Integrated Disclosure System
for Small Business Issuers
Regulation S-B
Item 505 -- Determination of Offering Price
If there is no established public market for the
common equity being registered or if there is a significant difference between
the offering price and the market price of the stock, give the factors that
were considered in determining the offering price.
If warrants, rights and convertible securities
are being registered and there is no public market for the underlying securities,
describe the factors considered in determining the exercise or conversion
price.
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