7,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 111.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 111.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 111.07 Td (8.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.70 111.07 Td (12/1/2025) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.00 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 80.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 80.00 Td (Unless otherwise indicated, the option exercise price represents the closing price of our common stock on the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 68.00 Td (grant.) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (On May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 173.22 742.10 Td (. Murphy received a non-qualified option to purchase 6,250 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (exercise price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 226.40 730.10 Td (10% of the closing stock price on such date\). ) Tj ET Q q 0 0 0 rg BT 408.39 730.10 Td (This option vested as to 1,563 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (on May 25, 2013 and vests approximately 130 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 382.59 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.54 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 439.44 718.10 Td (, on May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 529.44 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Murphy received a non-qualified option to purchase 3,134 shares of common stock at an exercise price of $120 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (share \(1) Tj ET Q q 0 0 0 rg BT 117.56 694.10 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 408.71 694.10 Td (This option vested immediately on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (May 25, 2012 as to 2,351 shares and vests in equal monthly installments of approximately 3,132 shares thereafter) Tj ET Q q 0 0 0 rg BT 539.79 682.10 Td (. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 161.27 670.10 Td (. Murphy received an incentive stock option to purchase 25,000 shares of common stock, vesting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (equal monthly installments of approximately 694 shares over the three years following the grant date. ) Tj ET Q q 0 0 0 rg BT 494.22 658.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 544.13 658.10 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 161.27 646.10 Td (. Murphy received an incentive stock option to purchase 9,384 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 517.67 646.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (vested 100% after one year on March 1, 2014. In connection with our 2013 private placement, Mr) Tj ET Q q 0 0 0 rg BT 479.77 634.10 Td (. Murphy received a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (non-qualified stock option to purchase 219,949 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 381.60 622.10 Td (The option vested immediately as to 54,987 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (shares \(25%\) and vests in equal monthly installments of approximately 3,437 shares over four years. On September 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (2014, Mr) Tj ET Q q 0 0 0 rg BT 122.67 598.10 Td (. Murphy received a non-qualified stock option to purchase 70,858 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 493.79 598.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (vested immediately as to 7,381 shares and the remainder vests in equal monthly installments of approximately 1,476 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (shares over 43 months following the grant date. On December 26, 2014, Mr) Tj ET Q q 0 0 0 rg BT 391.49 574.10 Td (. Murphy received a non-qualified stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (option to purchase 40,000 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 294.12 562.10 Td (The option vested immediately as to 6,000 shares and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (remainder vests in equal monthly monthly installments of approximately 829 shares over 41 months following the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (grant date. ) Tj ET Q q 0 0 0 rg BT 132.65 538.10 Td (As a result of quarterly bonus awards based on Key Performance Indicators, Mr) Tj ET Q q 0 0 0 rg BT 451.72 538.10 Td (. Murphy received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (incentive stock options on ) Tj ET Q q 0 0 0 rg BT 192.66 526.10 Td (April 1, 2015, July 1, 2015 and October 1, 2015 totaling 13,715 shares. ) Tj ET Q q 0 0 0 rg BT 482.44 526.10 Td (These options vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (in equal monthly installments over four years and expire ten years after the grant date as indicated in the chart. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Pursuant to his employment agreement, on November 30, 2015, Mr) Tj ET Q q 0 0 0 rg BT 355.96 502.10 Td (. Murphy received a non-qualified stock option to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (purchase 37,388 shares of common stock vesting in equal monthly installments of approximately 779 shares over four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (years following the grant date. ) Tj ET Q q 0 0 0 rg BT 212.35 478.10 Td (As a result of quarterly and annual bonus awards based on Key Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (Indicators, Mr) Tj ET Q q 0 0 0 rg BT 142.66 466.10 Td (. Murphy received incentive stock options on March 30, 2016, May 16, 2016, ) Tj ET Q q 0 0 0 rg BT 454.82 466.10 Td (August 16, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (November 17, 2016 totaling 28,193 shares. ) Tj ET Q q 0 0 0 rg BT 263.57 454.10 Td (These options vest in equal monthly installments over four years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (expire ten years after the grant date as indicated in the chart. Pursuant to his employment agreement, on November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (30, 2016, Mr) Tj ET Q q 0 0 0 rg BT 137.67 430.10 Td (. Murphy received a non-qualified stock option to purchase 40,000 shares of common stock vesting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (equal monthly installments of approximately 833 shares over four years following the grant date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 400.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 400.10 Td (On May 25, 2012, Mr) Tj ET Q q 0 0 0 rg BT 173.22 400.10 Td (. Schram received a non-qualified option to purchase 3,125 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (exercise price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 226.40 388.10 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 515.04 388.10 Td (This option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (vested as to 781 shares on May 25, 2013 and vests approximately 65 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 471.74 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.69 376.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 528.59 376.10 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td (May 25, 2012 Mr) Tj ET Q q 0 0 0 rg BT 156.00 364.10 Td (. Schram received a non-qualified option to purchase 625 shares of common stock at an exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (price of $120 per share \(1) Tj ET Q q 0 0 0 rg BT 188.64 352.10 Td (10% of the closing stock price on such date\) expiring on May 25, 2017. ) Tj ET Q q 0 0 0 rg BT 479.79 352.10 Td (This option vested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (as to 156 shares on June 30, 2012 and vests in equal monthly installments of approximately 13 shares thereafter) Tj ET Q q 0 0 0 rg BT 532.29 340.10 Td (. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 161.27 328.10 Td (. Schram received an incentive stock option to purchase 5,000 shares of common stock, vesting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (equal installments of approximately 139 shares per month over three years from the grant date. ) Tj ET Q q 0 0 0 rg BT 470.05 316.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 519.95 316.10 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.10 Td (March 1, 2013, Mr) Tj ET Q q 0 0 0 rg BT 161.27 304.10 Td (. Schram received an incentive stock option to purchase 3,750 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 515.99 304.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.10 Td (vested 100% after one year on March 1, 2014. On May 20, 2013, Mr) Tj ET Q q 0 0 0 rg BT 363.16 292.10 Td (. Schram received an incentive stock option to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td (purchase 10,000 shares, vesting in equal monthly installments of approximately 167 shares over five years following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 268.10 Td (the grant date. On November 3, 2013, Mr) Tj ET Q q 0 0 0 rg BT 256.52 268.10 Td (. Schram received a non-qualified stock option to purchase 37,500 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.10 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 151.92 256.10 Td (The option vested as to 9,375 shares on November 3, 2014 and vests approximately 781 shares per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.10 Td (month thereafter) Tj ET Q q 0 0 0 rg BT 151.81 244.10 Td (. Pursuant to his employment agreement, on January 1, 2015, Mr) Tj ET Q q 0 0 0 rg BT 413.15 244.10 Td (. Schram received an incentive stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.10 Td (option to purchase 6,667 shares of common stock vesting in equal monthly installments of approximately 139 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (over four years following the grant date. ) Tj ET Q q 0 0 0 rg BT 251.78 220.10 Td (As a result of quarterly bonus awards based on Key Performance Indicators, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.67 208.10 Td (. Schram received incentive stock options on ) Tj ET Q q 0 0 0 rg BT 278.73 208.10 Td (April 1, 2015, July 1, 2015 and October 1, 2015 totaling 2,288 shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.10 Td (These options vest in equal monthly installments over four years and expire ten years after the grant date as indicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.10 Td (in the chart. Pursuant to his employment agreement, on January 1, 2016, Mr) Tj ET Q q 0 0 0 rg BT 392.33 184.10 Td (. Schram received an incentive stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (option to purchase 6,355 shares of common stock vesting in equal monthly installments of approximately 132 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (over four years following the grant date. ) Tj ET Q q 0 0 0 rg BT 251.78 160.10 Td (As a result of quarterly and annual bonus awards based on Key Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (Indicators, Mr) Tj ET Q q 0 0 0 rg BT 142.66 148.10 Td (. Schram received incentive stock options on March 30, 2016, May 16, 2016, ) Tj ET Q q 0 0 0 rg BT 453.15 148.10 Td (August 16, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (November 17, 2016 totaling 4,699 shares. ) Tj ET Q q 0 0 0 rg BT 258.57 136.10 Td (These options vest in equal monthly installments over four years and expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.10 Td (ten years after the grant date as indicated in the chart. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (On June 8, 2012, Ms. Hitchcock received a non-qualified stock option to purchase 125 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 536.83 106.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (option vested as to 31 shares on June 8, 2013 and vests approximately 3 shares per month thereafter) Tj ET Q q 0 0 0 rg BT 484.79 94.10 Td (. On March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (2013, Ms. Hitchcock received a non-qualified stock option to purchase 125 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 493.77 82.10 Td (The option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (vested 100% after one year on March 1, 2014. On May 20, 2013, Ms. Hitchcock received a non-qualified stock option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (to purchase 5,000 shares of common stock, vesting in equal monthly installments of approximately 83 shares over five ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (years. On ) Tj ET Q q 0 0 0 rg BT 128.77 46.10 Td (August 25, 2014, Ms. Hitchcock received an option to purchase 20,000 shares of common stock. ) Tj ET Q q 0 0 0 rg BT 520.45 46.10 Td (The ) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (option vests as to 5,000 shares \(25%\) one year after the issuance date and the remainder in equal monthly installments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (of approximately 417 shares over the following three years. On December 1, 2015, Ms. Hitchcock received an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (incentive stock option to purchase 10,000 shares of common stock, vesting in equal monthly installments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (approximately 208 shares over four years following the grant date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (Employment ) Tj ET Q q 0 0 0 rg BT 106.95 676.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 123.43 676.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 652.10 Td (On December 26, 2014, the Board of Directors signed a new employment agreement with Edward H. \(T) Tj ET Q q 0 0 0 rg BT 502.67 652.10 Td (ed\) Murphy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (with an initial term commencing on December 1, 2014 and ending on November 30, 2017. Pursuant to the employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (agreement, Mr) Tj ET Q q 0 0 0 rg BT 108.31 628.10 Td (. Murphy will receive an annual base salary of $225,000 with a guaranteed base salary increase of no less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (2% in ) Tj ET Q q 0 0 0 rg BT 75.56 616.10 Td (April of each year and annual stock options with a fair value of $150,000 vesting over four years in equal monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (installments. However) Tj ET Q q 0 0 0 rg BT 142.08 604.10 Td (, the number of underlying shares of common stock shall not exceed 40,000 shares. In the event the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (market value of the stock option grant is less than $150,000 as limited by the 40,000 share cap, Mr) Tj ET Q q 0 0 0 rg BT 444.09 592.10 Td (. Murphy will be entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (receive either 50% of the dif) Tj ET Q q 0 0 0 rg BT 163.93 580.10 Td (ference in fair market value in cash or 100% of the value in Restricted Stock Units with the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (vesting schedule as the stock options, at the sole discretion of the Board of Directors. ) Tj ET Q q 0 0 0 rg BT 394.92 568.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 444.82 568.10 Td (, he is eligible for annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (bonus distributions up to $85,000 in cash and $150,000 in stock options as determined by the Board of Directors, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (meeting and exceeding mutually agreed upon annual performance goals. For the year ended December 31, 2015, Mr) Tj ET Q q 0 0 0 rg BT 517.61 544.10 Td (. Murphy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (was awarded cash bonuses totaling $247,335 of which $15,133 was paid in 2016. For the year ended December 31, 2016, Mr) Tj ET Q q 0 0 0 rg BT 553.22 532.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Murphy was awarded cash bonuses totaling $79,842 of which $15,078 was remaining to be paid in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 496.10 Td (In connection with the agreement, Mr) Tj ET Q q 0 0 0 rg BT 236.51 496.10 Td (. Murphy received an option to purchase 40,000 shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (exercise price of $5.20 per share, expiring on December 26, 2024. ) Tj ET Q q 0 0 0 rg BT 319.17 484.10 Td (The option vests 15% immediately and the remainder in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (equal monthly installments over 41 months commencing December 31, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 448.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.67 448.10 Td (. Murphy's employment agreement is subject to early termination for any reason upon written notice to him and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (the case of death, disability and cause. If terminated, for any reason other than death, disability or cause, Mr) Tj ET Q q 0 0 0 rg BT 481.24 436.10 Td (. Murphy will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (entitled to a severance of six months of his current salary and twelve months of COBRA) Tj ET Q q 0 0 0 rg BT 403.54 424.10 Td ( payments. In the case of termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (due to disability) Tj ET Q q 0 0 0 rg BT 113.79 412.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 130.46 412.10 Td (. Murphy will be entitled to a severance of current salary until such time \(but no more than 120 days after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (such disability\) that disability insurance plan payments commence. If there is a change of control \(as defined in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (employment agreement\) and Mr) Tj ET Q q 0 0 0 rg BT 178.57 388.10 Td (. Murphy's employment terminates within six months following the change of control for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (reasons other than for cause, then Mr) Tj ET Q q 0 0 0 rg BT 198.01 376.10 Td (. Murphy will be entitled to such amount equal to six months of his then current base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (salary) Tj ET Q q 0 0 0 rg BT 73.23 364.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 340.10 Td (Pursuant to an employment agreement dated ) Tj ET Q q 0 0 0 rg BT 265.95 340.10 Td (August 25, 2014, LeAnn C. Hitchcock will receive an annual base salary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (of $185,000 and be eligible for bonus distributions as determined by the Board of Directors, based on meeting and exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (mutually agreed upon annual performance goals. Ef) Tj ET Q q 0 0 0 rg BT 259.74 316.10 Td (fective December 1, 2015, the Board increased Ms. Hitchcock's salary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (an annual base salary of $200,000 and granted a stock option to purchase 10,000 shares of common stock at an exercise price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (of $8.00 per share, expiring on December 1, 2025. ) Tj ET Q q 0 0 0 rg BT 256.43 292.10 Td (The option vests in equal monthly installments over 48 months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (commencing December 1, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 256.10 Td (Ms. Hitchcock's employment agreement is subject to early termination for any reason upon written notice to her and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (the case of death, disability and cause. If terminated, for any reason other than death, disability or cause, Ms. Hitchcock will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (entitled to a severance of three months of her then current salary) Tj ET Q q 0 0 0 rg BT 306.74 232.10 Td (. In the case of termination due to disability) Tj ET Q q 0 0 0 rg BT 482.71 232.10 Td (, Ms. Hitchcock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (will be entitled to a severance of current salary until such time \(but no more than 120 days after such disability\) that disability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (insurance plan payments commence. If there is a change of control \(as defined in the employment agreement\) and Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (Hitchcock's employment terminates within six months following the change of control for reasons other than for cause, then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Ms. Hitchcock will be entitled to such amount equal to her then current compensation for the greater of three months or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (time remaining between the termination and the six month anniversary of the change of control. For the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (31, 2015, Ms. Hitchcock was awarded cash bonuses totaling $16,706 of which $5,341 was paid in 2016. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (December 31, 2016, Ms. Hitchcock was awarded cash bonuses totaling $16,698 of which $5,321 was remaining to be paid in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.10 Td (On January 25, 2015, we entered into an ) Tj ET Q q 0 0 0 rg BT 249.85 112.10 Td (Amended and Restated Executive Employment ) Tj ET Q q 0 0 0 rg BT 441.19 112.10 Td (Agreement, ef) Tj ET Q q 0 0 0 rg BT 498.20 112.10 Td (fective January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (1, 2015, with R) Tj ET Q q 0 0 0 rg BT 111.55 100.10 Td (yan S. Schram to serve as our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 310.21 100.10 Td (ficer through December 31, 2017, subject to renewal, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (consideration for an annual base salary of $240,000 and annual stock options with a fair value of $25,000 vesting over four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (years in equal monthly installments. However) Tj ET Q q 0 0 0 rg BT 235.95 76.10 Td (, the number of underlying shares of common stock shall not exceed 6,667 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (shares. In the event the fair market value of the stock option grant is less than $25,000 as limited by the 6,667 share cap, Mr) Tj ET Q q 0 0 0 rg BT 547.37 64.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (Schram will be entitled to receive either 50% of the dif) Tj ET Q q 0 0 0 rg BT 269.74 52.10 Td (ference in fair market value in cash or 100% of the value in Restricted ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Stock Units with the same vesting schedule as the stock options, at the sole discretion of the Board of Directors. Mr) Tj ET Q q 0 0 0 rg BT 514.63 742.10 Td (. Schram ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (will also be eligible for annual bonus distributions up to $100,000 in cash and $25,000 in stock options based on meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (certain key performance indicators set forth in his employment agreement, as well as an annual override cash bonus of 0.4% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (0.65% based on our gross revenue. If Mr) Tj ET Q q 0 0 0 rg BT 215.52 706.10 Td (. Schram is terminated for any reason other than death, disability or cause, or if he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (resigns for good reason \(as those terms are defined in his amended employment agreement\), Mr) Tj ET Q q 0 0 0 rg BT 432.94 694.10 Td (. Schram will be entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (severance of six months) Tj ET Q q 0 0 0 rg BT 148.95 682.10 Td ( current salary and bonus and override bonus as in ef) Tj ET Q q 0 0 0 rg BT 359.81 682.10 Td (fect on the date of termination. ) Tj ET Q q 0 0 0 rg BT 487.55 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 494.22 682.10 Td ( change of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (control, under which Mr) Tj ET Q q 0 0 0 rg BT 147.20 670.10 Td (. Schram fails to retain his responsibilities, will be deemed to constitute good reason under his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (amended employment agreement. For the year ended December 31, 2015, Mr) Tj ET Q q 0 0 0 rg BT 362.67 658.10 Td (. Schram was awarded cash bonuses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ($139,761 of which $42,852 was paid in 2016. For the year ended December 31, 2016, Mr) Tj ET Q q 0 0 0 rg BT 410.76 646.10 Td (. Schram was awarded cash bonuses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (totaling $164,908 of which $47,475 was remaining to be paid in 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 610.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 610.10 Td ( Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.90 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 586.10 Td (The following table sets forth the cash compensation, as well as certain other compensation earned by each person ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (who served as a non-employee director of IZEA, during the year ended December 31, 2016: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 509.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 509.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 509.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 509.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.60 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 481.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 481.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 481.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 481.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.60 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 453.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 453.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 453.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 453.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 509.6 m 406.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 509.6 m 458.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 509.6 m 510.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 509.6 m 516.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 509.6 m 562.5 509.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.50 514.28 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.55 554.28 Td (Fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.25 544.28 Td (Earned or) Tj ET Q q 0 0 0 rg BT 453.68 544.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.85 534.28 Td (Paid in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 524.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 514.28 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.05 534.28 Td (Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.70 524.28 Td (Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.15 514.28 Td (\($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.90 524.28 Td () Tj ET Q q 0 0 0 rg BT 529.22 524.28 Td (T) Tj ET Q q 0 0 0 rg BT 534.97 524.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 514.28 Td (\($\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 500.17 Td (Brian W. Brady \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 500.17 Td (26,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 500.17 Td (25,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 500.17 Td (51,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.17 Td (John H. Caron \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 486.17 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 486.17 Td (25,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 486.17 Td (55,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.17 Td (Lindsay A. Gardner \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 472.17 Td (26,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 472.17 Td (25,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 472.17 Td (51,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.17 Td (Jill M. Golder \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 458.17 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 458.17 Td (25,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 458.17 Td (55,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.17 Td (Daniel R. Rua \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 444.17 Td (29,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 444.17 Td (25,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 444.17 Td (54,821) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 413.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 413.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 413.10 Td (August 7, 2012, we appointed Brian ) Tj ET Q q 0 0 0 rg BT 247.19 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.71 413.10 Td (. Brady to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 443.73 413.10 Td (. Brady received 4,072 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 401.10 Td (shares of restricted stock originally valued at $25,000 upon issuance. Its value upon vesting at the end of each month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 389.10 Td (throughout 2016 was adjusted to $25,821. Mr) Tj ET Q q 0 0 0 rg BT 268.21 389.10 Td (. Brady also received cash compensation of $26,000 in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 377.10 Td (the non-employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 296.02 377.10 Td (fected in March 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 359.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 359.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 359.10 Td (April 13, 2015, we appointed John H. Caron to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 436.51 359.10 Td (. Caron received 4,072 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 347.10 Td (of restricted stock originally valued at $25,000 upon issuance. Its value upon vesting at the end of each month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 335.10 Td (throughout 2016 was adjusted to $25,821. Mr) Tj ET Q q 0 0 0 rg BT 268.21 335.10 Td (. Caron also received cash compensation of $30,000 in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 323.10 Td (the non-employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 296.02 323.10 Td (fected in March 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 305.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 305.10 Td (On December 10, 2013, we appointed Lindsay ) Tj ET Q q 0 0 0 rg BT 274.56 305.10 Td (A. Gardner to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 480.63 305.10 Td (. Gardner received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 293.10 Td (3,255 shares of restricted stock originally valued at $25,000 upon issuance. Its value upon vesting at the end of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 281.10 Td (month throughout 2016 was adjusted to $25,821. Mr) Tj ET Q q 0 0 0 rg BT 296.27 281.10 Td (. Gardner also received cash compensation of $26,000 in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.10 Td (accordance with the non-employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 363.76 269.10 Td (fected in March 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 251.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td (On May 26, 2015, we appointed Jill M. Golder to our Board of Directors. In 2015, Ms. Golder received 1,832 shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 239.10 Td (of restricted stock originally valued at $25,000 upon issuance. Its value upon vesting at the end of each month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 227.10 Td (throughout 2016 was adjusted to $25,821. Ms. Golder also received cash compensation of $30,000 in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 215.10 Td (the non-employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 296.02 215.10 Td (fected in March 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 197.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 197.10 Td (On July 31, 2012, we reappointed Daniel R. Rua to our Board of Directors. In 2015, Mr) Tj ET Q q 0 0 0 rg BT 439.27 197.10 Td (. Rua received 3,255 shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 185.10 Td (restricted stock originally valued at $25,000 upon issuance. Its value upon vesting at the end of each month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 173.10 Td (throughout 2016 was adjusted to $25,821. Mr) Tj ET Q q 0 0 0 rg BT 268.21 173.10 Td (. Rua also received cash compensation of $29,000 in accordance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 161.10 Td (non-employee director compensation program ef) Tj ET Q q 0 0 0 rg BT 281.30 161.10 Td (fected in March 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 95.26 137.10 Td (fective March 1, 2013, the disinterested members of the Board implemented a compensation program for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (directors that entitles each serving non-employee director to receive the following compensation:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 113.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 113.10 Td (An annual board retainer fee of $25,000 to be paid in restricted stock at the end of each calendar year earned equally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.10 Td (over the year of service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 89.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 89.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 89.10 Td ( cash retainer fee of $20,000 per year) Tj ET Q q 0 0 0 rg BT 241.08 89.10 Td (, payable in cash or restricted stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 77.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 77.10 Td (Reimbursement of actual and necessary travel and related expenses in connection with attending in-person Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 65.10 Td (meetings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 53.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 53.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 53.10 Td ( $1,000 per meeting fee for all meetings of the Board of Directors, subject to a $6,000 annual cap.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 742.10 Td ( $1,000 per audit committee meeting fee, subject to a $4,000 annual cap.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Equity Compensation Plan Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 97.01 694.10 Td (May ) Tj ET Q q 0 0 0 rg BT 118.02 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 132.65 694.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 142.82 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.72 694.10 Td (board ) Tj ET Q q 0 0 0 rg BT 183.17 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.17 694.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 231.84 694.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 266.17 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.07 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 295.69 694.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 303.37 694.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 332.72 694.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 372.60 694.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 393.05 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.06 694.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 432.01 694.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 449.96 694.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 468.18 694.10 Td (May ) Tj ET Q q 0 0 0 rg BT 493.63 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 508.26 694.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 515.93 694.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 546.47 694.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (May ) Tj ET Q q 0 0 0 rg BT 70.41 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 85.04 682.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 92.12 682.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 111.98 682.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 140.17 682.10 Td (us ) Tj ET Q q 0 0 0 rg BT 151.14 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.00 682.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 193.62 682.10 Td (options ) Tj ET Q q 0 0 0 rg BT 225.15 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.56 682.10 Td (an ) Tj ET Q q 0 0 0 rg BT 247.08 682.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 285.81 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.55 682.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 344.39 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.91 682.10 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 412.84 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 430.46 682.10 Td (May ) Tj ET Q q 0 0 0 rg BT 450.88 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 465.50 682.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 472.58 682.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 492.44 682.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 520.63 682.10 Td (us ) Tj ET Q q 0 0 0 rg BT 531.60 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.46 682.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (options ) Tj ET Q q 0 0 0 rg BT 82.02 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.37 670.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 130.48 670.10 Td (up ) Tj ET Q q 0 0 0 rg BT 143.06 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.41 670.10 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.41 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.98 670.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 223.54 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 234.45 670.10 Td (an ) Tj ET Q q 0 0 0 rg BT 246.46 670.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 285.68 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.92 670.10 Td (its ) Tj ET Q q 0 0 0 rg BT 311.94 670.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 357.28 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.29 670.10 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 426.86 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.86 670.10 Td (As ) Tj ET Q q 0 0 0 rg BT 442.55 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 670.10 Td (March24, ) Tj ET Q q 0 0 0 rg BT 497.12 670.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.12 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.20 670.10 Td (options ) Tj ET Q q 0 0 0 rg BT 554.22 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.88 658.10 Td (958,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.73 658.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 153.07 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 175.29 658.10 Td (been ) Tj ET Q q 0 0 0 rg BT 197.51 658.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 230.84 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.63 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.18 658.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 314.19 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.98 658.10 Td (options ) Tj ET Q q 0 0 0 rg BT 364.77 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.90 658.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.78 658.10 Td (23,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.28 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.63 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.97 658.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 477.31 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.53 658.10 Td (been ) Tj ET Q q 0 0 0 rg BT 521.75 658.10 Td (exercised, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 81.93 646.10 Td (an ) Tj ET Q q 0 0 0 rg BT 93.87 646.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 135.23 646.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.06 646.10 Td (18,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.56 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.06 646.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 203.55 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.38 646.10 Td (common ) Tj ET Q q 0 0 0 rg BT 251.88 646.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.49 646.10 Td (available ) Tj ET Q q 0 0 0 rg BT 314.08 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.24 646.10 Td (future ) Tj ET Q q 0 0 0 rg BT 354.61 646.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 381.55 646.10 Td (under ) Tj ET Q q 0 0 0 rg BT 406.82 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.54 646.10 Td (May ) Tj ET Q q 0 0 0 rg BT 442.37 646.10 Td (201) Tj ET Q q 0 0 0 rg BT 457.00 646.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 464.50 646.10 Td (Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 622.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.00 622.10 Td (August ) Tj ET Q q 0 0 0 rg BT 131.16 622.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 145.94 622.10 Td (201) Tj ET Q q 0 0 0 rg BT 160.57 622.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 170.34 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.28 622.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 218.21 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.70 622.10 Td (201) Tj ET Q q 0 0 0 rg BT 247.33 622.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 254.60 622.10 Td (B ) Tj ET Q q 0 0 0 rg BT 263.55 622.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 292.49 622.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 331.97 622.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 352.02 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.63 622.10 Td (IZEA, ) Tj ET Q q 0 0 0 rg BT 390.17 622.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 407.71 622.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 425.54 622.10 Td (August ) Tj ET Q q 0 0 0 rg BT 461.14 622.10 Td (201) Tj ET Q q 0 0 0 rg BT 475.77 622.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 483.05 622.10 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 510.87 622.10 Td (reserving ) Tj ET Q q 0 0 0 rg BT 550.35 622.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 86.57 610.10 Td (an ) Tj ET Q q 0 0 0 rg BT 98.71 610.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 140.27 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.29 610.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.79 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.49 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 204.18 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.21 610.10 Td (common ) Tj ET Q q 0 0 0 rg BT 252.90 610.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 279.20 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.30 610.10 Td (As ) Tj ET Q q 0 0 0 rg BT 295.11 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.14 610.10 Td (March24, ) Tj ET Q q 0 0 0 rg BT 349.94 610.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.94 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.13 610.10 Td (options ) Tj ET Q q 0 0 0 rg BT 407.28 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.75 610.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 455.99 610.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.68 610.10 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.18 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.88 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 521.56 610.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.14 610.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 82.49 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.42 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 114.13 598.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 163.30 598.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.56 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 598.10 Td (August ) Tj ET Q q 0 0 0 rg BT 234.12 598.10 Td (201) Tj ET Q q 0 0 0 rg BT 248.75 598.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 256.25 598.10 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 574.10 Td (Under both the May 201) Tj ET Q q 0 0 0 rg BT 183.94 574.10 Td (1 Plan and the ) Tj ET Q q 0 0 0 rg BT 242.83 574.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 288.85 574.10 Td (1 Plan, our board of directors determines the exercise price to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (paid for the shares, the period within which each option may be exercised, and the terms and conditions of each option. ) Tj ET Q q 0 0 0 rg BT 529.12 562.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (exercise price of the incentive and non-qualified stock options may not be less than 100% of the fair market value per share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (our common stock on the grant date. If an individual owns stock representing more than 10% of the outstanding shares, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (price of each share of an incentive stock option must be equal to or exceed 1) Tj ET Q q 0 0 0 rg BT 355.35 526.10 Td (10% of fair market value. Unless otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (determined by the Board of Directors at the time of grant, the purchase price is set at the fair market value of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (on the grant date, the term is set at ten years and the options typically vest on a straight-line basis over the requisite service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (period as follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.16 490.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.49 490.10 Td ( of options shall vest one year from the date of grant and the remaining options shall vest monthly) Tj ET Q q 0 0 0 rg BT 533.42 490.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (equal increments over the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.90 478.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.48 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 247.80 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.44 478.10 Td (e issue new shares to the optionee for any stock awards or options exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (pursuant to our 201) Tj ET Q q 0 0 0 rg BT 127.68 466.10 Td (1 Equity Incentive Plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 442.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 442.10 Td (April 16, 2014, stockholders holding a majority of our outstanding shares of common stock, upon previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (recommendation and approval of our Board of Directors, adopted the IZEA, Inc. 2014 Employee Stock Purchase Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (ESPP\) and reserved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.81 418.10 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 418.10 Td ( shares of our common stock for issuance thereunder) Tj ET Q q 0 0 0 rg BT 378.80 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.25 418.10 Td (Any employee regularly employed by us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (for 90 days or more on a full-time or part-time basis \(20 hours or more per week on a regular schedule\) will be eligible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (participate in the ESPP) Tj ET Q q 0 0 0 rg BT 141.38 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.70 394.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 189.17 394.10 Td ( will operate in successive six month of) Tj ET Q q 0 0 0 rg BT 347.01 394.10 Td (fering periods commencing at the beginning of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (fiscal year half. Each eligible employee who has elected to participate may purchase up to 10% of their annual compensation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (common stock not to exceed $21,250 annually or 1,000 shares per of) Tj ET Q q 0 0 0 rg BT 325.59 370.10 Td (fering period. ) Tj ET Q q 0 0 0 rg BT 384.83 370.10 Td (The purchase price will be the lower of \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (85% of the fair market value of a share of common stock on the first trading day of the of) Tj ET Q q 0 0 0 rg BT 407.76 358.10 Td (fering period or \(ii\) 85% of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (market value of a share of common stock on the last trading day of the of) Tj ET Q q 0 0 0 rg BT 342.78 346.10 Td (fering period. ) Tj ET Q q 0 0 0 rg BT 399.53 346.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 440.00 346.10 Td ( will continue until January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (2024, unless otherwise terminated by our Board. ) Tj ET Q q 0 0 0 rg BT 248.85 334.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 334.10 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.89 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.89 334.10 Td (25,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.39 334.10 Td ( shares have been issued under the ESPP) Tj ET Q q 0 0 0 rg BT 531.31 334.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (The following table sets forth information regarding the securities authorized for issuance under our equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (compensation plans as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.31 298.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.89 298.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 212.60 137.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 212.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 212.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 212.60 125.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.60 137.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 162.60 125.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 162.60 125.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 162.60 125.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 212.60000000000002 m 187.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 212.60000000000002 m 312.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 212.60000000000002 m 437.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 212.60000000000002 m 562.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 212.60000000000002 m 312.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 212.60000000000002 m 437.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 212.60000000000002 m 562.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 162.60000000000002 m 312.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 162.60000000000002 m 437.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 162.60000000000002 m 562.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 141.60000000000002 m 312.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 139.60000000000002 m 312.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 141.60000000000002 m 437.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 139.60000000000002 m 437.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 141.60000000000002 m 562.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 139.60000000000002 m 562.5 139.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.80 229.28 Td (Plan Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.45 259.28 Td (Number of securities to be) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.80 249.28 Td (issued upon exercise of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 239.28 Td (outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.95 229.28 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.80 259.28 Td (Weighted-average exercise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.70 249.28 Td (price of outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 239.28 Td (options, warrants and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 229.28 Td (rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 278.33 Td (Number of securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 268.33 Td (remaining available for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.25 258.33 Td (future issuance under) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 248.33 Td (equity compensation plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 238.33 Td (\(excluding securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.70 228.33 Td (reflected in column \(a\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.95 215.22 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 215.22 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.10 215.22 Td (\(c\)\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 202.27 Td (Equity compensation plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.27 Td (approved by security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 192.27 Td (959,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 192.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 192.27 Td (8.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 192.27 Td (77,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.27 Td (Equity compensation plans not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 167.27 Td (approved by security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 145.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 145.27 Td (959,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 145.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 145.27 Td (8.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 145.27 Td (77,843) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 117.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.98 117.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.62 117.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.93 117.10 Td (28,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.43 117.10 Td ( shares of common stock reserved for future issuance under our May 201) Tj ET Q q 0 0 0 rg BT 438.20 117.10 Td (1 Equity Incentive Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 105.10 Td (49,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 105.10 Td ( shares of common stock reserved for future issuance under our 2014 Employee Stock Purchase Plan. ) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 12 - SECURITY) Tj ET Q q 0 0 0 rg BT 148.81 742.25 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 212.99 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 229.00 742.25 Td ( CER) Tj ET Q q 0 0 0 rg BT 252.27 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.19 742.25 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 340.71 742.25 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 389.61 742.25 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 489.15 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 491.10 742.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 77.04 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 112.15 730.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 196.69 730.25 Td (TTERS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Security Ownership of Certain Beneficial Owners) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.25 Td (The table and accompanying footnotes below set forth information as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 682.25 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.90 682.25 Td ( with respect to the beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (ownership of our common stock by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 652.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.25 Td (each person or group who beneficially owns more than 5% of our outstanding common stock,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 640.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 640.25 Td (each of our directors,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.25 Td (our Named Executive Of) Tj ET Q q 0 0 0 rg BT 186.06 628.25 Td (ficers, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 616.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.25 Td (all of our current directors and executive of) Tj ET Q q 0 0 0 rg BT 259.35 616.25 Td (ficers as a group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 592.25 Td ( person is deemed to be the beneficial owner of securities that can be acquired within 60 days from the exercise of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (stock options and warrants or the conversion of convertible securities. ) Tj ET Q q 0 0 0 rg BT 331.87 580.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 381.21 580.25 Td (, common stock issuable upon exercise of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (stock options and warrants that are currently exercisable or exercisable within 60 days after the date of this annual report, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (common stock issuable upon conversion of convertible securities, have been included in the table with respect to the beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (ownership of the person owning the stock options, warrants and convertible securities, but not with respect to any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (persons. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (Unless otherwise indicated, we believe that all persons named in the following table have sole voting and investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (power with respect to all shares of common stock beneficially owned by them and that person) Tj ET Q q 0 0 0 rg BT 428.51 496.25 Td (s address is c/o IZEA, Inc., 480 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (N. Orlando ) Tj ET Q q 0 0 0 rg BT 96.94 484.25 Td (A) Tj ET Q q 0 0 0 rg BT 103.42 484.25 Td (venue, Suite 200, ) Tj ET Q q 0 0 0 rg BT 175.17 484.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.21 484.25 Td (inter Park, FL) Tj ET Q q 0 0 0 rg BT 239.66 484.25 Td ( 32789.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 431.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 431.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 403.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 403.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 375.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 375.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 347.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 347.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 319.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 319.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 291.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 291.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 263.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 263.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.75 350.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 235.75 4.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 235.75 72.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 235.75 4.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 235.75 82.00 -5.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 431.75 m 400.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 431.75 m 476.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 431.75 m 562.5 431.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.85 436.43 Td (Name of Beneficial Owner) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 456.43 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 446.43 Td (Beneficially) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.70 436.43 Td (Owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.80 464.48 Td (Per) Tj ET Q q 0 0 0 rg BT 508.10 464.48 Td (centage of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.05 454.48 Td (Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 444.48 Td (Beneficially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 434.48 Td (Owned \(1\)) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 420.86259765625 m 195.8271484375 420.86259765625 l s q 0 0 0 rg BT 53.00 422.43 Td (Executive Officers and Directors:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Edward H. \(Ted\) Murphy \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 408.32 Td (398,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 408.32 Td (6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 408.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Ryan S. Schram \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 394.32 Td (66,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 394.32 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 394.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.32 Td (LeAnn C. Hitchcock \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 380.32 Td (23,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 380.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Brian W. Brady \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 366.32 Td (917,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 366.32 Td (16.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 366.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.32 Td (John H. Caron \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 352.32 Td (32,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 352.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Lindsay A. Gardner \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 338.32 Td (75,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 338.32 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 338.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (Jill M. Golder \(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 324.32 Td (11,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 324.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.32 Td (Daniel R. Rua \(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 310.32 Td (22,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 310.32 Td (*) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 280.86259765625 m 129.3916015625 280.86259765625 l s q 0 0 0 rg BT 53.00 282.43 Td (5% Stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Special Situations Technology Fund II, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 268.32 Td (546,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 268.32 Td (9.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 268.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (Special Situations Private Equity Fund, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 254.32 Td (375,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 254.32 Td (6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 254.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.32 Td (Special Situations Technology Fund, L.P. \(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 240.32 Td (96,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 240.32 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 240.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.32 Td (All executive officers and directors as a group \(8 persons\) \(11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 221.32 Td (1,547,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 221.32 Td (25.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 221.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (_________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (* Less than 1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 172.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.25 Td (Applicable percentage of ownership for each holder is based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.12 172.25 Td (5,670,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.12 172.25 Td ( shares outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.94 172.25 Td (March24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.54 172.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (Includes 28,157 shares and exercisable stock options to purchase 368,344 shares of common stock under our May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (201) Tj ET Q q 0 0 0 rg BT 100.63 142.25 Td (1 Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 124.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.25 Td (Includes 3,370 shares and exercisable stock options to purchase 62,020 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 124.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.25 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (Includes 1,932 shares and exercisable stock options to purchase 21,125 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 94.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Equity Incentive Plan.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Includes 91) Tj ET Q q 0 0 0 rg BT 132.01 742.10 Td (1,183 shares, exercisable stock options to purchase 5,772 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 539.32 742.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Equity Incentive Plan and exercisable stock options to purchase 625 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 500.90 730.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 546.92 730.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (Includes 27,669 shares and exercisable stock options to purchase 5,000 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 549.13 700.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Includes 69,606 shares, exercisable stock options to purchase 3,049 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 534.69 670.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Equity Incentive Plan and exercisable stock options to purchase 2,500 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 508.40 658.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 554.42 658.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.10 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.10 Td (Includes 9,331 shares, exercisable stock options to purchase 2,500 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 529.69 628.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (\(9\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Includes 16,246 shares, exercisable stock options to purchase 5,294 shares of common stock under our May 201) Tj ET Q q 0 0 0 rg BT 534.69 598.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Equity Incentive Plan and exercisable stock options to purchase 625 shares of common stock under our ) Tj ET Q q 0 0 0 rg BT 500.90 586.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 546.92 586.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Equity Incentive Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 556.10 Td (\(10\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (Special Situations ) Tj ET Q q 0 0 0 rg BT 160.26 556.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.67 556.10 Td (echnology Fund II, L.P) Tj ET Q q 0 0 0 rg BT 257.61 556.10 Td (. \(SSFT) Tj ET Q q 0 0 0 rg BT 288.03 556.10 Td (echII\) is the registered holder of 546,621 shares, Special Situations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.10 Td (Private Equity Fund, L.P) Tj ET Q q 0 0 0 rg BT 184.61 544.10 Td (. \(SSFPE\) is the registered holder of 375,132 shares, and Special Situations ) Tj ET Q q 0 0 0 rg BT 488.00 544.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.41 544.10 Td (echnology Fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 532.10 Td (L.P) Tj ET Q q 0 0 0 rg BT 99.06 532.10 Td (. \(SSFT) Tj ET Q q 0 0 0 rg BT 129.49 532.10 Td (ech\) is the registered holder of 96,463 shares. ) Tj ET Q q 0 0 0 rg BT 315.82 532.10 Td (As a result of the beneficial ownership limitations included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (in the warrants held by SSFT) Tj ET Q q 0 0 0 rg BT 202.24 520.10 Td (echII, SSFPE and SSFT) Tj ET Q q 0 0 0 rg BT 297.66 520.10 Td (ech, the warrants may be exercised to the extent that the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.10 Td (number of shares of common stock then beneficially owned does not exceed 19.99% of the outstanding stock. ) Tj ET Q q 0 0 0 rg BT 530.34 508.10 Td (A) Tj ET Q q 0 0 0 rg BT 536.76 508.10 Td (WM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (Investment Company) Tj ET Q q 0 0 0 rg BT 171.17 496.10 Td (, Inc. \(A) Tj ET Q q 0 0 0 rg BT 203.69 496.10 Td (WM\) is the investment adviser to SSFT) Tj ET Q q 0 0 0 rg BT 361.87 496.10 Td (echII, SSFPE and SSFT) Tj ET Q q 0 0 0 rg BT 457.29 496.10 Td (ech. ) Tj ET Q q 0 0 0 rg BT 478.12 496.10 Td (Austin ) Tj ET Q q 0 0 0 rg BT 507.11 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.63 496.10 Td (. Marxe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (David M. Greenhouse and ) Tj ET Q q 0 0 0 rg BT 193.48 484.10 Td (Adam C. Stettner are the principal owners of ) Tj ET Q q 0 0 0 rg BT 374.81 484.10 Td (A) Tj ET Q q 0 0 0 rg BT 381.23 484.10 Td (WM. ) Tj ET Q q 0 0 0 rg BT 406.88 484.10 Td (Through their control of ) Tj ET Q q 0 0 0 rg BT 505.75 484.10 Td (A) Tj ET Q q 0 0 0 rg BT 512.17 484.10 Td (WM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (Messrs. Marxe, Greenhouse and Stettnershare voting and investment control over the portfolio securities of each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (the Special Situations funds listed above. ) Tj ET Q q 0 0 0 rg BT 255.24 460.10 Td (The address of the Special Situations funds is 527 Madison ) Tj ET Q q 0 0 0 rg BT 494.10 460.10 Td (A) Tj ET Q q 0 0 0 rg BT 500.58 460.10 Td (venue, Suite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (2600, New ) Tj ET Q q 0 0 0 rg BT 132.01 448.10 Td (Y) Tj ET Q q 0 0 0 rg BT 138.23 448.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 170.63 448.10 Td ( 10022.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 75.96 430.10 Td (1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (For all executive of) Tj ET Q q 0 0 0 rg BT 163.85 430.10 Td (ficers and directors as a group, this amount includes 1,067,494 shares and exercisable stock options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (to purchase 476,854 shares of common stock under our Equity Incentive Plans as further detailed in footnotes \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (through \(9\) above.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 13 - CER) Tj ET Q q 0 0 0 rg BT 118.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 124.19 742.25 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 172.07 742.25 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 228.48 742.25 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 279.68 742.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 302.56 742.25 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 383.97 742.25 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 446.86 742.25 Td (OR INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 718.25 Td (e review all transactions involving us in which any of our directors, director nominees, significant shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 706.25 Td (ficers and their immediate family members are participants to determine whether such person has a direct or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (indirect material interest in the transaction. ) Tj ET Q q 0 0 0 rg BT 226.05 694.25 Td (All directors, director nominees and executive of) Tj ET Q q 0 0 0 rg BT 421.63 694.25 Td (ficers must notify us of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (proposed transaction involving us in which such person has a direct or indirect material interest. Such proposed transaction is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (then reviewed by either the Board as a whole or the ) Tj ET Q q 0 0 0 rg BT 257.98 670.25 Td (Audit Committee, which determines whether or not to approve the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 100.82 658.25 Td (After such review) Tj ET Q q 0 0 0 rg BT 171.81 658.25 Td (, the reviewing body approves the transaction only if it determines that the transaction is in, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (not inconsistent with, the best interests of our Company and our shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 85.09 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.02 622.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (Except as described below) Tj ET Q q 0 0 0 rg BT 191.70 598.25 Td (, since the beginning of our last fiscal year) Tj ET Q q 0 0 0 rg BT 360.97 598.25 Td (, there have been no transactions, whether directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (or indirectly) Tj ET Q q 0 0 0 rg BT 98.50 586.25 Td (, between us and any of our respective of) Tj ET Q q 0 0 0 rg BT 262.43 586.25 Td (ficers, directors, beneficial owners of more than 5% of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (common stock or their family members, that exceeded the lesser of $120,000 or 1% of the average of our total assets at year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (end for the last two completed fiscal years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 538.25 Td (In our private placement completed on February 21, 2014, Edward H. \(T) Tj ET Q q 0 0 0 rg BT 376.32 538.25 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 423.16 538.25 Td (, Brian ) Tj ET Q q 0 0 0 rg BT 452.70 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 461.22 538.25 Td (. Brady and Lindsay ) Tj ET Q q 0 0 0 rg BT 544.26 538.25 Td (A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Gardner) Tj ET Q q 0 0 0 rg BT 82.36 526.25 Td (, directors of IZEA, purchased from us 436 shares, 35,714 shares and 28,572 shares of our common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 514.25 Td (, at a purchase price of $7.00 per share, pursuant to a Purchase ) Tj ET Q q 0 0 0 rg BT 349.24 514.25 Td (Agreement dated as of February 12, 2014. ) Tj ET Q q 0 0 0 rg BT 522.52 514.25 Td (As part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (of the private placement, they each received warrants to purchase up to 50% of their number of shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (exercise price of $7.00 per share and warrants to purchase up to another 50% of their number of shares of common stock at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (exercise price of $10.00 per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (In our warrant exchange transaction completed on ) Tj ET Q q 0 0 0 rg BT 288.42 454.25 Td (August 14, 2015, the Special Situations funds, our lar) Tj ET Q q 0 0 0 rg BT 502.39 454.25 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (institutional shareholder) Tj ET Q q 0 0 0 rg BT 146.52 442.25 Td (, and Brian ) Tj ET Q q 0 0 0 rg BT 193.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 201.52 442.25 Td (. Brady) Tj ET Q q 0 0 0 rg BT 230.31 442.25 Td (, a director of IZEA, participated in the transaction by exercising warrants that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (they received in our previous private placements. ) Tj ET Q q 0 0 0 rg BT 251.69 430.25 Td (The Special Situations funds made a payment to us in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td ($3,414,572 in consideration for 542,858 shares of our common stock, and Mr) Tj ET Q q 0 0 0 rg BT 359.67 418.25 Td (. Brady made a payment to us in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td ($2,460,208 in consideration for 502,940 shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 333.38 406.25 Td (The Special Situations funds and Mr) Tj ET Q q 0 0 0 rg BT 479.20 406.25 Td (. Brady exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (their warrants at the same price and on the same terms and conditions as all other warrantholders in the transaction, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (negotiation of which terms was led by the Special Situations funds and other institutional shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.25 Td (On ) Tj ET Q q 0 0 0 rg BT 100.35 358.25 Td (August ) Tj ET Q q 0 0 0 rg BT 131.97 358.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 147.19 358.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 172.42 358.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.81 358.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.53 358.25 Td (84,375 ) Tj ET Q q 0 0 0 rg BT 244.76 358.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 272.48 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.54 358.25 Td (common ) Tj ET Q q 0 0 0 rg BT 321.26 358.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.09 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.60 358.25 Td (Brian ) Tj ET Q q 0 0 0 rg BT 380.34 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.87 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 394.09 358.25 Td (Brady ) Tj ET Q q 0 0 0 rg BT 421.26 358.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.65 358.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.36 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 481.08 358.25 Td (were ) Tj ET Q q 0 0 0 rg BT 503.24 358.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.95 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 546.46 358.25 Td (him ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 346.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 82.78 346.25 Td (as ) Tj ET Q q 0 0 0 rg BT 93.61 346.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 149.98 346.25 Td (for ) Tj ET Q q 0 0 0 rg BT 164.14 346.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 187.75 346.25 Td (made ) Tj ET Q q 0 0 0 rg BT 211.90 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.18 346.25 Td (us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 310.25 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.22 310.25 Td (Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 286.25 Td (Each of our directors other than Edward H. \(T) Tj ET Q q 0 0 0 rg BT 269.96 286.25 Td (ed\) Murphy) Tj ET Q q 0 0 0 rg BT 316.80 286.25 Td (, R) Tj ET Q q 0 0 0 rg BT 328.07 286.25 Td (yan S. Schram and Brian ) Tj ET Q q 0 0 0 rg BT 430.09 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 438.61 286.25 Td (. Brady qualifies as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (independent in accordance with the published listing requirements of the Nasdaq Stock Market.) Tj ET Q q 0 0 0 rg BT 445.72 274.25 Td (As provided by the Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (rules, the Board has made a subjective determination as to each independent director that no relationships exists which, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (director) Tj ET Q q 0 0 0 rg BT 80.54 238.25 Td (.In making these determinations, the directors reviewed and discussed information provided by the directors with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (regard ) Tj ET Q q 0 0 0 rg BT 78.04 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.32 226.25 Td (each ) Tj ET Q q 0 0 0 rg BT 109.13 226.25 Td (director) Tj ET Q q 0 0 0 rg BT 140.60 226.25 Td () Tj ET Q q 0 0 0 rg BT 143.37 226.25 Td (s ) Tj ET Q q 0 0 0 rg BT 149.77 226.25 Td (business ) Tj ET Q q 0 0 0 rg BT 186.16 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.10 226.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 239.47 226.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 278.07 226.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.90 226.25 Td (they ) Tj ET Q q 0 0 0 rg BT 308.62 226.25 Td (may ) Tj ET Q q 0 0 0 rg BT 328.33 226.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 353.04 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.32 226.25 Td (us ) Tj ET Q q 0 0 0 rg BT 374.71 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.65 226.25 Td (our ) Tj ET Q /GS0 gs q 56.09 0 0 10.09 407.48 224.09 cm /I18 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 202.25 Td (e review all transactions involving us in which any of our directors, director nominees, significant shareholders and executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 190.25 Td (ficers and their immediate family members are participants to determine whether such person has a direct or indirect material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (interest in the transaction.) Tj ET Q q 0 0 0 rg BT 157.75 178.25 Td (All directors, director nominees and executive of) Tj ET Q q 0 0 0 rg BT 353.33 178.25 Td (ficers must notify us of any proposed transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (involving us in which such person has a direct or indirect material interest.Such proposed transaction is then reviewed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (either the Board as a whole or the ) Tj ET Q q 0 0 0 rg BT 186.62 154.25 Td (Audit Committee, which determines whether or not to approve the transaction.) Tj ET Q q 0 0 0 rg BT 505.99 154.25 Td (After such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (review) Tj ET Q q 0 0 0 rg BT 76.56 142.25 Td (, the reviewing body approves the transaction only if it determines that the transaction is in, or not inconsistent with, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (best ) Tj ET Q q 0 0 0 rg BT 68.61 130.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 104.43 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.26 130.25 Td (IZEA) Tj ET Q q 0 0 0 rg BT 137.48 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.98 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.92 130.25 Td (its ) Tj ET Q /GS0 gs q 55.54 0 0 10.09 168.87 128.09 cm /I19 Do Q BT /F1 10.00 Tf ET endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 14 - PRINCIP) Tj ET Q q 0 0 0 rg BT 138.42 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 151.76 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.71 742.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 203.53 742.25 Td (ANT) Tj ET Q q 0 0 0 rg BT 224.46 742.25 Td ( FEES ) Tj ET Q q 0 0 0 rg BT 253.92 742.25 Td (AND SER) Tj ET Q q 0 0 0 rg BT 297.18 742.25 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 717.05 Td (On ) Tj ET Q q 0 0 0 rg BT 96.17 717.05 Td (August 1, 2015, the practice of Cross, Fernandez & Riley) Tj ET Q q 0 0 0 rg BT 325.47 717.05 Td (, LLP) Tj ET Q q 0 0 0 rg BT 347.88 717.05 Td ( \("CFR"\), which was engaged as our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 705.05 Td (registered public accounting firm was combined with BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 331.80 705.05 Td ( \("BDO"\) and the professional staf) Tj ET Q q 0 0 0 rg BT 470.02 705.05 Td (f and partners of CFR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 693.05 Td (joined BDO either as employees or partners of BDO. ) Tj ET Q q 0 0 0 rg BT 266.89 693.05 Td (As a result of this transaction, CFR resigned as our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 681.05 Td (registered public accounting firm on ) Tj ET Q q 0 0 0 rg BT 197.46 681.05 Td (August 1, 2015. On ) Tj ET Q q 0 0 0 rg BT 280.52 681.05 Td (August 1, 2015, following the resignation of CFR, we, through and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 669.05 Td (with the approval of our Board of Directors, appointed BDO as our independent registered public accounting firm.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 657.05 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 645.05 Td (Audit Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 621.05 Td (Audit Fees consisted of fees billed for professional services rendered for the audit of our annual financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.05 Td (and review of the interim financial statements included in quarterly reports, and review of other documents filed with the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.05 Td (within those fiscal years. ) Tj ET Q q 0 0 0 rg BT 153.87 597.05 Td (Audit fees char) Tj ET Q q 0 0 0 rg BT 214.77 597.05 Td (ged by BDO related to the years ended December 31, 2016 and 2015 were $135,160 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.05 Td (and $1) Tj ET Q q 0 0 0 rg BT 76.57 585.05 Td (1) Tj ET Q q 0 0 0 rg BT 81.20 585.05 Td (1,300, respectively) Tj ET Q q 0 0 0 rg BT 156.36 585.05 Td (. ) Tj ET Q q 0 0 0 rg BT 163.31 585.05 Td (Audit fees char) Tj ET Q q 0 0 0 rg BT 224.21 585.05 Td (ged by CFR related to the year ended December 31, 2015 was $28,150. ) Tj ET Q q 0 0 0 rg BT 514.41 585.05 Td (All of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.05 Td (fees were pre-approved by our Board of Directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 549.05 Td (Audit-Related Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 525.05 Td (There were no audit-related fees billed by BDO or CFR to us during the years ended December 31, 2016 and 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 501.05 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 501.05 Td (ax Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 477.05 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 477.05 Td (ax fees relate to preparation of federal and state income tax returns, tax consultation and compliance services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.05 Td (additional tax research. ) Tj ET Q q 0 0 0 rg BT 147.83 465.05 Td (T) Tj ET Q q 0 0 0 rg BT 153.24 465.05 Td (ax fees billed by BDO during the years ended December 31, 2016 and 2015 were $13,217 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.05 Td ($10,410, respectively) Tj ET Q q 0 0 0 rg BT 135.16 453.05 Td (. ) Tj ET Q q 0 0 0 rg BT 142.48 453.05 Td (T) Tj ET Q q 0 0 0 rg BT 147.89 453.05 Td (ax fees billed by CFR during the year ended December 31, 2015 was $1,470. ) Tj ET Q q 0 0 0 rg BT 460.60 453.05 Td (All of these fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.05 Td (pre-approved by the Board of Directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.05 Td (All Other) Tj ET Q q 0 0 0 rg BT 90.64 417.05 Td ( Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 393.05 Td (There were no fees for other services billed by BDO or CFR to us during the years ended December 31, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.05 Td (2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.05 Td (Audit Committee Pr) Tj ET Q q 0 0 0 rg BT 137.02 357.05 Td (e-Appr) Tj ET Q q 0 0 0 rg BT 167.39 357.05 Td (oval Policies and Pr) Tj ET Q q 0 0 0 rg BT 251.37 357.05 Td (ocedur) Tj ET Q q 0 0 0 rg BT 280.63 357.05 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 333.05 Td (Section 10A\(i\)\(1\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 226.23 333.05 Td (Act and related SEC rules require that all auditing and permissible non-audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.05 Td (services to be performed by our principal accountants be approved in advance by the ) Tj ET Q q 0 0 0 rg BT 390.99 321.05 Td (Audit Committee of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.05 Td (Directors. Pursuant to Section 10A\(i\)\(3\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 282.72 309.05 Td (Act and related SEC rules, the ) Tj ET Q q 0 0 0 rg BT 405.74 309.05 Td (Audit Committee has established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.05 Td (procedures by which the Chairman of the ) Tj ET Q q 0 0 0 rg BT 217.45 297.05 Td (Audit Committee may pre-approve such services provided that the pre-approval is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.05 Td (detailed as to the particular service or category of services to be rendered and the Chairman reports the details of the services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.05 Td (the full ) Tj ET Q q 0 0 0 rg BT 80.55 273.05 Td (Audit Committee at its next regularly scheduled meeting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 249.05 Td (The audit committee has considered the services provided by BDO and CFR as disclosed above and has concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.05 Td (that such services are compatible with the independence of BDO and CFR as our principal accountant. ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 50 772.93359375 m 106.76171875 772.93359375 l s q 0 0 1 rg BT 50.00 774.00 Td (T) Tj ET Q q 0 0 1 rg BT 54.33 774.00 Td (able of Contents) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM 15 EXHIBITS ) Tj ET Q q 0 0 0 rg BT 149.47 718.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 229.76 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 243.75 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 250.22 718.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 293.38 718.25 Td ( SCHEDULES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 695.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 695.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 695.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 625.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 625.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 625.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 567.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 567.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 567.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 497.75 30.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 497.75 26.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 497.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 437.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 437.75 26.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 437.75 446.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 389.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 389.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 389.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 339.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 339.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 339.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 289.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 289.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 289.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 239.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 239.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 239.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 189.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 189.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 189.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 139.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 139.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 139.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 89.75 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 89.75 26.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 89.75 446.00 -25.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 686.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 685.87 Td (Stock Purchase Agreement, dated as of January 27, 2015, by and among IZEA, Inc., Ebyline, Inc. and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 675.87 Td (Stockholders of Ebyline, Inc. listed on the signature pages thereto \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 665.87 Td (Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 651.32 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 650.87 Td (Stock Purchase Agreement, dated as of July 31, 2016, by and among IZEA, Inc., ZenContent, Inc. and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 640.87 Td (Stockholders of ZenContent, Inc. \(Incorporated by reference to the Companys current report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 630.87 Td (filed with the SEC on August 2, 2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 616.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 615.87 Td (Amended and Restated Articles of Incorporation of IZEA, Inc., filed with the Nevada Secretary of State on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 605.87 Td (November 28, 2011 \(incorporated by reference to the Current Report on Form 8-K filed with the Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 595.87 Td (and Exchange Commission on November 23, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 581.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 581.32 Td (Certificate of Change of IZEA, Inc., filed with the Nevada Secretary of State on July 30, 2012 \(Incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 571.32 Td (by reference to the Companys current report on Form 8-K filed with the SEC on August 1, 2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 558.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 557.87 Td (Certificate of Amendment to Articles of Incorporation filed with the Secretary of State of the State of Nevada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 547.87 Td (on April 17, 2014 \(Incorporated by reference to the Companys current report on Form 8-K filed with the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 537.87 Td (SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 523.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 522.87 Td (Certificate of Withdrawal of Certificate of Designation filed with the Secretary of State of the State of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 512.87 Td (Nevada effective January 23, 2015 \(Incorporated by reference to the Companys current report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 502.87 Td (filed with the SEC on January 29, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 488.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 487.87 Td (Certificate of Amendment filed with the Secretary of State of the State of Nevada effective January 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 477.87 Td (\(Incorporated by reference to the Companys current report on Form 8-K filed with the SEC on January 12,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 467.87 Td (2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 453.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 452.42 Td (Amended and Restated Bylaws \(incorporated by reference to the Current Report on Form 8-K filed with the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 442.42 Td (Securities and Exchange Commission on November 23, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 428.32 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 428.32 Td (Certificate of Designation \(Incorporated by reference to the Companys current report on Form 8-K filed with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 418.32 Td (the SEC on May 27, 2011\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 405.32 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 404.87 Td (Articles of Merger of IZEA Innovations, Inc. filed with the Secretary of State of the State of Nevada effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 394.87 Td (April 5, 2016 \(Incorporated by reference to Form 10-Q, filed with the SEC on May 11, 2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 380.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 379.87 Td (Form of Warrant to Purchase Common Stock of IZEA, Inc. issued to Investors in the 2013 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 369.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on August 21, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 355.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 354.87 Td (Form of Warrant to Purchase Common Stock of IZEA, Inc. issued to Investors in the 2014 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 344.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on February 24, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 330.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 329.87 Td (Form of Warrant Amendment and Exercise Agreement dated July 20, 2015 between the Company and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 319.87 Td (Warrant Holders \(Incorporated by reference to Form 8-K, filed with the SEC on July 23, 2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 305.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 305.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 304.87 Td (Amended 2011 Equity Incentive Plan as of February6, 2013 \(Incorporated by reference to Form 10-K, filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 294.87 Td (with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 280.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 279.87 Td (Financing Agreement between the Company and Bridge Bank, dated March1, 2013 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 269.87 Td (reference to Form 10-K, filed with the SEC on March29, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 255.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 254.87 Td (Form of Securities Purchase Agreement executed by IZEA, Inc. and Investors in the 2013 Private Placement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 244.87 Td (\(Incorporated by reference to Form 8-K, filed with the SEC on August 21, 2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 230.32 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 229.87 Td (Form of Securities Purchase Agreement, dated as of February 12, 2014, by and among IZEA, Inc. and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 219.87 Td (Investors \(Incorporated by reference to Form 8-K, filed with the SEC on February 19, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 205.32 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 204.87 Td (Form of Registration Rights Agreement, dated as of February 21, 2014, among IZEA, Inc. and each of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 194.87 Td (Investors \(Incorporated by reference to Form 8-K, filed with the SEC on February 24, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 180.32 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 180.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 179.87 Td (Amended and Restated 2011 Equity Incentive Plan as of April 16, 2014 \(Incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 169.87 Td (Companys current report on Form 8-K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 155.32 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 155.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 154.87 Td (2014 Employee Stock Purchase Plan \(Incorporated by reference to the Companys current report on Form 8-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 144.87 Td (K filed with the SEC on April 18, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 130.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 130.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 129.87 Td (Employment Agreement between IZEA, Inc. and LeAnn Hitchcock dated August 25, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 119.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on August 25, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 105.32 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 105.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 104.87 Td (Employment Agreement between IZEA, Inc. and Edward Murphy dated December 26, 2014 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 94.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on December 31, 2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 80.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 80.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 79.87 Td (Employment Agreement between IZEA, Inc. and Ryan Schram dated January 25, 2015 \(Incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 69.87 Td (reference to the Companys current report on Form 8-K filed with the SEC on January 29, 2015\).) 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