<table>
<tbody><tr style="font-size:1px">
<td width="5%" valign="TOP">
<p>&nbsp;</p>
</td>
<td width="5%" valign="TOP">
<p>&nbsp;</p>
</td>
<td width="90%" valign="TOP">
<p>&nbsp;</p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="2">(2)</font></p>
</td>
<td colspan="2" valign="TOP">
<p><font size="2"><u>Summary of
  Significant Accounting Policies (Continued)</u></font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="2">(l)</font></p>
</td>
<td valign="TOP">
<p><font size="2"><u>Reimbursable
  Program Costs and Expenses</u></font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p align="JUSTIFY"><font size="2">Pursuant to
  contractual arrangements with some of its clients, the Company is reimbursed
  for certain program costs and expenses. These reimbursed costs are recorded
  both as revenues and as operating expenses. Such costs may include variable
  employee program compensation costs. Not included in reimbursable program
  costs and expenses are certain compensation and general and administrative
  expenses which are recurring in nature and for which a certain client fee
  arrangement provides for payment of such costs. These costs are included in
  compensation and general and administrative expenses on the statements of
  operations.</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p align="JUSTIFY"><font size="2">In July
  2000, the Emerging Issues Task Force (“EITF”) of the Financial Accounting
  Standards Board (“FASB”) released Issue 99-19, “Reporting Revenue Gross as a
  Principal versus Net as an Agent” (“EITF 99-19”). Additionally, in January
  2002, the EITF released Issue 01-14, “Income Statement Characterization of
  Reimbursements Received for “Out-of-Pocket” Expenses Incurred” (“EITF
  01-14”). EITF 99-19 and EITF 01-14 provide guidance on when client
  reimbursements, including out of pocket expenses, should be characterized as
  revenue. Pursuant to such literature, the Company records such client
  reimbursements as revenue on a gross basis.</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="2">(m)</font></p>
</td>
<td valign="TOP">
<p><font size="2"><u>Accounting
  for Stock-Based Compensation</u></font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p align="JUSTIFY"><font size="2">On April 1,
  2006, the Company adopted Statement of Financial Accounting Standards No. 123
  (Revised 2004) – “Share-Based Payment” (“SFAS No. 123R”), which requires the
  Company to measure all employee stock-based compensation awards using a fair
  value method and record the related expense in the financial statements over
  the period during which an employee is required to provide service in
  exchange for the award. SFAS No. 123R also amends FASB Statement No. 95,
  “Statement of Cash Flows,” to require that excess tax benefits, as defined, realized
  from the exercise of stock options be reported as a financing cash inflow
  rather than as a reduction of taxes paid in cash flow from operations. The
  Company elected to use the modified prospective transition method, which
  requires that compensation cost be recognized in the financial statements for
  all awards granted after the date of adoption as well as for existing awards
  for which the requisite service has not been rendered as of the date of
  adoption. For each award that has a graded vesting schedule, the Company
  recognizes compensation cost on a straight-line basis over the requisite
  service period for the entire award. Stock based employee compensation
  expense for the years ended March 31, 2008 and 2007 was $433,532 and $292,996
  respectively.</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="2">(n)</font></p>
</td>
<td valign="TOP">
<p><font size="2"><u>Income Taxes</u></font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
</tr>
<tr>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p><font size="1">&nbsp;</font></p>
</td>
<td valign="TOP">
<p align="JUSTIFY"><font size="2">The
  provision for income taxes includes federal, state and local income taxes
  that are currently payable. Deferred income taxes are accounted for under the
  asset and liability method. Deferred tax assets and liabilities are recognized
  for the estimated future tax consequences attributable to differences between
  the financial statement carrying amounts of existing assets and liabilities
  and their respective tax bases and operating loss and tax credit
  carryforwards. Deferred tax assets and liabilities are measured using enacted
  tax rates expected to apply to taxable income in the years in which those
  temporary differences are expected to be recovered or settled. The effect on
  deferred tax assets and liabilities of a change in tax rates is recognized in
  income in the period that includes the enactment date.</font></p>
</td>
</tr>
</tbody></table>
<table>
<tbody><tr>
<td>
<p> </p>
</td>
<td>
<p> </p>
</td>
<td>
<p> </p>
</td>
</tr>
<tr>
<td>
<p><font>(2)</font></p>
</td>
<td>
<p><font><u>Summary of
  Significant Accounting Policies (Continued)</u></font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>(l)</font></p>
</td>
<td>
<p><font><u>Reimbursable
  Program Costs and Expenses</u></font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>Pursuant to
  contractual arrangements with some of its clients, the Company is reimbursed
  for certain program costs and expenses. These reimbursed costs are recorded
  both as revenues and as operating expenses. Such costs may include variable
  employee program compensation costs. Not included in reimbursable program
  costs and expenses are certain compensation and general and administrative
  expenses which are recurring in nature and for which a certain client fee
  arrangement provides for payment of such costs. These costs are included in
  compensation and general and administrative expenses on the statements of
  operations.</font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>In July
  2000, the Emerging Issues Task Force (“EITF”) of the Financial Accounting
  Standards Board (“FASB”) released Issue 99-19, “Reporting Revenue Gross as a
  Principal versus Net as an Agent” (“EITF 99-19”). Additionally, in January
  2002, the EITF released Issue 01-14, “Income Statement Characterization of
  Reimbursements Received for “Out-of-Pocket” Expenses Incurred” (“EITF
  01-14”). EITF 99-19 and EITF 01-14 provide guidance on when client
  reimbursements, including out of pocket expenses, should be characterized as
  revenue. Pursuant to such literature, the Company records such client
  reimbursements as revenue on a gross basis.</font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>(m)</font></p>
</td>
<td>
<p><font><u>Accounting
  for Stock-Based Compensation</u></font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>On April 1,
  2006, the Company adopted Statement of Financial Accounting Standards No. 123
  (Revised 2004) – “Share-Based Payment” (“SFAS No. 123R”), which requires the
  Company to measure all employee stock-based compensation awards using a fair
  value method and record the related expense in the financial statements over
  the period during which an employee is required to provide service in
  exchange for the award. SFAS No. 123R also amends FASB Statement No. 95,
  “Statement of Cash Flows,” to require that excess tax benefits, as defined, realized
  from the exercise of stock options be reported as a financing cash inflow
  rather than as a reduction of taxes paid in cash flow from operations. The
  Company elected to use the modified prospective transition method, which
  requires that compensation cost be recognized in the financial statements for
  all awards granted after the date of adoption as well as for existing awards
  for which the requisite service has not been rendered as of the date of
  adoption. For each award that has a graded vesting schedule, the Company
  recognizes compensation cost on a straight-line basis over the requisite
  service period for the entire award. Stock based employee compensation
  expense for the years ended March 31, 2008 and 2007 was $433,532 and $292,996
  respectively.</font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>(n)</font></p>
</td>
<td>
<p><font><u>Income Taxes</u></font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
</tr>
<tr>
<td>
<p><font> </font></p>
</td>
<td>
<p><font> </font></p>
</td>
<td>
<p><font>The
  provision for income taxes includes federal, state and local income taxes
  that are currently payable. Deferred income taxes are accounted for under the
  asset and liability method. Deferred tax assets and liabilities are recognized
  for the estimated future tax consequences attributable to differences between
  the financial statement carrying amounts of existing assets and liabilities
  and their respective tax bases and operating loss and tax credit
  carryforwards. Deferred tax assets and liabilities are measured using enacted
  tax rates expected to apply to taxable income in the years in which those
  temporary differences are expected to be recovered or settled. The effect on
  deferred tax assets and liabilities of a change in tax rates is recognized in
  income in the period that includes the enactment date.</font></p>
</td>
</tr>
</tbody></table>