Impact of COVID-19

The following discussion is intended to provide certain information regarding the impacts of the COVID-19 pandemic on our business and management's efforts to respond to those impacts.

We continue to monitor our operations and government recommendations and have taken steps to make the safety, security and welfare of our employees, their families and our residents a top priority.





  21

We have complied with government "stay-at-home" orders and "social distancing" practices. We have implemented remote working arrangements for our non-essential employees. Our IT system and website allow for virtual tours of our homes for sale or rent, online execution of applications and lease agreements, online payment of rent, and other enhancements. We continue to maintain our communities and deliver essential services to our residents while following social distancing protocols. We have suspended the mailing of rent increase notifications in March and April which will delay these increases. These increases would have been effective May 1, 2020 and June 1, 2020. This will affect May's rental income by approximately $24,000 and June's rental income by an additional $20,000. We have suspended eviction actions and have instituted deferred payment plans, as needed, to our residents who have experienced financial hardship related to COVID-19. Less than 100 residents (less than 1%) have executed these payment plans. We have collected 94% of April's rent compared to 96% as of the same time last year. As of May 5, 2020, we have collected 64% of May's rent, compared to 53% as of the same time last year. We anticipate many of our residents have or will receive unemployment benefits and/or economic stimulus payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act which will assist our residents with paying rent.

The significance, extent and duration of the impact of COVID-19 remains largely uncertain and dependent on future developments that cannot be accurately predicted at this time. We will continue to monitor these rapidly evolving developments and respond in the best interests of our employees, residents and shareholders. At this time, we believe that the fallout from COVID-19 will not have a material adverse effect on our financial condition.





Overview

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and footnotes thereto included elsewhere herein and in the Company's annual report on Form 10-K for the year ended December 31, 2019.

The Company is a self-administered, self-managed Real Estate Investment Trust ("REIT") with headquarters in Freehold, New Jersey. The Company's primary business is the ownership and operation of manufactured home communities which includes leasing manufactured home spaces on an annual or month-to-month basis to residential manufactured homeowners. The Company also leases homes to residents and, through its taxable REIT subsidiary, UMH Sales and Finance, Inc. ("S&F"), sells and finances the sale of manufactured homes to qualified residents and prospective residents of our communities and for placement on customers' privately-owned land.

As of March 31, 2020, the Company owned and operated 122 manufactured home communities containing approximately 23,100 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland.

The Company earns income from the operation of its manufactured home communities, leasing of manufactured homesites, the rental of manufactured homes, the sale and finance of manufactured homes, the brokering of home sales, and from appreciation in the values of the manufactured home communities and vacant land owned by the Company. The Company also invests in marketable securities of other REITs which the Company generally limits to no more than approximately 15% of its undepreciated assets. As of March 31, 2020, the securities portfolio represented 6.3% of undepreciated assets.





  22

The Company believes that its capital structure, which allows for the ownership of assets using a balanced combination of equity obtained through the issuance of common stock, preferred stock and debt, will enhance shareholder returns as the properties appreciate over time.

The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. This has resulted in increased occupancy rates and improved operating results. For the three months ended March 31, 2020, rental and related income increased 12% from the prior year period and Community Net Operating Income ("NOI"), as defined below, increased 22%. Same property NOI, which includes communities owned and operated as of January 1, 2019, increased 14% for the three months ended March 31, 2020 over the prior year period driven by a 180 basis point increase in occupancy to 84.6%. We have been positioning ourselves for future growth and will continue to seek opportunistic investments. There is no assurance that the Company can continue to buy existing manufactured home communities that meet the requirements of the business plan or that the demand for rental homes will continue in the future.

Sales of manufactured homes decreased 12% during the three months ended March 31, 2020 from the prior year period primarily due to the impact of COVID-19 and governmental stay-at-home orders and social distancing. We anticipate that sales will improve as the impact of the virus is reduced. Demand for quality affordable housing remains healthy while inventory is scarce. Our property type offers substantial comparative value that should result in increased demand.

The macro-economic environment and current housing fundamentals continue to favor home rentals. Rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see strong demand for rental homes. We have added an additional 149 rental homes during the first three months of 2020. This brings the total number of rental homes to approximately 7,500 rental homes, or 32.7% of total sites. Occupied rental homes represent approximately 37.0% of total occupied sites at quarter end. Occupancy in rental homes continues to be strong and is at 94.0% as of March 31, 2020. We compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates. Although COVID-19 delayed our rental home purchases, we continue to anticipate adding approximately 750 - 800 rental homes in 2020.

See PART I, Item 1 - Business in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a more complete discussion of the economic and industry-wide factors relevant to the Company and the opportunities and challenges, and risks on which the Company is focused.





  23

Significant Accounting Policies and Estimates

The discussion and analysis of the Company's financial condition and results of operations are based upon the Company's Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of these Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of Assets and Liabilities, Revenues and Expenses, and related disclosure of contingent Assets and Liabilities at the date of the Company's Consolidated Financial Statements. Actual results may differ from these estimates under different assumptions or conditions.

On a regular basis, management evaluates our assumptions, judgments and estimates. Management believes there have been no material changes to the items that we disclosed as our significant accounting policies and estimates under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on Form 10-K for the year ended December 31, 2019.





Supplemental Measures

In addition to the results reported in accordance with GAAP, management's discussion and analysis of financial condition and results of operations include certain non-GAAP financial measures that in management's view of the business we believe are meaningful as they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flow of the portfolio. These non-GAAP financial measures as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies, and include Community NOI, Funds from Operations Attributable to Common Shareholders ("FFO"), and Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO").

We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. We believe that Community NOI is helpful to investors and analysts as a direct measure of the actual operating results of our manufactured home communities, rather than our Company overall. Community NOI should not be considered a substitute for the reported results prepared in accordance with GAAP. Community NOI should not be considered as an alternative to net income (loss) as an indicator of our financial performance, or to cash flows as a measure of liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions.

The Company's Community NOI for the three months ended March 31, 2020 and 2019 is calculated as follows (in thousands):





                                                    Three Months Ended
                                                   3/31/20       3/31/19

             Rental and Related Income            $  34,358     $  30,644
             Less: Community Operating Expenses     (15,508 )     (15,144 )
             Community NOI                        $  18,850     $  15,500




  24

We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders ("FFO"), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the U.S. of America ("U.S. GAAP"), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, and the change in the fair value of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO"), as FFO, excluding gains and losses realized on marketable securities investments and certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company's financial performance.

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.

The reconciliation of the Company's U.S. GAAP Net Income (Loss) to the Company's FFO and Normalized FFO for the three months ended March 31, 2020 and 2019 are calculated as follows (in thousands):





                                                           Three Months Ended
                                                       3/31/20            3/31/19

Net Income (Loss) Attributable to Common
Shareholders                                       $       (42,838 )   $        5,914
Depreciation Expense                                        10,227              8,751
Loss on Sales of Depreciable Assets                            107                 21
(Increase) Decrease in Fair Value of Marketable
Securities                                                  38,593             (8,596 )
FFO Attributable to Common Shareholders                      6,089              6,090

Adjustments:


Settlement of utility billing dispute over a
prior 10-year period                                           -0-                375
Normalized FFO Attributable to Common
Shareholders                                       $         6,089     $        6,465




  25






The following are the cash flows provided (used) by operating, investing and
financing activities for the three months ended March 31, 2020 and 2019 (in
thousands):



                                             Three Months Ended
                                            3/31/20       3/31/19

                    Operating Activities   $  17,295     $  12,175
                    Investing Activities     (20,477 )     (14,737 )
                    Financing Activities       6,387         3,682

Changes In Results Of Operations

Rental and Related Income increased 12% from $30.6 million for the three months ended March 31, 2019 to $34.4 million for the three months ended March 31, 2020. These increases were primarily due to the acquisitions made during 2019, as well as increases in rental rates and same property occupancy and additional rental homes. The Company has been raising rental rates by approximately 3% to 5% annually at most communities. Same property occupancy has increased 180 basis points from 82.8% as of March 31, 2019 to 84.6% at quarter-end. Occupied rental homes increased 14% from approximately 6,200 homes at March 31, 2019 to 7,100 homes at March 31, 2020.

Community Operating Expenses remained relatively stable increasing 2% from $15.1 million for the three months ended March 31, 2019 to $15.5 million for the three months ended March 31, 2020. During the quarter ended March 31, 2019, there was a one-time settlement of $375,000 for a utility billing dispute over a prior 10-year period.

Community NOI increased 22% from $15.5 million for the three months ended March 31, 2019 to $18.9 million for the three months ended March 31, 2020. These increases were primarily due to the acquisitions during 2019 and increases in rental rates, occupancy and rental homes. The Company's Operating Expense Ratio (defined as Community Operating Expenses divided by Rental and Related Income) was 49.4% and 45.1% for the three months ended March 31, 2019 and 2020, respectively. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the first few years of ownership. Because most of the community expenses consist of fixed costs, as occupancy rates increase, these expense ratios are expected to continue to improve. Since the Company has the ability to increase its rental rates annually, increasing costs due to inflation and changing prices have generally not had a material effect on revenues and income from continuing operations.





  26

Sales of manufactured homes decreased 12% from $3.6 million, or 66 homes, for the three months ended March 31, 2019 to $3.2 million, or 62 homes, for the three months ended March 31, 2020, primarily due to the impact of COVID-19 and governmental stay-at-home orders and social distancing. Cost of sales of manufactured homes amounted to $2.4 million and $2.6 million for the three months ended March 31, 2020 and 2019, respectively. The gross profit percentage was 25% and 29% for the three months ended March 31, 2020 and 2019, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $1.1 million for the three months ended March 31, 2020 and 2019, respectively. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses less interest on the financing of inventory) amounted to $315,000 or 10% of total sales and $103,000 or 3% of total sales for the three months ended March 31, 2020 and 2019, respectively. Many of the costs associated with sales, such as salaries, and to an extent, advertising and promotion, are fixed.

The impact of COVID-19 has also taken its toll on the conventional housing market. The National Association of Realtors reported that sales of existing homes fell 8.5% from February to March. However, home prices continue their rise as fewer sellers are listing homes and inventories decline. The inherent affordability of our property type becomes more and more apparent which should result in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of our communities.

General and Administrative Expenses increased 19% from $2.2 million for the three months ended March 31, 2019 to $2.6 million for the three months ended March 31, 2020. This increase was primarily due to an increase in personnel and personnel costs. General and Administrative expenses as a percentage of gross revenue (Total Income plus Interest, Dividend and Other Income) remains in line at 6.4% in 2020 and 5.9% in 2019.

Depreciation Expense increased 17% from $8.8 million for the three months ended March 31, 2019 to $10.2 million for the three months ended March 31, 2020. This increase was primarily due to the acquisitions in 2019 and the increase in rental homes during 2019 and 2020.

Interest Income increased 39% from $515,000 for the three months ended March 31, 2019 to $717,000 for the three months ended March 31, 2020. This increase was primarily due to an increase in the average balance of notes receivable from $30.5 million at March 31, 2019 to $33.8 million at March 31, 2020.





  27

Dividend income decreased 10% from $1.9 million for the three months ended March 31, 2019 to $1.7 million for the three months ended March 31, 2020. This decrease was due to reduced dividends from our holdings. Dividends received from our marketable securities investments were at a weighted average yield of approximately 7.4% and 7.2%, respectively. It is the Company's intent to hold these marketable securities long-term.

Increase (Decrease) in Fair Value of Marketable Securities decreased from a gain of $8.6 million for the three months ended March 31, 2019 to a loss of $38.6 million for the three months ended March 31, 2020. This decrease was due to the effects of the COVID-19 pandemic. As of March 31, 2020, the Company had total net unrealized losses of $63.8 million in its REIT securities portfolio.

Interest Expense, including Amortization of Financing Costs, decreased 5% from $4.6 million for the three months ended March 31, 2019 to $4.4 million for the three months ended March 31, 2020. This was primarily due to a decrease in the average balance of our loans payable from $111.5 million at March 31, 2019 to $64.0 million at March 31, 2020. Additionally, the weighted average interest rate on our loans payable decreased from 4.4% at March 31, 2019 to 2.3% at March 31, 2020, not including the effect of unamortized debt issuance costs.

Changes in Financial Condition

Total Investment Property and Equipment increased 2% or $15.9 million during the three months ended March 31, 2020. The Company added 149 rental homes to its communities. The Company's occupancy rate on its rental homes portfolio increased 170 basis points and was 94.0% at March 31, 2020 as compared to 92.3% at December 31, 2019.

Marketable Securities decreased 33% or $38.1 million during the three months ended March 31, 2020. This decrease was due to a net decrease in the fair value of $38.6 million and purchases of $486,000.

Mortgages Payable, net of unamortized debt issuance costs, decreased 1% or $2.0 million during the three months ended March 31, 2020. The decrease was primarily due to principal payments.

Loans Payable, net of unamortized debt issuance costs, decreased 47% or $39.4 million during the three months ended March 31, 2020. This decrease was due to a decrease of $15 million on our revolving lines of credit for the financing of home sales and the purchase of inventory, a decrease of $19 million on our margin loan and a decrease of $5 million on our revolving line of credit secured by the Company's eligible notes receivable.

Liquidity and Capital Resources

The Company's focus is on real estate investments, including investment in rental homes. Additionally, the Company invests in marketable debt and equity securities of other REITs. The REIT securities portfolio provides the Company with liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available. The Company generally limits its marketable securities investments to no more than approximately 15% of its undepreciated assets.





  28

The Company's principal liquidity demands have historically been, and are expected to continue to be, distributions to the Company's shareholders, acquisitions, capital improvements, development and expansions of properties, debt service, purchases of manufactured home inventory and rental homes, financing of manufactured home sales and payments of expenses relating to real estate operations. We anticipate that the liquidity demands of the recent properties acquired will be met by the operations of these acquisitions. The Company's ability to generate cash adequate to meet these demands is dependent primarily on income from its real estate investments and marketable securities portfolio, the sale of real estate investments and marketable securities, refinancing of mortgage debt, leveraging of real estate investments, availability of bank borrowings, lines of credit, proceeds from the DRIP, and access to the capital markets.

In addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including through the Company's ATM Program. The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. There is no guarantee that any of these additional opportunities will materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio depends on the availability of suitable properties which meet the Company's investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are not available, fewer acquisitions will be made.

The Company continues to strengthen its capital and liquidity positions. During the three months ended March 31, 2020, the Company sold 2.6 million shares of our Series D Preferred Stock through our ATM Program at a weighted average price of $25.06 per share, generating gross proceeds of $64.1 million and net proceeds after offering expenses of $63.1 million. As of March 31, 2020, there is $19.5 million remaining that may be sold under the ATM Program.

The Company also raised $1.6 million from the issuance of common stock in the DRIP during the three months ended March 31, 2020, which included Dividend Reinvestments of $904,000. Dividends paid on the common stock for the three months ended March 31, 2020 were $7.4 million, of which $904,000 were reinvested. Dividends paid on the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock for the three months ended March 31, 2020 totaled $8.1 million.

Net Cash provided by Operating Activities amounted to $17.3 million and $12.2 million for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, the Company had cash and cash equivalents of $14.6 million, marketable securities of $78.1 million, encumbered by $18.5 million in margin loans, approximately $34.1 million available on our revolving lines of credit for the financing of home sales and purchases of inventory and $60 million available on our unsecured credit facility, with an additional $50 million potentially available pursuant to an accordion feature.





  29

The extent to which COVID-19 and related actions impact our operations, financial condition and cash flows will depend on future developments, which are highly uncertain and cannot be predicted with any degree of confidence, including the scope, severity, duration and geographies of the outbreak, the actions taken to contain the COVID-19 pandemic or mitigate its impact requested or mandated by governmental authorities or otherwise voluntarily taken by individuals or businesses, the success of governmental actions undertaken to support the economy during the pandemic and the duration and severity of direct and indirect economic effects of the illness and containment measures, among others. As previously discussed, at this time, we believe that the fallout from COVID-19 will not have a material adverse effect on our financial condition.

The Company owns 122 communities, of which 47 are unencumbered. Except for 15 communities in the borrowing base for our unsecured credit facility, these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity.

As of March 31, 2020, the Company had total assets of $999.2 million and total liabilities of $439.1 million. The Company's net debt (net of unamortized debt issuance costs and cash and cash equivalents) to total market capitalization as of March 31, 2020 was approximately 30% and the Company's net debt, less securities to total market capitalization as of March 31, 2020 was approximately 24%. As of March 31, 2020, the Company had no mortgages due within the next 12 months. The Company believes that it has the ability to meet its obligations and to generate funds for new investments.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

Cautionary Statement Regarding Forward-Looking Statements

Statements contained in this Form 10-Q, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about the Company's expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their use of forward-looking words, such as "may," "will," "anticipate," "expect," "believe," "intend," "plan," "should," "seek" or comparable terms, or the negative use of those words, but the absence of these words does not necessarily mean that a statement is not forward-looking.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described below and under the headings "Business", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These and other risks, uncertainties and factors could cause our actual results to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from our expectations include, among others:





  ? changes in the real estate market conditions and general economic conditions;




  30






  ? the inherent risks associated with owning real estate, including local real
    estate market conditions, governing laws and regulations affecting
    manufactured housing communities and illiquidity of real estate investments;
  ? increased competition in the geographic areas in which we own and operate
    manufactured housing communities;
  ? our ability to continue to identify, negotiate and acquire manufactured
    housing communities and/or vacant land which may be developed into
    manufactured housing communities on terms favorable to us;
  ? the effect of COVID-19 on our business and general economic conditions;
  ? our ability to maintain rental rates and occupancy levels;
  ? changes in market rates of interest;
  ? our ability to repay debt financing obligations;
  ? our ability to refinance amounts outstanding under our credit facilities at
    maturity on terms favorable to us;
  ? our ability to comply with certain debt covenants;
  ? our ability to integrate acquired properties and operations into existing
    operations;
  ? the availability of other debt and equity financing alternatives;
  ? continued ability to access the debt or equity markets;
  ? the loss of any member of our management team;
  ? our ability to maintain internal controls and processes to ensure all
    transactions are accounted for properly, all relevant disclosures and filings
    are made in a timely manner in accordance with all rules and regulations, and
    any potential fraud or embezzlement is thwarted or detected;
  ? the ability of manufactured home buyers to obtain financing;
  ? the level of repossessions by manufactured home lenders;
  ? market conditions affecting our investment securities;
  ? changes in federal or state tax rules or regulations that could have adverse
    tax consequences;
  ? our ability to qualify as a real estate investment trust for federal income
    tax purposes; and,
  ? those risks and uncertainties referenced under the heading "Risk Factors"
    contained in this Form 10-Q and the Company's other filings with the
    Securities and Exchange Commission, including its Annual Report on Form 10-K
    for the year ended December 31, 2019.

You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. The forward-looking statements contained in this Form 10-Q speak only as of the date hereof and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

31

© Edgar Online, source Glimpses