x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
o |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
Delaware
|
91-1955323
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
1050
Winter Street, Suite 1000, Waltham, MA
|
02451
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PAGE
NO.
|
|||||
PART
I. FINANCIAL INFORMATION
|
|||||
Item
1
|
Financial
Statements:
|
||||
|
|||||
Condensed
Balance Sheets as of June 30, 2007 (unaudited) and December
31, 2006 (audited)
|
3
|
||||
Condensed
Statements of Operations for the three and six months ended June
30, 2007
and
2006 (restated) and from inception to June 30, 2007 (all
unaudited)
|
4
|
||||
|
|||||
Condensed
Statements of Cash Flows for the three and six months ended June
30, 2007 and 2006 (restated) and from inception to June 30, 2007
(all
unaudited)
|
5
|
||||
Condensed
Statement of Stockholders’ Equity from August 23, 2000 (inception) to
June 30, 2007 (unaudited)
|
6
|
||||
Notes
to Condensed Financial Statements
|
11
|
||||
Item
2
|
Management's
Discussion and Analysis or Plan of Operation
|
16
|
|||
Item
3(A)T
|
Controls
and Procedures
|
29
|
|||
PART II. OTHER INFORMATION | |||||
Item
1.
|
Legal
Proceedings
|
30
|
|||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
30
|
|||
Item
3.
|
Defaults
Upon Senior Securities
|
30
|
|||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
30
|
|||
Item
5.
|
Other
Information
|
30
|
|||
Item
6.
|
Exhibits
|
30
|
|||
SIGNATURES |
32
|
June
30,
|
December
31,
|
||||||
2007
|
2006*
|
||||||
(Unaudited)
|
|||||||
ASSETS
|
|||||||
Current
assets
|
|||||||
Cash
and cash equivalents
|
$
|
4,800,258
|
$
|
2,054,280
|
|||
Prepaid
expenses
|
62,548
|
147,163
|
|||||
Total
current assets
|
4,862,806
|
2,201,443
|
|||||
Net
property and equipment
|
59,403
|
73,110
|
|||||
Patent
rights, net of accumulated amortization of $124,134 and $113,894,
respectively
|
142,533
|
152,773
|
|||||
Other
assets
|
35,817
|
62,827
|
|||||
Total
assets
|
$
|
5,100,559
|
$
|
2,490,153
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
liabilities
|
|||||||
Accounts
payable
|
$
|
482,859
|
$
|
310,162
|
|||
Accrued
expenses
|
533,045
|
132,073
|
|||||
Total
current liabilities
|
1,015,904
|
442,235
|
|||||
Long
term contract obligations
|
250,000
|
-
|
|||||
Accrued
warrant liability
|
-
|
763,654
|
|||||
Total
liabilities
|
1,265,904
|
1,205,889
|
|||||
Stockholders'
equity
|
|||||||
Preferred
stock, $.001 par value; 5,000,000 shares authorized:
|
|||||||
none
issued and outstanding
|
-
|
-
|
|||||
Common
stock, $.001 par value; 60,000,000 shares authorized; 25,144,086
and
17,460,181
|
|||||||
shares
issued and outstanding at June 30, 2007 and December 31, 2006,
respectively
|
25,144
|
17,460
|
|||||
Additional
paid-in capital
|
20,683,374
|
14,507,939
|
|||||
Deficit
accumulated during the development stage
|
(16,873,863
|
)
|
(13,241,135
|
)
|
|||
Total
stockholders' equity
|
3,834,655
|
1,284,264
|
|||||
Total
liabilities and stockholders' equity
|
$
|
5,100,559
|
$
|
2,490,153
|
For
the three months ended
June
30,
|
|
For
the six months ended
June
30,
|
|
|
|
|||||||||||
|
|
2007
|
|
2006
(Restated)
|
|
2007
|
|
2006
(Restated)
|
|
Inception
to
June
30, 2007
|
||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
320,966
|
||||||
Operating
expenses:
|
||||||||||||||||
General
and administrative
|
770,325
|
712,350
|
1,626,156
|
1,456,414
|
9,948,245
|
|||||||||||
Research
and development
|
529,011
|
445,363
|
1,560,004
|
811,553
|
7,373,180
|
|||||||||||
Total
operating expenses
|
1,299,336
|
1,157,713
|
3,186,160
|
2,267,967
|
17,321,425
|
|||||||||||
Loss
before other income (expense)
|
(1,299,336
|
)
|
(1,157,713
|
)
|
(3,186,160
|
)
|
(2,267,967
|
)
|
(17,000,459
|
)
|
||||||
Other
income (expense):
|
||||||||||||||||
Change
in fair value of warrant liability
|
-
|
210,124
|
-
|
210,124
|
||||||||||||
Interest
income
|
56,264
|
47,387
|
74,619
|
88,173
|
370,734
|
|||||||||||
Interest
expense
|
-
|
-
|
-
|
-
|
(244,138
|
)
|
||||||||||
Total
other income (expense)
|
56,264
|
257,511
|
74,619
|
298,297
|
126,596
|
|||||||||||
Net
loss
|
$
|
(1,243,072
|
)
|
$
|
(900,202
|
)
|
$
|
(3,111,541
|
)
|
$
|
(1,969,670
|
)
|
$
|
(16,873,863
|
)
|
|
Net
loss per share:
|
||||||||||||||||
Basic
and diluted
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
||||
Weighted-average
shares:
|
||||||||||||||||
Basic
and diluted
|
23,154,717
|
17,460,181
|
20,323,180
|
17,026,228
|
For
the six months ended June 30,
|
Inception
to
|
|||||||||
2007
|
2006
(Restated)
|
June
30, 2007
|
||||||||
Cash
flows from operating activities:
|
||||||||||
Net
loss
|
$
|
(3,111,541
|
)
|
$
|
(1,969,670
|
)
|
$
|
(16,873,863
|
)
|
|
Adjustments
to reconcile net loss to net cash
|
||||||||||
provided
by (used in) operating activities:
|
||||||||||
Amortization
of debt discount
|
-
|
-
|
244,795
|
|||||||
Depreciation
and amortization
|
23,947
|
25,304
|
276,166
|
|||||||
Change
in fair value of warrant liability
|
-
|
(210,124
|
)
|
-
|
||||||
Patent
rights impairment
|
-
|
-
|
91,694
|
|||||||
Interest
earned on discounted short term investments
|
-
|
(2,568
|
)
|
-
|
||||||
Issuance
of common stock, options and warrants for compensation
|
337,177
|
366,139
|
3,137,111
|
|||||||
Issuance
of warrants for patent acquistion
|
74,570
|
74,570
|
||||||||
Settlement
of accrued expense
|
-
|
-
|
54,401
|
|||||||
Deferred
compensation costs
|
-
|
-
|
319,553
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Prepaid
expenses
|
84,615
|
76,878
|
(62,550
|
)
|
||||||
Other
assets
|
27,010
|
9,987
|
(35,817
|
)
|
||||||
Accounts
payable and accrued expenses
|
573,669
|
(178,346
|
)
|
922,402
|
||||||
Other
liabilities
|
-
|
-
|
64,695
|
|||||||
Contractual
obligation
|
250,000
|
-
|
250,000
|
|||||||
Net
cash used in operating activities
|
(1,740,553
|
)
|
(1,882,400
|
)
|
(11,536,843
|
)
|
||||
Cash
flows from investing activities:
|
||||||||||
Additions
of property and equipment
|
-
|
(3,447
|
)
|
(144,796
|
)
|
|||||
Purchase
of short term investments
|
-
|
(8,920,633
|
)
|
(21,866,787
|
)
|
|||||
Maturities
of short term investments
|
-
|
7,942,000
|
21,866,787
|
|||||||
Net
cash used in investing activities
|
-
|
(982,080
|
)
|
(144,796
|
)
|
|||||
Cash
flows from financing activities:
|
||||||||||
Proceeds
from issuance of convertible debt
|
-
|
-
|
400,000
|
|||||||
Proceeds
from common stock option/warrant exercise
|
2,700
|
-
|
67,900
|
|||||||
Net
proceeds from issuance of common stock and warrants
|
4,483,831
|
1,260,069
|
15,797,080
|
|||||||
Net
proceeds from issuance of preferred stock
|
-
|
-
|
238,732
|
|||||||
Payments
on capital lease obligation, net
|
-
|
-
|
(21,815
|
)
|
||||||
Net
cash provided by financing activities
|
4,486,531
|
1,260,069
|
16,481,897
|
|||||||
Net
increase (decrease) in cash
|
2,745,978
|
(1,604,411
|
)
|
4,800,258
|
||||||
Cash
at beginning of period
|
2,054,280
|
2,379,738
|
-
|
|||||||
Cash
at end of period
|
$
|
4,800,258
|
$
|
775,327
|
$
|
4,800,258
|
||||
Supplemental
disclosures of non-cash financing activity
|
||||||||||
Issuance
of securities for obligation related to finder's fees
|
-
|
-
|
$
|
47,500
|
||||||
Accrued
warrant liability
|
-
|
$
|
407,717
|
$
|
-
|
|
|
|
|
|
|
Deficit
|
|
||||||||||||||||||
|
|
|
|
|
|
|
Accumulated
|
|
|||||||||||||||||
|
|
|
|
|
Additional
|
|
During
the
|
|
|||||||||||||||||
|
Preferred
Stock
|
Common
Stock
|
Paid-In
|
Deferred
|
Development
|
|
|||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Costs
|
Stage
|
Total
|
|||||||||||||||||
Balance,
August 23, 2000 (inception) restated for effect of reverse merger
with
Historical Autographs U.S.A. Inc.
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
- |
$
|
- |
$
|
-
|
|||||||||||
|
|||||||||||||||||||||||||
Stock
issuance
|
|||||||||||||||||||||||||
in
exchange for cash
|
5,000,000
|
50
|
4,950
|
5,000
|
|||||||||||||||||||||
Net
loss
|
(9,454
|
)
|
(9,454
|
)
|
|||||||||||||||||||||
Balance,
December 31,
|
|||||||||||||||||||||||||
2000,
as restated
|
-
|
-
|
5,000,000
|
50
|
4,950
|
-
|
(9,454
|
)
|
(4,454
|
)
|
|||||||||||||||
Issuance
of junior preferred stock
|
|||||||||||||||||||||||||
for
cash of $250,000 and in
|
|||||||||||||||||||||||||
exchange
for $400,000 in patent rights,
|
|||||||||||||||||||||||||
research
and development costs,
|
|||||||||||||||||||||||||
and
employee loanout costs less
|
|||||||||||||||||||||||||
issuance
expenses
|
|||||||||||||||||||||||||
of
$11,268, June 29, 2001
|
681,818
|
7
|
958,278
|
(343,553
|
)
|
614,732
|
|||||||||||||||||||
Issuance
of common stock in exchange
|
|||||||||||||||||||||||||
for
patent rights and deferred research
|
|||||||||||||||||||||||||
and
development costs
|
362,669
|
4
|
547,284
|
547,288
|
|||||||||||||||||||||
Services
receivable
|
(550,000
|
)
|
(550,000
|
)
|
|||||||||||||||||||||
Deferred
employee
|
|||||||||||||||||||||||||
loan-out
costs
|
|||||||||||||||||||||||||
receivable
earned
|
82,888
|
82,888
|
|||||||||||||||||||||||
Net
loss
|
(237,574
|
)
|
(237,574
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2001
|
681,818
|
7
|
5,362,669
|
54
|
1,510,512
|
(810,665
|
)
|
(247,028
|
)
|
452,880
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|||||||||
Amendment
of December 31, 2001
|
|||||||||||||||||||||||||
agreement
for the issuance of
|
|||||||||||||||||||||||||
common
stock agreement in
|
|||||||||||||||||||||||||
exchange
for research and
|
|||||||||||||||||||||||||
development
services
|
(495,599
|
)
|
550,000
|
54,401
|
|||||||||||||||||||||
Deferred
employee loan out
|
|||||||||||||||||||||||||
costs
receivable earned
|
171,776
|
171,776
|
|||||||||||||||||||||||
Issuance
of common
|
|||||||||||||||||||||||||
stock
for compensation
|
70,000
|
1
|
10,499
|
10,500
|
|||||||||||||||||||||
Issuance
of common stock for cash
|
999,111
|
9
|
149,857
|
149,866
|
|||||||||||||||||||||
Net
loss
|
(494,780
|
)
|
(494,780
|
)
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||
Balance,
December 31, 2002
|
681,818
|
7
|
6,431,780
|
64
|
1,175,269
|
(88,889
|
)
|
(741,808
|
)
|
344,643
|
|||||||||||||||
Issuance
of common stock for cash
|
|||||||||||||||||||||||||
less
issuance expense of $2,956
|
417,000
|
417
|
246,827
|
247,244
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less
|
|||||||||||||||||||||||||
issuance
expense of $519,230
|
4,000,000
|
4,000
|
3,476,770
|
3,480,770
|
|||||||||||||||||||||
Issuance
of common stock
|
|||||||||||||||||||||||||
for
convertible debenture less
|
|||||||||||||||||||||||||
issuance
expense of $49,500
|
400,000
|
400
|
350,100
|
350,500
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||
Shares
issued in connection with
|
|||||||||||||||||||||||||
acquisition
of Historical Autographs
|
|||||||||||||||||||||||||
U.S.A.,
Inc. on October 30, 2003
|
1,220,000
|
8,263
|
(8,263
|
)
|
-
|
|
|
Deficit
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
Accumulated
|
|
|||||||||||||||||
|
|
|
|
|
Additional
|
|
During
the
|
|
|||||||||||||||||
|
Preferred
Stock
|
Common
Stock
|
Paid-In
|
Deferred
|
Development
|
|
|||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Costs
|
Stage
|
Total
|
|||||||||||||||||
Value
of warrants and beneficial
|
|||||||||||||||||||||||||
conversion
feature of bridge loan
|
244,795
|
244,795
|
|||||||||||||||||||||||
Deferred
employee loan-out
|
|||||||||||||||||||||||||
costs
receivable earned
|
88,889
|
88,889
|
|||||||||||||||||||||||
Preferred
Stock converted
|
|||||||||||||||||||||||||
to
Common Stock
|
(681,818
|
)
|
(7
|
)
|
681,818
|
7
|
|||||||||||||||||||
Net
loss
|
(885,693
|
)
|
(885,693
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2003
|
-
|
-
|
13,150,598
|
13,151
|
5,485,498
|
-
|
(1,627,501
|
)
|
3,871,148
|
||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
|
972,430
|
972,430
|
||||||||||||||||||||||
|
|||||||||||||||||||||||||
Exercise
of common stock options
|
18,000
|
18
|
2,682
|
2,700
|
|||||||||||||||||||||
Issuance
of securities for payable
|
47,499
|
47
|
47,451
|
47,498
|
|||||||||||||||||||||
Net
loss
|
(3,327,827
|
)
|
(3,327,827
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2004
|
-
|
-
|
13,216,097
|
13,216
|
6,508,061
|
-
|
(4,955,328
|
)
|
1,565,949
|
||||||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less issuance
|
|||||||||||||||||||||||||
expense
of $384,312
|
2,991,812
|
2,992
|
6,224,601
|
6,227,593
|
|||||||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
|
557,080
|
557,080
|
||||||||||||||||||||||
|
|
||||||||||||||||||||||||
Exercise
of common stock options
|
25,000
|
25
|
62,475
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|
||||||||
Net
loss
|
(3,823,903)
|
(3,823,903)
|
|||||||||||||||||||||||
Balance,
December 31, 2005
|
-
|
-
|
16,232,909
|
$
|
16,233
|
$
|
13,352,217
|
-
|
($8,779,231
|
)
|
$
|
4,589,219
|
|||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less issuance
|
|||||||||||||||||||||||||
expense
of $95,013
|
1,227,272
|
1,227
|
1,253,760
|
1,254,987
|
|||||||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
|
703,839
|
703,839
|
||||||||||||||||||||||
|
|||||||||||||||||||||||||
Stock
warrant term extension
|
-
|
|
482,964
|
482,964
|
|||||||||||||||||||||
Warrant
liability
|
(1,284,841
|
)
|
(1,284,841
|
)
|
|||||||||||||||||||||
Net
loss
|
(4,461,904
|
)
|
(4,461,904
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2006
|
-
|
-
|
17,460,181
|
$
|
17,460
|
$
|
14,507,939
|
-
|
($13,241,135
|
)
|
$
|
1,284,264
|
|||||||||||||
Cumulative
effect of change in
|
|||||||||||||||||||||||||
accounting
principle:
|
|||||||||||||||||||||||||
Adjust
retained earnings at
|
|||||||||||||||||||||||||
January
1, 2007 for change in
|
|||||||||||||||||||||||||
accounting
principle
|
(521,187
|
)
|
(521,187
|
)
|
|||||||||||||||||||||
Reclassification
of warrants
|
1,284,841
|
1,284,841
|
|||||||||||||||||||||||
Issuance
of common stock and warrants
|
|||||||||||||||||||||||||
in
private placement for cash less issuance
|
|||||||||||||||||||||||||
expense
of $377,169
|
7,478,462
|
7,479
|
4,476,352
|
4,483,831
|
|||||||||||||||||||||
Exercise
of common stock warrants
|
18,000
|
18
|
2,682
|
$
|
2,700
|
||||||||||||||||||||
Issuance
of common stock options
|
|
189,981
|
189,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|||||||||
Stock
warrant term extension
|
-
|
|
59,025
|
59,025
|
|||||||||||||||||||||
Issuance
of restricted stock
|
187,443
|
187
|
87,984
|
88,171
|
|||||||||||||||||||||
Issuance
of warrants for patent acquistion
|
74,570
|
74,570
|
|||||||||||||||||||||||
Net
loss
|
(3,111,541
|
)
|
(3,111,541
|
)
|
|||||||||||||||||||||
Balance,
June 30, 2007
|
-
|
-
|
25,144,086
|
$
|
25,144
|
$
|
20,683,374
|
-
|
($16,873,863
|
)
|
$
|
3,834,655
|
|||||||||||||
Three
months ended June
30, 2006
|
Six
months ended June
30, 2006
|
||||||
Net
loss:
|
|||||||
Originally
reported
|
$
|
(837,202
|
)
|
$
|
(1,906,670
|
)
|
|
Adjustment
|
(63,000
|
)
|
(63,000
|
)
|
|||
Restated
|
$
|
(900,202
|
)
|
$
|
(1,969,670
|
)
|
|
Net
loss per share:
|
|||||||
Originally reported | $ | (0.05 | ) | $ | (0.11 | ) | |
Adjustment | - |
(0.01
|
)
|
||||
Restated
|
|
(0.05
|
|
|
(0.12
|
|
|
Accrued
warrant liability:
|
|||||||
Originally
reported
|
$
|
407,717
|
|||||
Adjustment
|
334,000
|
||||||
Restated
|
$
|
741,717
|
|||||
Additional
paid-in capital:
|
|||||||
Originally
reported
|
$
|
14,296,357
|
|||||
Adjustment
|
(271,000
|
)
|
|||||
Restated
|
$
|
14,025,357
|
Contractual
Obligations
|
Total
|
2007
|
2008
|
2009
|
2010
|
|||||||||||
Long-Term
Leases
|
$
|
12,000
|
$
|
12,000
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
License
Agreement
|
300,000
|
50,000
|
100,000
|
150,000
|
||||||||||||
Total
|
$
|
312,000
|
$
|
12,000
|
$
|
50,000
|
$
|
100,000
|
$
|
150,000
|
·
|
exercising
voting, redemption and conversion rights to the detriment of the
holders
of common stock;
|
·
|
receiving
preferences over the holders of common stock regarding or surplus
funds in
the event of our dissolution or
liquidation;
|
·
|
delaying,
deferring or preventing a change in control of our company;
and
|
·
|
discouraging
bids for our common stock.
|
· |
announcements
of the results of clinical trials by us or our
competitors,
|
· |
developments
with respect to patents or proprietary
rights,
|
· |
announcements
of technological innovations by us or our
competitors,
|
· |
announcements
of new products or new contracts by us or our
competitors,
|
· |
actual
or anticipated variations in our operating results due to the level
of
development expenses and other
factors,
|
· |
changes
in financial estimates by securities analysts and whether our earnings
meet or exceed such estimates,
|
· |
conditions
and trends in the pharmaceutical and other
industries,
|
· |
new
accounting standards,
|
· |
general
economic, political and market conditions and other factors, and
the
occurrence of any of the risks described in this Quarterly Report
on Form
10-QSB.
|
(a)
|
Disclosure
Controls and Procedures
|
(b)
|
Changes
in Internal Control over Financial
Reporting
|
10.1
|
Purchase
Agreement, dated April 23, 2007, by and among Arbios Systems, Inc.
and the
Investors set forth on the signature pages affixed hereto
(1)
|
|
10.2
|