**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

  

**FORM 10-Q**

**[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

**For the quarterly period ended June 30, 2010**

  

**[  ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT**

  

**For the transition period from ____________ to____________**

  

**Commission File No. 000-50032**

  

**OAK RIDGE MICRO-ENERGY, INC.**

(Exact name of Registrant as specified in its charter) 
| Colorado

94-3431032

(State or Other Jurisdiction of 

(I.R.S. Employer Identification No.) 

incorporation or organization) 

  

3046 East Brighton Place

Salt Lake City, UT 84121

* (Address of Principal Executive Offices)*

(801) 580-9409

*(Registrant’s Telephone Number, including area code)*

N/A 

(Former name, former address and former fiscal year, 

if changed since last report) 

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ] 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [  ]   No [  ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]  Accelerated filer [  ]   Non-accelerated filer [  ]   Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

Yes [  ] No [X] 

**Outstanding Shares**

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date:  August 13, 2010 - 74,091,644 shares of common stock.

**PART I –FINANCIAL INFORMATION**

**Item 1.  Financial Statements**

The Financial Statements of the Registrant required to be filed with this 10-Q Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Financial Statements fairly present the financial position of the Registrant. 

2

**Oak Ridge Micro-Energy, Inc.**

**(A Development Stage Company)**

**Condensed Consolidated Balance Sheets**

 

June 30, 2010

(Unaudited)

December 31, 2009

(Audited)

**Assets**

 

 

Current assets

 

 

Cash

$228,811

$394,037

Prepaid expenses

663

7,893

Total current assets

 229,474

 401,930

 

 

 

Intangible assets - net

27,882

 32,968

Total assets

$257,356

 $434,898

 

 

 

**Liabilities and Shareholders' Equity**

 

 

Accounts payable

$13,684

$18,728

Royalty payable

 32,500

 30,000

Accrued liabilities - related parties

 22,100

 18,000

Accrued liabilities - other

28,938

 28,938

Total current liabilities

 97,222

 95,666

 

 

 

**Shareholders' Equity**

 

 

Common Stock - 100,000,000 authorized at $0.001 par value, 74,091,644 issued and outstanding at June 30, 2010 and December 31, 2009

 74,092 

 74,092

Additional paid-in capital

 17,538,328 

 17,538,328

Deficit accumulated prior to development stage

 (2,319,595)

 (2,319,595)

Deficit accumulated during development stage

 (15,132,691)

 (14,953,593)

Total shareholders’ equity

160,134

 339,232

Total liabilities and shareholders’ equity

 $257,356

$434,898

See Accompanying Notes to the Financial Statements

3

**Oak Ridge Micro-Energy, Inc.**

**(A Development Stage Company)**

**Condensed Consolidated Statements of Operations**

 

For the Three Months Ended

For the Six Months Ended

 

 

June 30,

June 30,

From Reactivation

 

2010

2009

2010

2009

[January1, 1996] to June 30, 2010

Revenues

$-

$-

$-

$-

$138,251

 

 

 

 

 

 

**Operating expenses:**

 

 

 

 

 

General and administrative

107,992

40,404

174,437

109,853

 10,113,746

Research and development

-

6,496

-

13,037

 1,388,891

Sales and marketing

-

-

-

-

 5,061

(Gain)/loss of sale of assets

-

-

-

-

 4,361,078

Depreciation and amortization

2,543

2,107

5,086

3,254

 806,898

Total operating expenses

 110,535

49,007 

 179,523

 126,144

16,675,674

Operating income/(loss)

 (110,535)

 (49,007)

 (179,523)

 (126,144)

 (16,537,423)

 

 

 

 

 

 

**Other income/(expenses):**

 

 

 

 

 

Interest and other income

 221

 1,715

 425

 4,519

 129,809

Interest expense

 - 

 - 

 - 

 - 

 (340,159)

Gain on settlement of debt

 - 

 - 

 - 

 - 

 1,615,082 

Total other income/(expenses)

 221

 1,715

 425

 4,519

 1,404,732

Net income/(loss)

 $(110,314)

$(47,292)

 $(179,098)

 $(121,625)

$ (15,132,691)

Basic Loss Per Share

$ (0.01)

$ (0.01)

$ (0.01)

$ (0.01)

 

Basic Weighted Shares Outstanding

74,091,644

74,091,644

74,091,644

74,091,644

 

See Accompanying Notes to the Financial Statements

4

**Oak Ridge Micro-Energy, Inc.**

**(A Development Stage Company)**

**Condensed Consolidated Statements of Cash Flows**

 

June 30

From Reactivation

 

2010

2009

[January 1, 1996] to June 30, 2010

Cash flow from operating activities:

 

 

 

Net income/(loss)

  $ (179,098)

$ (121,625)

$ (15,132,691)

Adjustment to reconcile net income/(loss) to net cash from operations:

 

 

 

(Gain)/loss on disposal of assets

-

 -

4,361,078 

Loss on impairment of patents

-

-

2,857 

Gain on settlement of debt

-

-

(1,615,082)

Issuance of stock for expenses and services

 -

 -

7,301,598 

Depreciation and amortization

 5,086

 3,254

806,897 

(Increase)/decrease in prepaid expenses

7,230

 8,691

 (663) 

Increase/(decrease) in accounts payable/royalty payment 

 (2,544)

10,761

425,568 

Increase/(decrease) in accrued liabilities

-

 - 

28,938 

Increase/(decrease) in accrued liabilities – related

 4,100

 (17,000)

 18,909 

Net cash from operating activities

 (165,226)

 (115,919)

 (3,802,591)

 

 

 

 

Cash Flow from investing activities:

 

 

 

Purchase of equipment

 -

 -

 (1,231,601)

Purchase of intangible assets

-

(19,795)

(71,943)

Proceeds from sale of equipment

-

 -

713,595

Net cash from investing activities

 -

 (19,795)

 (589,949)

 

 

 

 

Cash flow from financing activities:

 

 

 

Proceeds from stock issued

 - 

 - 

 4,621,351 

Net cash from financing activities

 - 

 - 

 4,621,351 

Net change in cash and cash equivalents

(165,226)

 (135,714)

228,811 

Cash and cash equivalents, beginning of period

394,037

698,509

- 

Cash and cash equivalents, end of period

$228,811

$562,795

$228,811

Cash paid for taxes

$0

$0

 

Cash paid for interest

$0

$0

 

See Accompanying Notes to the Financial Statements

5

**Oak Ridge Micro-Energy, Inc.**

**(Development Stage Company)**

**Notes to Condensed Consolidated Financial Statements**

Note 1 – Description of Business

Oak Ridge Micro-Energy, Inc. (referred to hereafter as “the Company” or “Oak Ridge”) was incorporated on August 15, 1986 under the laws of the state of Colorado, with the original name “Vates Corp.”  Since inception, the Company has completed six name changes resulting in its present name.  With the 2002 acquisition of its sole subsidiary, Oak Ridge Micro-Energy, Inc., a Nevada Corporation (“Oak Ridge Nevada”), the name of the Company was changed from Global Acquisitions, Inc.  The Company has changed the par value of its stock and effected four stock splits.  The accompanying financial statements have been prepared showing the after spilt effect with a par value of $0.001 since inception.

The Company became inactive after 1995 and is considered to be in the development stage after that date.  The Company’s principal operations are the further development and commercialization of the rechargeable thin-film lithium battery.

The interim financial data are unaudited; however, in the opinion of the management of the Company, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of (a) the financial position at June 30, 2010 and December 31, 2009 (b) the results of operations for the three-month and six-month periods ended June 30, 2010 and 2009, and (c) cash flows for the six-month period ended June 30, 2010 and 2009.  The financial statements should be read in conjunction with the Company’s annual report on 10-K for the year ended December 31, 2009.

The results of operations for the three and six month periods ended June 30, 2010 are not necessarily indicative of those to be expected for the entire year.

Note 2 – Basic and Diluted Net Income (Loss) Per Share

Loss per common share is based on the weighted-average number of common shares outstanding.  Diluted loss per share is computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period using the treasury stock method.  There are no common stock equivalents outstanding, thus, basic and diluted loss per share calculations are the same.

Note 3 – Technology License Agreement

On December 28, 2001, the Company entered into a license and royalty agreement to further develop and market a rechargeable thin-film lithium battery for use in a variety of applications, such as, RFID tags for airlines and supply chain management, drug delivery systems and implantable medical devices, and non-volatile memory backup. The terms of the agreement included payments of $90,000 in cash and stock of the Company (completed). 

During 2007, the Company renegotiated the minimum royalty payment to $5,000 per year.  As of June 30, 2010, the Company had accrued a liability of $32,500 for current and prior year’s minimum royalty payments.

6

**Oak Ridge Micro-Energy, Inc.**

**(Development Stage Company)**

**Notes to Condensed Consolidated Financial Statements**

Note 4 - Related Parties

Officers, directors, family members of the officers and directors, and the officer and directors controlled entities own 45% of the Company’s outstanding common stock.

Note 5 – Recent Accounting Pronouncements

In October 2009, the FASB issued Accounting Standards Update No. 2009-13 for Revenue Recognition - Multiple Deliverable Revenue Arrangements (Subtopic 605-25) “Subtopic.” This accounting standard update establishes the accounting and reporting guidance for arrangements under which the vendor will perform multiple revenue - generating activities. Vendors often provide multiple products or services to their customers. Those deliverables often are provided at different points in time or over different time periods. Specifically, this Subtopic addresses how to separate deliverables and how to measure and allocate arrangement consideration to one or more units of accounting. The amendments in this guidance will affect the accounting and reporting for all vendors that enter into multiple-deliverable arrangements with their customers when those arrangements are within the scope of this Subtopic. This Statement is effective for fiscal years beginning on or after June 15, 2010. Earlier adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity's fiscal year, the entity will apply the amendments under this Subtopic retrospectively from the beginning of the entity's fiscal year. The presentation and disclosure requirements shall be applied retrospectively for all periods presented. Currently, Management believes this Statement will have no impact on the financial statements of the Company once adopted.

The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its consolidated financial statements.

Note 5 – Subsequent Events

On August 23, 2010, the Company executed a non-binding Letter of Intent (the “LOI”) to acquire Defense Technology Corporation, a Nevada corporation (“DTC”), in consideration of 10,000,000 post-reverse split shares of its common stock comprised of “restricted securities” as defined in Rule 144, following a one for 16.5 reverse split of its outstanding voting securities.  The LOI is effective for 45 days from execution, and it provides for the execution of a definitive agreement on satisfactory evidence of DTC having raised $800,000 in equity capital to fund its initial installation of 400 “Offender Alert Passive Scan”TM doors; all agreements being in place satisfactory to us to finalize DTC’s exclusive licensing for “DTC Advantage”TM, a light-weight micro-fiber product designed to provide bullet proof protection to personnel, with other potential armor uses, along with related products; and DTC having an executed investment banking agreement with a firm satisfactory to us.  The LOI also provides for a transfer of the Company’s thin-film battery technology and all other related technology and cash assets to its wholly-owned subsidiary, the shares of which will then be the subject of a pro rata spin-off to the Company’s shareholders, excluding any shareholder receiving shares in the DTC acquisition.

7

**Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.**

**Plan of Operation**

We have developed a new, thin-film lithium battery technology for commercial, consumer, industrial, security and military use. Our corporate objective is to capitalize on delivering solutions for the world’s micro-power needs.

The battery is lithium-based and is manufactured to be thinner than common plastic wrap. Like the larger, traditional lithium batteries that power laptops and cell phones, this lithium battery is also rechargeable. Unlike traditional lithium batteries, the thin-film battery is intended for small, hi-tech, low power applications, some of which have not yet been developed or brought to market.

Current anticipated uses include “smart” credit cards, security cards, wireless sensors, radio frequency identification tags, chip memory backup and advanced drug delivery devices. Future applications will grow as the availability of thin-film batteries increases.

The batteries must be substantially manufactured in the United States, under our licensing agreement (the “Licensing Agreement”), unless a waiver is obtained. There may be exportation limitations into certain countries; there are no environmental compliance issues that we know of; and raw materials and manufacturing equipment are readily available from several vendors in the United States.  

We have now completed our research and development stage and are entering the next stage in which we will focus our energy and resources on marketing and licensing the thin-film battery covered by our various patents to suitable partners across all industries. We have been in contact with several large-scale, multinational companies who have expressed interest in our thin-film battery technology.  This step is stage 3 of our business plan.

We have spent the first several years focusing on enhancing and improving the original core thin-film battery technology and have dedicated the facility in Oak Ridge, TN, to research and development, testing and prototyping. We feel we have reached the stage where all conceivable improvements and enhancements that would be required for product integration into the largest and most profitable markets have been accomplished. Through our testing, we have, among many other accomplishments, replaced the Lipon, the core of the original thin-film battery; changed the composition of the thin-film battery; developed a protective coating that makes it more durable through resistance to oxygen and moisture; improved long-life thin-film battery packages, including getters and methods for making improved long-life thin-film battery packages; developed a new anode-cathode combination (the active battery components which allows for record high temperature cycles of 170 degrees Celsius; and developed a thin-film battery that operates between 2 V and 1 V. 

During the prior several years, numerous large-scale, multinational companies have contacted us with interest in our TFB Technology. We believe our unique patented technology is ready for large-scale production and commercialization into many viable product lines. We intend to move into a strong and aggressive licensing mode. We plan to retain a top IP/licensing sales and marketing company, which specializes in licensing specialized technology to help achieve the goal of integrating the revolutionary TFB Technology into as many applications and product lines as possible. Oak Ridge Micro-Energy is currently in discussion with several companies seeking to integrate our technology into their various product lines and new designs. These companies have expressed an interest in licensing our proprietary TFB Technology.

As an integral part of the marketing process, we are currently considering separating the TFB Technology and marketing divisions by assigning the TFB Technology to a wholly owned subsidiary.  This will enable us to continue to pursue technical advancements to our IP, as well as build a marketing division, which focuses on licensing our TFB Technology. We are currently searching for an IP and license marketing firm, which specializes in reaching industry leaders in our key target markets and providing research reports and market summaries for exposure and marketing of our TFB Technology to the various industry markets that we believe our TFB Technology will enhance and be in demand.

On March 10, 2008, we sold our laboratory equipment to Planar Energy Devices, Inc., with a lease-back arrangement to allow us to use the equipment for up to 18 months; the 18 months has expired; however, we believe these facilities will be available at a reasonable price, if required.   

**Management’s Discussion and Analysis of Financial Condition and Results of Operations**

Period ended June 30, 2010, compared to period ended June 30, 2009.

8

**Revenue**

We had $0 in revenue in 2010, and $0 in revenue for 2009.  

**Operating Expenses**

Research and development expenses in the three-month period ended June 30, 2010, were $0, compared to $6,496 during the three-month and six-month periods ended June 30, 2010.  We discontinued our research and development program and eliminated its facility in Oak Ridge, TN during 2009.  At this time, we do not expect further research and development expenses. General and Administrative expenses were $107,992 in the three-month period ended June 30, 2010, compared to $40,404 in the three-month period ended June 30, 2009.  For the six-month period ended June 30, 2010, General and Administrative charges totaled $174,437, compared to $109,853 for the six-month period ended June 30, 2009.  These charges consisted of travel expenses, legal and professional charges and other miscellaneous charges related to general business operations.  We experienced an increase in professional charges the quarter ended June 30, 2010, as we actively seek potential business ventures.

**Liquidity**

We incurred a net loss of $110,314 for the period ended June 30, 2010. Cash on hand totaled $228,811. We believe cash on hand will be sufficient to finance current business operations for at least the next 12 months.

**Off-Balance Sheet Arrangements**

We had no off balance sheet arrangements during the quarter ended June 30, 2010.

**Forward-looking Statements**

ALL FORWARD-LOOKING STATEMENTS CONTAINED HEREIN, AND SPECIFICALLY UNDER THIS HEADING, ARE DEEMED BY OUR COMPANY TO BE COVERED BY AND TO QUALIFY FOR THE SAFE HARBOR PROTECTION PROVIDED BY THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. STOCKHOLDERS AND PROSPECTIVE STOCKHOLDERS SHOULD UNDERSTAND THAT SEVERAL FACTORS GOVERN WHETHER ANY FORWARD-LOOKING STATEMENT CONTAINED HEREIN WILL BE OR CAN BE ACHIEVED. ANY ONE OF THESE FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED HEREIN. THESE FORWARD- LOOKING STATEMENTS INCLUDE PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND OBJECTIVES RELATING TO THE PRODUCTS AND THE FUTURE ECONOMIC PERFORMANCE OF OUR COMPANY. ASSUMPTIONS RELATING TO THE FOREGOING INVOLVE JUDGMENTS WITH RESPECT TO, AMONG OTHER THINGS, FUTURE ECONOMIC, COMPETITIVE AND MARKET CONDITIONS, FUTURE BUSINESS DECISIONS, AND THE TIME AND MONEY REQUIRED TO SUCCESSFULLY COMPLETE DEVELOPMENT PROJECTS, ALL OF WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT ACCURATELY AND MANY OF WHICH ARE BEYOND THE CONTROL OF OUR COMPANY. ALTHOUGH WE BELIEVE THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY OF THOSE ASSUMPTIONS COULD PROVE INACCURATE AND, THEREFORE, THERE CAN BE NO ASSURANCE THAT THE RESULTS CONTEMPLATED IN ANY OF THE FORWARD- LOOKING STATEMENTS CONTAINED HEREIN WILL BE REALIZED. BASED ON ACTUAL EXPERIENCE AND BUSINESS DEVELOPMENTS, THE IMPACT OF WHICH MAY CAUSE OUR COMPANY TO ALTER OUR MARKETING, CAPITAL EXPENDITURE PLANS OR OTHER BUDGETS, WHICH MAY IN TURN AFFECT OUR COMPANY’S RESULTS OF OPERATIONS IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF ANY SUCH STATEMENT SHOULD NOT BE REGARDED AS A REPRESENTATION BY OUR COMPANY OR ANY OTHER PERSON THAT THE OBJECTIVES OR PLANS OF OUR COMPANY WILL BE ACHIEVED.

**Item 3.  Quantitative and Qualitative Disclosures About Market Risk.**

Not required.

9

**Item 4.  Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q.  In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.  In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.  The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. 

Based on that evaluation, our chief executive officer and chief financial officer concluded that, as of June 30, 2010, our disclosure controls and procedures were, subject to the limitations noted above, effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules, regulations and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. 

**Changes in Internal Control over Financial Reporting**

Our management, with the participation of the chief executive officer and chief financial officer, has concluded there were no significant changes in our internal controls over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

None; not applicable. 

**Item 1A.  Risk Factors.**

Not required.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None; not applicable. 

**Item 3. Defaults Upon Senior Securities.**

None; not applicable. 

**Item 4. (Removed and Reserved).**

**Item 5. Other Information.**

On August 23, 2010, we executed a non-binding Letter of Intent (the “LOI”) to acquire Defense Technology Corporation, a Nevada corporation (“DTC”), in consideration of 10,000,000 post-reverse split shares of our common stock comprised of “restricted securities” as defined in Rule 144, following a one for 16.5 reverse split of our outstanding voting securities.  The LOI is effective for 45 days from execution, and it provides for the execution of a definitive agreement on satisfactory evidence of DTC having raised $800,000 in equity capital to fund its initial installation of 400 “Offender Alert Passive Scan”TM doors; all agreements being in place satisfactory to us to finalize DTC’s exclusive licensing for “DTC Advantage”TM, a light-weight micro-fiber product designed to provide bullet proof protection to personnel, with other 

10

potential armor uses, along with related products; and DTC having an executed investment banking agreement with a firm satisfactory to us.  The LOI also provides for a transfer of our thin-film battery technology and all other related and cash assets to our wholly-owned subsidiary, the shares of which will then be the subject of a pro rata spin-off to our shareholders, excluding any shareholder receiving shares in the DTC acquisition. 

DTC was formed in 2007 to bring products to the market in the areas of personal and collateral protection.  Additional information of DTC and its products can be found on its website at www.dtchome.com, which is still under construction.

**Item 6. Exhibits.**

**Exhibit No. **                       **Identification of Exhibit**

10.1

Letter of Intent

31

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Mark L. Meriwether, President and Director.

32

Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 proved by Mark L. Meriwether, President and Director.

**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 

  

**Oak Ridge Micro-Energy, Inc.**

*Date:*

*August 23, 2010*

  

*By:*

*/s/Mark L. Meriwether*

  

  

  

  

*Mark L. Meriwether, President and Director*

11 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|