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<td style="width: 7%; text-align: right">(d)</td><td style="width: 7%"></td><td style="text-align: justify; width: 86%"><u>Cash and Cash Equivalents</u></td>
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<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">&nbsp;</td></tr>
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<td style="text-align: right">&nbsp;</td><td>&nbsp;</td><td style="text-align: justify">Investments with maturities of
three months or less at the time of purchase are considered cash equivalents. At March 31, 2012 the Company had approximately $250,000
of cash on hand in excess of FDIC insurance limits.</td></tr>
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<table><tbody><tr>
<td>(d)</td><td></td><td><u>Cash and Cash Equivalents</u></td>
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<td> </td><td> </td><td> </td></tr>
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<td> </td><td> </td><td>Investments with maturities of
three months or less at the time of purchase are considered cash equivalents. At March 31, 2012 the Company had approximately $250,000
of cash on hand in excess of FDIC insurance limits.</td></tr>
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