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Re: WATERLOOO post# 185870

Monday, 06/04/2012 3:17:29 PM

Monday, June 04, 2012 3:17:29 PM

Post# of 312016
SG&A was the discussion.

OPERATING EXPENSES

Selling general and administrative expenses

13,790,096



Cash Flow from Operations

For the year ended December 31, 2011, we used $6,975,421 in operating activities.

It should be noted that within our Selling, General and Administrative expenses, for both 2011 and 2010, was significant expense attributable to compensation paid in stock, which amounted to $6,455,284 and $3,791,966. Compensation is paid in stock for various services, including construction, purchases, contract and employee labor and outsourced professional services in which the individuals or their companies agree to be compensated by us in common stock.