##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 
 FORM 10-Q
 
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010.
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission File Number: 000-23017
 
 ECHO THERAPEUTICS, INC.
  
 Delaware
    
    41-1649949(State or other jurisdiction of
    
    (I.R.S. Employer Identification Number)incorporation or organization)
 10 Forge Parkway, Franklin, MA
    
    02038(Address of principal executive offices)
    
    (Zip code)
 (508) 553-8850
 
 þ o
 þ o
  Large accelerated filer o
Accelerated filer o
Non-accelerated filer o(Do not check if a smaller reporting company)
Smaller reporting company þ o þ




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##### 



ECHO THERAPEUTICS, INC.
Quarterly report on Form 10-Q for the period ended March 31, 2010
 TABLE OF CONTENTS
 Item
    
    
    
    PagePART I
FINANCIAL INFORMATION1.
    
    Financial Statements
    
    3Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009
    
    3Consolidated Statements of Operations for three months ended March 31, 2010 and 2009
    
    5Consolidated Statements of Cash Flows for three months ended March 31, 2010 and 2009
    
    9Notes to Financial Statements (Unaudited)
    
    82.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    164T.
    
    Controls and Procedures
    
    22PART II
OTHER INFORMATION2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
    
    226.
    
    Exhibits
    
    22SIGNATURES
    
    22EXHIBIT INDEX
    
    24EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



PART IFINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 
 Echo Therapeutics, Inc.
Consolidated Balance Sheets
 As of,March 31,
    
    
    December 31,2010
    
    
    2009UnauditedASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,897,238
    
    
    $
    1,166,858Accounts receivable
    
    
    
    
    
    
    130,036Prepaid expenses and other current assets
    
    
    283,413
    
    
    
    226,641Total current assets
    
    
    2,180,651
    
    
    
    1,523,535Property and Equipment, at cost:Computer equipment
    
    
    262,958
    
    
    
    262,278Office and laboratory equipment (including assets under capitalized leases)
    
    
    618,723
    
    
    
    618,723Furniture and fixtures
    
    
    14,288
    
    
    
    14,288Manufacturing equipment
    
    
    129,320
    
    
    
    129,320Leasehold improvements
    
    
    177,768
    
    
    
    177,7681,203,057
    
    
    
    1,202,377Less-Accumulated depreciation and amortization
    
    
    (1,151,398
    )
    
    
    (1,143,167
    )Net property and equipment (including assets under capitalized leases)
    
    
    51,659
    
    
    
    59,210Other Assets:Restricted cash
    
    
    9,749
    
    
    
    9,749Intangible assets, net of accumulated amortization
    
    
    9,679,239
    
    
    
    9,708,822Deposits and other assets
    
    
    2,000
    
    
    
    2,000Total other assets
    
    
    9,690,988
    
    
    
    9,720,571Total assets
    
    $
    11,923,298
    
    
    $
    11,303,316
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##### Table of Contents



As of,March 31,
    
    
    December 31,2010
    
    
    2009UnauditedLIABILITIES AND STOCKHOLDERS EQUITYCurrent Liabilities:Accounts payable
    
    $
    925,057
    
    
    $
    948,712Deferred revenue
    
    
    551,982
    
    
    
    591,051Current portion of capital lease obligation
    
    
    1,921
    
    
    
    1,874Derivative warrant liability
    
    
    1,620,351
    
    
    
    2,116,696Accrued expenses and other liabilities
    
    
    166,414
    
    
    
    481,679Total current liabilities
    
    
    3,265,725
    
    
    
    4,140,012Capital lease obligation, net of current portion
    
    
    7,749
    
    
    
    8,247Deferred revenue, net of current portion
    
    
    147,550
    
    
    
    122,451Total liabilities
    
    
    3,421,024
    
    
    
    4,270,710CommitmentsStockholders Equity:Perpetual, Redeemable Preferred Stock:Series B, authorized 40,000 shares, issued and outstanding 144.0140 and 141.2281
shares at March 31, 2010 and December 31, 2009, respectively (preference
in liquidation of $1,440,140 at March 31, 2010)
    
    
    2
    
    
    
    2Convertible Preferred Series:Series C, authorized 10,000 shares, issued and outstanding 4,918.1 shares at March 31, 2010
and December 31, 2009
    
    
    49
    
    
    
    49Common stock, $0.01 par value, authorized 100,000,000 shares, issued and outstanding
29,053,245 and 27,045,792 shares at March 31, 2010 and December 31, 2009, respectively
    
    
    290,534
    
    
    
    270,459Additional paid-in capital
    
    
    77,486,855
    
    
    
    74,155,716Accumulated deficit
    
    
    (69,275,166
    )
    
    
    (67,393,620
    )Total stockholders equity
    
    
    8,502,274
    
    
    
    7,032,606Total liabilities and stockholders equity
    
    $
    11,923,298
    
    
    $
    11,303,316
  4




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##### Table of Contents



Echo Therapeutics, Inc.  Consolidated Statements of Operations
 Three Months EndedMarch 31,2010
    
    
    2009Licensing revenue
    
    $
    13,972
    
    
    $
    Operating Expenses:Research and development
    
    
    1,113,485
    
    
    
    288,216Selling, general and administrative
    
    
    1,277,623
    
    
    
    573,364Total operating expenses
    
    
    2,391,108
    
    
    
    861,580Loss from operations
    
    
    (2,377,136
    )
    
    
    (861,580
    )Other Income (Expense):Interest income
    
    
    691
    
    
    
    389Interest expense
    
    
    (1,089
    )
    
    
    (178,707
    )Gain on extinguishment of financial advisor fee
payable
    
    
    200,000
    
    
    
    Derivatives gain (loss)
    
    
    295,988
    
    
    
    (251,432
    )Other income (expense), net
    
    
    495,590
    
    
    
    (429,750
    )Net loss
    
    
    (1,881,546
    )
    
    
    (1,291,330
    )Accretion of dividends on Convertible Preferred Stock
    
    
    
    
    
    
    (57,674
    )In-kind dividends on Perpetual Redeemable Preferred
Stock
    
    
    (27,859
    )
    
    
    Net loss applicable to common shareholders
    
    $
    (1,909,405
    )
    
    $
    (1,349,004
    )Net loss per common share, basic and diluted
    
    $
    (0.07
    )
    
    $
    (0.07
    )Basic and diluted weighted average common shares
outstanding
    
    
    28,242,669
    
    
    
    19,380,146
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Echo Therapeutics, Inc
Consolidated Statements of Cash Flows
 Three Months Ended March 31,2010
    
    
    2009Cash Flows From Operating Activities:Net loss
    
    
    ($1,881,546
    )
    
    
    ($1,291,330
    )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization
    
    
    37,814
    
    
    
    41,783Share-based compensation
    
    
    59,720
    
    
    
    398,463Fair value of common stock issued for charitable contributions
    
    
    113,400
    
    
    
    Fair value of common stock and warrants issued for services
    
    
    620,471
    
    
    
    Fair value of options issued for services
    
    
    46,109
    
    
    
    Derivative (gain) loss
    
    
    (295,988
    )
    
    
    251,432Non-cash gain on extinguishment of financial advisor fee payable
    
    
    (200,000
    )
    
    
    Non-cash interest expense
    
    
    
    
    
    
    176,818Changes in assets and liabilities:Accounts receivable
    
    
    130,036
    
    
    
    Prepaid expenses and other current assets
    
    
    (56,772
    )
    
    
    (5,838
    )Accounts payable
    
    
    (23,655
    )
    
    
    122,865Deferred revenue
    
    
    (13,970
    )
    
    
    Accrued expenses and other liabilities
    
    
    (115,265
    )
    
    
    18,602Net cash used in operating activities
    
    
    (1,579,646
    )
    
    
    (287,205
    )Cash Flows from Investing Activities:Purchase of property and equipment
    
    
    (680
    )
    
    
    Decrease in restricted cash
    
    
    
    
    
    
    501Net cash provided by (used in) investing activities
    
    
    (680
    )
    
    
    501Cash Flows From Financing Activities:Proceeds from the sale of Series A-2 preferred stock, net of expenses
    
    
    
    
    
    
    99,576Proceeds from the sale of common stock, net of expenses
    
    
    2,311,157
    
    
    
    Principal payments for capital lease obligations
    
    
    (451
    )
    
    
    Dividends paid in cash on Series A, A-1 and A-2 preferred stock
    
    
    
    
    
    
    (18
    )Net cash provided by financing activities
    
    
    2,310,706
    
    
    
    99,558Net Increase (Decrease) in Cash and Cash Equivalents
    
    
    730,380
    
    
    
    (187,146
    )Cash and Cash Equivalents, beginning of period
    
    
    1,166,858
    
    
    
    242,867Cash and Cash Equivalents, end of period
    
    $
    1,897,238
    
    
    $
    55,721
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Echo Therapeutics, Inc

Consolidated Statements of Cash Flows
 Three Months ended March 31,2010
    
    
    2009Supplemental Disclosure of Cash Flow Information and Non Cash Financing Transactions:Cash paid for interest
    
    $
    1,089
    
    
    $
    816Accretion of dividend on Series A, A-1 and A-2 Convertible Preferred Stock
    
    $
    
    
    
    $
    57,656In-kind dividend paid on Series B Perpetual Preferred Stock
    
    $
    27,859
    
    
    $
    Derivative warrant liability reclassified from stockholders equity
    
    $
    
    
    
    $
    1,080,118Senior Convertible Notes issued for accrued interest
    
    $
    
    
    
    $
    6,538Reclassification of derivative liability to additional paid-in capital
    
    $
    200,357
    
    
    $
    Fair value of warrants issued to financial advisors as financing costs
    
    $
    217,141
    
    
    $
    
  7




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Echo Therapeutics, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Period Ended March 31, 2010 (Unaudited)
 (1) ORGANIZATION, BASIS OF PRESENTATION AND GOING CONCERN
  
    
    Analyte extraction, with the Symphony tCGM System (Symphony) for needle-free,
continuous glucose monitoring in hospital patients and diabetics as the first application.
    
    Needle-free drug delivery, with the delivery of lidocaine as the first application.
Additional applications for painless, needle-free delivery of drugs are planned.
   Going Concern
  (2) INTANGIBLE ASSETS
  March 31, 2010
    
    
    December 31, 2009Estimated
    
    
    
    
    
    
    AccumulatedLife
    
    
    Cost
    
    
    Amortization
    
    
    Net
    
    
    NetContract related intangible asset:Cato Research discounted contract
    
    3 years
    
    $
    355,000
    
    
    $
    300,761
    
    
    $
    54,239
    
    
    $
    83,822Technology related intangible assets:Patent for the AzoneTS-based product
candidates and formulation
    
    8 years
    
    
    1,305,000
    
    
    
    
    
    
    
    1,305,000
    
    
    
    1,305,000Drug Master Files containing formulation,
clinical and safety documentation used by
the FDA
    
    8 years
    
    
    1,500,000
    
    
    
    
    
    
    
    1,500,000
    
    
    
    1,500,000
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March 31, 2010
    
    
    December 31, 2009Estimated
    
    
    
    
    
    
    AccumulatedLife
    
    
    Cost
    
    
    Amortization
    
    
    Net
    
    
    NetTwo (2) in-process Durhalieve-related
pharmaceutical products
    
    8 years
    
    
    6,820,000
    
    
    
    
    
    
    
    6,820,000
    
    
    
    6,820,000Total technology related intangible assets
    
    
    
    
    
    
    9,625,000
    
    
    
    
    
    
    
    9,625,000
    
    
    
    9,625,000Total
    
    
    
    
    
    $
    9,980,000
    
    
    $
    300,761
    
    
    $
    9,679,239
    
    
    $
    9,708,822
  (3) CAPITAL AND OPERATING LEASE COMMITMENTS
  March 31,
    
    December 31,2010
    
    2009Capital lease obligation
    
    
    9,670
    
    
    
    10,121Less current portion of capital lease obligation
    
    
    1,921
    
    
    
    1,874Capital lease obligation, net of current portion
    
    $
    7,749
    
    
    $
    8,247
 Capital Lease 
 Operating Lease 
 AmountFor the years ending December 31,2010
    
    $
    139,0002011
    
    
    46,000Total
    
    $
    185,000
  (4) DERIVATIVE INSTRUMENTS
    9




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(5) FAIR VALUES OF ASSETS AND LIABILITIES
        Assets and Liabilities Measured at Fair Value on a Recurring Basis
  March 31, 2010Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    Fair ValueLiabilities:Derivative warrant liability
    
    $
    
    
    
    $
    1,620,351
    
    
    $
    
    
    
    $
    1,620,351
 December 31, 2009Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    Fair ValueLiabilities:Derivative warrant liability
    
    $
    
    
    
    $
    2,116,696
    
    
    $
    
    
    
    $
    2,116,696
  (6) PREFERRED STOCK
  10




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Convertible Preferred Stock
   Series B Perpetual, Redeemable Preferred Stock
  Series B Redemption Agreement 
  (7) COMMON STOCK
  February 2010 Common Stock and Warrant  Financing
     11




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Exercise of Stock Purchase Warrants
  Issuance of Common Stock for Services
   Issuance of Restricted Stock for Services
  (8) STOCK OPTION PLANS
     Share-Based Compensation
  12




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2010
    
    2009Risk-free interest rate
    
    
    3.62  3.71
    %
    
    
    2.71  2.89
    %Expected dividend yield
    
    
    
    
    
    
    Expected term (employee / director grants)
    
    6.75 years
    
    6.75 yearsForfeiture rate (excluding fully vested options)
    
    
    0%  33
    %
    
    
    11%  33
    %Expected volatility
    
    
    148%  151
    %
    
    
    152.68
    %
  Weighted-Weighted-
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateExercise
    
    
    Contractual
    
    
    IntrinsicOptions
    
    Shares
    
    
    Price
    
    
    Term
    
    
    ValueOutstanding at January 1, 2010
    
    
    2,924,530
    
    
    $
    0.90Granted
    
    
    100,000
    
    
    
    1.70Exercised
    
    
    
    
    
    
    Forfeited or expired
    
    
    
    
    
    
    Outstanding at March 31, 2010
    
    
    3,024,530
    
    
    $
    0.94
    
    
    7.56 years
    
    $
    2,470,950Exercisable at March 31, 2010
    
    
    2,783,885
    
    
    $
    0.81
    
    
    7.57 years
    
    $
    2,290,150
  Restricted Stock Grants
  Weighted-AverageGrant-DateNonvested Shares
    
    Shares
    
    
    Fair ValueNonvested at January 1, 2010
    
    
    1,779,594
    
    
    $
    1.13Granted
    
    
    10,000
    
    
    
    1.80Vested
    
    
    (2,500
    )
    
    
    (1.80
    )Forfeited
    
    
    
    
    
    
    Nonvested at March 31, 2010
    
    
    1,787,094
    
    
    $
    0.84Vested at March 31, 2010
    
    
    506,000
    
    
    $
    1.58
  13




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Grant of Stock Options to Consultant
  (9) WARRANTS
  Number ofShares
    
    
    Exercise
    
    
    Date ofExercisable
    
    
    Price
    
    
    ExpirationGranted to investors and placement agent in private placement.
    
    
    476,830
    
    
    $
    5.80
    
    
    
    3/7/2011Granted to investors and placement agent in private placement.
    
    
    419,250
    
    
    $
    1.32
    
    
    
    6/15-7/16/2012Granted to investors and placement agent in private placement.
    
    
    180,000
    
    
    $
    0.75
    
    
    
    6/15/2012Granted to financial investment advisor
    
    
    6,000
    
    
    $
    1.46
    
    
    
    7/25/2012Granted to financial advisor in connection with an acquisition
    
    
    80,750
    
    
    $
    1.92
    
    
    
    9/14/2012Granted to financial investment advisor
    
    
    39,978
    
    
    $
    1.36
    
    
    
    2/11/2013Granted to investors in private placement
    
    
    733,412
    
    
    $
    0.50
    
    
    
    2/11/2013Granted to investors in private placement
    
    
    641,227
    
    
    $
    1.61
    
    
    
    3/24/2013Granted to investors in private placement of preferred stock
    
    
    121,663
    
    
    $
    0.75
    
    
    
    9/30/2013Granted to investors in private placement of preferred stock
    
    
    32,249
    
    
    $
    1.00
    
    
    
    9/30/2013Granted to investors in private placement of preferred stock
    
    
    198,333
    
    
    $
    1.50
    
    
    
    10/28/2013Granted to investors in private placement of preferred stock
    
    
    70,000
    
    
    $
    0.75
    
    
    
    10/31/2013Granted to investors in private placement of preferred stock
    
    
    640,000
    
    
    $
    0.75
    
    
    
    2/28/2014Granted to vendor
    
    
    50,000
    
    
    $
    0.70
    
    
    
    3/2/2012Granted to vendor
    
    
    60,000
    
    
    $
    0.60
    
    
    
    3/15/2014Granted to investors in private placement
    
    
    400,000
    
    
    $
    1.59
    
    
    
    6/30/2014Granted to investors in private placement
    
    
    1,598,339
    
    
    $
    2.00
    
    
    
    11/13/2014Granted to investors in private placement
    
    
    800,000
    
    
    $
    1.60
    
    
    
    11/13/2014Granted to placement agent in private placement
    
    
    256,906
    
    
    $
    1.50
    
    
    
    11/13/2014Granted to vendor
    
    
    50,000
    
    
    $
    2.00
    
    
    
    12/1/2012Granted to investors in private placement
    
    
    315,000
    
    
    $
    2.00
    
    
    
    12/3/2014Granted to placement agent in private placement
    
    
    45,000
    
    
    $
    1.38
    
    
    
    12/3/2014Granted to investors in private placement
    
    
    811,987
    
    
    $
    2.25
    
    
    
    2/9/2015Granted to placement agents in private placement
    
    
    128,899
    
    
    $
    2.25
    
    
    
    2/9/2015Granted to investor in private placement
    
    
    6,375
    
    
    $
    2.25
    
    
    
    3/18/2015Granted to financial investment advisor
    
    
    100,000
    
    
    $
    1.50
    
    
    
    2/10/2013Granted to financial investment advisor
    
    
    20,000
    
    
    $
    2.00
    
    
    
    3/3/2013Total
    
    
    8,282,198Weighted average exercise price
    
    
    
    
    
    $
    1.78Weighted average duration in years
    
    
    
    
    
    
    
    
    
    3.77 years
 Issuance of Warrants to Service Providers
   14




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(10) LICENSING REVENUE
 Ferndale License of Prelude SkinPrep System
   Handok License of Symphony tCGM System
   (11) PLACEMENT AGENT AGREEMENTS
    15




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##### Table of Contents



(12) SUBSEQUENT EVENTS
  
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
 The following discussion of our consolidated financial condition and results of operations
should be read in conjunction with the financial statements and the related notes thereto included
in the Companys Form 10-K for the year ended December 31, 2009 and elsewhere in this Form 10-Q .
The matters discussed herein contain forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the
Securities Act of 1933, as amended, which involve risks and uncertainties. All statements other
than statements of historical information provided herein may be deemed to be forward-looking
statements. Without limiting the foregoing, the words believes, anticipates, plans, expects
and similar expressions are intended to identify forward-looking statements. The factors that could
cause actual future results to differ materially from current expectations include, but are not
limited to, risks related to regulatory approvals and the success of our ongoing studies, including
the efficacy of Symphony and Prelude, the failure of future development and preliminary marketing
efforts related to Symphony and Prelude, risks and uncertainties relating to our ability to
develop, market and sell diagnostic products based on our skin permeation platform technologies,
the availability of substantial additional equity or debt capital to support our research,
development and product commercialization activities, the success of our research, development, and
regulatory approval, marketing and distribution plans and strategies, including those plans and
strategies related to Symphony and Prelude and those discussed in Risk Factors in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2009 and elsewhere in this report and
the risks discussed in our other filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect managements analysis, judgment, belief
or expectation only as of the date hereof. We undertake no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise after the date hereof.
 Overview
  Operating Plan
  16




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Research and Development
    Critical Accounting Policies and Estimates
    17




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Revenue
  
    
    persuasive evidence of an arrangement exists;
    
    delivery has occurred and risk of loss has passed;
    
    the price to the buyer is fixed or determinable; and
    
    collectability is reasonably assured.
     Results of Operations
    18




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Comparison of the three months ended March 31, 2010 and 2009
 Licensing Revenue
 Research and Development Expenses
 Selling, General and Administrative Expenses
 Other Income (Expense)
 Interest Expense 
 Three months endedMarch 31,
    
    March 31,
    
    IncreaseNote Payable Obligation
    
    2010
    
    2009
    
    (Decrease)Senior promissory bridge notes
    
    $
    
    
    
    $
    
    
    
    $
    
    )Senior convertible notes
    
    
    
    
    
    
    16,000
    
    
    
    (16,000
    )2008 Senior secured notes
    
    
    
    
    
    
    162,000
    
    
    
    (162,000
    )Other short-term financing
    
    
    1,000
    
    
    
    1,000
    
    
    
    
    )Total notes payable
    
    $
    1,000
    
    
    $
    179,000
    
    
    $
    (178,000
    )Non-cash Interest included above
    
    None
    
    $
    177,000
    
    
    $
    (177,000
    )
 19




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Derivative
Gain (Loss)
 Gain on Extinguishment of Financial Advisory Fee Payable
 Net Loss
 Liquidity and Capital Resources
      20




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##### Table of Contents




    
    our ability to obtain funding from third parties, including any future collaborative
partners, on reasonable terms;
    
    our progress on research and development programs;
    
    the time and costs required to gain regulatory approvals;
    
    the costs of manufacturing, marketing and distributing our products, if successfully
developed and approved;
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##### Table of Contents




    
    the costs of filing, prosecuting and enforcing patents, patent applications, patent
claims and trademarks;
    
    the status of competing products; and
    
    the market acceptance and third-party reimbursement of our products, if successfully
developed and approved.
  Off-Balance Sheet Arrangements
  Effect of Inflation and Changes in Prices
  
 Item 4T. Controls and Procedures.
 Disclosure Controls and Procedures
  Internal Control over Financial Reporting
  
 PART IIOTHER INFORMATION
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  
 Item 6. Exhibits.
  22




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##### Table of Contents



SIGNATURES
  ECHO THERAPEUTICS, INC.Date: May 17, 2010By:
    /s/ Patrick T. Mooney, M.D.Patrick T. Mooney, M.D.Chief Executive Officer and Chairman of the BoardBy:
    /s/ Harry G. Mitchell, CPAHarry G. Mitchell, CPAChief Operating Officer, Chief Financial Officer and Treasurer 23




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Item.10.1
    
    
    Common Stock and Warrant Purchase Agreement by and among the Company and the Investors named therein,
dated as of February 4, 2010, is incorporated herein by reference to Exhibit 10.1 of the Companys
Current Report on Form 8-K dated February 4, 2010.10.2
    
    
    Form of Common Stock Purchase Warrant incorporated herein by reference to Exhibit 4.1 of the Companys
Current Report on Form 8-K dated February 4, 2010.31.1
    
    
    Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    
    Certification of the Chief Operating Officer, Chief Financial Officer and Treasurer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    
    Certification of the Chief Operating Officer, Chief Financial Officer and Treasurer pursuant to 18
U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 24