<table><tbody><tr style="vertical-align: top; text-align: justify">
<td style="width: 7%; text-align: right"></td><td style="width: 7%">(c)</td><td style="text-align: justify; width: 86%"><u>Fair Value of Financial Instruments</u></td>
</tr>     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">The Company’s financial
instruments consist of cash and cash equivalents, accounts receivables, accounts payable and accrued liabilities, derivative financial
instruments, and the Company’s Senior Secured Notes (“Secured Notes”) which were retired in 2012 and Series D
Convertible Participating Stock (“Series D Preferred Stock”) issued December 15, 2009. The fair values of cash and
cash equivalents, accounts receivables, accounts payable and accrued liabilities generally approximate their respective carrying
values due to their current nature. Derivative liabilities, as discussed below, are required to be carried at fair value. The following
table reflects the comparison of the carrying value and the fair value of the Company’s Series D Preferred Stock as of March
31, 2012:</td></tr>
</tbody></table>
<table><tbody><tr>
<td></td><td>(c)</td><td><u>Fair Value of Financial Instruments</u></td>
</tr> <tr>
<td> </td><td> </td><td> </td></tr>
<tr>
<td> </td><td> </td><td>The Company’s financial
instruments consist of cash and cash equivalents, accounts receivables, accounts payable and accrued liabilities, derivative financial
instruments, and the Company’s Senior Secured Notes (“Secured Notes”) which were retired in 2012 and Series D
Convertible Participating Stock (“Series D Preferred Stock”) issued December 15, 2009. The fair values of cash and
cash equivalents, accounts receivables, accounts payable and accrued liabilities generally approximate their respective carrying
values due to their current nature. Derivative liabilities, as discussed below, are required to be carried at fair value. The following
table reflects the comparison of the carrying value and the fair value of the Company’s Series D Preferred Stock as of March
31, 2012:</td></tr>
</tbody></table>