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      2 &amp;#8211; RECENT ACCOUNTING PRONOUNCEMENTS&lt;/b&gt;&lt;/font&gt;

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      2013-01 Balance Sheet Topic 210, January 2013&lt;/font&gt;

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      &lt;font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"&gt;Clarifies

      the scope of disclosures related to offsetting assets and

      liabilities. This release reduces the application of these

      disclosures to eliminate unintended consequences resulting

      from the application of a previously issued standard. The

      standard is effective for fiscal years beginning on or after

      January 1, 2013. Management has determined that the

      application of this standard did not have a material effect

      on the financial statements of the Company.&lt;/font&gt;

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