<table><tbody><tr style="vertical-align: top; text-align: justify">
<td style="width: 4%; text-align: right">&nbsp;</td><td style="width: 3%"></td><td style="text-align: justify; width: 93%">At March 31, 2012, the Company
had federal net operating loss carry-forwards of approximately $6,107,000 that begin to expire on March 31, 2028, as follows:</td>
</tr></tbody></table>
<table><tbody><tr>
<td> </td><td></td><td>At March 31, 2012, the Company
had federal net operating loss carry-forwards of approximately $6,107,000 that begin to expire on March 31, 2028, as follows:</td>
</tr></tbody></table>