6-K 1 o10120e6vk.txt QUARTERLY REPORT FOR PERIOD ENDED MARCH 31,2003 FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the Month of JUNE 2003 --------- JALNA RESOURCES LIMITED (FORMERLY TRADERADIUS ONLINE INC.) -------------------------------------------------------------------------------- (Translation of registrant's name into English) 9TH FLOOR, 555 BURRARD STREET, BOX 273, TWO BENTALL CENTRE, VANCOUVER, BC, V7X 1M8 -------------------------------------------------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F ----------------- -------------- PLEASE NOTE THAT PURSUANT OF RULE 12g3-2(d)(1), THIS REGISTRANT, BEING REGISTERED UNDER SECTION 12, IS NOT ELIGIBLE FOR EXEMPTION UNDER RULE 12g3-2(b). ACCORDINGLY, THE FOLLOWING TWO QUESTIONS ARE NOT RELEVANT TO THIS REGISTRANT AND ARE THEREFORE LEFT BLANK. Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Form 20-F Form 40-F ----------------- -------------- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- . ------------ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Jalna Resources Limited Date: June 12, 2003 By: /s/ Peter Dunfield ----------------------------- ------------------------------ [Print] Name: Peter Dunfield, Title: Director This Form 6-K consists of: Quarterly Report for period ended March 31, 2003 Consolidated Financial Statements for the 3 months ended March 31, 2003 (BCSC LOGO) QUARTERLY AND YEAR END REPORT BC FORM 51-901F (previously Form 61) British Columbia Securities Commission -------------------------------------------------------------------------------- FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT: The personal information requested on this form is collected under the authority of and used for the purpose of administering the Securities Act. Questions about the collection or use of this information can be directed to the Supervisor, Financial Reporting (604-899-6729), PO Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver BC V7Y 1L2. Toll Free in British Columbia 1-800-373-6393 -------------------------------------------------------------------------------- ISSUER DETAILS DATE OF REPORT NAME OF ISSUER FOR QUARTER ENDED Y M D JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) 03 03 31 03 05 29 -------------------------------------------------------------------------------- ISSUER ADDRESS Box 273, Two Bentall Centre, 9th Floor, 555 Burrard Street -------------------------------------------------------------------------------- CITY/ PROVINCE POSTAL CODE ISSUER FAX NO. ISSUER TELEPHONE NO. Vancouver BC V7X 1M8 (604) 893-7042 (604) 893-7062 -------------------------------------------------------------------------------- CONTACT PERSON CONTACT'S POSITION CONTACT TELEPHONE NO. George Leary Director (403) 258-1395 -------------------------------------------------------------------------------- CONTACT EMAIL ADDRESS WEB SITE ADDRESS -------------------------------------------------------------------------------- CERTIFICATE The three schedules required to complete this Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Report will be provided to any shareholder who requests it. -------------------------------------------------------------------------------- DIRECTOR'S SIGNATURE PRINT FULL NAME DATE SIGNED Y M D "MARION McGRATH" MARION McGRATH 03 05 29 -------------------------------------------------------------------------------- DIRECTOR'S SIGNATURE PRINT FULL NAME DATE SIGNED Y M D "PETER DUNFIELD" PETER DUNFIELD 03 05 29 -------------------------------------------------------------------------------- FIN51-901F Rev.2000/12/19 JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) QUARTERLY REPORT - FORM 51-901F March 31, 2003 -------------------------------------------------------------------------------- SCHEDULE A: FINANCIAL INFORMATION See attached unaudited financial statements for the period ended March 31, 2003. SCHEDULE B: SUPPLEMENTARY INFORMATION 1. See the attached unaudited financial statements for the period ended March 31, 2003. 2. See the attached unaudited financial statements for the period ended March 31, 2003. 3. a) Securities issued during the period: Nil b) Stock options granted during the period: Nil 4. a) The authorized capital of the Company is 100,000,000 common shares without par value. b) The number and recorded value of the shares issued and outstanding as at March 31, 2003, is 12,197,974 having a value of $5,506,245. c) Warrants and options outstanding at March 31, 2003, are as follows:

~~--------------------------------------------------------------------------------~~===================================================================== ~~NAME~~No. ~~NUMBER~~of OFShares ~~VOTING~~Price ~~SECURITIES~~Expiry ~~PERCENTAGE~~Date ---------------------------------------------------------------------~~-----------~~ ~~George~~Warrants ~~Leary~~250,000 2$0.48 April 4,~~464~~ 2003 4,~~440~~000,000 20$0.10 November 16, 2003 Options 1,039,434 $0.10 October 2%, ~~--------------------------------------------------------------------------------~~2006 =====================================================================

d) As at March 31, 2003, 1,664,062 of the issued shares are held in escrow. 5. List of Directors: George Leary, Chairman, Chief Executive Officer and Director Greg Stone, President and Director Peter Dunfield, Director Marion McGrath, Director and Secretary Graham Heal, Director JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) QUARTERLY REPORT - FORM 51-901F March 31, 2003 -------------------------------------------------------------------------------- SCHEDULE C: MANAGEMENT DISCUSSION OPERATIONS The Company incurred a loss from operations of $(134,456) of administrative expenses and had a working capital deficiency of $529,905 during the period ended March 31, 2003. During the period, the Company completed a 52,270 unit financing for proceeds of $15,681. Each unit consists of one common share and one share purchase warrant to purchase an additional common share at a price of $0.60 per share for a period of two years. Also during the period, 95,566 stock options were exercised netting the treasury $9,557. Effective September 30, 2002, the Company was declared inactive by the TSX Venture Exchange. Trading in the Company's securities will continue under this inactive designation. The Company will need to initiate its reactivation plan over the 12 month period from September 30, 2002 and must achieve tier maintenance requirements by March 30, 2004. CONTINGENT LIABILITIES None. RELATED PARTY TRANSACTIONS See unaudited Financial Statements, Note 5. LIQUIDITY AND SOLVENCY At March 31, 2003, the Company had a working capital deficit of $529,905. During the period, the Company announced a $500,000 private placement, which will consist of 5,000,000 units at $0.10 per unit. Each unit will consist of one common share and one two-year share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.10 per share. This transaction is subject to regulatory approval. During the period, 708,331 share purchase warrants exercisable at $0.68 per share, and 360,000 stock options exercisable at $0.10 per share, expired unexercised. The Company will continue to seek additional financings in order to fund its ongoing operations and other business opportunities. MATERIAL VARIANCES During the period, there was a drop in the Company's overall administration expenses from the same period ending March 31, 2002. Most of the costs incurred by the Company in the previous year were a result of the US operations from the Company's subsidiary, which over this period these activities have been put on hold. INVESTOR RELATIONS There were no investor relation activities undertaken during the period. SUBSEQUENT EVENTS a) At the Company's annual general meeting in December 2002, the shareholders approved a consolidation of the Company's shares up to a 10:1 basis. The consolidation and name change to Jalna Resources Limited occurred on April 10, 2003. b) Subsequent to March 31, 2003, 250,000 share purchase warrants exercisable at $0.48 per share expired unexercised. JALNA RESOURCES LIMITED (FORMERLY TRADERADIUS ONLINE INC.) VANCOUVER, B.C. CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2003 JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) CONSOLIDATED BALANCE SHEET (Prepared by management without audit)

=============================================================================== Mar 31, June 30, 2003 2002 ------------ ------------~~----------------------------------------------------------------------------------~~ ~~NAME~~ASSETS ~~AND~~Current ~~ADDRESS~~Cash OF$ ~~PERIOD~~4,849 ~~FROM~~$ ~~NUMBER~~6,226 OFAccounts ~~NOMINEE~~receivable ~~AND~~6,999 ~~PRESENT~~2,953 ~~WHICH NOMINEE APPROXIMATE POSITION WITH COMPANY PRINCIPAL OCCUPATION HAS BEEN DIRECTOR VOTING SECURITIES(1)~~ ------------ ------------~~----------------------------------------------------------------------------------~~ ~~GEORGE~~11,848 ~~LEARY~~9,179 ~~President~~Investment of(Note ~~GML~~3) ~~August~~1 1, ~~2001~~Capital 2assets 3,~~464,440~~278 ~~Calgary~~4,481 ~~AB Minerals Consulting Ltd. Chairman/Chief Executive Officer/Director~~ ------------ ------------~~----------------------------------------------------------------------------------~~ ~~GREG~~$ ~~STONE President of April 20~~15,127 ~~2000~~$ 9513,~~566~~661 ~~Bellevue,~~============ WA============ ~~TradeRadius~~LIABILITIES ~~Online~~AND ~~Inc.;~~SHAREHOLDERS' ~~President/Director~~EQUITY ~~----------------------------------------------------------------------------------------------------------~~Current ~~GRAHAM~~Accounts ~~HEAL~~payable ~~Self-employed~~and ~~computer~~accrued ~~October~~liabilities 22$ 187,796 ~~1999~~$ ~~775~~212,~~000(2)~~495 ~~Bellingham,~~Loan WApayable ~~consultant;~~21,264 ~~Director~~78,703 ~~Director~~Due ~~and~~to ~~Vice-President~~related ofparties ~~ClickHouse.com~~308,997 ~~Online~~148,934 ~~Inc.;~~ ------------ ------------ 518,057 440,132 ------------ ------------~~----------------------------------------------------------~~ ~~PETER~~Shareholders' ~~DUNFIELD~~equity ~~Self-employed~~Share ~~August~~capital ~~27,~~(Note ~~1999~~4) 5,~~625~~506,245 ~~West Vancouver~~5,481,007 BCDeficit ~~consultant~~(6,009,175) iO(5,907,478) ~~Director Corporate Services Ltd.; Director and Officer of several reporting companies;~~ ------------ ------------ (502,930) (426,471) ------------ ------------~~----------------------------------------------------------~~ ~~MARION~~$ ~~MCGRATH Self-employed December 22~~15,127 ~~2000~~$ ~~375 Vancouver~~13,661 BC============ ~~consultant, iO Secretary and Director Corporate Services Ltd. ----------------------------------------------------------------------------------------------------------~~============

ON BEHALF OF THE BOARD: "Peter Dunfield" Director "Marion McGrath" Director -------------------------- -------------------------- JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT (Prepared by management without audit)

=================================================================================================================== Three Three Nine Nine months months months months ended ended ended ended March 31, March 31, March 31, March 31, 2003 2002 2003 2002 ----------- ----------- ----------- ----------- EXPENSES Accounting and legal $ 3,961 $ 42,770 $ 16,461 $ 82,042 Consulting -- 35,092 --~~-------------------------------------------------------------~~ ~~LONG~~71,521 ~~TERM~~Corporate ~~COMPENSATION~~services 6,000 20,284 18,000 20,284 Depreciation 224 1,659 1,203 7,276 Interest expense 4,936 -- 13,581 --~~--------------------------------~~ ~~ANNUAL~~Management ~~COMPENSATION~~fees ~~AWARDS~~15,000 ~~PAYOUTS~~22,090 45,000 60,917 Printing -- -- 3,013 --~~-------------------------------------------------------------------------------------------------------~~ ~~SECURITIES~~Office ~~RESTRICTED~~and ~~OTHER~~miscellaneous ~~UNDER~~2,560 ~~SHARES~~10,600 OR8,697 ~~NAME~~52,958 ~~AND~~Rent ~~ANNUAL~~3,000 ~~OPTIONS/SARS~~8,860 ~~RESTRICTED~~9,000 ~~LTIP~~20,860 ~~ALL~~Shareholder ~~OTHER~~communications ~~PRINCIPAL~~-- ~~SALARY~~2,117 ~~BONUS~~3,114 ~~COMPENSATION~~2,117 ~~GRANTED~~Transfer ~~SHARE~~agent ~~UNITS~~and ~~PAYOUTS~~regulatory ~~COMPENSATION~~fees ~~POSITION~~9,739 ~~YEAR~~3,143 ~~($)~~14,015 ~~($)~~19,372 ~~($)(1)~~Travel ~~(#)~~and ~~($)~~related ~~($)~~costs ~~($)(~~-- 364 2),372 1,940 Wages and benefits -- -- -- 29,628 ----------- ----------- ----------- ----------- LOSS BEFORE OTHER ITEMS (45,420) (146,979) (134,456) (368,915) ----------- ----------- ----------- ----------- OTHER ITEMS Interest and other income 7 -- 23 7,036 Write-off of accounts receivable -- (630) --~~--------~~ ~~George Leary~~(3630) ~~2002~~Gain ~~Nil~~on ~~Nil~~settlement ~~Nil~~of ~~385,000~~accounts ~~Nil~~payable ~~Nil~~-- ~~$60~~530,~~000~~507 ~~Chairman/CEO~~32,736 ~~2001~~530,507 ~~n/a~~Loss ~~n/a~~on ~~n/a~~foreign ~~n/a~~exchange ~~n/a~~-- ~~n/a~~(2,804) ~~n/a~~ -- (2,804) ----------- ----------- ----------- ----------- 7 527,073 32,759 534,109 ----------- ----------- ----------- -----------~~-------------------~~ ~~Greg~~NET ~~Stone~~LOSS (4INCOME) ~~2002~~FOR ~~$25~~THE PERIOD (45,~~917~~413) ~~250~~380,~~000~~094 ~~Nil~~(101,697) ~~Nil~~165,194 ~~Nil President 2001 US$88~~DEFICIT,~~000~~ ~~Nil~~BEGINNING ~~Nil~~OF ~~Nil~~PERIOD ~~Nil Nil Nil 2000 US$25~~(5,~~000 Nil Nil 172~~963,~~500~~762) (6,073,724) ~~Nil~~(5,907,478) ~~Nil~~(5,858,824) ~~Nil~~ ----------- ----------- ----------- -----------~~-----------------------------------------------------------------~~ ~~Graham~~DEFICIT, ~~Heal~~END OF PERIOD $(6,009,175) $(5,693,630) ~~2001~~$(6,009,175) ~~Nil~~$(5,693,630) ~~Nil~~=========== ~~Nil~~=========== ~~Nil~~=========== ~~Nil~~=========== ~~Nil~~EARNINGS ~~Nil~~(LOSS) ~~former~~PER ~~CEO~~SHARE ~~2000~~$ US(0.01) $~~36,650~~ ~~Nil~~0.04 ~~Nil~~$ ~~1,250,000~~(60.01) ~~Nil~~$ ~~Nil~~0.02 ~~Nil~~=========== ~~-------------------------------------------------------------------------------------------------------------~~=========== =========== ===========

JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) CONSOLIDATED STATEMENT OF CASH FLOWS (Prepared by management without audit)

========================================================================================================================= Three Three Nine Nine months months months months ended ended ended ended March 31, March 31, March 31, March 31, 2003 2002 2003 2002 --------- --------- --------- ----------~~----------------------------------------------------------------------------------------------~~ %CASH OFPROVIDED ~~TOTAL~~BY ~~MARKET~~(USED ~~VALUE~~IN): OFOPERATING ~~SECURITIES~~ACTIVITIES ~~OPTIONS~~Income(Loss) ~~SECURITIES~~for ~~UNDERLYING~~the ~~UNDER~~period ~~GRANTED~~$(45,413) TO$ ~~EXERCISE~~380,094 ~~PRICE~~$(101,697) OR$ ~~OPTIONS/SARS~~165,194 ONAdd ~~DATE~~items OFnot ~~GRANT~~involving ~~OPTIONS/SARS~~cash: ~~EMPLOYEES~~Amortization IN224 ~~BASE~~1,659 ~~PRICE DATE OF GRANT EXPIRATION NAME IN 2001 GRANTED(#)(~~1),203 ~~FINANCIAL~~7,276 ~~YEAR ($/SECURITY) ($/SECURITY) DATE~~ -------- --------- --------- --------- (45,189) 381,753 (100,494) 172,470 Changes in non-cash working capital balances related to operations: 47,486 (518,242) 131,318 (706,235) -------- --------- --------- ---------~~------------------------------------------------------------~~ ~~George~~Cash ~~Leary~~provided ~~Oct~~by ~~1/01~~(used ~~385,000~~in) ~~24.06%~~operating ~~$0.10~~activities ~~Nil~~2,297 (3136,489) ~~Oct~~30,824 ~~1/06~~(533,765) -------- --------- --------- --------- FINANCING ACTIVITIES Subscriptions received -- 15,681 -- 15,681 Loan payable -- 113,825 (57,439) 113,825 Shares issued for cash -- 1,500 25,238 401,500 -------- --------- --------- --------- Cash provided by (used in) financing activities -- 131,006 (32,201) 531,006 -------- --------- --------- ---------~~----------------~~ ~~Greg~~INVESTING ~~Stone~~ACTIVITIES ~~Oct~~Disposition ~~1/01~~(acquisition) ~~250,000~~of ~~15.63%~~equipment ~~$0.10~~and ~~Nil~~furnishings ~~Oct~~-- ~~1/06~~499 -- 499 -------- --------- --------- --------- Cash provided by (used in) investing activities -- 499 -- 499 -------- --------- --------- --------- CHANGE IN CASH POSITION DURING THE PERIOD 2,297 (4,984) (1,377) (2,260) CASH POSITION, BEGINNING OF PERIOD 2,552 7,680 6,226 4,956 -------- --------- --------- ---------~~--------------------~~ CASH POSITION, END OF PERIOD $ 4,849 $ 2,696 $ 4,849 $ 2,696 ======== ========= ========= =========

JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) NOTES TO FINANCIAL STATEMENTS (Prepared by management without audit) March 31, 2003 ================================================================================ 1. NATURE AND CONTINUANCE OF OPERATIONS The Company is incorporated under the laws of the Province of British Columbia and was previously in the business of exploring and developing minerals properties. During the year ended June 30, 2000, the Company acquired an internet on-line services company and continued to develop its web-site and services in 2001 and 2002. Currently, the Company is not actively pursuing development of its website and services and is in the process of reorganizing and re-evaluating its business operations and future opportunities. During the period, the Company was declared "inactive" by the TSX Venture Exchange pending the resolution of certain listing requirements. These financial statements have been prepared in accordance with Canadian generally accepted accounting principles with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. Continued operations of the Company are dependent on the Company's ability to complete public equity financing or generate profitable operations in the future.

~~--------------------------------------------------------------------------------------------------------------------~~========================================================================== ~~VALUE~~Mar OF31, ~~UNEXERCISED~~2003 ~~IN THE SECURITIES UNEXERCISED OPTIONS/SARS AT MONEY OPTIONS/SARS AT FY~~- ~~ACQUIRED ON AGGREGATE VALUE FY~~-~~END(#) END($) NAME EXERCISE(#) REALIZED($) EXERCISABLE/UNEXERCISABLE EXERCISABLE/UNEXERCISABLE~~ ---------~~-----------------------------------------------------------------------------------------------------------~~ ~~George~~Deficit ~~Leary~~$(6,009,175) ~~Nil~~Working ~~n/a~~capital ~~385,000~~ (~~Exercisable~~deficiency) ~~Nil -------------------------------------------------------------------------------------------------------------------- Greg Stone Nil n/a 250,000~~ (~~Exercisable~~529,905) ~~Nil --------------------------------------------------------------------------------------------------------------------~~===========

2. SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, BidCrawler Online Inc. ("BidCrawler"), a company incorporated in British Columbia, Canada. FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities are translated at the rate of exchange in effect at the end of the period. Revenues and expenses are translated at the average exchange rate for the period. Exchange gains or losses are included in the determination of net loss for the period in which they arise. SEGMENTED INFORMATION The Company conducts substantially all of its operations in North America in one industry segment. JALNA RESOURCES LIMITED (formerly TradeRadius Online Inc.) NOTES TO FINANCIAL STATEMENTS (Prepared by management without audit) March 31, 2003 ================================================================================ 3. INVESTMENT During fiscal 2002, the Company entered into negotiations to acquire all the issued and outstanding shares of LEDdynamics, Inc. ("LED"), a private company headquartered in Vermont, USA. In connection with the proposed acquisition, the Company advanced $127,400 to LED for working capital purposes. The proposed acquisition was subsequently terminated and LED elected, under the terms of the agreement, to convert the advances to 59.603 common shares of LED representing a 5.625% equity interest. The shares were subsequently written-down to $1. 4. CAPITAL STOCK

=========================================================================== Number of Shares Amount ----------- ----------~~---------------------------------------------------------------------------------------------~~ ~~PRICE~~Authorized ~~RANGE~~100,000,000 INcommon ~~THE~~shares 30without ~~DAY~~par ~~PERIOD~~value ~~PRECEDING~~Issued ~~THE~~As ~~DATE~~at OFJune ~~GRANT~~30, OF2002 ~~THE~~12,050,138 ~~OPTIONS~~$5,481,007 ~~------------------------------------------~~Private ~~DATE~~placements OF52,270 ~~GRANT~~15,681 ~~NUMBER~~Exercise OFof ~~SHARES~~stock ~~EXPIRY~~options ~~DATE~~95,566 ~~EXERCISE~~9,557 ~~PRICE HIGH LOW~~ ----------- ----------~~---------------------------------------------------------------------------------------------~~ ~~October~~As 1,at ~~2001~~March 131,~~600,000~~ ~~October~~2003 112,197,974 ~~2006~~ $~~0.10~~5,506,245 ~~$0.12~~=========== ~~$0.05 ------------------------------------------------------------------------------------------------------------------~~==========

5. RELATED PARTY TRANSACTIONS The Company paid or accrued the following amounts to related parties:

~~------------------------------------------------------------------------------------------------------------~~=========================================================================== ~~PRICE~~Nine ~~RANGE~~Month INPeriod ~~THE~~Ended 30Mar ~~DAY~~31, ~~PERIOD~~2003 ~~PRECEDING THE EXERCISE OF THE OPTIONS~~ ------------~~---------------------------------~~ ~~NO.~~Administration OFfees ~~SHARES~~$18,000 ~~EXERCISE~~Management ~~PRICE~~fees ~~DATE~~45,000 OFRent ~~EXERCISE HIGH LOW ------------------------------------------------------------------------------------------------------------ 15~~9,000 ~~$0.10 Feb 18/02 $0.12 $0.30 ------------------------------------------------------------------------------------------------------------~~========

6. SUBSEQUENT EVENTS a) At the Company's annual general meeting in December 2002, the shareholders approved a consolidation of the Company's shares up to a 10:1 basis. The consolidation and name change to Jalna Resources Limited occurred on April 10, 2003. b) Subsequent to March 31, 2003, 250,000 share purchase warrants exercisable at $0.48 per share expired unexercised.

------------------------------------------------------------------------------------------------------------- PRICE RANGE IN THE 30 DAY PERIOD PRECEDING THE EXERCISE OF THE OPTIONS --------------------------------------------- NO. OF SHARES EXERCISE PRICE DATE OF EXERCISE HIGH LOW ------------------------------------------------------------------------------------------------------------- 95,566 $0.10 Jul 29/02 $0.03 $0.11 -------------------------------------------------------------------------------------------------------------

--------------------------------------------------------- CLOSING PRICE (PER SHARE) DISCOUNT --------------------------------------------------------- up to $0.50 25% --------------------------------------------------------- $0.51 to $2.00 20% --------------------------------------------------------- Above $2.00 15% ---------------------------------------------------------

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