0001144204-15-030661.txt : 20150514 0001144204-15-030661.hdr.sgml : 20150514 20150514153811 ACCESSION NUMBER: 0001144204-15-030661 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150514 DATE AS OF CHANGE: 20150514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Reven Housing REIT, Inc. CENTRAL INDEX KEY: 0001487782 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 841306078 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54165 FILM NUMBER: 15862515 BUSINESS ADDRESS: STREET 1: 7911 HERSCHEL AVENUE STREET 2: SUITE 201 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: 858-459-4000 MAIL ADDRESS: STREET 1: 7911 HERSCHEL AVENUE STREET 2: SUITE 201 CITY: LA JOLLA STATE: CA ZIP: 92037 FORMER COMPANY: FORMER CONFORMED NAME: Bureau of Fugitive Recovery Inc DATE OF NAME CHANGE: 20100323 10-Q 1 v409564_10q.htm FORM 10-Q

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

x Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended March 31, 2015

 

-OR-

 

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transaction period from _________ to ________

 

Commission File Number 000-54165

 

Reven Housing REIT, Inc.

(Exact name of Registrant in its charter)

 

Maryland   84-1306078
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification Number)

 

7911 Herschel Avenue, Suite 201

La Jolla, CA 92037

(Address of principal executive offices)

 

Registrant's Telephone Number, Including Area Code:   (858) 459-4000

 

Not Applicable
(Former name or former address, if changed since last report)

 

Indicate by check mark whether the issuer (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 o No x

 

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 (section 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 x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):

 

Large accelerated filer  o   Non-accelerated filer o
Accelerated filer o   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 o No x

 

The number of outstanding shares of the registrant's common stock, as of April 30, 2015: 7,016,796

 

 
 

 

REVEN HOUSING REIT, INC.

FORM 10-Q

INDEX

 

    Page
     
PART I – FINANCIAL INFORMATION   3
     
Item 1.  Financial Statements (Unaudited)   3
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations   14
Item 3.  Quantitative and Qualitative Disclosure About Market Risk   17
Item 4.  Controls and Procedures   17
     
PART II - OTHER INFORMATION   18
     
Item 6.  Exhibits   18
     
SIGNATURES   20

 

2
 

 

PART I--FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2015 and December 31, 2014

 

   2015   2014 
   (Unaudited)   (Audited) 
ASSETS          
           
Investments in real estate:          
Land  $6,153,527   $5,422,647 
Buildings and improvements   28,078,231    23,961,608 
    34,231,758    29,384,255 
Accumulated depreciation   (823,351)   (592,114)
Investments in real estate, net   33,408,407    28,792,141 
           
Cash   1,922,359    3,343,236 
Rents and other receivables   194,042    157,230 
Property tax and insurance reserves   -    260,123 
Escrow deposits and prepaid expenses   224,596    221,264 
Lease origination costs, net   186,940    168,145 
Deferred loan fees, net   452,590    333,544 
Deferred stock issuance costs   462,465    535,450 
           
Total Assets  $36,851,399   $33,811,133 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Accounts payable and accrued liabilities  $786,433   $718,162 
Security deposits   373,429    306,004 
Notes payable   15,049,125    11,522,140 
           
Total Liabilities   16,208,987    12,546,306 
           
Commitments and contingencies (Note 10)          
           
Stockholders' Equity          
Preferred stock, $.001 par value; 25,000,000 shares authorized;          
No shares issued or outstanding   -    - 
Common stock, $.001 par value;          
100,000,000 shares authorized; 7,016,796 shares issued and outstanding   7,017    7,017 
Additional paid-in capital   24,601,295    24,601,295 
Accumulated deficit   (3,965,900)   (3,343,485)
Total Stockholders' Equity   20,642,412    21,264,827 
           
Total Liabilities and Stockholders' Equity  $36,851,399   $33,811,133 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

 

   2015   2014 
           
Rental income  $1,114,787   $480,595 
           
Expenses:          
Property operating and maintenance   283,576    123,754 
Real estate taxes   162,501    60,381 
Acquisition costs   246,085    30,357 
Depreciation and amortization expense   266,888    99,500 
General and administration   482,283    423,992 
Legal and accounting   155,320    108,777 
Interest expense   140,549    - 
           
Total expenses   1,737,202    846,761 
           
Net loss  $(622,415)  $(366,166)
           
Net loss per share          
(Basic and fully diluted)  $(0.09)  $(0.08)
           
Weighted average number of          
common shares outstanding   7,016,796    4,393,044 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

4
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

 

   2015   2014 
Cash Flows From Operating Activities:          
Net loss  $(622,415)  $(366,166)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization   266,888    99,500 
Stock compensation   -    195,000 
Amortization of loan fees   18,126    - 
Changes in operating assets and liabilities:          
Rents and other receivables   (36,812)   (8,916)
Property tax and insurance reserves   260,123    - 
Escrow deposits and prepaid expenses   (3,332)   73,720 
Accounts payable and accrued liabilities   141,256    (61,664)
Security deposits   67,425    20,535 
Net cash provided by (used in) operating activities   91,259    (47,991)
           
Cash Flows From Investing Activities:          
Acquisitions and additions of investments in real estate   (4,847,503)   (1,584,343)
Lease origination costs   (54,447)   - 
Net cash used in investing activities   (4,901,950)   (1,584,343)
           
Cash Flows From Financing Activities:          
Proceeds from notes payable   3,526,985    - 
Payment of loan fees   (137,171)   - 
Payments of stock issuance costs   -    (135,480)
Net cash provided by (used in) financing activities   3,389,814    (135,480)
           
Net Decrease In Cash   (1,420,877)   (1,767,814)
Cash at the Beginning of the Period   3,343,236    2,134,510 
           
Cash at the End of the Period  $1,922,359   $366,696 
           
Supplemental Disclosure:          
           
Cash paid for interest  $122,423   $- 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

5
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 1. ORGANIZATION AND OPERATION

 

Reven Housing REIT, Inc. was initially incorporated in the State of Colorado and then converted to a Maryland corporation on April 1, 2014 (Reven Housing REIT, Inc., along with its subsidiaries, are also referred to herein collectively as the “Company”). The Company acquires portfolios of occupied and rented single family homes throughout the United States with the objective of receiving income from rental property activity and future profits from the sale of rental property at appreciated values.

 

As of March 31, 2015, the Company owned 468 single family homes in the Houston, Jacksonville, Memphis and Atlanta metropolitan areas.

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standard Codification (“ASC”), and Article 8 of Regulation S-X of the Securities Exchange Commission (“SEC”).

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Annual Report on Form 10-K filed with the SEC on March 31, 2015. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.

 

Financial Instruments

 

The carrying value of the Company’s financial instruments, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their short term nature. The Company’s short term financial instruments consist of cash, rents and other receivables, property tax and insurance reserves, escrow deposits, accounts payable and accrued liabilities, and security deposits.

 

The carrying value of the Company’s notes payable, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their floating market interest rate and due to the fact that their security and payment terms are similar to other debt instruments currently being issued.

 

Reclassifications

 

Certain prior period amounts have been reclassified to conform to the current period’s presentation.

 

6
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Investments in Real Estate

 

The Company accounts for its investments in real estate as business combinations under the guidance of ASC Topic 805, Business Combinations (“ASC 805”) and these acquisitions are recorded at fair value, allocated to land, building and the existing leases based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The estimated fair value of acquired in-place leases represents the expected costs the Company would have incurred to lease the property at the date of acquisition. Each portfolio of acquired property is recorded as a separate business combination.

 

Land, buildings and improvements are recorded at cost. Buildings and improvements are depreciated over estimated useful lives of approximately 27.5 years using the straight-line method. Lease origination costs are amortized over the average remaining term of the in-place leases which is generally less than one year. Maintenance and repair costs are charged to expenses as incurred.

 

The Company assesses the impairment of investments in real estate, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company has not recognized any impairment losses for the periods ended March 31, 2015 and 2014.

 

Cash

 

The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. As of March 31, 2015 and December 31, 2014, the Company did not have any cash equivalents.

 

Rents and Other Receivables

 

Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of March 31, 2015 and December 31, 2014.

 

Property Tax and Insurance Reserves

 

Property tax and insurance reserves represent amounts held in accordance with the terms of the Company’s notes payable for property taxes and insurance. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.

 

Escrow Deposits and Prepaid Expenses

 

Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for property purchases.

 

Deferred Loan Fees

 

Costs incurred in the placement of the Company’s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. Deferred loan closing costs and fees totaled $499,768 and accumulated amortization totaled $47,178 as of March 31, 2015. Amortization expense for these loan fees was $18,126 for the three months ended March 31, 2015. No loan fees or related amortization were incurred during the three months ended March 31, 2014.

 

Deferred Stock Issuance Costs

 

Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.

 

7
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Security Deposits

 

Security deposits represent amounts deposited by tenants at the inception of the lease.

 

Revenue Recognition

 

The Company’s single family homes are leased under short term rental agreements with individual tenants of generally one year and revenue is recognized over the lease term on a straight-line basis.

 

Income Taxes

 

The Company intends to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2015. Management believes that the Company will be able to satisfy the requirements for qualification as a REIT. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income.

 

However, qualification and taxation as a REIT depends upon the Company’s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.

 

The tax benefit of uncertain tax positions is recognized only if it is “more likely than not” that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority, having full knowledge of all the relevant information. As of March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits.

 

Incentive Compensation Plan

 

During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (“2012 Plan”). The 2012 Plan allows for the grant of options and other awards representing up to 1,650,000 shares of the Company’s common stock. Such awards may be granted to officers, directors, employees, consultants and other persons who provide services to the Company or any related entity. Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event longer than ten years.

 

On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company’s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their services.

 

On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 425,000 shares of the Company’s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date.

 

8
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Net Loss Per Share

 

Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. For the three months ended March 31, 2015, and 2014, potentially dilutive securities excluded from the calculations were 263,588 shares issuable upon exercise of outstanding warrants granted in conjunction with the convertible notes.

 

On November 5, 2014, the Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder’s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split.

 

New Accounting Pronouncements

 

In May 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-09 Revenue from Contracts with Customers, or ASU No. 2014-09, which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the fourth quarter of 2016. The Company is currently assessing the impact, if any, the guidance will have upon adoption.

 

In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December 15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.

 

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.

 

The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.

 

Subsequent Events

 

Subsequent events are events or transactions that occur after the balance sheet date but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company’s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after such date and before the condensed consolidated financial statements are available to be issued. The Company has evaluated subsequent events up until the date of the issuance of these financial statements.

 

9
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 3. INVESTMENTS IN REAL ESTATE

 

The Company’s investments in real estate consists of single family homes purchased by the Company. The homes are generally leased to individual tenants under operating leases of one year or less.

 

The following table summarizes the Company’s investments in real estate:

 

               Total 
   Number       Buildings and   Investments 
   of Homes   Land   Improvements   in Real Estate 
                 
Total at December 31, 2014   395   $5,422,647   $23,961,608   $29,384,255 
                     
Purchases and improvements during 2015:                    
Jacksonville, FL   73    730,880    4,116,623    4,847,503 
                     
Total at March 31, 2015   468   $6,153,527   $28,078,231   $34,231,758 

 

NOTE 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 

At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following:

 

   2015   2014 
           
Accounts payable  $305,320   $12,673 
Property taxes payable   173,238    292,290 
Accrued legal, board fees and other expenses   267,065    372,389 
Interest payable   40,810    40,810 
   $786,433   $718,162 

 

 

10
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 5. NOTES PAYABLE

 

On June 12, 2014, Reven Housing Texas, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of up to $7,570,000 to Silvergate Bank, secured by deeds of trust encumbering the Company’s homes located in Texas. The entire balance of principal and accrued interest is due and payable on July 5, 2019. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until July 5, 2016. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to July 5, 2016. There is no prepayment penalty on amounts paid after that date.

 

On November 17, 2014, Reven Housing Tennessee, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $3,952,140 to Silvergate Bank, secured by deeds of trust encumbering primarily all of the Company’s homes located in Tennessee. The entire balance of principal and accrued interest is due and payable on December 5, 2019. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until December 5, 2016. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to December 5, 2016. There is no prepayment penalty on amounts paid after that date.

 

On March 13, 2015, Reven Housing Florida, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $3,526,985 to Silvergate Bank, secured by deeds of trust encumbering a majority of the Company’s homes located in Florida. The entire balance of principal and accrued interest is due and payable on April 5, 2020. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until April 5, 2017. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to April 5, 2017. There is no prepayment penalty on amounts paid after that date.

 

The terms of the notes also provide for lender reserve accounts for taxes and insurance reserves. As of December 31, 2014, a total of $260,123 was held in these lender escrow accounts. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.

 

During the three months ended March 31, 2015, the Company incurred $140,549 of interest expense related to the notes payable, which includes $18,126 of amortization of deferred loan fees.

 

NOTE 6. STOCKHOLDERS’ EQUITY

 

On November 5, 2014, the Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share. References in these condensed consolidated financial statements and notes have been adjusted to retroactively account for the effects of the reverse split.

 

The Company currently has warrants outstanding allowing its holders to purchase up to 263,588 shares of the Company’s common stock at an exercise price of $4.00 per share.  The warrants will expire on September 27, 2018, if not exercised prior to that date. No warrants were exercised in the periods ended March 31, 2015 and 2014.

 

11
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 7. STOCK COMPENSATION

 

On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company’s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their past services. These shares were issued to compensate the members for past services and valued at $4.00 per share, based on the grant date fair value, for a total expense of $195,000 which has been included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2014. Due to the Company’s low trading volume, the grant date fair value was determined based on similar issuances of stock in the Company’s private placements.

 

On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 425,000 shares of the Company’s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date. Compensation expense will be recognized in the applicable future periods should the applicable milestones be achieved in accordance with the vesting schedule. At the time of filing, there is no assurance that these milestones will in fact be achieved and that the shares will in fact vest in the future.

 

NOTE 8. INCOME TAXES

 

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and expected carry-forwards are available to reduce taxable income. The Company records a valuation allowance when, in the opinion of management, it is more likely than not, that the Company will not realize some or all deferred tax assets. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance equal to the deferred tax asset at March 31, 2015 and December 31, 2014. At December 31, 2014, the Company had federal and state net operating loss carry-forwards of approximately $1,380,000. The federal and state tax loss carry-forwards will begin to expire in 2032, unless previously utilized.

 

Pursuant to Internal Revenue Code Section 382, use of the Company’s net operating loss carry-forwards may be limited if a cumulative change in ownership of more than 50% occurs within a three year period. Management believes that such an ownership change had occurred but has not performed a study of the limitations on the net operating losses.

 

The Company plans to elect REIT status effective for the year ending December 31, 2015, when it meets all requirements allowing it to do so. At that time, the Company would generally not be subject to income taxes assuming it complied with the specific distribution rules applicable to REITs. The Company has also incurred current period and prior year net operating losses; thus, it does not expect to incur current income tax expenses. Additionally, due to the Company’s expectations of electing REIT status commencing in 2015, it does not expect to realize any future tax benefits from the current years, or prior years’ operating losses.

 

NOTE 9. RELATED PARTY TRANSACTIONS

 

The Company sub-leases office space on a month-to-month basis from Reven Capital, LLC which is wholly-owned by Chad M. Carpenter, a shareholder of the Company and the Company’s Chief Executive Officer. Rental payments totaled $9,000 and $7,500 for the three months ended March 31, 2015 and 2014, respectively.

 

12
 

 

REVEN HOUSING REIT, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015 and 2014

 

NOTE 10. COMMITMENTS AND CONTINGENCIES

 

Legal and Regulatory

 

The Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company’s business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s condensed consolidated financial statements and, therefore, no accrual has been recorded as of the three months ended March 31, 2015 and 2014.

 

Security Deposits

 

As of March 31, 2015 and December 31, 2014, the Company had $373,429 and $306,004, respectively, in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease.

 

Escrow Deposits and Prepaid Expenses

 

Escrow deposits and prepaid expenses include earnest deposits for the purchase of properties. As of March 31, 2015, the Company had entered into agreements to purchase residential properties for an aggregate amount of approximately $19,100,000 and had corresponding refundable earnest deposits for these purchases of $104,408. At December 31, 2014, the Company had entered into agreements to purchase residential properties for an aggregate amount of $8,700,000 and had corresponding refundable earnest deposits for these purchases of $87,000. However, the Company may not consummate the real estate purchase because properties may fall out of escrow through the closing process for various reasons and these purchases are contingent on the Company’s ability to acquire the debt or equity financing required to fund the acquisition.

 

13
 

 

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

 

Unless otherwise provided in this Quarterly Report, references to the “Company,” “we,” “us,” and “our” refer to Reven Housing REIT, Inc., a Maryland corporation, and its wholly-owned subsidiaries.

 

Forward Looking Statements

 

The information contained in this report contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events and similar expressions. Forward-looking statements may be identified by use of words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” or “potential” or similar words or phrases which are predictions of or indicate future events or trends. Statements such as those concerning potential acquisition activity, investment objectives, strategies, opportunities, other plans and objectives for future operations or economic performance are based on our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties, including, but not limited to, our ability to successfully (i) acquire real estate investment properties in the future, (ii) to execute future agreements or understandings concerning our acquisition of real estate investment properties, (iii) be able to raise the capital required to acquire any such properties and (iv) those other risks more fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this report and in the “Risk Factors” section of our Registration Statement on Form S-11 filed with the SEC on May 27, 2014 and subsequently amended on September 4, 2014. Any of these statements could prove to be inaccurate and actual events or investments and results of operations could differ materially from those expressed or implied. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to invest in a diversified portfolio of quality real estate investments, may be significantly and negatively impacted. You are cautioned not to place undue reliance on any forward-looking statements and we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, future events or other changes.

 

Overview

 

We are an internally-managed real estate investment company focused on the acquisition, leasing, and management of recently renovated and stabilized single-family properties in select markets in the United States. Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We generate virtually all of our revenue by leasing our portfolio of single-family properties. As of March 31, 2015, we owned 468 single-family properties, of which 196 are in the Jacksonville, Florida metropolitan area, 168 are in the Houston, Texas metropolitan area, 95 are in the Memphis, Tennessee metropolitan area, and nine are in the Atlanta, Georgia metropolitan area. The average investment in the 468 homes is approximately $73,100 per home. Of the 468 homes owned at March 31, 2015, 447 were occupied, or 96%. The per-home average rent for the portfolio is approximately $950 per month.

 

During the quarter ended March 31, 2015, we completed the acquisition of 73 residential homes located in the Jacksonville, Florida metropolitan area. The purchase price for the 73 homes was approximately $4,848,000.

 

In order to supplement our financial resources, we received $3,526,985 of loan proceeds from Silvergate Bank on March 13, 2015. The loan is secured by deeds of trust encumbering a majority of our homes located in Florida. The entire balance of principal and accrued interest is due and payable on April 5, 2020. The note provides for monthly payments of interest only at a rate of 1.00% over the prime rate (interest rate is 4.25% at March 31, 2015) until April 5, 2017. Thereafter, monthly payments of interest and principal, assuming a 25 year amortization rate will be made until maturity.

 

We plan to continue to acquire and manage single-family homes with a focus on long-term earnings growth and appreciation in asset value. Our ability to identify and acquire single-family properties that meet our investment criteria will be affected by home prices in our markets, the inventory of properties available through our acquisition channels, competition for our target assets, our capital available for investment, and the cost of that capital. We believe the housing market environment in our markets remains attractive for single-family property acquisitions and rentals. We also believe that pricing for housing in our markets remains attractive and demand for housing is growing. At the same time, we continue to face relatively steady competition for new properties and residents from local operators and institutional managers. Housing prices across all of our core markets have appreciated over the past year. Despite these gains, we believe housing in our markets continues to provide attractive acquisition opportunities and remains inexpensive relative to replacement cost and affordability metrics.

 

We anticipate continued strong rental demand for single-family homes in our markets. While new building activity has begun to increase, it remains below historical averages and we believe substantial under-investment in residential housing recently will tend to create upward pressure on home prices and rents as demand outpaces supply.

 

As of March 31, 2015, we have entered into agreements to purchase approximately 250 additional residential properties for an aggregate amount of approximately $19,100,000. However, we may not consummate the real estate purchases because properties may fall out of escrow through the closing process for various reasons and these purchases are contingent on our ability to acquire the debt or equity financing required to fund the acquisitions.

 

14
 

 

We intend to take all necessary steps to qualify, and elect to be taxed as, a real estate investment trust (“REIT”) under the Internal Revenue Code, effective for the year ending December 31, 2015. However, no assurance can be given that we will qualify or remain qualified as a REIT.

 

Results of Operations

 

For the quarter ended March 31, 2015, we had total rental income of $1,114,787 compared to total rental income of $480,595 for the quarter ended March 31, 2014. The increase in total rental income is due to the increase of rental homes owned from 177 as of March 31, 2014 to 468 as of March 31, 2015.

 

For the quarter ended March 31, 2015, we had property operating and maintenance expenses of $283,576 compared to property operating and maintenance expenses of $123,754 for the quarter ended March 31, 2014. Property operating and maintenance expenses consist of insurance, property management fees paid to third parties, repairs and maintenance costs, homeowner association fees, and other miscellaneous property costs. The increase in property operating and maintenance expenses from 2014 to 2015 reflects the corresponding increase in our inventory of single-family homes.

 

Real estate taxes for the quarter ended March 31, 2015 totaled $162,501 compared to $60,381 for the quarter ended March 31, 2014. Again the increase is due to our increase in single-family homes owned during the period.

 

Acquisition costs totaled $246,085 for the quarter ended March 31, 2015 as compared to $30,357 for the quarter ended March 31, 2014. Acquisition costs consist of closing costs, due diligence costs and reports, and legal fees relating to our acquisitions of single-family homes along with auditing and accounting costs related to our reporting requirements related to our real estate portfolio acquisitions. The increase in acquisition costs is the result of the increase in our acquisition activities for the quarter ended March 31, 2015 compared to the quarter ended March 31, 2014.

 

Depreciation and amortization of our investments in real estate increased to $266,888 for the quarter ended March 31, 2015 compared to $99,500 for the quarter ended March 31, 2014, reflecting the corresponding increase in our inventory of single family homes.

 

General and administrative expenses for the quarter ended March 31, 2015 totaled $482,283 compared to general and administrative expenses of $423,992 for the quarter ended March 31, 2014. General and administrative expenses consist of personnel costs, outside director fees, occupancy fees, public company filing fees, and other general expenses.

 

Legal and accounting expenses for the quarter ended March 31, 2015 totaled $155,320 compared to $108,777 for the quarter ended March 31, 2014. The increase in legal and accounting expenses is the result of the increase in our operating activities resulting from our corporate growth during the period.

 

Interest expense on our notes payable was $140,549 for the quarter ended March 31, 2015. Interest expense consisted of interest on our loans of $15,049,125 from Silvergate Bank. We had no corresponding debt during the quarter ended March 31, 2014, therefore there was no interest expense during the prior period.

 

Net loss for the quarter ended March 31, 2015 increased to $622,415 from a net loss of $366,166 for the quarter ended March 31, 2014. The weighted average number of shares outstanding for the quarter ended March 31, 2015 increased to 7,016,796 from 4,393,044 for the quarter ended March 31, 2014, resulting in a net loss per share of $0.09 for the quarter ended March 31, 2015 as compared to a net loss per share of $0.08 for the quarter ended March 31, 2014.

 

Liquidity and Capital Resources

 

Our liquidity position at March 31, 2015 included $1,922,359 of cash, $194,042 of rents and other receivables, and $224,596 of escrow deposits and prepaid expenses, for a total of $2,340,997. As of December 31, 2014, the cash balance was $3,343,236, rents and other receivables were $157,230, property tax and insurance reserves totaled $260,123 and escrow deposits and prepaid expenses totaled $221,264, for a total liquidity position of $3,981,853. The decrease in liquidity position was caused primarily by our acquisition activity during the quarter.

 

We believe our liquidity position and the expected cash flows from operations will be sufficient to fund the present level of our operations through December 31, 2015. However, our future acquisition activity will depend primarily on our ability to raise funds from the further issuance of shares of our common stock combined with new loan transactions secured by our current and future home inventories. In order to purchase additional single family homes, we intend to opportunistically utilize the capital markets to raise additional capital, including through the issuance of debt and equity securities, but there can be no assurance that we will be able to access adequate liquidity sources on favorable terms, or at all.

 

For the three months ended March 31, 2015, our operating activities provided $91,259 of cash. This resulted from adding back depreciation and amortization of $266,888, amortization of loan fees of $18,126, and adding the net change in operating assets and liabilities of $428,660 to the net loss of $622,415. We used $47,991 in operations during the three months ended March 31, 2014.

 

15
 

 

During the three months ended March 31, 2015, we invested $4,847,503 in acquiring homes and $54,447 in lease origination costs, resulting in $4,901,950 of cash used for investing activities. For the three months ended March 31, 2014, we used $1,584,343 of cash in investing activities to acquire homes.

 

On March 13, 2015, we received $3,526,985 of loan proceeds per the terms of a promissory note due on April 5, 2020 secured by deeds of trust encumbering a majority of our homes located in the state of Florida. The note provides for monthly payments of interest only at a rate of 1.00% over the prime rate (the interest rate at March 31, 2015 is 4.25%) until April, 5, 2017. Thereafter monthly payments of interest and principal will be made until maturity. Loan costs totaled $137,171, resulting in $3,389,814 of net cash provided by financing activities for the three months ended March 31, 2015. For the three months ended March 31, 2014, we used $135,480 of cash for payments of deferred stock issuance costs.

 

Off Balance Sheet Arrangements

 

None.

 

16
 

 

Item 3.  Quantitative and Qualitative Disclosure About Market Risk.

 

As a “smaller reporting company” defined in Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this item.

 

Item 4.  Controls and Procedures.

 

Internal Controls Over Financial Reporting

 

During the three months ended March 31, 2015, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, except as described below.

 

As disclosed in our Annual report on Form 10-K filed with the SEC on March 31, 2015, in connection with the preparation of our consolidated financial statement for the fiscal year ended December 31, 2014, we became aware that we had been improperly accounting for our portfolio acquisitions of leased single family homes as asset acquisitions instead of business acquisitions. Therefore, we had been capitalizing, instead of expensing, real property acquisition costs. Additionally, we determined that we had been improperly allocating a portion of our purchase price relating to 2013 acquisitions on our balance sheet to building values instead of lease origination costs. Our management concluded that these errors in accounting constituted “material weaknesses” in our internal control over financial reporting.

 

Following our determination of the above-mentioned errors in accounting, during the three months ended March 31, 2015, we performed additional analyses and other procedures, including among other things, engaging outside professionals to further evaluate our accounting policies to verify that they were correctly applied based on our specific operating business, additional transaction reviews, control activities and account reconciliations in order to provide assurance that our consolidated financial statements included in this annual report were prepared in accordance with GAAP.

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of March 31, 2015.  Based on this evaluation, and after giving effect to the changes in our internal controls over financial reporting discussed above, our Chief Executive Officer and our Chief Financial Officer have concluded such controls and procedures to be effective as of March 31, 2015 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

17
 

 

PART II - OTHER INFORMATION

 

Item 6.   Exhibits.

 

Exhibit
No.
  Description  

 

Method of Filing

         
10.1   First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (Houston 100) dated January 26, 2015   Incorporated by reference from the Registrant’s Current Report on Form 8-K filed with the SEC on January 29, 2015
         
10.2   Single Family Homes Real Estate Purchase and Sale Agreement (Jacksonville 62) dated January 30, 2015   Incorporated by reference from the Registrant’s Current Report on Form 8-K filed with the SEC on February 4, 2015
         
10.3   Single Family Homes Real Estate Purchase and Sale Agreement (Jacksonville 140) dated February 27, 2015   Incorporated by reference from the Registrant’s Current Report on Form 8-K filed with the SEC on March 4, 2015
         
10.4   Assignment and Assumption of Single Family Homes Real Estate Purchase and Sale Agreement dated March 13, 2015 by and between Reven Housing Florida, LLC and Reven Housing Florida 2, LLC   Incorporated by reference from the Registrant’s Current Report on Form 8-K filed with the SEC on March 16, 2015
         
10.5   First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (Jacksonville 140) dated March 17, 2015   Incorporated by reference from the Registrant’s Current Report on Form 8-K filed with the SEC on March 18, 2015
         
10.6   Promissory Note, dated as of March 10, 2015, by Reven Housing Florida, LLC for the benefit of Silvergate Bank, for the principal amount of $ 3,526,985.00   Incorporated by reference from the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2015
         
10.7   Deeds of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of March 10, 2015, by Reven Housing Florida, LLC for the benefit of Silvergate Bank   Incorporated by reference from the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2015
         
10.8   Unsecured Environmental Indemnity, dated March 10, 2015, by and between Reven Housing Florida, LLC and Silvergate Bank   Incorporated by reference from the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2015
         
10.9   Subordination of Management Agreement, dated as of March 10, 2015, by and between Reven Housing Florida, LLC, Silvergate Bank and Suncoast Property Management, LLC, as property manager   Incorporated by reference from the Registrant’s Annual Report on Form 10-K filed with the SEC on March 31, 2015

 

18
 

 

31.1   Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Filed herewith
         
31.2   Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Filed herewith
         
32.1   Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Filed herewith
         
101.INS   XBRL Instance Document   Filed herewith
         
101.SCH   XBRL Taxonomy Extension Schema Document   Filed herewith
         
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document   Filed herewith
         
101.LAB   XBRL Taxonomy Extension Label Linkbase Document   Filed herewith
         
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document     Filed herewith
         
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document     Filed herewith

 

 

 

19
 

 

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.

 

Dated: May 14, 2015 REVEN HOUSING REIT, INC.
   
  /s/ Chad M. Carpenter
  Chad M. Carpenter,
  Chief Executive Officer
  (Principal Executive Officer)
   
Dated: May 14, 2015 REVEN HOUSING REIT, INC.
   
  /s/ THAD L. MEYEr
  Thad L. Meyer,
  Chief Financial Officer
  (Principal Financial Officer)

 

20

 

EX-31.1 2 v409564_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

 

I, Chad M. Carpenter, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Reven Housing REIT, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 14, 2015

 

  /s/ Chad M. Carpenter
  Chad M. Carpenter,
  Chief Executive Officer
  (Principal Executive Officer)

 

 

 

EX-31.2 3 v409564_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

 

I, Thad L. Meyer, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Reven Housing REIT, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 14, 2015

 

  /s/ THAD L. MEYER
  Thad L. Meyer,
  Chief Financial Officer
  (Principal Financial Officer)

 

 

EX-32.1 4 v409564_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Chad M. Carpenter, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Reven Housing REIT, Inc. for the quarterly period ended March 31, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Reven Housing REIT, Inc.

 

May 14, 2015 /s/ Chad M. Carpenter
  Chad M. Carpenter,
  Chief Executive Officer
  (Principal Executive Officer)

 

 

 

I, Thad L. Meyer, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Reven Housing REIT, Inc. for the quarterly period ended March 31, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Reven Housing REIT, Inc.

 

May 14, 2015 /s/ THAD L. MEYER
  Thad L. Meyer,
  Chief Financial Officer
  (Principal Financial Officer)

 

The foregoing certifications are not deemed filed with the Securities and Exchange Commission for purposes of section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), and are not to be incorporated by reference into any filing of Reven Housing REIT, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

 

 

 

EX-101.INS 5 rven-20150331.xml XBRL INSTANCE DOCUMENT 0001487782 2014-01-01 2014-03-31 0001487782 2014-01-01 2014-12-31 0001487782 2015-01-01 2015-03-31 0001487782 2015-03-31 0001487782 2015-04-30 0001487782 2014-10-15 2014-11-05 0001487782 2014-11-01 2014-11-05 0001487782 2014-12-31 0001487782 2013-12-31 0001487782 2014-03-31 0001487782 us-gaap:CommonStockMember 2014-04-04 0001487782 rven:JacksonvilleFlMember 2015-03-31 0001487782 us-gaap:LandBuildingsAndImprovementsMember 2015-01-01 2015-03-31 0001487782 us-gaap:PrivatePlacementMember 2015-03-31 0001487782 us-gaap:PrivatePlacementMember 2015-01-01 2015-03-31 0001487782 us-gaap:PurchaseCommitmentMember 2015-01-01 2015-03-31 0001487782 rven:Incentevecompensationplan2012Member 2015-03-31 0001487782 rven:Incentevecompensationplan2012Member 2014-01-01 2014-03-31 0001487782 rven:Incentevecompensationplan2012Member 2014-04-01 2014-04-04 0001487782 rven:Incentevecompensationplan2012Member 2014-10-01 2014-10-16 0001487782 rven:RevenHousingTexasLlcMember rven:SilvergateBankMember 2015-01-01 2015-03-31 0001487782 rven:RevenHousingTennesseeLlcMember rven:SilvergateBankMember 2015-01-01 2015-03-31 0001487782 rven:RevenHousingFloridaLlcMember rven:SilvergateBankMember 2015-01-01 2015-03-31 0001487782 rven:RevenHousingFloridaLlcMember rven:SilvergateBankMember 2015-03-13 0001487782 rven:RevenHousingTexasLlcMember rven:SilvergateBankMember 2014-06-12 0001487782 rven:RevenHousingTennesseeLlcMember rven:SilvergateBankMember 2014-11-17 0001487782 rven:IncentiveCompensationPlan2012Member 2014-10-01 2014-10-16 xbrli:shares iso4217:USD iso4217:USD xbrli:shares rven:Number xbrli:pure 10-Q false 2015-03-31 2015 Q1 Reven Housing REIT, Inc. 0001487782 --12-31 Smaller Reporting Company RVEN 7016796 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 8. INCOME TAXES</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and expected carry-forwards are available to reduce taxable income. The Company records a valuation allowance when, in the opinion of management, it is more likely than not, that the Company will not realize some or all deferred tax assets. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance equal to the deferred tax asset at March 31, 2015 and December 31, 2014. At December 31, 2014, the Company had federal and state net operating loss carry-forwards of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,380,000</font>. The federal and state tax loss carry-forwards will begin to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">expire in 2032</font>, unless previously utilized.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Pursuant to Internal Revenue Code Section 382, use of the Company&#8217;s net operating loss carry-forwards may be limited if a cumulative change in ownership of more than 50% occurs within a three year period. Management believes that such an ownership change had occurred but has not performed a study of the limitations on the net operating losses.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company plans to elect REIT status effective for the year ending December 31, 2015, when it meets all requirements allowing it to do so. At that time, the Company would generally not be subject to income taxes assuming it complied with the specific distribution rules applicable to REITs. The Company has also incurred current period and prior year net operating losses; thus, it does not expect to incur current income tax expenses. Additionally, due to the Company&#8217;s expectations of electing REIT status commencing in 2015, it does not expect to realize any future tax benefits from the current years, or prior years&#8217; operating losses.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 9. RELATED PARTY TRANSACTIONS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company sub-leases office space on a month-to-month basis from Reven Capital, LLC which is wholly-owned by Chad M. Carpenter, a shareholder of the Company and the Company&#8217;s Chief Executive Officer. Rental payments totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,500</font> for the three months ended March 31, 2015 and 2014, respectively.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>NOTE 10. COMMITMENTS AND CONTINGENCIES</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Legal and Regulatory</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company&#8217;s business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company&#8217;s condensed consolidated financial statements and, therefore, no accrual has been recorded as of the three months ended March 31, 2015 and 2014.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Security Deposits</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of March 31, 2015 and December 31, 2014, the Company had $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">373,429</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">306,004</font>, respectively, in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Escrow Deposits and Prepaid Expenses</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Escrow deposits and prepaid expenses include earnest deposits for the purchase of properties. As of March 31, 2015, the Company had entered into agreements to purchase residential properties for an aggregate amount of&#160;approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">19,100,000</font> and had corresponding refundable earnest deposits for these purchases of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">104,408</font>. At December 31, 2014, the Company had entered into agreements to purchase residential properties for an aggregate amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8,700,000</font> and had corresponding refundable earnest deposits for these purchases of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">87,000</font>. However, the Company may not consummate the real estate purchase because properties may fall out of escrow through the closing process for various reasons and these purchases are contingent on the Company&#8217;s ability to acquire the debt or equity financing required to fund the acquisition.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Basis of Presentation</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), as contained within the Financial Accounting Standards Board (&#8220;FASB&#8221;), Accounting Standard Codification (&#8220;ASC&#8221;), and Article&#160;8 of Regulation S-X of the Securities Exchange Commission (&#8220;SEC&#8221;).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Annual Report on Form 10-K filed with the SEC on&#160;March 31, 2015. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Principles of Consolidation</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Cash</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions&#8217; non-performance. As of March 31, 2015 and December 31, 2014, the Company did not have any cash equivalents.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Rents and Other Receivables</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of March 31, 2015 and December 31, 2014</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Deferred Stock Issuance Costs</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Revenue Recognition</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company&#8217;s single family homes are leased under short term rental agreements with individual tenants of generally one year and revenue is recognized over the lease term on a straight-line basis.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Income Taxes</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 5.5pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company intends to elect to be taxed as a real estate investment trust (&#8220;REIT&#8221;), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2015. Management believes that the Company will be able to satisfy the requirements for qualification as a REIT. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 6pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">However, qualification and taxation as a REIT depends upon the Company&#8217;s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 6pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 2.9pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The tax benefit of uncertain tax positions is recognized only if it is &#8220;more likely than not&#8221; that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of relevant information. The measurement of a tax benefit for an uncertain tax position that meets the &#8220;more likely than not&#8221; threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority, having full knowledge of all the relevant information. As of March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Incentive Compensation Plan</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (&#8220;2012 Plan&#8221;). The 2012 Plan allows for the grant of options and other awards representing up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,650,000</font> shares of the Company&#8217;s common stock. Such awards may be granted to officers, directors, employees, consultants and other persons who provide services to the Company or any related entity. Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event longer than ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 48,750</font> shares of the Company&#8217;s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their services.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 425,000</font> shares of the Company&#8217;s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Net Loss Per Share</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. For the three months ended March 31, 2015, and 2014, potentially dilutive securities excluded from the calculations were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 263,588</font></font> shares issuable upon exercise of outstanding warrants granted in conjunction with the convertible notes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On November 5, 2014, the Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder&#8217;s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Financial Instruments</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The carrying value of the Company&#8217;s financial instruments, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their short term nature. The Company&#8217;s short term financial instruments consist of cash, rents and other receivables, property tax and insurance reserves, escrow deposits, accounts payable and accrued liabilities, and security deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The carrying value of the Company&#8217;s notes payable, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their floating market interest rate and due to the fact that their security and payment terms are similar to other debt instruments currently being issued.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Security Deposits</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Security deposits represent amounts deposited by tenants at the inception of the lease.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Use of Estimates</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Investments in Real Estate</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company accounts for its investments in real estate as business combinations under the guidance of ASC Topic 805, <i>Business Combinations</i> (&#8220;ASC 805&#8221;) and these acquisitions are recorded at fair value, allocated to land, building and the existing leases based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The estimated fair value of acquired in-place leases represents the expected costs the Company would have incurred to lease the property at the date of acquisition. Each portfolio of acquired property is recorded as a separate business combination.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Land, buildings and improvements are recorded at cost. Buildings and improvements are depreciated over estimated useful lives of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27.5</font> years using the straight-line method. Lease origination costs are amortized over the average remaining term of the in-place leases which is generally less than one year. Maintenance and repair costs are charged to expenses as incurred.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company assesses the impairment of investments in real estate, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset&#8217;s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company has not recognized any impairment losses for the periods ended March 31, 2015 and 2014.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>Reclassifications</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Certain prior period amounts have been reclassified to conform to the current period&#8217;s presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Accounts payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>305,320</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>12,673</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Property taxes payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>173,238</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>292,290</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Accrued legal, board fees and other expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>267,065</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>372,389</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Interest payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>40,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>40,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>786,433</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>718,162</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 1650000 48750 Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. 263588 263588 1922359 3343236 36851399 33811133 15049125 11522140 786433 718162 16208987 12546306 0 0 7017 7017 24601295 24601295 -3965900 -3343485 20642412 21264827 36851399 33811133 305320 12673 173238 292290 267065 372389 1380000 0.001 0.001 25000000 25000000 0 0 0 0 0.001 0.001 100000000 100000000 7016796 7016796 7016796 7016796 480595 1114787 108777 155320 423992 482283 0 140549 99500 266888 846761 1737202 -366166 -622415 -0.08 -0.09 4393044 7016796 8916 36812 -61664 141256 -47991 91259 1584343 4847503 -1584343 -4901950 0 3526985 -135480 3389814 -1767814 -1420877 2134510 366696 0 122423 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Basis of Presentation</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), as contained within the Financial Accounting Standards Board (&#8220;FASB&#8221;), Accounting Standard Codification (&#8220;ASC&#8221;), and Article&#160;8 of Regulation S-X of the Securities Exchange Commission (&#8220;SEC&#8221;).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Annual Report on Form 10-K filed with the SEC on&#160;March 31, 2015. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;<b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Principles of Consolidation</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Financial Instruments</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The carrying value of the Company&#8217;s financial instruments, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their short term nature. The Company&#8217;s short term financial instruments consist of cash, rents and other receivables, property tax and insurance reserves, escrow deposits, accounts payable and accrued liabilities, and security deposits.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The carrying value of the Company&#8217;s notes payable, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their floating market interest rate and due to the fact that their security and payment terms are similar to other debt instruments currently being issued.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Reclassifications</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Certain prior period amounts have been reclassified to conform to the current period&#8217;s presentation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Investments in Real Estate</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company accounts for its investments in real estate as business combinations under the guidance of ASC Topic 805, <i>Business Combinations</i> (&#8220;ASC 805&#8221;) and these acquisitions are recorded at fair value, allocated to land, building and the existing leases based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The estimated fair value of acquired in-place leases represents the expected costs the Company would have incurred to lease the property at the date of acquisition. Each portfolio of acquired property is recorded as a separate business combination.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Land, buildings and improvements are recorded at cost. Buildings and improvements are depreciated over estimated useful lives of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27.5</font> years using the straight-line method. Lease origination costs are amortized over the average remaining term of the in-place leases which is generally less than one year. Maintenance and repair costs are charged to expenses as incurred.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company assesses the impairment of investments in real estate, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset&#8217;s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company has not recognized any impairment losses for the periods ended March 31, 2015 and 2014.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Cash</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions&#8217; non-performance. As of March 31, 2015 and December 31, 2014, the Company did not have any cash equivalents.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Rents and Other Receivables</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of March 31, 2015 and December 31, 2014<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Property Tax and Insurance Reserves</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Property tax and insurance reserves represent amounts held in accordance with the terms of the Company&#8217;s notes payable for property taxes and insurance. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Escrow Deposits and Prepaid Expenses</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for property purchases.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Deferred Loan Fees</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Costs incurred in the placement of the Company&#8217;s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. Deferred loan closing costs and fees totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">499,768</font> and accumulated amortization totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">47,178</font> as of March 31, 2015. Amortization expense for these loan fees was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">18,126</font> for the three months ended March 31, 2015. No loan fees or related amortization were incurred during the three months ended March 31, 2014.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Deferred Stock Issuance Costs</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Security Deposits</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Security deposits represent amounts deposited by tenants at the inception of the lease.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Revenue Recognition</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company&#8217;s single family homes are leased under short term rental agreements with individual tenants of generally one year and revenue is recognized over the lease term on a straight-line basis.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Income Taxes</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 5.5pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company intends to elect to be taxed as a real estate investment trust (&#8220;REIT&#8221;), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2015. Management believes that the Company will be able to satisfy the requirements for qualification as a REIT. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 6pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">However, qualification and taxation as a REIT depends upon the Company&#8217;s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 6pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 2.9pt 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The tax benefit of uncertain tax positions is recognized only if it is &#8220;more likely than not&#8221; that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of relevant information. The measurement of a tax benefit for an uncertain tax position that meets the &#8220;more likely than not&#8221; threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority, having full knowledge of all the relevant information. As of March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Incentive Compensation Plan</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (&#8220;2012 Plan&#8221;). The 2012 Plan allows for the grant of options and other awards representing up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,650,000</font> shares of the Company&#8217;s common stock. Such awards may be granted to officers, directors, employees, consultants and other persons who provide services to the Company or any related entity. Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event longer than ten years.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 48,750</font> shares of the Company&#8217;s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their services.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 425,000</font> shares of the Company&#8217;s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Net Loss Per Share</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. For the three months ended March 31, 2015, and 2014, potentially dilutive securities excluded from the calculations were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 263,588</font></font> shares issuable upon exercise of outstanding warrants granted in conjunction with the convertible notes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On November 5, 2014, the Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder&#8217;s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>New Accounting Pronouncements</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In May 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-09 <i>Revenue from Contracts with Customers</i>, or ASU No. 2014-09, which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the fourth quarter of 2016. The Company is currently assessing the impact, if any, the guidance will have upon adoption.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.&#160;2015-01, <i>Income Statement-Extraordinary and Unusual Items</i> (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December&#160;15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In April 2015, the FASB issued ASU 2015-03, <i> Interest&#151;Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs</i>, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Subsequent Events</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Subsequent events are events or transactions that occur after the balance sheet date but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company&#8217;s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after such date and before the condensed consolidated financial statements are available to be issued. The Company has evaluated subsequent events up until the date of the issuance of these financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><strong>NOTE 3. INVESTMENTS IN REAL ESTATE</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company&#8217;s investments in real estate consists of single family homes purchased by the Company. The homes are generally leased to individual tenants under operating leases of one year or less.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table summarizes the Company&#8217;s investments in real estate:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.5in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>Number</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Buildings&#160;and</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Investments</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>of&#160;Homes</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Land</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Improvements</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>in&#160;Real&#160;Estate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Total at December 31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>395</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,422,647</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>23,961,608</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>29,384,255</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="36%"> <div>Purchases and improvements during 2015:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Jacksonville, FL</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>73</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>730,880</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,116,623</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,847,503</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Total at March 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,153,527</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,078,231</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>34,231,758</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <strong>NOTE 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><strong>&#160;</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%" colspan="2"> <div>2014</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Accounts payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>305,320</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>12,673</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Property taxes payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>173,238</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>292,290</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Accrued legal, board fees and other expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>267,065</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>372,389</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>Interest payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>40,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>40,810</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="52%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>786,433</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>718,162</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 6153527 5422647 135480 0 -73720 3332 28078231 23961608 34231758 29384255 823351 592114 33408407 28792141 0 260123 194042 157230 4847503 73 468 395 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 6. STOCKHOLDERS&#8217; EQUITY</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On November 5, 2014, the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share</font>. References in these condensed consolidated financial statements and notes have been adjusted to retroactively account for the effects of the reverse split.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company currently has warrants outstanding allowing its holders to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 263,588</font> shares of the Company&#8217;s common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.00</font> per share.&#160; The warrants will expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">September 27, 2018</font>, if not exercised prior to that date. No warrants were exercised in the periods ended March 31, 2015 and 2014.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> P27Y6M <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> The following table summarizes the Company&#8217;s investments in real estate:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.5in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>Number</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Buildings&#160;and</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Investments</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>of&#160;Homes</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Land</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Improvements</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>in&#160;Real&#160;Estate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Total at December 31, 2014</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>395</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,422,647</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>23,961,608</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>29,384,255</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="36%"> <div>Purchases and improvements during 2015:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Jacksonville, FL</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>73</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>730,880</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,116,623</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>4,847,503</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="36%"> <div>Total at March 31, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>6,153,527</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,078,231</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>34,231,758</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 4.00 2018-09-27 expire in 2032 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u>New Accounting Pronouncements</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In May 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-09 <i>Revenue from Contracts with Customers</i>, or ASU No. 2014-09, which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the fourth quarter of 2016. The Company is currently assessing the impact, if any, the guidance will have upon adoption.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.&#160;2015-01, <i>Income Statement-Extraordinary and Unusual Items</i> (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December&#160;15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In April 2015, the FASB issued ASU 2015-03, <i> Interest&#151;Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs</i>, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The adoption of this ASU is not expected to have a material impact on the Company&#8217;s financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 186940 168145 0 54447 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 1. ORGANIZATION AND OPERATION</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Reven Housing REIT, Inc. was initially incorporated in the State of Colorado and then converted to a Maryland corporation on April 1, 2014 (Reven Housing REIT, Inc., along with its subsidiaries, are also referred to herein collectively as the &#8220;Company&#8221;). The Company acquires portfolios of occupied and rented single family homes throughout the United States with the objective of receiving income from rental property activity and future profits from the sale of rental property at appreciated values.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of March 31, 2015, the Company owned 468 single family homes in the Houston, Jacksonville, Memphis and Atlanta metropolitan areas.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 224596 221264 452590 333544 462465 535450 373429 306004 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Property Tax and Insurance Reserves</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Property tax and insurance reserves represent amounts held in accordance with the terms of the Company&#8217;s notes payable for property taxes and insurance. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Escrow Deposits and Prepaid Expenses</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for property purchases.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 8700000 19100000 104408 87000 7500 9000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>NOTE 7. STOCK COMPENSATION</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company&#8217;s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their past services. These shares were issued to compensate the members for past services and valued at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.00</font> per share, based on the grant date fair value, for a total expense of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">195,000</font> which has been included in the Company&#8217;s condensed consolidated statement of operations for the three months ended March 31, 2014. Due to the Company&#8217;s low trading volume, the grant date fair value was determined based on similar issuances of stock in the Company&#8217;s private placements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 425,000</font> shares of the Company&#8217;s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date. Compensation expense will be recognized in the applicable future periods should the applicable milestones be achieved in accordance with the vesting schedule. At the time of filing, there is no assurance that these milestones will in fact be achieved and that the shares will in fact vest in the future.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 4.00 195000 48750 425000 263588 Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share 730880 4116623 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 5. NOTES PAYABLE</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On June 12, 2014, Reven Housing Texas, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,570,000</font> to Silvergate Bank, secured by deeds of trust encumbering the Company&#8217;s homes located in Texas. The entire balance of principal and accrued interest is due and payable on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">July 5, 2019</font>. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until July 5, 2016. Thereafter, monthly payments of interest and principal, based on a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font> year amortization rate will be made until maturity. The note has a prepayment penalty of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3</font>% calculated on principal amounts prepaid prior to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">July 5, 2016</font>. There is no prepayment penalty on amounts paid after that date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On November 17, 2014, Reven Housing Tennessee, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,952,140</font> to Silvergate Bank, secured by deeds of trust encumbering primarily all of the Company&#8217;s homes located in Tennessee. The entire balance of principal and accrued interest is due and payable on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">December 5, 2019</font>. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">December 5, 2016</font>. Thereafter, monthly payments of interest and principal, based on a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font> year amortization rate will be made until maturity. The note has a prepayment penalty of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3</font>% calculated on principal amounts prepaid prior to December 5, 2016. There is no prepayment penalty on amounts paid after that date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On March 13, 2015, Reven Housing Florida, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,526,985</font> to Silvergate Bank, secured by deeds of trust encumbering a majority of the Company&#8217;s homes located in Florida. The entire balance of principal and accrued interest is due and payable on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 5, 2020</font>. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until April 5, 2017. Thereafter, monthly payments of interest and principal, based on a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font> year amortization rate will be made until maturity. The note has a prepayment penalty of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3</font>% calculated on principal amounts prepaid prior to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 5, 2017</font>. There is no prepayment penalty on amounts paid after that date.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The terms of the notes also provide for lender reserve accounts for taxes and insurance reserves. As of December 31, 2014, a total of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">260,123</font> was held in these lender escrow accounts. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">During the three months ended March 31, 2015, the Company incurred $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">140,549</font> of interest expense related to the notes payable, which includes $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">18,126</font> of amortization of deferred loan fees.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0.03 0.03 0.03 2016-07-05 2016-12-05 2017-04-05 3526985 7570000 3952140 2019-07-05 2019-12-05 2020-04-05 P25Y P25Y P25Y 260123 140549 18126 The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until July 5, 2016. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until December 5, 2016. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until April 5, 2017. 40810 40810 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Deferred Loan Fees</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <i>&#160;</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Costs incurred in the placement of the Company&#8217;s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. Deferred loan closing costs and fees totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">499,768</font> and accumulated amortization totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">47,178</font> as of March 31, 2015. Amortization expense for these loan fees was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">18,126</font> for the three months ended March 31, 2015. No loan fees or related amortization were incurred during the three months ended March 31, 2014.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 499768 47178 425000 Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder&#8217;s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split. 123754 283576 30357 246085 60381 162501 195000 0 0 0 -260123 20535 67425 0 137171 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Subsequent Events</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Subsequent events are events or transactions that occur after the balance sheet date but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company&#8217;s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after such date and before the condensed consolidated financial statements are available to be issued. The Company has evaluated subsequent events up until the date of the issuance of these financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> EX-101.SCH 6 rven-20150331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink 102 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 103 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 104 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 105 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 106 - Disclosure - ORGANIZATION AND OPERATION link:presentationLink link:definitionLink link:calculationLink 107 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 108 - Disclosure - INVESTMENTS IN REAL ESTATE link:presentationLink link:definitionLink link:calculationLink 109 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES link:presentationLink link:definitionLink link:calculationLink 110 - Disclosure - NOTES PAYABLE link:presentationLink link:definitionLink link:calculationLink 111 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 112 - Disclosure - STOCK COMPENSATION link:presentationLink link:definitionLink link:calculationLink 113 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 114 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 115 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 116 - Statement - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:definitionLink link:calculationLink 117 - Disclosure - INVESTMENTS IN REAL ESTATE (Tables) link:presentationLink link:definitionLink link:calculationLink 118 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) link:presentationLink link:definitionLink link:calculationLink 119 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 120 - Disclosure - INVESTMENTS IN REAL ESTATE (Details) link:presentationLink link:definitionLink link:calculationLink 121 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) link:presentationLink link:definitionLink link:calculationLink 122 - Disclosure - NOTES PAYABLE (Details Texual) link:presentationLink link:definitionLink link:calculationLink 123 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) link:presentationLink link:definitionLink link:calculationLink 124 - Disclosure - STOCK COMPENSATION (Details Textual) link:presentationLink link:definitionLink link:calculationLink 125 - Disclosure - INCOME TAXES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 126 - Disclosure - RELATED PARTY TRANSACTIONS (Details Textual) link:presentationLink link:definitionLink link:calculationLink 127 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 rven-20150331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 rven-20150331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 rven-20150331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 10 rven-20150331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0`&SU:ATP$``/(2```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,F-%NVC`4AN\G[1TBWT[$ MV-LZ-A&X8-UEA[3N`3S[0"([`*G` MW2Y5K,XY_.`\Z1I:E4H?P.&=A8^MRO@V+GE0>J66P.5P>,.U=QE<'N1N!IN, M?\)"K6TN;K?X\9XD@DVLF.T7=ED54R'81JN,I'SCS*N4P5-"B3O[-:EN0OJ$ M&(P?3>CN_#_@:=]O/)K8&"CF*N8[U2(&WUK^X./JG_>K\O20(Y1^L6@T&*_7 M+9Y`F4($95(-D%M;]M>R58U[YCZ1WR].O+^(*X-TWZ\??"&'),+QF0C'%R(< M7XEPW!#A^$:$8T2$XSL1#C&D`D+%J(**4@45IPHJ4A54K"JH:%50\:J@(E9! MQ:R2BEDE%;-**F:55,PJJ9A54C&KI&)6^5YFS?A$#[Q_??L/MQ]SYI$RY9V% M=.6_@?NAYY)K%<'\R1&[CZL#O)Q]AD,KJV;%]XI)2;8M?[J+*+BQJZE/PC8C0=3Q0+ M\>QRI9$P4P>J/OH\^;*W-$UO>"_F M?6*73HQ`GA,[RW;E0V8+J<_;J)I"RTF#%?.&PO7W)E;',O=V]R:V)O;VLN M>&UL+G)E;',@H@0!**```0`````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``"\6,MN@S`0O%?J/R#?&[.;=Q620ZM*N;;I!UC@``H89+N/_'VM-(5$BK87 MM!%B)R7IE,58W1 MB3AJ)S;K^[O5JZZ4#R^YHFQ=%+(8EXC"^_912I<6NE9NU+3:A)U]8VOEP]+F MLE7I0>5:8AS/I+W,(=97.:-ME@B[S<+YNV,;3OX_=[/?EZE^;M*/6AM_XPCY MU=B#*[3V(:FRN?:)Z$).GG86HX!8R-M@8,R,!L8D'&YR@&0'9\SLX(QBA[M6 M9*D0N+D!BILY,YHY!0:0&0T@"8>;'"#9P2DS.SBEV.&N%5TJ;L4!4G$PW)ZL MEQ7&9*F60\)Q_EB%R[^[.'_7U/GGD(T"[-20W.!DR$;I'%7?*UWH M;+)P0O4-M^"1>@?<:("$@]RN!FE;,Z@#]>&S0?==EZZT'F:8$E-TWA0K4E5E3X5JC0]G"Y$H>!6&%)@N`M$U@>XJ0&2&V0W M>*3#0VXSCJ09'P\J-:Y05F=OWH:_+9?.ZC+\-U3RZH?+^@<``/__`P!02P,$ M%``&``@````A`#C=B/`"MMN]R5")-5,$!^)J__T>L+)':)WN M%228A_>U7(5)%,9I M(KKZF\CUZ][W;U>;-'M]3M-7#0!)WM472JTN#2.?+<0RS$_2E4C@R3S-EJ&" M8?9BY*M,A%&^$$(M8\,VS8ZQ#&6B[PB7V5<8Z7PN9V*8SM9+D:@=)!-QJ$!^ MOI"K7.]=S64L'G85:>%JQ<(EZ-[&NA:'N2*15"+JZJ5>0DTR(Q#]>Q"J"\/1WZ9;=MNU/\LFC%@Q2;_-^B8JAM'V42I9OB MI]#:MVK4`@&;\M&CC-0"GINF6M:0L;]\1[B01 M)XF2ZHW39-=]F<(6%EVG4)FE:]FEA)N,1E8A'%,&+AL2YI,AASO?'=&A$\"@ M[XP<-B"(8B.*_7\4$%"):2%,V>\OB/$#T#3&8MJ(TOZBF'<*%@/-KSIS6L>X MWJW#Z&\GH"[C#AMR=T*\LLP MY@)ASNI**'L@?C`&@,\IXQYQ1APFH"D(T0*O54K.ZPAG,'"GQ?J)\^3T1Z0L M"":]*6SV"&.P6R[J&.8&I&+@5=@=EEE?Y@?NX/[.'0V)YW/R\)J M.+1<#.X<3\"G]?ZWL!.LAB\I@W6$!\XOXN,WXHVW&C;TR*@,P<3Q@B<>>`Z\ M=U!LW0&C@_IM?6#"\9B^[UEA'DA70-DM80-Z*.4,8QHF/.X@[.46=J+5L.+G M'N)!^(Q[@ZUH-;QXW$A84!L;TFHX\GAEX*?JDV$=*&IX\DAE0Z$0IXVM#9_F MVI?P>&58D'T`:ACV("0<-(0RSGD@MNL03J2J+!MG!@8U.1]D!K$P!\?';IBY M&1^$V6(.CI+=,#2.$B:H6E4X6G;#SY]'JV!B-3A>N_,6?UDAUI_'BV,.SI== MVMDH07":SL)X!L=\<2G/R?9I![:V.'KW_W1Z?P$``/__`P!02P,$%``&``@` M```A``"S50$"!```]@P``!@```!X;"]W;W)K;P\T;;@*W:F'=PYL+XM M!%SV1X^?>UI4PT-MX_D($:\MZLY5#.M^"0<['.J2/K'RTM).*)*>-H4`_?Q4 MG_F-K2V7T+5%_W(Y/Y2L/0/%OFYJ\3Z0NDY;KK\>.]87^P;R?L-A4=ZXAXL[ M^K8N>\;90:R`SE-"[W-.O=0#INVFJB$#:;O3TT/F/N+U#A/7VVX&@_ZMZ97/ M?CO\Q*Z_]77U1]U1[`GK$7"?U:R25XV+M[^GG8@;]ZIZ*'XM*(O]GU M=UH?3P*V.X*,9&+KZOV)\A(Y+F6W'O$41+,Y2` M0LV`J=8X49Q84H"BWYNQ$1 M#F=8/V[JDDUWN2[5H@U=^GBI.L,*,^J*@]A'>L-&U^:0)"3QC_H\EFUWN3K5 MI`UU5NA\8,QH?B.^'V#ZG)B0@!!-]UDWS/M7M\7V[CZU:ST?,K-_/5\S@ M5L>7$\//&X4O&/>Z@PJ1#W3R@%;HK+!N@S[0IT>K]"R7>OP1B:X]R MF#%E&JK(8H1)G.H]&HML#@F#-$"A3E3)5&.F&L-:VA_ICC8-=TIVD2.D#_E/ MJ]-X^^C+=[&UGLNQ5ZY[TPV8.L_%D?Y9],>ZXTY##T")5C%8UZNY55T(=AZ& MOST3,&\./T_P_X+"R(16`#XP)FX7,L#TCV7[/P```/__`P!02P,$%``&``@` M```A`&QR-O-W`P``UPH``!D```!X;"]W;W)K&UL ME%;;CILP$'VOU']`O"_7D)N2K#8!VI5:J:IZ>7;`!&L!(]O9[/Y]QS@0,-EM M]B6$XS.'.9[Q977_4A;&,V:V<'F M-<,H;8+*PO8<9VJ7B%2F4EBR6S1HEI$$AS0YEK@22H3A`@G(G^>DYJU:F=PB M5R+V=*SO$EK6(+$G!1&OC:AIE,GR\5!1AO8%^'YQ)RAIM9N7D7Q)$D8YS80% MP,F!#TTCQ/)!7YVO2G5C!S?!?HQAYS$1,I M:1K)D0M:_E4D]RRE1+RSB`_9G\>]#XM,SB+P[$1NS@!R;6S`LPNVW(DS_8"+ MZ5D#GA<-;QZXP0TJMIK7IDPA$FBS8O1D0.O#S/$:R87D+D&YK8^:S:YB;Q4, M*B5%'J3*VIR9!M2"0Y,];WQGOK*?H3.2,V<[YKA#QJYER#:0LF$+7&2]0`N* M6DX;%"N@Z0`;3'9.H0OZ3J]W8&M(DJ6A5G6K`-#N''I:]F/&5,LU'%.\8#*4 MB:YQ@B$GOL*Y9#,P#2W?-RW+Z\,B?M^\#%J;\)'.J^\LABEL%6?1U-J-[OSA M\$X-3[KY"W4@TH'X3<6!(5A^?4/O&Y%DS8CK##/=*LZ\,:*-[?IC[B)P'(T0 M*L+%9J0#<0\8^("=H._CML+((-V/UF-;Q;FDM-.!4`=9/BJ")H"V*GQBZ&0AV(="#N`8/\88/JY_]^\TBREO>H>13GDMM.`X:+@1D*/\C+@PYZ*^GF'P```/__`P!02P,$%``&``@````A M``QA?/,7`P``&PD``!D```!X;"]W;W)K&ULE%;; MCILP$'VOU']`O"_70"X*66V"MEVIE:JJEV<'3+`6,+*=S>[?=P8G7B!IFKX0 M/#D^G#,S>%C>O]:5]4*%9+Q);-_Q;(LV&<]9LTOLGS\>[V:V)15IKCA^6!BV=94JHL8&AD8I=*M0O7E5E):R(=WM(&_BFXJ(F"I=BYLA64 MY-VFNG(#SXO=FK#&U@P+<0L'+PJ6T91G^YHV2I,(6A$%^F7)6GEBJ[-;Z&HB MGO?M7<;K%BBVK&+JK2.UK3I;/.T:+LBV`M^O_H1D)^YN<49?LTQPR0OE`)VK MA9Y[GKMS%YA6RYR!`TR[)6B1V`_^(IW;[FK9Y><7HP?9N[=DR0^?!,N_L(9" MLJ%,6(`MY\\(?ZEX_5N#_".5)ID<2>#W2.)'SB2(IK,;6%RMJ#.8$D562\$/%C0-/%.V!%O0 M7P#SR9G68;S^S2IX1)('9$GLJ6V!"PGE>5F%7K!T7R"GV1&SUABX&DP0^4/, MYA)FQ).>8]Y97'!EK`5#:Y>+=7*`8'2`Q4-+:QT8R@U'C.XBC(69S"1,/,>D)@V]MO^8@LJ_\NF`$#P6'WEBPQO22.`ZDOGA4$C[,R*M%:8WI2QH%4!V;=6?">TX$J M'(Z]H^=ZK1`\5C5JBK7&]%2-`ZD.Q%I5&$X]TU8#9?.A,NS_$(;&=86X::QP M:OAU^VM,3^$X`%,,673>@CB,9C-#H27J(:7/\)J*'=W0JI)6QO`BXY@^832W9T:]$[%@CK8H6L-5SIM#*0D\WO5"\[2;$EBN82MUM"1\A M%,Y'SP%PP;DZ+?`!YK-F]0<``/__`P!02P,$%``&``@````A`%XV'[20!@`` MJAT``!D```!X;"]W;W)K&ULG)G;;N)($(;O5]IW M0+X?L,TA@$)&8[N[=Z5=:;7:P[4#!JP!C&QG,O/V6^UNV]55)#@[%Y/P\7>E M_SY4%?CQ\_?S:?0M*ZN\N&R\8.Q[H^RR+7;YY;#Q_OY+?EIZHZI.+[OT5%RR MC?L:ZOZ\FDVAZS\_M$$]4;G[?K7PZ4HT^<3^/X> MS-)M&[MYP<*?\VU95,6^'D.XB9DH][R:K"80Z>EQEX,#O>RC,MMOO"_!6DU] M;_+TV"S0/WGV6J'?1]6Q>%5EOOLMOV2PVK!/>@>>B^*KEOZZTP@&3]AHV>S` M'^5HE^W3EU/]9_'Z2Y8?CC5L]QP<:6/KW8\DJ[:PHA!F',YUI&UQ@@G`_Z-S MKH\&K$CZ?>.%\(?S77W<>-/%>/[@3P.0CYZSJI:Y#NF-MB]579S_-:+`AC)! MIC8(_+1!@O##068V"/SL@X3+>3!??&`J,.G&#_SLH@SVL;"#']#@H3XF9F&; M?4K2.GUZ+(O7$1Q^6+KJFNJK%*PA<+M!9CF[+7MKQV"K=)`O.LK&@_&P&14< MLV]/X3)\G'R#H[&UFHAK`E<1MPI]#G38Q`"SFQH("B0%"H$)6.Q\P@G"/F\? MP-:.%FL[[40B`R!V[X_,G2L6Q%[")2%9(W%#LIRZ?TG>TLQKN/PV6MQDTOZ75P^ MD-D;#9H]!8D!2W/*%WX0D@T2=(2D0"'@N(&T,-R-%E,W2^+&:.;-7(.9/Y^M M7$%L!+W=A`)!@:1`(>"X@7PUW(T6$S<+LK"1T5@WRR`D)R\V[\\:M[YK-&G? M:Z^TH$!2H!!P?$&:P[YTRH0:^D9-:U.*'D3\+,"$8D(PH3UZ`NM\3@[+Y!4Z1=@Z201X$1N0;[2MY4W+@3]0;;82T13",9 M49BX!G7Y)0;OI[S`%&W7(,G9D17-'DS6'OML]U#IMUTA):(-TO4"*:1C"A,7'.Z.'_WB9*$J81 MC$A&%":N"UV2D8MAQ2LPA=S=$U)H(BO">X+JO[T^E`@V2EIB:MIT-0^A>71K MFL*#7'NZ9B-[=S;)5'C7%BE146!$;0U;^B1-QE;0^TX8$8Q(1A0FKBE=L9&I M@37,U'G7'*MA;3.`CNF*M(9QT(K:A)XP(AB1C"A,'(,AZ3RTP?LUK!E%.Q"R M.9$506+K[^&*UK!.U!ED1#`B&5&8N`9O="'W:UAXJPLA63RRHK=K6"OHZE/" MB&!$,J(P<S!IT?3"M#=8T0P(AE1F+CF=+TG M=V^`.=,EX+LWI8UY%-)6(F8D840P(AE1F+AN=(%';MY/CZ%I!]ZO85;4[T#, M2,*(8$0RHC!Q7?ROOD)_4\H.'"DLD15A-[332)A&,"(949:8KVZF\W"Q6O9I MR+7WH48C-!T#/FKABM8P*VIKV(I]>V$%O>^$$<&(9$1AXIJZT7?<_QP6WNH[ M:`VS(ISBISY9@;@3]2F>M2),(QE1F+@&2>ZD)8#;,-QIN?PT+6@3`B&)&,*$P<<]H(3HS#VN)F MU+T:9D5M#5M.2(7SJ[6CW2.Y+J!L%PJ-@#0](@$^Z-^!)V34]9+^GY2&_5*-3MH>0_EC? MZ=(\:S,OZN+:/.AY+FIX1M;\>H1GHAD\4?''(-X71=V^T'^@>\KZ]!\```#_ M_P,`4$L#!!0`!@`(````(0`[[*1JR@(``*,'```9````>&PO=V]R:W-H965T ME-R'`>UZ>\QYCUM=/3>T\4B$9;S.$71\YM,UYP=I] MAG[]O+]*D2,5:0M2\Y9FZ)E*=+WY^&%]Y.)!5I0J!QQ:F:%*J6[E>3*O:$.D MRSO:PIV2BX8H.!5[3W:"DL(4-;47^'[L-82UR#JLQ"4>O"Q93N]X?FAHJZR) MH#51P"\KULD7MR:_Q*XAXN'07>6\Z9NUR>@`[SA^T]$NA+T&Q=U9];P;P73@%+U*I[OJ,PA4+!Q@T@[Y;P&`/AU&J97!@1"GLSQR`I592B, MW2CQ0PQR9T>ENF?:$CGY02K>_+$B?+*R)L')!(XG$QR\VR0\FQW@%SCJ>$$)^/1[(1=?X\@N6UFZ:$XX+`I+:#66 M$(+QXVA&.!:$"70PK,T)83PE?'NH6CPG&V9BR:S&DBW\%`_)F/O;?]^?<"53 MKLN2TT53OB"=S]9J[*)+TG@1SAJ`C5B;G`0XQ?&0O26T^ZS=03JRI]^(V+-6 M.C4M8;'[;@+9"[O+VA/%.[-3[+B"W='\K>!C2.%E\UT0EYRKEQ.]C_>?U\U? M````__\#`%!+`P04``8`"````"$`F+P-L9,#``!T"P``&````'AL+W=O4)>N2:?=Y_^V%ZD>M(GSDT`#+5.R,F89A.& M.COQBNFI;'@-3PJI*F;@5AU#W2C.11( M28+LK(VL_G,@VE(YDK@E@=^+>QXOIW0>+3_`,6LYX+?EH/%(CM#MR=KUP`S; M;96\!%"LH%HW#$N?;H#W?4_`#,3>(S@A*\A:0C0DYGD7;<-GL#YK$7N'@&N/ MH$-$VB$P>Z"A%P+&C!>"8!2"R4)E>[=P'3?VXMXB9CUB(`1<&"\$P5`/5_N= M]ZQ.F4/8GK`+Z=7"(.[\(W$1G!#84^_SPHOK$'#M$2O#![A[A.$O4Z*NT@OA+\I(UN7`0/E5"O+_<.,I#B MYZF#^%+60RDX7V,6%K:45A%=KM9O-3WH)0KA MQ[MCT9X6OXU;S,`?K^72'N,;1''HC4Z617MRWO;IK&DQ3L[AO5&<]I`;-3@* MQZMQ@_-ZU%"_Q:G#+*V.>1RM/??2%F!3.4P43L/Q6MSL'&CQNYQV\_5M\-UT M=X^YL08,_8`<1`\3%7OMNX?3$&+<^(LC>E,SW?->BCO3N(]TQ=61I[PL=9#) M,YY1*'CI8M>N+:"-45F$0)1KQCJA1=7>`?W^\NEA@92[N2MJKC!7[A M!E]M/GY8'Y1^-`WG%@%#9PK<6-NOXMBPADMJ(M7S#KY42DMJ8:KKV/2:T](' MR39.DV0>2RHZ'!A6^AP.556"\5O%]I)W-I!HWE(+^DTC>G-BD^P<.DGUX[Z_ M8$KV0+$3K;`OGA0CR5;W=:` MG5*/#GI?NB4(CM]$W_D"?-6HY!7=M_:;.GSFHFXL5#N'A%Q>J_+EEAL&A@)- ME'H93+4@`)Y("M<98`A]]N-!E+8I<#:/\D62$8"C'3?V3CA*C-C>6"5_!1!Q MH@:2]$@"XY&$Y-$LS1?+_V')CBPPGEC2*%WF))__6TL<\O(VW5)+-VNM#@A: M#Y2;GKI&)BM@?M\7R,5AKQVXP`N,(&4#M7S:@`_K^`D*P(Z8FX"!YX`A4\3V MA'!U`Q6#%+#G?"D.[*0XGYVVF[`PWO>5LNT[B#^0B1(PXGPE#@QM,4HX(]DT MY9N`F0UJMZ.%R&DAQ:67-=\R]O6 M(*;V[A032&=8'2Z8Z]3?$<,'..`]K?D#U;7H#&IY!:%)M(#-=+@BPL2JWA^0 MG;)PM/UK`S&ULE%3+ M;MLP$+P7Z#\0O$>4Y#A^P'(0.T@;H`&*HH\S3:TD(J(HD'2<_'V7I*W:<0NX M%UODCF9G]J'%[:MJR0L8*W57T"Q)*8%.Z%)V=4%_?'^XFE)B'>]*WNH."OH& MEMXN/WY8[+1YM@V`(\C0V8(VSO5SQJQH0'&;Z!XZC%3:*.[P:&IF>P.\#"^I MEN5I>L,4EQV-#'-S"8>N*BG@7HNM@LY%$@,M=ZC?-K*W!S8E+J%3W#QO^RNA M58\4&]E*]Q9(*5%B_EAWVO!-B[Y?LVLN#MSA<$:OI##:ZLHE2,>BT'//,S9C MR+1$G3UZ)K;1NT]&EE]D!UAL;)-OP$;K M9P]]+/T5OLS.WGX(#?AJ2`D5W[;NF]Y]!EDW#KL]1D/>U[Q\NPL>I*>D1&RMT^I7!&5[ MJDB2[TE&J'X?SR\E85%0\'?/'5\NC-X1G!E,:7ON)S";(_'!6)0Q6/V74[3H M2>X\2T$GE*`)B]UY68ZRR8*]8$G%'K,ZQV2GB/4!X3N!\@:-:/Q8X]^+?I#B MP5Z*;X+7MHH7R#UHR]_E/4?<_)%VH@0K=+D2#\9&'R4>9=/3U*N("9,;U*Z/ M+DXR7_]/9@\N*-H:+(^RV;O,$3,-S9JE:7H:QF7R%#$\&1^%HZJX*7&2%)@: MUM"VE@B]]5N0(^MP.RSH7>Z;\NY^A8L;QIP-`5R&_Q"`C8]31!<:>T.!S]2PS=W^1L``/__`P!02P,$ M%``&``@````A`&H)5H5#`P``E@D``!D```!X;"]W;W)K&ULE%;;CILP$'VOU']`?M]PSTTAJPUHVY5:J:IZ>7;`!&L!(]O9[/Y] MQSB`(=LTS0.!X\:>%?0I4R%(MB^R']L&?.-61G)\+.5W=OI,Z*&0T.T0 M"E)UK;.WA(@4#`6:F1SNY"JSD=@_: MZ8#Y(&^B[1(Q'Y1HM9<0;V`9B84YN%VL`L/4C4P8>-M'[S0FZ`N*IX'$"(RD M0,]OEZ+`$8(ZC7[X8Z-V&K/40[#P`V\U!L0:,&A-1AG.W'&"/F,D%=XW4ZH: M51_6@^NM5DE3R0._=D]CPE9RL`P6H3,I*C81;K@,_&""2$S$OP%/U8<^KU6N,5N\Z0>`LQX!8`PS#S8Q6:Y\P\AM>9]/OZTH5>*ITWO-J MI1HS"(FG@<0(C*2HS=A8I:Y+4>!_O3`:8TB9!A(C,)*R&DNY;0I5TM2=Z11J MC'YQW)4['J'6P%A#!M6P<2K>-J!%ZGU0K_`5X0<2D[(45LJ.:H_S8,3[:+_] M/GAJW9C$=^X:UF.(V_T-V!8;?"!?,3_06E@ER8'2F2U@]+G>6/6%9$V[K^R9 MA`VQ/2W@^X?`BN[,`)PS)KL+]8#^BVK[!P``__\#`%!+`P04``8`"````"$` MP?QRR$P%``!P%```&````'AL+W=O0]\P6+9'8Z+LCK0CK59[>288VR@&+"!Q\O=;377<%^+$O,0! M#M6GJZK/:7KY[;4Z>B]%VY5-O?+)+/2]HLZ;;5GO5_X_?S_J8T##,`JJK*Q]C+!H;XG1['9E7MPW^7-5U#T&:8MCU@/_ M[E">NO=H57Y+N"IKGYY/=WE3G2#$8WDL^[+'OF[:[/$(\WXE/,O? M8P\7H_!5F;=-U^SZ&80+D.AXSDF0!!!IO=R6,`.9=J\M=BO_.UFD-/:#]7)( MT+]E<>Z,_[WNT)Q_:\OM'V5=0+:A3K("CTWS)*$_MO(6O!R,WGX8*O!GZVV+ M7?9\[/]JSK\7Y?[00[D%S$A.;+%]NR^Z'#(*8694R$AYK2MD:D)'L M=?@]E]O^L/)9-!/SD!&`>X]%US^4,J3OY<]=WU3_(8BH4!B$JB#PJX(0.CD( M4T'@5P>AL2`B^II*@-,:LG2?]=EZV39G#UH/B'>G3#8R64!DF1X&2?XX/9`7 M^-3J$FP0TW8`V\0(K"8<3B/*7-*FEH0ED0D"N-+%(LU0T\7`;E,8/BQ4AW>J'B)Q&H6$:NFS>3FR_WDQ M"4JU*6W,R9Y`D#VJFHGK4BAYJ/Y+B@(AF1,Q$,!(;K&';F)KD"&=L" MT[-6Y$S1YQ'ED8-(512D#Y;&A:9ODYOD"G*/YBY3IZ,V"H-#LPBV0BQQ-<3& ML)@0PG1[V`0=9[AQ+X3J#B6Z^#YS1'9#$&/L.,P[-@G'`VXD,38#YIH!,:5^ M'D?455[JN,-M/3B\Y1#5_:.(HI.`J%P6"]>K$3.IXES!V$2E M:M_L%!0UWERIAI`J@H@Q5JIZ:[AC#RY5V1A<9HF#:GWNI12U'(;1&7!Z::,P M'WO\E84A&77;UN4UPDA?(SUO'"XS/ M(D4,,4@,;`KV/HF3UU3%N8*Q"3I>\$514=^MS+GR2Q&#@]_!YQ/XO!8(U?HV M!K:\/-:3L`DZ/O$%P;$_<$=@-]14?QI&G'+BK-_4QL@M7&Q\PMH$'8^X443& M7F'L)U2I$8.?T5=L'XZ49,LHS,>VCV=&>!IRRO;%SZS=EW7G'8L=K,UP-H>6 M:O'$""_ZYC2<>CPV/9ST#/\>X&2O@".$<`;@7=/T[Q?R3.IR5KC^'P``__\# M`%!+`P04``8`"````"$`#/.?X8#._>6KJX)%)Q46;HSB,4,!:*@K>;G+T M^]?]U34*E"9M06K1LAP],X5N%A\_S'="/JB*,1V`0ZMR5&G=S3!6M&(-4:'H M6`LSI9`-T3"4&ZPZR4AA@YH:)U$TP0WA+7(.,WF.ARA+3MF=H-N&M=J92%83 M#?RJXIUZ<6OH.78-D0_;[HJ*I@.+-:^Y?K:F*&CH[.NF%9*L:\C[*1X3^N)M M!T?V#:=2*%'J$.RP`SW..<,9!J?%O."0@2E[(%F9H]MXMLH07LQM??YPME-O MG@-5B=UGR8MOO&50;%@FLP!K(1Z,]&MAOH)@?!1];Q?@APP*5I)MK7^*W1?& M-Y6&U4XA(9/7K'B^8XI"0<$F3%+C1$4-`'`-&FXZ`PI"GNQ]QPM=Y6@T"=-I M-(I!'JR9TO?<6**`;I46S5\GBO=6SB39F\!];Q(G%YN,]B9P/Y@DUVF<3OZ/ M@EU:MDIW1)/%7(I=`)T'X*HCIH_C&3B;\HR@R*?+`W4Q,;(X?81GH7K(\EB1]Q>J$XB#!@/?*"&6[G-$$Y0BN!\:#O4UCZ22932#^=#7R M`-^=[L%!T=["#1?.B#TH[ZU+)TDM5))&]N.!#4IZ<.-+X(S8@QOWW[QTDK&% MB_ISJ]-S/1SXQ9Q?*R/V<-+^*Y=.U!3#\I)7%_%KJTB?PF'-3T\&\8S8P[OV\)S$X4VC M>#+-O*JNAA0]M.P2-"/VT#(/S4F&T(84#LV=3V[G[_)8M_````__\# M`%!+`P04``8`"````"$`/YR=8I,T```AJP``%````'AL+W-H87)E9%-T&UL[)WI;B/)M>>_#S#OD"B4Q]4`2RVI=KM=%RPMW;+5*EE2V==C7%RD MR)3$;HJDF615R9@/?HCY,L`,T,_2C^(GF=__G(C(C914=K?M:QCP4F)&QG+B M+/^S1.07__;Q>IR]+^;E:#KYQ8.MCCR>4O'KP[VW_\\D%6+O+) M,!]/)\4O'MP4Y8-_>_W?_]L79;G(>'=2_N+!U6(Q^]GGGY>#J^(Z+S>FLV+" MDXOI_#I?\.?\\O-R-B_R87E5%(OK\>?;FYO//[_.1Y,'V6"ZG"Q^\>#9TR._/-E^\>#U%^7H]1>+U[O3P?*ZF"RR_F28[4T6H\5-=C#Q_IGV M%Y\O7G_QN9IZ\R?9U]/)XJJDZ;`8MI]^G<\WLB=;O6Q[<^M9^V%_IH>;JQ^F M:=3&SGY_.)H4V<&BN"[_H]U;F.I)<3DJ%_.U^5^1S42+; MS1>=L4.?^Z-Q,<]V:'`YG72Z^R4YO MKL^GX_:\3GZS=]3^+:YI>GT]G62GB^G@VUYV>I7/BS)[NUP8X]%C^[6T$V?=88I!HF_G[8?'DS>%^5"A"BST21#*,<9/[#Q/VLW/43FV[^]68[&VN$R MXV$VNI[-I^\+ZZW=LAJH-4[OR_FT[%"K/T#"EV/F,/VG,^F"[B@7Y;% MHK.>PX/^FX/#@[.#O=.L?[2;G9Z]W?G55V\/=_=.3G^:[?WZW<'9[]K]L9=2 MX64VRV]$5R-"/AC,EYKW*#\?C4>+49<.I\5@.9=JC]1K=WPT7:`60J_MA[Z* MP_7=H[.N1X'UM2T#;`2LC+%C+MDC=9YM;7;$Z?OOOO^N/9;IJ:OI>(C9A`I_ M6#+K=IOC>=PJVX->]G!COEQY];SWXM7SUK`F M*>L'[0^';.9T`@>)R1^C5`;Y;`1'M0G2%/&+T6#4D5??P_M0M[/;QF3W>?.> MNO48$P2&*!8C;.AGZW1M9Y/3]F:/H,1P.A[GBDKF]ZVCM5&]/0,6_KUWA$&].U^]O9X[Z1_ M=H"57;?%=;C8,:[A]V:476%?"TL]T MY.5H8(NX6(['V)?1>`G00*KO):._+4:75P(F.6Y2?EEDD^7U.1(]O8#4KG)= M?=>8T;IV[N_(_!H-U&3,G?[I5]G^X=O?KF5,@9ML?SS]4&;[\^EU]C8Q4W^P M&+TW$]MAO?[PFV7$?XMI!OB98O^PT:`G(V_&K_KW0+T+WHUPH;+SF^S1LN0? MH\EG68UKUP]DJECT$>99">7Z=0:$E@G1M/=OYRK'3!M>K0UM<,4VM08I.NL5 M=WSB4CK#M^CL$%1">QN=*WET$)@'.UF*;49K47A[\#78L-TL+3-L4AC!-$O: MH_9+;0;:!W["#+*<90OF)L6E%J7V>_/BH^+ M[,T8]Z+[PMNSO6QK([O_O-:%0+(/N>0>748$XH9_#:9S8A#F)J*[M1NGD$GL@0(F=S:6Z46IYAR6_&COR]$QE+_D/,9S3./"#T-'NT;BZ] M3!&PR^S#:'&5R;,O%=#R:FH!,<9)G(QDB M=D[PE'\J9H3ZOLBO1_1]!0Q1]_/I\O(*7H@:I@_4;YDS'^NR]?(BRV5LE6#JQ2DZ]DR(G&F'R:\_O3YRY5K#URA:-IB.NEEO\P' MWY;PP8@=Z&5?%]>SJY%KY/X"9ECDV76Q8'T0F2"G=I$`9EMLWO1/#PPN'I_L MG0(=*TD[/?CRZ&#_8*=_=);U=W;>OCLZ.SCZ,CLF9K.#S]SN*+C&HO,Q(YKG MN5[PWM:DM0=S3$K>&9HQ[64"-4:K8\4B6(A@&3\KBEB4)2J.4,1H9HA0V[5R MZ+N$>'N#H-,/M/:5$VX32%)`J,`%0V1:3O(E'B8[CC0/%3^Q?P5*\(.`&C.&4SV:`-0O!@!Y3R)5A1.[:X!;WRS]G9X_OUW3:WH)@/F7HY1O^QK`,?,+Q-:T$"H;<6SB7W37_-U M,UA,$[0_0%]@Q4U>:4N_S/>1&F]R-I(I.RH^9"?3ZWRBI\'( M>0_ZX7/KN#%:+0UT7`DTB]E)^\9VWJEV[M[EL*=&9O$K6L1V062/IDJ<(-OX M@5CA^.:Q6ZXF;&BBC2\+DF6CO)<='N[T8(UZ8@A=G9N;/ID7`63!77CUYJH@J]?YMX52(CX?TVPY`=AKLZ02:;1*?G$!=+*M9VY@ M-*0KOTXL0'M"Z?9JS3>UORO=J&6S#`]!T^6:=WR4\QRL,@!;*8&:`0$0#>W` MJM'GXIIE:!"C*2V-`+*,5I$--VTK''F#Y1HLI)6BL,/78S(R(Q8\CQ!ORIXE M`G5V=-]=,/HXF.!06-ZVDU;0M@[R^?Q&)MZ08-0W073^_*?_@Q9+78VJKLRX MIG4'NRH!-"RM_M8P1X.&")+`Z/1CV.:+?!3B\MEP6SQ84:&8X M&C>H`=1MEK4F*R=L%H/`F6TXOF8/XDI7:/\Z*:@>&Q/`]OJD4P_R-]),VK;[ MY5QHR;!E.]/2V<7[;9!;N9"0^=MNS`7A(HN<7N?S;Y&)Z!MG<@Y=U-(^XAV9 MM#H>T*[&]8L83-]EGTUF5T",)?J+N+VXP#=H6)QKA,3.&8DJ;2(6\QS_#J?) M4C0=*IX4@S&"G;!:1PXBE@)[8@F#M8Z:I-*H.$VA'^&:J3A*^BRP:9Q->-^8 M,HBW*"WV2$8NLIZ` M@:S=^NB62_2Y0Y;+):9,N@[]"*S-SJ8S@K(%'_YV#81@` MM*S2`N:/J@T)'1.P89^-BQ0+Z;$?GM*/W1&=1UF)J<>*D+%A_.\P6\Y`J*X3 MJPX9S.V3+)(VK#:17G2P6HF)&/UG;F(5DR2A]XDLKX9-ID4=UL<2?\V6A&XT M*PWFB]$[_(P3`R40I`%`AHDF_EPNR#?_D5?$FT`PQC&-\>UD^@&833S?M,#R M?#S"O"H-8X]94N[*/DZ(D$RR/9V,D)%(,Z^36U2,]LL$#T=RR[XVY M?3#S:H(>22&A-LI;PV0-UA-Z(]O+"9:D4%%C:NE]7*.**=@W="#NEK9ME4`& ME8&HU?#T88-?Z`/E62\!,=U9#4+@G3(&`@AK:T;LA53M`8$H)IFG_8?GR@(G M@Y(!"BUL597%1O-NO]AX9OY'24,Q@39=(4QE:QZ/595%:.=J"G.MB:+;^&A; MY<'BZ.HDYGGF5+,1?%37`@"PG)Z.)LW=_G`U@OS0MXH:$$,PI*CP8N$^$MZ7 M3)1E]XQR,(FXR7E"5@<&GE\R#?8_H;:ZB#1U\Z*I@T&/^H]/$"0TFL?0^WIM MC(02)04M0G,@HZ2#^53)EHHQ1G.JJ#B`^(,151>RD?U64=IR"?GB!(APSGN(8$+DPT*T5TA+LX7^9B4@ M%^+NT0!8,"Z7-)7A0!P_9P>;A1G$-$]'F^;.6]@RB?1&=DK(%+1;Z]!TH:L3 MZTK;_($:%3:2Y#ZZA,U2+ZM41`,IVG1%"*T?WTK\1NBW/I:2FZQ26DYLYF"` MKE?Z[HB>@@@=TW[&F]$P6SX9KG/--S#HJ?_-Y/A`AH1"6VC2C$8#>H\6*%&< M/%^2&VXMP"T_%L*\$[,&8GA6@%!)4C`DX=5L<8,=MU!0\5$9)%OD?H'9QU4@ M.ZUZ*6H/,01D0@P`[(18/R-GCQ[L[Q[L//A,?8;'SD>7:'O32[!##G45#;$- MT_CZ":PT8*7*L],/W$GFAX!B-A^5W])^'*UAXE]VUF?#6$@B+&_*1^.O&+VY MR^?XOK!RU[QJ`\MZ'C=K..4M-2(F35QX)LVLYTV7(E(3EJ8Q MBJB8"PB*7/AQ-L]VE`=.(=M56,8Z5+T^;1K((;5I&MG,D)BRS20=+CM)K/.6 M.U2!!C4]\5HCM_\AV5.A,7J+52R[3($1$8=W-:J9+T4)6D^U22?M$JH]]1%2H[XQ!=VE!4 M,:0;P46-3+;7YBA+_H8Q":K9LPD!8E5`K;`0&IM'OVRN+<[0FH-`=2R.B@*J MXA`H[0K]&E]$*@)Y22\'R"3:Z%VT?A6EKR6$>*4*D\-K<9I6?*(LO%@O8#)F MK@);;#P:!B9[^/35J]X+\HZVIEK!U@L:KY!K='6]^"7./9A^ MW!B;C@VN!/C#K9>]K>WG"1J0WRT`MP0/.>.P"A]LJ'JTZ@/U%0U=8ZH?H'NU MO\-*[NX:H(L[$B&][N<@%AP;#[49*S5>5?'!5!%69>PJX57UM(@S5I59SS87 M,\]6F>T/09JI8I3:OH2>X5CXH)O""9EK/`7;;NG[JHHU5*\*V9T;"F-@:7Q) M&AU6@/[,7.\*OV.-+`Y\*L%;62$MJ'V'T"RA+S M1#*2:JIF$0$O@D\!EU(-HY594-T+& M-+0)7"CWE_,$15%&P8VQ5R/Y?,R.)'PU_2`WNQ>'#9E[`RD0WD2IF@>BAU(G MJH&9L_'#TLW"^ND)J$FF2KD@S>\]R5NP3:MW4!?R@#-+O$R`5:*CUBNY`D9+ MGI`:X5C(:U*U*Y(326FY+\31X`@J626`4DOL($.44Z)P*H7J=A"B`4;]"Y!P MU*;5RXI*9&Q2=&JB(X5PP4U1G=@ M(8N*X.)K,$MH(@9CLYSA6(ULL3SSN%M1TIWM#QK^B`*.X\;K%9=H%+R4R'D2 MW!ZQ""CKXK="(L1OAH72AN(O4`.MX@1I`_-Z*$S$3[=C.V-3'V9S5/M]O23C MD'^D`)CB#U@K#AVX`VK-K=9$0:U0I:!],E7=X@.ZV(,EX M]*VJ`N&VB=Q&='G%>?7>:AO+;*7FB=U;:!Z@JQ[BKA2#JXDB+>@'(E40OJ[D M;9O]E!&BA>^C'ZR2HPJ'LR"T0?%>YU5K13X>Z;@F*4`:-#H`>8,4VBN6L9H< MOBPI+0FF%4"N)P!P1PI7A/)%LCIB.7Y&4"`('_(\ZL)KS-HX:#@/`:A_,GBJ M!`HHTJ!6;==JIIXQU!YHO&3%1JT\`U&@D:0Q6="SS9\0A6:?1E=3RFD@D*?] M9)U-$9BJ%B15$0/1BL7"JWO7T[ZWGOC2CYK0ZDWHK_`G3+;:]KH5Y;FBI@EE MMYS45EYCXRZ?'UC<3+26Q,8J_NR86%\;Q@67'>^<,A--/5>%Y%OZL% M!DBF967'"DDKA".O1W4R+N\P-\>F+0XJ)2)G$3(K:%"%MNCYB0$B&T*3%"IR MGDT_>4RGBK%>HO9-@*>AND/=>YPJ_V`5>0D82TZ6,ZFHK=[S9XU3>[!#;UHWC$E17A#AT&'60CLP3ZPV\A9S5'4(?4_`X(@O)/ZE3'TQL[WBE7%M9R M`)[FAX$NI6(H+9(L"-W`=_/W=&4&HS8CV1RI]FCB1?S%S0:UC!$2)`+U\(Z% M1DKLEVGG.$^4.W)0?`06C&*:K2DC#.+0B"5I\)!&\W![L*0Q3:CGUK-;!:D- M-^H2K2V$C1],-P32OI]:0K*T8S:\LVHR-$5]XBG$U,N6=>1[4Y\,`,#W5L`@ MK,CLG4'^/&;A-30E:#+?*0=ASI!"RCI)NL`''Q:*Z1HSAF"CEW#R\FZUF<;-MND>84"%PU M7=7&UA2*=I\WK2S#^;>#GR'%6P1#AZXXH_HWH(8?S?4SFVDM0:G=FQP1$T0! M-RU=E^8FF5U7.8]C]^S,KUBT!E>D^4APNX1*5X5(AOQ"*2@Z)[5A\INL9FTC MT0!DBJUA@"OA?J3Z3"J5W((=D0]ZSR6F\9JM4_`T^6.0V9P3>FYNX4^MKHXP ME*H"O-]'`#Z4KVK"V4MI*,?;-$`E:&&^8G<"`Y#UX&CFU0'GZ"`T]F,[M2BK MJ8WW1W3%EJ*/U4_R>I"G83S?U"3PAFJ,K?%=$3ZB[!K&]$LY.: M1:BA4L093]C+F],9$.#G(%2=8Z(49MQ^_J3W["5G-ORH9).HR:Y`SOHA2O2T M;9(;"R<9Q.]&]'Q'%N9%0.,5J!T5XK,BLPM67FF9_'A80)(ONMF"=6#AA)C6/TYHSP*AVE3KB2.`>] M],AF1WQ0P_P5CX(5NF?L`M5BB6WXZ<\XO?YU(X3 MF?,S-9\[[$$T);=MPPI]\Z%^IN)X/IT`Y\E[PKFMS,;ZLK:#"2$N*DN2M=WG M&$;<:H4-EH@!^N@4-.8G-M[-I/V`37.*U=[UX+$->_WQYJN_:;E:C/"9!.Z0 M&=!)OA`-W5G"DCB#@0RU^KD?IWSM=21'G1H)V2L\42[A0*)2TNKY7/">'U/= MF;B9`F9X),6-LU05Z'&L+SD0`H>?OJL/$7&PW+D`$0WIQH[^J"Z]:Q6^R`^W M"G;TM?0V!TD4*+O$P\/D8Y)J:)K[?9R$$@AA)_<5;1SR=8K=NA.)(N),(#4- M$FLQ51FW9F,0`)62Q>[PMDDFB;#E(JFTY9DZ8T1(F MQF21)`(=SFW$6%(HJ5;JD'VS'%Y6JL'7J+QB]<"-30@2UOQ3'ZB9AH2FTW,[ M@,0>$;G@K`QZ+LVBRQ7PEB8OF%F0'$"]6KS#-%#*J?"0*(+',9M/.%%J+I&I MR!!<0^NS=2F#&1!L\GI9FDR$HE8<%24:54M?/W>8%ZV.$$^J)18!J!8.@$=E M2(,%1#4`X7YU$@.;B.E50R5QDD$MUNOV;M5VO\PY@S0WC8=1U*3W4^'/2GWG M>/Z1]"*U.`Y25S9TQ9@]0D8_DY!^_QU:]=GC38[9.A"LJ:$?L8R76(/V"H7- M!6T(V^.]CS`KQ0LLDW6+P=]-ECA,'%?0%6Z=N?TX*G)=A>\I52%6[[R]_0P` M0OQ".BY03BE%/`!XQ'8J'K.1HC%!>;=QNI%),]ICQ%)9.D$$3FK7ULQARFMP M_C%=01`[\X'N02_2%G`(X`IG>@3'9[1:*OV)V!D0I4V-=DXYL^,A5"\>(F@B M7`,?FWJ[`;R86TX)!BAB`.0EGR>UCQU02Y0!_XTE[C$Y(E"R8NJ4"DL@5L^X MBBYR]I7PW2AWN6\0H#F0=$^<)PL.&2I;<%E$#UFKZE(Q'HC1B@7'S%-,]*GJ M#(S-B&=^L(T1_3$NE&O`DQ`A:`MTIS@U`:E4BT20CCE>*!@9V@2U*"RR%)6K MD8)YB-&RIKK`Q%V-SK%Z<7`Y^C@2*[%*4Q]:3,/UNM5H<$(7 MF\]A1`B/.T,A-.];9L>5HL-[J.(H!U(:MQN`XA_.9(^2:GWYY-GC)YLXY*<0BN2SG4$3I8Z=$=*[NSKU M9FK:HR4]366115]Q#[]0[K*D6M+1*P"OM,N$`D;9J1%!)!P*N^G#Q+MQ6!-"*>J&)K5PEI"&:QZSK9`&(0ZCRL!&!YG] M#(Z%2;&_\CCDRP=!V9K!L;E&T%B?+A%^JR"01;>H(&F%J$(5C*J;.FR/]&E* M%9K.\C1P920<1(.UW4U!AV,Z\\HM1J_Z#0J.8UFJ'JCM1$I1@R*E9XKP=&5F\KC4P2"BG#^@C=&A.<0T> M!C=;E]*07S)\TN5^14=0!`MD%C'V0"7(]/[!)-[)WU,%$:N)SF/HS77S**&KO-'>)@DO*BE)A]::"@Z47%#>10IH3JG5/6^.&&+R]86$- ML1[1!H9I*ET/'B$UH0+#)D(LW\["HS*D582NW)0S.-D]F^(,C(T['ES%3UAK M@VQK00&'6XQ[$UGOHL<=1(A'#(P8ZTEAG)*C7=ET8R@[&V0\)$_M1^8A*0JJ M'L9+>!:=W&$`TK]+].?8]M$F94;0&3)DW/2,V5]&.LO#5K1]JY;?I[@4]U[+F

172#9_C4=E/S^.[B]_?0@57^VPMF+U].+[[\SMNB\<\L% MW2,NE#EAL[[_;L]VJ_VN35RB&EVQ>!U7YQ+4A^U7C\-I7'GP1#9KD^!R!5-: MU;5_V.XVS:AY2*;=+%S#=9H=]W_7?W.XE^G>:GX\><<5ZK7[K#OO MN6$G8UF[MIK8EEU;7;M7^A;9H[5?`G)7%[N5XWWG17I/"0+YS6*?OJ3%O0X4 M`9?CQ.,Q'6TC%)^&E M_^=V0Y:=C-`4O58G%ORW1TC.WYJ^C[BG,-&T_;)Y?_5]6GL_8J?E7?J66,:M M0[^=9+]C6$1VH MHXT=##$LH7L\341#M4'(@I0ZASDAA5L]>>#44'LOI M:$S"U&I*WN03ON1@26*&/->E[AI-D[+:=>*`I@0CA*FK5]?\\:8"P(\MV*V" MK"`F(<(H^@M>AR978UH+.LGQ!W'K1A<]B\R-&_?+)23SR-(K[]C6&^"=.SIV MP$9^0CR@-%4!)YV$9,9"SJ#L')/@NRF;E"VQ>G?7YBH=LH?4UWILPO]D.D\W MMI_]1$X@D^(J8>G8ID;[+.",VB0];8!Q%2SB@#0YEZOZ9)A"&L>6ZJZ83LND M2I"<&^C8=*0H9?RW7JR3I/K=5^C!OY_5LN[?U=%-!RK]0CJ"K$`M\(3]7 MHE9A*H/Z*P0KK/\'%:Z$&/[1!:PUT7].(5NSR!]4T%Q_;3WQ4'W;7C7OI_M[ MRMBS[>>]5R^?_14RICC[-YQ3<:5WIX"%I?^@XN41>).M[H;'$OJH;H<@D,=]DD@+,C#[>>;G#U^8A7Y\>0\7$^,(PP>.ACG/I]CVJ,\"&VU/F)TJNK&>+PQ MM#X2^J][/W?Y--C.^F2`&VN^#E6'98X/0F5[\`!"(!;ZW5V(N;((\V#-J6\5 M-;6*.3V#N:I&?281LSE4R0[;3'-:M.VUJOM!J#+VTE9+\SZO?6P)0%?[]E+D M@-"O3KH8Z!YQ*)?+Y*TD($+;&)7&;=,5K1'2K5@)TIPBTBKIT%P)$#?OUBQ] M@C9D+':RV?)IJFW9Q/")*CP3:ZK3BQ;#;O8FS\6?0P8]BNNW*ME:D';%/-U' M2\F"52U2R2O`OC6A#1QA9$(U)#'.CR+ZA.BW#>\"N:(H%0I84:+R--5C9=<.JA8G2R(QBD#27?ZU'=^E20%+=Z\.+>KP`^7I(2(QY"I-YH<]=5I9+:0Q_VL>#IKE!'-B M3:[A240_:C1T@BW-K2X2X)OM^<9KXUR/Z31Z,?:R`VH8&Y1-4R9JD1-1SL\* M6MJGN@:R9ZHAXJ4(`."WAUNO[.M^H?Y74F]7UP>[G[B_*;@K\Z(I@R3U7Y5Z M):5T%X8A?KQ+``Q5HF74!R3=H7H_ZOFXA'DZIL[/#S1#=8U0-QD#;__KM)?9HG_8TUY-?1KY/@814]8X ML7FMG"1^-B:H_5#Z(M:L-:H.I"$V^#17NE7/>I-);E\]%H^_Z?O3PZ4NENQ[ MLMT.<"(UU(C#X\;'6APAQT">U<6TQV"B[.[H^";E3\96D@%2$ M'AMK.I'U?;4=\W5PA.G:R\[Z_][]1LQ!NCRF`<#7IA_6M+_+S+Q4TG?]+)0: MC!%B*)A\$1T9#X7ZBJS;527$Y/UP7+G46>:1_@[;3'-+IJ+W5-T:TG_:;:]H MC.[`X*3SWS&B02$7SKO6$\T%Y?Y-;JZ.%Y'M$`K2F"PI8T2$0[?+4$Y MS:$]3A(T$HFL<4)N78$Y580P2_/U#1?YZRQ2!W MU;2T;G`0FV%-:LJ6LBK80V")$(@N#`!80PR2T8K3KB"M^>8F$L[Y5MW*!%+% MUFKJ,J$ET-@^S^*:O+E>\V>\P$$KJA;<.+C=G4\W0V&6LQ,Y,+GK_-J]4D"'.VN)>YT*M8+#:I=9/?HA7MA/B/OA5N_)2\L\^=9V.Q6KVOG' M5E=!3?%5-QG%`'+Y8WOS"0FW4*L^`]R'"P/#!=+#CA23YQ::8J^G7FC:OFL) MW.QEE$]>JF<4#,NH,8;A];O7'L[BZ[,:BBOH0$C]*HQ!*L=+-^,8MWJ]%?!? MUU=8F5:JO0:QV!UR5GCLDGC+[4Y6A4,_5?=A2&VF=:SSKJKR$LX1G],E\JES M`[HP:SE,V4A;0ZQ5I5 M1`ML![5$\7:JH`CA307SL$%V!HONT8^XD5`LU6"F8L]AO+U(4CO'P/%F=;"3 M>8D$!/3J1+)4G6*%#*@#1ASD\G-&4?%*^#P19R1:M0L_ATN6I>FZ%;=N6<>I MUVI=IJCUG7,(U8A)5!_6:*!0U^N1)ZB6M4_EL5WUC84Z[(C=66:2JDI?B+9B M6E'%ZL:+2DVR"W9;#UZ`+JT29T1Z6$VQ'5FLR%$J?M542"N8\F3OD&*M70I- M3LY^EYV=]'%%=^QCPFUG-'JW[ M3[3.0G#MXU1#I3M*N.M+M]S+='@&^O%B^MA2T5X&[;0]4;TD7]6Q?LFNG/'<`A7Q#Z MR#<][%*9MWZ?BF)%=C5P2MA;4!M!>/C*OH$N`5#Y`G$0BY73[5VNU+,4D%`Y M1:P!']]T+`.XZNN#,R_M4_D1G_S5=P'WCE9]%)#%H-B#PF%2.R3W45=B=R2] MOM5K,>#]N[@+%FZ14?JDV5=??C[Q+\U1/-)F_SI7P04U=9BN%@!%Q>N2X5%7%Q"`0]Y6D6P7T*%Y\QXFND;[=PD]V12@>0[@C(YQ8C5@NGEVC M3$NAX!76.%YZST<#PH2T"<*8*FJ,=QF)87RD,+39D<1IZ/7I0+'U(/U;*W0J]A]XGS' M(=?Q:(2_?C]`4*(J.8A5VHWK^]EMV4!=?F3DEE;VF3*-L)VJ-@K4,>1<^RA& M[513LR:^K@`^,?YK%GMNY>A^_9\JS*!IBM&X<\!:`3.!0^ZO&#JJH&^=K(AK MMM%(*PTBS?CPR8LGO:?;KXQ+'C[9?([BHEE=]9B?P@]6'^SU5LKVQ)M=B27& M;QW%GXR963]B)@Y,YPRU-?6`-!A/%ZC9V"JX`\#.V'W#R^XQ!>*8O([M&)69 MBPX)VI=?B^=G*B*BBD?67V!!.$67B*2KKM-THW).@7"&17R`F#H,:*X2OS0) MW$1E(J59%_:4;!V^/^_YT$W\=W'D/IOE15IH]Y((H MSVG]@"M[^4*6>(/"QG`_:LVVXVW[IT,0;RO%)FBHQ\)WL<`\T@ET-\CE7M5V M3:]?"-#K^@,8).2ID61]&]EU+MZA-H6W[%R%."V:%%?!SOT,V]@4Z3)FY4:: MSEV+UE52-&7B-?^6LPUHA^48!'];0AI."1A;V!T.F`+NKT6>K'7M8TH=D7K3 M_PN_RIL]BA\>_JQMI5'PJ&M(1X=]JGV?.+QP MCQ??N27>B^=>/F70?7V^Y3>Q MGKFO'8]?X[K'^G?T31;I1/N'$O#$:)!B-.[]B=@?6F!3B-H^'T?2VU9!TCHJ?9_A$S9)Z[C' MTLV_1-Z1U7BM_*=,^B"%US_EK5/YI"%'+$4?<\F][&UU.PQ=(T6Z'$WWCW*0 M1)]XOY?NY'(!O['Z&(!N8WW*Y/21Y$IG2_QK=U]]2D>GU9FW/3OR^2DOKS]" MECTZ$](L.Q;G1+8F6?<:SC"UM]MQNB^)V;63NTTY)*" M/>P>`KIS"G^%B=XMN."(B[]E;7%-/LL>O3O=S1YVZ+>9?:V#`'S#G-=-5F^R&%![P9"@\Z#Q-VR*E1FLW=:Q2@7T[ M.-+N/ID=AWN*!G+(M)?M>("[EWW)">+.(4D4I-\>CA-(O]7Y%P!O>!/O*E1< M-GINC]]^.Z!.8+Q-I-V\7E[YT\SK*[U"7B$H-YVGJB!KOQ@3A7S=3?K.T"VZ;%8"@:7T-(NR!P+5(_$DW4_X% MV[AR"P_^5=?J89W9/UU=ZPK))ZT2=,/OO[;ZM8[E/,1E[+6^KLOE1ZI;]ES" MNA>C>PBX`Z82G,5WD%J:Z;5>ACO.!8F$OR\Z5S9OO[!\:ID]]_Q/1\E6"+@. MDFT;<+=AT`"JUH*I MD[W3@]T]\C3]P^PKJG-.019[9[>"EPIYK#Q^GP[T&XGK>].>MQ]MKR`P82G\ MFP2.V\WK)^6S_?%:JMX?!=]%G.!>X-.$P_%R./G1<'%P.&\'>JD'LB0I\Y&' M'F(4N+W0H_H)[>Q1#1??!HLY/`UZI>)B%;0UW!O/@[;'(XK,FT_\&%O[X9$= MP(D$N`W4-KWS=C\'\4!PH!NN#3>-M5MY&O4KONND$"6>0(X('![NI,W._E?[ MG&AZU.[+3JA7(;$>X0+N_1SC*1)UYUNS_,OKGN]\\>MP*#C;Q3&[LW5:Z0FM M60.GF=KOG&%.)SIL(L5%$N,?\>AU>\X=GS3MHTI6X52&WB M35=K[3[#T>P.?5IC>9#'3J!SLS[U1H21Z3#`N':GM[Q\ZT:V>:]^2#HQV2?P MWS_H)J=DBGO!SSM1]B8=ZL=8_XFH@#O/G49.@A<=$M0/=>&]_/K=`:4N=45\ M:X"B_O;Y?W[Z)WF\7-Y9 M]'W>$1<>J)!JE0;;&9.Z5\CGM_[E`27+3TB;`XLH,/%OW]A8M3:T#XTZPML] MQW%_T@&@$@8$J>F"4'"/XF'#D/!`[E=_6:,>*ZGCL#;M'*U1KE-O)$QX*U2K M5PW??SF,I;H'Q<#K%2VW1(:2,ZYW^EQ[+!__[TWP28Z`B4U9P]V6X_75]7=7_"K"T- MNQ5YUNB@#X!`&25PM!!ET]OSO+6@Y_Y3!;_?%F]\BVL\5VE6JF:Z3<0M+B2P MOP+[!#1BR2S+IK$%)[4[T&Z!Q@HCP0.:*%_*CGF%-D&.PPU5M=FNT#"?E^7B M]?\7````__\#`%!+`P04``8`"````"$`JN:MH28+``!`8@``#0```'AL+W-T M>6QE6%@3-37YU8_?[FM[^9QLFKYWQZ MO%]I/C6_%EN'$"N+(.(]]*X#!Z[,6;R+%6,3;RO9[> M[U_U?,L-U)3"M6^+$/&MZ'F[N;!#?V,E[M+UW.25T5(5W[[^\!B$D;7T`.J+ M9EAV3IL=[)'W73L*XW"=7`*Y7KA>N[:SCW+2F_2`TLTTV/JFG\2*'6Z#9*;J MQ2DEO?)A-5.O5"45>1&N`,0?_K,-D^]^E_YY]\=W[_K_^O:[?_SDK/[Y\S?[ MUW[^5NWE;`A-L$$]S'7A@I"5@9Y&-G`LMWTCL6EN#$IZN7JC->^7^SI\!A>A:T(G^AQ.5--$W*(UN^C6JG!3L1LLN@#O[,Q MNQJ>3;*!.3!'G4K&^>*^W9#AP.Q2E0T,S?>CV[.ILWMF5=)E:?A<$8`!UZT6 M70C=FO@>F?@YAY^>NT(4CPLV%,RD M75S=F8L[QI<@$T510=0T%Z,3$+V;3Q;=(UU,)ET3U4WX=$ST_1`_'1,UX;]% M9SK-DK'1%J;*L2!)*L M2A!(LBJ;/?0ZR/Q9I$`A17*L$@22K$H02++JJ.,,/))N58)`DE4)`DE6936O M#F,5"I228Y4@D&15@D"253L;?&89>"+=J@2!)*L2!.>V:C:MPH&UR2H@^R.S MSL;'^11N<7?7GA>;-<(\=1E&*UA)RI='-`/FB.FYFZGGK!.8D4;NXQ/^3<(- M_+L,DP3676ZF*]=Z#`/+@Z^]O$7^MZ8EK$S!(M1,39Y<^QF8<86/5#@;,)8V3T1\90OTHG;!VQ]IV5N_7WI2MX'_1+4"/JMEEPHL.@8)*Y0UE\ MZZ$5,O,)MF"F9I86;``^D;N$8(LN9"P+T:(RDA9B,I(&@C*2%J(R0N@<"JY< MDZMP"XNBNP8VS7&_G];\1/G4$R3`#WC,81"DS;X^&YL0[.B;N_UM,(!1VC#' MLY,$L_R$U=5T-4(XW1T6MY$\D1HH'-E=[>A+IC"Y?H^"E'79,`*P'<_[A'WR MW]?%,``J:S?3ES79S@![3'"]'W=+X%?S>8H#E,/@W9K-%9*7/HK:4Q1QQ"@I\B2>(\2HS["=2N M@Q&E,<>)=,Y\L#N'J?,XDU4=&_WO4*IHY9.5^+`\*`YPGM4H90(&WK]VP+LS M2'&\E6'9J0><&!_N@CEVM,=%%(?W#![+-N6T'"#2"#LWWE3AC0F!C.K:J/?P MP(Y/X7P>>U.:.%;I)TZ[@CJF`P'J$F=!5TXJ\BE7HT\(X86W?9PZYW9J_3/@ M;>\.6%XMQ@A$[M$=:^M?M_*X2/\*.JMSXQ7T38"53RDY MWVR`^Y5T5IP+GR%==1IR9\`KZ"1BO10?6*Q>`>W*\D M!KE,TGTOU_$0K!7`-SGQ6P!C`!Y7;VHU0I596J.]$(B]9*60;+MZ7;A6#M@: M):\*/Z[SV/.+]M%7B9`6'41[D"K0]=$F&32Z<5[FI[,V3M,:B%!GZ`[FP$?F MY0:X[97\ICPBZBDX-LZUCE^%\LAA&2H]^%",L4566%8E#ZGPCZ@4B[`*OBT+ MWN[9_[URH;RW,4$6,V$-%^6WK@=/NV,2P`5R>QO#@Y;S]&2VI%E'J^@X=0P. M0@OLV)96X9LZ;IH@M,"=V]("]JF?#T!:0@N>WVE-"S:R9+1P2TN)RX!EJ[:X MH$E&B]?]4%#WQB$[LLU?)2X46007I57:$0.0T`*1V](J[0B&H[1`Y+:T2CL" M0D++`"9M:95V!"M06N!N;6D5=C3`<(364%#W5P?MR/LJ[M00P45IE7;D?74@ MZ*N45FE'WE=1Y+:X2CL"5:(O`RZTI57:D<\3AF">H#*6=N1U/Q34_6Y&Y3U> M%_3XE$II._A&=(2K<2(Z2JF45N.]?"#HY2F5TEZ\?QN"_IU2*2T%](A$!EP0 MEZBPT8#7KB&HW;FURK,N[S#8SXC`@/=`VUL/WL\=XMN]V4XDK!\0@;`P*D3I MR;&?E04\6%H0XN,!NU$10G,VZ`GI)-<3[,.X\:4.FB`5>/?@H0ALRT#I%P_L?SH/:D('6*1D^ MJ>+X283,AV"S+2S$YU+LND5(?'2#9V?%>PZO81U`BE"Z=[9)9!7^QX>4+JB8 M>WPGC[.E8B[HDCLX!A:!/A?M@E1([8B1'#KA`B1 M!S>!%T?D02AN#A3R^]_9J]D`6?*[OK1_1PFC,1,+;]_ MQ'?=0!3#D^R0;C[&\/X4^*ML(W>F_O=N/IKVM.^GI_\3]0&?ZTPC6\F_^(GRY@/[$`.RPUXSKVX`<.HDS8#/RG\MQ, M)0C%Q4\_W/P?``#__P,`4$L#!!0`!@`(````(0#[8J5M ME`8``*<;```3````>&PO=&AE;64O=&AE;64Q+GAM;.Q93V_;-A2_#]AW('1O M;2>V&P=UBMBQFZU-&\1NAQYIF9984Z)`TDE]&]KC@`'#NF&7`;OM,&PKT`*[ M=)\F6X>M`_H5]DA*LAC+2](&&];5AT0B?WS_W^,C=?7:@XBA0R(DY7';JUVN M>HC$/A_3.&A[=X;]2QL>D@K'8\QX3-K>G$COVM;[[UW%FRHD$4&P/I:;N.V% M2B6;E8KT81C+RSPA,S*A M/D%#3=+;RHCW&+S&2NH!GXF!)DV<%08[GM8T0LYEEPETB%G;`SYC?C0D#Y2' M&)8*)MI>U?R\RM;5"MY,%S&U8FUA7=_\TG7I@O%TS?`4P2AG6NO76U=VJ^> M?__J^5/TZOF3XX?/CA_^=/SHT?'#'RTM9^$NCH/BPI???O;GUQ^C/YY^\_+Q M%^5X6<3_^L,GO_S\>3D0,F@AT8LOG_SV[,F+KS[]_;O')?!M@4=%^)!&1*); MY`@=\`AT,X9Q)2"M.69EN`YQC7=70/$H`UZ? MW7=D'81BIF@)YQMAY`#W.&<=+DH-<$/S*EAX.(N#U MO5D"53,+2L?VW9`X8NXS'"LY1ZMAUC_J"2SY1Z!Y%'4Q+ M33*D(R>0%HMV:01^F9?I#*YV;+-W%W4X*]-ZAQRZ2$@(S$J$'Q+FF/$ZGBD< ME9$".S1P1%H$B)Z9B1)?7B?-AOZ M'&(KA\1JCX_M\+H>SHX;.1DC56#.M!FC=4W@K,S6KZ1$0;?785;30IV96\V( M9HJBPRU769O8G,O!Y+EJ,)A;$SH;!/T06+D)QW[-&LX[F)&QMKOU4>86XX6+ M=)$,\9BD/M)Z+_NH9IR4Q M>Q,O91&\\!)0.YF.+"XF)XO14=MK-=8:'O)QTO8F<%2&QR@!KTO=3&(6P'V3 MKX0-^U.3V63YPINM3#$W"6IP^V'MOJ2P4P<2(=4.EJ$-#3.5A@"+-2[\JIB4OR!5BF'\/U-%[R=P!;$^UA[PX7988*0SI>UQ MH4(.52@)J=\7T#B8V@'1`E>\,`U!!7?4YK\@A_J_S3E+PZ0UG"35`0V0H+`? MJ5`0L@]ER43?*<1JZ=YE2;*4D(FH@K@RL6*/R"%A0UT#FWIO]U`(H6ZJ25H& M#.YD_+GO:0:-`MWD%//-J63YWFMSX)_N?&PR@U)N'38-36;_7,2\/5CLJG:] M69[MO45%],2BS:IG60',"EM!*TW[UQ3AG%NMK5A+&J\U,N'`B\L:PV#>$"5P MD83T']C_J/"9_>"A-]0A/X#:BN#[A28&80-1?F#R`Y+<&ULE%A=;ZLX$'U?:?\#XOV&F`3RH217I0;V2KO2:K4? MSY0X"6K`$="O?[]C#'0\SFW:/C3AY/C@,V-FC#??7\NS\RSJII#5UF63J>N( M*I?[HCINW7_^3KXM7:=ILVJ?G64EMNZ;:-SONU]_V;S(^K$Y"=$ZH%`U6_?4 MMI>UYS7Y2919,Y$74<$O!UF760N7]=%K+K7(]MV@\NSYTVGHE5E1N5IA77]& M0QX.12ZXS)]*4;5:I!;GK(7Y-Z?BT@QJ9?X9N3*K'Y\NWW)97D#BH3@7[5LG MZCIEOOYQK&2=/9S!]RN;9_F@W5U8\F61U[*1AW8"J.UYY:T\4-IM]@4X M4&%W:G'8NG=LG;*5Z^TV78#^+<1+@[X[S4F^I'6Q_[VH!$0;\J0R\"#EHZ+^ MV"L(!GO6Z*3+P)^ULQ>'[.G<_B5??A/%\=1"N@-PI(RM]V]<-#E$%&0F?J"4 MO.PDFPF,X8T)T'T;1)H21=)W]J6EG^ MITFLE](BP.Q$X+,78?Z71<)>!#X'D6`R]X/%\BM36?0J\#FH^!,VGX:W[7@Z M-%VD>=9FNTTM7QQ8OF"^N63J86!KT%4AGD&B=$#&H/\LYA!L)7*G5+8NC(?A M#2R4YYT?3#?>,R0W[SF1YL!_Q&$FY_X:QS"N-`V$J4'$6$B" M'6D.,D8!K@&=,#^)1@-(*0-@&D2RJ>%<`N)+22QD!0CI@O5MC_O0C=YZ(SOR0A( MG".F2=@%1;C%B2TDL9`4(Z8+U:N1"[49O5WBF>[P,#GDQLH)V@;TBXTBO!=Z M=QQ;2&(A:8_TA6:Y0/M>TYSJV,2SI$'*7(6G"H\?1B M>/NYX4;W;C,G9)\3,=3@>S<4X2,'A65!RG<\DH9ZEUA(BA'3H&K,7S>HV[EA M<$'W%0SU_-X@1;C%B2TDL9`4(Z8;U9&1FQMITOW[QJ)#3;YW01'.*!);2&(A M*49,%ZK_(A>?7'2Z:YLYH;LB.(PQ'X]["^$6$EM(TB-]38-7>?J"HHY]QCMI M=_H41Y\ME*(^BGMQ/C=.+I_4"8T/N\L1'4^/[GSUKD=PSM;P!@^X-_X`ASJ7 M["C^R.IC437.61Q`B\2!;.,[IOI[@^$[`&&ULE%;;CILP$'VOU']`O&_`W!.% MK#:LMJW42E75R[,#)K$6,+*=S>[?=XP)M^R%O(1@CL^<.1Z/O;Y]+@OCB7!! M616;:&&;!JE2EM%J'YM_?C_<1*8A)*XR7+"*Q.8+$>;MYO.G]8GQ1W$@1!K` M4(G8/$A9KRQ+I`=28K%@-:G@2\YXB26\\KTE:DYPUDPJ"\NQ[<`J,:U,S;#B M9YH)@^QZ08+/[1=!'!C1X1\H(K2--*CD*S\IT&HI=(D3DL" MSY8$.5>3N"T)/'L2)_*1'WPLQ=)I-2[=8XDW:\Y.!I0>"!&2E#@=8$:3/(^9B0&;)LO1H&AAH8NA)/8 M6XWQ.L')8&`4V;LFL@+')N35^Q_ZXZRW&N,U*^@%T?AK,OSJ+ONY(TVP*^:[ MH<`335,S-"1J)`7(=WTGG,@:(GS/<0*O1XRD!==(4^")M#`81]YJC*\+/K+# MR''1&)*,(.XR0('=VSI2![MGOG$*/%779ZW+7&.T.M<#::'?A]95/H0X2S?R M'/^-957GX:!/O+_C%'BJ;A)ZJS&#(A\,C'Q97A-9@3_:7AHSB#P8&$5&<-K, M3[I!3[/NW=1KTH+T#INVR*3[JDZT8;]#JC7.MK]!3Y1,MU6+T=41NG84V9/* M;1&-3V,QJC?.%Z,[Z;CO3#<2TB"MQD,H")S)\9&TD%?DJ.XX7X[NI6,YTYT# M%Q)51KKI>)$7^O:%G(N>K*\@^G`M"=^3A!2%,%)V5-<+!$VB&^VN/G>.:O)6 M]P%N'C7>DQ^8[VDEC(+D,-5>A-#BN+Z[Z!?)ZN;HWC$)=X[F[P'NF`1.-WL! MX)PQ>7Y1`;I;Z^8_````__\#`%!+`P04``8`"````"$`-K-,6^,&``#5&P`` M&0```'AL+W=OK M\D=`RK@5110%ZNIJ[^XU48Q45"P@R>ZWOQZ&9ICIG!NW[LT:?]O],#[=,\S` M].OW\ZGWEA9EEE\>^MI@U.^EEUV^SR[/#_V_OOE?G'ZOK)++/CGEE_2A_R,M M^U]GO_\V?<^+E_*8IE4/%"[E0_]855=W."QWQ_2&0[5(OW[V>TTO%18KTE%0P_O*8 M74M4.^\^(W=.BI?7ZY==?KZ"Q%-VRJH?M6B_=]ZYP?,E+Y*G$_SN[YJ9[%"[ M_D+DS]FNR,O\4`U`;L@'2G_S9#@9@M)LNL_@%S#;>T5Z>.@_:FZL6?WA;%H; M]'>6OI>=OWOE,7]?%=D^S"XIN`UU8A5XRO,7%AKL&8+D(1[ M_?F>[:OC0]^P!F-[9&@0WGM*R\K/F&2_MWLMJ_S\#P_2&BDNHC,B#S&Z09NERT*(-:MN1 MD"4A/B$K0M:$!(1L"-D2$A(2$1)WB60KW"WOL)5%U[:B&7-.P$,D"T(\0I:$ M^(2L"%D3$A"R(61+2$A(1$C<)9)A<)^_PS`6+1O6$+XU8O>*!2$>(4M"?$)6 MA*P)"0C9$+(E).3$@"U\.YLTRY`G2M0&82?$72')0[C=WN$ABY8];$C'0T*\ MEG3';,IC7K9!.&:?D!4A:T("3A2#QO+%-FT07FQ+A,(VICMJ93\2M4$H%'>% M)*?9J8OND@9LDUP=L]W+/.=[[0]N2`;LAO@>B8G(!6A(IP"$>`V!)N@TC;($ M+TF:SXD!F]@V35?*MFICT(`UT0G:&*&C6JR9%NM'5:-%&Z MV2(/D9@^2T0BRD=4/T>I%\$5(I&X1B02`T0B<8-()&X1B<00D4B,$(G$&%&= M*/O'CAYW^,=/*K!!Q@5KSC;+8*D.]Y).AZK;X29*Z\Z&)M%IM98TRD=YD;A" M)!+7-#'`*)&X0202MS0QQ"B1&"$2B;&4*%O*SB)=2W]MW>$G&KB,<)HCZ-2N MT\I^:J$U4:))O`89?-VQE8PES?`Q@S\^8]O-%2(^46UCY#C*DK>F0@%F":$- M(BYD:IIEZ!G(:D@'.FB M4Q;LD1);8`3R&F2(!69)HWR,$F5;(1*):YH88)1(W"`2B5N:&&*42(P0B<18 M2I3]8V>=KG^_UN?\Q"39VB"VV<2G:YJM;.86[.$Q6W?$\+T&&6P;]#:#A[KR M+7E)4WQ,D;:;-KF_\FL9=BUL:6-CK)/[*QE/\"GQ#49Q<=T9V8YN*"/8TJ&' MF'=SZ!%&<77#!&E;?2H42^IRD=EA[%:1O^57:/>?/BYE,LI]EZ.Z?/R2_-T! M?UI[3HOG=)&>3F5OE[^R]P(PD6?3%K-;V`3=< M>()$^:/I/O*7(JJ0Z<*S$9HP'[OP"(#RT'+AH$MY8+MPOJ,\M%TXKE'N.RZ< M8B@/'!<.)92'C@MG#.##]@?`2Y5K\IQ&2?&<7*3V`N:-Z5USPUS+\2]44 M]BFOX'5*7>,CO#Y+X5XP&D"O'_*\PB_L`NT+N=F_````__\#`%!+`P04``8` M"````"$`L6^FJQ@%``!P$@``&0```'AL+W=O&.`F:@"-@)K/_OM?8 M9OR1S6;;OHR'DWL/OL?7U]2?O2G3#N+6!HNI5]ZOM+Y#A=><)UT4W( M!3?PRX&T=='#8WMTNDN+B_W@5)\=SW5#IRZJQF8,4?L(!SD!U+;J,LJ/#6F+YS/$ M_8Z"HA3N[_(-<,5\=3#\L]A8AH8-'^6XR[$A0%FHDWI4PE.<,$X*]55S0U0)'B M?1BOU;X_K6P_G$QGKH_`W'K&79]4E-*VRM>N)_7?S`AQ*D;B<1(8;Y#<7D%"49(GRK*R(6A(F0XVP]O:"^9+YPT2N.0V&],&J19;84&S ME=+&.K#3@40'4AW(=""7``=$&)6`)/X?E*`L5`D1PT8`DC1:V,)"N,0ZL-.! M1`=2':A6I8&V83#&5L6,ZM@<0& MLC.0Q$!2`\D,))<1)5XH'7J\WG0REIV'4Y[RP*8!6:6<7V@:,*-`-D(SS6@[ M&HT)8"`[`TD,)#60S$!R&5%D`0%D6>XO/S4>8A4/B!.X<:2N>F#RISFTZ-VR/>XO.Y MLTKR2N_$]%0>479?C\,(SF007\/3,()SUL3A?O\TY+EFOZ'W_AOV&R^"%MSD MV?@1]*HF_A1$3^S[@?Z"(((NSG383"/H@P!W1@>X[U^*(_ZM:(]5TUEG?(#8 MW:']:=D7`_;0<]V?20\W_6$)3O!E!\.F.WHO4_````__\# M`%!+`P04``8`"````"$`[8OUX_P'``!2(@``&````'AL+W=O3S(Z+R'Y4?6GJ:INNB`/OW\_GT;?BKHIJ\OCV)C,QJ/B MLJ\.Y>7UIBU/>POB;8WEM4.V\_XC<.:^_OEU_VU?G M*T@\EZ>R_=&)CD?G_29\O51U_GR"^_YNS/,]:G=_$/ESN:^KIGII)R`WY0.E M][R>KJ>@]/1P*.$.6-A'=?'R./YB;#)S-IX^/70!^JLLWAOI]U%SK-[]NCPD MY:6`:$.>6`:>J^HK,PT/#('SE'A[70;^4X\.Q4O^=FK_6[T'1?EZ;"'=-MP1 MN['-X8=3-'N(*,A,3)LI[:L3#`!^CLXE*PV(2/Z].[Z7A_;X.#;7X]%ST;1> MR:3&H_U;TU;G__&31B_!G&8Z]L[68V,N99<"U[CE:O2,<>T<#-.Y<:=X[ MP!$=9I.5;<\7J^7]2\'9[@;AB)[W+[7H'>#8.YB3N6DO5S^[J67O"$>\$@1] M91OVXB?A@,G8C1&.Z'E_C)"BS@&.GQNC`07&\\TJK<^I\;'[,X9:@5_0]_XX M65;YY>"73XX4:\20BN2C(\5R,:1ZN3G2*9\.W>QR\C9_>JBK]Q$L67"+S35G M"Z"Q82HXKWB-#C/MGR8:S#"F\H7)/(ZA(F`N-;`Z?'LR[.7#]!O,Z'UOL[UA MHUKLT()-7R;KZ,#5@:<#7P>!#D(=1#J(=9#H(-5!)H$IA':(+V3C_Q%?)L/B MBY'9(A`!-[5@H@6Z.#IP=>#IP-=!H(-0!Y$.8ATD.DAUD$E`"2;,$"68MQ=_ MK$EF_3B&GU)-KM0@;;G-O'OV="6W(\0AQ"7$(\0G)"`D)"0B)"8D(20E)).) M$D*8XI\((;.&E0'R(<5PK<60&\UA!@BCQ4PUV@U&0SD2XA+B$>(3$A`2$A(1 M$A.2$)(2DLE$"2L\=3\15F;=A16#L>5D;@X3?$>(0XA+B$>(3TA`2$A(1$A, M2$)(2D@F$R5@L.M0`L:>.Z8]`?M//GF8D!I+3B"6(3XA`2$A M(1$A,2$)(2DAF4R4@+$^4=X'W0\8LU8#QHE6=/HC>3`:BHX0EQ"/$)^0@)"0 MD(B0F)"$D)203"9*#&&7_HD8,FLUAIS(14>(0XA+B$>(3TA`2$A(1$A,2$)( M2D@F$R5@K$OY1,0Z>HQH_M_N7X_5J%\QY""6N/E&5PJ7=0[.T,"_YZ MR(?3(WCORMZX6&MM,7"IBX6VN[81RNS$[;GIKF8:W,IH.(ANMT5 MC]"*BYO6>F$L9MHLB:EZ@GYWU5.TZM77U@I>:FJ!R11U-^BB1 MY@@J58ZTMOW:&;V5*!*G1Q9?=Y::ATL]//3@WU78/M5'Q"?JTIJM5MJ2%U"A M$+V$4(2("\T-8[$PM2'%5"E!-Z&4(NJ55O.E/=.4,D5)S1-KC.0\_63IX'V4 MDA".I-K<&;V5*!ZG1Y988%QJY:&52)N/2#@&U#%$*^$8(1*.,75,T$HXIHB$ M8Z8XJO%C?9(:;^"E,W78VAMXMWJ#+S;P4O`&7V[@ MW=<-OMK`^QS*H37?L,:;GH$^=,.Z3'H&NDKPN74&FJP-ZZ&H#_1,H';K#'1` MH-:=F0Y!@2_ZU_RU2//ZM;PTHU/Q`HF<=3UFS?\G@/_1]D7T7+7P3;^KIR/\ M[T8!SYT9>\?\4E4M_@&#F@[_#?+T-P```/__`P!02P,$%``&``@````A`)]V M@#7L!P``0BX``!@```!X;"]W;W)KGJUO>=T4U65GBP?'MO)+5NV+RW%G__/WEP^Q;35M>MFG MY^J2[^P?>6-_?/KYI\?WJGYM3GG>6N#ATNSL4]M>MYM-DYWR,FT>JFM^@;\< MJKI,6_A8'S?-M<[3/4XJSQO7<<)-F187N_.PK=?XJ`Z'(LL_5]E;F5_:SDF= MG],6UM^"NS->[*M'Y]NW[(JO(*+EZ*<]'^0*>V56;;K\=+5:/#WB#OU;Y._-Y'>K.57OO];%_O?BDL-V0Z)D"EZJZE6:?MW+(9B\F^_Y<7QU$*^`PA)1K;=__B<-QEL*;AY<'$9676&!$BWU[VME>^!!$CB?`W'K)F_9+(5W:5O;6M%7Y7VX^0:[D?4VGSH;^'FS&2TVL)IQ2;",Z9+TVS,H2V.I#!N/2_G4#4QE M7+V,9R(CC6&_IXMW_-%OI]S9^+C=TWA\54ANL1O*%#.9'T*3\R`M$-!MQYR` MB/9&TWB%$XY&RL:"XOJ-E<:H/NYL/]*=IVF`H8E?::SZ[4?4S8WT(<`16Q^" M-%:E^I&N3JJ(L.0&E"B#TC(*I]LY/V(T)JH208 M,%B`@AMAQ`6T)F=!1P9QNU=4-2,TB#D;AB%-=G1T\.&@+ISN.1N$#@[B=I&H M$1G10#J:."X#]$BOG$FD='2@+E>95.RG@9H3=1Z M0&B.G!$-W+[T)_0$1?0FJBQ7/`(%^[S`*V)ZQX1TS)R&1Q(X*P'-5H3,18' M/L$!YB:!:K@?$$Y3-88A-3-,MR/[J?41H351Z[DP_W[J$RXL!-(7_N3J00>@ M-LT,/'31?TWPC5B`UB00E@6^C@4B6/Y:AQ.)BA8%3+/C&Z$`K8D:BP*?H&`A M.?.^`!W,DL,T.+Y1_:,U"82M?Y_4OZR;!([^0D#SO@`=@:I:-DRCXQN!`*U) M0"P(`@*"^X&@M>IZ&%++AB%:8%3_:$W4V+X@(/4O,Q.(%>TT3B0J/1V4Y'A, MKQ,8H0"MB1J+@H"@8"$Y?;%/F(8.0$U)CL?T-X%1_:,U":2O__G3T8#4_^I6 M`"<2%5TKX#'M36"$`K0F:BP*`H*"A>3,$8`.9LEA>IK`"`%H30)A$1`2!&!R M5GT3Q9FJS#"DE@[3#H1&.$!KHC;BX/8TQV$1G1`:Z+&=@:'6$=,?A$9P0&NBQL(A(G"XGQNT M5ET/0VINF/X@,@("6A.U$0CT(6)$RA\I%W@K&@2<261T#8+/-`B1$0K0FJBQ M*(@T*'!CL>)?6CB3R.APX#/-@GQ,N?Z;'%H3-18'$<&!S)0KHN4RPHE$1=LH(JQ8**QY^X`.0%\I+.[RBXP(@=8D-)80,2$$IBL( M5A06SE1EAB$%>S[3/L1&M$!KHL;2(M;0(HI6U!5.)"I:6#!]0VP$"[0F:BPL M8@TLUOW_$6<2&2TLF-XA-H(%6A,U%A8Q@<7],D)KXKHGA%I&3.\0&Q$"K8G: M2`AZ/\6$!W@_+3^1PVE$0]D5@1,O_4<5IJL8P MI%*!Z2$2(RJ@-5%CJ2#3,8WH_F%#:^*Z1X%RV`*F;TB,4(#61(U%0:)!@>>$ M*YB-,XF,#@4!TS0%8Y;P'3-21& M3$!K$A'+A$3#!%=F8"&B>;.`GF81,=^4$R,FH#6)B&6"<#106'Z`VDU31<8Q M-4M,KR`<(RQTYE20!8-PC,C0F5/O6C8P;0*\>6F"HLZ<"K)X$(Z&#VX8+[?@ MW4PJI`4$TRO(MW,-(-N94\&.$9/GD-W[NMU+L65>'_-?\O.YL;+J3;Z+Z\+; MK./H^*+P,Q*!COO;Y_X%XLWX)WB!]YH>\S_2^EA<&NN<'\"I@S2MNU>`NP]M M=865PFN\50NO[N*O)WA7.X>W:QVYMX>J:H`]=&J"8EH1\0CS>9RD53IN3/[]N+2^(9 MRYJ5:,V1 M36;GT$FF[_?M1:9D"Q0[40O[U)$23V;)7=DHS78UU/T8SEEVY.X>3NBER+0R MJK`^T%&7Z&G-,8TI,&W6N8`*T'9/\R(EVS"Y#@-"-^O.H+^"'\SHMVP6P2E9$0]R-="%ATV\6M,',"[K(=<.`I\#)!P0%#0' M81`[7QC!*(S.8B;7+C"6B5Z6F7U$!L'0FE'R\>5`ZX0=9-Y-R[B<^4=T$`R& M0QW'\3*C'=",P,0YZ/38.1S%:XMB]TSP\UXD.)O:1L8MA$`QY3%274]6W MYP3!4ZD^XF[9V#<8IN?5A(N9C]?B;0T\.-7H(W"Y!U?#X)7IP\5\]M@C>"K5 M1T[+B:>\V)Q%>$8U>&XJT4>FU;PRY+#Z/E!.AYZ*]:'16+M5Z%:%Y+KD7WA= M&R]3>UQS$5S^(3JLX&V$U^)Y?)YLW6JFPS^P&EM6\A],EZ(Q7LT+X`PZF[1; MKN[!JA;RA-VF+"S%[F<%+T$.&R#P84(*I>SQ`93I\%K=_`<``/__`P!02P,$ M%``&``@````A`,A&5]!:!0``>10``!@```!X;"]W;W)K>-M5HMFX9.F[#F]*L:N:P\;]Y^^G M1>(Z75\TN^(D&KYQO_/._;+]]9?UNVA?NB/GO0,1FF[C'OO^O/*\KCSRNNB6 MXLP;N+,7;5WT<-D>O.[<\F(W/%2?/.K[D5<75>-BA%5[2PRQWU8D]7,S"UU79BD[L^R6$\Y#H/.?42SV(M%WO*LA`RNZT?+]Q'\@J MIZGK;=>#0/]6_+W3?CO=4;S_UE:[/ZJ&@]I0)UF!9R%>)/3K3@[!P][LZ:>A M`G^VSH[OB]=3_Y=X_YU7AV,/Y0XA(YG8:O?]D71!1MFX ML>M`$AV4YVT;1VOO#10M%22;0XB)R"\(60A@-U*$O'6*/];\PD2")1-9`TDM MPP&(/5*CUKQS1#11,YB`0+4&@D41B::"&M2@?W5-9`,%/UT9ERK)ARQM$I-` MAA!-&VW`(!#-"3!8X-?;1#YD:A39Q4%(.&A$HRA)+(:Y#DC3T/?'#`Q^L"IT M@:[SDF"35YR.8;&A$1(,O*8IAWLYWD/.1%*:``8GN2]IJ_XZ)PDV.2536.2$ M$#5O0NC4*\@+[]N<#4JI24GVT>=EE`^9?91,2Q>I(43K(VW`($"@:6X794"; MJC!;%85!618L`F',6N8F(DG)))S)37KCS04CZ*2Z`S!;%H6YM+=/*+.Y892K M12/2.V_GA4YK\+(4R8:(&_>B&6,6(#<`,8OII+HIF?12C=IM#470@0V*UKK/ M%$9U>P!;^%0U;'<#L9#>&8SBFB3O,G8R=W9FNX/"(+DH#JAM[`:`^B&;`"8U MZ;?WZXN76!7,Y(L3K%JDF()\5@ZY`5@$<9I.W6MRM+S_NH\1-&RH\+@Q M)E;39PJCV84^8DYN&?N-#39W^&1J#K0LHMOX(DB"./0MHKF)(6$2L&#"F$3O MN8IRW3PLR_^D>NC;1F=9ZRXCB%'F$:2^W`/' ME:?6IH&Y*AR]:T<8T-9F9,F2*8S67OJ(435ZE^4/:',[LM]7,H5!=5A(HS2Q M"ILKR-6R42B!;@S7RS:@+6+6>L\41I6-L)C$TX+'JBG(=6*6XW]";.[TJ=4K M&46,/:NBA#='UF&@O1:9I;1<_C:GH'.WUWP0%Z+"J)*R)$V(92:Y`5D0=H6F MY?B?Z#=W^M1V>OEQ.SK]@@343^QOH-S"Q%&LYV#J>)?=4[1[W3#2R2&5?HBY MZ!^`Y/YTZIQ2O\A2'PL?5.#J>,#U0^:%NC6=P\C0< MTWCC#3CX.1<'_JUH#U73.2>^AY#^,H;%T.+1$5[TXCRW,K"1<1*KI5=ROM2JO57IY-XA"K21S9IK1_OS-V"`E0H"^!#,?G^(S' M,\SO7JO2>6%2<5$G)'!]XK`Z%1FOUPGY\_OQ9D(=/ M\ZV0SZI@3#O`4*N$%%HW,\]3:<$JJES1L!I^R86LJ(97N?94(QG-S**J]$+? MC[V*\II8AIF\AD/D.4_9@T@W%:NU)9&LI!KVKPK>J!U;E5Y#5U'YO&EN4E$U M0+'B)==OAI0X53I[6M="TE4)OE^#$4UWW.;EB+[BJ11*Y-H%.L]N]-CSU)MZ MP+289QP<8-H=R?*$+(/9?1`1;S$W"?K+V5;UOCNJ$-NODF??>`(K M(9X1^I1A"!9[1ZL?S0G\E$[&.G,1)-TJ+ZI]% M!;BKCB5L6>"S9;F-W6CLWP:723R[(V/P@6JZF$NQ=:!J0%(U%&LPF`'Q:4>P M"<0N$9R0,7%@KPJ.X6413$9S[P52E[:8>XN!YQ[3(3P0[91![7IE!*,RY@.W MJVPQ(U,P?3^CCP@A&%(.+GI*\8%2"^J; M#";C#C3()I31]=E$L%'OTME&[#7HNXJ'O%CYX0A2<+Y0<-50H(W`U>L9GISV M`@5VO1<$#Z7:R+$7;,>]6C=>XHD+WL^[P75#B38R=#,][68Z5#TOA>"A5!LY M=A.`^I&=*'+'%_V8E4.576C@:.J?=A3@'>\E\KPE@SY00P((G3!UT!5,I_7# M:TRU'2'<]PB\7E:F5W33X!U3>*^O-V6[`"AT5RAH0R=,';0&-!6/+M==T'6) MO4@;&I[3.ZT/1]0'++4]H&_)AGJ]SHY(.T$J)M?L"RM+Y:1B@^,OA)G01;O1 MO#2,A_'1;&E'MM?]`B.SH6OV@\HUKY53LAPX?7/VT@Y=^Z)%`\4#R:E\VRX^9 M?SSCL3UX_?6C.1MOJ.MKW&Y,9V:;!FHKO*_;X\;\\WOZ96D:_5"V^_*,6[0Q M?Z#>_+K]]9?U.^Y>^A-"@P$*;;\Q3\-P"2VKKTZH*?L9OJ`6OCG@KBD'^-@= MK?[2H7(_.C5GR[7MA=64=6M2A;![1`,?#G6%8ER]-J@=J$B'SN4`X^]/]:7G M:DWUB%Q3=B^OER\5;BX@\5R?Z^''*&H:3146QQ9WY?,9XOYP_++BVN,'3;ZI MJP[W^##,0,ZB`]5C7EDK"Y2VZWT-$9"T&QTZ;,PG)RRR_\ M;_0G_)YU]?Y;W2+(-LP3F8%GC%^(:;$G")PMS3L=9^#WSMBC0_EZ'O[`[SFJ MCZS,^9+>=S?['\%T>0'<.%)W,,[KYHP>SA^:D!@NKX'GA^;H"P M+D='>#XTP!6SA^8KZTW*."*V40W;&2+';<@)49D8Q4D*DA5 MD*D@5T$A``N2,&4"BOA_R`11(9G@,40<7%/C*F%S"^X2JR!10:J"3`6Y"@H! M2&'#$E3#]F`WNKV/\/DF3K!C2/.]D,.*J(T_;F/C=.XT$FLDT4BJD4PCN48* MD4CQPM8AQGL_3F(,*P-R)Q1VH`1*C7RH*\%H*1OM)J-IEC62:"352*:17".% M2*388?=[/'9B/,;.1QQ1`H%RLM-(K)%$(ZE&,HWD&BE$(D4%>[08%=G"W/D, MS#^YB1$=.6!*?'GZ5\K,3D8\*[%&$HVD&LDTDFND$(F4`]AZQ1S5/"WW$K?W*, M.?(FE##D^V.2G,!S/>7L2[G752CCZ"J4RT+NRG572K8+[C4*R2DA[ MWUXZRI2GND[&G:XZ.4<_U2DD'3E/I%WZSWFB/9>4)XJ$^=PYS.HZQ3%#/CG3 MKK^=E*68<*O%F*=@N?`])>&IKIUQK[O:.;=BVL[262AE7TC:;1[1P8I&+"^7(8DA8Z?0JA/YX;5!W1#MT/O=&A5_)-0=L#=OUA.D=3!2$ MT%M`X2H\7H9P@.L\6X9P*.L<[G*>Q@6@Z$3DCN>&?>2&\'-+UXF\$'Z7Z/S) M#Y_H79'Z`C^$9EYWB.8AM,,W^"*$%A&X-0G!G<^E/*+?RNY8M[UQ1@=(ECWN M`AV]-:(?!C91SWB`VYYQSDYPNX>@/;))+WW`>.`?R`NF^\+M/P```/__`P!0 M2P,$%``&``@````A`.'+)U2C`@``^`8``!D```!X;"]W;W)K&ULC%5=;YLP%'V?M/]@^;T82-HL**1*5W6;M$G3M(]GQQBPBC&R MG:;]][L7)PR:MLL+PI?K<^XYOKZLKA]U0QZD=^]J*3T!A-;EM/:^RQASHI::N\ATLH4O MI;&:>UC:BKG.2E[TFW3#TCB^8IJKE@:$S)Z#8[_K+H31'4!L5:/\4P]*B1;9EZHUEF\;T/V8S+DX8O>+$WBM MA#7.E#X".!8*/=6\9$L&2.M5H4`!VDZL+'.Z2;*;)67K5>_/;R7W;O1.7&WV MGZPJOJI6@MEP3'@`6V/N,?5+@2'8S$YVW_4'\-V20I9\U_@?9O]9JJKV<-J7 M(`AU9<73K70"#`68*+U$)&$:*`">1"OL##"$/^8T!6)5^#JGLZOH:/_A*2D+RI@]:7=@U$V>$42>&"#M%AP&U2;-CG\7FVZ0&PO=V]R M:W-H965TZWGV*1%%DD98DWC9@JLEC\JSZ59?7C;S\NY]7W MNNN;]GI(V,,F6=778WMJKJ^'Y+__^?)KF:SZH;J>JG-[K0_)S[I/?GOZVR^/ M'VWWK7^KZV$%*US[0_(V#+?]>MT?W^I+U3^TM_H*5U[:[E(-\+%[7?>WKJY. M..ER7O/-IEA?JN::R!7VW9(UVI>7YEA_;H_OE_HZR$6Z^EP-L/_^K;GU>K7+ M<;K#$U^;<##]QT61U.>[_>+VV7?7U#''_8%EUU&OC!V_Y M2W/LVKY]&1Y@N;7$+_ M:^J/WOI[U;^U'__HFM.?S;6&XP:AA`1?V_:;,/WC)(9@\MJ;_04E^%>W.M4O MU?MY^'?[\7O=O+X-H'<.(8G(]J>?G^O^"$<*RSSP7*QT;,^P`?AW=6E$;L"1 M5#\."0?'S6EX.R1I\9!O-RD#\]77NA^^-&+)9'5\[X?V\G]IQ'!3N_9C!8*#=7^K1/JP/2PL]I1"9'*%<9=3FX3=B46>Q2J'9)NL8'H/1_O] MB?/\ M=I/&N!'&<#+VYC?9N*[T+&TR/&X[GBS&D3`&+2"*\9@X+QQ/RHAN9SL:D=.$ MU%A^FL(8O8_'J49D9MM1%71=3&9>BLR=2&BMF)A(?:@12+LQ9K8IP^%`CBT/ M1QA35VK$#T=0UJD#5D!YS44CYE$7:H1&LPM'LZ->[Z>Z,*:NY(B?<0RM<6%S_IR;=)+9K:U(TK&)$F:BV*WCG-F`0@,W58P+P)Y\H41IV$LO3SR< M20]0#Q&QV`0PF"CPY4%)'("'L99P@4,2T"L*$2S("%,O2J\0)%@:SD-Q&XH( M34'!#DT-!?0*@2(#Q6=RPL<$"W&"&0H3[+$H4*"UDQH2%0&Q'%3,Q#$"PBXN M@P,EEK*BQ67NH#2T*&HP'QMZR!>+.^!87EPXDYZ@'J+%9>YE)"@>10RT=KPI MB`2""A%CPQ^VLW#GJIFP$ET/T:`,+&E04<3@/C'4D)^$/(H8:(W'925ANAE9 M()-06]$D-%RAH4410W0%SKU+#P7T"A`CA2R^7VCHEJ9VJ,!10&#JT;" MSHPI8/`H8*"UIY6YSRJM0L#@1E$:6A0PN`\,/>1K);XKV#<.`0R>XA>8&;UP M)BUA/43TXB9T$E0:!0RT=KQ-`B,-`6-1;XLS'3>*(32HB18CC0(&6CO>%$," M2CG$0+0OZ7#3L=T8&QD]1&.:Z"W2*%*@M1.3A()U(L>(G)9 M73#!11Z%"[1VO$F"^*65.[2X+Q=:X\JV7*9HI%S:BLB53G1.N2CZQ<\QT-H) M32P`0X'8'&PL;C)RO\G00U0N<[^F$W>N/`H9:.WD MH$2&KU?A$..^7FCME9?AG-1+6U&]S/V-Z%5$D0.M:6AZR->K<-`A])K_9HRS M'!=B(1BB6IF;``THBA>%@H.5@&HHH)6#BQFM1D98M969[[Q**V5%M3+`I*%% M8:/PL:&'`EHYW!!:%=E\3UB,!!DK2P]1M0Q4:$A1N"A\7*BA@%H.+6;4&@EA MJV5N24HM9475,O5'0XN"1J&:"CL1U9"OUM:A!I(P3Q(GI9B4J" MVD;A`JT=;[+1"'POV09PP4NVX#H25J4 M`5ILMPOJ"B=2+WJ(QC316Y11L$!KQ]LD+,H`+.#+[)*@%!DLT.)BX)D&-=%? ME%&P0&LG*,D/O[!*AQ7W"PNM<66[L$S)R,+25K2P)OJ+,HH9:.V$IEH.GX.E M`PV\8\T_(<1IC@_5<5"Q)MJ+,@H5:.UXFT1%&4`%F_^E&*8F366*HL1.(<'"K1X*R!2@!!?[G8E((<'V$:)$;NA((XJBQ$XAP?8V M28E=@!+S3V]QEB-1"!*YJ3<:4!0D=JISL`.:@@3;1%%"FF,D-B9,OR`Q,9I1 M3A@S$AW;1(%"FM/3',?\'&2;`"MX40KS02SAU/^^EN>M0 M\L+BNWS%5[Y'>ZF[U_KO]?G7HO<[<#O,*-?[[!._LUO-J\$07S MTK:#_B` M8:XOX5!I*F-QK^)M(4KK2;3(N87]FTQ69L]6Q)?0%5P_;:NK6!454*QE+NVK M(Z6DB.>/FU)IOL[!]PL;\WC/[1YZ](6,M3(JM0.@"_Q&^YYGP2P`IN4BD>`` MTTZT2".Z8O,[-J7!*G6G])R93NZ]:)M]E*2#;4">LP%JI)X0^)AB" MQ4%O]8.KP$]-$I'R;6Y_J=TW(3>9A7)?@R,T-D]>[X6)(:-`,PBOD2E6.6P` M?DDAL34@(_PEHB$(R\1F$1U-!M?3X8@!G*R%L0\2*2F)M\:JXI\',;`;3<8VY M\QCX;3"L000@VBB#VN7*"$9ES`INY.=)(;GN@1:+7++2"X*U5'^A;P2&UU/39%.')C M=Z9(N+"K44>@I=[*%I[HQ5E7]OT>1'!7JH[T[3!0;_MYG]BAN\S[4+LH;'1] MO*\8CG@K>V?4$'V@5H>.&#DX%+`PT^D%PX-C*!\PTA][1P#UZA]L[&#PW=1, M;@;`<<93_Q!P7*#2+<[X1'$^=`S`%=YK!1]J6?*7M+\)"Z$WXHO(R-"07*7`.!U-(E/;7OG^P MJH(4P-6M+%S7[F\&GV<"[K&ULE%5=;YLP%'V?M/]@^;TXD*^"0JIT5;=*JS1-^WAVC`&K&"/;:=I_OVL[ MI=!$7?J"\.7XG'NNKR^KJR?9H$>NC5!MCN-H@A%OF2I$6^7X]Z_;BTN,C*5M M01O5\AP_I?MAU%TS)#BBVHA'VV9-B)%EV5[5*TVT#OI_B&64OW'YQ1"\%T\JHTD9` M1T*BQYY3DA)@6J\*`0Y^?K\$7QO!N_(U&K_58OBNV@Y M%!N.R1W`5JD'![TK7`@VDZ/=M_X`?FA4\)+N&OM3[;]Q4=463GL.AIROK'B^ MX89!08$F2N:.B:D&$H`GDL)U!A2$/N4X`6%1V#K'TT4T7TZF,<#1EAM[*QPE M1FQGK))_`RCV204NG]H-M72]TFJ/X+@!;3KJFB?.@/AT+I"$PVX<.,=+C$#& M0/T>UW$Z79%',,T.F.N`@>U\90=VRJXJ+I7K$!C*)*=EIA^1 M<6`HZS#Y=-;S!N6`F?FJ#OW,/B+DP%!R8B$!AZZ6HQY7<\F4]^@_^D5MW&L<8C`O1EX7IZV`SUVOAT''DL= M(L=VW"@=M+N_@I,D6H+_]UO?;1QK'")C.Y>G[:1CV?>E''@L%2*#E@LS)EQD MR77%O_"F,8BIG9L?"5S-/MJ/MDWB6O9M?)9M_,@C_0<8.1VM^#W5E6@-:G@) ME!-?(AV&5EA8U4&6,'B4A6'C7VOXMW"XG9,(ZEDJ95\6($SZO]7Z'P```/__ M`P!02P,$%``&``@````A``^%,-V!`@``+@8``!D```!X;"]W;W)K&ULE%3;;IPP$'VOU'^P_!X,[*U!RT:;1MM&:J2JZN79:PQ8 MP1C9WMO?=VSO4D@B9?N"\'!\SLR9&99W1]F@/==&J#;'211CQ%NF"M%6.?[U MEG4W-N$3"T)L>UM5U&B&$UE]1$JN,M M?"F5EM3"45?$=)K3PE^2#4GC>$XD%2T.#)F^AD.5I6#\0;&=Y*T-))HWU$+^ MIA:=N;!)=@V=I/IYU]TP)3N@V(I&V),GQ4BR[+%JE:;;!NH^)E/*+MS^\(I> M"J:54:6-@(Z$1%_7?$MN"3"MEH6`"ISM2/,RQ^LDNU]@LEIZ?WX+?C"#=V1J M=?BB1?%-M!S,AC:Y!FR5>G;0Q\*%X#)Y=7OC&_!=HX*7=-?8'^KPE8NJMM#M M&13DZLJ*TP,W#`P%FBB=.2:F&D@`GD@*-QE@"#WF.`5A4=@ZQY-Y-%O$DP3@ M:,N-W0A'B1';&:ODGP!*?%*!RZ?V0"U=+;4Z(&@WH$U'W?`D&1"_G0LDX;!K M!\[Q`B.0,>#??I4FZ9+LH6AVQMP'##Q[3-(C"(CVRJ!VO;(#.V7GBDOE/@2& M,O\2&?WXQFFT>+="=W&L<8[` M"@UJGK]=#HS;]>4X\%@J1`;M"OL9ED!R7?'/O&D,8FKG=B^%L>ZC_6]AG;IV MOXQ/L[6?2-)_@'7M:,6?J*Y$:U##2Z",O44Z+'PX6-5!EK"TRL*B^M<:_LL< M)CN.P,]2*7LY@##I__2KOP```/__`P!02P,$%``&``@````A`#68N-+7`@`` M"0@``!D```!X;"]W;W)K&ULE%7;;J,P$'U?:?_! M\GLQT%P:%%*E6W6WTE9:K?;R[!@#5@$CVVG:O]^Q31`DV31]X3(,)F)IDCQ[U\/5S<8:4.;C%:RX2E^XQK?KCY_6NZD M>M8EYP8!0Z-37!K3)H1H5O*:ZD"VO($ON50U-?"J"J);Q6GF%M45B<-P1FHJ M&NP9$G4)A\QSP?B]9-N:-\:3*%Y1`_GK4K1ZSU:S2^AJJIZW[163=0L4&U$) M\^9(,:I9\E@T4M%-!;Y?HPEE>V[WZK$MEWT7"H-NR3W8&-E,\6^IC9 M$"PF1ZL?W`[\4"CC.=U6YJ?.B*`UL]Q0<66-)]G;/-8.*`DT03RT3DQ4D M`%=4"]L:4!'ZZNX[D9DRQ==Q$$W"&:#1AFOS("PC1FRKC:S_>HPSU'/$'0?< M]QRS8#H/KZ/W28C/Q]F[IX:NEDKN$/0,2.J6V@Z,$B`^[0>,6.S:@E,\QPAR MU;`)+ZLXG"[)"Q2.=9@[CX%KCXEZ!`'17AG4+E>V8*ML*VM3N?.!H4Q\6N;Z M(S(6#%LS2#X.9SVO5_:8B6N7H9_)1X0L&$H.+OHRQ>'\0*D#C4R&-SUH5$UH MH\NK:<%.O2]G%W$--^*=C7EMW\<3*,'Y1K&KQ@)=!`[>P/#BM!=HL,N]6/!8 MJHOX`SW<(3N,![WNSG`T#<#[>3=VW5BBBXS<1.%I-XNQZGDI"QY+=9%C-Q&H M']J)PTDP?]>/6SE6V8?&COYS&UL(*($ M`2B@``$````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````````G)%!3\,@&(;O M)OZ'AGM+69TZTK)$S4XN,7%&XPWAVT8LE`#:]=_+NJ[.Z,DC>5\>GN^CG.]T MG7R"\ZHQ%2)9CA(PHI'*;"KTM%JDURCQ@1O)Z\9`A3KP:,[.STIAJ6@,T#_'H-MAR\;TO\.RNEZ.VH<,`#R"2^1P]VQ^2YN+U;+1";Y&2:YM.47*S(C!8S.KEZ M+?&Q-=QG(U`/`O\F'@&L]_[YY^P+``#__P,`4$L#!!0`!@`(````(0!+[%C) MO@(```$(```0``@!9&]C4')O<',O87!P+GAM;""B!`$HH``!```````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````)Q546^;,!!^G[3_$/'>DF;5.E6$R@6W M12/`P.G6O5@N.`TJ,NK"OW\RSKO1'@Q9UWNI3]^2E`<&N@YJF*G.FX2O=29G+6M4S/<#KG%>. MW7#<\=96[2$E5*YSDI?KGBN M:SE0Y1\HV\@:/#+%6SEC:\5DR80&62VLNVS.5:.T='_6\EG-.=?*L0'0&3?' M/K9_+L_=T<4&`:=]9!NA4P*.?8VDU!57\2QA4ILD7_0U;U1TBCM!VRY2)`J* MA89ZT4!TW2[KOO+=-WAQY.,HPSZ%4Q:'@8\(7*Y1B"(/?X!R]AY.1B#;Y%UI M7BGF-'%ZBZ+@-R)!'%$4^31.<+JY&55=HRS(:'Q#DQ1G.`(Q6UX6W$9&2A#= MXXQ,`)S1(*(I1B$%`WR&$8X\+YZVV`0]H.L0;T2!,9U"D4,C)8H)WN&-B(S$ MWO>[./1QFE'\8QJ0A\,XZ.LD@0X?KD(0`013@G[AS!@GQ>%F*!*4D@=*4@31 MO+949CA$FP2O)6I[`(-%@N@61UYP(,'Q/IA;?;@1E+!'XW<<;X8YS7%I(V.> M(])\KHV4X]+,:?8&A4)D5E:*$KY>,GA`=W]X^Z!USX-A;GJTPY2]$>HQUD9* M?YSZ8'U(UN'Q:NG&'$='C/8I>V_M/Z]K6(IG-6U([3/-M^MCW^AD+-F7CBQ1;SOZ-==O?=1G?/SD^'7X:PQWHVQW[;W>Y?```` M__\#`%!+`P04``8`"````"$`'(0:_I4```"I````$````'AL+V-A;&-#:&%I M;BYX;6P\CD$*`C$0!.^"?PAS=V?UL(@D65#P!?J`D!U-()DLF2#Z>^/%2T/1 M4-UZ?N>D7E0E%C:P'T90Q+XLD9\&[K?K[@A*FN/%I<)DX$,"L]UNM'?)7X*+ MK+J!Q4!H;3TAB@^4G0QE)>[-H]3L6L?Z1%DKN44"4X"L-JK:N`\ M@8K]`ZCT2[0:_R/V"P``__\#`%!+`0(M`!0`!@`(````(0`&SU:ATP$``/(2 M```3``````````````````````!;0V]N=&5N=%]4>7!E&UL4$L!`BT` M%``&``@````A`+55,"/U````3`(```L`````````````````#`0``%]R96QS M+RYR96QS4$L!`BT`%``&``@````A`,U1(LN\`0``N1$``!H````````````` M````,@<``'AL+U]R96QS+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``& M``@````A`%XV'[20!@``JAT``!D`````````````````LQ@``'AL+W=O&PO=V]R:W-H965T&PO=V]R:W-H965TI6=0(``+@%```9```````````````` M`!4I``!X;"]W;W)K&UL4$L!`BT`%``&``@````A M`&H)5H5#`P``E@D``!D`````````````````P2L``'AL+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``& M``@````A``W.!C3'`@``VP@``!@`````````````````O30``'AL+W=ON7 M!QL%``!5%```&0````````````````"5?@``>&PO=V]R:W-H965T#``!X;"]W;W)K&UL4$L!`BT`%``&``@` M```A`#:S3%OC!@``U1L``!D`````````````````FH<``'AL+W=O&PO=V]R:W-H965T&UL M4$L!`BT`%``&``@````A`$@PCK?'`@``FP<``!@`````````````````5Z0` M`'AL+W=O&PO=V]R:W-H965T@4``'04```8`````````````````#ZP``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`!`][!@S`P``-0H` M`!D`````````````````(\(``'AL+W=O&PO=V]R:W-H965T&UL4$L!`BT`%``&``@````A`#68N-+7`@``"0@``!D````````````` M````'LL``'AL+W=O&UL4$L%!@`` 0```E`"4`[`D``$S5```````` ` end XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
INCOME TAXES (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Line Items]    
Deferred Tax Assets, Operating Loss Carryforwards, Domestic   $ 1,380,000us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic
Federal Tax Loss Carry Forwards Expiration expire in 2032  

XML 14 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
3 Months Ended
Mar. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
NOTE 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 
At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following:
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
305,320
 
$
12,673
 
Property taxes payable
 
 
173,238
 
 
292,290
 
Accrued legal, board fees and other expenses
 
 
267,065
 
 
372,389
 
Interest payable
 
 
40,810
 
 
40,810
 
 
 
$
786,433
 
$
718,162
 
EXCEL 15 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A,3`Y M,6(R,3$T,C(B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/3D1%3E-%1%]#3TY33TQ)1$%4141?4U1!5$5- M13$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D)!4TE37T]&7U!215-%3E1!5$E/3E]!3D1?4TE' M3CPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/E-43T-+2$],1$524U]%455)5%D\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/34U)5$U%3E137T%.1%]#3TY424Y'14Y#2453/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DE.5D535$U%3E137TE.7U)%04Q?15-4051%7U1A8CPO>#I. M86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DY/ M5$537U!!64%"3$5?1&5T86EL#I7 M;W)K#I7;W)K#I7;W)K#I%>&-E;%=O M#I%>&-E;%=O#I%>&-E M;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I% M>&-E;%=O7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,30X-S'0^+2TQ,BTS,3QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^4E9%3CQS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M,C`Q-3QS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA"!A;F0@:6YS=7)A;F-E(')E'0^)FYB'0^)FYBF5D.R!.;R!S:&%R97,@:7-S=65D M("9A;7`[(&]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%SF5D.R`W+#`Q-BPW.38@3PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%? M86%E-%]A,3`Y,6(R,3$T,C(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO931E,CAA,6%?9F8P9%\T,C'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$2!O<&5R871I;F<@86YD(&UA:6YT96YA;F-E M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR.#,L-3'!E;G-E/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$;G5M<#XR-C8L.#@X/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'!E;G-E2!D M:6QU=&5D*2`H:6X@9&]L;&%R3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A,3`Y,6(R,3$T,C(- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO931E,CAA,6%?9F8P9%\T M,C'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$F%T:6]N(&]F M(&QO86X@9F5E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$"!A;F0@:6YS=7)A;F-E(')E6%B;&4@86YD(&%C8W)U M960@;&EA8FEL:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA2!D97!O'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&1I=B!S='EL93TS1"=- M05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T#L@ M1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QA;F0@8V]R M<&]R871I;VX@;VX@07!R:6P@,2P@,C`Q-"`H4F5V96X@2&]U#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)W=I9'1H.C$P,"4[('1A M8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN M9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N M)RPG6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P="`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6EN9R!U;F%U9&ET960@8V]N9&5N2!W:71H(&%C8V]U;G1I;F<@<')I;F-I<&QE6QE/3-$)T-, M14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-) M6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE M.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G M5&EM97,@3F5W(%)O;6%N)RPG6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT M+7-T6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPGF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/ M3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%2 M1TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@ M3F5W(%)O;6%N)RPG6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`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`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-TF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!U=&EL:7IE M'!E8W1E9"!C;W-T M2!W;W5L9"!H879E(&EN8W5R2!A="!T:&4@9&%T92!O9B!A8W%U:7-I=&EO;BX@16%C:"!P M;W)T9F]L:6\@;V8@86-Q=6ER960@<')O<&5R='D@:7,@F4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA M;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J M=7-T.B!N;VYE.R!F;VYT+7-T&EM871E;'D@/&9O;G0@65A'!E M;G-E#L@1D].5#H@,3!P="!4:6UE#L@ M1D].5#H@,3!P="!4:6UE6EN9R!V86QU92!W:71H(&ET6QE M/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM& M3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T M.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE. M.B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T7!I8V%L;'D@97AC965D('1H92!&961E2!D:60@;F]T(&AA=F4@86YY(&-A6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O M;6%N)RPG#L@1D].5#H@,3!P M="!4:6UE3X\8CXF(S$V,#L\+V(^/"]D:78^(#QD:78@2!M86YA9V5R2!H87,@;F]T(')E8V]G;FEZ M960@86YY(&%L;&]W86YC92!F;W(@9&]U8G1F=6P@86-C;W5N=',@87,@;V8@ M36%R8V@@,S$L(#(P,34@86YD($1E8V5M8F5R(#,Q+"`R,#$T/&9O;G0@#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE"!A;F0@26YS=7)A;F-E(%)E6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T"!A;F0@:6YS=7)A M;F-E(')E28C.#(Q-SMS(&YO M=&5S('!A>6%B;&4@9F]R('!R;W!E&5S(&%N9"!I;G-U2X\+V1I=CX@/&9O;G0@6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/ M3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%2 M1TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G M5&EM97,@3F5W(%)O;6%N)RPG6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/ M3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%2 M1TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE. M.B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM M97,@3F5W(%)O;6%N)RPG6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T#L@ M1D].5#H@,3!P="!4:6UEF%T:6]N('=E6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-, M14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-) M6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE M.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%- M24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@ M,3!P="!4:6UE3X\=3X\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@)U1I;65S M($YE=R!2;VUA;B6QE/3-$)T-, M14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-) M6D4Z(#$P<'0[5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P="`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG M#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE M/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM& M3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T M.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O M;6%N)RPG&5S/"]U/CPO9&EV/B`\9&EV('-T>6QE/3-$)T-,14%2.F)O=&@[($9/ M3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%2 M1TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`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`P<'0@,BXY<'0@,'!T(#!P>#L@1D].5#H@,3!P M="!4:6UE3Y4:&4@=&%X(&)E;F5F:70@;V8@=6YC97)T86EN('1A>"!P;W-I=&EO M;G,@:7,@2!T:&%N(&YO="8C.#(R,3L@=&AA="!T:&4@=&%X('!O&EN9R!A=71H;W)I='D@:&%V:6YG(&9U M;&P@:VYO=VQE9&=E(&]F(')E;&5V86YT(&EN9F]R;6%T:6]N+B!4:&4@;65A M"!P;W-I=&EO;B!T:&%T(&UE971S('1H92`F(S@R,C`[;6]R92!L:6ME;'D@ M=&AA;B!N;W0F(S@R,C$[('1H"!B96YE9FET(')E8V]G;FEZ960@:7,@=&AE(&%M M;W5N="!W:71H(&$@9W)E871EF5D('5P;VX@=6QT:6UA=&4@2!H860@ M;F\@=6YR96-O9VYI>F5D('1A>"!B96YE9FET6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T2!E2!R96QA=&5D(&5N=&ET>2X@56YD97(@=&AE(#(P M,3(@4&QA;BP@;W!T:6]N&5R8VES M92!P2!A(&-O;6UI='1E92!D97-I M9VYA=&5D(&)Y('1H92!";V%R9"!O9B!$:7)E8W1O65AF5D('1H92!I6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG M28C.#(Q-SMS(&-O;6UO;B!S=&]C:R!U;F1E#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE28C.#(Q-SMS M(&-O;6UO;B!S=&]C:R!U;F1E#L@1D].5#H@,3!P="!4:6UE#L@ M1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2!D:6QU=&EV92!S96-U6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG6QE/3-$)T9/3E0M1D%-24Q9 M.B`G5&EM97,@3F5W(%)O;6%N)RPG#L@1D]. M5#H@,3!P="!4:6UE3XF(S$V,#L\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB M;W1H.R!&3TY4+49!34E,63I4:6UE#L@1D].5#H@,3!P="!4:6UE2!T;R!G:79E(&5F9F5C="!T;R!T:&4@,2UF;W(M,C`@6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O M;6%N)RPG#L@1D].5#H@,3!P M="!4:6UE3XF(S$V,#L\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB;W1H.R!& M3TY4+49!34E,63I4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/ M3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%2 M1TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M M861J=7-T.B!N;VYE.R!F;VYT+7-T2`R,#$T+"!T:&4@1D%30B!I2!A M;&P@97AI&-H86YG92!F M;W(@=&AO2!O9B!R979E;G5E M(&%N9"!C87-H(&9L;W=S(&%R:7-I;F<@9G)O;2!C=7-T;VUE2!A2`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`G5&EM M97,@3F5W(%)O;6%N)RPG6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'@[($9/ M3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3X\=3X\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@)U1I M;65S($YE=R!2;VUA;B6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE3XF(S$V,#L\ M+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB;W1H.R!&3TY4+49!34E,63I4 M:6UE&ES=&5D(&%T M('1H92!B86QA;F-E('-H965T(&1A=&4L(&EN8VQU9&EN9R!T:&4@97-T:6UA M=&5S(&EN:&5R96YT(&EN('1H92!P&ES="!A M="!T:&4@8F%L86YC92!S:&5E="!D871E(&)U="!A6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U=#IF:7AE M9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R/CQT9#X\ M+W1D/CPO='(^/"]T86)L93X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&1I=B!S='EL93TS1"=-05)'24XZ M(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE2!L96%S960@=&\@:6YD:79I9'5A;"!T96YA;G1S M('5N9&5R(&]P97)A=&EN9R!L96%S97,@;V8@;VYE('EE87(@;W(@;&5S#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE28C M.#(Q-SMS(&EN=F5S=&UE;G1S(&EN(')E86P@97-T871E.CPO9&EV/B`\9&EV M('-T>6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[5$585"U!3$E'3CI, M969T.R!415A4+4E.1$5.5#H@,&EN.R!724142#H@,3`P)2<^(#QT86)L92!S M='EL93TS1"=-05)'24XZ(#!I;B`P:6X@,&EN(#`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`P M,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z M(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E"!S;VQI9#L@5$585"U!3$E'3CH@8V5N=&5R.R!&3TY4+5-464Q% M.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@ M=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL M93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD M:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=. M.B!C96YT97([($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D]. M5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^ M(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@ M=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL M93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P M,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!R:6=H=#L@1D].5"U35%E,13H@ M;F]R;6%L.R!0041$24Y'+5))1TA4.B`U<'@[($9/3E0M1D%-24Q9.B!T:6UE M6QE/3-$)T)/4D1%4BU"3U143TTZ(",P M,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!L969T.R!&3TY4+5-464Q% M.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE"!S;VQI9#L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z M(&YO6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!R:6=H=#L@1D]. M5"U35%E,13H@;F]R;6%L.R!0041$24Y'+5))1TA4.B`U<'@[($9/3E0M1D%- M24Q9.B!T:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@] M,T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%- M24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z M(&YO"!S;VQI9#L@1D]. M5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q)3X@/&1I=CXF(S$V,#L\+V1I=CX@ M/"]T9#X@/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-4 M64Q%.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO"!S M;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^)B,Q M-C`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`Q,'!T.R!615)424-!3"U!3$E'3CH@8F]T=&]M M.R!&3TY4+5=%24=(5#H@-#`P)R!W:61T:#TS1#$P)3X@/&1I=CXW,S`L.#@P M/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!& M3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/ M4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!L M969T.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%, M24=..B!R:6=H=#L@1D].5"U35%E,13H@;F]R;6%L.R!0041$24Y'+5))1TA4 M.B`U<'@[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4 M+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED M.R!415A4+4%,24=..B!R:6=H=#L@1D].5"U35%E,13H@;F]R;6%L.R!0041$ M24Y'+5))1TA4.B`U<'@[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED M=&@],T0Q,"4^(#QD:78^)B,Q-C`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`P,#`@ M,W!X(&1O=6)L93L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U35%E,13H@;F]R M;6%L.R!&3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!"04-+1U)/54Y$ M.B`C9F9F9F9F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%,24=..B!B M;W1T;VT[($9/3E0M5T5)1TA4.B`T,#`G('=I9'1H/3-$,24^(#QD:78^)#PO M9&EV/B`\+W1D/B`\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(",P M,#`P,#`@,W!X(&1O=6)L93L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U35%E, M13H@;F]R;6%L.R!&3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!"04-+ M1U)/54Y$.B`C9F9F9F9F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%, M24=..B!B;W1T;VT[($9/3E0M5T5)1TA4.B`T,#`G('=I9'1H/3-$,24^(#QD M:78^)#PO9&EV/B`\+W1D/B`\=&0@"!D;W5B;&4[(%1%6%0M04Q)1TXZ(&QE9G0[($9/ M3E0M4U193$4Z(&YO6QE/3-$)T)/4D1%4BU" M3U143TTZ(",P,#`P,#`@,W!X(&1O=6)L93L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/ M3E0M4U193$4Z(&YO&5D.R<@8V5L;'-P86-I;F<],T0P(&-E M;&QP861D:6YG/3-$,#X\='(^/'1D/CPO=&0^/"]T7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6%B;&4@86YD($%C M8W)U960@3&EA8FEL:71I97,@1&ES8VQO#L@1D].5#H@,3!P="!4 M:6UE3X\6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG M6%B;&4@ M86YD(&%C8W)U960@;&EA8FEL:71I97,@8V]N6QE/3-$)TU!4D=)3CH@,&EN(#!I;B`P:6X@,6EN.R!724142#H@-S4E M.R!"3U)$15(M0T],3$%04T4Z(&-O;&QA<'-E.R!/5D521DQ/5SH@=FES:6)L M92<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!A;&EG;CTS1&QE M9G0^(#QT6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`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`Q,'!T.R!615)424-!3"U! M3$E'3CH@8F]T=&]M.R!&3TY4+5=%24=(5#H@-#`P)R!W:61T:#TS1#DE/B`\ M9&EV/C,P-2PS,C`\+V1I=CX@/"]T9#X@/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO&5S('!A M>6%B;&4\+V1I=CX@/"]T9#X@/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/ M3E0M4U193$4Z(&YO'!E;G-E6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!& M3TY4+5-464Q%.B!N;W)M86P[(%!!1$1)3D#L@1D].5"U& M04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@0D%#2T=23U5.1#H@(V-C965F9CL@ M1D].5"U325I%.B`Q,'!T.R!615)424-!3"U!3$E'3CH@8F]T=&]M.R!&3TY4 M+5=%24=(5#H@-#`P)R!W:61T:#TS1#DE/B`\9&EV/C(V-RPP-C4\+V1I=CX@ M/"]T9#X@/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U19 M3$4Z(&YO6%B;&4\+V1I=CX@/"]T9#X@ M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO M#L@1D].5"U& M04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@0D%#2T=23U5.1#H@(V9F9F9F9CL@ M1D].5"U325I%.B`Q,'!T.R!615)424-!3"U!3$E'3CH@8F]T=&]M.R!&3TY4 M+5=%24=(5#H@-#`P)R!W:61T:#TS1#DE/B`\9&EV/C0P+#@Q,#PO9&EV/B`\ M+W1D/B`\=&0@"!S;VQI9#L@5$585"U!3$E'3CH@;&5F=#L@1D]. M5"U35%E,13H@;F]R;6%L.R!&3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N M.R!"04-+1U)/54Y$.B`C9F9F9F9F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1) M0T%,+4%,24=..B!B;W1T;VT[($9/3E0M5T5)1TA4.B`T,#`G('=I9'1H/3-$ M,24^(#QD:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"="3U)$ M15(M0D]45$]-.B`C,#`P,#`P(#%P>"!S;VQI9#L@5$585"U!3$E'3CH@"!D;W5B;&4[(%1%6%0M04Q)1TXZ(&QE M9G0[($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q)3X@/&1I M=CXD/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B`C M,#`P,#`P(#-P>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-4 M64Q%.B!N;W)M86P[(%!!1$1)3D#L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@0D%#2T=23U5.1#H@(V-C965F9CL@1D].5"U3 M25I%.B`Q,'!T.R!615)424-!3"U!3$E'3CH@8F]T=&]M.R!"3U)$15(M5$]0 M.B`C,#`P,#`P(#%P>"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@] M,T0Y)3X@/&1I=CXW.#8L-#,S/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%- M24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,W!X(&1O M=6)L93L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U35%E,13H@;F]R;6%L.R!& M3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!"04-+1U)/54Y$.B`C8V-E M969F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%,24=..B!B;W1T;VT[ M($)/4D1%4BU43U`Z(",P,#`P,#`@,7!X('-O;&ED.R!&3TY4+5=%24=(5#H@ M-#`P)R!W:61T:#TS1#$E/B`\9&EV/B0\+V1I=CX@/"]T9#X@/'1D('-T>6QE M/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,W!X(&1O=6)L93L@5$585"U! M3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U19 M3$4Z(&YO3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A M,3`Y,6(R,3$T,C(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO931E M,CAA,6%?9F8P9%\T,C'0O:'1M;#L@8VAA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@ M1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2!I;G1E M6UE;G1S(&%T(&$@2`U+"`R,#$V+B!4:&5R M96%F=&5R+"!M;VYT:&QY('!A>6UE;G1S(&]F(&EN=&5R97-T(&%N9"!PF%T:6]N(')A=&4@=VEL;"!B92!M861E M('5N=&EL(&UA='5R:71Y+B!4:&4@;F]T92!H87,@82!P#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE2!O9B!T:&4@0V]M<&%N>2P@2!N;W1E(&EN('1H92!P2!D965D6QE M/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG2!I;G1E6UE M;G1S(&%T(&$@65A6UE;G0@<&5N86QT>2!O9B`\9F]N="!S='EL93TS M1"=&3TY4+49!34E,63H@)U1I;65S($YE=R!2;VUA;B6UE;G0@<&5N86QT>2!O;B!A;6]U;G1S('!A M:60@869T97(@=&AA="!D871E+CPO9&EV/B`\9&EV('-T>6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!O M9B!T:&4@0V]M<&%N>2P@2!N;W1E(&EN('1H92!P2!D965D2!P87EM96YT65A6UE;G0@<&5N86QT>2!O9B`\9F]N="!S='EL93TS1"=&3TY4+49!34E, M63H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)T9/3E0M1D%-24Q9.B`G M5&EM97,@3F5W(%)O;6%N)RPG#L@1D]. M5#H@,3!P="!4:6UE3XF(S$V,#L\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB M;W1H.R!&3TY4+49!34E,63I4:6UE#L@1D].5#H@,3!P="!4:6UE&5S(&%N9"!I;G-U6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U=#IF:7AE M9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R/CQT9#X\ M+W1D/CPO='(^/"]T86)L93X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE M2P@=&AE('!A&5R8VES960@:6X@=&AE('!E6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE M+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS M1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$F5D('1H92!I'!E;G-E(&]F("0\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@)U1I M;65S($YE=R!2;VUA;B28C.#(Q-SMS(&-O;F1E;G-E9"!C;VYS;VQI9&%T960@28C.#(Q-SMS(&QO=R!T M28C.#(Q-SMS('!R:79A=&4@<&QA8V5M96YT#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE28C.#(Q-SMS M(&-O;6UO;B!S=&]C:R!U;F1E&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D M:6YG/3-$,#X\='(^/'1D/CPO=&0^/"]T7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0@0FQO M8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE M/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[ M($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[ M34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T M6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T#L@1D].5#H@,3!P="!4:6UE&%B;&4@:6YC;VUE(&1U&%B;&4@:6YC;VUE+B!4:&4@0V]M<&%N>2!R96-O2!W:6QL(&YO="!R96%L:7IE('-O;64@;W(@86QL(&1E9F5R"!A2!R M96-O"!A2!H860@9F5D97)A;"!A;F0@&EM871E;'D@)#QF;VYT('-T>6QE/3-$ M)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG2UF;W)W87)D6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N M)RPG65A65A2!W;W5L9"!G96YE&5S(&%S2!H87,@86QS;R!I;F-U65A"!E>'!E M;G-E'!E8W1A=&EO;G,@;V8@96QE8W1I;F<@4D5)5"!S=&%T=7,@8V]M;65N M8VEN9R!I;B`R,#$U+"!I="!D;V5S(&YO="!E>'!E8W0@=&\@"!B96YE9FET&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP M861D:6YG/3-$,#X\='(^/'1D/CPO=&0^/"]T7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA2!4#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2UO M=VYE9"!B>2!#:&%D($TN($-A2!A;F0@=&AE($-O;7!A;GDF(S@R,3<[&5C M=71I=F4@3V9F:6-E6UE;G1S('1O=&%L960@)#QF;VYT M('-T>6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG6QE/3-$)T9/3E0M1D%-24Q9.B`G5&EM97,@3F5W(%)O;6%N)RPG3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R M=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A,3`Y,6(R,3$T,C(-"D-O;G1E M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO931E,CAA,6%?9F8P9%\T,C'0O:'1M;#L@8VAA'0@0FQO8VM=/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P M>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[ M($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[ M34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T M6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT M+7-T2!U;F1E2!C M;W5R2!E6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T9/3E0M1D%-24Q9.B`G M5&EM97,@3F5W(%)O;6%N)RPG2!D97!O2!O=71S=&%N9&EN9R!C:&%R9V5S(&%N9"!F965S+"!U M<&]N(&5X<&ER871I;VX@;V8@=&AE('5N9&5R;'EI;F<@;&5A6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M M861J=7-T.B!N;VYE.R!F;VYT+7-T#L@1D].5#H@,3!P="!4:6UE2`D/&9O;G0@2!T M;R!A8W%U:7)E('1H92!D96)T(&]R(&5Q=6ET>2!F:6YA;F-I;F<@6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U M=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R M/CQT9#X\+W1D/CPO='(^/"]T86)L93X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$2!497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2!A8V-E<'1E9"!I;B!T:&4@56YI M=&5D(%-T871E&-H86YG92!#;VUM:7-S:6]N("@F(S@R,C`[4T5#)B,X M,C(Q.RDN/"]D:78^(#QD:78@6QE/3-$)W=I9'1H.C$P M,"4[('1A8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL M<&%D9&EN9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@ M,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UE2!A;F0@:71S('=H;VQL>2UO=VYE9"!S=6)S M:61I87)I97,L(%)E=F5N($AO=7-I;F<@1V5O&%S+"!,3$,L(%)E=F5N($AO=7-I;F<@1FQO2!A8V-O=6YT6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U=#IF M:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R/CQT M9#X\+W1D/CPO='(^/"]T86)L93X\2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@ M,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA M;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J M=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA M>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^ M/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\2!497AT($)L;V-K M73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS M1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4 M:6UE3X\=3Y&:6YA;F-I86P@26YS=')U;65N=',\+W4^/"]D:78^(#QD:78@&EM871E6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT M+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6EN9R!V86QU92!O9B!T:&4@0V]M<&%N M>28C.#(Q-SMS(&YO=&5S('!A>6%B;&4L(&%S(')E<&]R=&5D(&EN('1H92!A M8V-O;7!A;GEI;F<@8V]N9&5N2!A;F0@<&%Y;65N="!T97)M2!B M96EN9R!I6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS M<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^ M/"]T86)L93X\2!;4&]L:6-Y(%1E M>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV M('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2 M;VUA;CM&3TY4+5-)6D4Z(#$P<'0[5$585"U)3D1%3E0Z(#`N-6EN.R!-05)' M24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M2!!8W%U:7-I=&EO;G,@6U!O M;&EC>2!497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE M#L@1D].5#H@,3!P="!4:6UEF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E MF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!U=&EL:7IE M'!E8W1E9"!C;W-T M2!W;W5L9"!H879E(&EN8W5R2!A="!T:&4@9&%T92!O9B!A8W%U:7-I=&EO;BX@16%C:"!P M;W)T9F]L:6\@;V8@86-Q=6ER960@<')O<&5R='D@:7,@F4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA M;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J M=7-T.B!N;VYE.R!F;VYT+7-T&EM871E;'D@/&9O;G0@65A'!E M;G-E#L@1D].5#H@,3!P="!4:6UE#L@ M1D].5#H@,3!P="!4:6UE6EN9R!V86QU92!W:71H(&ET2!497AT($)L;V-K M73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS M1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4 M:6UE3X\=3Y#87-H/"]U/CPO9&EV/B`\9&EV('-T>6QE/3-$)T-,14%2.F)O=&@[ M($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[ M34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T M6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!D:60@;F]T M(&AA=F4@86YY(&-A6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U M=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R M/CQT9#X\+W1D/CPO='(^/"]T86)L93X\2!497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ(#!P="`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D]. M5#H@,3!P="!4:6UE3X\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB;W1H.R!& M3TY4+49!34E,63I4:6UE#L@1D].5#H@,3!P="!4:6UE2!M86YA9V5R2!H87,@;F]T(')E8V]G M;FEZ960@86YY(&%L;&]W86YC92!F;W(@9&]U8G1F=6P@86-C;W5N=',@87,@ M;V8@36%R8V@@,S$L(#(P,34@86YD($1E8V5M8F5R(#,Q+"`R,#$T/"]D:78^ M(#PO9&EV/CQT86)L92!B;W)D97(],T0P('-T>6QE/3-$)W=I9'1H.C$P,"4[ M('1A8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D M9&EN9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\"!);G-U M2!497AT M($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S M='EL93TS1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@ M,3!P="!4:6UE2!487@@86YD($EN#L@1D].5#H@ M,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE2!H96QD(&EN(&5S8W)O=R!H879E(&)E96X@6QE/3-$ M)W=I9'1H.C$P,"4[('1A8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG M/3-$,"!C96QL<&%D9&EN9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L M93X\'!E;G-E(%M0;VQI M8WD@5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA6QE M/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM& M3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T M.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE M=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4 M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG M/3-$,#X\='(^/'1D/CPO=&0^/"]T2!497AT($)L;V-K73PO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ(#!P M="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-TF5D('5S:6YG('1H92!E9F9E8W1I=F4@:6YT97)EF%T:6]N('1O=&%L960@)#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B`G M5&EM97,@3F5W(%)O;6%N)RPG'!E;G-E(&9O&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG M/3-$,#X\='(^/'1D/CPO=&0^/"]T2!497AT($)L;V-K73PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ M(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4 M:6UE3XF(S$V,#L\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB;W1H.R!&3TY4 M+49!34E,63I4:6UE#L@1D].5#H@,3!P="!4:6UE2!$97!O'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@ M,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[5$585"U)3D1%3E0Z(#`N-6EN.R!-05)'24XZ(#!P="`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W=I9'1H.C$P,"4[('1A8FQE+6QA M>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`^ M/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P M>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!& M3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[ M($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[ M34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T M&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$ M,#X\='(^/'1D/CPO=&0^/"]T"P@4&]L M:6-Y(%M0;VQI8WD@5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA M&5S/"]U/CPO M9&EV/B`\9&EV('-T>6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-, M14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-) M6D4Z(#$P<'0[34%21TE..B`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`P<'0@,BXY<'0@,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE"!P;W-I=&EO;G,@:7,@2!T:&%N(&YO M="8C.#(R,3L@=&AA="!T:&4@=&%X('!O&EN9R!A=71H;W)I='D@:&%V:6YG(&9U;&P@:VYO=VQE9&=E M(&]F(')E;&5V86YT(&EN9F]R;6%T:6]N+B!4:&4@;65A"!B96YE9FET(')E8V]G;FEZ960@:7,@=&AE(&%M;W5N="!W:71H(&$@ M9W)E871EF5D M('5P;VX@=6QT:6UA=&4@2!H860@;F\@=6YR96-O9VYI M>F5D('1A>"!B96YE9FET&5D.R<@ M8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,#X\='(^/'1D/CPO=&0^ M/"]T2!497AT($)L M;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL M93TS1"=-05)'24XZ(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P M="!4:6UE3X\=3Y);F-E;G1I=F4@0V]M<&5N2!A M;65N9&5D(&%N9"!R97-T871E9"!I;B!$96-E;6)E2!B92!G65E2!B92!G#L@1D].5#H@,3!P="!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O M=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P M<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT M+7-T2!I2!R96%C M:&EN9R!C97)T86EN(&9U='5R92!M:6QE6QE/3-$)W=I9'1H.C$P M,"4[('1A8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL M<&%D9&EN9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\6QE/3-$)T-, M14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-) M6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE M.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9 M.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@ M,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!D:79I9&EN9R!T:&4@;F5T(&QO2DL(&%R92!N;W0@:6YC M;'5D960@:6X@=&AE(&-O;7!U=&%T:6]N(&EF('1H92!E9F9E8W0@=V]U;&0@ M8F4@86YT:2UD:6QU=&EV92!A;F0@=V]U;&0@:6YC&5R8VES92!O9B!O=71S=&%N M9&EN9R!W87)R86YT6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I M;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X M.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F;VYT+7-T2!R96UA:6YE9"!U;F-H86YG960@87,@ M82!R97-U;'0@;V8@=&AE(')E=F5R&ES=&EN9R!R979E;G5E M(')E8V]G;FET:6]N(&=U:61A;F-E('5N9&5R($=!05`N($%352!.;RX@,C`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`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\2!497AT($)L;V-K73PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=-05)'24XZ M(#!P="`P<'@[($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE#L@1D].5#H@,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S M($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'@[($9/3E0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE3XF(S$V,#L\+V1I=CX@/&1I=B!S='EL93TS1"=#3$5!4CIB;W1H M.R!&3TY4+49!34E,63I4:6UE&ES=&5D(&%T('1H92!B86QA;F-E('-H965T(&1A=&4L(&EN8VQU M9&EN9R!T:&4@97-T:6UA=&5S(&EN:&5R96YT(&EN('1H92!P6QE/3-$)W=I9'1H.C$P,"4[('1A M8FQE+6QA>6]U=#IF:7AE9#LG(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN M9STS1#`^/'1R/CQT9#X\+W1D/CPO='(^/"]T86)L93X\'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@,3!P="!4 M:6UE6QE/3-$ M)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4 M+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N M;VYE.R!F;VYT+7-T6QE M/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM& M3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T M.B!N;VYE.R!F;VYT+7-T28C.#(Q-SMS(&EN=F5S=&UE M;G1S(&EN(')E86P@97-T871E.CPO9&EV/B`\9&EV('-T>6QE/3-$)T-,14%2 M.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z M(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2 M;VUA;BP@5&EM97,L(%-EF4M861J=7-T.B!N;VYE.R!F M;VYT+7-T6QE M/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA;CM& M3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J=7-T M.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA M;CM&3TY4+5-)6D4Z(#$P<'0[5$585"U!3$E'3CI,969T.R!415A4+4E.1$5. M5#H@,&EN.R!724142#H@,3`P)2<^(#QT86)L92!S='EL93TS1"=-05)'24XZ M(#!I;B`P:6X@,&EN(#`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`P,#`@,7!X('-O;&ED.R!4 M15A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q) M1TXZ(&-E;G1E6QE/3-$)U1%6%0M04Q)1TXZ(&-E;G1E"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD M:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=. M.B!C96YT97([($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D]. M5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^ M(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@ M=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL M93TS1"=415A4+4%,24=..B!C96YT97([($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD M:78^)B,Q-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=. M.B!C96YT97([($9/3E0M4U193$4Z(&YO"!S;VQI9#L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!4 M15A4+4%,24=..B!R:6=H=#L@1D].5"U35%E,13H@;F]R;6%L.R!0041$24Y' M+5))1TA4.B`U<'@[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED M.R!415A4+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M M1D%-24Q9.B!T:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X M('-O;&ED.R!415A4+4%,24=..B!R:6=H=#L@1D].5"U35%E,13H@;F]R;6%L M.R!0041$24Y'+5))1TA4.B`U<'@[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO"!S M;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^)B,Q M-C`[/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"=415A4+4%,24=..B!L969T M.R!&3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@ M=VED=&@],T0Q)3X@/&1I=CXF(S$V,#L\+V1I=CX@/"]T9#X@/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-464Q%.B!N;W)M86P[($9/ M3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E' M2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^)B,Q-C`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`Q,'!T.R!615)424-!3"U!3$E'3CH@8F]T=&]M.R!&3TY4+5=%24=(5#H@ M-#`P)R!W:61T:#TS1#$P)3X@/&1I=CXW,S`L.#@P/"]D:78^(#PO=&0^(#QT M9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N;W)M M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(",P M,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!L969T.R!&3TY4+5-464Q% M.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!R:6=H=#L@1D]. M5"U35%E,13H@;F]R;6%L.R!0041$24Y'+5))1TA4.B`U<'@[($9/3E0M1D%- M24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU" M3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!L969T.R!& M3TY4+5-464Q%.B!N;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/ M4D1%4BU"3U143TTZ(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!R M:6=H=#L@1D].5"U35%E,13H@;F]R;6%L.R!0041$24Y'+5))1TA4.B`U<'@[ M($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO"!S;VQI9#L@1D].5"U714E'2%0Z(#0P,"<@=VED=&@],T0Q,"4^(#QD:78^ M)B,Q-C`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`P,#`@,W!X(&1O=6)L93L@5$58 M5"U!3$E'3CH@;&5F=#L@1D].5"U35%E,13H@;F]R;6%L.R!&3TY4+49!34E, M63H@=&EM97,@;F5W(')O;6%N.R!"04-+1U)/54Y$.B`C9F9F9F9F.R!&3TY4 M+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%,24=..B!B;W1T;VT[($9/3E0M5T5) M1TA4.B`T,#`G('=I9'1H/3-$,24^(#QD:78^)#PO9&EV/B`\+W1D/B`\=&0@ M6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,W!X(&1O=6)L M93L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U35%E,13H@;F]R;6%L.R!&3TY4 M+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!"04-+1U)/54Y$.B`C9F9F9F9F M.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%,24=..B!B;W1T;VT[($9/ M3E0M5T5)1TA4.B`T,#`G('=I9'1H/3-$,24^(#QD:78^)#PO9&EV/B`\+W1D M/B`\=&0@"!D;W5B;&4[(%1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@ M,W!X(&1O=6)L93L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO&5D.R<@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,#X\ M='(^/'1D/CPO=&0^/"]T7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\9&EV('-T>6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@ M,3!P="!4:6UE6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%-24Q9.E1I;65S($YE=R!2;VUA M;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-EF4M861J M=7-T.B!N;VYE.R!F;VYT+7-T6QE/3-$)T-,14%2.F)O=&@[($9/3E0M1D%- M24Q9.E1I;65S($YE=R!2;VUA;CM&3TY4+5-)6D4Z(#$P<'0[34%21TE..B`P M<'0@,'!X.R!&3TY4.B`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`Q,'!T M.R!615)424-!3"U!3$E'3CH@8F]T=&]M.R!&3TY4+5=%24=(5#H@-#`P)R!W M:61T:#TS1#DE/B`\9&EV/C$W,RPR,S@\+V1I=CX@/"]T9#X@/'1D('-T>6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-464Q%.B!N;W)M86P[(%!!1$1)3D#L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@0D%# M2T=23U5.1#H@(V-C965F9CL@1D].5"U325I%.B`Q,'!T.R!615)424-!3"U! M3$E'3CH@8F]T=&]M.R!&3TY4+5=%24=(5#H@-#`P)R!W:61T:#TS1#DE/B`\ M9&EV/C,W,BPS.#D\+V1I=CX@/"]T9#X@/'1D('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO"!S;VQI9#L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U35%E,13H@;F]R;6%L M.R!&3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!"04-+1U)/54Y$.B`C M9F9F9F9F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%,+4%,24=..B!B;W1T M;VT[($9/3E0M5T5)1TA4.B`T,#`G('=I9'1H/3-$,24^(#QD:78^)B,Q-C`[ M/"]D:78^(#PO=&0^(#QT9"!S='EL93TS1"="3U)$15(M0D]45$]-.B`C,#`P M,#`P(#%P>"!S;VQI9#L@5$585"U!3$E'3CH@6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P M,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!L969T.R!&3TY4+5-464Q%.B!N M;W)M86P[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ M(",P,#`P,#`@,7!X('-O;&ED.R!415A4+4%,24=..B!R:6=H=#L@1D].5"U3 M5%E,13H@;F]R;6%L.R!0041$24Y'+5))1TA4.B`U<'@[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4U193$4Z(&YO M6QE/3-$)T)/4D1%4BU"3U143TTZ M(",P,#`P,#`@,W!X(&1O=6)L93L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U3 M5%E,13H@;F]R;6%L.R!&3TY4+49!34E,63H@=&EM97,@;F5W(')O;6%N.R!" M04-+1U)/54Y$.B`C8V-E969F.R!&3TY4+5-)6D4Z(#$P<'0[(%9%4E1)0T%, M+4%,24=..B!B;W1T;VT[($)/4D1%4BU43U`Z(",P,#`P,#`@,7!X('-O;&ED M.R!&3TY4+5=%24=(5#H@-#`P)R!W:61T:#TS1#$E/B`\9&EV/B0\+V1I=CX@ M/"]T9#X@/'1D('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(",P,#`P,#`@,W!X M(&1O=6)L93L@5$585"U!3$E'3CH@6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0[($9/3E0M4U193$4Z(&YO3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A M,3`Y,6(R,3$T,C(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO931E M,CAA,6%?9F8P9%\T,C'0O:'1M;#L@8VAA'1U86PI("A54T0@)"D\ M8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L M6UE;G0@07=A M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&-L=61E9"!FF%T:6]N(&]F($-U'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^0V]M<&%N>2!E9F9E8W1E9"!A M(#$M9F]R+3(P(')E=F5R2P@ M=&AE('!A6UE;G0@07=A'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M,C<@>65A'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA6%B;&4@06YD($%C8W)U960@17AP96YS97,@6TQI;F4@ M271E;7-=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA2!T87AE'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'5A;"D@*%531"`D*3QB M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&%S+"!,3$,@6TUE;6)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$F%T:6]N(%!E'0^,C4@>65A'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6UE;G0\+W1D/@T*("`@("`@("`\=&0@8VQA2!$ M871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y$96,@-2P-"@D) M,C`Q.3QS<&%N/CPO2!I;G1E6UE;G1S(&%T(&$@6UE;G0@4&5N86QT>2!097)C96YT86=E/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS+C`P)3QS<&%N/CPO6UE;G0@36%T=7)I='D@1&%T93PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^1&5C(#4L#0H)"3(P,38\6UE;G0\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'1U M86PI("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L M87-S/3-$=&@@8V]L2!R96UA:6YE M9"!U;F-H86YG960@87,@82!R97-U;'0@;V8@=&AE(')E=F5RF5D(&-O;6UO;B!S:&%R97,@9G)O;2`V,#`L,#`P+#`P,"!T;R`Q M,#`L,#`P+#`P,"P@=VAI8V@@8VAA;F=E('=A'!I'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A,3`Y,6(R,3$T,C(- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO931E,CAA,6%?9F8P9%\T M,C'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'1U86PI("A54T0@)"D\8G(^/"]S=')O;F<^ M/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L"!,;W-S($-A'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R M-S%?86%E-%]A,3`Y,6(R,3$T,C(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO931E,CAA,6%?9F8P9%\T,C'0O:'1M M;#L@8VAA'1U86PI("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@ M("`@/'1H(&-L87-S/3-$=&@@8V]L'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6UE;G1S('1O($%C<75I7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC&UL/@T*+2TM M+2TM/5].97AT4&%R=%]E-&4R.&$Q85]F9C!D7S0R-S%?86%E-%]A,3`Y,6(R ),3$T,C(M+0T* ` end XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
INVESTMENTS IN REAL ESTATE
3 Months Ended
Mar. 31, 2015
Residential Homes [Abstract]  
Residential Homes [Text Block]
NOTE 3. INVESTMENTS IN REAL ESTATE
 
The Company’s investments in real estate consists of single family homes purchased by the Company. The homes are generally leased to individual tenants under operating leases of one year or less.
 
The following table summarizes the Company’s investments in real estate:
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
Number
 
 
 
 
Buildings and
 
Investments
 
 
 
of Homes
 
Land
 
Improvements
 
in Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total at December 31, 2014
 
395
 
$
5,422,647
 
$
23,961,608
 
$
29,384,255
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases and improvements during 2015:
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
 
73
 
 
730,880
 
 
4,116,623
 
 
4,847,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total at March 31, 2015
 
468
 
$
6,153,527
 
$
28,078,231
 
$
34,231,758
 
XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2015
Dec. 31, 2014
Investments in real estate:    
Land $ 6,153,527us-gaap_Land $ 5,422,647us-gaap_Land
Buildings and improvements 28,078,231us-gaap_InvestmentBuildingAndBuildingImprovements 23,961,608us-gaap_InvestmentBuildingAndBuildingImprovements
Investment in real estate,Gross 34,231,758us-gaap_RealEstateInvestmentPropertyAtCost 29,384,255us-gaap_RealEstateInvestmentPropertyAtCost
Accumulated depreciation (823,351)us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation (592,114)us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation
Investment in real estate, net 33,408,407us-gaap_RealEstateInvestmentPropertyNet 28,792,141us-gaap_RealEstateInvestmentPropertyNet
Cash 1,922,359us-gaap_Cash 3,343,236us-gaap_Cash
Rents and other receivables 194,042us-gaap_OtherReceivables 157,230us-gaap_OtherReceivables
Property tax and insurance reserves 0rven_EscrowDepositsAndPrepaidExpenses 260,123rven_EscrowDepositsAndPrepaidExpenses
Escrow deposits and prepaid expenses 224,596us-gaap_PrepaidExpenseAndOtherAssets 221,264us-gaap_PrepaidExpenseAndOtherAssets
Lease origination costs, net 186,940us-gaap_DeferredCostsLeasingNetNoncurrent 168,145us-gaap_DeferredCostsLeasingNetNoncurrent
Deferred loan fees, net 452,590us-gaap_DeferredFinanceCostsCurrentNet 333,544us-gaap_DeferredFinanceCostsCurrentNet
Deferred stock issuance costs 462,465us-gaap_DeferredOfferingCosts 535,450us-gaap_DeferredOfferingCosts
Total Assets 36,851,399us-gaap_Assets 33,811,133us-gaap_Assets
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 786,433us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent 718,162us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Security deposits 373,429us-gaap_SecuredDebt 306,004us-gaap_SecuredDebt
Notes payable 15,049,125us-gaap_ConvertibleNotesPayable 11,522,140us-gaap_ConvertibleNotesPayable
Total Liabilities 16,208,987us-gaap_Liabilities 12,546,306us-gaap_Liabilities
Commitments and contingencies (Note 10)      
Stockholders' Equity    
Preferred stock, $.001 par value; 25,000,000 shares authorized; No shares issued & outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock, $.001 par value; 100,000,000 shares authorized; 7,016,796 shares issued and outstanding 7,017us-gaap_CommonStockValue 7,017us-gaap_CommonStockValue
Additional paid-in capital 24,601,295us-gaap_AdditionalPaidInCapitalCommonStock 24,601,295us-gaap_AdditionalPaidInCapitalCommonStock
Accumulated deficit (3,965,900)us-gaap_RetainedEarningsAccumulatedDeficit (3,343,485)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity 20,642,412us-gaap_StockholdersEquity 21,264,827us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Equity $ 36,851,399us-gaap_LiabilitiesAndStockholdersEquity $ 33,811,133us-gaap_LiabilitiesAndStockholdersEquity
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
ORGANIZATION AND OPERATION
3 Months Ended
Mar. 31, 2015
Organization And Operation [Abstract]  
Nature of Operations [Text Block]
 
NOTE 1. ORGANIZATION AND OPERATION
 
Reven Housing REIT, Inc. was initially incorporated in the State of Colorado and then converted to a Maryland corporation on April 1, 2014 (Reven Housing REIT, Inc., along with its subsidiaries, are also referred to herein collectively as the “Company”). The Company acquires portfolios of occupied and rented single family homes throughout the United States with the objective of receiving income from rental property activity and future profits from the sale of rental property at appreciated values.
 
As of March 31, 2015, the Company owned 468 single family homes in the Houston, Jacksonville, Memphis and Atlanta metropolitan areas.
XML 19 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
NOTES PAYABLE (Details Texual) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Jun. 12, 2014
Nov. 17, 2014
Mar. 13, 2015
Notes Payable [Line Items]            
Escrow Deposit     $ 260,123us-gaap_EscrowDeposit      
Interest Expense, Debt 140,549us-gaap_InterestExpenseDebt          
Amortization of Financing Costs 18,126us-gaap_AmortizationOfFinancingCosts 0us-gaap_AmortizationOfFinancingCosts        
Reven Housing Texas, LLC [Member] | Silvergate Bank [Member]            
Notes Payable [Line Items]            
Debt Instrument, Annual Principal Payment       7,570,000us-gaap_DebtInstrumentAnnualPrincipalPayment
/ dei_LegalEntityAxis
= rven_RevenHousingTexasLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
   
Debt Instrument, Maturity Date Jul. 05, 2019          
Debt Instrument, Interest Rate Terms The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until July 5, 2016.          
Debt Instrument, Convertible, Remaining Discount Amortization Period 25 years          
Debt Instrument Prepayment Penalty Percentage 3.00%rven_DebtInstrumentPrepaymentPenaltyPercentage
/ dei_LegalEntityAxis
= rven_RevenHousingTexasLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
         
Debt Instrument Prepayment Maturity Date Jul. 05, 2016          
Reven Housing Tennessee, LLC [Member] | Silvergate Bank [Member]            
Notes Payable [Line Items]            
Debt Instrument, Annual Principal Payment         3,952,140us-gaap_DebtInstrumentAnnualPrincipalPayment
/ dei_LegalEntityAxis
= rven_RevenHousingTennesseeLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
 
Debt Instrument, Maturity Date Dec. 05, 2019          
Debt Instrument, Interest Rate Terms The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until December 5, 2016.          
Debt Instrument, Convertible, Remaining Discount Amortization Period 25 years          
Debt Instrument Prepayment Penalty Percentage 3.00%rven_DebtInstrumentPrepaymentPenaltyPercentage
/ dei_LegalEntityAxis
= rven_RevenHousingTennesseeLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
         
Debt Instrument Prepayment Maturity Date Dec. 05, 2016          
Reven Housing Florida, LLC [Member] | Silvergate Bank [Member]            
Notes Payable [Line Items]            
Debt Instrument, Annual Principal Payment           $ 3,526,985us-gaap_DebtInstrumentAnnualPrincipalPayment
/ dei_LegalEntityAxis
= rven_RevenHousingFloridaLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
Debt Instrument, Maturity Date Apr. 05, 2020          
Debt Instrument, Interest Rate Terms The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until April 5, 2017.          
Debt Instrument, Convertible, Remaining Discount Amortization Period 25 years          
Debt Instrument Prepayment Penalty Percentage 3.00%rven_DebtInstrumentPrepaymentPenaltyPercentage
/ dei_LegalEntityAxis
= rven_RevenHousingFloridaLlcMember
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= rven_SilvergateBankMember
         
Debt Instrument Prepayment Maturity Date Apr. 05, 2017          
XML 20 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCK COMPENSATION (Details Textual) (USD $)
3 Months Ended 0 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Oct. 16, 2014
Apr. 04, 2014
Dec. 31, 2014
Common Stock, Par or Stated Value Per Share $ 0.001us-gaap_CommonStockParOrStatedValuePerShare       $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Share-based Compensation $ 0us-gaap_ShareBasedCompensation $ 195,000us-gaap_ShareBasedCompensation      
IncenteveCompensationPlan2012 [Member]          
Common Stock, Par or Stated Value Per Share $ 4.00us-gaap_CommonStockParOrStatedValuePerShare
/ us-gaap_AwardTypeAxis
= rven_Incentevecompensationplan2012Member
       
Share-based Compensation   $ 195,000us-gaap_ShareBasedCompensation
/ us-gaap_AwardTypeAxis
= rven_Incentevecompensationplan2012Member
     
Stock Issued During Period, Shares, Issued for Services     425,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_AwardTypeAxis
= rven_Incentevecompensationplan2012Member
48,750us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_AwardTypeAxis
= rven_Incentevecompensationplan2012Member
 
XML 21 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 22 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2015
Accounting Policies [Abstract]  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation
 
The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standard Codification (“ASC”), and Article 8 of Regulation S-X of the Securities Exchange Commission (“SEC”).
 
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Annual Report on Form 10-K filed with the SEC on March 31, 2015. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year.
  
Principles of Consolidation
 
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.
 
Use of Estimates
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.
 
Financial Instruments
 
The carrying value of the Company’s financial instruments, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their short term nature. The Company’s short term financial instruments consist of cash, rents and other receivables, property tax and insurance reserves, escrow deposits, accounts payable and accrued liabilities, and security deposits.
 
The carrying value of the Company’s notes payable, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their floating market interest rate and due to the fact that their security and payment terms are similar to other debt instruments currently being issued.
 
Reclassifications
 
Certain prior period amounts have been reclassified to conform to the current period’s presentation.
 
Investments in Real Estate
 
The Company accounts for its investments in real estate as business combinations under the guidance of ASC Topic 805, Business Combinations (“ASC 805”) and these acquisitions are recorded at fair value, allocated to land, building and the existing leases based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The estimated fair value of acquired in-place leases represents the expected costs the Company would have incurred to lease the property at the date of acquisition. Each portfolio of acquired property is recorded as a separate business combination.
 
Land, buildings and improvements are recorded at cost. Buildings and improvements are depreciated over estimated useful lives of approximately 27.5 years using the straight-line method. Lease origination costs are amortized over the average remaining term of the in-place leases which is generally less than one year. Maintenance and repair costs are charged to expenses as incurred.
 
The Company assesses the impairment of investments in real estate, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company has not recognized any impairment losses for the periods ended March 31, 2015 and 2014.
 
Cash
 
The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. As of March 31, 2015 and December 31, 2014, the Company did not have any cash equivalents.
 
Rents and Other Receivables
 
Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of March 31, 2015 and December 31, 2014.
 
Property Tax and Insurance Reserves
 
Property tax and insurance reserves represent amounts held in accordance with the terms of the Company’s notes payable for property taxes and insurance. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.
 
Escrow Deposits and Prepaid Expenses
 
Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for property purchases.
 
Deferred Loan Fees
 
Costs incurred in the placement of the Company’s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. Deferred loan closing costs and fees totaled $499,768 and accumulated amortization totaled $47,178 as of March 31, 2015. Amortization expense for these loan fees was $18,126 for the three months ended March 31, 2015. No loan fees or related amortization were incurred during the three months ended March 31, 2014.
 
Deferred Stock Issuance Costs
 
Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.
  
Security Deposits
 
Security deposits represent amounts deposited by tenants at the inception of the lease.
 
Revenue Recognition
 
The Company’s single family homes are leased under short term rental agreements with individual tenants of generally one year and revenue is recognized over the lease term on a straight-line basis.
 
Income Taxes
 
The Company intends to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2015. Management believes that the Company will be able to satisfy the requirements for qualification as a REIT. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income.
 
However, qualification and taxation as a REIT depends upon the Company’s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.
 
The tax benefit of uncertain tax positions is recognized only if it is “more likely than not” that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority, having full knowledge of all the relevant information. As of March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits.
  
Incentive Compensation Plan
 
During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (“2012 Plan”). The 2012 Plan allows for the grant of options and other awards representing up to 1,650,000 shares of the Company’s common stock. Such awards may be granted to officers, directors, employees, consultants and other persons who provide services to the Company or any related entity. Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event longer than ten years.
 
On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company’s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their services.
 
On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 425,000 shares of the Company’s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date.
 
Net Loss Per Share
 
Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. For the three months ended March 31, 2015, and 2014, potentially dilutive securities excluded from the calculations were 263,588 shares issuable upon exercise of outstanding warrants granted in conjunction with the convertible notes.
 
On November 5, 2014, the Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder’s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split.
 
New Accounting Pronouncements
 
In May 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-09 Revenue from Contracts with Customers, or ASU No. 2014-09, which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the fourth quarter of 2016. The Company is currently assessing the impact, if any, the guidance will have upon adoption.
 
In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December 15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.
 
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.
 
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.
 
Subsequent Events
 
Subsequent events are events or transactions that occur after the balance sheet date but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company’s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after such date and before the condensed consolidated financial statements are available to be issued. The Company has evaluated subsequent events up until the date of the issuance of these financial statements.
XML 23 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Preferred stock, par value (in dollars per share) $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare
Preferred stock, shares authorized 25,000,000us-gaap_PreferredStockSharesAuthorized 25,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock, shares issued 0us-gaap_PreferredStockSharesIssued 0us-gaap_PreferredStockSharesIssued
Preferred stock, shares outstanding 0us-gaap_PreferredStockSharesOutstanding 0us-gaap_PreferredStockSharesOutstanding
Common stock, par value (in dollars per share) $ 0.001us-gaap_CommonStockParOrStatedValuePerShare $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Common stock, shares authorized 100,000,000us-gaap_CommonStockSharesAuthorized 100,000,000us-gaap_CommonStockSharesAuthorized
Common stock, shares issued 7,016,796us-gaap_CommonStockSharesIssued 7,016,796us-gaap_CommonStockSharesIssued
Common stock, shares outstanding 7,016,796us-gaap_CommonStockSharesOutstanding 7,016,796us-gaap_CommonStockSharesOutstanding
XML 24 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
INVESTMENTS IN REAL ESTATE (Tables)
3 Months Ended
Mar. 31, 2015
Residential Homes [Abstract]  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
The following table summarizes the Company’s investments in real estate:
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
Number
 
 
 
 
Buildings and
 
Investments
 
 
 
of Homes
 
Land
 
Improvements
 
in Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total at December 31, 2014
 
395
 
$
5,422,647
 
$
23,961,608
 
$
29,384,255
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases and improvements during 2015:
 
 
 
 
 
 
 
 
 
 
 
 
Jacksonville, FL
 
73
 
 
730,880
 
 
4,116,623
 
 
4,847,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total at March 31, 2015
 
468
 
$
6,153,527
 
$
28,078,231
 
$
34,231,758
 
XML 25 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document And Entity Information
3 Months Ended
Mar. 31, 2015
Apr. 30, 2015
Document Information [Line Items]    
Entity Registrant Name Reven Housing REIT, Inc.  
Entity Central Index Key 0001487782  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol RVEN  
Entity Common Stock, Shares Outstanding   7,016,796dei_EntityCommonStockSharesOutstanding
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2015  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2015  
ZIP 26 0001144204-15-030661-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-15-030661-xbrl.zip M4$L#!!0````(`,E\KD8?\+U98FP```0+!``1`!P`&W-5?:NKEP0"4F84*06(&5KKNZ_7W<#$!^B'-N) M,R-;51F/1.+1:/0;C=:;O]Z-0S852LLX>EOSFJT:$Y$?!S(:OJW]TCMI[-78 M7]_]Z[^\^5.CP3Z(2"B>B(#U9^R8)[RGN/]9N_[,:WK-/88?VHUS/FMLMKQM M]M^MS8/6]L'6UO^P_^V<_Q_K7O=8@]W>WC8#&"&A$9I^/&:-AIOG/=O;=75^%\@#_,@`[T@=J*@#J49),#C8V<$A\@(-MX-2M=MNKV9:A MC#X76N(HS5@-H66KO8&O^S"K:XYO`SGOD&^\LV%>SILN#'W;IK;>_O[^!KV= M-]6RJB$,ZFU\.C^[]D=BS!LRT@F/_`(L\A[8R^VECKI@6KD,@)DKX MN*]+^^QO<.6K.!0;`^XG#7$W"7G$DUC-3N"[&\B/TRA1LR+:M/";PWBZ85_B MSK0;+:^1[8V?*@5$MZR??8L=MXH=`R&K^\"+BN;BSA]5M\YB MWE6L)N+2U]5]Z!5V\8I=M/2K.\"+JN;)1"UI#V\J.J2Z,>1\,N\SX+I/.VM? M5"S]+KR'?CZ=Y8@Z3=0]9`-O:\"ZC+U!1CC01.)78L"(,0Z2V42\K6DYGH1( MO_1LI,3@;0TYN>&XN'FG@QK;@(&,A#B*HT3<)>Q:^`D('I(.,(61#[Y]*8&< M+UO>#?S#]?7B5ONF;3X;D.8]1)3(9&:?S9_*`)\/I%",P!:%93J4'YW^7'O7 M`@[>VMO=W=M\LU'N[*;:*,U5@&`BE(R#,@3`URH!.2O>N0UJ>6Z<[)T;*K>< M(->I#;N:31[8+GF0;-1.46VYHTJV+Z>.O#?<_/-]LU_8"@KCJ8R#,5) M6$D&'T0\5'PRDCX/7P@)+"X)7?>#*F3\+MO_?&9SM:=V<\:CX'TJ0XRAZDX4 MG(XG*IX2KG2>*"Y5#-,FL\L0X(%VR$L3;/5^UIM-Q&J3QX,6YQI_&6/?CW)6 MQX.]N51R"B,#BGW"54'BI'TM`\G5[)J'XN.`A/!JD]0]2\JHK@HCKT/LK*GA MCT8-?V11LHR(4N6/N!9HN4J6'V[J+0,,I4?@(.7JL(* MIW)K8OBC$<,?^@!R*T=#62!F34-_@H-Y0,XW_(4HI4[A6C=>#MK&EH% M&O):3SEP:36\G>]G25\!ZJ*_Q:D&B[$G[K@^"WV#GT#(,S'D89<0@"B_N9;A M5*@A0/2>1X4`\I4(,3'K$M8XZRD.^T"!:?U^EG^SFN0'B#@H8<(2WW+D+:>Y MIQ#^8[!+@%5MU-JN?S`;1)'06H@U*SR5%Q+I\C8&\>W'P:@-Y M:20-`>D15Z*\\6/!=:K$.PL>-7'#N7?Y*7"T)>/_-C6G*W9#26#7BHA9FC,%9^$C?Y)?%QU_#XHR=KUPJ.[=*!JV8^D=KGX3\$5R?P M1#]Z[BTS=W'6TJ#+YS7@/6WF[=J[OWM5\^8&S<]L;)DK,90Z`6LBN>#CQZ-Z MI_:.3"!F;2!VU3WMU1GHGJ8!I6J612B.`%C%P],H$'<_B]FCP=@M*MNE`^=G M/J+[Y;F]>2JY[=7>-=P5C?L&7ESVB0R%.H)7PU@]?M'[M7?78Q["$.Q*3&*5 M(/Y1V?-HEL=!898\$&!$8E[3]6S;2G<3"C%Z-H4"DAE9SLT#X$K"@W]9.+TYJ[W9;WL[N_DZ!!NZ9 MVT'J#"D@W'@L>OSN&'8OC%$>@XN:O`^A\^,Q!%+OAS`Y!)7$=#(+P50\[UQ] M.+TX8*U)`O_=';*3CQ>]`^;A]Q[8=9I=B%MV%8]Y5#9;W.I^XUOMR@ MM_0)UK;ZZ_R!CR>'_^;MM`Y?QNH8#^40O`UL*`_D4_!X@%PX4"` MU`M8PN\8!R`R>!_H\+)U`0YT.!N!FX/=!F@!O87/>#P63Q'IF:5(&GC6ZRWPFY' M`A`J(X(SGLC((@'PS(=DHL';!-<_CF'R4'X6X0Q7$@%&X1VM*W6&8I`VY%CXQF&U3[<`[&3Q:1&2$0?H M10`.14B#:+QNQ"*8!.^5<-)Q()=U>9=A]7PR4?$=*(,$T?WOR&1(SH[+\IS% M?BSQQX_U'S5RQH^6`S,N(VKWZNV]5AU,#&)C'!6?&II9A!814P4C;7,?3*$( M0+AO$+6WMN$/=<"62+'608U>^#7'^H'\-.8 MSX!407:-)'YX.R4*"!H815`_ M3>"!)MD)0P+T8Q)B.DF#F4,`K8%$FL;:8OAH01X! M'XDF-)QCJJLESLQ"Y36!3\J@J(H_#@&,5)-E$\3"\)RQN>Q*4C4?-5L7-8F0 MO5@G""0"C;BH@ZDGG$51):',R(YK!V9W78#!;3!,`COC$\XBNX?5X#G#"I&1 M&4>P&Y$82-C:@8K'!(M;`:(!%@L(R="BJ_5G0"^V:81\%J?)P4#>B>"PQGP1AGK"?:K+V#+?)SP([/?Y^&K^ M*9B[&_F/*ON(T^"W-QL/\7K+'O*R4ZAOXC"WUP[S@L.\WP2:/^OTNL?LLG/5 M^P?K774NKCM'O=./%R_*?7X5Z@J$?R,4'`0&2#40YRC8.?Q%?PO,IR@9-9*X M01]8GVMI19,)LA[Q"5@R89V=G1V!LI)@(D&#VU$,$K6!EA(5:#U"$^F\":W5 M!%/Y51TM(HQ\04.0/R7#D&3_,C%\!/[E@'7OA)^2(OU(,"L@21@9+-`)GQG= MF,3P%>;_IF[7_H++1UDS9/=>L98#ENH$R%`]BV^C'+9>NW*H-/(+NL)K`=M_/#\_[9UW M+WK7K'-Q#-\O>J<7'[H71Z[@H-7MR9!4P* M$UH7&K6(U",,.X/B-#-:$,BAGML(X.#&OJ0Z\G.WUC;L"W(8)RKNDWIT-HD? MZP1C4Q$ZSN#$:7`?^^!*PZP4Z`V,GPL+Q`BU:4V!W0IGP%077QUBY7"^L,!G%V@'>S&K6RPC#3R9T;KU(&'U^ M\E#/'0_@KJ-_RF\1@QBZ!DHPD,+X:L[<#FZ*+YAHPHB#%0:6(JQ=(9V8&(>+ M:U5M'>C9`#WP`#\!6F1`.S"`K0?=#$-H5]&+2(9"&$K`6@#D*`;4^@IQBR&$ MOH#MS,X*M*.8AQM*ZR#;ZJS,J9UK,/X52J)C,8FU3/1:YZS>RCK$K`\YI5L\ MC_NF_E9[MUW?VMQ_9J^NW=H!WW&K=!*6=]+H`!<>4$HNTX[&`TOC379=?D3J M#B0C*&0CT"E*:H1WG$]G`5=[:`^E!P(WD0Z_Z8QN?F"..";-'LZ,F@(ULA:. MJ[,R)QR[VE?Q[5PTTJ9?*C'A,F!=&_I^P?(2EB`K=EJ^Q,7:K0[R6SVQ6^U. M.?#D(TP#,(NY`GLYR5J[H-+$5@E#(3`QQ3*E,!D="P)Z4113/`_/8R/P%O@0 MS"X7?LL&=D(-;;ML!@(`+%L^A%YX)\3:MS!KMGG/F4*Q7_=:BSD4A$5<&1B5 M*)YC(T,S,;L4DSK#):'NVT+;VJIOM?9*Z1X/2U]YECWZMLO;J^^NSE[L[59D MWOP-?+4IAK;SV$?_#OTJ='32\9AR<4;D-X;DQ24Y]@./DV.61`[[V'V`I[Z@ MS>G,T3`\>#=Q.G3N:DP>-/3R,:D&U^_<;N.>:N>[%G""IH/O(J+WNFO.[4?: M\>GPV69=]1-T#@45WG;>&^V.S?F"#KA/-B\,'FHZ;5WE8/3C(LKE>/1[/#[Y M..CX]`MDT/,2G%]_9OY^11QZ>QV'KK8$7I*RGQMX1$4H#<"JTWCHA4SUO!9= MK_NIUSB]..[B:EO-;1D=LK49_UR16.[[1@RC-$TCG@:4\;8D;"91N3&Q?E.._1`0+U=PG(NR, M87:?L[\XG;'9.OS0Z5S.OWJ'/]4Q,H=2CN#I)\3U1XN[&H>RV;7 MC4_.0[8^."KG[IU-`"2EH'5YKNMN8:ZU+[TR*SLR&>F%`#K%3N(X`6M.8,:; MU?7:C@.L8ATM8I5*9B37S-CAQ'E@X30Q MIS/#(=B.(IBG[6OQJ)BZ.;APXN#7-#)INMD)R$.B\FC64FHL>!8FVVZ^>!P# M'1'6B:*4DH+Q+AB:F">`*]C"QL\P;)@_=`%>@?<9116]3G.D`LA.0W.:8E/= MT+:=>[$F;;`ZU@]2$*WP2*")#,8Q[59``F(Z/V7*\N?<3&[L00HF..;;K;+I M^C#CEV1[(>!FT+2H':_J2%Q!<4+W1]$K(:24\YA^1U5;ZI\8RN4W?>.;=JW M)J&E.*ZMI$,MFJP#"D$#ALC*I/1R,,)]MR*W4HJ[Y%+6<@I>X!V0B&=6><8; MJZQD[E,7"ZJ%ZQ$&4>!_^)M,4QXBS7RUCME=ZYA7I&.0>M;*9/56UBL$R26% M!C3I`1]VM$Y_*;1LQ8*Y4%T^[TIR:@=K>,F$+B'9NT8@C_L4<+`"F?5YR,WM M;/1&Z#XSW0_,=V7);((_((@I77>^$"9\?6*OU-I35`/< M!!MJ)\>G1[6?<$S[VL?\.#X4=9/,A!>?K(=A,YO0J>,HZ'RJ#>(.Y'UP%67" ME-2?H3TE05,,WB:!02.+"-0@"*LFW8KS5\Q>O'Y5O-I(1Q(XCO MKN=7F3!=#:P[=Z11O1'Y^TE`(0U[)1(AJSY@?$@&2"#)^[299_"@3"PKK4$? MHA6=*J5Z4)U@2E3=B]U/'9H[K.JK5>G>6I6^(E5Z-9>S'U$L@07L"Z`_H-"7 MG"_R8C5LMITQ;:?*MA,^VT.!7%JQR5*F).YYP_IB&IJ)_8F$VH*TQQ->;:]^ M89QM)$*Z\T4Q.2N/;**Q(J75%R,>#DI>8"%U+2OS0=D'5M\%F+408+T0\!.% M*;ZR>*O#%$>:S?[5>V5_KE5>D5QPA,:(DYDB)$2VM-A&,GI*?9$KP6(/G='MHY,:Y(=$^!L(C!V:&W=- M)TZ)E?!`R=4N+\LVR1*];>N)^RW@5716'J<@%@LV4)&@*Z.FO\7!TF9KK5%> MD49Q5:9R%+36(ZNWLMZ2A%.4FR#T!GR,!_6C>&S35>E*2F"OG^H1YA3@KU\[ M3R27V$RJ`D_XIS*@0H$BXO;H*4MMK[TV=Q5R9QJ?."UK\!4(K-U*#$>$:?02=,#C.@-XSH"8QUL0`EC10L]/ M:TU=D:'$Y*.E(BA60VX-5)4722:#E8K@8D&.*$([.:83W-CNS1%+Q2X=E!6R*ZM(G:O'^1>3)89RF\+U6>E0 M'A*A4-1D+",Y3L?8XRE(WLR`'W2V5_G+>7WL#3)_ M*"T.%]>)\GP`E$5):2`F27'!J%2`L\FZN%6RB+4*,4RHR]0!OCW$D[?3_QN-O=_1S,I5]<5A<.\XCV]H%,UTLHEUS/")/6!+=N? MLY"J*OCG+*9,:N1'SS&E-K=PZNBUDLP,!3G#AJ.$/XHP_87AM9X$$)$WI8A% MTP0\;Q2+(T[UC"@Y_G,4WX8B,-(/)+F8FJS(^?T)FT,RBBTVLH<:U(`@"IH)+FS MTCSHN7V3.G^F:NY8L2'8OXFKY(2%R`E<.8KC`(?Z__;>M;EQXV@8_?Y4/?]A MWGWCLET%T01X7R>NXDK:M1)9U)&T\GNF0$&)`A> M1$HDA522E400T]/3T_?+/1=5!]01V!'B%QWD5"\,A07M*$!017XFL[U]L7'[(S9)%O8]8'0J-[J-F6/L]P,,7_[_M..NT0)QQ* ME_CZ[I%W/[#GO;E'!,TPG:084E#E+3F\G9V)X4$XWC3//O4&?K):SF(EAV]( M2?1D1YH6BN6Y$^'4$"YL4B+)39*R;WAS(^=@H:6(H/3:5)+.Z4;KM:3+,--JM@O8@8N1:69O((8U:$W9;C=W2 M#(_55@SP3[#3<8P2V4ADW)*U,FR!1I^>QC M0"SN*@@,O0\`(R!_Y`VV`0S M3IATQ\:&CI?!#GS6!Z+S6%-74N=/7FG*_Y7\-DW5"$;S;@'\$.VC7-LC>-M6 M&5JS:W1:+^)FFD,M8]SJRA/S3U]5A!!Z629E)*MWPY1W5=?@8'8&UV``QXKR MWFP?W$VP6B\5[(NN@G(D*,%.&]2E>/[]0@N22XN]DVC2W'6H8X&0R[0@F8N& M$2U9$NM(=T[J:=`Q"G)Z.*8')6CR^Q,7Q&4,IQ[5V!65)LG,,@',$Y=KY)H< MIV>'TOR0+>X-+.E98_Q<>MRO>4AO>W%>PKL?_/.N#.\KT$DO<>@@T`\C`JKL M[-&AIP&6H$]4;0Q:\4L)<;W MU#8HEV_]@TME,I@:(?O:S#;?$3L6BIV,3,FN_*)E/X8,@:&>.*XGAB@AA.(C M>%4H M[0W3V1(D#[>IA6Q5H[':#:/5S;=J+51O\G20FM'H:-&Z=S])NDI=`"5]FQZQ M<2B^T>]9-3J/4,AG3$K>@H'6#_+E$+(1U`4QI,DN72BHP"49Y' M3?$T4M%B_H)M@T9K&QH;5Z4DPL_I23=GUITM97QK31:A6^*D M/!+1OTHP&`F1F*F4ICN^PX#EDK7Z)2SVK@GVTW_">Z]0:C MM*OCA0^TGTRR"O;U]?!JQMI[TL.S?J`:Z1R'*BY@/EH!1@U7<&([B@<1:RCQ MWN2[AQ(OXN^[J`K,#\$(-I0P,BS&`+)4#9A&]PJ-O,`F=5!& M]:@+'F9)4>8EY9UG,]5']E#-I9=Q!DFAI&.*B7QTQT0\,'(G+F9R8ER6KA#- M&\A=NG2DG6(?4LA>XA<1V9$LCZ MMZ?L+IBZ0]:MMPQ"'$W2_:3><:J]@W!,'\_.W,)OZ_4&VD1*;3"DFF>-(D%D MNF>.)X-J$H:J0MRC5MKWB>O)NF&1N,B_N2(/C\P5E8.GLBS08Y6^,)I-A=<` M,=1LM/0OLD^<%&D4W`03"1U0.);)1\E-K>M2V0TOU-?"DYDF(5;"1[(J#S=# MH50U_Y.RY_-!WR1VL210-$8/GGSE:,LJ_,AYEJA:$ODQ1D^%-UL!Y.@^/+59 M,8KJA#K1*8RE9F(D$3H546>Q_UPQ.HEGBIDJ5-#)I-DCJ9M[,:)E2!H5B1%( MN"`'6OI]61@KB`*CRI%0RG@A*>_$T5TQMM?:V67N9@M-TIU@88TVTE#G$4B9 M-?:I_`L.DC5HY[%JZI5=C"3BV`[8;NOR08)#J/W*4#!!@8N&#X`&IYJ^SR6,CU..]@CG=`FQ# M_*\@G0F>N:K>7ZQE8+DB$!/=LT?Z',2?R`NB1S.V[8;#9(*9;D/ZA$;RR38O M:01,LR^)NH6UJB9KWXOQ?,_$$Y#PJ2WX[[`^B[#:3P$P!#(T='L[K27#*\`I MQ$2)0-1&G+*`M.W>/U-2I1VJBTI0Y`L2\A$[T8(PUH-G-78[%DF6V8M)8S&R M5^)%?`JQILUG#DI\G*V(FD>!(%^I^[FV%F9N%ICCQ2,39:KF(=K8JUK1LV[? M:\!'>$U8N>%##\XC[674IYN$6#S#P+P[E5QX32N\&JCQGJSP62*J/,-'X!&MAE"\`U[..TD='`3;+@&OS M\=B0=[P,?&?BMW]Y\>7JXR4?P7OS\ABE\>\79W>_XN/U[S*.(3CX+`L"Z:+^ M9VI?[;2`GW\:W)R=WYR<#BXO^]>WL#Y.1+*G$6!@\,_SF\^7@]\_LD=0>N'% M2QF]0H\',&M`A0JB7\\OOOR*YV)-OVF?.^IS;=L,ZT=XJ)P?=_^Z/%>GD$G_4NU'AQ2'$SD M@[]+0)MUV!2)O[]]:%G?Y5CS$JJ6@NV0=FAN88.2GCX-[NX&OP%T=?H/,Z?? M&,6W)2GO+0K@-N$5`"('.K;F\(%LOSKJ]W+4!4/:WM-12X6\8N*'M,-MW.Q] MV*#D+G>#ZT+64NU_P?Y[1[+_ZH"K_5<$_MH"VR-K\X6H&`XYWYVX[L]X5S8X M\M?=Y<1U'(^_XHW>LT,LV-Y?-MA5B+D,Q=NZ[I^=75Q].;D1B[>4!^C5MUK` MFQKUEM&PZGM_C!65OF7H"OO]3!Y MTSYHA*_-I+:WYR(FU6D85J.[]^=9D6M%KNA`[EF&U7LSS6\?R'5/A.K.#5(1 MV>/RF)^SQK6/FSOB'C73NT!J]TQZNU-0IT5N5;D^OI. MEHYE-+J]O3_/XQ>UN[5?+U13L,IRW3@18\^.^?41<*#F1+-N=,UW;4U4%%]1 M_/NB^#T1ZKNUGP]('W]+YM:`N^T$R3VN__8GO,7LE57#;&OB98],F2VFNG2Z M;:/9>->1NNJF5#=EE9MB=@VS;;WGFZ*K#UE))9O_SL$4@:Y>Q#E7_EDX%["/ MXY!$$X=/S]DCUZ*%.(T4OJ+!78,1?1KULY&7N2K1?C3P%U2'-@`9B>^*!\6T MI@\X`LL%DHK^]N'BZO.'7\QV"VE]V1C#%X#[%OAH_@'_Q3J*/TYI=M`M#K/Y MCY;5 M:/4RB/'EJRUH6L54TBY=L-%H-JQ&NWS!OFAVM/(>.^5+MKLML]'3-BG>O^JJ MBS;:7;+1KFF:C<:R54^S\857.-/D6E;BK[SY7OD!M^K-GFFU-(07+[@Q7`O0 MTZR7PV6V+,MLUM>&2R75RX_[OC.O7YV*'B/PV57@JX8CJR*T:98"#F9M,W>J M&\*SNWTM.A"K?%]F%VR0[>_K,M]%8K4C:)333MNJ=WO=3@:LMLA:ZR]"5;-\ M?:O5;#?J[9761WW2%?WB`$^GJO_X<"U\S#'Q;Y'[T7>]OWV(X4@^L)]>M.HB M+,QQ\F6K7JN9O:0^TTR?U?=8SL3K>GN=N54V`F31MLOY^GJ`:-;$FN@H9^N= MNMG166=^E?6A6("+5CD37P^*/EC88I[JM>TZ%_ZI/75CV].^MC)V6N4\VFJV MP=KH:4)O^=K;@'81%LLY[S:@O>$Q3:)5&B3PZF22T,38,SYRA^[J\J]5SGQ/ M&KUVJZ<[`):OO0UH%^&VG%6?H+[9[+9>`NUM-CHX$M;_ZK@LU[ZM>KMI-4U- MZLZOM0DTBW!5KII;IM5N=JW..M!H@@_DS$LPM:X.OVSEET.Z"(OKZOWK0CJC M>;U(F6V5BY%&O=6PZ@N5O@WTUA>IJ.TE-H/5[BS6O%<$-DQL[W,0WF%9T0`S MGN_&MG_A#X,)I[^]"-WM9VL`DX.]O5HF-9(K]ZEM6K[V97W+D. M@Q&/(I*&G_E+SZ=6`3&MH!?A/[.VP&_<6"J MKT!S@E3':62'4MP0^L>)+8%N`PLX* M$;2MP39(8NS$[\@IT:LASWHQ@-JR+X9R$1I7B-=L#J5FC+Z8H7::F_&D%6#8 M"MB+$-QZ"[`W9J*=]G)Z,.OU6=94LO2+H%R$U,ZK0[DNZUQ!&'7J9KO3:Y?` M5\RA5H9M$?96D#Y;@VT3UME=0>XL!W`UOK0YZ^RN(($V@I*&=-Q@DWM/F$-K M1^&[Y<98LUMOH2MQ;J%U(5@<".\NBJV\*;]PY9<#N1A]O271HG:[ MJR?MK`%EZHHX5[/?UD9@.3OO-MN=MJ8ZSBVX*40EV%K"WCN-CE6WU@#IBL>" M_Z._9GT$+0OPM-MF6Y/"N=4V`:4$,^4\_Z1M64VSM2(HV2SO8ZN\<*Q2XTQ?#*//YN9H^2.]:_R17L#R:C5ZCWFQF>UL+I%WLI^2X-K%6 M7K0?..@0!X">HMP;]*BEF&YQ$N40]07'1+-O-*F#M='-E)[5$.#=-JU5* M:)ML#N089NE>A\&CZW#GT_/7B#L7?BKX^P#;HT@(+."<&YS@$I'?[/1Z9D[, MO@"\5]ELV8F6*Q68N]O;U5YEN4%T%_3%^/$;'L%KX8NV=\-M[YSFVFYP@.5& MJ-GJ-AM-S:Y;#8ZM0E]V(LN,TF:G57\Q]`M.\H+&"^=.<@/\EQNN)W,'L#HP M6]]&V4&4F[TGS5[=[.EU5)MO`[XRY-PA]6]QNOLJN#?+%8%1=<#9P5;*CF2) M-6\V+70C;V\K)=&'Q@QHRQ(U&\V66<]#MF:5V.RY+DN_;+=[2XJVE-<14Y8W M(*RU?:VXS@8PE%'$$C>K936MQFJ`H/$9#4;7VD1CS/UT'WP:!>S'4@^'JTSC MV;$H?..AOJ95KZ;Z%H\[O<G%Z^#Y"`+Z?ZY"1W92?\&WX&]U[K`C7;SX] MD>P*H_F!N[46SLVMYB?O8F=W8TX3LR=3VW_&=(+$MQ/'C45^AH/!#_J)6L"@ M)XRY*"+<"1L)OI8C/#DQF,UG1M7FH8N?'_J MP?X>1!#4>\;/^51^%SL0?/4)%DHG(B+L3V#UHOT5_/G M'PUF"WV6JF)H8?FZSRG0F;#"E_L.YMJR3]0]7'_UY_[MI_RK"[[(3@.'9""% M\O2O]V]/9P#S'=8/8W?H\8RHNKBQ&_Z`)3OXAMN3_U=U8,@J[-GYM^$8&RPP M*H2D[.?<6K?GN;5JQT:JQWL)3WF(I`HTCW=%T(!H\!'$/MBHS'&CH1=$28@M MC^@]<%7@]E#+!;PJA9<1+N(4+B0]@/'D`EA,_BL6A((DR3(N90",<]9V!`*';P[\0?T@X)#J3Q MY6]`9"`BL$4)Z*=QD-N\;,729'W?QTXJ-WP:A#&#)3X#KN`(3_X!K_4D)Q#7 MZOP4/L\HZC<['(Y9PS3P1:T:0[8(R$Z\F)A.D#E#L>D*OF%*-A+C/@*1_SIQ M06RJXO,ACR([=.FT'&(0CVEWED`Y.-.5U+M'B>>Q9VZ'\W=X6R(^)^&/X0[E MN4.E_VU/_[O.Y#10[FEZ67>N!>X/.1W3SN8TON7L5S);XDVV&@`JN=BI>!&Q M:!?^_#0.0#B=8%\J!T3'?>0Z+G!`W,$-?P11\VN01+CL%QZ$#ZYML,O+T]G/ M[O@W.RK\Y+,7A`!JV6?,DI\B2+/O]7W@R)S3$S76!SX;90X,H=L.U8[43O$] M<6C[D3T4,B"3F]QS)X"Q3-G-[D;%NZO+]AKL^6M$&L4Y+#I!(ZFRS(^#=)!/ M"PU>&`22WZZC>!?8WZ3WAYQBNMBMT+=%QSYL/SBQ_^2,*SHBMF='43*1K0U) M^[='(SX470E#4K.QR>$DE0BVZ#>&7_6TG!#\/;-A\,&A:M\3+_R.6.7>]LAJ MB<:Y3Y)VIDRX>86.4]@[@8QF@]*&4C`$P9*+;!JX0DI@E9[M!!P@L:-8F+V=C0V6)BZT`V77XB`]A]]C@B3F`CLBE32D574ZD$C)+ M383,A(FP!2+A2WU.7U"Y2`]F9^M=)>$KE$3QNE=HY`7"J2=[)[MJ:%J(B7ND M"*6/PTM(EQ*J#MX_1:'XW%3DX-$=$Y&5"(Q-SP[QV^(*.?P^SE\ZT?O$PR;4 M"(1+5:^5IE+=H-?05&[XT`-M/@V%5;;HD="."E!-P8(*5>A#&5Z9-RQ,SQ^# M18$R/A6W4[VAQ/=S#'NJI1;4=L:@CNU8CI?@7H%9B0SJU%&"6>U,I+577.LX MB.A.#T\H2P&]02X=>>[X0SQ^+JHK0%V\QW@!IWK:R3TZ^,D#EJ23/QX25P33 M,2/E]I3=!5-WR+KUED&(N1WU"Y.L8_^92X0#S,*D7 MMHI#.E@R#7REP:8OC&8'D&B`&"J?)_T+X"H"9$J_&_H.,7"$/!]3"7QT+^*R MF8,17JBOA2)DZMEPV!)C(9?B*I(( MG?*A2)B*Y)\4;$_D0R0!J5!!)T/9W>235&;O8D37V+D]'#,T7T9@F@0YT-+O MNY%&%'!N8$J0YY@7DO).#-^*L;W6SBYS-UOX5-P)T,*CEH:G\PBDS!K[5/X% M1_6(P"R@1V!TV<5((CY*/.:YC_)J9I8PF)I;E=%6I];*6Y68"`.\EP*X>$>P M0PJ62Y]X0-=LPN-Q``SFDNY4$+H/DL;E=<2=V:+=A=H7V?^BTAJP-`'%EEZ- MKBSI4YB]\4]C%ZZ@JRX_7 MV.^P/HL2(&P%P!#(T-"#@@['6X%P(+3D8[]Q^#54%Y6@ MR)EY,QX\TB!0;&>"M\9NQR0TM1>3QF)DK\2+^!1BCJ+/')3XF`^(FD>!(,\Y ML`EL1`CBX<$GCH!_UM;R@J@H9EBPV+%"K7CB/N]+]+0 M.1!J&^A*$^:*"(SA_^,02%5^*=(7\K$NLO1R<38W3L@@%!Q.*/?<48:N"E[0 M%U%#4:,A]:^R^!G,5E)G^#>LBA8U$MQ!'8>=B:6#\!D#SS(8=QJ`@28S4G[X M\/GLXO3#CUJL3HB7!TX!-T-8(B*API"2P\4_#0-XV(^SS)8A:#\N\&4W^A.> M]Y0)FXHU7R$"12/"&I&LP_4+5L\S_7ONN?R11VF@12SC"E&@I?\1O+KYY@1< M/`0?ND-W*N0N7W`0FJ1#"CD!V4'I_`!9C?4)W@(!+\C,SE);1P,6V6,N[\ M.)_(,9=D(8IW>$S/`LL<);ZC+&JTB<<KL2&@X'(\9AB3\,/(\/:0KG2N9`_G5.D-S'Z/W(\L%7 MYN4[8\>5IV`O=Y;"O/.2''E/[F2V5*:@W/@P$>>('B]/.M-8[UIP!TY M9D%-)[)'D2RT:FJ4B+EH0,CJH[`&YF4K? M/?:+\EI,]%Q0W)FNIUR3R]YAJN]SQ47W<2OG,[X159\8![3.< MIG%,+$>EPLS0A'OHNRO,D:0H;YKF(?/,*8RLHH&+=#)*XQ8A>$D-5,>01JVS MV#>G\CN7\DED7KD(@&>1;3V.[0%11<(+BZ$YV)`*2\HORR@T$\D_^?1WK9`P MUP(#=$(%)KZ?856?R**/I!0=X?29.`!K'Y[YRS8O3[/7,SKM;IY+RJ(/-?): M(4XXEW<#1L%\7"-OY*-.617- M,&,X!4[&L:)C*:)\7S23'FA$!^JJ`Q729]Y90N8<\CT/QY49).(2#[-*#)4-,HK!+:VDA>>G-^<3?78-WA(\HX MEIYN&AWB4_MEP?=.`X>CO3V!E^)\'RU)P?Y&$3EBE<([.)LZU<)JJK0.93Z% M-ZVP=#T/=T7O@PU&=NQ&HV=I]J89""*0]Q]@W%F?=D(![FRF#UQA!K`H\I0H MC)+[?\O?1C)9VA57"'9&O8QHPI&`UHW5NCS*UE0M\>+0O5?)V$%FSX\#S\'T M-XY?1?>KS,^FKRKTB36K5+"-=]9^HUOZ:_"$A5_&+$%BE@R<;9XZT6BB>ZQ* MM`L5'-'JZIG:.&*C1'SNT0XQR69FE9A3G&J"==:.5M)>>'_U9'Q9#X6)^U@Y M26$D0?34&!*T*0JL.Z)9(GJ<1".0*$C@2Y%1\`)9IT8O&($&I1QEV9>QUNTA M$/V#J4#:!<1%N%/J*R9\8L*IA2V'PVCL3HTTWRB_&H)'Y:\IP.D%G&L&Z0?4 M^U+6%=B8A7.PEO)`%!>&#+76\4&=)(G+&*6,+$UM]5#4#JC4(Y-D\BP@+ M%H>DS,+1&=1%OMGRR':]W-)_'P$E$4]IH%-DN""MU*U<(V=XU&Y>:P5 ML&%"C5Q1P\Q0]KL16$'G<3#,,?FB%)`C84ZOQWZM6N\-U20DEGNPW$8NN=(3 M7QTZ?D!N*I+*,]:;CZ,<1D@U\(&F(5%ME>?^B?7P5!4.2H.F,65<0W^[=BDC M,:O&D.TXHL#C9$^*&\6'8Q\+M1@.O\%6=+HJ15!;&XL-` M62=4U*)#V;18;&QCTAM@2=NYAI#*GU!%>U[?LX!#HQ\%C7(_$CKHM6=7[M4# MW)DL!@#.8^4Y#SH15(,E.8[)8B6';T@FCEE/F0*'\]\FPA\@'*BD?Y&'(>5\ M.%DVYYN@I8B@].%G)-C2CT1)5];6X2&TA;@(9&_[+!/`?J))<&GLBF;B35$I MW.HM,8UVJV[4Z_4\YXS&-O;E+\D51']*X`N3I\9NL7V'!%FJL;0W8;$%([#Z MP"8RP-`!D1`'^".?3+W@F2-9R%P(.U_W!^9*A#AY&@?*E<&P%L4=\FBF&(.1 MM%H#AB0 MW.(HR!@6+R%3B)S^MFJ:NGXW?_)* MR?ROY+=I^D\PFK>H11-H_#NS'^!F/'8WI0 M@B:_/W%!7,9PZA&FDONIO)7`4.+XHY@J:J=@IV>'TKPR5M#O#4\2N@*B]"_:%WD34-1*IG%-.D*I\\=7C M4FM_XIC4@VQ.=ASU$[)C@>5E,B''^X,DQFZ/^,8:^]T.T9K!QBKB0V%$&9+S M:U\CYHG&1AHG!-Y-P;(LI5)R[>^I`C^71_^#2ZU4,+(OAQ?/3E@6.Q;*E0RL MB&HTV>48(UY@_ITXKI>0T8\0BH_@56':\CB-PF%O%2X_R".XAH.;5RM4,M(N MC`:;!C$:H)2)E4(190/4^3>Y(SG-#0-[WE`.79S,U"CK[#%,_*;5E'` M0%Q@9$[,/`&+Z<2J4]IB&*E*D6CJN;&NGW%GQ@5%WQA@1W-1XR*=,-,`KJ"632D"XJ*%$S7&=?2&@EEQRQR\8K"O%K(6;!M;OAL: M&U=9Z<+7Z$E78QJ'R1C?ZA,WU:!Z1W0[!`4[:V@B#I'C6G$8V%2/XU'&!B86 M*&8J#=ZRXW@ES;A2N=\ETW@5Q?B)LFT2X5Z_#@,_P`#S$4VV?%\T<^O:L M"9C/_=M/2EQH)WV+Z@=YR+].'6J"#GI>__:K`7*J1E\_J?>RMA$J$XWTM=,` M&\8.52K^*2P?3(`U$B[I1$.&9R>7)M=0@5)5%Z9+\,@6?Y!^FIL^8ZY(S1-?H0.'/CNQ$79\A!@ MG_$@S(5:AFJ3(JU+Y2_0.J#`8U9OE#9N5(2&!$`FLD,UCICYY0 M^T`M)NDJ7:8XXW@.&/0DN9B"2'$6VXN";(BT5JRJS7BV[T'=%!8131(U)/`& MQC[4/)HTJT3D\RDTD6V#W7I&%+6S0U%K2V2@4$(3I(D>#):EJFG=?-F_$^H),TKD"5'V6=8"1$4SLX1O4:$<)"%_+1DP7,FOA=?\!F?J/*W!U]@/"0[+_Z281QWPMX(C4=>T),@=S")V7/^-R( M3;*(_`+0*6=X$<19QMXPA(=#UQ9\*O>6_$*&)MBR[HZTX8BK4`KA>PZ4S-\B M+#?13T@]D346$HG(X^!)\"'\IIIBY:7<3>;@IC97V@B82B_L$;(\^8QDXTBD M"75#T%H8D3A3R29Y]@8B>>S>@Y1.1VAI8JV83!8!IZ]#N8+P2YY_4X#>D$TW M\20FZF'"!QO"SS(%4 MP$PS<>/)#/0X]R?LP$\(R:9^IJ,Z,\=@D2&,;@%2L)04<\D70+D-SDR!3$[` M(+;0;M>]=-FFY<6ANB'JO"'%#\FV="UZ"EZ$/,'5RW<$N8I6^@S3.$/JX4\" M;R:PM6`RN[;#8Q,,1RWR1%*%)O!T^R05'0U-/(EZ&![)I&6S9?Y\D3G`@<34 MYYHTZC9:)XWZCP`YT!36*RB=ZEH;;TO1:VSX5M"+2)HQ0GE/%6RZ)6+4]VRW MFVQ2AJZ_TK.>JW*GL17-[*7-S387;C61(P9?=I)A)BV%FSPW9DI<,`53NH[P MVM.@Q6$VOHI++B3P+J]DG@<6>M+DX8C/(\Q]%W/@%G%`IAC?"LQ4?Z'&)R,Q M>2ICE3Z09#;ITR?;..AL$A5 MKHI.7KJ/L(C&^.+'=0^!X`!(AL]P05-&9"CBS$;]%-*G]-('LZI/6A%#:E2F MY6;*[4QJSN&Y[7?ZXFV3N/@>PR^^;EOB-6[3F[7@RBHFSQ]?T^7^8MP:U/&71_5,RJQ$]I4&*CQ<5/L]I_VK%UCKSFT+=5.F!.0:,GB`4OPL@09 M:B8<(64Q2HAB[!#%G2`LFO4J'/B^LVM:0MG.L2I"])*>VW`R92BKO;GJ#2V! M%W^/%C@8YCB`^@5_C@FX>YQ_'?[M0_V#8@U/KA.//YKU^G<_,WKFQ+.?`<4? M1^XW[OS\@0VYYT6@@0)-T/?P]RF2J?@]?7^8_N2D;%/_,RO M(6#QXPW'H`^E//V*+:W2I\CK!;_<\-'?/ES7S3_@OV@;W07UQA\-\?,'YCH@ M59`-.7^8EOGAEQD^NK&6R#XW][]=GYU M=PL_LYOS_B6#/_3OSNG$LR\N*VLNI82%I_58N M*3]K0:>/E%?SC@KZS(D`M+0G0&+)R?1H8ZBF<]3D.#IL8_A5=?57&H&Q&RW^ MCD*]&&0F!4;DN263B1V2`K?(?;*8HC\>/K*/BVYVT@NY?WGQY>KC)1_!>_/- MD;$U\N\79W>_XN/U[S(X)&W-:`5`/.G_1%]E^>5N"[2K3X.;L_.;D]/!Y67_ M^A8@P"&<]C2"30_^>7[S^7+P^T?VZ$:85[Q4[5()AZJ"W;WK\MSA?@\,JE$-R*?:DC89)_ZI__XG7V MD?W?$?UG[I[^S&!S=Q>G_4NU'AQ3'$SD@[]+0)MUV!0IHW_[T&A_E].7E@A: MJ68>T@[-H]]@_>AW6&WPT#=8T6BUP7W?8$6C![]!V"'J>J#-@<)FS>WV#L>Q M'<5&-SY)Z1VL=-A#VN'Q7]P"WGM%IS_:B\SK?!3;K92_2OE;;X/2(?YI<'(W&&58H/R#ZJR/XZR7,//+2BJ_EZ.^F&!.&J\$]_LYRP8K" M*PJO3KC:?T7A!VEV#(><[\[LH.P0K&B;&W2WP?%[E./\6ON=N([C\;UR/838 M>7R/3KSH@C=ZK>IHUS_:UT7`)HSM+Z]-TM?]L[.+JR\G-P*\EJK0V`LR;QE- MRS+:S4Y%[!6Q'SNQ6PVCUS:-=KU;47M%[4=/[3VCT6T:5NM=*S(O-U"V@HH] MCHJ\[OY>A;%MW]@X7&?#D1_OV]S.?7&E5<1=$??^G&Y%W`=\^A5Q5\1=$??! M&AC*UCH=7`YNTK-]@<$AC>"S\]/!3?_N8@"/4JLGS_5YJ3%R+?M+B;$)KI:H MR9R$FAIBE[?YIC[OR"C=)4O8K5/A[>_\_I[?_CO(*O+-HUIBUE\!5>ZTZA.]HU" MW?N0GKE_,>]=DWO=Z';K%V*J[+;VHK)*]\ZK<%Q1Q/T]WK>YG<<5(J^(NR+NBK@KXJZ(NR+NBK@/M;Q[ MM]&0M+S[-SLR#:;G4G]"`B^4$R3VN?VA1D6;[S2H`#_IL]]]; M]L(2P`V(>J^]9&W#;#6,EO5FY=T5N5?D_GKD;G6->J=K6`VSHO>*WH^?WAM- MI'6CTWK7ZHQNI&1C[=G\=]1K$24T.O8^"!T>TB17B2`"YB..F?U9C"X^\>SG M((D_CMQOW/EYZ438]/UA^I.C?OI)_S',?E00__6G\)'['V]XY#I@-;FV1\WK M[_BW^),7#/_\Y7__YW__A[&_)M')@VU//_:'PR#QX^C:?L97]'T'_A(FW+ET M[7O7O\85K6AU_DL2@\;3QSF.5.6;WN8$8?PP>!_X"_7@WNSEFSQOJG MIW`7[FZ!4_RK_^GRG/6OSO"/-U_/S]CE1?_3Q>7%W<7Y+9UU]O4YZCP@;!0- MJL\C9^;F'O>VMS5&G7"CIJCW9YT15$TUUW[.8+;D`FPJV``]9PM&P+R,$^"U MC]PHAK\&(YK"G@YI/^@!ZX6GH6CWJ25[/[MLPHU54S\\#:X+X'S0]M_[TCV M7QUPM?^*P-]Y\GF1N.[/>%?>RL^^#\E`^["]70:-#JWI;P%O:M1;1L-ZL_K' MBDHK*EV!2DW+:+]=8?H^$.F>R,[=FKK783#E8?S,8OL;?W,)N@^1ZGW8WCYU MOMF;Y(HB)M5I&%;C72=6[,/V*G)=C5RMGF58O7?=^6)/A.K.#5(1V>T?$NW9J#UCMCE%OO^LQ-?NPO8I< M5W2R="RCT>WM_7D>OZC=K?UZ@:YZ'L65Y5KU5SKJ_DH%/*Y9-[KFN[8F*HJO M*/Y]4?R>"/7=VL\'I(\?;8G@6_8U.;@*PE=#5@%/['3;1K/QKB-UU4VI;LHJ M-\7L&F;;>L\W9=4RW)V4R^66(63O98'O"TMW9RN`+]'GGROG[4<#?V$9;^,# M2WQ7//GU]NP#<_C0!5*+<&._M,U6HV5U,B#Q[:NM:%IRQ>;,BLW2%5M-RVHW MEZP(**+A<8/1;0PHN(BBQ/:'_#2(XFA!*7-3*V6>A:A5"I'9:#6[]0R@LL6W M`&A9S76[%-`-8;SPAR&W(W[&Q;\7_AF?!I$;#S!PU(\BOA%2.Z6PGG0:'4L# M>!4@M@AX&9*[I8`W&@WKI6`_\BC&X_F4N![R$+CJZL<+?33BZK>X5PJSU:UW MNE;#U.%>$88M`K^((33JY<`W>FV0,]TM`'_#;>\\BNV89Z]0"4G]&"_'ZBAO MF.5DT@1\=UH:U,L7WP:X"Y%LE2.YU^@VK59K9^`.A\DD\>`S!RY("$O;L1OX M:Z"[7$X!=3=:YHK0%\.RD^TL/(XE0K!GF6;SU;9SQ=G9A=8'9!%ZFN6RRVQUK$9]=4!>)J#^T`>X??9^HZX@281OOL5WXMN^\.`A MM*=C=VA[_6]N-+.=WH"TD[N8RT!J]UAJ@*:HADV0<>/!, M=/Z?Q`7N&L1\*UVIFJVJ*Y6$^1Y_HH94[1J[O1N<_N/7P>79^W/V+/!+WJ6_BF%KC'&W3GX'/KM#.P<9/+=7W"3LX;=.==AI,IK;_ MS/AHQ(?8)FZ,3:3<*,)4U&$PF8!"3!_6 MV`6IQO]._"&IR4]N/"98"]XA-O&)4ECA=6M8GSH0/VTD\#D)`:K;^V`YAOZ,PF+!VO6[4Q?]8'&#?(O6KP9Y`;HS5>Y_L MB$UL!Q:83+@#ZC3WGID]BF$17$\@PP6NQZ-(]PE7WY,`TI*!XXY<@)V@_4NM;B&8\&_=9"!1Q:,L"N![=CSSMNQS^5X= M_^R>PYGQ17"*YF#I]HJ>"/G$=GW$?3P+4,[C6F/`JGG(_2'L21Q/A+"`.``% MD)R$Y$='8X6-7-_VP5KQ6*2$N$A8]D$:1&QL/W*`G/M,W!#X!J`#+D88V(1^ M/!3A,H5;HQ_-_*'0<1P;!SA>WG8'9Z=8SS`)@9YB.&S0+.">A*&-=!(D,5"- MCQX?>(-H6@.Z?[^99N0-N&ZYJ%,KVXMHR"&*$^1^P1Z-A8,N,A/ M_*TB[I9/8R&TK`Y)K3P*#09Z%]S_%"L.H@5OMV1[R#IJ(/DT8('?:(]+H0"; M=`,G8AQ8CU/4-1$%YCQ+.)QHT_7B(\2[](= M\57T[C\P+J.K3JEO.C)V[W9X+#VX%F]PV_/7]F^' MU08/?8,5C58;W/<-5C1Z\!LTR_M$TZ3*H]AHU2BZTF&/:8,%O%?$T8]B=T=_ M?$>_P4HW./@-+M$-4@]]MFW;=XYBY^_]:+.PQB9-O?9ONY7R5RE_[V[^SRP. M@E&&!SEJ/5&B.O)W<>2NGV$$\U*RWT2&ROLF@TI_ M>U?'O5\;W+@Y2N4[.9`-5F/.*@JO3KC:?T7AA[O!BL(K"C]:LV-[S4V+S`[* M#L%:HS,^%)4WL@YFD]GB1].8;@>-C-_DQ(LN>*-7CS$.M2*S M)[,7]C@JA?8NG`U'?KQOW[[[R"KR'-_SJ\BSXH\]_C\ M*O*LR'./S^_X%?K=1@ST82`&^WSYGBVXMTUCVF(67\&5[KS9C.%#/MD]N\![ M1=HOC'GOFMSK1K=;KVB^HOEW0_--PS3;1MNJ.'U%]>^)ZKO-CM&JOVNJWQ-3 M9;>U%Y55NG=>A>.*(N[O\;[-[3RN$'E%W!5Q5\1=$7=%W!5Q5\1]J.7=NXV& MI.7=^1F'[]FT7.I/:,#%K/R[HK<*W)_/7*WND:]TS6LAEG1>T7OQT_OC2;2NM%IO6MU1C=2 MLBG?;/X[ZK6(DKV>2[[YV.W9`=ZW.*/^.G2',_/(^]'`U^:0PQ./\-9KSQ[2 MJ_79X[?)?>0ZKAT^W]H>'XQH:'K!Q/'N!Y;XKGC_U]NS/Z8\_(.6_\`?5@1/[29\Y/['SQS(S/;N[&^7012=PA>>/P?ADQTZVK?6 MGYC>JG_XA>/W.4[,MNH-ZZ\_K;[>+*E<\:?^QJ[PS%\Q_-8E(#HB8`%@M9BA]XS;,5C'!@[`1?*U4(^#!Y`7B'G?4A< M!X0K%Q6.[$N_?UV;78)A':/K`(+CL1TSVV=`QF[\K%[T7YZ^^FG,?>;&##;B M1R.`!;\[<0$D]A`$@!;80,3#1Q!Z\+:`#=4FD8W#B^T)8E*L$_*1QQ$=B&_@ MN""RN)07\$VQ:_Q(`@/B0#P=L'OY1P^6A??R;\.Q[3\`FF'U>!Q$?!Z8&KL; MNQ%+Z-0`;5$`Z_\G`0$3,=1Q<%G;8TZJ=S#['I0C`L"W8_B#(8$W4&]$=&,- M*%[Z,+9='P`,1BF:\*.A'8W9R`N>8('0C?`;1`8*)21DB!X,V,302U#18A&0 MICMRAR!VV;\3YT%4E]+[:(^$R/0#@SZQHXC#0^EI.7*A((KQ\6$2AO`WP%MP MCZ`B6D:)-T*"LE,HYJD":`N!1Z1R(%A.W_)@F3@,(CP+]Y'CNR:!`Q##"OE/ M;">8TF$BB$2]]P#@!(YN-)*/B//B<#,F4]M_QJWAKZ,@">&"_">QPQA6!;P" M2&T\0>W1B-&^_!AO`2`@(@SCUUUX8@C'!)(4GA37.;T&!,C8AL63*<(F@:P= M&T,[:E;]=]L'VB!VW9+L6ID0QX9KP'``N+EH# MY81'=$T,XNS`H&*\M<3!47N%M[K(QGF43`2;N$<&QG(;$=O`QQ]=P>IPZ9!/ M@Y`P*'ETXGL`-RP"K!QOV]`38@KD%CX)W`C^-_3@OA*/$^PA(KCF0*^QB]%" MB"><*\$1PL.A:PL^E7M+?B%#$VQNI+@_;3CB#R%_P(,G?,^!(M`N=APE'JP, M"$B?"*92;`D^'8V#)\&'\)L1G]KP*?=2[N8*LHD4V1@@R^GT8OL;P#A"EB>? MD6P>S>@Y16B^MBK9A,%@&GKX._(^;R_/L9 M3EC*(1?CH>Z$`90NBE]4<^B]*)'E<_?\P?5]$I^T4]5U.KMH>*7Q(M38.1Z6 M"[=@`JJ9/9T"#A'&#)AI)F[@,P`F)X'P\8`TI"G`$Z9@3<6%$+H#R9N4>:3[ M!@2?"P5+23&\(SR0*XDO&[!"A.])@<<"7Q>F`J%=R^S\'!7O\-@$PU&+ MO#[0L*<+/-T^245'0Q-/[`*O(X]BB9>6B:/EDMA6)*8^UZ11M]$Z:=1_!,B! MICQ87NE44HBDWSWC]S&[@.6)YD]1T]3-&*&\IPHVW1('O^*JKPCE-.2>+8G: MUO57>M9S[7O70W8-`FGNTM[;'KTH&H,H("$"7`Y>@0LYR3"3EB0DT$]$3$?8 M'W3!%$SI.C7V&=E$!Q9=+W4XXO-H"!\2"US( M`9EB?"LP4_V%&I\$T9-XCL8JT;>=%Q!"(5Y16MAPE*X/ M5\AU4`D0`&D'(E=%K8'(6YRGM.[HG>(K)[@LBF.)/9*B!*NB,AW<&NABR-%0 MZ+M"?JN3`'N*Y^0WR"S<,9G5)"&0`0_)#YY)/F')V-*.4O9HI@3"!8,SG'J\ M8L85,R[9F6Z%CI'O(*$`+=AD&P^%12HO?XZ\=!]A$8WQQ8_K'@+!`9`,G^&" MIHS(4,1IPPN`CNT%]"F^H.@SH\5I(*Z94*,R+3=3;B60ECF*\66%7M/#B6ZM&VB8#52<\1%'9PT)U$MNHT_CBL=7 M@2^='66AKIF(A)4/6NFAJOJ'7\QNN]?4@E5+5]X"J*8E06W.@-HH![7=-9NM M%X!Z;3_3$8!TEX_35X&0)W!/D;;[OG/'X2;$^O#=!5&@IA8%FMU(LW0C&KHW M!&FW.RN+;[5*=]9J-IN=K>_NBORN@]$@XT'K`]ZN`G-"AHETY8./RZ4PWQ>H M&??'M;NKP=TY,VML?.($9!O&&(4# M5OC(P]1Z_LT.GSV*$\F7D"ZG'`=RI!O[81$L8'1Z`?R%;"CTTD8JAX1,7[2X M9-!,"%]2+875.`P\+_6XV<(KJPP>J_[SC`EDF3__F`_EV$/I)D`7\0@4I$!H MGL-A,D4W&FXJE*8F``WJW\B>N+#6.)B0Q"M9]!7S"DX2X*#,)@_M_ MJXC5B-1T,&=AN[JC%=>PR7L*\B9^SKS=",`H05F$'XX0.ZEG(;(]^S5S9Q.J6)J61/*8I)DCJ2U-$C-^?2 M^]F<3W4(6Z`V+X@&*8HANZ@I!DFB:82$GNY%7ER MCCHY$;!%D3`"+D$<#@\37G.B_8F2Q/'OW`Y]S,69P#+/Z+>3+U)"P@T=X/\A MI3_D^/]4S20Z6!Z['I-<%`*["_K"CPAL&K-/T:F:%1LNCN4M-!S*'0O=#M7= MSL>\RN'8*O0S!8&2$"C*%L^6!,Y_>OY-9A1" MCG-Q"W[#2Y#RP-5-S7(_AEEO-NO=#,2BQ38#:!$-=FM*MIOK9)W&>]?)%IGQ64RS4V.W=X/3?[#3P6_7YU>W1Q3+?%]A MDH$*,#8-K7A2E-M@FC!EY`8A*+))/`Y"2NZE.@.5!QR,C-30S&J[,'F.ZC7L M!U69`6]K=@W@3"S"VUIJ+@]!DH$*%6'9NRQ\Q$[:OK-,)"_A1!!D4('XX=_ MV6:&';8FR&7985*N@-?`-&!84J8$/F#)/Z,RJ)$-&R6`#)D\&U,[.2[9.Z!J MJT":O991GX53Y))CIB5Y&*1>G4;(B\\?SMS'/6%9*;9(I"!LFFX[D]BHRA#C M<<@Y:N#Q&-.^<9%<`+")CA4^X]K(+>QAZ4]H4Y[F8^`E$VXLQBF%_QV.JI>+ MH<3T%")WXGIVF%X2(E!!S"6;GHJ&$&RJ.D)4X>;#V1GPT0%P'"H#:+\"*]WF MK65-J^#:;H=+R^IJ>,T(.&0H*Z'ATB9>C)U)9I.2*;%$+JURL($71PFE?XBZ M!#@/=YC5Z\G,#NQY@M<6>8';*&&M/UTY3)RM)IO3Q&<@&MS$&EI\AB$5F2,?-0!B(5:\`V M^"-?Z)16"(F&8^XD6!;1%QDVV#8)-S!R/?B,=B[6Y*!1%.KE*1BB,3JA+%FLE,`53K"X%)6:GM>AVU,?P?ZCMF M]JNJRY7O1?-C8CO8,&7"'5@%Z3]<_AS/@B.$6K MG'1[14^$?&*3*8;6=QZ@F6M=3H5SSE&IM2Z\FGIVZ&/BZJ&M[V1)+IUIMMM6 M(]O*RF#/)]C=QP5M)M=W^':M]^[P+:A::8$5!/_>LNO^O_J?+L\KY^[A[6S@ ML[\G8,F:EO)(Y*M'X,[8L-SEY:D!TNH)>**GTN+3ZI'G&0O=D,47\(P7@(T/ M]W/(N2,SF*3%+IO*10%\'5.?E`B4)?K8B2CMXY!,27QLTZ'1,5J=^KQ'`Y:Y M=3U@]>1$^63[?QHL$OFB[/X9V!1N`W<+#"]FW!^2P%9Y6$4>$%$J`%Q'E?P0 M1H43`T.E8=:.`=ZK[=ZGTO(PX;)/!-G&$7-DZSF5*`:2<9MX^7L"YRN:5/1R MJ!$0TTFEK01'U!G.C\=4V21A#'SX;2JM6:J18:'T2)D@;[]CP*Q#==03+C[\ M(?TZ_0K[;-:LUG@?%W+2`(P4M!08U.G4.H1# MA6W-/6YO%9U6*T]?U!0("#N,W?\*BY;VJ_P_I*J);4VPN((:EJ1XITX$F*(G M-P38`7U,M.K:)M"-',S?,9#APT0T<0G\N0L:"8A<1[9@@BNT(X)LSQ-DZI0J MPHJ?08C@*;W0%E[ZRG-^,#L#(76%*AZYSCN+!)6/1@SG;RVLMBJF&D:O91EF M3=?P)C64=:8Z,.1ZD4J$\](T:&.+S73;,(?KTK']2$!+66XA,D[F$LGJMWI"UA"OO^]6P M)1UCKXRQYL%B3)IBKXROUAOAZS=I3:P\]O&MKV*;1D:V3^J=DWIK"4KTS;T& M-M[FJG4D1DQKWS#R-E>I2_@`\FANA@]=S&7?Z?M^8GO7RL:5&=&%J4AF8U]0 M45Z/W&A9[5ZWE1?LRW:\)2RU_S`MD1W[Q@REMR1QK=7)UY6_'HY,\P^S4X2C M-V$SO?*TN$:O99G-K>+IT$13SR+&TU.B:?FN=KK_MZ&2AL2!%$9OBH,WX;F] M)F+`JBOQ\U(,G(HNRRY883>4'0P;0^,+'3-]S6V4^H5[XR61C MDOF^I:LDE_>6]+1IUEO-GIX-/[?F+%@Z\@8C.3BUL+_L"O!9]7+]S>R:EM9^ MN6SM\CN@-G8#)'5'$8?]Y[0`PH=?]C0\F\N,770'YY"^^S-Z"VX.^L+>GM-< M1M#>G-5;2`VKWMC;D\HG/&Q\3.J!:Q$_D3W+^[ZSP1`PJU[>_;I9[YKU>>%1 MLO16H%T@?*UZ>6'UYM!*'Y0(`ET&MO^9\^*!;!L(P*H%ZW&U8%5TPI!0&%+* M,35<]>1TX)DPNGOHNRL*J`N5-@V.JZ1&5?]>EB%(@X&QSC@-'5/FGU!?X3>1 MDIDKD\XDSX3'X\#)Y`MFR*C%,`(=B7'%V(X`-B0`F0NJR[8SQ0VL9D9SUMA9 M+L*-H6'1RR:2/80QYBT29K:=)=#L]8Q.NYN/PMI``XZFM!8@5[2>4R3OK)Y2 MTCS$E(C5!?L:8VF^A$&T>M=9JU[>*!CN!UR/E0;3T,)SYGIVC?+6L_Q2T?O6 M`+[PS$0.L`6!-[ MX/`<33M,>VTDONA'X@BI*&9/E_<;\3R]K9EH"`(2TC:T!B$J=U),#_1DIO\( MM05BE&XJ7XM:11;-:)?]VV/1=P_4CT!+OQ0J"L>UXC"PU3A$>.8!=0,Y=5MF MR)4=1^U%G4;PR@U&:D+)#>9_A]A2_3<;%0RZE6MWB[;,\MBC:34ZK:;>T6LI M#-L#N\0R,\M[25O=1JO3?A'8HFL/L;G!B+I1.[(=-7?4BP8A'MUT/L:\$N:7 M#,^JPQ;TIG)K@;.;W90=2+DWPFJVZ[ETB)=M)^LR?V=_V[13NF66^R3:]4;7 MS$`N6O,%<)7ALEU^)]L@J]8$;/.V>C.@E2M$&_;'6P>X,KR5*SQKP[5!-*4, M=>71GOIFD130CW"<*#_CXM\+7XXR`NU$F\F>S9R\HY*,M:&WRF-!.=_=)A#M M=%\E-&.5R[^3V:C@KG9'PPDQ:Z%P$,5*)[1$)-9;C5;9/F8AV!K,9=@OEX'M M#JCE+X%9-5<%&0,&Y(87URH7;06#4;3E-H>H#&U+NI0VP+0SUP(+>T3R_R3P MU/DC/KHE![JUMPYT\3V&7WP-)_<:^UPX8H.\U-E!,7%2K^7`?O$.7JFVZZ5P M:@CFC\(T!(M3_H@./2VB*>I:<9A]J'6?5,7ET9AS.1C@/HGU#I9K&:9H[S[: MKD?V,!B9]\J<%U7*6>]RV4(\VL3\S;S=Y%?%'C'1'")HMZKTTTX;@\+'./T) M=FS?!TFL=UFG;_!OKFB-'B]`CR$KR%*W.YP&6/*T$S3&_3AK6A`,9<=2JCU. M/:!K[#6'MIS/HQ`S3H!^@0R]R_"R!!F.2WX&@93%*"&*L<,`S`=!6%$R'(M/ MT%.Q8UK"HG>.75E%9&)NP\E4QL41`$<&WF?F%4B7>^$)'*`W>BU!2=+UK__G MY.1S$,17F,YPRT7;8!"=)R=*^'JN_^?'$3R"CJ=+^(5]HS^%`>YW',?3CS_] M]/3T5/MV'WJU('SXR:K7&S_AQS_A@Q_D\_'S%)Z'QOE/"```FFD``!4`'`!R=F5N M+3(P,34P,S,Q7V-A;"YX;6Q55`D``ZGY5%6I^515=7@+``$$)0X```0Y`0`` MY5U?;^,V#'\?L._@Y9[=)&UONQ;M#KFF'0*DER#M#0.&X:#82B.<;662TB8; M]MU'^4\;U[(M)VTMYYZ:.")-\D>1$DVY9Q]7OF?=8\8)#V1]:UL=??_SA["?;MG[#`69(8->:KJT^$NB6(><;3^BM[D'WX(,E M/QS9UVAM'W:Z[ZT_.X>GG?>GQ\=_6?_VKO^S+F]N+=MZ>'@X<(&#"#D<.-2W M;%O>QR/!MRGBV`+!`G[>F@NQ.&VWY?C5E'D'E-VU#SN=HW8RL!6-/%UQDAK] M<)2,[;;_N![>.'/L(YL$7*#`>:*2;%1TW9.3DW;X*PSEY)2']$/J(!&:JE0N M*W>$_&8GPVQYR>X>VD?=@Q5W6V`#RSICU,,3/+-"`4[%>H'/6YSX"T\*'EZ; M,SP[;[%['(1F[AQ%].\&@)Z/;]$*\Y8EV7R9#%+22A)I[[;\L9T:WH:;[WC[ M"QJX..#8A0^<>L25[O()>=+F-W.,A994.EQ>0-B>X]!E(/@8K='4P[W`A2ML MB=TA05/B$4$P[V.!B*( MSZ\\^O`RTF]P>R/7>2F?>1&!;P1UOLVIYT*LOOQ[2<1:1SP5U0L(\YD*G*BL M(T9Z_*,`#O*ZY!!NEQ($KP0&CW`3422?W2).&)GAKAYU4G?R9$Z@+*US M?*,P\,\0GX;1?\GM.X06D`6ZQVWL"9Y2PXBT86\'?):%F5`#VLN6'(]8'(W%_"Y+E1TPM#%DC$( MI?#;9QHXT9<""+=G:1;>>=!NKY_!?G"#04KL]O&T"-K4J&:@E1)9#<"A"0!` M^H'=E"#@4>FDEPM&+D4S@,D57PW2D0D@54K$):G7`&@J93352(/GTQAX88B[ MD8:_(V]9-)>4HPT`2Q\>I08&)YP+ZOLTT`(G.[11R&3%-WC:]%R71'*-$7$' MP05:$(&\#1V*5GX:Q(V"3D(A:0X([#.G7I2XO+]=",.*1H MK:=#W"@P=112@WF(S%E$9>4AYT:;^V;BJDR%; M1I)7`,\`YF+$6'%SQ1@#W%5ILL13%2(;G,%CWPON+E<+Z:1%'J`8:SH8!:*7 MYV^[QG45%Z/9F%$06ZPG>($(DPO]:XA]$'OB1V#Y2RT-:@.0R_6][.)+0R&# M)]D$(^^2RXA_BU:QLH5)6S6\28"I-3!XQ=PG##M"^AGDXR%&D*W!OV04QV[B M=R,FER8+O[AP6IE3DW"MK)S!Z^H^7H`R)+)VX/9\R@3Y)_Q:!&\15:.@+%)$ M>P7]]K!%72R>%-GU24"XD/K>X_*P6DK9)/A*E5%#^-X$"(?X#GE7N/@1XM.8 M)L&R(;8:@)]-`&``\9IA+LKG3&9DD\#("*^&Y!=C"P-/32\UU`7DS2&\R#\R MH=\C3PHUQHQ0%S9<3&;_/H[^%FU&*K&I9S[`%E+*!RN8>P+P?5I_`5`&P:.C M]1P(K=$C81K`A25/8&^1S5/8X(W[\ZPS M"/I+?`7VFN#P.=`8L9+^1&T.>PN[M@7**P'U5*HX!'5CH5\!SZB9Q#M\DP-'54;*][1[(K(9XY@B_!)2%$O M52'9WCI`L=IJF#^8`'/6<\/.RQ'L+N8[R:N!/3``^QRB#X![S MM%&J5_N43`QPA%>L["E5-KA.`'DI++G?TIX#IF`8EKF@#[@_\IYZ&8I:SS49 M&`![=5?/=*EK*EM>_*MO%9CH`!L9V<>09*>-38W(C'P%V"KZ)F,A@M4 MYKA7/E%9>Y/;\'+,\KB@V24K*)D8X`JOF!64*AM<:`3Y'8Q=+NMBFL?Y\DD, M@+:Z.V?/)^6I9_"#GB0TC69#BH*R+9MR]'Z`I]+,Y/#[)'!X/F3`^5*V^NHC MJ"+;,RA5*I:'5+O^/I?:W\Y16NE5U')KZ1F/5F$2[Z3%%AQ(JWT\A]*`*9`V M?G[[>(X&!F>;(ME[8>OTEM`EQ`:@I^F;56!-M#,8V2$*W`+LHI\-1R?M@9GN MU5`%@R%X4NC3DGCR-8>P54D^:N[3*_!H-)@5]#2X,E>H_^;9WZ<&I6WC:QXW MP[U@VX";IZ[).P*Y;"[I-38"K^+E322FP9,N?)8_P0XF]W)W7W@F.#/4>/-G M17Z5&E3.@?=+#KH\)`_%("2/F3S/ZA:L9TM M#-Z*QQ89,SK#81]-]'J!;;Q$E\N^>H:N_@9WI"1O--@N:VA1[R'Z6GKO^-+( ML\?_'!3:[W]02P,$%`````@`R7RN1OXWUZ5Y(0``;O4!`!4`'`!R=F5N+3(P M,34P,S,Q7V1E9BYX;6Q55`D``ZGY5%6I^515=7@+``$$)0X```0Y`0``[5U9 M(I57%11+8[# M_]V)XE54X:H#1$J>IU:3`)A??C@3F8F?_OPZCG=>*,]8FOS\J?=Y_],.3<(T M8LG3SY]^?;C<_?)IY\__^L__]-._[.[N_$(3RDE.HYW'VX-F>T>[/?Z._^Y?_!MO__MZ.B_=O[GY.9_=R[N'W9V=W[\ M^/$Y@A;RHH7/83K>V=T5OQ.SY+='DM$=$"S)?O[TG.>3;WM[HOSK(X\_I_QI M[V!__W!O6?#3O.2WUXQME/YQN"S;V_OWF^O[\)F.R2Y+LIPDX;J6:$96K_?U MZ]>]XELHFK%O65'_.@U)7JC**->.LH3XW^ZRV*[X:+=WL'O8^_R:12NYH$R4 MKWZFW$!_;_[E)U#7SLY//(WI'1WM%+)^RV<3^O.GC(TGLCG3_R% M)@4C^X?SG_K3>1I.QS3)3Y+H(LE9/KM*1BD?%P`_[8AV?[V[VD`JVA!<[8DO M]_3U]T"\E@*>DHQEMZ,AIQG\3-$N_-8]>TK8B(4$?CD,TRG\=/(T3&,6,IJ= MTYRP.'N@K_F4Q#8H.OB1#J">I4E$DXQ&\$<&/Q.)879*8M%7[Y\IS3,;+#:M M="#L5?)"LUQ0GUTE=Y3$%S"H8P85D"J-FD*QCW8M@7 MBKP=W4[$[D+PWQB"JKEMB']&LN?+./W1C?2EUCH0_CY/P]^>TSB"G=K%/Z:P M5M?O].8VNA(4AM<$E%.0UU!.71,=B/D]S>ER*5@W;RF@IO)*-,+#I72+/\MM MKK:#+,GW(C;>6Y39(W'\R0A'L3%=[BO%CK1?H"Q::RL2_`U$``V[$1V1:9QW M**"D[0[%3<>$)6ZD733=6MBBG=TQ'3]2WJ6DF^VV%?,9).+A])'NKE30H;#2 MUMN*G*3Y2:=C:=G@2C#HL2QA8GZZAN8V?@@F*@K+0[3\*2%1TW-8<4B$GXO3 M<.,W8G&23;D438$DH^'GI_1E+Z(,$/6.Q!]B$CS:W>\M#JM_@H^"Y:^7?A0` MT2M8R;)EZS%YI''QFX&I2G"TUM&6Q7X0$[*]R$7QX'!#W#6I)WQ3<.A8RZ87 M?:S6;#[BZ=A>@8L?3NWDGV8@2SH1GXDU*.6PPO_\J0?-%'WX6PC[6^B2%W&Q M-X%Q0)_$'^OOXQ0V,C]_RN$XU(Z\$"TU,L]TG0B9S!FF<9\M/WE*Y^#A8 M;9W.8I+!]JG8!)R\,ED7--8)!E]=TJJ9#HTTKTC;I-@2DISI`U^DE84\WUAM M)6Q5"P.F(XOLNF9%M4=NN9DH8)-V:#7>Y],R'#(J3C>#A5G4R[,5YRP7BJ_*+U?YUZTN"^EXG";%!N+^F7":W4YS<14M)-6O M$9J*0:__WLBQ!*4XD^YOUSCP`,T:#`*B2/#N6'@KO4+=O>VH^P1$B80XES%1 M#8:-,L'Q>U-X17R%QEN>Q>MV\"'E+(WTFR-IV6#PWAA0PE`PT?+$79>)^89M M+MPE?&:RG5;*!U_?*R-2*`I6MFP=7F^C[3E9E0Z^O&]&-H`H^%BL?`!O;_-" MH_MKCO:.6K7N0JJ7ON*3H/HCNML.4Y5@,&BP\;<6376CH2L>'+LT!TFO-.RT MM-E=C1`^PJV&RC_J=%;^QG#-8=](<.S2_F1U[6&D56Z?K8D1V3U(64:CC;U: M.#AV:J6RO@:I28*9R1(\9+_LF40W9X1/8!:G_&9C M8_1V[9.5#8X]FA@-W5^R]BDA.+D#:3Y43GX0'@D[@V&9VB@7'+NT.KIKU*0I"(O="R M_$(>*'J@7\TMJ@;''DW&SN^#6G>,C9"QPU84D(B[5'N<3J*P3''N^=:HXR.8\:7'ZO M!J_I$XGG_A**%5!2*ABX--^[6/-4(/S>`,Z%4NF\8U2J7$JJHK M4NMO]O#I&':# MK?19R8%'*[Q"U0TL)7:JOF*UM5VN$@P\>[LV4'A%?H7.N[,8W'!+:W^E8##P M[-1JHU^YU`JM^CNP/Z<\?Z!\?$X?Z9\VTD3KP%]>:CL)23 M;`M3P:T_?Y%E*H9Y.CEQ4YTF15)%R\0MLGH`];WZCEG@4E#8,GJX.85O)#5. MP=+RL#UT>HE4/Y&+F@`Y+`:,^EPIP:&@QJ/AQN#BI?+P^CX5H&Y'\W#XDVD.)V_V^SHXKHG_ M8]W?"KYX#&1O$@3F5A.*ON7-K-08Y3G-0LX*("ZZ4ZGYX(O'W;27'O06O*+3 M>+-RG8`N(A9/A2OH/0VGO,A4?_$:QM.(1I>@/`%X.H^GO1U=$)Z(4\20\@+O MR5AH4]-K.FD_Z.U[O/!LTV\ZA*_H.?B,:;]F=#2-K]E(%EI)KI#MVFJJ`OCY?J;=BT0Z:@TIMA M#,!.Q],B6A!F$9ZSWQ=SS$)T&2K=/-Z@.5#,.]TP-D>KZ`;>;&B;XL_E!6T8 MZ=94`Z#O=!=G1J6@SYO]K#C07F79E$;GL'D`O$4:G/EY9/[Y9+O<:J/>`*>"='\^4Y675.ZH>$./SA/B36*FVW%;U`X&7SQFDFU- MKPTX13:!_>WE([)X;*WQXPL=W*E<:](2J0O#4<3CL%A(HTI;)"\((KMJ<-*27=IVPY_@YAA9GM"R#W<#) MHWBL(-0:4S<*!CV?+S,T6^)D")`E)%H_-[M^A79IT#O)Q5G1@BG[1H*C(X_1 M4SI>Y`S6188LO9'PA3)XA`5'!R@R?=73LYRM-1YDN8#6H):>:2=K)[6R@YJ& M+.LV0$,>;<_=,EH3M)/7)%Q.KJTF5<#LT>+<+=&V:)%EZ-&*O3:KG],)AQT: M,3@=-&@-M(+`97<+?4`''UL*(!V0[[3IH(>:`!=!')1[ME=0L:4"$@^1Z_P+ MX6O83GHT-W?+T1H/MH0]M_DSY7W18,CITG=MTJ0'%MWF7H4 MR08N,L#Z`R;B-&.Y"+(8AUA)L=TF*G'NPZ?>9^HK0F3_,-M,&:7<)D;JE]78$_UKX+TG+ M`S2/3RZY(5$"L+O$2EU>;QBO-6!7C6#RM#>$EZ7&EG7IFI%'%A>^YN(-K(K3 MC,4-AFT3H``$YI9ZMU#UL&'+U+1PG9S^,YJ9].T MR:!W@.!T4H].Q6ANI0%T^:%$J(FP"SYJ/077I6#E0)"GMPLB*Z#P97^"99_G M#'K9]S2GRQZGLZ'):X`6$.Q)N^!,"Q!;7J@28+OE$Z8(!/?)7?!4`84MP9.( M`F?%CEJ`A&XE'(QI$NJYTM0"F`ANCKL98P:0V'(Y-=JUZG1S@.!XT>#3Y2%7&B%IJ:G-#FJ!XD/% M2_Y"TR=.)L\L)+%MS.3;.L&1TW?+[?.=ZGE3+2M:5-A"*.=]J2RK.1I/50?Z M/Y)W-/0KR^9W"69,V.+;;/(7 M#8Y\Y\VO2T95?&P!:-O-5S3PF:^H%8,U,6*+57.>G^C8=U[MIL3:@M.'PFW# M+<`FE*=+'P'E[RU3&UR;/`;L6P@.F@05-A5P.ZB#\ M4'X'K?(T'SB-2JK]OJH5>XHK4#4^;)X'G>8!/G`;)M\R>7.A?P5A>DC8O`ZZ M)@V'@<8->WB3-V].,^T"KZ41Q@<^8ZP[6$MK8T7FX5!@)?%ERA_(*\V*%$I$70#I)G6]KWA.;XD7E*+/##46A$LZP0ZI(VZQ%VK8`6 M/"8,[[H7U,&,S(7B"G;T'$["S69^B]K!8/`QF+;&BLQE`E.FE0.?203<[0)J M*D#KP+&=F)/5$K6P(3U`"["8=6)*6K5^SC)A$9AR:C0>Z>H$Q_L-/"OLA=,: MB%3E@4D_)B&SIB1&(#V*/\P^JX.=TQAP>[./GJ]:AAY-)/@'L1FX#?MN:^@Y M:&(J4,=Z?Q1#S\'[,/0T9`^MH6>9<1.FEGGJQUN8DHC(HG.=9MD9X7PV2OD/ MPJ/L7%RLY2S4\-N@M>#`9WQXHQ6T-=K.3$&*/H/S9,XEN8)LVH<+8KG>2EY4%:1$D652-`!AC]I^6"`(=][&SN1!I8^:G\;)E?-@^!`&4`(CQ63?7)8!V&@. M#QI>%#:13138K(]".N/FH%0JZ/=Q^$N\T:M&^67!L=D1FZ@?USZ["0]H_1MN MR"L;3\<6IJE2.4"$(%E5I:NK[%`5R;&9"D%W5AR4RP7]8P3'%%L.JI(CL_\M MTX&L%[J+US">1H6S2O*44SY>?V5*;UJW+5"==S?*QLM]0[3(+(2U4)@S9=9O M#;;&3L.\[%.C-N.S@\Y15@0RPR**[H%K&X2AGZ"U1U;Q&%=W517`Z3$>K/5` MMN6[#!:;:;+!P\H^HS5;F6$J*-SD"FTQM,ALOC%)3\)_3!FGI=Q&ZW1%NH%F MU0"`1_!^;R,*ZP!TDY.T.;OB]3>:Y3=I0F?G=))F3)M<358<@"%XO;<1PZW<31WFXC\;>+R/* M0&D5"C*C?[>Q>(?[2#Q\U/I7$*:'A.RJH'/2<)V?NV4/[07#YE/HL$6XY07R MJ/!N&5)>>*GHMNM6#<#2@\#QH]Z26`<9LBN+3=$+.;.3:?Z<$[;)#(O)5EDUK,S>O!!@1>*>W9ZV,!MOUA$3,W)VQ%89"C83?T58NZ5.5PV`(KB1:>N_-*KR"F=V.%CE?X-MW:1$^\)=MHZE%V&D$1&V+\(':GB&1^P^+\,H0 MY#1=8BN+\('2%TP#Y6-;A)VF06QM$=;D0-1#^M@6X0-D3U5WR][VDE#,0]7F M^<8D3%3*@'1(CZK5Q4HA/#)S["JQWC(I\\ECEG,2ZMR5E'6"0Y\9!YOM)0Q@ MD-E?Q;MIMZ/E.VIW=$(8%P&5-Z`8V'T+CPKM,<=8.QA\07#:,9"B.O18HD-F MH5T[5CV05W/TLJPXX,+@N-2$-34<9';8<\9I6#Q<"&?3(M8Z6@1;%V]2%)WN MEJ_>O=TXG`(+-'PY/HI-QRG/VNRK1JT4M4!B" MJ\IF?)I08;/<_D(3D956R!J-0J'F:-=0$N.]U4%HAPV;8O:9/\^=^ M-)2MR@"$][J)>8,!FY/U\F4>\_AY4Q+@O-<=BA2)WJL:P3FNSOD-("%PPVA$ MC@*+@AYOOFS?:3XW`HCDZ!IJ-LH%AT?O[C@M`:#@HKND_"+V`7I`MKSYGV<7 MFL)'ZRLDC5FC=AL`"^DMKL(*51^<@C-O=H]UG[H$1*;N+-E/)WRIZ>0<23%Q#_B7Z?"A7>CBIW MX`4B3=>HU0ZHPJ,#<:?=H0%N11=H8*:QG-W%HR0=3/"&9@`<@O-=BSG>"I^" MO"V^CVCT`CDCV?-EG/YXGTX@?6\'YL9.($[SQ]5V`NDKYRJ9W'\X@:SN?H]< M7I2V<@)1IS[30/G83B!]I^>\MDX@1^H\P7I(']L)I+__+IQ`&K*'-BSP.\W% MGF#(TQ<&^XS3V:\P95\E*T/029BSE^)9:`M7AOJ-@6X0V);K+95-42+S56EH M1.LCV,@W9<#*R-97[N2]V6M.HO^>9HLT@.D=A7U7R&*Z(?=#VMTP=O%SH%<$ M<<'==AQW>D+F4^/@TMYIHDW+WN".OP;W_>I"\<)JMK1AY97&@"]&>QB6C9,J@903S\MCM0)TK# MYFQ4!74^I>*"K/0\#].Z6%BV`/`1Q#-TPJ%M]]#H`9^STUOA[VA&^0N]3.?Y M&3-AF,D6GB>@GP?R6K-7V#0(\S""K>=6.XF]6K#Y84DZ_#P;9Z&MN9+JS1N5 MZL$1AJO)[4X:"B5@<_.J2GX2ANDT$1E.9^+V0QRBPI!/:5DMM?J#38/!(887 M/K;:0^S5TIT[FJL^4R329KE-%F-S99@F$6Q+M]H7Y"K`YM)F;]F3>?-T-9VL":#7#]!;$^71$M\7>RK`:'`[Q&F8:DUT6OZ`+^4G&!\'`F$/^(!#8O M)!9=>$@Y2Z.W-DE-)ZC3#"@"PH3,Y=; MH7!_+QXL0OZ^ITD(?Z[/7$DDF1U$H&.<9E-.+4XR;9L&A2&PB=4GNCUF12?Q M9@V[GTXF\S`^$B\17B6CE(_GWJKFOF#90G#X!<%E:LW8R#K0%%%:'CW\YOEV MAH3IGE@H%P,@&#)RU-&ZZC+S+2@%.[WMA6@7>_+G-(8?SL02+BY6<\+B[`$: MFM9]KU41Y5_]D6M-R+6I2G#<;[!=L!9-%5*M*Q[T>RZG$6E@M9V:-GNB&<.' M"K(^BTFV/'?:!EJ_K0-J<3G[6`5;FVE3K!1Z4,C"KLM"&D-WJX4!D]-C=/U` M:[G6%?LX!1YD4=8=<(0TKKH]66B#JN^GCQF+&.&S>SB@6\Z'JCJ`U*69PNU\ MJ`>%+"*Z).-W,H8_'SA),MAC@GSFU`;&RH#9J9./_7RI9T5!I24^9*'36^`4 MV?SJCES3?.OQ55;V`JO*,"9AL;3<;!PMI3>TL@J`$<'EGNU`4]W'JI$A"R\N M!2W-2A@-ZZ2F%J!T:3=VNE(:82&+&5;(:YQ2M?6"OML'/:U72",;M4@L@\,6 M`.R,1URKHBM"34MBDZA;A>'LK^)B84)??^'I='+%KG/Q^,>;#\6GRL6O02L` M$<%-N<6PDEC=FB#%%C.K0)Z=SLK?-%LQ)8V`$EQ:57TLH$J4V$)=RU+6FGV7 MP\"M(U/;I5/)@YG-,D!L(:H=L/8N%LI.Z#,NEMT]8G#V3**;,\(GXG$LKE\2 M965!7`0>UZI1(%GMU""P16K>/Z<\?Z!\?$X?\P?X-9-A5%8>H'E_EKFQ450- M"%M89$54L\E,7B/H#Y#8/M7*MV2K#`A;+&.G?.%:F+HDSK@0>3.KB`@YF'D8 MB8=DHEFXM.4!(@:W.MW`45SSJ=%@"PJ\(\F3:>5:E0$([](9YQ MF)1*!<=N$\O9'Y0V%:O1?EEP;.%QC?2/:V5I0H1I!?$7XG9#7MEX.C92LE$. M("&X^:IT=CD5$LFQ1:K=@/*L2"B7"XXQY)FR):$J.;:HLB(#[Y"S4/M>SZI0 MT#_V&'72Q+E4A<%-;%=&P\]/Z0L`$Q$/@H;#Q=^"@,,2`?-/@WEHA+B$_COA MG"2YR#G(YFF`SN4I52QKPD3M,6JS"56U@*$+V9I[WRU$ON5WXEF[BU>Q4\_F M_6[U9;;X-NMIQERC]H*!SV="VPS/%G"QQ9)5-7!'7^!O6GQQ/XF9-D3(7!M@ M>[QP;#4)VX+3AWYM+02EG)6^300*CJQT2SIP$'AR[GL[I/`Q8*5/7L MJMQ_1*V\]5X?'+J#Q:L,#IW&^W<0KU)H7;N+J.#Y8/$J M@`F7=:A#LM#&JYS\(#RRN(K=*`>(O!NUZ\]X$@C8HE"D#P>=B//!TSQ-XNEL M76:1[*>`M<:61,.8),)]W.("L/N?`[TZ-2=:S[02MC4F%"=:P!8/\S%Z%ZXU MPGLWKE(#HSRUFH_S)..8M(+>6_K0-2>_1.:Z1Z.01DJ6.V'6$] MZ..(6[/:%#7%A\Q4U39(=]!_=Z'5!0UF,LL`D9FD.B`-QP9M&^P9`]H:F*Q4 M^7M9_$+Y$PAQ2I+?]`N:K"RL`@A,_*I!(%G2U""Z2_G2S9`1@79729;S:7$A MD213$@\Y2T(V$1%ULX45036(;*H#<(]&^7HVF/JXL*5_V93\AN3SAYCUSY&J M*P%(C^;Y+LBKHL&6QF53WF4"^CN05X3"ZC:1AIK!8.#;_[TE>0I(V%*Z;`I] MEB8P^^<,(-]1H2(XV(A'/=(I3"7C%+[YO;@PFE\OZ*(>6K4+G=UWQ$M+]AL! M=IXG9E/&(:>3^7HPI/"#^0R$$;?SY$EY-V'=``!Z-^.W";+NTLS4I,JP+%K7 M!1B^0T^Z(:@*"EM:F8L,=/+CG$[23!LPM%$.H'A,R=1L"I0`P)8R9KDJ7[P* MYP3R`-^/+C$>? M'T;JN_'3GOBM1Y+10A?_!U!+`P04````"`#)?*Y&42^JSN0S``!4R`(`%0`< M`')V96XM,C`Q-3`S,S%?;&%B+GAM;%54"0`#J?E45:GY5%5U>`L``00E#@`` M!#D!``#=?>EO)#>RY_<%]G_@:R\&-E#JPY[+]LQ[T-FNM:XGJ>>-T7@PJ$R6 MQ'%69DUFEEJ:Q?[ORR-O)J_,*I+:#S-65T6P(LA?\`@R(O[R'\_K!#RAO,!9 M^M)?#Z+>BY@T>%@@0P=+BKV\>RW+S MP[MWE/[Y/D_>9OG#NV_?O__N74WXAE/^\%S@'O67[VK:#^_^?G%^&SVB-3S` M:5'"-&JY:#-C?!^^__[[=^Q;0EK@'PK&?YY%L&1=I94+2"GHOPYJL@/ZT<&' M;P^^^_#VN8C?D#X`X"]YEJ`;M`),@!_*EPWZZYL"KS<)%9Q]]IBCU;@429Z_ MH_SO4O1`!XO^PO?T%S[\D?["5]7'Y_`>)6\`I?QTLY0J]'VOK8KI'9'2E9S7 M*,=9?)I.$WC([5[RVQ+FY0S9N_PNI;_+2IA,DKO+Z5+B2S2MGUL^I_U+)DTT MK7\[G+N6N!2EM>Y4H3<3^N]S(D-/.O1?_[+_SW!TH=YOTA@'E42TC^U&A54;R+,K(@;\J# MGH*K/%M;]WDE2F;=,=W!,D%5I1/3IT#1VX?LZ5V,,-'KP^_I'Q1QOS]X_Z%: MU;\B'S62=`2X@_>M?79@IB9WABR-U%(P]1#$J#W"QZ3K:\28][LM2%:PN&>B M;XN#!P@W'"DH*8OZDR%DJH]_)>M_B:A`QPDLBJO5;9E%OQT^XV($-P8\SL!C M(O\008P$9"O`B,CL0\@\0L=X"&K\6/;_OF8:/M'=H`=,Y[>TO(1KV2PS3NIT MAI%(.\1&M3JU=(`2^IU75!W=G5/TO;Q?*!P3*.8P69+MUO//Z$6)!8'6`QA$ M>25HJ`@!HP2$-`0\2'I;!(2RJ_>%B.-MGI/?/<-%!)-?$,S)X?B$3%<24,C) MG>)"(;6PB'!2P&D!)29;VY@ZK#Q/%[JN[R+$K-_W.VV<`*_8SW:E]U15G3DGO<&V7J=I6R'>OL(R1A=;4OJ(Z?2J#<*2D8? MNP:U)K(M!./B)XX%X(R@PQG"'&$R1B/;"^,!VK?+XXXTJW%S`$O@=W=&^ M[`ZOHB/W;;G-_9GBB""A]6++0WFE1LT)`SD8*'M[S-`57;UO1/`3"1?@C'PV MYH?4T'M!QIC<4G149\<*)(P\#(1(>W\,)9JN=X,4>G8UQTF'VB-*NC+K,,+\ M"\$A1.AU.3XD7>[NAF.91MD:W<'G$R)/DA7;'"FN8(VXG-]RJ'488HA3`T(. M6OH@+ELMQF1XZ6$\(%Z1=8>>RR/RD[_90:O#%@*VNEH8@HNR`,8C@==L/9Y0 M?I\U+U-\J^/96@2<&9B+!&3N[.4&)>SA&62GW*N*2'A^(PC8^SM,3I`THCC`JKW;ME.\ZMU59/X1*ZY05JZM#8[I`XM M;PI,76[-TH)($K/("W/;4[-YV'8IM1`W'!WR<"W,K59NMTYZU(D;)5/(N;.> M3P6Z6IT6)5[#$JE"A(:$SBU$D'2('D)`5YZ&)%RS,%(EFZ6*2UL8Q]`0_2H` MN,.UHQTHG>U,:9<69X7BH2%.@+`[^[S.<9;S%T@W**+1D'B%>0Z5P_@? MVX+Y&4Y0$>5X0S]4F*I]4\ZM=H*VXM5'GR]LX$X=WB&&YXWMC#P0UWFV07GY M,<@;CU1Y/E;\.5HW_5VL-.RV\])_*P,+A>'@]K:W/HL8#%(_64D_^<$N&> M8-*NNT:N"S-^]SX,0[V$8S]AX-KML$&LX/:PA^N,!?HP M?J+Y^HJ[K)X!+F`*'U!NN$J;\[M=JBWT$NZ"*E9PEX%FA:NXPS&MG6E9>M72 M:`F?H>9);_&&[35?M8ZOLAS`3E MYO17;U"!R(=D*OLI2^)[&/UVMDUCT]W_E);B:O>H;N!1[KGEFQGN&&[-M.IR._9[%S83_# M=D_)Z3_[><]`])YLJ6J$\1_%Y M!M,SA`K3AS,VS([SJ1IJ)&SG*CY`&0'E]'#H-3*[R1H:;%CCNA<2V@LKTKIO MV[)":#^!K#T\=V!)+&O+LBBV=*$]S@H3?Y)M`WXLRD0SJ57QO*`U-V#L@1UY M_W_0TVH"F:2HS212L,[`=6=$]"="F4^,[71T3K$TTAGSRBV*MCDN7^JM@>%L MHF5S.X?HM1@"K>9H=\1AS1:O2R.C><%>)8.[K*+6NM[(^YX`#`VJ9_96UN0R M^I8(MR7'^2A[2+'=LUL#7@^1MGI]Q&<7C`=TF,*]K?*FH-MX6D-4BE&T5I#T MD(W$W+SD+/ZRD.BQUJ;L"->&'*GC)0N)H:&8@)V2KAXJJ M;`+Y[I)T1_4/X\#P&4W["A^?TQN2(',R#_(VV1Q9M0HZS0:!YUVC0A*?OB-( M.-Q%18\HWB:(!?@.Y&6%S$S.'3:-N-\SV6@H[`LJYBJH780V:R&@W=!.E,WF M*>MTGV.-7V%[,Q&\2.WZ!*I39*/^*[LJ-)S_>?&YITN_^L MATY;+E:YS6[=HED5<( MT"%DX`(TA.`S)_6];*FZN[=FZ?O:X0'\"\QC6F-(LR8-Z-P?C0=R"KL9^CTK MZQ3,LC+:M<*15-ZOOKWTASE9R1Y8S6.RD+4TY/3,JJ]3R5OQTYBZ%FD57.WR MLI^?"\3//[O7A.??_]S21Q(Y>`F;'*-J[UKFSTMPCIM^I% MUXC5[1ILILW(=6IUZ=)E8S*(=S]_:^P#&&^T"4&KJ`^//:D-9\[6C(4QM9D/A$$^M&'2RO%IU MSK/ZE=V`V3W"3#02H-:%UP)01OK/#FM(:['QF`GPLQPPIUFFGLC!F$RR$5OB MI2NICL%'QJAQR<54-HP0-)0!+)-FW3^2ZTG;]_LJ37B.'F!RRJHC2Y:]42JG MI0A%&8=88!2`DWA?S13=VJTYJ.S3_58XEZY$(HF'JN7RLUPUOMY7#EE/BA7' M=WQ:^AFG#X<;]/PQS[:;)3XO8_4124[O]ERDD'LXR)04'%Z?_ATP8K!<`D(> MP-QN-`"]O.CH4:^ MT#Z&+Q7@Y>":@?F+W/!.9H30+;[')!TBX2)_&]Y5C+2+>X.MZ5^7_O$VH3L@W;P&E'(1UCV-LO=%5[2VZSWBQN#J1<+A M'SMR5\PX>KSOH0U'08L@OWX66AH,Y33!^#7<*%8D#;V7(GAC-T@!%Z MWFO9BG]-X(:+(LM?P&56TON5E/Q"0?V/AP\Y,G$;S5:)F%Y0"CE-JZHRC[$R M>QK;<.E`Y>D7Z345?/7@RV&$;<'ERK)CK)4H8OV(5DR4(@&L[` M-B,6HR8Z82V'+*`')K+[^\LM-:&K%?NV.-R69/'$_T+QG-_^S?B.^D5X:]YI%[0-@[IE0*$+.FVS0I%5 MZX`TSRUN`?@O^#>LG0)(>.&^>_0X7-*)6,S\.X7XKC->J\@@!X$9N_LEV4PK M83VIV?IU*&M.;0H!9\OI-/7:VK_$A(]@PC*3WCXB%("%VN!06-JL0>C!OF2Q MU3)"?S8CBZ=NK<-[%+6Z=Z7X\!HYW4AQ&Z$4YCC3W8&.T_O#Q4!N,6\#_SH8 M3Z.RPZ48D?>VRW0H7(9/:;%!$5YA%.LO/N4\'I*=R.67P68!.M0A77[JQD+, MY&$T$!XFGG.6]O3^]N_<-V'`+"65@Y3U049_]HY M-"NIA,`'\K'_X>UVV7!0Q?YR.)1MFJO#E->6H*7H4%[PL'"#.0,-=. M@$TGY5E]G\\B9_8\KQF]A9FCU_+P:'F^O%N>WH+#RQ-P>W=U_/-/5^W MO_OJN^]_!*?_^6EY]XO?:=N;@D[G!$O;$^:-2887?NY5U?YGFHS>L]$[:YGQ.Q:[4K>M.[DM7"IS7H>MK2!0LW;_O M9/YRZ+N@]VDHIB_)54Z++I5[;T5/QM'25P13]&O/MT9Z.;O%JOR#?V3P!1>* M;.1=QA?0]]TE)N9$WWO7IJ6`JY3#0XR!3/:1N\.:DCUK;_8"OJ,,3!7@0F]4 M0KM]=J]$C?CPW@`R7D[M9@=SOV=O]?%ZO[M6HXV-6E8F7G>?' MPMK'9!;#V"NJ.BDM(UR`95%L?0?*3I:'"\3(_A!I/- M24<\U5,.`V;WCS9,-!+NLALF0+G`,@45WP)TIPG/[S)FJK8A7`A.R$H6896CS8390\%` M`XW$`H*7DX*Y`8DE'^VLQZ?7 MW-Z'G6LE[5C/0!_H867*42/8+CB;U".,W+6AGFY$R6J%`'[NHSE MXIZF\6L0UC@SPY[`X?>ZR/R::&=)Y&]0@6-:DPXF/V5K5%PB:0H%#;W;E/(* MN86MV>GM\N3T\FYY>`Y^NKHXO5V`R],[_]D5C/J_EVC>K/,]A#Q_1-E##C>/ M.(*):;X%D<=?`/2(_$,4=4G"R[T@&P!I++2Z]P/(+BPF0!^]=C'@#B>[<$^G M2=F%@\G78#%NQOF%98/F-N)9F[F^2^0E^EF:$YU^&5#.<[$WQT*B=UP59[A& MJDOCR*C];F:D`]PA!(PR@-$VZ'7E)F;'XR\-O3JMHLV4VUM3;K?X,-9)&U%Z MV(DHK9D#V0G;#5P/4E-&;9\0.U=D`+)N(3"HG2MR!1G"[3R$/$(31](.=Y)A M]!:;/R\,/\R(^XG!]4%%ST^,IO:_Q;/`ER9&.J1P:&;%,#G+\COXC(JK\A'E M=X\P7:81V;&PS^PM:5J+/JQKHNXC:*4M@566`\8'6&.@)*T!WAS_W+LI[DCA M^F`+2J9M2$8Z!\XCACL?RXZ-&<5D<%:H*-@;BC,TS8!-6_%CM,8ZCAHJK=G0 M80>4/P##G*U40HO++\!]!O,8K%#UCCYC,U%0"4AL03IJEE,0ZLX4E[1$+BK* M:;M1(V[GIF>FTQ"=-5<8N]&9.@2ST%G@:V@]UN":X3]H%LH37$1)5FQSI'1* MR>G=^@84$=^L[]U-H2=5J`>1B">)O2);3DCCK,^S MHCB&>?Y"]MNTH%!Q0KVK)8X44^JDUIQ/L=-T'D*R;H6!DK>S`$U+@#8%>FTM M0-V:W]DY4/5=3NPS4#^S"MXG&-8)?\0IS4MZ!`'<+%K/!1#H!F.@^." MJKWWD\<)+`K=2S45EY_RIU(=1DMV#EZJ,_IPGJ[IQV2TMJ;)@+A#%G-^=M(> MZ99@";US-,GD'N*(>^R[F:J"61N573^$CD&_.PR9H[5@-9-/A\9]`%Q'/N$% M$OTNF$E$Z$DA1&J\&V9ZQJ0VY=?=,T=2VU&>O'5`W MY-E!-'F(>YZCF>/K*],-$>TJ9[+'+.E`73]7,5>9-N`Y'XY",VV*',(+LAQP M;IX&I"W`'%+*G$E*5KE!FJP@X&N<@CA+$DAVCQNB)LO](4FNZ2\IC@ZJZCPY M9CCU989,E.*PR<1B;'XBHV>S&]%$:VZU#:D M!IM?V^%)FBSMIF8*PF8:#4SM);P,;L:*].T$*Q3Q;2-]7)G8QQBH_-K&59NY MR])`>IQ!6$E?%U-3N=I[[K(9]F*J4M]H`DY?*$6=B?E((>&$\Y$1M\_D MAQ:'AGX^Q("/1;/4>S4'(@M@*K(+AG84ZHAF<0Y2D7+XMPWI`6',+L+(5&VM0Y@G'`V,M(;@]VPCB&-V ML%&S^3<']?Y_W":".=!,TR;@HXP)R+1V$L`AAC]E;JZE#.H@23D\1%G(9)>\ M/&\O'O=>XL@XR,)4A>,L+;($Q^Q0U2J2K>KWNN1[_V:A@9,88&&`I5EY7](2 M)OQ79%?N?1K7.5YZ\HF97>C755BL'Z!:B(GW*:8R/:BID.`&$&KE>;>30;S-Z0-]2L)3>;[UGNM'M+1!AA^9 MF3E\F%>_ZJ]3<1@L=PH>]P_T%/(+C_2:*(XVQTH@BYZ-&C7)#_[7-BUZA/>% M9M!Q>3(JRJM5G9&`3#40Y[3`U@7$:8G2L;(RO2VO`;>'`=5M^GIBFZ-3IES11`M5KKM')[?#)&HGB*LH2AR[(7,#DMZ&[V#CY7 M1J\PJ'%R#Z4M1J46=R9D^\'I6+A@1>F[:H6Y[(C+7LJSRSA]I:S`BEC300<4 MA['&.$=128VPN%J=(UB@F!@?W=VQ-!/,**_R)GVK`O[6+;F/,;;650BP92T` MU@1=;W@C;#[FS;0K4):WF7U]UEB8K_1A1+ZLWG)'M!W/H=*S%>I.']!,.:>! MT--,4@B"GF./+I,=D!-RA-DAFR977&=YB?\U>N;N!8LKN#PD+U#I($;IM]0+ M0/Z5(`8_.HMT61?@,DLW>19O6>2N[P0%4U5D>L$.?9V2*0!+TV-/3"U@"#QW M%O01I>1@D%!IXC5.,3V4EO@)Z7>L6D[GEJ371:S9P#BX]?1XZBWMGNLTF2S" M\]2"'1[9/.#2;`P!-S0=*[0YK`=`D\?1+&H*0^G0N*\&T)%/*`9`OPL@C9]> M1H9CG@TVB`M?8=2%L@7C0^X.EY>HY.YUFK-&@ M9%4K/&UOW%@7S)I9HVQ/6#4;0C3)+KOCZU;#U39)7D#,Z;^QBC)QLU;O4N^0 M)K*=F?GX,[?9-K[#G0--7+N#S8.V&;_[![V6!EN(7B-.=Q$F3_/FJRQ:(*`F M02:@NB4RVV8!O#&=`V3E5L,*Q>YV&_^%\,,CF0D."0[@`[K*P4CQM%(^J M``HAP>#Q+LB\FKT_5;/YJ8X]KH4ST M1AD`X_"^KFWZ9,D":M`*Z%F5-W-I7E.L^><(SBHY=/!8J7:?.H M]C`J\1,NL=$K[BF-^7",VVL\MIUC<*R;`4M!6./.^F` MSCS#O`IC&@?PFGPZO$=\S;.P[;#J6OR/;5'EVLUN$.TIG*">K_PNVYW1[^?G MW-=QVT^O":_VVI\AFV/0_!`0[^/(U\%-,4:>*P]=668@;[HRK<_:Y%/Z=T1[ M<5/WXCWIQ2WM14QZL?-X/Z1I:Y\F+!2OV[O].JXV<$3?5!YG:_I\1?=@4<;@ MI\;`F.2CY04.[MD#YRZIYSV^L?@T+I\>G#6".Z^'($7-:"D$#62<7I;E]!'Q M">+_7:8G6T1W9)UR,ECYB,JX!1\788:ZC5Q[,0[P=R9J>\.6P+:V*ED)$7ZBSW@"."A;`G3D4L<>G3[- M[P85*']"9QFO><'*P1;56\K#-&8UFJVLT:S!`(S34'-#6ZU:8R7,.^TMZN?# M#.][J6$^UVPG]D.WA#E3#J?%-J>!EB#G+09IS39XUQNW/=B]+K5H0ZM*L`HW MO**AW3H[PAZ`'8]J9;K"RU6`AOPG??.Y:. MHM?BQK?M@4II"YW#=.FK9HCI[GW]].!]MERF3[1Z\FYN[Y2-A3(KJC6VO+UK M&GM%MW=V'3"\O1O3.``W^'1X&YJW,;8=U@R!+Y4OGB5XR!$Y$A&1R9P#DS9# MB<*,31MP7T'$5#/A9%PQTANQBA5T>$$G9X[?$\=D#3NY/(HJMCBN_I6MR%), M49LGPW/]E-D#6DX<4*?E5*P,4JBJ,L$:?;HT#GDP<$'DI@YD&A4> M1?F68!_#>YQ@Z\L$LP8#<'L8:F[H"*E;`U5S/!$";Q!T6@P@"\+.NJ+1>=/1 M&58Z)RVK?YN>AWN]/\4>]-[/#%6AW-V<&92-A7)F4&ML>69H&GM%9P:[#AB> M&<8T#O?,8`!OPS.#,;9=UAG,(H1B%O=VF96HGG=4IP0IBX?*@E+I1^[(&"E' M(".N%UB?*^@4#=@[A)1IL%%IX+9RH!I'8LE`$Q"Y/SM?KP8'Y1ZU MMU-Q7V;IB8EFMR1T/-=E&*==(\FIX`D5?"7-BN3C4#>"%-D)3@H3'_AFS^AH M`2CZ/L`,W*>`P/;`K;L6O&?5Y^.RU']_3TE,[^Z+3`\H&0 M-L"(>R.`V]^9:M.S7/TUT9!I[]_RIB!62-L_&:YN+5-C<9XL26(A/H\6[L7B ME8YN2YB7,X0#L&1UDX[0`TYI'@BZXM$/.!;W*OMIJEVV#20_I>^I'Y-XQ$W#LU0DF3%-D<&GL_Y37N9XF;VAM0I MR+*BL]=#[5L"NK$8]8NV30?C(MU#W]QN-YN$Q?O#I*LRF53(KQP&*V#_6Q]`@7LK+H.`.M3075D&KZ+%:LW5QDEO\D.(5CF!: M'C:I]Z^S!$=DE;M#S^41$>DW!O<*F;VPA"4K#E>5;)MD&V?.DV"MDU0 M-PH^TV8!:]?S`K3C+KG*'V#:E"=J$VBQ?X[V%_EX6^`4%60SCHHHQYNVUM&D MGG-I_KLPJ^%TL3N;FE5(O7D;^%.V5D\&.@;7)=;EDHOAZNU+3T8<@&&^#B4, M2Y^;:W'WB``E):?2N'=`S3OJ/=)6_%<^UYC&H`RZD5TXS,EE\""P/4Z8;`(F MM^@^L]9DW:4/3#6/:GL.)N]SRVOI!Z<)KN;9@Y##:A?&X*."];()[:C3/QRR MVJ`&/B2;1CQ6NS;04%4#NV5O:O@NZ`T-*RT?1KJ[6;HNI;$]`?B4['$JKZEM M!U*7GJ5:KJ,M3F+N?J[_7*YI-#ASBZFC7HS;\."3,M=/#DY0<["EIOE'E]^W M)VNZFC49#[W#^]?),"QG5QKI1\FM\\[2X$3/WB1K"VEYG[6L![FG6'[>[V:?920KJ@1G,#*N>C:RF7).IR'WDT%F6GR-(5O0' M%IS12;))LVNB%*:EX9EWXHWL=9=&[]#G$%5;/`AIT<]1RW+3LA;W>D2> M%JHTOQ_.6>!$EN,'G/+K=T7PDJN9V9-Z/F*S)EJQ+&QKE@F'L8^\1%//U(PS MJ/TAU\5Z+TC8`C])CRLF/T;3XBW[.D4WET$S3]%:G2[WIL,.=JP!C&+'*FO< MZ"IKN#)J`XFMJX*XN=;8A^0N[52&[*%AJF$]I\@\RT]?96RG.[1KGIR^JI(P M9FJ&?([+R.OUV%UJ_GW;Y52-)A?]V*^QOL(!,GH;.4&E8YCG+^SB>TV?&-'' MD6-:7@^T!+"HHX?O8<(&M'A$J`2TKK'OQY2F4TCO3:7=_.$R^5E7#"*763D6 M-9N')&A*+<1Y@\.M6PR);U'V4WG%TA5CI\SKJ+AB@C,Q09HIR-S9RRG,:3X& MFA2$E3)DX0PO)D^.M9S.K4:OBX"UBH/F=`",9\'#7%[`Y^J_P3P8]J.=2YLR MQ.+0K*R`Z,ZR3M`*Y3FM"UJ41>51)6=P&MZ^)9^G*A>E`:]SZS+19XC`FJ>^ M%JG8*O=DR^KS"#I%+\F=P#X]8H:SQ`ZU\3\A&)O0<$JPM!_;2:%`T=N'[.E= MC#"?#\@?PVF`?/3K:5KB\N7HY9PV2&,(G_'8)E1.ZLS(%=(*JPHCH_6P:D+P MF9)Z7$!T?5W#PZRC]X6&^A=/LC7$8X^:QHB<(D"04)@IFA'G))['?+Q'NZ.M MZLX97K>/B(B+X05:WZ-\9"3'B-SZTX82#D>R^AY\YA0>!U+>H3V'@Z(W9PPD MV27"0CV,/1*W@]B73GB92[\-90!'.K(W?-)>G#%X+)CWFO3X(]F_Q)_2F!RF M'W+$WB7(1E/-XW9X-?(/QYL'EC?T@#&`AL.CJ_M5*&)XI3Q%HJQAS>_;46UB[[U)Q]S8'3K<_KDE^T^#B-XAH7MW MVE!2X23`"+1QMTY=2*.]*WB,%%T[8SUBZINZ(F=[L*R:46 MTMW=71W__-/5^WOOOKSMQ_^]",X_<]/R[M?P&?&XWL3HAF`WMQ@U/L. M<],FL*@SYDL/B"IB]_ECQR06[DLI45NKP?^Q4=_?0EY236>[?/+*(@BN84[` MFL.TH(6XI5XE(RX/3UU5.HAO?WC0"",''7KO+B>+,1$?Z1D.B'=D:2AN'6FC7!OHS5G>!UF\1:V M@[2$G5T2-HLVW&?RMM!/V/=W>$%UZ*/0)E]/X/S MH9W;-W'&F!RI'6H'2)#G?8.H=MKBKZB+H;6"O=--LP.T>9D4;"LP+"M`#R-&4![(;M M1VP(0-OAPJH];[`=^K?(T"'MA-JC*KH MMR%YI<0>%7Q0LNYT-^X7\!FOMVOMR`_HG(_]4,[AZ%??![0.CO;L$`&*;G6( M`9R:8:!/YQX#`SD%#/#O0\+`6,\*&)!WJ]]D,55109@T)P/+F@MS&@TBQ8QQ M#QAFGVG:`VV#B[Z3D-4G",I5.!\:)DDXIN#"H8N#A4WE6'P0USUU=XC<.R^Z M$@K^:?HE8-]ZKB2IDO(,XAP\P63+2NI$9%^?S[.B8"D2IMJ),Q!G`\01D`Y`6,%-6\'63[?,$_5KF,7&Y3C+*83[:I2F:94 M2:C*$5-Y537H^TVS%39[]^H3@.G]0=$Y3M&2['\FO%?KL(;RK*BKC<7+(LH& M&%\0VU^S@3)\8"09)7?`H[NLO]%-UM$+V[+T[O#94T[MHS;S)IP#T4*[T>TG MXZ6ANUWN^DD'?ZL;CHO1=BB'$)TVCHY/73VAM#XJ.8N?$]FX]*/GLXKT=U]] M]_V/->+4KBRGIS9[30)RQ.F0-'J8T\+(G25X"R%1ID\1CL M!!9BL5L%)ER>U\IC6#R27?<3CE%\]/*I0/$RY1S$E!N4+-3C]O7M`6`TV]`TPAH6PF@5L]LE2.J\I9K"7"C)&SX_)N9 M/7#%8^0IV5#@LXI%G- M:Z8@LLY8#4_O<&$W-@YG=EB2X_#5JA%(.8./$+N?J<?XIJ_;D.\7B!/L*LNP:=C]);<6JJ)-+-UQ=$4_N1,BSU6>K/* M:FVO4)+!%*P04F6S=FD89B"398`V09A[@[E:D?_6%38-[&1`[\T\AG)+0503 M#^1A6V/JZ=J M;`ID+Q_N:3;8NMRU02;6N0V[7Z[G]H2P-+8WO^0,U6T2U`\=J_TO:_:`M0OJ MAH,XJ^\6)<)ZNT.(!&@Q1UVI39[AS&XY7)N1]L6NC28H]\2.H#+9;DQPXCA; MW)(<$%!\LJ7[ZVL6;\`D+?CG9UE^B_(G'"DO06P;\I,WSD;3T>1Q@%,"W@3@ M;52X)_BOOEUE.:A;\H_X:6,\FDANX@#/>Z1&#`4]H:AC5!LR,(3T6W4Z3B-6 MYT_6#+09>;G&N;H3RW7%%<#K7=N!&CYBLQLEYZG,JZ"^J_P&/SR6I\\HCW#! M0TB;+XOJV^*#8HZDMSIE?$@$R+C)HF&.*M\6#G#DW1$`4P<\X" M@"3]^IS1]YE%]H:8:%X@]L7M)L&JWRY/3 MR[OEX3GXZ>KB]'8!+D_O0GI4;#(@O77;?#0;1QS!1!LD MJ>!Q/T,IY!^I>]@0!13KJ!T"8=8QZ_\9<\W_AM%O198^X21!9XGZS#!.ZW9N MD<@[!$"7#)PEH9P#5+W=FT#T7>WR.ON^;#TX)IYT"8.'"VV)Y.*E\'W9"WP* MR96M['[Q2EC?][Z@8^12EG%X!H_2!3Q$3U@^7?48J`&T^\!*6F&AN(8O-$>< MLG#>"*';I69,4N')(:4!%5$@]?&D/=Q;833=NZ,1UIY;),3^1EIU4AF,=C@' M%&672X=]QI%$>G(E__]3MBUP^L!J09\GD7I/J>)P?6I5R"XF_B'$H*(&C'P! MSL^/0]EHZ@=B<%XU&X4YH=(X>4+Y`RS1$4Q_4X-BG-9Q+RY3L6%GRN,,TW<+D.L=IA#?D#WXKK-DZZMF][",-M!K= M5+9\"\`Y0<-:OR'P_>S6AW:N]\^FJ!S;3-M!TI>U7=!P$UR^2)*MFC!YMJR! M!EK$U?2*[*I^C&@/BOBSES%AG3#)`OQ!UG*=F4 ME/@^03>(WB02VZ#N7IIB[W"=D6]XN#I_P*AZL#6S7<]HM>\'+98[3=+W+U6C MH&X5=)NM'L>&AO6)Z%!;PBQHS%C`^U)8?[`4_N4CXA%"Z/<=S4!:V#W=D434;T'0]3X'"QXPS`_NX-[ MU_)<^")F&9U.-;I[^_)(#A#42I@QX5;1CEWA`A31(XJW"3&J,@/W"*RV2?(" M*`F.%S2IU/'Q+[\<7%P& MHLKM1`R&G0,_#" MC#I[U&=X!SKU76@M%XR*<]VC426+6U^`6OH1P#75?"KRD)Z1&@Q%[WQK/`X. MC[6\[ENVWF0I1:XNPDU"[_Z8*Y%;..Y65?QJPH"BVY1=+YR`]?WN,)>7I"6NB(&IZF(C.B]!DC0)5<0^O%7/,Y59+Z](0I;`>&J(&TR[]E5%. M,U&>(/[?97I5/J*\D8^7_#E,XW,,[W'"RC-R^GT.4JV,8'Z>98^E"A?MU]I/:Z3 M6G..P&DZ"^]0JU8Z\*3I/:N&`&WI@#;5^3X@A^Z,<1]B>O:@^T2[UBQ0AS!)$_AL`A'_UZ4CVN7:;\R2K. M4M6:JV=Q!AP#Z86W'A4YZ-`'LNB:CD6-'KN!<)BL)_'!"\UREB8_ M?^A].OQP0),PC5@R_OG#;X]7'[]\./C;__J?_^.O__;QX\$O-*%94-#HX.GM MX"(H@LI]ZG[X<\#_Z'[\%;Q^/#GN#@_][>/33X>"GX^/_=_#_ M3[_]U\'EP^/!QX,?/WY\BJ"%HFSA4YA.#CY^Y+\3L^3WIR"G!]"Q)/_YPW-1 M3'_Z_)F7?WW*XD]I-OY\='C8_[PH^*$J^=-KSM9*_^@ORO8^_^>WFX?PF4Z" MCRS)BR`)5[5X,Z)ZO:]?OWXNOX6B.?LI+^O?I&%0E*+2]NM`6H+_W\=%L8_\ MHX^]HX_]WJ?7//H`,C@X^&N6QO2>C@[*#OQ4O$WISQ]R-IG&O./E9\\9'?W\ M(7NA22GFPWY5_R\7:3B;T*0X3:++I&#%VW4R2K-)V>L/![S=W^ZOU[K/V^`$ M?.9??E;7_PS=V[*#IV&8SI(BOPO>@J>8PN_`)]F,1C&(Q*QC-33IJUHZ# M#G]/"[KX%9..K9=WT(&'(@U_?T[C"(;9Y3]GP(E)-T2U7'7F/)U,:9(;*Y6@ MDH.N7,-$-:&/P:N9PJP5=_#S]S3F<^%=D!5O,!$"LI!#,^J+O*Z#CH&@)ZS@ M@SB'47&>PC!.QC"K&PXL974'W3L+P71@J*?*!IPH2!+! M2*2BJPH-%031>6=;%+L%5G?QBXV,"W[ MJ6K"[>;&OH.*RCO<^-CWT[2EW6Z*[/MMT=B[+-<@0.C+,RU@NC<$8-GDKF`\ M\!F^%.3MZ';*K0NF6VBKYMZC^^=!_GP5IS_<]+[6FH/.WV;C(&%_+/8&2]&8 M=%5>U\\&:4=;HEUN@K;8_=2Z-:VAN8%>K/4/YAL**A4M>LC;;&OF*6U0\(-Q M&J[]1LRM7VFF$P+_A*A^X/0IYW:_8M%0'#S1N&R>&-G_,_^`PCC\>]N:VN+_`1\N^U+KP6%EV&GU7%2?]M>[6J3S- MUKL>9.&B.Z+7%>XO.TG*X_AL\L7JK`*$LG+:0Z[TMJ!FJ60_?2*?^, MKQ-I!INWGS_T/AP`Q!'-,M@+5Q*20BC[7XIQ.T9'0?Y4MCK+/XZ#8%K12N,B M7WRRR>_\8[*<=\_C((=IH]S?G;ZR7$"RM@X9?O7*M8ZP=7H-X8A9/MHKENO( M+M))P!(%OP%M)KD(EHN.JJ$*^?(0 MDB@K3GI'^\>C$HR8RB%B*BNUO&(QS8!=SKYN%M\I3&$M;6RI`>QKV+AJ\F`C%37Q$S-9_\T\DD3(KN`SG>6E49Y\W5\BA6`D9&(VO*SCX8_+ZE-`0M@A!0W&NX(5-\_;&5:!S=<+[0["G-Z9H`+^E2LI&LPKL45R/#XJZ_1NMXCD]$HJ4&&`Z_W%28B%H\A)2#W M7@#O-3@$83(>ADCURP9#8[T@&1P?^AH23<'Q><9ND!BW`4"]WA*IQ"]SJ+"" MMN<#:"VVR\<2LY3K[:C>E[F#\7F:%WEIE>0AEQ&LA97OKL%2M%7#9'CTQ=N2 M9=KSLWK/C9:V[5H&H7@]_;ND5K)4NA#0_LX(]4!+#W/!\N>M]IR*6J3G;=\I MZ)7)"%55(T8M'EA;8WA_6I)'!'D:2K"\&PTE7E1QMZ;_M'I7=$+-H MA1QY=:RPHD0\[&S![OTH5,7`>QB(JG@SFT7.JAUR-/`U1(WZ:3)*[1HB1UXO MAMNS)!ZU+<#O_<#=)ON#O\N16F_,KST$E4B_YVO(S@6_T;>WZK\F0]6L`=)' ML99J*!"/1PN$.QN'/N;R18`K@#%7!U4UTL=T8V6G!%IU0%TZT7),=>_>BVHE>`Q%&,%09"KP*6_7L0SP#C%4L"V$KPZ`<02NE/ M4:VD(H]SJ_KD>'^G>'.`C@*U,&C%7<;2K/*'NJ_4(W$I76F'U&R`FB?6_R](IS8JWT_"?,Y:STC2@7^E- MJY)C%*T:[/I/ZI+^_^P-S@(ZB MS[;3"LF`/XU>>*:@_#%=Z/BW(`G&-#,<]:;U27]/A[X50$>Q:CMA^C%XA?W+ M+.-H[D'X\"&H[Z]I'#T%X>]7LR0RG>GM6R)#'%=5]O2WQ>HW%DZB`I>P`TE_ M7-!I"FL8MR3>970:L.CRE5]L4T/Z[5H!<:#P][&GO@U.SY%QL@Q.BY].@^2* MSNVD!@8]\\ID.-R_HYXM/,\!=1IR2^^MZSR?\:FJ=$RQ)%C;`.GOWQ&M!4)7 MX7@[6<4?:#C+RG2JU;1DR+&F&CG>/S.L,2Y7T7D83F7W%%#/8"<2IN.$V=GA MM75)'X4W7ZO3F!DX5[%]&%1AZ4!EK@&R*N1X_W;G1IAV8#G1@F^TQ\U.65I`G^&M':E9:X5MDV1P=?].S]L M!U:B.3Z25VVQ\,R>>(OO'@EEY6XEOX#JU-VUZ MFF3'N>T0[V_(E<%;7!Z\6Y)C\IP:Y6E8+TAZ?E\%T%$C)E*$P9&_)P8CDFAWOG21+/C%JE%X MD,39#(3'DO%I$BW^O)Y,L_2E.G@K+QD-VP"QHO`Z<*,(EK!1>(J^UVJPU2H` M\D+A).Y&34SQ.O(?+=(BB/%J1QC.)K,R(<4%!6`A"S1112U:`WFB,-*\@_ZH M!+"U9^K72J,2.N8_@%:GOM.VTPW4!%&AL/7L7E>68%TYM?J?:7@DCH)Z_C7L MV5'XL+CA=X4(A\NJ&QIOBV>:W=.0LI?J9E%.Z691K.T" M3$1<&M4CQSAR+6]'K`74+CFJK@/D[\YSQ:Z,*8K!K:I&AGY?UW([T/5(N^3' MN@C&*.,O;FB0P_D8=B.K9P`4.J&M2X:''5(,0[BNG%3]FP\7@*M;["I$9_Y2 MA'I?KZX(@ZA#VWH3K*Y<5O&HQ.T(_@7]+^$::,):>1`*BEM>MPH@@.C*X13# M0J'=(2CL5$$RBVPE`XEZ[65>RC((F-N\GY0^ MJ*M2L%:B\`QRH08-6!)F]](6>)["-BDK&.CWVM-G"BNON`9($,4)P`7C2H@2 M]O-;&DM$!`*3Q(WHUL# M4Z('UK9`_QO#5F<$E52/4!P$G:SJ&I02)=A#D]_=HK\EY#+CKOI28+,T"`3) M85!-F=3V+P8D87@O@\[YG)8F1@1O%@5AH-BXM6-7C$9"K;61+J(C5N6Z^67& M(FX+]G;$CR)6P;D+6'2=G`=3!KN,&GS585Y;&<2&PGS;3@E,\4G4PMH4B&'$ MW],B8`F-%NDUUES31BQD:B&R-@%B4`C!X\PV>SS2 MZZ,PW+4C7(9'0O`>^M[I]KQ;&/U!5"A\]AP?ZA58)6IA;<';5(OW2F%@8IEN MDS7$[W6$^7->K9LF@[ZW^3E\IM$LIN6C5B*NC#+]&#="!B@,-DX(D\SY=K+X M5WRN[X+O@^+RM>P9@.[`HWV#%GF'9`\S-'Y%EIM$59S@<(C6B&Q]!&GQ="$U MB>P=WK.W^C>:?"7FC1`$::!4E,H.2E;XNI#0 M18_P*YKY=ZT<.?&ZI6TYQ38A^'V7SM%I1ICN^32#J6A<1>&?O:W*P.Z??U:* M8B6/).+)H+\'$ZK/+K6#GR,G*"XSF_HA.>[L2@2.4J.XG>Z7^<+K8'GGH>B1 M>O8WJ$I.<%QH[HI2P7)B*I4N)%GAV8)9Q(+L[2'@]H'2#*C+3"BK0TZ\7H^V M7'74="F]+77[)T-KUF-T6DWB'+RI.A5]N64.*"K:RR^ZZR=^R4H6MF M35*]"O'[%&A+GAH(<*3@D##V+3,T-C8*DJ%7,Y4I.^)^N\J#X=DXE6;%(\TF M/&;+P,HH+$^&7LU#;<]]4BBN7W?#"9K M@]IDZ-5VTW+J-@6V@P?.$.F`T:1N4)L,!BBN=TQ9M=2)3:"NDEEX50J>ZGV1 MT)N[[]:3>FM7`GUED!2*1=^85+%.F`)UE8#"[X9OD0"F=C40EH==$PZ;OIXT,=L*5*Y24'C?Z<^C\XQV M^6ME8"=-5`;'LT[;<#(ZK7!&XG;ED M;BC?9UR%;T?EM_GIK(`3+_MC%='0QI/+]K?(%XQVN@TUD5ES=B$+5YDK,)@* M6DOH@N9AQDHA[$(9:\V3+UX/%5[T;Q-^EU)IG((<(Q;/N*]$I*LLO'J:Q,F^806TR M_((Q$-Y<*TS@251A&W/M>V4163V+DE\GJ]=2YIE"[%*$2,S&]S1G$0\V"^)? MTXDRXX>R/.GU6V3K,>S4=UHHTWW(RD.G_.^CU1(3V+'5:+J0[F-YS_8+3<=9 M,'UF81";7A)OUB''?K,%&'"FN2(6(^I"_HX'.MX$J'<"E=4A0QQ/5VMXDY"M M1H4RC!.0 MW\0:AJ1+BPQ/L@R[<.RSMQO>("=!'D$O*DIZ`_\F')NE M5@T$3YX+X^0'H]Y[35$BF2-CB9V,6J&?&M4*` MQNL%FDR^@GE/T&_/Z2$J6K'!C^'W5_;T58I3.&Y M2I@A>R40TVM`K>[WG;DTHGT.Z*@W<+;)DG;F\I7'5I@]+Z*I#1U&<5_I1O"" M_9F-&#KEMO`0TB3(6&KJLE`O#^+P/UO;,*=Q7FABZX3CPAS5;TD^I2$;,1KI M'1=D=4`L*"Y)%)Q)2%8C0NFTH%5MK2G$O`40@]?;E"W')^9Y>2]8'L9I/LNH@;U17($,!T?. MSIIU`2D-AHV"T`T43URJA"0X+$IPX#'N[?C)&@2I*"44K),E[3P>V]S.GJOQ MFTI8*ODF0C68B<4NF.AT$/Q: MP8R82A(X(U%JR=9F+3+T&UW9DC$Q#+]1.P:L7<5IQJ+`BK/-.@`5B7>Q!6-B M$%T(J#%__%WI!&+\@OS0;]YT\SU*6VQ=>/2V^;*\(?G+(84BL,Z6.KT"U/'Y MC>61S-8/+'ZAV1@Z?!8D\F38TK(PL:%(ABT3NF">EL/P&ZUC<"C7WO4*"X,D M_">_-II#=1@0/2:[G>7G.LF+;%;FM$V261#?92P)V92_O?0F<8RWJ0[J[#_" M0<&C>.(T1X;HF5I7>O`M*'@VVK<+F)>,V:]7`LG@VBFUX+R)QW-$TBZ87MSF MW`-(_D*;.K.JLB89^GW-V`7G$E">@YEV0?QYFL#&HV`@IWO*MRAP4.3&:GXC M4T\76>4#[!FKA66[,+#\>VQNJ32M(+N*KG*[OUL'=I?1:;72W5'H9?$&"$). MSEAZ&6/<`$AACV:+-M@\1V!9,JQ9\HWK`G;_G@YN>&W"ZL33P9YNP178P#^I5AIDX=^YVII.*1!7CP+[ M=9S>2W@Y=_W\OMIIE9>>?\4GMQ_JGX8N/VL%R2#PZ_N;+\- MN2B=?B3%R:"'P@(L$I3(^JM"@OK`Z(Q;_KZJ=N]1\%/GWX6XQP6LA M=KO/+_7E+[^DJ6SZ36[*:+3)-KXD'^J M=J&R:P7$@6*/;L"9X*3=!BN>?,G[XR$[0)";P=T*($78"=^O;1UE!_U]X;<-?N^`\>DG?C6W.AB]Q150"3^7?8MEC4S M/!(OC/VRZ#P\@^3N,A:JHK96AWQCO\(LBQ(BOSR=77^;S;W-51%:K]LCP&*-WG=%DL`5@B0+MF7VI M(3:>_P4.R^47#]-8&>AA4!MDY3^JI^U*80I/H@K;F*'>U:O\/)WPN(AJAO3N M5+[*?'@[JO=L;O(OO?G+1?R)/T`WCZC/37)/;M4P&?8/_0W3N7NIS+5=7!"Z MC,+)PH7@94.TB?=/]_=-'^1A'X4#AH@L#:UB*'\ZOB<@"!2I:C5,*7==#3A= M<'P__1%DD<$U[%HY@._U/&T_0@7=[X0[.U^%SO@J5%^G3OD!8%P]@WGVMBHS M7ZE*6:P$DD1W<9!PMV&#RUKW/P=DH+!C"S1$89#9B1!09A:]3GBR!SA(A#6T M4^@]%#U2.^085(4#"0I+^.Y(%=AHC>72!>?[Y1RM,L7+"X,045Q/MM@,;F#H M@F\]]WU(DW(C=!=DMUF)-?KW()[1.YJ5`T3C":*I#:+"X?0%=,J+%UPHR]U^#K/9S2ZF&4L&5>YO$K8>?7Y59H]T.R% MA50]D]LT!`)$X6)MJ0PM,.[`H?Z];*^U1_;\6UV7G;%ZSD=1BQP=N7L97/`[ MRBP?LO+0*123I%9NXEVN`E.GK)[;/>5]Y/_F6LV59I_;1-,%@Z?CQ[N/<)UB MFIQ)2%8C0OG6D$"956=/;1UR4\!YFN>TR&^GE+O. M)..;-,_/@RQ[&Z49-]'DH+'2WQHOBF6[)\+^B MT)D@!DQ+$%=S$"O'*MD\8%29#+[XCSZSY=P6GGO;XWN=4V1QLOX/+;*>&9Q< M=%5A7+9XDM355NF91C.>@<8L1%GK%=*F/1``BAMF,Z)DNZW6P+MPGGKO'`Y' M2&ZQV[,N5B-;$73AN+9MCHL4#T2TV3RD MM4`T.&QDKI=C+>8NN'EN(MN9V'9ZKE,9Y4VK@GR[N6B8`>^"R\D- M#7+N/'G/:8OG3]XH5$)8G@R/,)_?-F@34ZX`ML=>(]PWCA55A%02G:<)OUZ@ M2<@P>)&H.F?C5V+5#CDZ/O8UV&Z+9YK5>JLSQ0K+`P`4@ZV%U,4C3X&R$W95 MJV1>1\95<*`BK][L+\73M<74[NF()_!)_-X*+$_"L_9KBEJ%=0Z1_>.)M>6R9`+!_Z#\6LJ6@ M)2NG`%\7KA3ALPNC"?8/;F-?^(0JCMH(S"HR0IY=]5_Z,L)OEE4#SJPO M(^295O_%+B.0Y58U'[@;&/Q>1D@<&*IHU&JUD?DFU,L`%+36@J/&G9^D^QVZ M"5BF])P'%)LD&Y36(7V_V4[MR#6$TR'3/W^:\G9TEZ6`F#__.@U8QF-CO\&" M`0<0[NBD/"MJ:Y/A%Q1'1@VELI.C(;X.70ZLG#0?@U=]<@51<9`)#D?&-IS+ M`77H"N""930LRG=I;T=E&HEHGD>"1@MUO\UXCIDIGS05_%NV!)+$X=O<1C5: M875T6U#P=[G]Z@R%'H>L8BJ)3B=I5K`_=&\Y*6J!J%$%`DFA?ZD;M1$D2QOWLZ(18)K=:F,`RT-J1BG$9O#1ZJY5%Z-ETP8(!*V[A<1.:@]/PK>U;X_*!L_ M`[Q3Z$PPIM]G/#O&[:CAYE)*0Z%85NV`&+TZ-#A5IA;()0KTSH9`PU6)Y[5T ML#!IF@'!H#C';[$V&2&44._`]Q>-H]AYD#]?Q>D/+WYBM5#J93\,KA]5U8"X MH:_IN;7'&(Z,JGJQ:MP5:FC^=!M;^NX@-DNRQ]8;#[.7O[#?8TU\G2''@: M%NR%%.G(4Y/OI4]?:<4Z"TK3SH3?A>KT15R!#+^@F'3>6U54TNA0Q']] M""SS%2;CTJE1M;PIJH&,4/CQO;?&Z&72)1]`$&+&75XO:/4OB(WGB5W)+L]I M^:S6#0N>6%Q*$61O%NJ[32K@1L-VH`?>L,PF]&Z2*VTR:1!TL?QIMV[ZI>Y8)PY ML7HW3#6E4+[TP@J3-R_TE6%R1[&5?U<]$@O!E2,LAHVYN?U8Y,7GY-Y.U#`, M3A1W>,YO=;:6B2L76131$R)I7"<8'EZ@(4QN'::Y<=8GCBDN)Y,0=:5 MTZV!%EFV2(9^WT7:K5JU$H;$5='<%H](S\S%ZF0U`TXZJ$VV^"4*9!_)CW53 MM+S!C"]J%:P"150#@H M[E#:TBI9H91H):I@[47MWPZT6(EO1S=ID.B=D\T$Z0\Q&^]:JHPM M?HD"V:=+\+XGY;#A],;_X0GT7H*8#YT[FK$TVK29*Q3(IAD0(8I;4;M]J#U" MB9+LH367@]:0#Y!1Y*FR)[7JN80L:QOJM%0(Z$56[`%E>V@D7_5<0IFU>W!% MV67B=QU?1'I_3Y,0_ER90Y)(L`SQK`EQFL\R:F`JV+9I$#<*8[F]HFR/6A*` MNY>NQ`^SZ30N!1C$"^E<)Z,TFU1,&B1\,&N!]+^@\$NQ4Q@K\U!'CB ML)P_(E$C(HD>V#AA(Q8&23'W(X1=P%T:LY`;2#QD7FKVPB3H65H))C!O[_2U MD/@CD'H&7?I=`7:;9D$<*(XX.L+$@W)[Y(Z&K[^%K-JUE^9<'J>P]/]QL8[5 MG&-^32?*@:G,L%.J$:*N`-WR>MUK(+-UM3>!\]X*_=?/O(M/04Y+ M.?XW4$L#!!0````(`,E\KD;`47^C!0L``"MH```1`!P`VSWZE_ MK#D__O#]=Y]^4Z\[-YABA@0.G?'"N48"^0P%#SR7=YI'S:./CKPXK=^A1?WD MN'GF_/WXY.+X[.+]^W\X_VK=_=MQ1[Y3=YZ>GHY":$&H%HZ">.;4Z[(?'DSQ M##D"L0D6/33#?(X"?%F;"C&_:#2D''O$5$HT9/O'IZ=-P!SA&::B$[/9-;Y' M220N:U\3%)%[@L.:`TI2?B'E7FI(U=RH]'1Z%+,)5#EN-K[<=4<*7]YD1.C# M1NWG,8OR^J<-63Q&'.?596DHE@+KE<\::>&R:F1H]TL7&EYOE!@J$\H%HL$* MQ`[H3,7F^?EY0Y7F51->GR`T7U:^1WRLJF8%UX^;]>70701Q0@5;;.K( M<7`TB1\;6:$4.]T22QB#B:>3RTH+^@LQ*9:!@H+J^#F8%M>7)04"A#YB+HI% MTK(";2@B`2^64452I+DIPDE0+``%!=6!`+&88UY(C2HIT(6+.=-T`B4%O81X MSG`@5[QV?ITW$`M8'&%`$(@Z?IY'B"(1LT4'[I<#$E.:S(H;"05K2,0-J%2' M6IB18"GWLE`F`+;#<3XA2F,P*F",U+U\,I\3>A]GM_!`SN\+"=@'<4=>?!YZ MQ69!J74=!XFT+2T:NE00L?"@.393G=0<`B-CK+'L..\ZQ/>$$@6Q>=P$4YB+ MKU]"4T[:EK/6V*?&=@O??[?=?,)QV*<_J&L@CT-K2E9:C$P^JV*6776RKV2` MHB")M)UF8HT-'M::W)N@=DQ#3*%YN.!Q1$(Y7Z]0)&W>:(JQX"E-%O7,9)T` M0R,839RQU>[WKMW>R+V65Z-^U[MN^7!SU>JV>FW7&=VZKC^J.#N,LP$"BR^F M6!#`9DO@II"9S=-#V'3>;73Q^XI=:W:78\W[]_VY]",!CFEI:@3,K+ZW8W7D MP[\[MP>,]CM.?^`.6[X'%2H^#^*SC?BT$\5/MG2NZIO9/#N$S79K=.MTNOV_ M5FP6LMEG$T3)/U6'X&(#`?P)(*",X6VR&"9B[_ ML,WE56ODJ:4U&+HC6&8K4D?>3<_K>.U6SW=:[7;_<\_W>C?.`)9FVW.K!5A( MM:?"1F4*/3K$*'*YM'$IG;I",V4?MRGS>G]Q1WYJ$[V>,W1;79EY`3M9<5+$ M2;9(P(-K&J:V3K?9BM;.B-GT/JY==5UU=J" MA\//L+MUO=:5U_7\:CUIN.O%`N=TI!QM/#%RT3S>YJ+7]]TE$=6`%PWX2,3! MPS2.0LRX^S4A8I$.>\%S\^`WMP=_Y/?;/]WVN]?N_]%Q__S9\W^N M>-#RT(YG3.P5&F\R[OLXT%(A'W\;-(\C=?KV_& M3/].0N(5MCCKV,EZKB;&/B8Y&SRC3<[K&"D]V8.X?03, M+.XD2.SMW`9*26-$,E,V<[R9K=1&7%UMZIRR*>],5FAG92-NMIS8J;UR4ZBXBR MK&MF;>?C#7T2M.+PU6G1(AKMJYN9W$G%&%.F_]=DRC_R;,80WSOJT,.%_)[\ MLL;);"[?(Z?/I@S?7]8DM_7\D,@OH/31\RS*J\@>#,LX[R)[!-Z M\Z$,:"2>8R:#AT8.ON8TWE`Q8&1?Q39)+*=:$1KOJQ:(X*B\&L$"V%>CK37S MMGJEZVW]J`7ZM*=64K/@W7C0#5E$)%W]5RN+A_5FR?U MT^;1,P]7H[\/B)6.^X'(Y0X`47PBS++[7$#V>V;;H_%(EZ9CU6FA8`-'@N=/ MZJNF]M+?<+S*!*A`++NNKYHX"$C1L34;).MR^W?_V"3XK`+F0NCH` MPNYI0+794#R148F=Y8H8VY"2YNM:Q#$FW1O/A-I"VF]%7?5 MR`$(C2=C;69*+B,O#EBPYK.;5@.R+?5:GHJ/G>Z')*:]@\&8#^P>OO.JMO04 M92?E%2#ST=76F,O3^3!?4[=4G3._@&<0FGH"SV1457-05NNR)E@BG595"]Q$ M$H>^D@N3_'P))5$D,^IY79Z`,!&)++UA<3+/.R'0?!H82[_W%SN4&A4'J=.Z M:`5?$\)5J))^H;*00>]5%`4+D3\OTO(>1?Q74M,*J4;+5O@H_5[N MQWDK=V`M)IB54U5[N!I]??3L40XXH)4AQ-;0*LR.VS@*QRAXZ"0T+"G)AP#7 MC('+87MXNL;S&":+S!L-&)XC$L)6(4_?E5/_?4'K#!>^Q^#!AMT8T0[.OCE; ME%-E2ZPO:*I>G7B<)W+FM&,N2CK!]\"KT7B$(3I1[_/225)./5]$J=$.%CT) MX9:@Z#8&IZ`\VZP>F6[3V?GJR$_/X'QC34)Q,05)%B1C[&UM-#J(&I7:4Q3> MM1$#8R0PN\.S,69;$RZ,9XC0;TM-,2R-#AXL.%#Y$:^_:!U`]`!.X4EI5+)" MJ='P)^"S-UIWG/X`LU"C1M-+`TBX1D+F-$PXXE>/8C8+2S"H3.-T&1*)'S.1W:5>( M/I1&DV)85IQ0BCG'N+R\[`*TT*L3Q8R$J*Q:[<+3ONT?"P_"':8^>%)A[D)= M88HBL1B`C9&)JLG2QDGMYNG3;_ZBWQKJGLK>(9&^6E>_BKIN`.4O29=$S4V0 MUF_(2V39C>"D0I\:Z6>(2K?_`%!+`0(>`Q0````(`,E\KD8?\+U98FP```0+ M!``1`!@```````$```"D@0````!R=F5N+3(P,34P,S,Q+GAM;%54!0`#J?E4 M575X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,E\KD9U>TF+'@@``)II```5 M`!@```````$```"D@:UL``!R=F5N+3(P,34P,S,Q7V-A;"YX;6Q55`4``ZGY M5%5U>`L``00E#@``!#D!``!02P$"'@,4````"`#)?*Y&_C?7I7DA``!N]0$` M%0`8```````!````I($:=0``&UL550%``.I M^515=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`R7RN1E$OJL[D,P``5,@" M`!4`&````````0```*2!XI8``')V96XM,C`Q-3`S,S%?;&%B+GAM;%54!0`# MJ?E4575X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,E\KD8!9M/P?R8``&EB M`@`5`!@```````$```"D@17+``!R=F5N+3(P,34P,S,Q7W!R92YX;6Q55`4` M`ZGY5%5U>`L``00E#@``!#D!``!02P$"'@,4````"`#)?*Y&P%%_HP4+```K M:```$0`8```````!````I('C\0```L``00E#@``!#D!``!02P4&``````8`!@`:`@``,_T````` ` end XML 27 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Accrued Liabilities [Table Text Block]
At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following:
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
305,320
 
$
12,673
 
Property taxes payable
 
 
173,238
 
 
292,290
 
Accrued legal, board fees and other expenses
 
 
267,065
 
 
372,389
 
Interest payable
 
 
40,810
 
 
40,810
 
 
 
$
786,433
 
$
718,162
 
XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Rental income $ 1,114,787rven_RentalIncome $ 480,595rven_RentalIncome
Expenses:    
Property operating and maintenance 283,576us-gaap_CostOfPropertyRepairsAndMaintenance 123,754us-gaap_CostOfPropertyRepairsAndMaintenance
Real estate taxes 162,501us-gaap_RealEstateTaxExpense 60,381us-gaap_RealEstateTaxExpense
Acquisition costs 246,085us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 30,357us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Depreciation and amortization expense 266,888us-gaap_DepreciationAndAmortization 99,500us-gaap_DepreciationAndAmortization
General and administration 482,283us-gaap_GeneralAndAdministrativeExpense 423,992us-gaap_GeneralAndAdministrativeExpense
Legal and accounting 155,320us-gaap_LegalFees 108,777us-gaap_LegalFees
Interest expense 140,549us-gaap_InterestExpense 0us-gaap_InterestExpense
Total expenses 1,737,202us-gaap_OperatingExpenses 846,761us-gaap_OperatingExpenses
Net loss $ (622,415)us-gaap_NetIncomeLoss $ (366,166)us-gaap_NetIncomeLoss
Net loss per share    
(Basic and fully diluted) (in dollars per share) $ (0.09)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ (0.08)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
Weighted average number of common shares outstanding (in shares) 7,016,796us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 4,393,044us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
XML 29 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCK COMPENSATION
3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE 7. STOCK COMPENSATION
 
On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company’s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their past services. These shares were issued to compensate the members for past services and valued at $4.00 per share, based on the grant date fair value, for a total expense of $195,000 which has been included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2014. Due to the Company’s low trading volume, the grant date fair value was determined based on similar issuances of stock in the Company’s private placements.
 
On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 425,000 shares of the Company’s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date. Compensation expense will be recognized in the applicable future periods should the applicable milestones be achieved in accordance with the vesting schedule. At the time of filing, there is no assurance that these milestones will in fact be achieved and that the shares will in fact vest in the future.
XML 30 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
NOTE 6. STOCKHOLDERS’ EQUITY
 
On November 5, 2014, the Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share. References in these condensed consolidated financial statements and notes have been adjusted to retroactively account for the effects of the reverse split.
 
The Company currently has warrants outstanding allowing its holders to purchase up to 263,588 shares of the Company’s common stock at an exercise price of $4.00 per share.  The warrants will expire on September 27, 2018, if not exercised prior to that date. No warrants were exercised in the periods ended March 31, 2015 and 2014.
XML 31 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCKHOLDERS' EQUITY (Details Textual) (USD $)
0 Months Ended 1 Months Ended 3 Months Ended
Nov. 05, 2014
Nov. 05, 2014
Mar. 31, 2015
STOCKHOLDERS’ EQUITY [Line Items]      
Stockholders' Equity, Reverse Stock Split Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder’s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split. Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share  
Private Placement [Member]      
STOCKHOLDERS’ EQUITY [Line Items]      
Share Price     $ 4.00us-gaap_SharePrice
/ us-gaap_SubsidiarySaleOfStockAxis
= us-gaap_PrivatePlacementMember
Investment Warrants Expiration Date     Sep. 27, 2018
Class of Warrant or Right, Exercise Price of Warrants or Rights     $ 263,588us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_SubsidiarySaleOfStockAxis
= us-gaap_PrivatePlacementMember
XML 32 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)
0 Months Ended 1 Months Ended 3 Months Ended 0 Months Ended
Nov. 05, 2014
Nov. 05, 2014
Mar. 31, 2015
Mar. 31, 2014
Oct. 16, 2014
Apr. 04, 2014
Accounting Policies [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized     1,650,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized      
Share-based Compensation Arrangement by Share-based Payment Award, Description     Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value.      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount     263,588us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 263,588us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount    
Deferred Finance Costs, Current, Gross     $ 499,768us-gaap_DeferredFinanceCostsCurrentGross      
Accumulated Amortization of Current Deferred Finance Costs     47,178us-gaap_AccumulatedAmortizationOfCurrentDeferredFinanceCosts      
Amortization of Financing Costs     $ 18,126us-gaap_AmortizationOfFinancingCosts $ 0us-gaap_AmortizationOfFinancingCosts    
Stockholders' Equity, Reverse Stock Split Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder’s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split. Company effected a 1-for-20 reverse stock split of issued common stock. In conjunction with the reverse stock split, the Board of Directors approved a change in the number of authorized common shares from 600,000,000 to 100,000,000, which change was made immediately after the effectiveness of the reverse stock split. Additionally, the par value of the shares was modified from $.02 to $.001 per share so that the par value per share of the common stock before the reverse stock split and after the reverse stock split remained at $.001 per share        
Common Stock [Member]            
Accounting Policies [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized           48,750us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember
Land, Buildings and Improvements [Member]            
Accounting Policies [Line Items]            
Property, Plant and Equipment, Useful Life     27 years 6 months      
Incentive Compensation Plan 2012 [Member]            
Accounting Policies [Line Items]            
Stock Issued During Period, Shares, Issued for Services         425,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_AwardTypeAxis
= rven_IncentiveCompensationPlan2012Member
 
XML 33 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
NOTE 10. COMMITMENTS AND CONTINGENCIES
 
Legal and Regulatory
 
The Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company’s business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s condensed consolidated financial statements and, therefore, no accrual has been recorded as of the three months ended March 31, 2015 and 2014.
 
Security Deposits
 
As of March 31, 2015 and December 31, 2014, the Company had $373,429 and $306,004, respectively, in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease.
 
Escrow Deposits and Prepaid Expenses
 
Escrow deposits and prepaid expenses include earnest deposits for the purchase of properties. As of March 31, 2015, the Company had entered into agreements to purchase residential properties for an aggregate amount of approximately $19,100,000 and had corresponding refundable earnest deposits for these purchases of $104,408. At December 31, 2014, the Company had entered into agreements to purchase residential properties for an aggregate amount of $8,700,000 and had corresponding refundable earnest deposits for these purchases of $87,000. However, the Company may not consummate the real estate purchase because properties may fall out of escrow through the closing process for various reasons and these purchases are contingent on the Company’s ability to acquire the debt or equity financing required to fund the acquisition.
XML 34 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
INCOME TAXES
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
NOTE 8. INCOME TAXES
 
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and expected carry-forwards are available to reduce taxable income. The Company records a valuation allowance when, in the opinion of management, it is more likely than not, that the Company will not realize some or all deferred tax assets. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance equal to the deferred tax asset at March 31, 2015 and December 31, 2014. At December 31, 2014, the Company had federal and state net operating loss carry-forwards of approximately $1,380,000. The federal and state tax loss carry-forwards will begin to expire in 2032, unless previously utilized.
 
Pursuant to Internal Revenue Code Section 382, use of the Company’s net operating loss carry-forwards may be limited if a cumulative change in ownership of more than 50% occurs within a three year period. Management believes that such an ownership change had occurred but has not performed a study of the limitations on the net operating losses.
 
The Company plans to elect REIT status effective for the year ending December 31, 2015, when it meets all requirements allowing it to do so. At that time, the Company would generally not be subject to income taxes assuming it complied with the specific distribution rules applicable to REITs. The Company has also incurred current period and prior year net operating losses; thus, it does not expect to incur current income tax expenses. Additionally, due to the Company’s expectations of electing REIT status commencing in 2015, it does not expect to realize any future tax benefits from the current years, or prior years’ operating losses.
XML 35 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 9. RELATED PARTY TRANSACTIONS
 
The Company sub-leases office space on a month-to-month basis from Reven Capital, LLC which is wholly-owned by Chad M. Carpenter, a shareholder of the Company and the Company’s Chief Executive Officer. Rental payments totaled $9,000 and $7,500 for the three months ended March 31, 2015 and 2014, respectively.
XML 36 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2015
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
 
The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standard Codification (“ASC”), and Article 8 of Regulation S-X of the Securities Exchange Commission (“SEC”).
 
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Annual Report on Form 10-K filed with the SEC on March 31, 2015. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year.
Consolidation, Policy [Policy Text Block]
Principles of Consolidation
 
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Financial Instruments
 
The carrying value of the Company’s financial instruments, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their short term nature. The Company’s short term financial instruments consist of cash, rents and other receivables, property tax and insurance reserves, escrow deposits, accounts payable and accrued liabilities, and security deposits.
 
The carrying value of the Company’s notes payable, as reported in the accompanying condensed consolidated balance sheets, approximates fair value due to their floating market interest rate and due to the fact that their security and payment terms are similar to other debt instruments currently being issued.
Reclassification, Policy [Policy Text Block]
Reclassifications
 
Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Property Acquisitions [Policy Text Block]
Investments in Real Estate
 
The Company accounts for its investments in real estate as business combinations under the guidance of ASC Topic 805, Business Combinations (“ASC 805”) and these acquisitions are recorded at fair value, allocated to land, building and the existing leases based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The estimated fair value of acquired in-place leases represents the expected costs the Company would have incurred to lease the property at the date of acquisition. Each portfolio of acquired property is recorded as a separate business combination.
 
Land, buildings and improvements are recorded at cost. Buildings and improvements are depreciated over estimated useful lives of approximately 27.5 years using the straight-line method. Lease origination costs are amortized over the average remaining term of the in-place leases which is generally less than one year. Maintenance and repair costs are charged to expenses as incurred.
 
The Company assesses the impairment of investments in real estate, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company has not recognized any impairment losses for the periods ended March 31, 2015 and 2014.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash
 
The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. As of March 31, 2015 and December 31, 2014, the Company did not have any cash equivalents.
Advances to Property Manager [Policy Text Block]
Rents and Other Receivables
 
Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of March 31, 2015 and December 31, 2014
Tax Insurance Reserve And Holdback Funds [Policy Text Block]
Property Tax and Insurance Reserves
 
Property tax and insurance reserves represent amounts held in accordance with the terms of the Company’s notes payable for property taxes and insurance. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.
Escrow Deposits And Prepaid Expense [Policy Text Block]
Escrow Deposits and Prepaid Expenses
 
Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for property purchases.
Deferred Loan Fees, Policy [Policy Text Block]
Deferred Loan Fees
 
Costs incurred in the placement of the Company’s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. Deferred loan closing costs and fees totaled $499,768 and accumulated amortization totaled $47,178 as of March 31, 2015. Amortization expense for these loan fees was $18,126 for the three months ended March 31, 2015. No loan fees or related amortization were incurred during the three months ended March 31, 2014.
Deferred Stock Issuance Costs [Policy Text Block]
Deferred Stock Issuance Costs
 
Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.
Security Deposits [Policy Text Block]
Security Deposits
 
Security deposits represent amounts deposited by tenants at the inception of the lease.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition
 
The Company’s single family homes are leased under short term rental agreements with individual tenants of generally one year and revenue is recognized over the lease term on a straight-line basis.
Income Tax, Policy [Policy Text Block]
Income Taxes
 
The Company intends to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2015. Management believes that the Company will be able to satisfy the requirements for qualification as a REIT. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income.
 
However, qualification and taxation as a REIT depends upon the Company’s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.
 
The tax benefit of uncertain tax positions is recognized only if it is “more likely than not” that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority, having full knowledge of all the relevant information. As of March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Incentive Compensation Plan
 
During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (“2012 Plan”). The 2012 Plan allows for the grant of options and other awards representing up to 1,650,000 shares of the Company’s common stock. Such awards may be granted to officers, directors, employees, consultants and other persons who provide services to the Company or any related entity. Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event longer than ten years.
 
On April 4, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 48,750 shares of the Company’s common stock under the 2012 Plan to the members of the Board of Directors as compensation for their services.
 
On October 16, 2014, the Board of Directors authorized the issuance of, and the Company issued, an aggregate of 425,000 shares of the Company’s common stock under the 2012 Plan to certain officers and consultants of the Company. The shares issued are subject to restrictions and future vesting conditions based on the Company reaching certain future milestones. None of the shares were vested as of the issuance date.
Earnings Per Share, Policy [Policy Text Block]
Net Loss Per Share
 
Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. For the three months ended March 31, 2015, and 2014, potentially dilutive securities excluded from the calculations were 263,588 shares issuable upon exercise of outstanding warrants granted in conjunction with the convertible notes.
 
On November 5, 2014, the Company effected a 1-for-20 reverse stock split of the issued common stock. Each stockholder’s percentage ownership and proportional voting power generally remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the condensed consolidated financial statements and noted thereto have been adjusted retroactively to give effect to the 1-for-20 reverse stock split.
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Pronouncements
 
In May 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-09 Revenue from Contracts with Customers, or ASU No. 2014-09, which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the fourth quarter of 2016. The Company is currently assessing the impact, if any, the guidance will have upon adoption.
 
In January 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December 15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.
 
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements.
 
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.
Subsequent Events, Policy [Policy Text Block]
Subsequent Events
 
Subsequent events are events or transactions that occur after the balance sheet date but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company’s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the balance sheet date but arose after such date and before the condensed consolidated financial statements are available to be issued. The Company has evaluated subsequent events up until the date of the issuance of these financial statements.
XML 37 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Accounts Payable And Accrued Expenses [Line Items]    
Accounts payable $ 305,320us-gaap_AccountsPayableCurrentAndNoncurrent $ 12,673us-gaap_AccountsPayableCurrentAndNoncurrent
Property taxes payable 173,238us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent 292,290us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
Accrued legal, board fees and other expenses 267,065us-gaap_AccruedProfessionalFeesCurrentAndNoncurrent 372,389us-gaap_AccruedProfessionalFeesCurrentAndNoncurrent
Interest payable 40,810us-gaap_InterestPayableCurrentAndNoncurrent 40,810us-gaap_InterestPayableCurrentAndNoncurrent
Accounts payable and accrued expenses $ 786,433us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $ 718,162us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
XML 38 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
RELATED PARTY TRANSACTIONS (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Related Party Transaction [Line Items]    
Operating Leases, Rent Expense $ 9,000us-gaap_LeaseAndRentalExpense $ 7,500us-gaap_LeaseAndRentalExpense
XML 39 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows From Operating Activities:    
Net loss $ (622,415)us-gaap_NetIncomeLoss $ (366,166)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 266,888us-gaap_DepreciationAndAmortization 99,500us-gaap_DepreciationAndAmortization
Stock compensation 0us-gaap_ShareBasedCompensation 195,000us-gaap_ShareBasedCompensation
Amortization of loan fees 18,126us-gaap_AmortizationOfFinancingCosts 0us-gaap_AmortizationOfFinancingCosts
Changes in operating assets and liabilities:    
Rents and other receivables (36,812)us-gaap_IncreaseDecreaseInDueFromRelatedParties (8,916)us-gaap_IncreaseDecreaseInDueFromRelatedParties
Property tax and insurance reserves 260,123us-gaap_IncreaseDecreaseInReserveForCommissionsExpenseAndTaxes 0us-gaap_IncreaseDecreaseInReserveForCommissionsExpenseAndTaxes
Escrow deposits and prepaid expenses (3,332)us-gaap_IncreaseDecreaseInDepositOtherAssets 73,720us-gaap_IncreaseDecreaseInDepositOtherAssets
Accounts payable and accrued liabilities 141,256us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (61,664)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Security deposits 67,425us-gaap_IncreaseDecreaseInSecurityDeposits 20,535us-gaap_IncreaseDecreaseInSecurityDeposits
Net cash provided by (used in) operating activities 91,259us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (47,991)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flows From Investing Activities:    
Acquisitions and additions of investments in real estate (4,847,503)us-gaap_PaymentsToAcquireResidentialRealEstate (1,584,343)us-gaap_PaymentsToAcquireResidentialRealEstate
Lease origination costs (54,447)us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements 0us-gaap_PaymentsForLeasingCostsCommissionsAndTenantImprovements
Net cash used in investing activities (4,901,950)us-gaap_NetCashProvidedByUsedInInvestingActivities (1,584,343)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows From Financing Activities:    
Proceeds from notes payable 3,526,985us-gaap_ProceedsFromNotesPayable 0us-gaap_ProceedsFromNotesPayable
Payment of loan fees (137,171)us-gaap_PaymentsOfLoanCosts 0us-gaap_PaymentsOfLoanCosts
Payments of stock issuance costs 0us-gaap_PaymentsOfStockIssuanceCosts (135,480)us-gaap_PaymentsOfStockIssuanceCosts
Net cash provided by (used in) financing activities 3,389,814us-gaap_NetCashProvidedByUsedInFinancingActivities (135,480)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net Decrease In Cash (1,420,877)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (1,767,814)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash at the Beginning of the Period 3,343,236us-gaap_Cash 2,134,510us-gaap_Cash
Cash at the End of the Period 1,922,359us-gaap_Cash 366,696us-gaap_Cash
Supplemental Disclosure:    
Cash paid for interest $ 122,423us-gaap_InterestPaid $ 0us-gaap_InterestPaid
XML 40 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
NOTES PAYABLE
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 5. NOTES PAYABLE
 
On June 12, 2014, Reven Housing Texas, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of up to $7,570,000 to Silvergate Bank, secured by deeds of trust encumbering the Company’s homes located in Texas. The entire balance of principal and accrued interest is due and payable on July 5, 2019. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until July 5, 2016. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to July 5, 2016. There is no prepayment penalty on amounts paid after that date.
 
On November 17, 2014, Reven Housing Tennessee, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $3,952,140 to Silvergate Bank, secured by deeds of trust encumbering primarily all of the Company’s homes located in Tennessee. The entire balance of principal and accrued interest is due and payable on December 5, 2019. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until December 5, 2016. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to December 5, 2016. There is no prepayment penalty on amounts paid after that date.
 
On March 13, 2015, Reven Housing Florida, LLC, a wholly owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $3,526,985 to Silvergate Bank, secured by deeds of trust encumbering a majority of the Company’s homes located in Florida. The entire balance of principal and accrued interest is due and payable on April 5, 2020. The note provides for monthly interest only payments at a rate of 1.00% over the prime rate (interest rate is 4.25% per annum at March 31, 2015) until April 5, 2017. Thereafter, monthly payments of interest and principal, based on a 25 year amortization rate will be made until maturity. The note has a prepayment penalty of 3% calculated on principal amounts prepaid prior to April 5, 2017. There is no prepayment penalty on amounts paid after that date.
 
The terms of the notes also provide for lender reserve accounts for taxes and insurance reserves. As of December 31, 2014, a total of $260,123 was held in these lender escrow accounts. During the first quarter of 2015, the lender waived this requirement and the amounts previously held in escrow have been released to the Company.
 
During the three months ended March 31, 2015, the Company incurred $140,549 of interest expense related to the notes payable, which includes $18,126 of amortization of deferred loan fees.
XML 41 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Other Commitments [Line Items]      
Secured Debt $ 373,429us-gaap_SecuredDebt   $ 306,004us-gaap_SecuredDebt
Payments to Acquire Residential Real Estate 4,847,503us-gaap_PaymentsToAcquireResidentialRealEstate 1,584,343us-gaap_PaymentsToAcquireResidentialRealEstate 8,700,000us-gaap_PaymentsToAcquireResidentialRealEstate
Earnest Money Deposits 104,408us-gaap_EarnestMoneyDeposits   87,000us-gaap_EarnestMoneyDeposits
Purchase Commitment [Member]      
Other Commitments [Line Items]      
Payments to Acquire Residential Real Estate $ 19,100,000us-gaap_PaymentsToAcquireResidentialRealEstate
/ us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis
= us-gaap_PurchaseCommitmentMember
   
XML 42 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.1.9 Html 27 131 1 false 11 0 false 5 false false R1.htm 101 - Document - Document And Entity Information Sheet http://www.rven.com/role/DocumentAndEntityInformation Document And Entity Information true false R2.htm 102 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.rven.com/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS false false R3.htm 103 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.rven.com/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) false false R4.htm 104 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.rven.com/role/CondensedConsolidatedStatementsOfOperations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS false false R5.htm 105 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.rven.com/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS false false R6.htm 106 - Disclosure - ORGANIZATION AND OPERATION Sheet http://www.rven.com/role/OrganizationAndOperation ORGANIZATION AND OPERATION false false R7.htm 107 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.rven.com/role/BasisOfPresentationAndSignificantAccountingPolicies BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES false false R8.htm 108 - Disclosure - INVESTMENTS IN REAL ESTATE Sheet http://www.rven.com/role/InvestmentsInRealEstate INVESTMENTS IN REAL ESTATE false false R9.htm 109 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Sheet http://www.rven.com/role/AccountsPayableAndAccruedLiabilities ACCOUNTS PAYABLE AND ACCRUED LIABILITIES false false R10.htm 110 - Disclosure - NOTES PAYABLE Notes http://www.rven.com/role/NotesPayable NOTES PAYABLE false false R11.htm 111 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://www.rven.com/role/StockholdersEquity STOCKHOLDERS' EQUITY false false R12.htm 112 - Disclosure - STOCK COMPENSATION Sheet http://www.rven.com/role/StockCompensation STOCK COMPENSATION false false R13.htm 113 - Disclosure - INCOME TAXES Sheet http://www.rven.com/role/IncomeTaxes INCOME TAXES false false R14.htm 114 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.rven.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS false false R15.htm 115 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://www.rven.com/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES false false R16.htm 116 - Statement - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://www.rven.com/role/BasisOfPresentationAndSignificantAccountingPoliciesPolicies BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) false false R17.htm 117 - Disclosure - INVESTMENTS IN REAL ESTATE (Tables) Sheet http://www.rven.com/role/InvestmentsInRealEstateTables INVESTMENTS IN REAL ESTATE (Tables) false false R18.htm 118 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) Sheet http://www.rven.com/role/AccountsPayableAndAccruedLiabilitiesTables ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) false false R19.htm 119 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) Sheet http://www.rven.com/role/BasisOfPresentationAndSignificantAccountingPoliciesDetailsTextual BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) false false R20.htm 120 - Disclosure - INVESTMENTS IN REAL ESTATE (Details) Sheet http://www.rven.com/role/InvestmentsInRealEstateDetails INVESTMENTS IN REAL ESTATE (Details) false false R21.htm 121 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) Sheet http://www.rven.com/role/AccountsPayableAndAccruedLiabilitiesDetails ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) false false R22.htm 122 - Disclosure - NOTES PAYABLE (Details Texual) Notes http://www.rven.com/role/NotesPayableDetailsTexual NOTES PAYABLE (Details Texual) false false R23.htm 123 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) Sheet http://www.rven.com/role/StockholdersEquityDetailsTextual STOCKHOLDERS' EQUITY (Details Textual) false false R24.htm 124 - Disclosure - STOCK COMPENSATION (Details Textual) Sheet http://www.rven.com/role/StockCompensationDetailsTextual STOCK COMPENSATION (Details Textual) false false R25.htm 125 - Disclosure - INCOME TAXES (Details Textual) Sheet http://www.rven.com/role/IncomeTaxesDetailsTextual INCOME TAXES (Details Textual) false false R26.htm 126 - Disclosure - RELATED PARTY TRANSACTIONS (Details Textual) Sheet http://www.rven.com/role/RelatedPartyTransactionsDetailsTextual RELATED PARTY TRANSACTIONS (Details Textual) false false R27.htm 127 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Textual) Sheet http://www.rven.com/role/CommitmentsAndContingenciesDetailsTextual COMMITMENTS AND CONTINGENCIES (Details Textual) false false All Reports Book All Reports Element us-gaap_CommonStockParOrStatedValuePerShare had a mix of decimals attribute values: 2 3. Process Flow-Through: 102 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Process Flow-Through: Removing column 'Mar. 31, 2014' Process Flow-Through: Removing column 'Dec. 31, 2013' Process Flow-Through: 103 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Process Flow-Through: 104 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Process Flow-Through: 105 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Process Flow-Through: Removing column '12 Months Ended Dec. 31, 2014' Process Flow-Through: 116 - Statement - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) rven-20150331.xml rven-20150331.xsd rven-20150331_cal.xml rven-20150331_def.xml rven-20150331_lab.xml rven-20150331_pre.xml true true XML 43 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
INVESTMENTS IN REAL ESTATE (Details) (USD $)
Mar. 31, 2015
Number
Dec. 31, 2014
Number
RESIDENTIAL HOMES, NET [Line Items]    
Number of Homes 468rven_HomesPurchasedUnderAgreement 395rven_HomesPurchasedUnderAgreement
Land $ 6,153,527us-gaap_Land $ 5,422,647us-gaap_Land
Buildings and Improvements 28,078,231us-gaap_InvestmentBuildingAndBuildingImprovements 23,961,608us-gaap_InvestmentBuildingAndBuildingImprovements
Total Investmentsin Real Estate 34,231,758us-gaap_RealEstateInvestmentPropertyAtCost 29,384,255us-gaap_RealEstateInvestmentPropertyAtCost
Jacksonville Fl [Member]    
RESIDENTIAL HOMES, NET [Line Items]    
Number of Homes 73rven_HomesPurchasedUnderAgreement
/ us-gaap_StatementGeographicalAxis
= rven_JacksonvilleFlMember
 
Land 730,880us-gaap_Land
/ us-gaap_StatementGeographicalAxis
= rven_JacksonvilleFlMember
 
Buildings and Improvements 4,116,623us-gaap_InvestmentBuildingAndBuildingImprovements
/ us-gaap_StatementGeographicalAxis
= rven_JacksonvilleFlMember
 
Total Investmentsin Real Estate $ 4,847,503us-gaap_RealEstateInvestmentPropertyAtCost
/ us-gaap_StatementGeographicalAxis
= rven_JacksonvilleFlMember