0001019687-15-004071.txt : 20151113 0001019687-15-004071.hdr.sgml : 20151113 20151113143003 ACCESSION NUMBER: 0001019687-15-004071 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20150731 FILED AS OF DATE: 20151113 DATE AS OF CHANGE: 20151113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Grand Perfecta, Inc. CENTRAL INDEX KEY: 0001550053 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 465732930 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55423 FILM NUMBER: 151228542 BUSINESS ADDRESS: STREET 1: 123 WEST NYE LANE STREET 2: SUITE 129 CITY: CARSON CITY STATE: NV ZIP: 89706 BUSINESS PHONE: 424-236-4300 MAIL ADDRESS: STREET 1: 123 WEST NYE LANE STREET 2: SUITE 129 CITY: CARSON CITY STATE: NV ZIP: 89706 FORMER COMPANY: FORMER CONFORMED NAME: STI Holdings, Inc. DATE OF NAME CHANGE: 20120515 10-K 1 grandperfecta_10k-073115.htm FORM 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-K

 

xAnnual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

for the fiscal year ended July 31, 2015, or

 

¨Transition report pursuant to section 13 or 15(d) of the Securities Exchange act of 1934

for the transition period from __________ to __________

 

Commission File No. 0-23015

 

GRAND PERFECTA, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada 46-1779352

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

 

21st Floor, South Tower, New Pier Takeshiba

1-16-1, Kaigan, Minato-ku, Tokyo, Japan 105-0022

(Address of Principal Executive Offices and Zip Code)

 

Registrant’s Telephone Number: +81-3-3436-4577

 

Securities registered under Section 12(b) of the Act: None

 

Securities registered under Section 12(g) of the Act: Common Stock, Par Value $0.001

 

Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ¨   No  x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.  Yes  ¨    No  x

 

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

 

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

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

¨  Large accelerated filer  ¨  Accelerated filer   ¨  Non-accelerated filer   x Smaller reporting company

 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).  Yes  ¨    No  x

 

The aggregate market value of voting stock held by non-affiliates on January 31, 2015, based on the average bid and asked prices on that day was $4,575,000. As of November 10, 2015, the Registrant had outstanding 30,500,000 shares of common stock, par value $0.001.

 

Documents incorporated by reference: Information required by Items 10 through 14 of Part III of this Form 10-K, to the extent not set forth herein, is incorporated herein by reference to portions of the registrant’s definitive proxy statement for the registrant’s 2015 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended July 31, 2015. Except with respect to the information specifically incorporated by reference in this Form 10-K, the registrant’s definitive proxy statement is not deemed to be filed as a part of this Form 10-K.

 

 

 
 

 

TABLE OF CONTENTS

 

ITEM NUMBER AND CAPTION Page
     
Part I
1. Business 1
1A. Risk Factors 6
1B. Unresolved Staff Comments 6
2. Properties 6
3. Legal Proceedings 6
4. Mine Safety Disclosures 6
     
Part II
   
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 6
6. Selected Financial Data 7
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 7
7A. Quantitative and Qualitative Disclosures About Market Risk 13
8. Financial Statements and Supplementary Data 13
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 13
9A. Controls and Procedures 14
9B. Other Information 14
     
Part III
   
10. Directors, Executive Officers and Corporate Governance 15
11. Executive Compensation 15
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 15
13. Certain Relationships and Related Transactions, and Director Independence 15
14. Principal Accountant Fees and Services 15
15. Exhibits and Financial Statement Schedules 15

 

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

 

This annual report on Form 10-K may contain certain “forward-looking” statements as such term is defined by the Securities and Exchange Commission in its rules, regulations and releases, which represent the Company’s expectations or beliefs, including but not limited to, statements concerning the Company’s operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,” “could,” “estimate,” “might,” “plan,” “predict” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements.

 

This annual report contains forward-looking statements, many of which relate to, or are based upon, (a) our plans for developing or participating in the development of new markets for our horse racing and sports content, (b) our opportunities for implementing horse racing related fantasy sports offerings, (c) our growth strategies, (d) anticipated trends in our industry, (e) our future financing plans, and (f) our anticipated need for working capital. These statements may be found under Item 1. “Business,” “Item 2. Properties” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as in this annual report generally. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors and matters described in this annual report. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this annual report will in fact occur.

 

Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.

_______________________

 

Grand Perfecta, Inc., is an “emerging growth company” and “smaller reporting company” as defined under the federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements in future reports that we file with the United States Securities and Exchange Commission, or SEC.

 

Unless the context otherwise required or otherwise noted, references in this Annual Report to “Grand Perfecta,” the “Company,” “we,” “our” or “us” means Grand Perfecta, Inc., and our two wholly-owned subsidiaries: LinkBit Consulting Co, Ltd., or LinkBit, and Umajin Hong Kong Ltd., or Umajin HK.

 

i
 

 

PART I

 

ITEM 1.BUSINESS

 

Company Overview and History

 

Grand Perfecta, Inc., a Nevada corporation, is engaged in the business of gathering, publishing and disseminating horse racing information and other content related to horse racing in Japan and the Japanese horse racing industry. Historically our operations have been conducted in Japan through our wholly-owned subsidiary, LinkBit. In May 2013, we expanded our operations to Hong Kong through the acquisition of Umajin HK in Hong Kong as a wholly-owned subsidiary.

 

Grand Perfecta was incorporated in the State of Nevada on March 25, 2002 as STI Holdings, Inc. (“STI”). On May 12, 2012 the Company completed an Agreement and Plan of Reorganization whereby it acquired 100% of the issued and outstanding shares of LinkBit for 25,000,000 common shares in a transaction accounted for as a recapitalization of LinkBit. The shares were issued in reliance on the exemption from registration set forth in Section 4(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. Effective March 29, 2013, the Company amended its Articles of Incorporation to change its name to Grand Perfecta, Inc. On May 27, 2013 the Company issued 272,668 shares in exchange for 100% of the issued and outstanding shares of Umajin HK.

 

In June 2014, we issued 3,000,000 common shares at a price of $1.00 per share and granted an option to purchase 3,000,000 additional common shares at an exercise price of $1.00 per share exercisable over a term of five years to a single accredited investor in reliance on the exemption from registration set forth in Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) promulgated thereunder.

 

On March 5, 2015, we issued a convertible debenture in the face amount of JPY200,000,000 (approximately US$1,665,279) to a single investor in reliance on the safe harbor provided for Regulation S adopted under the Securities Act of 1933. The debenture accrues simple interest at the rate of 1% per annum and is payable annually on the anniversary date of issuance. The principal and interest on the debenture is due March 5, 2016, and may be prepaid, in whole or in part, by Grand Perfecta at any time upon 10 days advance notice without penalty. The principal and accrued interest of the debenture is convertible at the election of the holder to common stock of Grand Perfecta at the rate of one common share for JPY130.9.

 

Because all of our directors and executive officers are either not U.S. citizens or reside outside the United States, it may be difficult, if not impossible, to acquire jurisdiction over these persons in the event a lawsuit is initiated against Grand Perfecta or its officers and directors by a stockholder or group of stockholders in the United States. Furthermore, because the assets of Grand Perfecta, as well as the assets of Grand Perfecta’s officers and directors, are located outside of the U.S., it would also be very difficult to access those assets to satisfy an award entered against Grand Perfecta in a U.S. court.

 

Shuya Watanabe, who is a director and Chief Executive Officer, owns Common Stock and Series A Convertible Preferred Stock of Grand Perfecta that represent approximately 47.6% of the total voting power of shares entitled to vote on all matters submitted to the shareholders for a vote. Furthermore, our officers and directors hold Common Stock and Series A Convertible Preferred Stock representing approximately 77.9% of the total voting power of our outstanding capital stock. As a result, our officers and directors as a group, are effectively able to control certain corporate governance matters requiring shareholders’ approval. Such matters include transactions in which our officers and directors have an interest other than as a shareholder, the approval of significant corporate transactions such as increasing the authorized number of our shares to complete acquisitions or raise capital, if necessary, and any other transactions requiring a majority vote without seeking other shareholders’ approval. Furthermore, our officers and directors as a group also have the ability to control other matters requiring shareholder approval including the election of directors, which could result in the entrenchment of management.

 

Horse Racing in Japan

 

Horse racing in Japan is a popular equestrian sport with approximately 16,000 horse races held each year, which are predominately flat and jump races. Horse racing is organized and managed by the Japan Racing Association (JRA) and National Association of Racing (NAR), both of which are subject to the supervision of the Ministry of Agriculture, Forestry and Fisheries. This system of government supervision and administration of horse racing is unique to Japan and, we believe, one of the main reasons horse racing in Japan is considered by many the best in the world.

 

The JRA manages horse racing events at ten major race courses in metropolitan areas that are called Chuo Keiba (meaning "central horse racing"). Chuo Keiba represents some of the richest racing in the world, with 2015 purses for graded stakes races beginning at JPY58 million (about US$470,000). The annual Japan Cup in November is a 2,400 meter invitational turf race and currently the richest turf race in the world with a 2015 purse of JPY624 million (about US$5 million).

 

The NAR manages approximately 14 smaller municipal race courses operated by local racing authorities, which is called Chihou Keiba meaning "local horse racing". Chihou Keiba consists primarily of dirt graded events, including the international Grade 1 race, Tokyo Daishōten.

 

1
 

 

In 2014, there were approximately 288 JRA racing days and 1,294 NAR days. ‘Racing days’ means the total number of race days of all courses. Total prize money of JRA and NAR races in 2014 was approximately JPY75.25 billion (about US$609.5 million). JRA and NAR 2015 figures are not yet available.

 

On track pari-mutuel betting in 2014 was JPY140.59 billion (about US$1.14 billion), and off-track betting was JPY 2.75 trillion (about US$22.3 million). The number of spectators attending JRA races in 2014 was approximately 6.1 million and attending NAR races was approximately 3.2 million.

 

The popularity and large fan following for horse racing in Japan, which translates into a large volume of betting, creates a demand by racing enthusiasts for information on breeding, race history of horses, jockeys, and other matters that may be factors in evaluating races and how to bet the horses. Our business focuses on meeting that demand for information.

 

Our Business

 

Our primary business is the delivery through the internet and by phone to users and other consumers in Japan and Hong Kong of information on horse racing and then converting those users to paying customers for enhanced services. Revenue from service payments for the fiscal year ended July 31, 2015, was approximately 96% of total revenue. The remainder of our revenue comes from selling mailing labels derived from our user base to third parties involved in the horse racing industry, which is a service we provide as a sideline to our core business. In December 2014, Umajin HK began offering information on soccer through its website, which represents a plan to test expanding operations by extending our core function of delivering sports-related information to fans of other spectator sports. We also began to generate advertising revenue through advertisement insertion on Umajin.net. Revenue from this new soccer service and advertising are not significant and we cannot predict whether revenue from this new opportunity will ever be significant.

 

Internet and Phone Services

 

We typically maintain seven to ten branded websites which each have different concepts and which are operated to meet the respective preferences of horse racing fans who are our users and customers. Every three to five years we redesign the websites or launch new services in response to trends and changes in preference of horse racing fans and add a fresh dimension to the websites. The following is a list of our subsidiaries and the website owned by each that is used to publish racing information for our users.

 

  · Ban Kisha Co., Ltd., publishes commentary from racing reporters and in-depth behind the scenes information on stables on its website at http://www.bkisya.net.

 

  · Turf Agent Co., Ltd., publishes information collected from racehorse owners on its website at http://turfagent.jp. In addition, Turf Agent provides current news about horse fairs, horse-breeding centers, etc. Turf Agent also publishes articles with tips and advice on how to evaluate and predict the racing performance of horses and how to identify promising horses in specific races with the goal of fostering better appreciation and enjoyment of horse racing.

 

  · Real Selector Co., Ltd., publishes information directed at beginners in the appreciation and betting of horse racing on its website at www.real-selector.jp.

 

  · Meru Uma Co., Ltd., publishes and distributes e-mail magazines to its users on its website at http://mailuma.net/. Content is generated by persons with backgrounds as racing reporters in print and television media.

 

  · Tau Project Co., Ltd., publishes analytics on horses and races known as “Next-generation betting ticket purchase theory” on its website at https://to-dai.jp/.

 

  · G1 Project Co., Ltd., publishes integrated statistical information on a wide range of elements and factors pertaining to horses, jockeys, tracks, races, and other horse racing matters on its website at http://www.g1-pro.jp.

 

  · Teppan Chokyo Co., Ltd. publishes information from a biological point of view in relation to horse training on its website at http://www.chokyo.jp/. A former reporter who is well known as a "Batai Shindan shi" (a consultant/evaluator of horse physiology, performance and health) gathers information from racing stables and publishes his analysis of the horses.

 

  · LinkBit also owns and operates Umajin.net at http://uma-jin.net/, which is a comprehensive source of general information related to horse racing, including current news, races and events, interviews, and race videos and pictures.

  

  · Umajin HK offers information about horse racing and soccer in Hong Kong for Hong Kong residents, which is available on its website at http://tauproject.hk/>http://tauproject.hk/.

 

2
 

 

All of the foregoing are subsidiaries of LinkBit, except for Umajin HK, which is a subsidiary of Grand Perfecta. LinkBit also operates a website called “Yoso Ou” at http://keibagod.jp/ that publishes betting lines and provides to users other track tips, advice, and comments. The website is owned by Space Cultivation Mobile, but LinkBit realizes the profits and losses from the operation of the “Yoso Ou” website. In August 2015 we formed a California subsidiary, Sports Perfecta, Inc., for the purpose of seeking opportunities to conduct business in the United States. At present Sports Perfecta has no assets or operations.

 

Customers to our Internet and phone information services pay access fees that ranges between $4 and $800, depending on the level of information access desired by the customer. Customers access the information service purchased with a personal user name and password for Internet access and a personal PIN for telephone access. Below is a chart setting forth specifics as to the service offering types and price ranges for each of our major service offerings. We provide our customers with premium content consisting of single item services, such as information on specific races or events or multiple races on the same day that the customer can access on a one-time or short-term basis, package items made up of a combination of single items with common features or trends in items that we identify in single item service purchases, and term items that are published over a period of time and provide broader coverage of events or various aspects of the horse racing industry. In the table below we identify for each service the price range and type of service offered.

 

Service Name Price Range (USD) Service Type
(S = Single Item;
P = Package or Term Item)
Ban Kisha $80 - $800 S
Turf Agent $240 - $800 S,P
Meru Uma $4 - $240 P.S
Tau Project $40 - $80 S
G1 Project $240 - $800 S
Real Selector $160 - $480 S.P
Teppan Chokyo $240 S.P
Yoso Ou $4 - $80 S
Umajin HK(Tau Project HK) $6 - $130 S,P

 

As of July 31, 2015, we had approximately 1.25 million non-paying users and 87,000 paying customers to our Internet and phone services in Japan. In Hong Kong we have approximately 1,100 non-paying users, and 105 paying customers. Our revenue represents a large number of purchases across a large menu of potential options rather than a large number of purchases in a small number of service offerings. Historically approximately 96% of our paying customers are purchasing single service items and approximately 2% are paying for a package or term service.

 

Selling our Services

 

The process of selling our horse racing information services focuses on attracting users to our websites and offering them free content as an inducement to purchase access for more in-depth content. We solicit users to register themselves as a website or a phone user, free of charge, by advertising in a variety of public media channels, including newspapers, magazines, internet, TV, and direct mail, including advertising in our own media and holding events. We are currently party to one-year advertising agreements with Nikkan Sports Shinbun Co., Ltd., and Tokyo Sports Shinbunsha Co., Ltd., which we use to promote our services and brand name. We advertise in both the Nikkan Sports newspaper and Tokyo Sports newspaper approximately one to four times per month depending on the time of year and race schedule in Japan and events related to the racing industry. It is our understanding that the circulation of Nikkan Sports (Tokyo HQ edition) is approximately 800,000, and that of Tokyo Sports is approximately 760,000. The circulation area of each newspaper covers approximately half of Japan.

 

When users take advantage of our free content we are effectively giving them a sample of what we offer for purchase through our websites. This free content also gives us the opportunity to optimize content offerings to our users. When a user signs on to access our free content, we gather information from the user’s usage that enables us to ascertain preferences and interests, which we use to make more focused service offerings directly to the user. This process enables us to perform a continual sales process with our users to convert them to customers. Historically, we have realized a conversion rate of approximately 7% of free content users making a decision to purchase one or more services. Our sales effort focuses on increasing the number of users, improving and enhancing the users’ experience, and improving our conversion rate to paying customers.

 

We also promote our services to potential users by pursuing a variety of activities that we believe increases public interest in horse racing, develops new horse racing fans, and exposes our websites and information offerings to potential new users. The following are examples of the activities we have pursued in the past and may pursue in the future to advance public interest in horse racing and increase our potential user base.

 

  · Annually we publish, in print media and on our website, magazines about upcoming racing seasons, and we also write articles for third party publications;

 

  · We collaborate with Umajin Japan in the production of a five-minute television program titled “Ba Kyun!” that airs weekly on BS Fuji TV, and in providing content for the magazine Umajin published by Umajin Japan;

 

  · We actively promote racing fan events, such as “Umaonaire,” which is a race prediction competition, and fan meetings with jockeys;

 

  · From April 2008 through March 2010 we produced a weekly program aired on BS Fuji TV titled “Umajin;” and

 

  · We provide planning, website and consulting services to others involved in the horse racing industry with respect to their events and promotional activities, including, for example, assisting emerging jockeys with establishing an internet identity through blogging.

 

3
 

 

Whenever we provide the foregoing services, our website, Umajin.net, and participation is publicized as part of the publication, program, event, or support service. Furthermore, in consideration of the services and content we provide in producing the television program Ba Kyun!, we are allowed after the initial airing to make an extended 20-minute version of the program available on our umajin.net website.

 

LinkBit previously published Umajin, a horse racing magazine in Japan, but transferred that business to Umajin Co. Ltd. (referred to as Umajin Japan). We have continued to collaborate with Umajin Japan in the production of articles and other content for the magazine, and we also co-sponsor with Umagin Japan fan and spectator events of the type described above. We also collaborate with Umajin Japan in the production of the television program by providing sources and content.

 

Content

 

Our ability to attract users and sell them our fee-based services depends on the content we have to offer. We pursue a number of activities to generate content for our users.

 

We have a team that focuses on establishing and maintaining relationships with horse owners, trainers, jockeys, and others, all of which are a primary source of current information on what is going on at the track and in the horse racing industry. There are approximately 470 jockeys, 730 horse trainers, and 6,900 horse owners actively working today in Japan. We have connections with almost all of the jockeys and trainers, and with many of the owners as well. In addition, we gather information from more than 70 people who were formerly employed or otherwise affiliated with the horse racing industry, such as former jockeys and horse trainers. We also purchase horse racing information collected by Umajin Japan.

 

Much of the information we collect is used to produce articles, features, and on-going monthly reports that are the staples of our websites. We also use this information to perform analytics on horses and races and to calculate what we determine to be the value and capability of race horses using techniques we have developed by analyzing ten years of horse racing data from Japan and eight years of horse racing data from Hong Kong.

 

Our wholly-owned subsidiary Umajin HK provides information for Hong Kong residents primarily about horse racing in Asia and international and regional soccer matches. The horse racing information provided includes data analysis, and the soccer information includes analytical articles. People can browse the information on the website or via email by registering with Umajin HK’s website. Umajin HK advertises its services on web sites and newspapers. We are not aware of any competitors that are aggressively advertising competing services in Hong Kong.

 

LinkBit previously published Umajin, a horse racing magazine in Japan, but transferred that business to Umajin Co. Ltd. (referred to as Umajin Japan). LinkBit owns and operates Umajin.net, which is a publishing base for email magazines. LinkBit also works with Umajin Japan with respect to its publishing business, providing services such as consulting, planning of magazines, and other collaborations. LinkBit also purchases information and interviews that Umajin Japan has collected and distributes it via Umajin.net after preparing it for publishable form. Umajin.net has approximately 480,000 users all of which are non-paying.

 

LinkBit also publishes information on Umajin.net consisting of feature stories on noteworthy events, interviews with people in the horse racing industry, such as jockeys, trainers, and others, horse racing predictions and analysis, and distributes magazines by email. In addition, LinkBit has overseen the production and management of TV shows and events in the horse racing and sports industry. LinkBit collaborates with Umajin Japan on the production of “Ba Kyun!” a program that airs every Saturday evening on BS Fiji TV, a digital satellite station belonging to the Fuji Television group, which has the benefit of publicizing our website, Umajin.net, to horse racing fans.

 

Competition

 

We believe we are the leading provider of horse racing information in Japan. With the popularity of horse racing in Japan and the high demand for information among enthusiasts, there are a substantial number of publications and other information sources that we compete with. We compete with these other publications and services on the basis of the quality of our content. We believe our focus on cultivating information sources allows us to provide better information than our competitors can provide.

 

Specifically, we believe our competitive advantage is based upon:

 

  · Our information-gathering ability (including the quantity and quality of information we gather);

 

  · Our relationships with affiliates and industry personnel on-site;

 

  · Our data analysis programs;

 

4
 

 

  · The techniques we use to present and distribute information and analysis in a manner that is highly usable by our customers;

 

  · The volume and quality of information we provide free of charge; and

 

  · Our integrated approach to providing horse racing information on a wide range of elements and factors pertaining to horses, jockeys, tracks, races, and other horse racing matters.

 

Intellectual Property

 

We hold one Trademark: UMAJIN; which is registered in Japan, under registration number 5319066, and which was registered as of April 23, 2010.

 

Employees

 

Grand Perfecta has approximately 95 employees, including seven management level employees and seven part-time employees. Four of the employees work through our subsidiary in Hong Kong and the rest in Japan.

 

Executive Officers of Grand Perfecta

 

The executive officers of Grand Perfecta are appointed each year at the annual meeting of the Board of Directors, which follows the annual meeting of the shareholders, and at other Board of Directors’ meetings, as appropriate. We have employed each of the executive officers in the position or positions indicated in the list and pertinent notes below. As of July 31, 2015, the following were executive officers of Grand Perfecta:

 

Name   Age   Position
Shuya Watanabe   44   Chairman of the Board of Directors, Chief Executive Officer
Takashi Ozawa   43   President, Chief Operations Officer, Director
Masashi Takegaki   52   Chief Financial Officer, Secretary, Director

 

Mr. Shuya Watanabe has served as a representative director of LinkBit for over the past five years, and became Chairman of the Board and Chief Executive Officer of Grand Perfecta at the time of the business reorganization in May 2012. Mr. Watanabe has spent most of his business career in the horse racing industry and, as a result, has substantial experience and industry contacts that are advantageous to the business of Grand Perfecta.

 

Mr. Takashi Ozawa has served as a representative director of LinkBit for over the past five years, and became President, Chief Operations Officer and a Director of Grand Perfecta at the time of the business reorganization in May 2012. Mr. Ozawa has spent the last 20 years of his business career in the horse racing business working in the areas of racing media sales, product planning and development, and customer relations management, all of which management believes are valuable to the business of Grand Perfecta.

 

Mr. Masashi Takegaki has served as accounting section head and then accounting manager of LinkBit for over the past five years, and became a director of LinkBit in September 2013. He became Chief Financial Officer, Secretary and a Director of Grand Perfecta at the time of the business reorganization in February 2013. Mr. Takegaki has 18 years of experience in the areas of accounting and business tax in Japan, which management believes qualifies him to provide the financial accounting Grand Perfecta requires.

 

Further Information and Reports

 

We are required to file with the Securities and Exchange Commission annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports of certain events on Form 8-K, and proxy and information statements disseminated to stockholders in connection with meetings of stockholders and other stockholder actions. Copies of these and any other materials we file with the Commission may be inspected without charge at the public reference facilities maintained by the Commission in Room 1580 – 100 F Street, N.E., Washington, D.C. 20549. Copies of all or any part of our filings may be obtained from the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549, upon payment of the prescribed fees. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The Company’s filings with the Commission are also available through its web site at http://www.sec.gov.

 

5
 

 

ITEM 1A.RISK FACTORS

 

Disclosure under this item is not required of a smaller reporting company.

 

ITEM 1B.UNRESOLVED STAFF COMMENTS

 

None.

 

ITEM 2.PROPERTIES

 

Our principal business office is located at 21st Floor, South Tower, New Pier Takeshiba, 1-16 -1, Kaigan, Minato-ku, Tokyo, which we lease for a monthly payment of approximately JPY 5,210,230 (US$47,000). Our office in Hong Kong is located at Unit B, 19/F, Prosperous Commercial Building, 54 Jardine’s Bazaar, Causeway Bay, Hong Kong, which has a monthly lease cost of approximately HKD 6,200 (US$800).

 

ITEM 3.LEGAL PROCEEDINGS

 

We are the subject of certain legal matters that we consider incidental to our business activities. It is the opinion of management that the ultimate disposition of these matters will not have a material impact on our financial position, liquidity or results of operations.

 

ITEM 4.MINE SAFETY DISCLOSURES

 

The disclosure required by this Item 4 is not applicable to the Company’s business.

 

6
 

 

PART II

 

ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Market Information

 

The common stock of Grand Perfecta trades in the over-the-counter market under the symbol “GPIW.” The following table sets forth for the respective periods indicated the prices of the common stock in the over-the-counter market, as reported and summarized on the OTC Marketplace. Such prices are based on inter-dealer bid and ask prices, without markup, markdown, commissions, or adjustments and may not represent actual transactions.

 

Calendar Quarter Ended High Bid ($) Low Bid ($)
     
October 31, 2013 $0.15 $0.15
January 31, 2014 $0.55 $0.15
April 30, 2014 $0.85 $0.50
July 31, 2014 $1.05 $0.29
     
October 31, 2014 $0.59 $0.40
January 31, 2015 $0.35 $0.07
April 30, 2015 $0.25 $0.09
July 31, 2015 $0.25 $0.15

 

Dividends

 

We did not make any distributions to shareholders in fiscal years 2014 or 2015. Our present intention is to retain any earnings for use in our business activities, so it is not expected that any dividends on the common stock will be declared and paid in the foreseeable future.

 

Security Holders

 

At November 10, 2015, there were approximately 598 holders of record of our common stock.

 

Equity Compensation Plans

 

As of July 31, 2015, there were no equity securities authorized for issuance under any Company compensation plans.

 

Repurchases of common stock

 

There were no repurchases of equity securities by Grand Perfecta in the fourth quarter ended July 31, 2015.

 

ITEM 6.SELECTED FINANCIAL DATA

 

Disclosure under this item is not required of a smaller reporting company.

 

ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should know that there are many factors, both within and outside our control, that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The forward-looking statements contained in this Form 10-K are made as of the date of this Form 10-K, and we do not assume any obligation to update any forward-looking statements except as required by applicable law.

 

Organization

 

In May 2012 Grand Perfecta completed an Agreement and Plan of Reorganization whereby it acquired 100% of the issued and outstanding shares of LinkBit for 25,000,000 common shares in a transaction accounted for as a recapitalization of LinkBit. In May 2013 the Company issued 272,668 shares in exchange for 100% of the issued and outstanding shares of Umajin HK.

 

7
 

 

Nature of Business

 

The Company is engaged in the business of aggregating, analyzing, and distributing horse racing information via various types of media, including the various websites owned and operated by LinkBit through its subsidiaries, and owned and operated by Umajin HK.

 

Critical Accounting Policies

 

Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States, which require that we make certain assumptions and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses during each reporting period. On an ongoing basis, management evaluates its estimates, including those related to collection of receivables, impairment of goodwill, contingencies, litigation and income taxes. Management bases its estimates and judgments on historical experiences and on various other factors believed to be reasonable under the circumstances. Actual results under circumstances and conditions different than those assumed could result in material differences from the estimated amounts in the financial statements.  Our significant accounting policies are more fully described in the notes to our consolidated financial statements.

 

Basis of Presentation

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (“GAAP”) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital from these variable interest entities as a component of non-controlling interest. All intercompany balances and transactions have been eliminated in consolidation. 

 

Use of Estimates

 

The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.

 

Foreign Exchange

 

The Company’s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit’s functional currency is the Japanese Yen and Umajin HK’s functional currency is the Hong Kong Dollar. The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity.

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.

 

   Balance Sheet Dates 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0081    0.0098 
Hong Kong Dollars to USD   0.1290    0.1290 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.

 

         
   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
           
Japanese Yen to USD   0.0086    0.0099 
Hong Kong Dollars to USD   0.1290    0.1290 

 

8
 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.

 

Accounts Receivable

 

Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.

 

Buildings and fixtures   8 - 43 years
Autos and trucks   2 - 6 years
Tools and equipment   4 - 10 years
Computer software   5 years

 

Intangible Assets

 

The Company’s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.  Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.  As required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.

 

Long-Lived Assets

 

In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

 

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

 

• Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.

 

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:

 

  – Quoted prices for similar assets or liabilities in active markets

 

  – Quoted prices for identical or similar assets or liabilities in markets that are not active

 

  – Inputs other than quoted prices that are observable for the asset or liability

 

  – Inputs that are derived principally from or corroborated by observable market data by correlation or other means

 

• Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

 

9
 

 

The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.

 

Concentration of Credit Risk

 

Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company’s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.

 

Revenue Recognition

 

The Company’s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential users to our websites so as to hopefully eventually convert them to paying customers.

 

The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company’s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.

 

Recent Accounting Pronouncements 

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements.

 

10
 

 

Results of Operations for the Year Ended July 31, 2015 and 2014

 

The following are the results of our operations for the year ended July 31, 2015 as compared to the year ended July 31, 2014.

  

   For the Year Ended     
   July 31,   July 31,     
   2015   2014   $ Change 
             
Net sales  $17,736,064   $22,233,442   $(4,497,378)
Total revenue   17,736,064    22,233,442    (4,497,378)
                
Operating Expenses:               
Cost of sales   4,473,096    6,858,818   $(2,385,722)
Depreciation expense   110,383    238,487    (128,104)
Advertising   911,562    1,711,855    (800,293)
Rent expense   812,747    845,058    (32,311)
Salaries and wages   5,151,504    5,234,053    (82,549)
Other general and administrative expenses   4,303,062    4,326,663    (23,601)
Total operating expenses   15,762,354    19,214,934    (3,452,580)
                
Income from operations   1,973,710    3,018,508    (1,044,798)
                
Other Income (Expense):               
Other income (loss)   131,371    9,861    121,510 
Gain (loss) on exchange   40,275    32,116    8,159 
Interest income   12,620    17,798    (5,178)
Interest expense   (790,427)   (1,190,842)   400,415 
Total other income (expense)   (606,161)   (1,131,067)   524,906 
                
Net income before provision for income taxes   1,367,549    1,887,441    (519,892)
Provision for income taxes   449,316    882,009    (432,693)
Net income   918,233    1,005,432    (87,199)
Less: net loss attributable to noncontrolling interest   (406)   –    (406)
Net income attributable to GPI stockholders  $918,639   $1,005,432   $(86,793)

 

Net Sales

 

Our net sales consist primarily of information and other content relating to the horse racing industry in Japan sold to customers through our websites. Overall, our net sales decreased during the year ended July 31, 2015 as compared to the same period in 2014 in part due to a decline in the average exchange rate in effect during these periods between the Japanese Yen and the U.S. Dollar of approximately 13%. The decrease in our net sales relating to the decline in the exchange rate for the year ended July 31, 2015 as compared to the same period in 2014 amounted to approximately $2.6 million. Net sales also decreased in part due to an increase in the consumption tax rate, which increased from 5% to 8% in April 2014. We did not raise the prices for our service to correspond to this increase in the consumption tax. As a result, our sales, net of the consumption tax, decreased during year ended July 31, 2015 as compared to the same period in 2014.

 

These decreases were partially offset by an increase in sales due to the start of a new service in February 2015, originally planned to start in late 2014. The service, or brand, offers customers physiological information and analysis from a well-known consultant with respect to race horses. We expect this service to generate increased sales during future quarters.

 

Operating Expenses

 

Total operating expenses for the year ended July 31, 2015 were $15,762,354, which represented a decrease of $3,452,580 as compared to the same period in the prior year. Overall, our operating expenses decreased during the year ended July 31, 2015 as compared to the same period in 2014 in part due to a decline in the average exchange rate in effect during these periods between the Japanese Yen and the U.S. Dollar of approximately 13%. The total decrease in our operating expenses relating to the decline in the exchange rate for the year ended July 31, 2015 as compared to the same period in 2014 amounted to approximately $2.4 million. In addition, our operating expenses also decreased due to a decrease in cost of sales from higher spending in the prior year due to content curation, as well as decreased advertising costs resulting from a reduction in print advertising due to lower than expected response rates. These decreases were partially offset by an increase in salaries and wages expenses due to hiring of additional staff to manage expected increases in volume.

 

11
 

 

Other Income/ (Expenses)

 

Total other expense for the year ended July 31, 2015 amounted to $606,161, which decreased by $524,906 as compared to the same period in 2014. The decrease in other expenses is primarily due to a decrease in interest expense of $400,415 due to a reduction of the outstanding notes payable during the period.

 

Liquidity and Capital Resources

 

As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.

 

In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000 (approximately US$1,700,000). The debenture accrues simple interest at the rate of 1% per annum and is payable annually on the anniversary date of issuance. The principal and interest on the debenture is due March 5, 2016, and may be prepaid, in whole or in part, by Grand Perfecta at any time upon 10 days advance notice. The principal and accrued interest of the debenture is convertible at the election of the holder to common stock of Grand Perfecta at the rate of one common share for JPY130.9. We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.

 

The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. At July 31, 2015, we had a working capital deficit of $5,929,449. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.

 

The following is a summary of our cash flows from operating, investing and financing activities for the years ended July 31, 2015 and 2014.

 

   Year Ended 
   July 31,   July 31, 
   2015   2014 
Cash flows provided by operating activities  $457,323   $834,972 
Cash flows used in investing activities   (67,728)   (892,309)
Cash flows provided by (used in) financing activities   (1,965,416)   1,764,923 

 

Net cash flows used in operating activities for the year ended July 31, 2015 amounted to $457,323, compared to net cash provided of $834,972 for the year ended July 31, 2014. Net cash flows from operating activities were lower during the year ended July 31, 2015 due primarily to a lower net income of $918,233, compared to net income of $1,005,432 for the year ended July 31, 2014. Net cash used in investing activities amounted to $67,728 for the year ended July 31, 2015, compared to net cash used in investing activities of $892,309 for the year ended July 31, 2014. The increase in cash flows provided by investing activities during the year ended July 31, 2015 was due primarily to increased collections of notes receivables outstanding from related parties. Net cash used in financing activities for the year ended July 31, 2015 amounted to $1,965,416, as compared to net cash provided by financing activities of $1,764,923 for the year ended July 31, 2014. During the year ended July 31, 2015, we made payments on our outstanding notes payable balances of $3,686,849, offset by proceeds received from a convertible note payable borrowing of $1,720,000 and proceeds from notes payable borrowing of $1,433. During the year ended July 31, 2014, our net cash provided by financing activities consisted of proceeds of $2,940,000 from the sale of common stock, proceeds from notes payable borrowings of $2,571, less payments made on notes payable of $1,177,648.

 

12
 

Description of Indebtedness

 

The following is a summary of our outstanding notes payable as of July 31, 2015 and July 31, 2014.

 

   July 31,   July 31, 
   2015   2014 
           
Unsecured notes payable originally issued on September 30, 2009 and November 30, 2010, due in full on November 30, 2015, bearing interest at 3.5% per annum due monthly.  $39,658   $205,134 
Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.   810,000    980,000 
Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.   405,000    490,000 
Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.   136,728    327,712 
Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.   –    784,000 
Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.   1,539,000    2,058,000 
Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.   162,000    196,000 
Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.   –    1,715,000 
Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.   931,500    1,960,000 
Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010.  The note is due on demand, bearing interest at 18% per annum due monthly.   348,300    774,200 
Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.   243,000    294,000 
Unsecured notes payable, non-interest bearing, due on demand   48,855    58,527 
Total notes payable   4,664,041    9,842,573 
Less: current portion of notes payable   3,489,541    9,113,727 
Long-term portion of notes payable  $1,174,500   $728,846 

 

Of the total above listed debt outstanding as of July 31, 2015 of $4,664,041, $3,489,541 of the outstanding amounts are due during the year ended July 31, 2016, $931,500 of the amounts are due during the year ended July 31, 2017, and $243,000 of the amounts are due during the year ended July 31, 2018.

 

As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000. The note payable balances are non-interest bearing and are due on demand.

 

On March 5, 2015, we entered into a convertible note agreement for total principal borrowings of $1,620,000. The amounts are due one year after the issuance of the note on March 5, 2015, and bear interest at a rate of 1% per annum. At the option of the debt holder, beginning 40 days after the issuance of the note, the debt holder may convert the outstanding balance of the note into shares of the Company’s common stock at a conversion rate equal to one share per $1.10 of outstanding principal and accrued interest.

 

ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Disclosure under this item is not required of a smaller reporting company.

 

ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Grand Perfecta’s financial statements appear at the end of this report beginning with the Index to Financial Statements on page F-1.

 

ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

13
 

 

ITEM 9A.CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the chief executive officer and the chief financial officer, to allow timely decisions regarding required disclosures.

 

In connection with the preparation of this report, the Company’s management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that, as a result of the identification of a material weakness in internal control over financial reporting described below, which we view as an integral part of our disclosure controls and procedures, our disclosure controls and procedures were not effective as of July 31, 2015.

 

Management’s Annual Report on Internal Control Over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

 

Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the company's internal control over financial reporting was not effective as of July 31, 2015.

 

A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Based on the definition of “material weakness” in the Public Company Accounting Oversight Board’s Auditing Standard No. 5, “An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements”, restatement of financial statements in prior filings with the SEC is a strong indicator of the existence of a “material weakness” in the design or operation of internal control over financial reporting. As a result of management’s evaluation described above, it concluded on that the Company had a significant control deficiency as of July 31, 2015, that constituted a material weakness in our internal control over financial reporting. Management has determined that the Company’s lack of personnel on staff with significant understanding of GAAP and practical experience in the use and application of GAAP has resulted in failures in prior periods to recognize, record, and otherwise account for financial events and relationships in accordance with GAAP.

 

The Company proposes to remediate the material weakness by pursuing a search effort to recruit and employ the accounting personnel that have the knowledge, experience, and training in GAAP that will improve the Company’s ability to avoid GAAP errors in recording and accounting for its financial transactions.

 

There have been no changes in our internal control over financial reporting during the fourth quarter of the fiscal year ended July 31, 2015, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

 

This Annual Report on form 10-K does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit the company to provide only management's report in this Annual Report.

 

ITEM 9B.OTHER INFORMATION

 

None.

 

14
 

 

PART III

 

ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Information regarding Section 16(a) compliance, financial experts, our code of ethics and background of our directors will be presented in our Proxy Statement for the 2015 annual meeting of Shareholders and is incorporated herein by reference. The information required pursuant to General Instructions G(3) of Form 10-K on our executive officers is presented under Item 1 of this report on Form 10-K.

 

ITEM 11.EXECUTIVE COMPENSATION

 

Information required by this Item 11 on executive compensation will be presented in our 2015 Proxy Statement and is incorporated herein by reference.

 

ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

Information required by this Item 12 on security ownership of certain beneficial owners and managements will be presented in our 2015 Proxy Statement and is incorporated herein by reference. Information regarding equity compensation plans is presented under Item 5 of this report on Form 10-K.

 

ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

Information required by this Item 13 regarding certain related transactions and director independence will be presented in our 2015 Proxy Statement and is incorporated herein by reference.

 

ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

Information required by this Item 14 will be presented in our 2015 Proxy Statement and is incorporated herein by reference.

 

ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

The following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K:

 

Exhibit No.   Title of Document
     
2.1   Agreement and Plan of Reorganization dated May 12, 2012 between Grand Perfecta, Inc. (formerly known as STI Holdings, Inc.) and Link Bit Consulting Co. Ltd. (1)
     
3.1   Articles of Incorporation of Grand Perfecta, Inc. (formerly known as STI Holdings, Inc.) (1)
     
3.2   Bylaws of Grand Perfecta, Inc. (1)
     
3.3   Certificate of Amendment to Articles of Incorporation dated January 9, 2008, designating preferred stock as Series A Convertible Preferred Stock (1)
     
3.4   Certificate of Amendment to Articles of Incorporation dated June 21, 2011, for Designation of Rights, Privileges, and Preferences of Series A Convertible Preferred Stock of Grand Perfecta, Inc. (formerly known as STI Holdings, Inc.) (1)
     
3.5   Certificate of Amendment to Articles of Incorporation dated March 29, 2013, for name change of STI Holdings, Inc. to Grand Perfecta, Inc. (1)
     
4.1   Convertible Debenture dated March 5, 2015 with respect to JPY200,000,000 principal amount of convertible notes bearing interest at 1.0% per annum (1)
     
10.1   Service Agreement dated August 1, 2014 between Link Bit Consulting Co., Ltd. and Cheval Attache Co., Ltd. (1)
     
10.2   Loan Agreement dated March 26, 2012 between Clara Ltd., as lender, and Link Bit Consulting Co., Ltd., as borrower (1)
     
10.3   Revised Loan Agreement dated January 29, 2013 between Clara Ltd., as lender, and Link Bit Co., Ltd., as borrower (1)

 

15
 

 

     
10.4   Offshore Securities Purchase Agreement dated as of March 5, 2015 between Grand Perfecta, Inc. and Europlus International Ltd. (1)
     
10.5   Link Bit Co., Ltd. office lease with Tokyo Teleport Center Co., Ltd. dated August 31, 2014 (1)
     
10.6   Stock Purchase Agreement dated June 11, 2014 between Grand Perfecta, Inc. and Kuzuaki Goto (1) 
     
10.7   Lease (license) between Umajin Hong Kong Ltd and Apex Business Centre Limited dated as of June 25, 2014 (1)
     
10.8   Offer Letter between Grand Perfecta, Inc. and Enrique Marchese dated May 8, 2014 (1)
     
14.1   Code of Ethics
     
21.1   List of Subsidiaries
     
31.1   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1  

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase
     
101.LAB   XBRL Taxonomy Extension Label Linkbase
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

(1) These exhibits are incorporated herein by this reference to our registration statement on Form 10, filed with the Securities and Exchange Commission on April 15, 2015.

 

16
 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  GRAND PERFECTA, INC.
     
     
Date: November 13, 2015 By /s/ Shuya Watanabe
    Shuya Watanabe, Chief Executive Officer
    (Principal Executive Officer)
     
     
Date: November 13, 2015 By /s/ Masashi Takegaki
    Masashi Takegaki, Chief Financial Officer
    (Principal Financial and Accounting Officer)
       

 

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

   
Date: November 13, 2015 /s/ Shuya Watanabe
  Shuya Watanabe, Director
   
   
Date: November 13, 2015 /s/ Takashi Ozawa
  Takashi Ozawa, Director
   
   
Date: November 13, 2015 /s/ Masashi Takegaki
  Masashi Takegaki, Director
   
   
Date: November 13, 2015 /s/ Motonori Okai
  Motonori Okai, Director
   
   
Date: November 13, 2015 /s/ Hideaki Takahashi
  Hideaki Takahashi, Director
   
   
Date: November 13, 2015 /s/ Akira Tanabe
  Akira Tanabe, Director
   
   
Date: November 13, 2015 /s/ Enrique Marchese
  Enrique Marchese, Director
   

 

 

17
 

 

INDEX TO FINANCIAL STATEMENTS

Consolidated Financial Statements

Grand Perfecta, Inc.

 

 

 

  Page
Report of Independent Registered Public Accounting Firm F-2
Consolidated Balance Sheets F-3
Consolidated Statements of Operations F-4
Consolidated Statements of Stockholders’ Equity F-5
Consolidated Statements of Cash Flows F-6
Notes to the Consolidated Financial Statements F-7

 

 

F-1
 

Report of Independent Registered Public Accounting Firm

 

 

 

To the Board of Directors
Grand Perfecta, Inc.
Kaigan Minato-ku Tokyo Japan

We have audited the accompanying consolidated balance sheets of Grand Perfecta, Inc. and Subsidiaries as of July 31, 2015 and 2014, and the related consolidated statements of operations, stockholders' equity, and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Grand Perfecta, Inc. and Subsidiaries as of July 31, 2015 and 2014, and the results of their operations and their cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.


/s/ HJ & Associates, LLC

HJ & Associates, LLC
Salt Lake City, Utah
November 13, 2015

F-2
 

 

 

GRAND PERFECTA, INC.

 

CONSOLIDATED BALANCE SHEETS

 

   July 31,   July 31, 
   2015   2014 
         
Assets
         
Current assets          
Cash  $75,778   $1,882,272 
Accounts receivable, net   612,553    634,455 
Due from related parties   487,852    1,481,811 
Current portion of notes receivable   1,537,869    1,682,327 
Deferred tax assets, current portion   303,024    1,039,489 
Prepaid expenses and other current assets   417,208    66,659 
Total current assets   3,434,284    6,787,013 
           
Property and equipment, net   273,263    376,055 
           
Other assets          
Long-term notes receivables, net of current portion   547,372    632,124 
Long-term portion due from related parties, net of current portion   1,471,932    – 
Deferred tax assets, long-term portion   222,423    232,757 
Goodwill   6,257,112    7,549,434 
Other assets   496,019    617,413 
Total other assets   8,994,858    9,031,728 
Total assets  $12,702,405   $16,194,796 
           
Liabilities and Stockholders' Equity 
           
Current liabilities          
Accounts payable and accrued expenses  $1,458,735   $2,617,037 
Deferred revenues   1,189,437    1,390,210 
Current portion of notes payable   3,489,541    9,113,727 
Notes payable to related parties   993,918    – 
Convertible note payable   1,620,000    – 
Taxes payable   612,102    755,867 
Total current liabilities   9,363,733    13,876,841 
Long-term portion of notes payable, net of current portion   1,174,500    728,846 
Total liabilities   10,538,233    14,605,687 
           
Commitments and contingencies          
           
Stockholders' equity          
Preferred stock, $0.001 par value, 100,000,000 shares authorized, 100,000 shares issued and outstanding as of July 31, 2015 and 2014   100    100 
Common stock, $0.001 par value, 500,000,000 shares authorized, 30,500,000 shares issued and outstanding as of July 31, 2015 and 2014   30,500    30,500 
Additional paid-in capital   4,121,034    4,121,034 
Accumulated other comprehensive income   439,265    736,356 
Accumulated deficit   (2,645,873)   (3,564,512)
Total GPI stockholders' equity   1,945,026    1,323,478 
Noncontrolling interest   219,146    265,631 
Total stockholders' equity   2,164,172    1,589,109 
Total liabilities and stockholders' equity  $12,702,405   $16,194,796 

 

See accompanying notes to consolidated financial statements

 

F-3
 

 

GRAND PERFECTA, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Net sales  $17,736,064   $22,233,442 
Total revenues   17,736,064    22,233,442 
           
Operating expenses:          
Cost of sales   4,473,096    6,858,818 
Depreciation expense   110,383    238,487 
Advertising   911,562    1,711,855 
Rent expense   812,747    845,058 
Salaries and wages   5,151,504    5,234,053 
Other general and administrative expenses   4,303,062    4,326,663 
Total operating expenses   15,762,354    19,214,934 
           
Income from operations   1,973,710    3,018,508 
           
Other income (expense):          
Other income   131,371    9,861 
Gain on exchange   40,275    32,116 
Interest income   12,620    17,798 
Interest expense   (790,427)   (1,190,842)
Total other income (expense)   (606,161)   (1,131,067)
           
Net income before provision for income taxes   1,367,549    1,887,441 
Provision for income taxes   449,316    882,009 
Net income   918,233    1,005,432 
Less: net loss attributable to noncontrolling interest   (406)   – 
Net income attributable to GPI  $918,639   $1,005,432 
           
Net income per share, basic and diluted  $0.03   $0.04 
Weighted average number of common shares outstanding, basic and diluted     30,500,000       27,869,863  

 

See accompanying notes to consolidated financial statements

 

F-4
 

 

GRAND PERFECTA, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Net income  $918,233   $1,005,432 
Other comprehensive income (loss), net of tax:          
Foreign currency translation adjustments   (297,091)   93,108 
Total other comprehensive income, net of tax   (297,091)   93,108 
Comprehensive income   621,142    1,098,540 
Comprehensive income (loss) attributable to noncontrolling interest   (46,079)   (10,842)
Comprehensive income attributable to GPI stockholders  $575,063   $1,087,698 

 

See accompanying notes to consolidated financial statements

 

F-5
 

 

GRAND PERFECTA, INC.

 

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

 

                 Accumulated          
              Additional  Other          
  Preferred Stock  Common Stock  Paid-in  Comprehensive  Accumulated  Noncontrolling    
  Shares  Amount  Shares  Amount  Capital  Income  Deficit  Interest  Total 
Balance, July 31, 2013  100,000   100   27,500,000   27,500   1,285,120   643,248   (4,569,944)  276,473   (2,337,503)
                                     
Stock issued for cash  –   –   3,000,000   3,000   2,937,000   –   –   –   2,940,000 
Capital withdrawal  –   –   –   –   (101,086)  –   –   –   (101,086)
Foreign currency translation adjustment  –   –   –   –   –   93,108   –   (10,842)  82,266 
Net income  –   –   –   –   –   –   1,005,432   –   1,005,432 
Balance, July 31, 2014  100,000   100   30,500,000   30,500   4,121,034   736,356   (3,564,512)  265,631   1,589,109 
                                     
Foreign currency translation adjustment  –   –   –   –   –   (297,091)  –   (46,079)  (343,170)
Net income  –   –   –   –   –   –   918,639   (406)  918,233 
Balance, July 31, 2015  100,000  $100   30,500,000  $30,500  $4,121,034  $439,265  $(2,645,873) $219,146  $2,164,172 

 

 

See accompanying notes to consolidated financial statements

 

F-6
 

 

GRAND PERFECTA, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Cash flows from operating activities          
Net income  $918,233   $1,005,432 
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   110,383    238,487 
Loss on sale of property and equipment   –    22,531 
Loss on write-off of notes receivables   89,188    – 
Provision for (benefit from) deferred taxes   558,578    280,255 
           
Changes in operating assets and liabilities:          
Accounts receivable   (93,557)   (241,720)
Prepaid expenses and other current assets   (383,965)   9,216 
Other assets   15,578    (118,008)
Accounts payable and accrued expenses   (786,567)   (768,659)
Deferred revenue   42,878    50,443 
Taxes payable   (13,426)   356,995 
           
Net cash provided by operating activities   457,323    834,972 
           
Cash flows from investing activities          
Purchase of property and equipment   (70,507)   (100,031)
Proceeds (payments) for lending to related parties, net   274,876    (328,684)
Proceeds from collection of notes receivables   891,305    302,689 
Payments for notes receivable lending   (1,163,402)   (770,940)
Proceeds from acquisition of subsidiary   –    4,657 
Net cash used in investing activities   (67,728)   (892,309)
           
Cash flows from financing activities          
Proceeds from sale of stock   –    2,940,000 
Proceeds from notes payable   1,433    2,571 
Proceeds from convertible note payable   1,720,000    – 
Payments on note payable   (3,686,849)   (1,177,648)
           
Net cash provided by (used in) financing activities   (1,965,416)   1,764,923 
           
Effect of exchange rate fluctuations on cash   (230,673)   6,463 
           
Net change in cash   (1,806,494)   1,714,049 
Cash, beginning of the period   1,882,272    168,223 
Cash, end of the period  $75,778   $1,882,272 
           
Supplemental disclosure of cash flow information:          
Interest paid  $783,425   $1,190,842 
Income taxes paid  $199,015   $247,696 

 

See accompanying notes to consolidated financial statements

 

F-7
 

 

GRAND PERFECTA, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

1.  DESCRIPTION OF BUSINESS

 

Organization

 

Grand Perfecta, Inc. (“Grand Perfecta” or “GPI”) was incorporated in the State of Nevada on March 25, 2002, as STI Holdings, Inc. (“STI”). On May 12, 2012, the Company completed an Agreement and Plan of Reorganization whereby it acquired 100% of the issued and outstanding shares of Link Bit Consulting Co, Ltd. (“LinkBit” or the “Company”), a Japanese corporation, for 25,000,000 common shares in a transaction accounted for as a recapitalization of LinkBit. Effective March 29, 2013, STI amended its Articles of Incorporation to change its name to Grand Perfecta, Inc. On May 27, 2013, the Company issued 272,668 shares in exchange for 100% of the issued and outstanding shares of Umajin Hong Kong Ltd. (“Umajin HK”), a Hong Kong corporation that maintains an office in Hong Kong. In August 2015 we formed a California subsidiary, Sports Perfecta, Inc., for the purpose of seeking opportunities to conduct business in the United States. Through the date of this filing Sports Perfecta has had no activity or operations. The operations of Grand Perfecta, LinkBit, Umajin HK and Sports Perfecta, Inc. are collectively referred to as the “Company.”

 

Nature of Business

 

The Company is engaged in the business of transmitting and providing horse racing information via various types of media, including multiple websites owned and operated by the wholly owned subsidiaries of LinkBit and Umajin HK.

 

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (“GAAP”) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital in these variable interest entities as a component of noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.

 

Liquidity

 

As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.

 

In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000, approximately US$1,620,000 at July 31, 2015, (see Note 9). We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.

 

The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.

 

Foreign Exchange

 

The Company’s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit’s functional currency is the Japanese Yen and Umajin HK’s functional currency is the Hong Kong Dollar.

 

The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity.

 

F-8
 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.

 

   Balance Sheet Dates 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0081    0.0098 
Hong Kong Dollars to USD   0.1290    0.1290 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0086    0.0099 
Hong Kong Dollars to USD   0.1290    0.1290 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.

 

Accounts Receivable

 

Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.

 

Buildings and fixtures   8 - 43 years
Autos and trucks   2 - 6 years
Tools and equipment   4 - 10 years
Computer software   5 years

 

Intangible Assets

 

The Company’s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.  Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.  As required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.

 

Long-Lived Assets

 

In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.

 

F-9
 

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

 

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

 

• Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.

 

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:

 

  – Quoted prices for similar assets or liabilities in active markets

 

  – Quoted prices for identical or similar assets or liabilities in markets that are not active

 

  – Inputs other than quoted prices that are observable for the asset or liability

 

  – Inputs that are derived principally from or corroborated by observable market data by correlation or other means

 

• Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

 

The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.

 

Concentration of Credit Risk

 

Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company’s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.

 

Revenue Recognition

 

The Company’s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential customers to our websites so as to hopefully eventually convert them to paying customers.

 

The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company’s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

F-10
 

 

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period.  Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.

 

Recent Accounting Pronouncements 

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements.

 

3.  PROPERTY AND EQUIPMENT, NET

 

The Company’s property and equipment consisted of the following.

 

   July 31,   July 31, 
   2015   2014 
           
Buildings and fixtures  $262,126   $272,079 
Autos and trucks   294,513    356,324 
Tools and equipment   427,469    569,152 
Computer software   1,284,209    1,560,267 
Horses   24,454    41,347 
           
    2,292,771    2,799,169 
           
Less: accumulated depreciation   (2,019,508)   (2,423,114)
           
   $273,263   $376,055 

 

Depreciation expense amounted to $110,383 and $238,487 for the year ended July 31, 2015 and 2014, respectively.

 

4.  DUE FROM RELATED PARTIES

 

The Company made short-term revolving advances to executive officers, directors and other related parties. All loans are unsecured and due within one year of the issuance date, and earn interest at rates ranging from 0% to 3% per annum. The total amounts outstanding from related parties amounted to $1,959,784 and $1,481,811 as of July 31, 2015 and 2014, respectively.

 

Of the total related party receivables, the amounts outstanding directly from officers and directors amounted to $0 and $1,144,647 as of July 31, 2015 and 2014, respectively. Subsequent to the year ended July 31, 2014, the Company settled the amounts due directly from officers and directors of the Company in full.

 

The remaining outstanding receivables amounting to $1,959,784 and $337,164 as of July 31, 2015 and 2014, respectively, represented amounts outstanding from a related party entity owned by one of the directors of the Company. Of the amount outstanding from this related party as of July 31, 2015, $1,471,932 of the outstanding balance bears interest at 0.48% and is due in full on February 28, 2018. The remaining portion of $487,852 is non-interest bearing and due on demand. Subsequent to the year ended July 31, 2015, the Company settled $1,471,932 of the outstanding balance (see Note 14).

 

Management considers all of these outstanding advances to be fully collectible and has determined that no allowance is necessary.

 

F-11
 

 

 

5.  NOTES RECEIVABLE

 

The Company’s outstanding notes receivable consist of unsecured advances, including interest ranging from 0% to 8% per annum, payable in full on dates extending through 2039. As of July 31, 2015 and 2014, the Company had total outstanding notes receivable of $2,085,241 and $2,314,451, respectively. The portion of these outstanding notes receivables that were either due on demand or had scheduled due dates within one year amounted to $1,537,869 and $1,682,327 as of July 31, 2015 and 2014, respectively.

 

The future scheduled maturities of outstanding notes receivables as of July 31, 2015 based on contractual due dates are as follows.

 

   Year Ended 
   July 31, 
      
2016  $1,537,869 
2017   – 
2018   – 
2019   8,492 
2020   16,756 
Thereafter   522,124 
Total  $2,085,241 

 

 

6.  GOODWILL

 

The Company has recorded goodwill relating to the purchase of Media 21, Inc. in 2011, as well as the acquisition of Umajin HK on May 27, 2013. The following is a summary of the activity relating to goodwill for the years ended July 31, 2014 and 2015.

 

Balance as of July 31, 2013  $7,853,432 
Foreign currency translation adjustment   (303,998)
Balance as of July 31, 2014   7,549,434 
Foreign currency translation adjustment   (1,292,322)
Balance as of July 31, 2015  $6,257,112 

 

 

F-12
 

 

7.  NOTES PAYABLE

 

A summary of the Company’s outstanding notes payable is as follows:

 

Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.   810,000    980,000 
Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.   405,000    490,000 
Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.   136,728    327,712 
Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.   –    784,000 
Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.   1,539,000    2,058,000 
Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.   162,000    196,000 
Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.   –    1,715,000 
Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.   931,500    1,960,000 
Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010. The note is due on demand, bearing interest at 18% per annum due monthly.   348,300    774,200 
Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.   243,000    294,000 
Unsecured notes payable, non-interest bearing, due on demand   48,855    58,527 
Total notes payable   4,664,041    9,842,573 
Less: current portion of notes payable   3,489,541    9,113,727 
Long-term portion of notes payable  $1,174,500   $728,846 

 

Substantially all of the above outstanding notes payable are personally guaranteed by the Company’s Chief Executive Officer.

 

Future scheduled maturities of long-term debt are as follows:

 

   Year Ended 
   July 31, 
      
2016  $3,489,541 
2017   931,500 
2018   243,000 
Total  $4,664,041 

 

8.  NOTES PAYABLE TO RELATED PARTIES

 

As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000. The note payable balances are non-interest bearing and are due on demand.

 

F-13
 

 

9.  CONVERTIBLE NOTE PAYABLE

 

On March 5, 2015, the Company entered into a convertible note agreement for total principal borrowings of JPY 200,000,000 (US $1,620,000 at July 31, 2015). The amounts are due one year after the issuance of the note on March 5, 2015, and bear interest at a rate of 1% per annum. At the option of the debt holder, beginning 40 days after the issuance of the note, the debt holder may convert the outstanding balance of the note into shares of the Company’s common stock at a conversion rate equal to one share per JPY130.90 or $1.10 of outstanding principal and accrued interest.

 

The conversion feature associated with the convertible note payable created a derivative liability as of April 14, 2015, the date in which the note became convertible. The Company valued the derivative as of the initial date and as of the year-end date of July 31, 2015 using the Black-Scholes pricing model. The value at each of these dates amounted to $0. The assumptions used in the Black-Scholes model during the year ended July 31, 2015 were as follows.

 

  Year Ended
  July 31,
  2015
Expected life in years 0.60 - 0.89
Stock price volatility 32.0% - 32.4%
Risk-free interest rate 0.23% - 0.33%
Expected dividends None
Forfeiture rate NA

 

10.  STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company is authorized to issue up to 100,000,000 shares of preferred stock with a par value of $0.001, with 100,000 shares designated as Series A Preferred Stock. The Series A Preferred Stock receive a 10 to 1 voting preference over common stock. Accordingly, for every share of Series A Preferred Stock held, the holder receives the voting rights equal to 10 shares of common stock. As such, the holders of the Series A Preferred Stock have the equivalent voting capability of 1,000,000 shares of common stock. The Series A Preferred Stock also has a $0.05 per share liquidation preference over common stock, and can be redeemed by the Company at any time, upon thirty days’ notice, for $0.05 per share.

 

The Company had 100,000 shares of Series A Preferred Stock issued and outstanding as of July 31, 2015 and 2014.

 

Common Stock Transactions

 

On June 11, 2014 the Company sold 3,000,000 common shares of stock for cash proceeds of $2,940,000. There were no such transactions during the year ended July 31, 2015. In connection with the sale of stock on June 11, 2014, the Company granted an option to the buyer to purchase an additional 3,000,000 shares of common stock for a purchase price of $3 million at any time prior to June 11, 2019.

 

11.  INCOME TAXES

 

The Company records its deferred taxes under the liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net deferred tax assets consisted of the following as of July 31, 2015 and 2014.

 

   July 31,   July 31, 
   2015   2014 
Deferred tax assets:          
Commission expenses  $273,730   $285,443 
Allowance for doubtful accounts   40,762    37,839 
Deposits   151,102    515,907 
Accrued salary   –    90,528 
Other   125,491    397,065 
           
Deferred tax liabilities:          
Depreciation   (27,465)   (22,413)
Business tax receivable   (12,874)   – 
Others   (1,457)   (1,850)
           
Valuation allowance   (23,842)   (30,273)
           
Net deferred tax assets  $525,447   $1,272,246 

 

F-14
 

 

The income tax provision differs from the amount of income tax determined by applying the Japanese income tax rate to pretax income from continuing operations for the years ended July 31, 2015 and 2014 due to the following.

 

   July 31,   July 31, 
   2015   2014 
Income tax based on book income at Japanese statutory rate  $527,350   $751,503 
Entertainment expense   121,904    136,953 
Additional taxes   2,487    1,611 
Tax loss carry-forwards utilized only for local tax   (122,837)   (53,424)
Tax rate difference between current tax and deferred tax assets   (42,187)   56,329 
Others   (37,401)   (10,963)
Total income tax provision  $449,316   $882,009 

 

12.  COMMITMENTS AND CONTINGENCIES

 

Operating Leases

 

The Company leases its corporate headquarters and administrative offices in Toyko Japan, as well as the administrative offices of Umajin HK in Hong Kong under operating leases extending through April 15, 2019. The Company incurred rent expense of $812,747 and $845,058 for the years ended July 31, 2015 and 2014, respectively.

 

Future minimum lease payments under non-cancelable operating leases are as follows.

 

Years ending July 31, 
      
 2016   $626,761 
 2017    117,302 
 2018    71,317 
 2019    53,487 
 Total   $868,867 

 

Litigation

 

In the ordinary course of business, the Company may be or has been involved in legal proceedings from time to time. As of the date of this annual report, there have been no material legal proceedings relating to the Company.

 

13.  RELATED PARTY TRANSACTIONS

 

As of July 31, 2015 and 2014, the Company had $1,959,784 and $1,481,811, respectively, of notes receivable due from related parties (see Note 4).

 

As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000 (see Note 8).

 

The Company pays a monthly fee to a related party entity owned by one of its directors for providing content. For the years ended July 31, 2015 and 2014, the fee paid to the related party amounted to $1,242,222 and $1,457,238, respectively, and is included as a component of cost of sales in the accompanying consolidated statements of operations.

 

14.  SUBSEQUENT EVENTS

 

Effective November 2, 2015, the Company entered into a Note Payable and Satisfaction Agreement (the “Agreement”) with Umajin Co., Ltd. (“Umajin Japan”), a related party company owned a director of the Company. The Company was a holder of a promissory note made by Umajin Japan in the principal amount of JPY 181,720,000 ($1,471,932 as of July 31, 2015). The promissory note was secured by 1,400,000 shares of the Company’s common stock, which were owned by Umajin Japan. Pursuant to the Agreement, Umajin Japan agreed to sell its shares of common stock to the Company, and the Company has agreed to release Umajin Japan from any further obligation due under the promissory note.  

 

F-15

 

 GRAPHIC 2 image_001.jpg GRAPHIC begin 644 image_001.jpg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end EX-14.1 3 ex1401.htm CODE OF ETHICS

Exhibit 14.1

 

GRAND PERFECTA, INC.

 

CODE OF ETHICS AND BUSINESS CONDUCT

 

1. Introduction.

 

1.1 The Board of Directors of Grand Perfecta, Inc. (together with its subsidiaries, the “Company”) has adopted this Code of Ethics and Business Conduct (the “Code”) in order to:

 

(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

 

(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Company;

 

(c) promote compliance with applicable governmental laws, rules and regulations;

 

(d) promote the protection of Company assets, including corporate opportunities and confidential information;

 

(e) promote fair dealing practices;

 

(f) deter wrongdoing; and

 

(g) ensure accountability for adherence to the Code.

 

1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

 

2. Honest and Ethical Conduct.

 

2.1 The Company’s policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

 

2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company’s customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

 

3. Conflicts of Interest.

 

3.1 A conflict of interest occurs when an individual’s private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

 

 1 
 

 

 

3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or officer (or their family members) are expressly prohibited.

 

3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

 

3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Compliance Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Compliance Officer with a written description of the activity and seeking the Chief Compliance Officer’s written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Compliance Officer.

 

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Board of Directors.

 

4. Compliance.

 

4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, counties, provinces, states, and countries in which the Company operates.

 

4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules, and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Chief Compliance Officer, who will obtain appropriate guidance from legal counsel.

 

4.3 No director, officer, or employee may purchase or sell any Company securities while in possession of material non-public information regarding the Company, nor may any director, officer, or employee purchase or sell another company’s securities while in possession of material non-public information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material non-public information regarding the Company or any other company to:

 

 

 2 
 

 

 

 

(a) obtain profit for himself or herself; or

 

(b) directly or indirectly “tip” others who might make an investment decision on the basis of that information.

 

5. Disclosure.

 

5.1 The Company’s periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

 

5.2 Each director, officer, and employee who contributes in any way to the preparation or verification of the Company’s financial statements and other financial information must ensure that the Company’s books, records and accounts are accurately maintained. Each director, officer, and employee must cooperate fully with the Company’s accounting and internal audit departments, as well as the Company’s independent public accountants and counsel.

 

5.3 Each director, officer and employee who is involved in the Company’s disclosure process must:

 

(a) be familiar with and comply with the Company’s disclosure controls and procedures and its internal control over financial reporting; and

 

(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely, and understandable disclosure.

 

6. Protection and Proper Use of Company Assets.

 

6.1 All directors, officers, and employees should protect the Company’s assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company’s profitability and are prohibited.

 

6.2 All Company assets should be used only for legitimate business purposes. Any suspected incident of fraud or theft should be reported for investigation immediately.

 

6.3 The obligation to protect Company assets includes the Company’s proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records, and any non-public financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

 

 

 3 
 

 

 

7. Corporate Opportunities. All directors, officers, and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers, and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information, or position. Directors, officers, and employees may not use Company assets, property, information, or position for personal gain (including gain of friends or family members). In addition, no director, officer, or employee may compete with the Company.

 

8. Confidentiality. Directors, officers, and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers, or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all non-public information (regardless of its source) that might be of use to the Company’s competitors or harmful to the Company or its customers, suppliers, or partners if disclosed.

 

9. Fair Dealing. Each director, officer, and employee must deal fairly with the Company’s customers, suppliers, partners, service providers, competitors, employees, and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer, or employee may take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of facts, or any other unfair dealing practice.

 

10. Reporting and Enforcement.

 

10.1 Reporting and Investigation of Violations.

 

(a) Actions prohibited by this code involving directors or executive officers must be reported to each of the independent directors of the Company.

 

(b) Actions prohibited by this code involving anyone other than a director or executive officer must be reported to the reporting person’s supervisor or the Chief Compliance Officer.

 

(c) After receiving a report of an alleged prohibited action, the independent directors, the relevant supervisor, or the Chief Compliance Officer must promptly take all appropriate actions necessary to investigate.

 

(d) All directors, officers, and employees are expected to cooperate in any internal investigation of misconduct.

 

10.2 Enforcement.

 

(a) The Company must ensure prompt and consistent action against violations of this Code.

 

 

 4 
 

 

 

 

(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the independent directors determine that a violation of this Code has occurred, the independent directors will report such determination to the Board of Directors.

 

(c) If, after investigating a report of an alleged prohibited action by any other person the relevant supervisor or the Chief Compliance Officer determines that a violation of this Code has occurred, the supervisor or the Chief Compliance Officer will report such determination to the Company’s general legal counsel.

 

(d) Upon receipt of a determination that there has been a violation of this Code, the Board of Directors or the Company’s general legal counsel will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

 

10.3 Waivers.

 

(a) Each of the Board of Directors (in the case of a violation by a director or executive officer) and the Company’s general legal counsel (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code.

 

(b) Any waiver for a director or an executive officer shall be promptly disclosed to the public as required by SEC rules and the rules of any exchange or trading market on which the securities of the Company are listed or quoted.

 

10.4 Prohibition on Retaliation.

 

The Company does not tolerate acts of retaliation against any director, officer, or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

 

 5 
 

 

 

 

Acknowledgment of Receipt and Review

 

To be signed and returned to the Chief Compliance Officer.

 

I, _______________________________________, acknowledge that I have received and read a copy of the Grand Perfecta, Inc., Code of Ethics and Business Conduct. I understand the contents of the Code and I agree to comply with the policies and procedures set out in the Code.

 

I understand that I should approach the Chief Compliance Officer if I have any questions about the Code generally or any questions about reporting a suspected conflict of interest or other violation of the Code.

 

   

____________________

Print Name

 

 

____________________

Signature

 

 

 

____________________

Date

 

 

 

 6 

 

 

 EX-21.1 4 ex2101.htm SUBSIDIARIES OF GRAND PERFECTA, INC.

Exhibit 21.1

 

SUBSIDIARIES OF GRAND PERFECTA, INC.

 

 

Name of Entity Jurisdiction
Link Bit Consulting Co. Ltd. Japan
Umajin Hong Kong Ltd. Hong Kong
Ban Kisha Co., Ltd. Japan
Turf Agent Co., Ltd. Japan
Meru Uma Co. Ltd. Japan
Tau Project Co. Ltd. Japan
G1 Project Co. Ltd. Japan
Real Selector Co. Ltd Japan
Tappan Chokyo Co. Ltd Japan
Sports Perfecta, Inc. California

 

 EX-31.1 5 grand_ex3101.htm CERTIFICATION

Exhibit 31.1

 

Certification

 

I, Shuya Watanabe, certify that:

 

1. I have reviewed this annual report on Form 10-K of Grand Perfecta, Inc., for the year ended July 31, 2015;

 

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(s) 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)) of 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(s) 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: November 13, 2015 By:  /s/ Shuya Watanabe                                   
    Shuya Watanabe, Chief Executive Officer  
    (Principal Executive Officer)  

 EX-31.2 6 grand_ex3102.htm CERTIFICATION

Exhibit 31.2 

 

Certification

 

I, Masashi Takegaki, certify that:

 

1. I have reviewed this annual report on Form 10-K of Grand Perfecta, Inc., for the year ended July 31, 2015;

 

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(s) 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)) of 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(s) 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: November 13, 2015 By: /s/ Masashi Takegaki  
    Masashi Takegaki, Chief Financial Officer  
    (Principal Financial and Accounting Officer)  

 EX-32.1 7 grand_ex3201.htm CERTIFICATION

Exhibit 32.1

 

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002.

 

In connection with the Annual Report of Grand Perfecta, Inc. (the “Company”) on Form 10-K for the year ending July 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Shuya Watanabe, Principal Executive Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 13, 2015 By: /s/ Shuya Watanabe  
    Shuya Watanabe, Chief Executive Officer  
    (Principal Executive Officer)  

 

In connection with the Annual Report of Grand Perfecta, Inc. (the “Company”) on Form 10-K for the year ending July 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Masashi Takegaki, Principal Financial and Accounting Officer r of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 13, 2015 By: /s/ Masashi Takegaki  
    Masashi Takegaki, Chief Financial Officer  
    (Principal Financial and Accounting Officer)  

 

A signed original of this written statement required by Section 906 has been provided to Grand Perfecta, Inc. and will be retained by Grand Perfecta, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

The foregoing certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 EX-101.INS 8 gpiw-20150731.xml XBRL INSTANCE FILE 0001550053 2014-08-01 2015-07-31 0001550053 2015-11-10 0001550053 2015-07-31 0001550053 2014-07-31 0001550053 2013-08-01 2014-07-31 0001550053 2013-07-31 0001550053 GPIW:LinkBitMember 2015-07-31 0001550053 GPIW:UmajinMember 2015-07-31 0001550053 currency:JPY 2015-07-31 0001550053 currency:JPY 2014-07-31 0001550053 currency:HKD 2015-07-31 0001550053 currency:HKD 2014-07-31 0001550053 currency:JPY 2014-08-01 2015-07-31 0001550053 currency:JPY 2013-08-01 2014-07-31 0001550053 currency:HKD 2014-08-01 2015-07-31 0001550053 currency:HKD 2013-08-01 2014-07-31 0001550053 us-gaap:BuildingAndBuildingImprovementsMember 2014-08-01 2015-07-31 0001550053 us-gaap:AutomobilesMember 2014-08-01 2015-07-31 0001550053 us-gaap:ToolsDiesAndMoldsMember 2014-08-01 2015-07-31 0001550053 us-gaap:SoftwareDevelopmentMember 2014-08-01 2015-07-31 0001550053 us-gaap:BuildingAndBuildingImprovementsMember 2015-07-31 0001550053 us-gaap:BuildingAndBuildingImprovementsMember 2014-07-31 0001550053 us-gaap:AutomobilesMember 2015-07-31 0001550053 us-gaap:AutomobilesMember 2014-07-31 0001550053 us-gaap:ToolsDiesAndMoldsMember 2015-07-31 0001550053 us-gaap:ToolsDiesAndMoldsMember 2014-07-31 0001550053 us-gaap:SoftwareDevelopmentMember 2015-07-31 0001550053 us-gaap:SoftwareDevelopmentMember 2014-07-31 0001550053 GPIW:HorsesMember 2015-07-31 0001550053 GPIW:HorsesMember 2014-07-31 0001550053 GPIW:OfficersAndDirectorsMember 2015-07-31 0001550053 GPIW:OfficersAndDirectorsMember 2014-07-31 0001550053 GPIW:OtherRelatedPartyMember 2015-07-31 0001550053 GPIW:OtherRelatedPartyMember 2014-07-31 0001550053 GPIW:Note1Member 2015-07-31 0001550053 GPIW:Note1Member 2014-07-31 0001550053 GPIW:Note1Member 2014-08-01 2015-07-31 0001550053 GPIW:Note2Member 2015-07-31 0001550053 GPIW:Note2Member 2014-07-31 0001550053 GPIW:Note2Member 2014-08-01 2015-07-31 0001550053 GPIW:Note3Member 2015-07-31 0001550053 GPIW:Note3Member 2014-07-31 0001550053 GPIW:Note3Member 2014-08-01 2015-07-31 0001550053 GPIW:Note4Member 2015-07-31 0001550053 GPIW:Note4Member 2014-07-31 0001550053 GPIW:Note4Member 2014-08-01 2015-07-31 0001550053 GPIW:Note5Member 2015-07-31 0001550053 GPIW:Note5Member 2014-07-31 0001550053 GPIW:Note5Member 2014-08-01 2015-07-31 0001550053 GPIW:Note6Member 2015-07-31 0001550053 GPIW:Note6Member 2014-07-31 0001550053 GPIW:Note6Member 2014-08-01 2015-07-31 0001550053 GPIW:Note7Member 2015-07-31 0001550053 GPIW:Note7Member 2014-07-31 0001550053 GPIW:Note7Member 2014-08-01 2015-07-31 0001550053 GPIW:Note8Member 2015-07-31 0001550053 GPIW:Note8Member 2014-07-31 0001550053 GPIW:Note8Member 2014-08-01 2015-07-31 0001550053 GPIW:Note9Member 2015-07-31 0001550053 GPIW:Note9Member 2014-07-31 0001550053 GPIW:Note10Member 2015-07-31 0001550053 GPIW:Note10Member 2014-07-31 0001550053 GPIW:Note10Member 2014-08-01 2015-07-31 0001550053 GPIW:Note11Member 2015-07-31 0001550053 GPIW:Note11Member 2014-07-31 0001550053 us-gaap:ChiefExecutiveOfficerMember 2015-07-31 0001550053 us-gaap:PresidentMember 2015-07-31 0001550053 us-gaap:ConvertibleDebtMember 2014-08-01 2015-07-31 0001550053 us-gaap:ConvertibleDebtMember 2015-07-31 0001550053 2015-01-31 0001550053 us-gaap:PreferredStockMember 2013-07-31 0001550053 us-gaap:PreferredStockMember 2014-07-31 0001550053 us-gaap:PreferredStockMember 2015-07-31 0001550053 us-gaap:CommonStockMember 2013-08-01 2014-07-31 0001550053 us-gaap:CommonStockMember 2013-07-31 0001550053 us-gaap:CommonStockMember 2014-07-31 0001550053 us-gaap:CommonStockMember 2015-07-31 0001550053 us-gaap:AdditionalPaidInCapitalMember 2013-08-01 2014-07-31 0001550053 us-gaap:AdditionalPaidInCapitalMember 2013-07-31 0001550053 us-gaap:AdditionalPaidInCapitalMember 2014-07-31 0001550053 us-gaap:AdditionalPaidInCapitalMember 2015-07-31 0001550053 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-08-01 2014-07-31 0001550053 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-08-01 2015-07-31 0001550053 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-07-31 0001550053 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-07-31 0001550053 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-07-31 0001550053 us-gaap:RetainedEarningsMember 2013-08-01 2014-07-31 0001550053 us-gaap:RetainedEarningsMember 2014-08-01 2015-07-31 0001550053 us-gaap:RetainedEarningsMember 2013-07-31 0001550053 us-gaap:RetainedEarningsMember 2014-07-31 0001550053 us-gaap:RetainedEarningsMember 2015-07-31 0001550053 us-gaap:NoncontrollingInterestMember 2013-08-01 2014-07-31 0001550053 us-gaap:NoncontrollingInterestMember 2014-08-01 2015-07-31 0001550053 us-gaap:NoncontrollingInterestMember 2013-07-31 0001550053 us-gaap:NoncontrollingInterestMember 2014-07-31 0001550053 us-gaap:NoncontrollingInterestMember 2015-07-31 0001550053 us-gaap:StockOptionMember 2014-08-01 2015-07-31 0001550053 us-gaap:StockOptionMember 2013-08-01 2014-07-31 0001550053 us-gaap:ConvertibleNotesPayableMember 2014-08-01 2015-07-31 0001550053 us-gaap:ConvertibleNotesPayableMember 2013-08-01 2014-07-31 0001550053 GPIW:OtherRelatedPartyMember 2014-08-01 2015-07-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure Grand Perfecta, Inc. 0001550053 10-K 2015-07-31 false --07-31 No No Yes Smaller Reporting Company FY 2015 30500000 75778 1882272 168223 612553 634455 487852 1481811 1537869 1682327 303024 1039489 417208 66659 3434284 6787013 273263 376055 547372 632124 1471932 0 222423 232757 6257112 7549434 7853432 496019 617413 8994858 9031728 12702405 16194796 1458735 2617037 1189437 1390210 3489541 9113727 993918 0 831918 162000 1620000 0 1680000 612102 755867 9363733 13876841 1174500 728846 10538233 14605687 100 100 30500 30500 4121034 4121034 439265 736356 -2645873 -3564512 1945026 1323478 219146 265631 2164172 1589109 -2337503 100 100 100 27500 30500 30500 1285120 4121034 4121034 643248 736356 439265 -4569944 -3564512 -2645873 276473 265631 219146 12702405 16194796 .001 .001 100000000 100000000 100000 100000 100000 100000 .001 .001 500000000 500000000 30500000 30500000 30500000 30500000 1.00 1.00 .0081 .0098 .1290 .1290 .0086 .0099 .1290 .1290 8-43 years 2-6 years 4-10 years 5 years 0 0 0 0 0 0 2292771 2799169 262126 272079 294513 356324 427469 567354 1284209 1560267 24454 41347 2019508 2423114 1959784 1481811 0 1144647 1959784 337164 831918 0 0 8492 16756 522124 2085241 2314451 -1292322 -303998 4664041 9842573 810000 980000 405000 490000 136728 327712 0 784000 1539000 2058000 162000 196000 0 1715000 931500 1960000 348300 774200 243000 294000 48855 58527 .01 .01 .012 0.012 .15 0.15 0.15 .12 .12 .18 0.12 .01 2012-03-26 2013-01-30 2016-07-05 2014-09-30 2015-10-31 2015-10-31 2015-07-31 2017-06-30 2018-07-20 2016-03-05 931500 243000 4575000 17736064 22233442 17736064 22233442 4473096 6858818 110383 238487 911562 1711855 812747 845058 5151504 5234053 4303062 4326663 15762354 19214934 1973710 3018508 131371 9861 40275 32116 12620 17798 790427 1190842 -606161 -1131067 1367549 1887441 449316 882009 918233 1005432 1005432 918639 -406 -406 0 918639 1005432 .03 .04 30500000 27869863 -297091 93108 -297091 93108 621142 1098540 46079 10842 575063 1087698 100000 100000 100000 27500000 30500000 30500000 3000000 2940000 3000 2937000 -343170 82266 93108 -297091 -10842 -46079 110383 238487 0 -22531 -89188 0 -558578 -280255 93557 241720 383965 -9216 -15578 118008 -786567 -768659 42878 50443 -13426 356995 457323 834972 70507 100031 274876 -328684 891305 302689 1163402 770940 0 4657 -67728 -892309 0 2940000 1433 2571 1720000 0 3686849 1177648 -1965416 1764923 -230673 6463 -1806494 1714049 783425 1190842 199015 247696 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify; text-indent: -10pt"><font style="font-size: 8pt"><b><i>Organization</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify; text-indent: -10pt"><font style="font-size: 8pt"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Grand Perfecta, Inc. (&#147;Grand Perfecta&#148; or &#147;GPI&#148;) was incorporated in the State of Nevada on March 25, 2002, as STI Holdings, Inc. (&#147;STI&#148;). On May 12, 2012, the Company completed an Agreement and Plan of Reorganization whereby it acquired 100% of the issued and outstanding shares of Link Bit Consulting Co, Ltd. (&#147;LinkBit&#148; or the &#147;Company&#148;), a Japanese corporation, for 25,000,000 common shares in a transaction accounted for as a recapitalization of LinkBit. Effective March 29, 2013, STI amended its Articles of Incorporation to change its name to Grand Perfecta, Inc. On May 27, 2013, the Company issued 272,668 shares in exchange for 100% of the issued and outstanding shares of Umajin Hong Kong Ltd. (&#147;Umajin HK&#148;), a Hong Kong corporation that maintains an office in Hong Kong. In August 2015 we formed a California subsidiary, Sports Perfecta, Inc., for the purpose of seeking opportunities to conduct business in the United States. Through the date of this filing Sports Perfecta has had no activity or operations. The operations of Grand Perfecta, LinkBit, Umajin HK and Sports Perfecta, Inc. are collectively referred to as the &#147;Company.&#148;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Nature of Business</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company is engaged in the business of transmitting and providing horse racing information via various types of media, including multiple websites owned and operated by the wholly owned subsidiaries of LinkBit and Umajin HK.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (&#147;GAAP&#148;) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital in these variable interest entities as a component of noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b><i>Liquidity</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000, approximately US$1,620,000 at July 31, 2015, (see Note 9). We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Foreign Exchange</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit&#146;s functional currency is the Japanese Yen and Umajin HK&#146;s functional currency is the Hong Kong Dollar.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (&#147;USD&#148;). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders&#146; equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company&#146;s stockholders&#146; equity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Dates</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0081</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0098</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">For the Year Ended</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0086</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0099</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Accounts Receivable</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Property and Equipment</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 37%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings and fixtures</font></td> <td style="width: 3%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 30%"><font style="font: 8pt Times New Roman, Times, Serif">8 - 43 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Autos and trucks</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">2 - 6 years</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font: 8pt Times New Roman, Times, Serif">Tools and equipment</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">4 - 10 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Computer software</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Intangible Assets</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.&#160;&#160;Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.&#160;&#160;As required by Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Long-Lived Assets</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Fair Value of Financial Instruments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company&#146;s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 1 &#151; Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 2 &#151; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Quoted prices for similar assets or liabilities in active markets</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Quoted prices for identical or similar assets or liabilities in markets that are not active</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Inputs other than quoted prices that are observable for the asset or liability</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Inputs that are derived principally from or corroborated by observable market data by correlation or other means</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: -8.65pt"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 3 &#151; Inputs that are unobservable and reflect the Company&#146;s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company&#146;s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Revenue Recognition</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential customers to our websites so as to hopefully eventually convert them to paying customers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company&#146;s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Income Taxes</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Advertising Costs</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Basic and Diluted Earnings Per Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period.&#160;&#160;Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Recent Accounting Pronouncements</i></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In May 2014, the FASB issued Accounting Standards Update (&#147;ASU&#148;) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company&#146;s financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Basis of Presentation</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (&#147;GAAP&#148;) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital in these variable interest entities as a component of noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Use of Estimates</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b><i>Liquidity</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000, approximately US$1,620,000 at July 31, 2015, (see Note 9). We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Foreign Exchange</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit&#146;s functional currency is the Japanese Yen and Umajin HK&#146;s functional currency is the Hong Kong Dollar.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (&#147;USD&#148;). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders&#146; equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company&#146;s stockholders&#146; equity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Dates</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0081</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0098</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">For the Year Ended</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0086</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0099</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance Sheet Dates</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0081</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0098</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><font style="font-size: 8pt">The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">For the Year Ended</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Japanese Yen to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0086</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.0099</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Hong Kong Dollars to USD</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">0.1290</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Cash and Cash Equivalents</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Accounts Receivable</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Property and Equipment</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 37%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings and fixtures</font></td> <td style="width: 3%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 30%"><font style="font: 8pt Times New Roman, Times, Serif">8 - 43 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Autos and trucks</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">2 - 6 years</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font: 8pt Times New Roman, Times, Serif">Tools and equipment</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">4 - 10 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Computer software</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 37%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings and fixtures</font></td> <td style="width: 3%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 30%"><font style="font: 8pt Times New Roman, Times, Serif">8 - 43 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Autos and trucks</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">2 - 6 years</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font: 8pt Times New Roman, Times, Serif">Tools and equipment</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">4 - 10 years</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font: 8pt Times New Roman, Times, Serif">Computer software</font></td> <td><font style="font-size: 8pt">&#160;</font></td> <td><font style="font: 8pt Times New Roman, Times, Serif">5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i></i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Intangible Assets</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.&#160;&#160;Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.&#160;&#160;As required by Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Long-Lived Assets</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Fair Value of Financial Instruments</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company&#146;s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 1 &#151; Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 2 &#151; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Quoted prices for similar assets or liabilities in active markets</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Quoted prices for identical or similar assets or liabilities in markets that are not active</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Inputs other than quoted prices that are observable for the asset or liability</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#150;</font></td> <td style="width: 90%"><font style="font: 8pt Times New Roman, Times, Serif">Inputs that are derived principally from or corroborated by observable market data by correlation or other means</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: -8.65pt"><font style="font-size: 8pt">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#149;</font></td> <td style="width: 95%"><font style="font: 8pt Times New Roman, Times, Serif">Level 3 &#151; Inputs that are unobservable and reflect the Company&#146;s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company&#146;s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Revenue Recognition</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential customers to our websites so as to hopefully eventually convert them to paying customers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company&#146;s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Income Taxes</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Advertising Costs</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Basic and Diluted Earnings Per Share</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period.&#160;&#160;Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Recent Accounting Pronouncements</i></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In May 2014, the FASB issued Accounting Standards Update (&#147;ASU&#148;) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company&#146;s financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s property and equipment consisted of the following.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 50%; text-align: left"><font style="font-size: 8pt">Buildings and fixtures</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">262,126</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">272,079</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Autos and trucks</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">294,513</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">356,324</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Tools and equipment</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">427,469</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">569,152</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Computer software</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,284,209</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,560,267</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Horses</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">24,454</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">41,347</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,292,771</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,799,169</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: accumulated depreciation</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,019,508</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,423,114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">273,263</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">376,055</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Depreciation expense amounted to $110,383 and $238,487 for the year ended July 31, 2015 and 2014, respectively.</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 50%; text-align: left"><font style="font-size: 8pt">Buildings and fixtures</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">262,126</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">272,079</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Autos and trucks</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">294,513</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">356,324</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Tools and equipment</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">427,469</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">569,152</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Computer software</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,284,209</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,560,267</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Horses</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">24,454</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">41,347</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,292,771</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,799,169</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: accumulated depreciation</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,019,508</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,423,114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">273,263</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">376,055</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">As of July 31, 2015 and 2014, the Company had $1,959,784 and $1,481,811, respectively, of notes receivable due from related parties (see Note 4).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000 (see Note 8).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company pays a monthly fee to a related party entity owned by one of its directors for providing content. For the years ended July 31, 2015 and 2014, the fee paid to the related party amounted to $1,242,222 and $1,457,238, respectively, and is included as a component of cost of sales in the accompanying consolidated statements of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company&#146;s outstanding notes receivable consist of unsecured advances, including interest ranging from 0% to 8% per annum, payable in full on dates extending through 2039. As of July 31, 2015 and 2014, the Company had total outstanding notes receivable of $2,085,241 and $2,314,451, respectively. The portion of these outstanding notes receivables that were either due on demand or had scheduled due dates within one year amounted to $1,537,869 and $1,682,327 as of July 31, 2015 and 2014, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The future scheduled maturities of outstanding notes receivables as of July 31, 2015 based on contractual due dates are as follows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 35%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">Year Ended</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">July 31,</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 20%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,537,869</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right"><font style="font-size: 8pt">2018</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2019</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">8,492</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right"><font style="font-size: 8pt">2020</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">16,756</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Thereafter</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">522,124</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,085,241</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>&#160;</b></font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 35%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">Year Ended</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">July 31,</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 20%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,537,869</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right"><font style="font-size: 8pt">2018</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2019</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">8,492</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right"><font style="font-size: 8pt">2020</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">16,756</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Thereafter</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">522,124</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,085,241</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company has recorded goodwill relating to the purchase of Media 21, Inc. in 2011, as well as the acquisition of Umajin HK on May 27, 2013. The following is a summary of the activity relating to goodwill for the years ended July 31, 2014 and 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 55%"><font style="font-size: 8pt">Balance as of July 31, 2013</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">7,853,432</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Foreign currency translation adjustment</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(303,998</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Balance as of July 31, 2014</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">7,549,434</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Foreign currency translation adjustment</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,292,322</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance as of July 31, 2015</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">6,257,112</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 55%"><font style="font-size: 8pt">Balance as of July 31, 2013</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">7,853,432</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Foreign currency translation adjustment</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(303,998</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Balance as of July 31, 2014</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">7,549,434</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Foreign currency translation adjustment</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,292,322</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance as of July 31, 2015</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">6,257,112</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">A summary of the Company&#146;s outstanding notes payable is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">810,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">980,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">405,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">490,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">136,728</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">327,712</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">784,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,539,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,058,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">162,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">196,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,715,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">931,500</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,960,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010. The note is due on demand, bearing interest at 18% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">348,300</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">774,200</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">243,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">294,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Unsecured notes payable, non-interest bearing, due on demand</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">48,855</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">58,527</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Total notes payable</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">4,664,041</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">9,842,573</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: current portion of notes payable</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,489,541</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">9,113,727</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Long-term portion of notes payable</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><font style="font-size: 8pt">1,174,500</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><font style="font-size: 8pt">728,846</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Substantially all of the above outstanding notes payable are personally guaranteed by the Company&#146;s Chief Executive Officer.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Future scheduled maturities of long-term debt are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 35%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">Year Ended</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">July 31,</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 20%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">3,489,541</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">931,500</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">2018</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">243,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,664,041</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>&#160;</b></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">810,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 9%; text-align: right"><font style="font-size: 8pt">980,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">405,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">490,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">136,728</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">327,712</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">784,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,539,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,058,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">162,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">196,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,715,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">931,500</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,960,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010. The note is due on demand, bearing interest at 18% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">348,300</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">774,200</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">243,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">294,000</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Unsecured notes payable, non-interest bearing, due on demand</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">48,855</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">58,527</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Total notes payable</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">4,664,041</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">9,842,573</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: current portion of notes payable</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,489,541</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">9,113,727</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Long-term portion of notes payable</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><font style="font-size: 8pt">1,174,500</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><font style="font-size: 8pt">728,846</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 35%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">Year Ended</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">July 31,</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 20%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">3,489,541</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">931,500</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">2018</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">243,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,664,041</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000. The note payable balances are non-interest bearing and are due on demand.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">On March 5, 2015, the Company entered into a convertible note agreement for total principal borrowings of JPY 200,000,000 (US $1,620,000 at July 31, 2015). The amounts are due one year after the issuance of the note on March 5, 2015, and bear interest at a rate of 1% per annum. At the option of the debt holder, beginning 40 days after the issuance of the note, the debt holder may convert the outstanding balance of the note into shares of the Company&#146;s common stock at a conversion rate equal to one share per JPY130.90 or $1.10 of outstanding principal and accrued interest.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The conversion feature associated with the convertible note payable created a derivative liability as of April 14, 2015, the date in which the note became convertible. The Company valued the derivative as of the initial date and as of the year-end date of July 31, 2015 using the Black-Scholes pricing model. The value at each of these dates amounted to $0. The assumptions used in the Black-Scholes model during the year ended July 31, 2015 were as follows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>July 31,</b></font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 25%; text-align: left"><font style="font-size: 8pt">Expected life in years</font></td> <td style="width: 25%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.60 - 0.89</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Stock price volatility</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">32.0% - 32.4%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Risk-free interest rate</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.23% - 0.33%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Expected dividends</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">None</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Forfeiture rate</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">NA</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -20pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>&#160;</b></font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year Ended</b></font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>July 31,</b></font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 25%; text-align: left"><font style="font-size: 8pt">Expected life in years</font></td> <td style="width: 25%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.60 - 0.89</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Stock price volatility</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">32.0% - 32.4%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Risk-free interest rate</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.23% - 0.33%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Expected dividends</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">None</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Forfeiture rate</font></td> <td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">NA</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Preferred Stock</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company is authorized to issue up to 100,000,000 shares of preferred stock with a par value of $0.001, with 100,000 shares designated as Series A Preferred Stock. The Series A Preferred Stock receive a 10 to 1 voting preference over common stock. Accordingly, for every share of Series A Preferred Stock held, the holder receives the voting rights equal to 10 shares of common stock. As such, the holders of the Series A Preferred Stock have the equivalent voting capability of 1,000,000 shares of common stock. The Series A Preferred Stock also has a $0.05 per share liquidation preference over common stock, and can be redeemed by the Company at any time, upon thirty days&#146; notice, for $0.05 per share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company had 100,000 shares of Series A Preferred Stock issued and outstanding as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Common Stock Transactions</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">On June 11, 2014 the Company sold 3,000,000 common shares of stock for cash proceeds of $2,940,000. There were no such transactions during the year ended July 31, 2015. In connection with the sale of stock on June 11, 2014, the Company granted an option to the buyer to purchase an additional 3,000,000 shares of common stock for a purchase price of $3 million at any time prior to June 11, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company records its deferred taxes under the liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Net deferred tax assets consisted of the following as of July 31, 2015 and 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Deferred tax assets:</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left"><font style="font-size: 8pt">Commission expenses</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">273,730</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">285,443</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Allowance for doubtful accounts</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">40,762</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">37,839</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Deposits</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">151,102</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">515,907</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Accrued salary</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">90,528</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Other</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">125,491</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">397,065</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Deferred tax liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Depreciation</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(27,465</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(22,413</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Business tax receivable</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(12,874</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Others</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,457</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,850</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Valuation allowance</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(23,842</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(30,273</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net deferred tax assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">525,447</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,272,246</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The income tax provision differs from the amount of income tax determined by applying the Japanese income tax rate to pretax income from continuing operations for the years ended July 31, 2015 and 2014 due to the following.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%; text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font-size: 8pt">Income tax based on book income at Japanese statutory rate</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">527,350</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">751,503</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Entertainment expense</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">121,904</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">136,953</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Additional taxes</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,487</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,611</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Tax loss carry-forwards utilized only for local tax</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(122,837</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(53,424</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font-size: 8pt">Tax rate difference between current tax and deferred tax assets</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(42,187</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">56,329</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Others</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(37,401</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,963</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total income tax provision</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">449,316</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">882,009</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: -20pt"><font style="font-size: 8pt"><b>&#160;</b></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Deferred tax assets:</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left"><font style="font-size: 8pt">Commission expenses</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">273,730</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">285,443</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Allowance for doubtful accounts</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">40,762</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">37,839</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Deposits</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">151,102</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">515,907</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Accrued salary</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">90,528</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Other</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">125,491</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">397,065</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Deferred tax liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Depreciation</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(27,465</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(22,413</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">Business tax receivable</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(12,874</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td><font style="font-size: 8pt">Others</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,457</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,850</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Valuation allowance</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(23,842</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(30,273</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net deferred tax assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">525,447</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,272,246</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center"><font style="font-size: 8pt">July 31,</font></td><td style="font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 70%; text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font-size: 8pt">Income tax based on book income at Japanese statutory rate</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">527,350</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">751,503</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Entertainment expense</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">121,904</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">136,953</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">Additional taxes</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,487</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,611</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Tax loss carry-forwards utilized only for local tax</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(122,837</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(53,424</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"><font style="font-size: 8pt">Tax rate difference between current tax and deferred tax assets</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(42,187</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">56,329</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Others</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(37,401</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,963</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total income tax provision</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">449,316</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">882,009</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><i>Operating Leases</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company leases its corporate headquarters and administrative offices in Toyko Japan, as well as the administrative offices of Umajin HK in Hong Kong under operating leases extending through April 15, 2019. The Company incurred rent expense of $812,747 and $845,058 for the years ended July 31, 2015 and 2014, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Future minimum lease payments under non-cancelable operating leases are as follows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 30%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="6"><font style="font-size: 8pt">Years ending July 31,</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">626,761</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">117,302</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2018</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">71,317</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">53,487</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">868,867</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><i>Litigation</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">In the ordinary course of business, the Company may be or has been involved in legal proceedings from time to time. As of the date of this annual report, there have been no material legal proceedings relating to the Company.</font></p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 30%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="6"><font style="font-size: 8pt">Years ending July 31,</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">2016</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">626,761</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2017</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">117,302</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2018</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">71,317</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">53,487</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">868,867</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company made short-term revolving advances to executive officers, directors and other related parties. All loans are unsecured and due within one year of the issuance date, and earn interest at rates ranging from 0% to 3% per annum. The total amounts outstanding from related parties amounted to $1,959,784 and $1,481,811 as of July 31, 2015 and 2014, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Of the total related party receivables, the amounts outstanding directly from officers and directors amounted to $0 and $1,144,647 as of July 31, 2015 and 2014, respectively. Subsequent to the year ended July 31, 2014, the Company settled the amounts due directly from officers and directors of the Company in full.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The remaining outstanding receivables amounting to $1,959,784 and $337,164 as of July 31, 2015 and 2014, respectively, represented amounts outstanding from a related party entity owned by one of the directors of the Company. Of the amount outstanding from this related party as of July 31, 2015, $1,471,932 of the outstanding balance bears interest at 0.48% and is due in full on February 28, 2018. The remaining portion of $487,852 is non-interest bearing and due on demand. Subsequent to the year ended July 31, 2015, the Company settled $1,471,932 of the outstanding balance (see Note 14).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Management considers all of these outstanding advances to be fully collectible and has determined that no allowance is necessary.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Effective November 2, 2015, the Company entered into a Note Payable and Satisfaction Agreement (the &#147;Agreement&#148;) with Umajin Co., Ltd. (&#147;Umajin Japan&#148;), a related party company owned a director of the Company. The Company was a holder of a promissory note made by Umajin Japan in the principal amount of JPY 181,720,000 ($1,471,932 as of July 31, 2015). The promissory note was secured by 1,400,000 shares of the Company&#146;s common stock, which were owned by Umajin Japan. Pursuant to the Agreement, Umajin Japan agreed to sell its shares of common stock to the Company, and the Company has agreed to release Umajin Japan from any further obligation due under the promissory note. &#160;</font></p> -5929449 -7089828 3000000 3000000 1472727 0 .0048 2018-02-28 1471932 1537869 3489541 40762 37839 0 90528 273730 285443 125491 397065 151102 515907 23842 30273 525447 1272246 27465 22413 1457 1850 12874 0 121904 136953 -37401 -10963 2487 1611 -122837 -53424 -42187 56329 527350 751503 626761 117302 71317 53487 868867 1242222 1457238 EX-101.SCH 9 gpiw-20150731.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statement of Changes in Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 1. Description of Business link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 2. Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 3. Property and Equipment, net link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 4. Due from Related Parties link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 5. Notes Receivable link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 6. Goodwill link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 7. Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - 8. Notes Payable from Related Parties link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - 9. Convertible Note Payable link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - 10. Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - 11. Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - 12. Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - 13. Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - 14. Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - 2. Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - 2. Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - 3. Property and Equipment, net (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - 5. Notes Receivable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - 6. Goodwill (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - 7. Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - 9. Convertible Note Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - 11. Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - 12. Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - 1. Description of Business (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - 2. Summary of Significant Accounting Policies (Details - Foreign currency rates) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - 2. Summary of Significant Accounting Policies (Details - Estimated useful lives) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - 2. Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - 3. Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - 3. Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - 4. Due from Related Parties (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - 5. Notes Receivable (Details - Notes Receivable) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - 5. Notes Receivable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - 6. Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - 7. Notes Payable (Details - Schedule of debt) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - 7. Notes Payable (Details - Maturities of debt) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - 8. Notes Payable From Related Parties (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - 9. Convertible Note Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - 11. Income Taxes (Details - Deferred taxes) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - 11. Income Taxes (Details - Tax reconciliation) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - 12. Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - 12. Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - 13. Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 gpiw-20150731_cal.xml XBRL CALCULATION FILE EX-101.DEF 11 gpiw-20150731_def.xml XBRL DEFINITION FILE EX-101.LAB 12 gpiw-20150731_lab.xml XBRL LABEL FILE LinkBit Legal Entity [Axis] Umajin HK Japan, Yen Currency [Axis] Hong Kong, Dollars Building and fixtures [Member] Property, Plant and Equipment, Type [Axis] Autos and trucks [Member] Tools and equipment [Member] Computer software [Member] Horses [Member] Officers and directors Related Party [Axis] Other related party Note 1 Long-term Debt, Type [Axis] Note 2 Note 3 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9 Note 10 Note 11 Chairman and Chief Executive Officer [Member] President [Member] Convertible Debt [Member] Debt Instrument, Redemption, Period [Axis] Preferred Stock Equity Components [Axis] Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income Accumulated Deficit Noncontrolling Interest Options [Member] Antidilutive Securities [Axis] Convertible Notes Payable [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash Accounts receivable, net Current portion due from related parties Current portion of notes receivable Deferred tax assets, current portion Prepaid expenses and other current assets Total current assets Property and equipment, net Other assets Long-term notes receivables, net of current portion Long-term portion due from related parties, net of current portion Deferred tax assets, long-term portion Goodwill Other assets Total other assets Total assets Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable and accrued expenses Deferred revenues Current portion of notes payable Notes payable to related parties Convertible note payable Taxes payable Total current liabilities Long-term portion of notes payable, net of current portion Total liabilities Commitments and contingencies Stockholders' equity (deficit) Preferred stock, $0.001 par value, 100,000,000 shares authorized, 100,000 shares issued and outstanding as of July 31, 2015 and 2014 Common stock, $0.001 par value, 500,000,000 shares authorized, 30,500,000 shares issued and outstanding as of July 31, 2015 and 2014 Additional paid-in capital Other comprehensive income Accumulated deficit Total GPI stockholders' equity Noncontrolling interest Total stockholders' equity (deficit) Total liabilities and stockholders' equity Preferred stock par value Preferred stock shares authorized Preferred stock shares issued Preferred stock shares outstanding Common stock par value Common stock shares authorized Common stock shares issued Common stock shares outstanding Income Statement [Abstract] Net sales Total revenues Operating expenses: Cost of sales Depreciation expense Advertising Rent expense Salaries and wages Other general and administrative expenses Total operating expenses Income from operations Other income (expense): Other income Gain on exchange Interest income Interest expense Total other income (expense) Net income before provision for income taxes Provision for income taxes Net income Less: net loss attributable to noncontrolling interest Net income attributable to GPI Net income per share, basic and diluted Weighted average number of common shares outstanding, basic and diluted Net income (loss) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments Total other comprehensive income, net of tax Comprehensive income Comprehensive income (loss) attributable to noncontrolling interest Comprehensive income attributable to GPI stockholders Statement [Table] Statement [Line Items] Beginning balance, shares Beginning balance, value Stock issued for cash, shares Stock issued for cash, value Foreign currency translation adjustment Net income Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] Cash flows from operating activities Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Loss on sale of property and equipment Loss on write-off of notes receivable Provision for (benefit from) deferred taxes Changes in operating assets and liabilities: Accounts receivable Prepaid expenses and other current assets Other assets Accounts payable and accrued expenses Deferred revenue Taxes payable Net cash provided by operating activities Cash flows from investing activities Purchase of property and equipment Proceeds (payments) for lending to related parties, net Proceeds from collection of notes receivables Payments for notes receivable lending Proceeds from acquisition of subsidiary Net cash used in investing activities Cash flows from financing activities Proceeds from sale of stock Proceeds from notes payable Proceeds from convertible notes payable Payments on note payable Net cash provided by (used in) financing activities Effect of exchange rate fluctuations on cash Net change in cash Cash, beginning of the period Cash, end of the period Supplemental disclosure of cash flow information: Interest paid Income taxes paid Organization, Consolidation and Presentation of Financial Statements [Abstract] 1. Description of Business Accounting Policies [Abstract] 2. Summary of Significant Accounting Policies Property, Plant and Equipment [Abstract] 3. Property and Equipment, net Related Party Transactions [Abstract] 4. Due from Related Parties Receivables [Abstract] 5. Notes Receivable Goodwill and Intangible Assets Disclosure [Abstract] 6. Goodwill Debt Disclosure [Abstract] 7. Notes Payable Notes Payable From Related Parties 8. Notes Payable from Related Parties Convertible Notes Payable [Abstract] 9. Convertible Note Payable Equity [Abstract] 10. Stockholders' Equity Income Tax Disclosure [Abstract] 11. Income Taxes Commitments and Contingencies Disclosure [Abstract] 12. Commitments and Contingencies 13. Related Party Transactions Subsequent Events [Abstract] 14. Subsequent Events Basis of Presentation Principals of Consolidation Use of Estimates Liquidity Foreign Exchange Cash and Cash Equivalents Accounts Receivable Property and Equipment Intangible Assets Long-Lived Assets Fair Value of Financial Instruments Concentration of Credit Risk Revenue Recognition Income Taxes Advertising Costs Basic and Diluted Earnings Per Share Recent Accounting Pronouncements Schedule of foreign translation rates Schedule of estimated useful lives of property and equipment Schedule of property and equipment Schedule of future maturities of notes receivable Schedule of goodwill Schedule of notes payable Schedule of future long-term debt maturities Convertible Note Payable Tables Assumptions used Schedule of deferred income taxes Income tax reconcilation Future minimim lease payments Equity ownership percentage Foreign currency rates Foreign currency rates over duration Estimated useful lives Working capital Cash equivalents Allowance for doubtful accounts Accumulated impairment losses on goodwill Advertising expenses Anti-dilutive shares excluded from computation of net income per share Property and equipment, gross Less: accumulated depreciation Due from related parties Amount subject to interest Interest rate Maturity date 2016 2017 2018 2019 2020 Thereafter Total Notes receivable outstanding Notes receivable current Goodwill, beginning balance Foreign currency translation adjustment Goodwill, ending balance Unsecured notes payable Notes payable, current portion Notes payable, long-term portion Debt maturity date Stated interest rate 2016 2017 2018 Total notes payable Note payable to related party Deferred tax assets: Commission expenses Allowance for doubtful accounts Deposits Accrued salary Other Deferred tax liabilities: Depreciation Business tax receivable Others Valuation allowance Net deferred tax assets Income tax based on book income at Japanese statutory rate Entertainment expense Additional taxes Tax loss carry-forwards utilized only for local tax Tax rate difference between current tax and deferred tax assets Others Total income tax provision 2016 2017 2018 2019 Total Fee paid to related party Notes receivable due in two years Notes receivable due in three years Notes receivable due in four years Notes receivable due in five years Notes receivable due thereafter Loss on write-off of notes receivable Liquidity policy text block Convertible note payable assumptions used for derivative liability calculations Due from related parties disclosure text block Working capital Due from related parties subject to interest Note receivable due current Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable additional taxes Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax loss carryforwards utilized only for local tax Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax rate difference between current tax and deferred tax assets Assets, Current Other Assets, Noncurrent Assets, Noncurrent Assets [Default Label] Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Revenues Operating Expenses Operating Income (Loss) Interest Expense Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Net Income (Loss) Attributable to Parent Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax Other Comprehensive Income (Loss), Net of Tax Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Shares, Outstanding Gain (Loss) on Disposition of Property Plant Equipment LossOnWriteoffOfNotesReceivable Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Other Current Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Accrued Taxes Payable Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Payments to Acquire Notes Receivable Net Cash Provided by (Used in) Investing Activities, Continuing Operations Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash, Period Increase (Decrease) Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Goodwill, Other Changes Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months Long-term Debt, Maturities, Repayments of Principal in Year Two Long-term Debt, Maturities, Repayments of Principal in Year Three Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts Deferred Tax Liabilities, Deferred Expense Deferred Tax Liabilities, Tax Deferred Income Deferred Tax Liabilities, Other Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Operating Leases, Future Minimum Payments Due, Next Twelve Months Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments Due EX-101.PRE 13 gpiw-20150731_pre.xml XBRL PRESENTATION FILE XML 14 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. Notes Receivable (Details Narrative) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Receivables [Abstract]    
Notes receivable outstanding $ 2,085,241 $ 2,314,451
Notes receivable current $ 1,537,869 $ 1,682,327
XML 15 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
12. Commitments and Contingencies (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Commitments and Contingencies Disclosure [Abstract]    
Rent expense $ 812,747 $ 845,058
EXCEL 16 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`.]S;4```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V9S4[C,!2%7Z7*%C6N?V`81-D`6T""%_`DMXW5.+9L4\K;8Z>`9JHR M@ADJG4U^>J[O.L3ODV M+)G7S4HOB8G9[(0U;D@TI&DJ/:J+\]LUA6!:FEQNA=)[7FGO>]/H9-S`UD.[ MTW7J%@O34.N:1YN7U"E;TU'6J\F=#NE&V]R";7HV"MLCKXO.OL)^;=YE=7X*8?= MA7]+9FP9FA^6?ZPH]__X+#LO<6W[JZ"?S([!^F!C*N?::C/L&]63"ZM?SJV^ M:J6VJD/N3`DLV>7Y.*[K$:66_^7]]M.:5R@3QF6P@-^%)T.U-ZGD.>[ M_]OXO>!P.[%````*P(```L```!?.0Q(OW[CMB`PD.MQ-*O>X^NO`ZIK`XTHO8< M4M?'5$Q^#*G*_=ITJK$"2+8CCVG!D4*>-BP>-9?20D0[8$NP+,L5R*V.V:SG MVL7.U49V[M,41Y26M#;3"&>6X9MY6&3I//B)]!=C;IK>TI;MR5/0!_ZS#0// M>997'L=V+YRO+0O]C^AY%.!)T:'B1?4C9@,2[2F]@OIZ`(4QOCLEFI2"(S>C M@KN_V/P"4$L#!!0````(`.]S;4=AI.76UP$``"`>```:````>&PO7W)E;',O M=V]R:V)O;VLN>&UL+G)E;'/%V%;L;B`#-^/[<2*L\HFVZ8W@.RQ ML6(#8J9J??>A7E1NDCG*PM+9@`#IFW?U@(;'+M6K'_'8Y$/?I?8PI-F?T[%+ MJ^G^NFIS'E8AI$T;3TVZZX?834]W_7AJ\G0Y[L/0;-Z:?0Q:UXLP7L^IGAX_ MSIZ];-?5^+*5:O:S&?3W$T+3(_/0_S.\OUN=]C$YW[S MZQ2[_$5%^+=`%J`$20UDK#E)"&N.U@*X%H[7`L`6CM@"R!:.V0+0%H[:`M@6CML" MX!:.W`+H%H[=`O`6CMX*]%:.W@KT5M*W-OK8YNBM0&_EZ*U`;^7HK4!OY>BM M0&_EZ*U`;^7HK4!OY>BM0&_EZ&U`;^/H;4!OX^AM0&\C[96@S1*.W@;T-H[> M!O0VCMX&]#:.W@;T-H[>!O0VCMX&]#:.W@[T=H[>#O1VCMX.]':.W@[T=M)> M-]KLYNCM0&_GZ.U`;^?H[4!OY^CM0&_GZ.U`;^?H/;_2.[7-&+>O>3QT^W3K MFO^&PZ(KO%,^'^/M4RY38<.5UGE:*8;+\>:OCLO4OR'AT\_@IW=02P,$%``` M``@`[W-M1R,2BT`;`P``S`P``!````!D;V-0&ULO5==;]HP M%/TK%B_KI#6AD/4#T4AMZ;9*:XL*ZYY=YP:L.G9J.XSLU\].@`8P*>%AO.!< MG^/[=7P)?:[:O:$4*4A-0:%YPKCJ&>-E:ZIUVO-]1::08.49"#>[L9`)UN91 M3GP1QY3`0)`L`:[]3KM]ZL-<`X\@.DY7A[;"OO5RE::,$JRIX.$])5(H$6MT M.R?`^OXFH&"8DT=`,DEU'K9+3-548$8$,[@QOL(8,P4EZMU88&Y$DF*>^^73 M3\I?U:]T+`980Y6UOE&>/L42(N-T[?25L<#\R$V>S')OIIA/(*IBMS>7M7@& MJ6RF)QVO;3ZK$BSMY=F`(\HG0TRE"OLSW9L!T4(NVC33AW8I$L0V73V/37RJ MA5ZP`KN\;,VPI)CK%E+TKWGLM$JWI;58LU1I&?X6\E5-`;3J^RMCL:QBJVL: MA,%%@3"K=:2_RBQ>:36?V7%M&99?Z^.D;0JM!7F="A:9>?6IJ)K.W6#3Q#M.1`)HC.<[2F2F MH%5;0G4I"ML)$Y(V0P`XH6Z.:5VU_#D:2\P5)E8K.]P$5B$O"MXRJ]?;F776 M7$J=S@&<[@'R0_OJ"1V-[9?Z_)&PZH&;"JM'U\C&$O=20[V'6EETVPUG!CH: M[+C1M9WK'M#MKKO;]9R@F4**=-Q5KN5T3YM.-HX]]BMF*TQ^ZU2M\#=_=K[LJ/"V_?E/;8!Q(TYQM#\ MI@5G!W#.#QC::XK9>BO<>`?TU_^[A/\`4$L#!!0````(`.]S;4=<>(\Y/@$` M`&D#```1````9&]C4')O<',O8V]R92YX;6S-DTU/PS`,AO\*ZKW+LO(A15T/ M@#@Q"8DA$+>0>%M8\Z'$4]=_3Y9U+0,NO7&K:[^/7\=)*1P3UL.3MPX\*@@7 M>UV;P(2;9QM$QP@)8@.:ATFL,#&YLEYSC*%?$\?%EJ^!S*;3:Z(!N>3(R0&8 MNYZ85:443'C@:'V'EZ+'NYVO$TP*`C5H,!@(G5"252]F:VQC2C+HJS(ZKGG` MA95JI4#>MD/9[U3LC.!U.,I!]NW3WS\]I`S)NLI]4'U5TS23IDAU<6!*WA:/ MS^ELI53FM-B22]90=GLYOTPV9F_ MP;#NAOBWCD\&TW9180TC=YLT,BTW?2:0A""\[7$!U>3ES9VOKVF/H1G;VJZ@M02P,$%`````@`[W-M1YE< MG",0!@``G"<``!,```!X;"]T:&5M92]T:&5M93$N>&UL[5I;<]HX%'[OK]!X M9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B-;'EDD81_OTV23;J;/`0L MZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#0 M5%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@ M?\YOI^1.6HCA5,+$P&IG/U9KQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSV MQ.V?C,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2`Y9>*?IUE!K9';O=05SP6.XYB1'^ MQL4$UFG2&98T1G*=D`4.`#?$T4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>" M(<7K;YH]5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RC MEU@5`9<8WS2J-2S%UGB5P/&MG#P=$Q+-E`L&08:7)"82J3E^34@3_BNEVOZ< MTT#PE"\D^DJ1CVFS(Z=T)LWH,QK!1J\;=8=HTCQZ_@7YG#4*')$;'0)G&[-& M(81IN_`>KR2.FJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@ MR.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z& MU3-L+([W1]072N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@* M-Y;&O%"N@GL!_]':-\*K^(+`.7\N?<^E[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y M/%_GM,T+,T.WF)&Y"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?! M4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D M8"V@!X.O40+R4E5@,5O&`RN0HGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2 M.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S M&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M#`DL M6XA9$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R M0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'YA,L0Z1^P7V*BH`1JV*^NJ]/^26<.[1[\8$@ MF_S6VZ3VW>`,?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS M#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4#6CV#30,9FV-J/D3@H\W/[O M#;#"Q([A[8N_`5!+`P04````"`#O6QE@%T\^ M9TY__239\4MHEBU;Q_)%IT=WSSUWEL\)*]AQ^K"A%%`CN*PBO`$H/WA>E6ZH M(-6U*JDT)[G2@H#9ZL*K2DU)5MD@P;VY[R\\09C$<2AKL110H535$B(\[R'4 MQM^IC$;X\>+UMUK![2O4KK.KVG+,+!X@9[/R5=*:!' M>$='SU(O++77U1"'N9+34BP0A]43VA)N_`/KGBJN-`+3*Z/!(9((VGK<$[WZ^F2@=TMMCS&^;0\ M`\1A20"HEDNS09V]WI6F.*DD;44ZOQ/>A2:[8'XS"G"+R9LHG5'=9P[P'HI# M3G,P`9H5&[N"*JUT!:"$,3)&"B4)MY3[B,XPM"GE_,%>YJ_YA+O)4>MCG[&/ MD56Q-TTC.G.X!JZIWIBMY1[1OCN+%C5YSV^B25GRW4?."BEHJ[6%EJK;G:(/ MCM#'(=FSHHW2[,GXVWN0&H!JC+94`TO'R'=-RC5MH+O`7I,?4WANR2^IZ>]W M;5!C;N"_;L_9R1VTJD5"]=+-Q=^7].;MZ4?F7DY\(//%E=FY_]]*6_RA-*^; M+Z,A-AEA/8J2FG%@ZYXBPH/]A6:L%N^=@N%_1?P#4$L#!!0````(`.]S M;4=`A$\Q4`0``#L0```/````>&PO=V]R:V)O;VLN>&ULE9=K;]LV%(;_"J$O MRX#-MD3:N:`NL%S:!6C3H#:ZS[1$QT0H4B6I7/KK1\KQ\LIFM>:3KGS$0S[G MB'SGSAZ-O5\9:J7=F9UG&^^;L_'8E1M1_&9KV6 MI;@T95L+[7F0D4JL>:O\,G1V]]UYEA>L*&9;1GSMFQ2/#H'Q!N&E MEP]BR5?S;)(1WGKS02HO["7WXJ,U;2/U76!E9"VM\XL8;O=F+;6LY8_8[W#E M-N;Q;V/E#Z,]5XO2&J6Z5O%!URA\P?UW)_31R[+WHN>KKW$FYMEL$H`/TLF5 M5-(_S[/N7(D8R7@OE&[X7\^([@9G-\6$ZXI<:1\HY%IO)R\,3>Q#>/FZZCYL MSV0XL==5OATJ!%T$,8R251B+BIQSQ74I2!>.`T@!D.)-$')TRP%$`43_![3P MX1"#=,2LR9=&6``Q`+$W@2Y,W0!H"J#IKX(ZSH;K.P#-`#1[6X^XVP#H&$#' MAZ!\1"Z%*ZULXDS']N>MDUHXG+`38)P<,HH16;1US>US;+^0=UJ&PL%#8'^5 MI6D!=`J@TT,0'9%;&TJ'#?YU*GYO91,#^X-HX5'#"7HX.22Q$%8KR-J:FGR- M)2L,TRT/220PKKRG<\+GZ8C<&"]<8)1"/O"85=`<1K)7MN](4`4NIHG9#T=!;OU0RP]$12QJ1ZAJ7E" MU7P2]/"FO-\8585:^ULWK?X9&2AIGK(T:'JM2U,+LN1/_3E$.?.$G7D1XZAK MZ;R=)R[>(O(>0C5CCTLTCXF;.8,RLG MOK>Q`%P]Q*XA`,TL$F8.YEQ1(*I7;A.6#J,HHM#<(F'N<`(31*'(14+D1.J1 MHV4\N-^1@Q87"8LA!Y/M4=\BH>]^,B8AZ&^1\'<@E2(/4:ASD=)Y+Q62_4&1 MBY3(0SE!)_B+19-IRN2?_D#(T66O:%-TFK[5:8I.4W2:OM5IBD[3WB(BX?0P MBB$*G:8)IW^:'MU0]58VJ#5-:#V(HC-$H>$T8?C`OS+"$(6>TX3GR:2-H4GE MR)^8_Q0]IPG/!U$WO;%"VVG"]EX)>$%@NC!TG"4'4.$&HM!QEEJ$#!4\=HPH=)REUB*#J!-$H>,L5;?E??\O4$L#!!0````(`.]S;4=)IZF$B0(``'\)```8````>&PO M=V]R:W-H965T&UL?5;+;J,P%/T5Q`<4;%Y)19#RT&AF,5+5 MQ@Y)2=#:IL`AV$:M*3N_"(W?2^\R-E5-G5' M7[@GKFU+^+\=;=A]XR/_T?%:7RJI.X(B#R;>J6YI)VK6>9R>-_X6/1]0IB$& M\:>F=S&K>WKR1\;>=./7:>.'>@ZTH:74(8@J;G1/FT9'4LKO8]!/34V1C*.O.E/=A),8C#2;@D8`G`DZ_)40C(9H(*/Z6$(^$V"($PU+,1AR()$7. MV=WCP]_KB3XDZ#E66UWJ3KVS:A.$&M.((K\581[<=)@1L9LCL$&@"1&HV),` MA@1VV*'CKP)[%Q%]11Q<1`Q/(0+7&,WHD:$G,#T&Z?&,'AMZ:FV1B\A@@004 M2!SZRA(8$)U!),,_2)(P3")8)@5E4D=F;1ZZ5<6QEHQ$SN#$=TE&2 M*3LN>`7!KD>N[;%USO;(-7X4:J5%+=CZR'4VMI,8A%E(8PBV/W+-C>U,-F+F M*\(ALO-Q,+N^6LHOYAT@O))=.SG<4U/O]-;8FALY^(07>4\N]#?AE[H3WI%) M=8F::_#,F*1J,N&3VMY*O8:F1D//4E?#^V!H2-8_GCO3FZOX#U!+`P04 M````"`#OCG'BR^;U_4POI@MYK-KW&JS:_;]IMU/NN;E>F.?8W]Y/1_%/;?AT??E\]3LWHH=DVS\-81)TO[TW5;+=C2;GFOR^% M_E?G&'A[_U'ZKZ?F9OM/==]4[?:OS6I89[=F.EDU+_7;=OC2'G]K+FUP8X'/ M[;8__4Z>W_JAW7V$3">[^MOYNMF?KL?S/]%YQTY\$XU..8PP/EGGL>7XX=E=O4Y_]&Q6+^OL`TG[V/Y5PD MRUL)GB7WBDHJR%PELUS_U02J)O`FGL[QH,>3&D\W\?8)/DN!" MB*PA4@4Q(@;4W5C5C95NB+FQ-_6XD\0#.L=DE2(C:YW3W3C5C9-N+'/C1#4V MANCX*$L9V`@1"D/E53M>VG',CI?U.`K1LWE9*3H?D3#H?H+J)T@_GOD)HAXR M9)#U8B5E8"C9F'0[4;43I9W`[$0Y6A#0\*DL9=Y[5S"35#-)FF&U+)/L&TL6 M(^\"5D94A8'0\[6EZ"AX4UI<4,`G"'39`OI`9Q^@ M:),%WB847IT-%`2'IDTQ0D3BW'*9`"@P")<[=2A*7^T6D*$J>6 MXQ0D*!'1HAAS19=YX0K$`)VH()%J.5)!PM*C"P"B?Z0P.)LLE<9,QRI(KM[, MPXLG"4R;O`'.547G(=CB6M7!"I*LEI,>)#-CRLAT'&:*,!G*V(L%3SI=0>+5 MU*$E`Q"*!BY10A1\WA8:P]U( M8%YRSBBXX%WUIL'3,HL2LX^A'B<]$G@+?!%2*$"@& M'VTAHT:=M"A)ZSAI4=?:$47,F%<88V23E>2=/6<922I^1/Z4]K`/2G*[,@Z M*)R=D$Y8DH3E[5^2`LZ468:>F]((BV1#:;7J@"4)6,]I1I*;"`EX>EEI.N]\ M\;Q+YRM)OGI.,I+I*8(?SPJX)26/=3&!*1%)IRM)*GJ>A%*2L-&3:TVI)]>S MFZ/.0_W:_%%WKYM]/WEJAZ'=GI>NF7ET?MLW+,-Z&?-^= MSW?/#T-[^#BNOIZ9+_X%4$L#!!0````(`.]S;4<\7$'4&@(``)T'```8```` M>&PO=V]R:W-H965T&ULC97+CILP%(9?!?$`8P,!DH@@=5*- MVD6ET2S:M4.<@,9@QG;"].UK&T+!=C*PP+?_/_X.E^.LH^R=EQ@+[[,F#=_Y MI1#M%@!>E+A&_(FVN)$K)\IJ).20G0%O&49';:H)""%,0(VJQL\S/??*\HQ> M!*D:_,H\?JEKQ/X^8T*[G1_XMXFWZEP*-0'R#(R^8U7CAE>T\1@^[?QOP78? M0"71BM\5[OBD[RGX`Z7O:O#SN/.A8L`$%T*%0+*YXCTF1$62.W\,0?_OJ8S3 M_BWZBTY7XA\0QWM*_E1'44I:Z'M'?$(7(MYH]P,/.<0J8$$)UW>ON'!!ZYO% M]VKTV;=5H]NN7XG3P>8VA(,A'`W!ZJ$A&@R180`]F<[K.Q(HSQCM/-:_C!:I M=QYL(_GD"C6I'I3,B2F84*R?%RO9'!D4O:;0DUI(`#IS1#ECVCB9-C;3VF#:6#M%,'8A+1#.B%31 M==4I:#-9A0HNA5JB[*G`I)"VZ(Q_(7:N&NX=J)`U65?5$Z4"RZCP2?XCI3PK MQP'!)Z&ZJ>RS_O3H!X*VM\-P/)'S?U!+`P04````"`#OQ=MFG[6G)N3;(:@L M,A3"9&5^K.;+Q5#VO5DNZG-7'*OPO9FUY[+,F_]6H:@O+W.8WPI^'/>'KB_( MEHOL'K<]EJ%JCW4U:\+N9?X*SVNTO610_'T,E_;A>M:;?ZOKG_W-G]N7N>@] MA")LNKZ*/'Z]AW4HBKZFV/*_UTH_VNP#'Z]OM7\=THWVW_(VK.OBG^.V.T2W M8C[;AEU^+KH?]>5;N.:@^PHW==$._V>;<]O5Y2UD/BOS7^/WL1J^+^,3B]

G$(GOOZ[E*5H\2'"1P5V2Q\GL+R+6P0A*.OS>PI@HI^!8D MFX-\B)=C#A,.%1NO'N+5&)]87(V2:I"8L0^LE488E>1"A8@HI5+(.]*L(TT= MR<21?FA(?^:("C]W9%A'AO:QXN,M&V]I1CK)R!*C2EDIO$D2HCKCM'/@>#^. M]>.HGZ2=E:,]#$*F`[&F,I1..3L] MXC@J"&K(I5@0I"D':%5B?,WIE!9Z8KA@@E-`'?G4$9"6-,2/2%\)3HA2"2TG M/+%D>P4DGCR!)])9+8449.!8(1ICICSQ+`1)/4'J2=))HJU!J4E',4J/H+R< M>/F!)RQ0Q/H4L:"8MJRT(%)35"A%G.)B:D;QC`5-D.:G^IIG(AB:E4JS,C0K M"3&K-"FJ\\Y,+&/`,Q8H9'T*66`H*]#JU`Z5200P$WYXQ@*%;`KS%3"418-D MS!F9M7YJQ'G*`L6L3S$+%*!/U@N%!&N,$,`+-[6N(H]:I*CU*6J1(O0IKO1@ MTEG$"2'.-V$FEB/D:8N4MCZE+5*(@C16*Y^:8H3.6:6FMI$\;9'2%D2*6V0H M&FD%Z1Z"T3D7SS9^PA(/6Z2P!9'2%BE#/;BX`TLM,:P50L=%8,(3CUJDJ`61 MLA8I0I^4()U$51/[?]PT,;*;0AW2"L M6%'*2%8T04CDB8V4V"!2)"'#8J%%_Y; M^EQUXR'L7GH_F[\.)]BD?!7/[.,)^Z.:Y>*4[\-?>;,_5NWLK>[BZ74X?^[J MN@O1J/@2Q_(0\NW]I@B[KK^T\;H9S]GC35>?;C\;W'^[6/X/4$L#!!0````( M`.]S;4=__25#6@(``%H'```8````>&PO=V]R:W-H965T&UL MC55-CYLP$/TKB'L7VWQ'!&FAJMI#I=4>VK-#G(`6,+6=L/WWM0TAK'%6O>"O M]V;>C(=Q-E+VQFM"A//>M3W?N[40P\[S>%63#O,G.I!>GIPHZ["02W;V^,`( M/FI2UWH(@,CK<-.[>:;W7EB>T8MHFYZ\,(=?N@ZSOP5IZ;AWH7O;>&W.M5`; M7IYY"^_8=*3G#>T=1DY[]QGN2@@41"-^-63DJ[FCQ!\H?5.+'\>]"Y0&TI)* M*!-8#E=2DK95EJ3G/[/1NT]%7,]OUK_I<*7\`^:DI.WOYBAJJ1:XSI&<\*45 MKW3\3N880F6PHBW77Z>Z<$&[&\5U.OP^C4VOQW$ZB9*99B>@F8`6`HP^)?@S MP;\3`AWII$S']14+G&>,C@Z;+F/`ZL[ASI>9J]2F2I2,BQR#'NL4@V M;B($86!6[A8F*R<)@P>WE5KUI!8]@:$GW:8GB$!L5&EI@S>39@,_D)V;GIN?.@0K94'5+/%$JB-0)GN1/5\N';EFTY"34 M-)9S-K7^:2'H<'O)EN4XW*%(@+6+O_?A-$E.3(VHO*Q_.>O.2&5>,?^NU(NT6^MY';Y)C5/]5I)=MG M"$W`M=T-,E\ M3>ID,BK5R2O/%7A(3*'CEUB7R]I<--6A$UGI>X:8C#XG&/-1\&D"M858D2?F0,,07UF`3&XSRPAAO29%<30C@GTO'631\#)(S(!ZA5#_'G1PS<$H9,*56@\R8 MDSR*!G(7@@.%P$!VEX7.(U&GE%Y#MY0$C1QN!7'LOFL.NN:`:RNQ<^X,)"A& M%K5TJ2<-,;MI72PFA'/8H1@T%`.3:"V, MT_BQ=<3%*!I:1P1H2+B&J#725#RPCKA,X\8J6.%X9GI!1]3J^[G+1933T.K& MA8L]:8CIA$;-JQ*TT:('.J6%>MZ)B)!PMC<` M9!Q%5M6L((XRBJ,[Y8#OO"7@!UJFA7I]CF-.A>W=Y9X8XK9S,)I>P.\8AW=H M#&S1=H*G^,$]&N"&FPO#NS0&MFE[89GB1_9I`((:#,#@#H-`*G17V*F&]E;= M8K&]"2\!DF"!F9-NB.,,1_9"&MR\V1Z2G?R1E+NTJ+QW5>N7Y.8U=ZM4+750 M]*RWN+W^8NM.,KFMS6&DC\OS-\SYI%:'RR=9]UTX^0=02P,$%`````@`[W-M M1YH8B*J>!```B!4``!@```!X;"]W;W)KRBPV$-[5FPF-E:R7$E9;_]]J8\XSLRP:`ZQ M)+\W>(L5_\K*M3][`\]/WY?K7J=H=8E]V7YAQ/Z9N7IJW+ M/MVVKZONW,9R/S:JJQ4HY59U>3PM-^OQV==VLV[>^NIXBE_;1?=6UV7[SU.L MFLO#4B_?'WP[OA[ZX<%JLUY=V^V/=3QUQ^:T:./+P_)1WV_1#Y)1\>QJH9(J>>_YZ`??0X-;Z_?H_\Z MIIOL/Y==W#;57\=]?TANU7*QCR_E6]5_:RZ_Q3D'.P3<-54W_E_LWKJ^J=^; M+!=U^7/Z/)[&S\OTC7=S,[D!S`W@VD#_=P.<&^!'`S-F.CD;\_JE[,O-NFTN MBW::C',YS+F^QS1RN^'A,%`IIRY]-R@VZQ\;C;A>_1@"S9JG6PU,FJMBE:)? MNP"IBR=@S>%S!UNN0"7W@&(2>-,>YR2,',"(`D,2C3/R="W:!;=NKTKT%JR&K:2#HSV MD/,DLN=1`_/$%MZL^=15>@T*9ZDG+BQ`NXPA&54:F2&CJ"'D;Z;E\R[([K0. M2H6,(YE]FL//T%="&]Z5#\XZ-FV2T"5ED?$D\T];82D!-6597P8"'R8NL\H8 MS!B2>:HY4"W;)CDI[](^!(X:XCJTKBAR+ZR,5"TPU3!+')G&>@3*>$$7T!0^ MLVEI&:XZ"`S)[,-:QJ(6N&@LS8H3[\XKJ]AB%'1I,U:Y+0-D-((2/-'-=!9] MHK!/NR2=?$%WAQ!! MH,Y[H%B3=*$`5+E9DTD+0JEI<^^'S$80BDU+80T<>FR(A4HS37?ZR]B1P0@" M&!FK@0,OT9-B45"!];G1D:$(0LEI#;7#J\FAU+E-?7;TO\M.D`$+`F`M!2P( MX$0W0*J@?B3$:N^=R10A*#,6!<9:RE@4V*E3F68TI:R@U,E3`9E='V7*HD!9 M6JD^H52IHG*>KB9!Z(S+.9(ABP)D+84L2I`-*N5OJ"6NU#[5_28#$N`^-= M07]EK6X.N.K8OHX'?]UBU[R=^ND0Z?KT>KCX",,!&7G^I.^WTQ'A1YC-^ER^ MQC_*]O5XZA;/3=\W]7B`]M(T?4PVU9<.<.E&-&^N@[`DS>MC#O3SOO^Q)BK.M#" M/6`/)NPT:+7P(;0M<[T%42>25HQGV9%I(0TMBY1[MF6!@U?2P+,E;M!:V#\7 M4#B>Z8[>$R^R[7Q,L+)@"Z^6&HR3:(B%YDP?=Z=+'A$)\%/"Z%9K$KU?$5]C M\+T^TRQ:``65CPHB3#=X`J6B4"C\>]9\+QF)Z_5=_6OJ-KB_"@=/J'[)VG?! M;$9)#8T8E'_!\1O,+1RB8(7*I9%4@_.H[Q1*M'B;9FG2/$X[G[.9MDW@,X%_ M(+"I4++Y17A1%A9'8J>C[46\P=V)AX.H8C+V'2RZL!<197$K=\>\8+'_T/DV?;_I<+^B[V>'AVV!?%,@7PGD_VEQ"W/\4(2M MSE2#;=/3<:3"P?CI\);L\CH?>;J3=WA9]**%'\*VTCAR11]N-MU-@^@A6,D> M#I1TX?\L@8+&Q^6GL+;3DYH"C_W]@RR_M/P+4$L#!!0````(`.]S;4<.#,>% MH@$``+$#```8````>&PO=V]R:W-H965T&UL=5/;;MP@$/T5 MQ`<$+^MLTI774C95U3Y4BO+0/K/VV$8!Q@6\3O^^@+V.U;HOP`SGG#G#I1C1 MOKD.P)-WK8P[T<[[_LB8JSK0PMUA#R;L-&BU\"&T+7.]!5$GDE:,9]F!:2$- M+8N4>[%E@8-7TL"+)6[06MC?9U`XGNB.WA*OLNU\3+"R8`NOEAJ,DVB(A>9$ MGW;'`:EHE`H_&O6_"@9 MB>OU3?U+ZC:XOP@'SZA^RMIWP6Q&20V-&)1_Q?$KS"W<1\$*E4LCJ0;G4=\H ME&CQ/LW2I'F<=O+#3-LF\)G`%\)CEHQ/A9+-S\*+LK`X$CL=;2_B#>Z./!Q$ M%9.Q[V#1A;V(*(MKN3L\%.P:A6;,>8WA$V9!L*"^E.!;)<[\'SK?IN\W'>Y7 M]/WL\'%;(-\4R%<"^7]:W,)\^JL(6YVI!MNFI^-(A8/QT^$MV>5U/O%T)Q_P MLNA%"]^%;:5QY((^W&RZFP;10["2W=U3TH7_LP0*&A^7#V%MIR-9]HEI(0VMRI1[ME6)HU?2P+,E;M1:V#]G4#B= M:$YOB1?9]3XF6%6RE==(#<9)-,1">Z*/^?%<1$0"_)0PN0*DH%`K_7C3?2T;B=GU3_YJZ#>XOPL$3JE^R\7TPFU'2 M0"M&Y5]P^@9+"_=1L$;ETDCJT7G4-PHE6KS-LS1IGN:=(E]H^P2^$/A*^)PE MXW.A9/.+\*(J+4[$SD<[B'B#^9&'@ZAC,O8=++JP%Q%5>:WRAZQDURBT8,Y; M#)\Q*X(%];4$WRMQYO_1^3[]L.OPL*$?%H2VAYIYUQ_8,Q6'2AN;[`'[7<:-(H['YJ6V=X`KR-)298FR0^FN-"T M+&+NQ90%#DX*#2^&V$$I;GZ?0.)XI#MZ3;R*MG,AP4!$P)N`T:[6)'@_(WZ$X*D^TB18``F5"PK<3Q=X`"F#D"_\.6M^EPS$ M]?JJ_AB[]>[/W,(#RG=1N\Z;32BIH>&#=*\X_H*YA7T0K%#:.))JL`[5E4*) MXE_3+'29/[GA9&!R)F8ZVY^$&=X?4'T05 MDJ%O;]'ZO8`HBTNYN\T*=@E",^:TQJ039D$PK[Z42+=*G-)_Z.DV/=MTF*WH MV>PPWQ;(-P7RE4#^GQ:W,/N_BK#5F2HP;7PZEE0X:#<=WI)=7N=]&N_D&UX6 M/6_AF9M6:$O.Z/S-QKMI$!UX*\G-GI+._Y\ED-"XL+SU:S,]J2EPV%\_R/)+ MRS]02P,$%`````@`[W-M1\B#:?6A`0``L0,``!D```!X;"]W;W)K&UL=5/;;N,@$/T5Q`<4AZ1-%3F6FJZJ]J%2U8?=9V*/;51@ MO(#C[M\O8,>UNMX78(9SSISAD@]H/UP+X,FG5L8=:>M]=V#,E2UHX6ZP`Q-V M:K1:^!#:AKG.@J@222O&L^R.:2$-+?*4>[-%CKU7TL";):[76M@_)U`X'.F& M7A/OLFE]3+`B9S.ODAJ,DVB(A?I('S:'TRXB$N"GA,$MUB1Z/R-^Q."E.M(L M6@`%I8\*(DP7>`2EHE`H_'O2_"H9BC[42\PY)UHX%781AI'SNC#S::[J1$]!"O9S2TE M;?@_&PO=V]R:W-H965T\HZY_HCI;;J0'%[ASUHO].@4=SYT+34]@9X'4E*4I;G7ZCB0F=E M$7//IBQP<%)H>#;$#DIQ\^<,$L=3MLENB1?1=BXD:%G0F5<+!=H*U,1`<\H> M-L?S+B`BX)>`T2[6)'B_(+Z&X$=]RO)@`214+BAP/UWA$:0,0K[PVZ3Y43(0 ME^N;^K?8K7=_X18>4?X6M>N\V3PC-31\D.X%Q^\PM;`/@A5*&T=2#=:ANE$R MHOA[FH6.\YAV]MN)MDY@$X'-A$,>C:="T>83=[PL#([$I*/M>;C!S9'Y@ZA" M,O3M+5J_%Q!E<2TW]U\+>@U"$^:\Q+"$F1'4J\\EV%J),_N'SM;IVU6'VP5] MFZH?\G6!W:K`;B&P^T^+*YC#YR;IXDP5F#8^'4LJ'+1+AS=GY]?YP.*=?,#+ MHN^[5)3RH%#OO;!YE_ M:?D74$L#!!0````(`.]S;4?K'I$WH0$``+$#```9````>&PO=V]R:W-H965T MVF?6'MLH MP+B`U^G?%[#7L5KW!9CAG#-GN!0CV@_7`7CRJ95Q1]IYWQ\8#@E33P9HD;M!;V]PD4CD>Z MH]?$NVP['Q.L+-C"JZ4&XR0:8J$YTL?=X91'1`+\D#"ZU9I$[V?$CQB\U$>: M10N@H/)1083I`D^@5!0*A7_-FE\E(W&]OJI_3]T&]V?AX`G53UG[+IC-**FA M$8/R[S@^P]S";12L4+DTDFIP'O650HD6G],L39K':8??S[1M`I\)?"$\9,GX M5"C9_":\*`N+(['3T?8BWN#NP,-!5#$9^PX67=B+B+*XE+L'7K!+%)HQIS6& M3Y@%P8+Z4H)OE3CQ?^A\F[[?=+A?T?>SP_VV0+XID*\$\O^TN(7)_RK"5F>J MP;;IZ3A2X6#\='A+=GF=CSS=R1>\+'K1PJNPK32.G-&'FTUWTR!Z"%:RFUM* MNO!_ED!!X^/R/JSM]*2FP&-__2#++RW_`%!+`P04````"`#OE^`&BK??=D3%7MJ"%N\,.3-BIT6KA0V@;YCH+HDHDK1C/LGNFA32T MR%/NQ18Y]EY)`R^6N%YK8?^<0>%PHAMZ2[S*IO4QP8J)CG*5)\S#N;`\3;9W`)P*?"8QS=HU"$^:\Q/`1,R-84)]+\+429_X/G:_3MZL.MPOZ M=G)XORZP6Q78+01V_VEQ#?/PI0A;G*D&VZ2GXTB)O?'CX&PO=V]R:W-H965T M)W\?0![':MU7X`9SCESADL^H'US+8`G[UH9=Z2M]]V!,5>VH(6[P0Y, MV*G1:N%#:!OF.@NB2B2M&,^R.Z:%-+3(4^[%%CGV7DD#+Y:X7FMA/TZ@<#C2 M#;TF7F73^IA@1`)E(I"H?"?2?.K9"0NUU?U[ZG;X/XL'#RA^BTKWP:S&245 MU*)7_A6'9YA:N(V")2J71E+VSJ.^4BC1XGV+2=B#>X.?!P$&5,QKZ#11?V(J+(+\5FO\_9)0I-F-,2 MPT?,C&!!?2[!UTJ<^#]TOD[?KCK<+NC;R>'#NL!N56"W$-C]I\45S$/V5Q&V M.%,-MDE/QY$2>^/'PYNS\^M\Y.E.ON!%WHD&?@K;2./(&7VXV70W-:*'8"6[ MN:6D#?]G#A34/B[OP]J.3VH,/';7#S+_TN(34$L#!!0````(`.]S;4=-5T6S MGP$``+$#```9````>&PO=V]R:W-H965TVF?6'MLHP+B`U^G?%_`E5NN\`#.<<^8,EV)$ M^^(Z`$]>M3+N3#OO^Q-CKNI`"W>'/9BPTZ#5PH?0MLSU%D2=2%HQGF4?F!;2 MT+)(N2=;%CAX)0T\6>(&K87]_3#[L.#QOZ M87;XCL!Q5^"X$3B^T^(>YO!/$;8Y4PVV34_'D0H'XZ?#6[/KZWS@Z4[>X&71 MBQ9^"-M*X\@5?;C9=#<-HH=@);N[IZ0+_V<-%#0^+C^&M9V>U!1X[)&UL=5/;;IPP$/T5RQ\0LX9-VA6+E$T5M0^1HCRTSUX8P(K- M$-LLR=_'-BQ!+7VQ/>-SSISQ)1_1O-H6P)%WK3I[I*US_8$Q6[:@A;W!'CJ_ M4Z/1POG0-,SV!D0525HQGB2W3`O9T2*/N6=3Y#@X)3MX-L0.6@OS<0*%XY'N MZ#7Q(IO6A00KF"@O#3!1Y`J2#D"[_-FE\E`W&]OJH_QFZ]^[.P\(#JCZQ+$_Z'S;7JZZ3!=T=/9X7Y;(-L4R%8"V7]:W,+<_E6$K5UWO-X)U_P(N]%`T_"-+*SY(S.WVR\FQK1@;>2W.PI M:?W_60(%M0O+.[\VTY.:`H?]]8,LO[3X!%!+`P04````"`#O6B?67MLHP#C`EXG?Q_`7L=JW1=@AG/.G.&2#VC? M7`O@R;M6QAUIZWUW8,R5+6CA;K`#$W9JM%KX$-J&N%'D%@=BQZ/M1+S!S8&'@RAC M,O8=++JP%Q%%?BDV#W@?RL@H0$``+$#```9````>&PO=V]R:W-H965T MVF?6'MLH MP+B`U^G?%[#7L5KWA=17"B5:?$ZS-&D>IY/]PTS;)O"9P!?"0Y:, M3XF2S6_"B[*P.!([76TO8@=W!QXNHHK!6'>PZ,)91)3%I0S]*M@E"LV8TQK# M$V:W(%A07U+PK10G_@^=;]/WFP[W*_I^RGZ?;PODFP+Y2B#_3XE;F+^+9*L[ MU6#;]'0>>O(%+XM>M/`J;"N-(V?TH;.I-PVBAV`EN[FE MI`O_9]DH:'QUG9[4M/'87S_(\DO+/U!+`P04````"`#O6B?67MLHP#C`EZG?U_`7L=*W1=@AG/.G.%2C&C? M7`?@R;M6QAUIYWU_8,Q5'6CA;K`'$W8:M%KX$-J6N=Z"J!-)*\:S[(YI(0TM MBY1[L66!@U?2P(LE;M!:V#\G4#@>Z8Y>$Z^R[7Q,L+)@"Z^6&HR3:(B%YDCO M=X=3'A$)\%/"Z%9K$KV?$=]B\%P?:18M@(+*1P41I@L\@%)1*!3^/6M^E(S$ M]?JJ_IBZ#>[/PL$#JE^R]ETPFU%20R,&Y5]Q?(*YA=LH6*%R:235X#SJ*X42 M+=ZG69HTC],._S;3M@E\)O"%\#5+QJ="R>9WX4596!R)G8ZV%_$&=P<>#J** MR=AWL.C"7D24Q:7D&2_8)0K-F-,:PQ-FMR!84%]*\*T2)_X/G6_3]YL.]ROZ M?G:XWQ;(-P7RE4#^GQ:W,/FG(FQUIAILFYZ.(Q4.QD^'MV27UWG/TYU\P,NB M%RW\$+:5QI$S^G"SZ6X:1`_!2G9S2TD7_L\2*&A\7'X):SL]J2GPV%\_R/)+ MR[]02P,$%`````@`[W-M1_1\D;!K`@``NPD``!D```!X;"]W;W)K&UL=5;;CILP%/P5Q`R#0&4YKYAZ$0VO MS9>KD!739BAO@6HD9Q<75)4!#<-U4+&B]M/$S;W)-!%W718U?Y.>NE<5D_]. MO!3MP2?^<^*]N.7:3@1I$@QQEZ+BM2I$[4E^/?A'LC^1G84XQ.^"MVKT[MGD MST)\V,'/R\$/;0Z\Y)FV%,P\'OR5EZ5E,LI_>](O31LX?G^R?W?+->F?F>*O MHOQ37'1NL@U][\*O[%[J=]'^X/T:8DN8B5*Y7R^[*RVJ9XCO5>RS>Q:U>[;= MEWC3A^$`V@?0(6`;NL0[(9?F-Z99FDC1>K+[;QMF2TCVU/P1F9VTZS8I*O/- M(M+DD=(P3H*')>HQIS&&.@P9$(%A'R0HDCC163C%X1',,!J%1YWZ>HL)5I!@ M-2)8]4M<3Y:(,!LL$D.1&!!L)R((L\,B:RBRGA.0<"*",`OEVD"1#2"@$Q&$ MB;#(%HIL`<%J(H(P,1;909$=()@6'F$6"F^[&W50""BFI8>@A=J3A4XEU-9SY`H"4?X$V`@`Z/9CY`H"4?X'V`@":/9CY`H"4?X*V`@#Z/9CY`H"4? MX-V`@%:/9CY`H*D/@M'A6G%Y)@V[\5], MWHI:>6>AS1'O#NFK$)J;7,(7XY754:[FOI M?U!+`P04````"`#O^EVQ2)E4T7I0Z4H#^VS%P:P8C/4 M-DOZ][4-2]#&+]@S/N?,&5_(1]3OI@6PY$/)SIR2UMK^2*DI6U#><1`?!;P&A6<^*]7Q#???"S.B6I MMP`22NL5N!NN\`12>B%7^.^L^5G2$]?SF_ISZ-:YOW`#3RC_B,JVSFR:D`IJ M/DC[AN,+S"T$AR5*$[ZD'(Q%=:,D1/&/:11=&,=I99_-M#B!S02V$`YI,#X5 M"C9_<,N+7.-(]+2U/?";0XYO7JA&7->8UC` M9`N".O6E!(N5.+,O=!:G;Z(.-ROZ9JJ^/\0%ME&![4I@.[?X_:[%"&:;QHOL MHD5V$8'LKD@,<[\5='5P"G03[JZ1)(J*V??G-S/=W;*;#8WU[A\BLH_@-02P,$ M%`````@`[W-M1SF%9-FE`0``L0,``!D```!X;"]W;W)K&UL=5-=;Z0@%/TKQ!]0E'&VS<0QZ;39[#YLTO2A?6;TJJ3`M8!C]]\7 MT+&FZ[X`]W+.N>?R48QHWFP'X,B'DMH>D\ZY_D"IK3I0W-Y@#]KO-&@4=SXT M+;6]`5Y'DI*4I>D/JKC025G$W),I"QR<%!J>#+MS\/8'$\9ADR37Q+-K. MA00M"[KP:J%`6X&:&&B.R7UV..4!$0$O`D:[6I/@_8SX%H+?]3%)@P604+F@ MP/UT@0>0,@CYPN^SYE?)0%ROK^H_8[?>_9E;>$#Y*FK7>;-I0FIH^"#=,XZ_ M8&YA'P0KE#:.I!JL0W6E)$3QCVD6.L[CM)-G,VV;P&8"6PAW:30^%8HV'[GC M96%P)&8ZVIZ'&\P.S!]$%9*A;V_1^KV`*(M+R?)=02]!:,:;`OE*()];S+^UN(79?RM"5V>JP+3Q MZ5A2X:#=='A+=GF=]RS>R1>\+'K>PA]N6J$M.:/S-QOOID%TX*VD-_N$=/[_ M+(&$QH7EK5^;Z4E-@PXUJM7X`9SCES@VQ`\V8;`$<^ MM&KMD3;.=0?&;-&`%O8&.VC]385&"^=-4S/;&1!E)&G%>)+<,BUD2_,L^IY, MGF'OE&SAR1#;:RW,YPD4#D>ZH5?'LZP;%QPLS]C,*Z6&UDILB8'J2.\WAU,: M$!'P(F&PBS,)N9\1WX+QKSS2)*0`"@H7%(3?+O``2@4A'_A]TOP.&8C+\U7] M3ZS69W\6%AY0OU$F.#FP'TCBN`,=?L4 MK;\+B#R[Y#R]S=@E"$V8TQ+#(V8S(YA7GT/PM1`G_HO.U^G;U0RW"_IVC+[? MKPNDJP+I0B"=2MS_*'$-<_7"<>_/9GQ2H^&PNWZ0^9?F M7U!+`P04````"`#O25HQGV1>FA>QI6<3MA?E[!H73B>[H M+?$BV\Z%!"L+MO!JJ:&W$GMBH#G1A]WQG`=$!/R6,-G5F@3O%\37$/RL3S0+ M%D!!Y8*"\-,5'D&I(.0+O\V:'R4#<;V^J3_%;KW[B[#PB.J/K%WGS6:4U-"( M4;D7G'[`W,(A"%:H;!Q)-5J'^D:A1(OW-,L^SE/:.>QGVC:!SP2^$.ZS:#P5 MBC:_"R?*PN!$3#K:080;W!VY/X@J)$/?WJ+U>P%1%M>2Y]\*=@U",^:\QO"( MV2T(YM67$GRKQ)G_1^?;]/VFP_V*OD_5[[-M@7Q3(%\)Y*G^(?O4XA;F&PO=V]R:W-H965T(#%`>UVTPM->,_BHI!Q=P;-^^@(>:66X&^/E.O\"4D]+O MI@>PZ$-P:4Y);^UPQ-C4/0AJ[M0`TNVT2@MJW5)WV`P::!-(@F.2IO=84":3 MJ@RU9UV5:K2<27C6R(Q"4/UY!JZF4W)(UL(+ZWKK"[@J\<9KF`!IF))(0WM* M'@_'<^$1`?#*8#*[.?+9+TJ]^\6?YI2D/@)PJ*U7H&ZXPA-P[H6<\;]%\]O2 M$_?S5?U7Z-:EOU`#3XJ_L<;V+FR:H`9:.G+[HJ;?L+00$M:*F_"+ZM%8)59* M@@3]F$C$/,GM;0JM9J0GC_M0/T)'H[$?8C: M%WW?+J)Q>QY1E=>*%*3$5R^T8,Y[#`F8PX;`3GVS(#&+,_F/3N+T+)HPV]&S MV?TABPOD48%\)Y`O+68W+<8P>=RDB)H4$8'BQB2&N;\QP;N#$Z"[<#\-JM4H M[7Q"6W5[`H\D'/PWO"H'VL%?JCLF#;HHZZY/N`"M4A9G=(]T6'%KK MIS_<7,_W=EY8-:RO&PO=V]R:W-H965T M*VG@Q1+7:RWLWS,H'$YT0V^)5]FT/B98D;.95TD-QDDTQ$)]HH^;XWD7$0GP M6\+@%FL2O5\0WV+PLSK1+%H`!:6/"B),5W@"I:)0*/P^:7Z6C,3E^J;^G+H- M[B_"P1.J/[+R;3";45)!+7KE7W'X`5,+^RA8HG)I)&7O/.H;A1(M/L99FC0/ MX\[V,-'6"7PB\)GPD"7C8Z%D\[OPHL@M#L2.1]N)>(.;(P\'4<9D[#M8=&$O M(HK\6O#](6?7*#1ASDL,3YC-C&!!?2[!UTJ<^7]TOD[?KCK<+NC;R>'#NL!N M56"W$-A-`M^^M+B"N<^^%&&+,]5@F_1T'"FQ-WX\O#D[O\Y'GN[D$U[DG6C@ ME["--(Y;37=3(WH(5K*[/25M^#]SH*#V<7D(:SL^J3'PV-T^R/Q+BW]0 M2P,$%`````@`[W-M1W:[IMJO`0``%@0``!D```!X;"]W;W)K&UL;53=;ML@%'X5Y``8AO)`S_E@T;Y:>N)U?U5]"MR[]F1MX1O&GKVWGPJ8)J:'AH[!O M./V`I860L$)APB^I1F-17BD)D?QS'GL5QFG>R?*%%B>PA]P5].*%%LQIBV$!C9[/YM'Q?(HP+Y1B!?6F1W+<8P6=QD'S791P3R M.Y,8YKX3NCDX";H-]].0"D=EYQ-:J^L3>&+AX&_PLAAX"[^X;GMER!FMNS[A M`C2(%ER4],%EZ=PC71<"&NNG7]Q&UL M;5/;;MP@$/T5Q`<$+WM)NO):RJ:*VH=*41[:9]8>VRC`.(#7Z=\7L->Q4K\` M,YQSY@R7?$#[YEH`3SZT,NY$6^^[(V.N;$$+=X<=F+!3H]7"A]`VS'461)5( M6C&>90>FA32TR%/NQ18Y]EY)`R^6N%YK8?^>0>%PHAMZ2[S*IO4QP8J?4;7!_$0Z>4/V1E6^#V8R2"FK1*_^*PP^86MA'P1*5 M2R,I>^=1WRB4:/$QSM*D>1AW]GRBK1/X1.`SX2%+QL="R>9WX4616QR('8^V M$_$&-T<>#J*,R=AWL.C"7D04^;7@AT/.KE%HPIR7&)XPFQG!@OI<@J^5.//_ MZ'R=OEUUN%W0MV/U;P_K`KM5@=U"8#>U>/^EQ37,UR)L<:8:;).>CB,E]L:/ MAS=GY]?YF"Z1?<*+O!,-_!*VD<:1"_IPL^EN:D0/P4IVMZ>D#?]G#A34/B[O MP]J.3VH,/':W#S+_TN(?4$L#!!0````(`.]S;4?8]C'[D0$``-T#```9```` M>&PO=V]R:W-H965TW<],SM^Y3VJ3]T`&'*6HM7;J#&F MVU"JRP8DTS?806M7:E22&9NJ`]6=`E9YDA0TC>,5E8RW49'[VJLJP<"^VV41)?"&S\TQA5HD=.)5W$)K>;8$@7U-KI+-KNE0WC`.X=> MSV+BO.\1/UWR7&VCV%D``:5Q"LQ.)[@'(9R0;?PU:OZV=,1Y?%%_]+NU[O=, MPSV*#UZ9QIJ-(U)!S8["O&'_!.,6O,,2A?8C*8_:H+Q0(B+9>9AYZ^=^6,G6 M(RU,2$=".A&2S!L?&GF;#\RP(E?8$S4<;2G M(EW=YO3DA$;,;HY)!\R$H%9]:I$&6Z0S>C;0UW%88!$46`0$DBN/(&PO=V]R:W-H965T&@-;&U#9A^_>U#2%9,HWV$MOC]]Z\L>,A&X1\4S6` M]MXY:]7.K[7NMD&@BAHX54^B@];L5$)RJLU2G@+52:"E(W$6D#",`TZ;UL\S M%WN1>29ZS9H67J2G>LZI_+L')H:=O_(O@=?F5&L;"/(LF'EEPZ%5C6@]"=7. M?UYM#ZE%.,"O!@9U,_>L]Z,0;W;QH]SYH;4`#`IM%:@9SG``QJR02?QGTKRF MM,3;^47]FZO6N#]2!0?!?C>EKHW9T/=*J&C/]*L8OL-4PL8*%H(I]^L5O=*" M7RB^Q^G[.#:M&X=Q)PTG&DX@$X',A%7\D!!-A.A*6+M*1V>NKJ]4TSR38O#D M>!<=M5>^VD;FY`H;M`=E:E)FSR+R[)R39)T%9RLT8?:W&.(PJQD1&/4Y!<%2 M[,D=G7Q,<+A'1"&>(4*+B&[XZZF(#2ZP1@76B$"\.`4,DRP*P3`I;F2#&MD@ M`E\61A!,&BZ,8)C_7%J,&HD1`8(+)*A`\HDC13!IM*CD,>:#D10UDG[B2!', MG9''F-%(F$XZ-ZRJ39QT]P4\J M3TVKO*/0IBFX9UT)H<%8#)_,M=>F5\\+!I6VT\3,Y=B^QH46W:49SU^$_!]0 M2P,$%`````@`[W-M1Z!'S53A`0``IP4``!D```!X;"]W;W)K&ULC51;;YLP%/XK%C^@@),0B`A2TVG:'B95?=B>'3A<5!LSVX3N MW\\VA$;MJ927^/;=3'Q./DGUJEL`0]X$[_4Q:(T9#F&HRQ8$TP]R@-Z>U%() M9NQ2-:$>%+#*DP0/:10EH6!='Q2YWWM612Y'P[L>GA71HQ!,_3L!E],QB(/K MQDO7M,9MA$4>KKRJ$]#K3O9$07T,'N/#*8XKHCIP8*-M\\`EO"DF`:GR_T*248V_FBEEWUY[T2'TAOL.+?&`-_&*JZ7I- MSM+8SM7$T[CY']TE^!Q09$2J(5OVMRX9.VI^!?*7U3 MG9^[I1\J!M*0K5`NL'R\DS5I&N5)1OX[./V,J0RG[:OW[SI=B?^*.5G3YD^] M$T=)&_K>CNSQN1$O]/*###DDRN&6-ES_>]LS%[2]FOA>BS_Z9]WIYZ5_@]+! MS&T`!P,X&H#[!M%@$'T:Q'<-XL$@-@R"/A4]$1LL<%DP>O%8OWHGK#8)6,1R MJK=J4,VLG`0NWRE%6;R7,(^+X%TY&C355`.U!HR*0'H?0T!7B`I:YG`>8&TK MHG`NV3B-@Y=*G61 M&SIV0L<6-,Q3@SJ>Q$FTYEN2RT6,

5797;0L=1#=* M%[A1'H'#A;G=!]%TXJ(PG.WF/JTO".=0SH*Z`M`!=:.N`'EYT[T%7T<'6\/*Z@.-&.\`HMU?P?X=%,6 M)WP@OS`[U!WW7JF0QZ4^\/:4"B()PR=9<([RWC-V&K(7JHEDF_4W@;XCZ.EZ ML1EO5^5_4$L#!!0````(`.]S;4=FUI0K=`(``+@(```9````>&PO=V]R:W-H M965TE;/31U*U9QR=KSZLD,;N3 M:J1YTF?5NIF#[AII7;<[)N;<*;GO@YHZ(0B)I)%5&Y=%/_;2E86^V+IJU4L7 MF4O3R.[/LZKU=1WC^#;P6AU/U@\D99'TBM^ M5NIJ)NW(PV^U?O.=[_MUC#R#JM7.^A32/=[51M6US^16_CTF_;>F#YRV;]F_ M]G8=_E8:M='UKVIO3XX6Q=%>'>2EMJ_Z^DV-'KA/N-.UZ7^CW<58W=Q"XJB1 M'\.S:OOG=9AA8@R#`\@80.X!PTXL!M`Q@,X"DH&L]_5%6ED6G;Y&W7`89^G/ M'*^HV[F='_0;Y3P9-^<59?%>4L2*Y-TG&C7/4PWI->1_Q2944'27)`[@3D%` M"C*)9V,\GU$,FK;7B(&"Y"1-\8P%T*5YCD4.`U$0B`)`8@9$)POQ7O.)()QS ME,V(("$C%&,&(S$0B85(^8R(!0N1E!)!9SRAC*8"<0[3<)"&!S0D6T@@P`3B M@2,7H1]!,)D=Q`:0I02E"P>>@C@IX">#$V1@@NP!/UD(FC..Y^<3RB@7E"S\ M6W(0)P_]Y`NOI"]S4&5`#S@:15-61E(F\GF!"'5,(+Q0H#KLA""KC2 MX$=*#28!+289(RBP!0BY0$2D"U!PM<%0N5E*`5<'#)2'T!<+:R-CG,U=A3*& M*9L#)9,[YBR/ZH?LCE5KHJVV[KKJ+YR#UE:YE.C)U8N3^XRX=VIUL+Z9NG8W M7*Q#Q^KS[3OA_K%2_@502P,$%`````@`[W-M1V_2`%?-`0``1@0``!D```!X M;"]W;W)K&UL?53+CILP%/T5BP\8`R8)B@C2)*.J M750:S:)=.W!Y:&S,V"9,_[Y^$,(DM!ML7Y]S[LN7;!3R734`&GURUJE#T&C= M[S%610.8H:ZQZ";1T),YP'(9;S&G;!7GF;*\RS\2@6=O! MJT1JX)S*/T=@8CP$47`UO+5UHZT!YQF>>67+H5.MZ)"$ZA`\1_M38A$.\*N% M42WVR,9^%N+='GZ4AR"T(0"#0EL%:I8+G(`Q*V06N-Q?U;^Y;$WT M9ZK@)-COMM2-"38,4`D5'9A^$^-WF%+86,%",.6^J!B4%OQ*"1"GGWYM.[>. M_F:SG6CKA'@BQ#,A^C^!3`1R([C281^9R^N%:IIG4HQ(^E[TU+8\VA-3N<(: M;:%,3LK<642>77(2IAF^6*$))9@0VZK.+>,W%,7Z@QU\=G!X1)%SW M0%:3(`L^\0'N_A%BLBJ0+`02)Y!N[XK@(9V#;+V/*"0IN4OE$1:3-$EW=]'@ M17\XR-J]6X4*,73:UV"VSJ/Q'-O^WMF/9F3\"[_)Y%E/:_A)9=UV"IV%-J_' M];\20H.),GS:!*@Q0ST?&%3:;G=F+_T[]P&UL MC57;CILP%/P5Q`@M3&UG;#]^]J&L)2<5/L" MMIF9,X/AN!R$?%,-I=I[YZQ36[_1NM\$@:H;RHEZ$CWMS).3D)QH,Y7G0/62 MDJ,C<19$89@&G+2=7Y5N[456I;AHUG;T17KJPCF1?W:4B6'K(_^V\-J>&VT7 M@JH,9MZQY;13K>@\24];_QEM]BBT$(?XV=)!+<:>-7\0XLU.OA^W?F@]4$9K M;26(N5WIGC)FE4SEWY/H1TU+7(YOZE]=7&/_0!3="_:K/>K&N`U][TA/Y,+T MJQB^T2E#8@5KP92[>O5%:<%O%-_CY'V\MYV[#^.3))]H,"&:"-%,0.E_"7@B MX`]"[)*.SERN+T23JI1B\.2X&3VQ>XXVV+RYVB[:%V4R*?/,(JKR6N&P*(.K M%9HPNR4F(H!*[Z(X>_5M@?X_`(5P!@R'P@A^/?!2N0HR8SF'2 M,421%%D>K[P`N#A'.7H0.08-Q8"A!P()*)!\(E&R<)HXS`JQOT<@%,=IG,%6 M4M!*"EB)8($,%,@^D26[=PKN3G:W.QAG*(UA/SGH)P?\X)6?'/@*,E3@!\$+ ML%`!%%H%VD&8!"YBVQ'T!X>`1+K^A2'0^C,(%DV#4WEVS51YM;AT>NP.\^K< ML)\CUW0^X%79DS/]0>2Y[91W$-JT+M=\3D)H:KR$3^:S;,R1,D\8/6D[S,Q8 MCDUVG&C1W\Z,^>"J_@)02P,$%`````@`[W-M1R;[[M0)`@``(`8``!D```!X M;"]W;W)K&UL?95=DYL@%(;_BN,/6`3\S!AGNNET MVHO.[.Q%>TV41&=1+)"X_?<%--8BVYOP];[G.0>!E!,7;[*E5`7O/1OD,6R5 M&@\`R+JE/9%/?*2#7KEPT1.EA^(*Y"@H::RI9P!%40IZT@UA5=JY%U&5_*98 M-]`7$CF&G^#A5!B% M%?SHZ"0W_<#D?N;\S0R^-<9?I#%N^X_H M7VRU.OLSD?3$V<^N4:U.-@J#AE[(C:E7/GVE2PF)"5AS)NUO4-^DXOW#$@8] M>9_;;K#M-*\DQ6+S&]!B0*L!QO\UX,6`'0.8,[-U?2:*5*7@4R#F;S$2\\GA M`>N=J\VDV2A=D]1K1E&5]PK#O`1W$VC1/&\UR&K0OXK37H&C50)T`FL6R)L% MVOBQ]<,L\P?`W@#8!AAL@&1.,8*I4\=6E,Z4!&=Y6OA)L9<4^TB90]J+/MB. MQ,M(?`SWJ^Q%'S!2+R/U,0J'L1?E<8'\F,R+R3P8%#F8O0BF69+Z.;F7DV]. M4+R<8[>:?(=)$((H]G,*+Z?8<2#"#J?8G3,4Y0F*H7-K/#H,XSB!3D)@*ZIC1DSX6K7ZNUP&C%V6ZF>Z+^06;!XJ/C_=X M_5.H_@!02P,$%`````@`[W-M1U>[ME_``0``2`0``!D```!X;"]W;W)K&UL?531CIP@%/T5X@*]/46O,<,185RT(II_D M`+U=::02S-A07;$>%+#:DP3')(YW6+"NCXKGZ+860`.E7$*S`YW*(%S)V0W_CUKOF_IB.OY0_VKK]:ZOS`-I>2_NMJT MUFP*:%"60F MD(60I/\ET)E`-P0\.?-U?6&&%;F2(U+360S,'7ERI+9SE4NZ1MF:M%USB"*_ M%Y3$.;X[H1ES7F.(QY!_$>5'!'T7P=;`XH($79`5GWI^LM^'!6A0@*X$TKF, M9%/&A.D]9C>5$1\RDFYP90!'DS3-DK"A-&@H#1C:=.VC^L/NT,13` M[0Z$DFV'\.K0!W:%'TQ=NUZCBS3V_O@;T$AIP&K&3UF$6ONLEX!#8]QT;^=J MNNE38.3P>+?+SZ/X"U!+`P04````"`#O9TBM0@"``!L!0``&0```'AL M+W=OQ>P@7R((&VR6K6' M2JL]M&>'3`):&U/;"=M_7W\00L'M!=O#>V_>#'B*GHL/60.HX)/15N["6JEN M&T6RJH$1^<0[:/6;,Q>,*'T4ETAV`LC)DAB-4!SG$2--&Y:%C;V)LN!719L6 MWD0@KXP1\7L/E/>[,`GO@??F4BL3B,HB&GFGAD$K&]X&`LZ[\#G9'G*#L(`? M#?1RL@^,]R/G'^;P[;0+8V,!*%3**!"]W.``E!HAG?C7H/E(:8C3_5W]U5:K MW1^)A`.G/YN3JK79.`Q.<"97JMYY_Q6&$C(C6'$J[3.HKE)Q=J>$`2.?;FU: MN_;N388'FI^`!@(:"4G^7P(>"/A!2&VESIFMZX4H4A:"]X%PWZ(CYI,G6ZP[ M5YF@:92N2>IW!E$6MQ(C7$0W(S1@]E,,LIAD1$1:?4R!?"GV:$%'?R@;<9/NG&U'GWC@<)9F>U*[X6;!NZ@>'>?;>.` M+?\`4$L#!!0````(`.]S;4=JG[?X*@0``/@5```9````>&PO=V]R:W-H965T M'GQ]<_FZ%P;_"J+JGE>'-OV_!2& MS?;HRKSYXL^NZG[9^[K,V^ZV/H3-N7;Y;@@JBY"B*`[+_%0M5LOAV?=ZM?1O M;7&JW/UY$?0VN<-NV'R+OOM[=QA5%/U*7 M^=_KH)\Y^\#[ZX_1OP[3[O+CY!%4.:_QN]3-7Q?QE]L?`W#`70-H%N`^GV`O@;HSP`S MS'2L;)C7'WF;KY:UOP3U2,8Y[SE73[I;N6W_L%^H;DY-]UN/6"W?5YKB9?C> M#W3%K.\Q-#1%VH]]2$$JQ)A9.CPDV'*$CG$'#2>B[>'.=1#*9Q(BI!DP\ M8$P&]<1W8R2_VU()#$]F$)XP(E,516PV M"5_>]`'V4$X*RTEY.7J29XTPPIPSF"0#`TP::8TPPL;MQ0WI0<28(6$`05#4 M#&ZNH(=NC"PGYP$WLF,RF1T%!>A%T0Q^(,@(>;`,*:!#C"((DCC"ZJ(,XT@: M`*N!0G+`.+*,(Z7C9*IC&\7UH!LL4=*VP8*@XCD<(9`5\F#E4$`Z.$<().B; MPI*@4L:1M)EPNRO0RYRCC''$6HA#DM2(+418%BB:00\$"7]3A-6#@'HP>B!H M8EHV$)0*Q6#=(&(<"IN-L"#0'&-"W'$HJS,NA@!(D4UE*K%Z$#`GG$H$RH0\ M6&0(B`RG$H$DEK!R$/<20JL2E@2:XR:(VPD5$R")^PF5Q3)'6#UHCJ.`((DC M+#(TQU1`D,"1QO*AN:L0=$%C7=!S7(7FKF)*C^:&0B7*BOQHK`QZCJ,`(.E/ M40OO-7,,!0(9:3I8$C0W%!*_N-?U'$.AN:'(M.+O%QJ\B`PM)$T*ZX*>XR@0 MR`BV7&/YT',^=5TUT9=N;8XNW]UN"K=O^\NDNZ['@\GQIO7GCW/6VV'OZG]0 M2P,$%`````@`[W-M1U/,9:[=`0``\P0``!D```!X;"]W;W)K&UL?53=DIL@%'X5QP=85-"8C'&FFTZGO>C,SEZTUT2/T5D0"R1N MW[Z`QEK#]D8X\/V<K/3",FI M-J&\(#5(H+4C<8:2*,H0IUT?EH5;>Y%E(:Z:=3V\R$!=.:?R]S,P,1[#.+PO MO':75ML%5!9HX=4=AUYUH@\D-,?P4WPX91;A`#\Z&-5J'MC!;?0PC MFP(PJ+15H&:XP0D8LT+&^->L^=?2$M?SN_H75ZW)_DP5G`3[V=6Z-O=.$X[:3[3_(1D)B0+(2;_ M)>"9@#<$-&7FZOI,-2T+*<9`3F/<^P7P%X![`1Z)Y!.*49Q MMJEC#V@=R3(2K5HW781'W#XG2;K;'B9:W<^!7N`[E9>N5\%9:'/5 MW65MA-!@-*,G4V1K7J`E8-!H.]V9N9Q^RBG08K@_,&PO=V]R:W-H965T0/*+9QW"1R+*V9IO9A4M6'[IG8US$J&`](W/U]`3N>F["I M+P8NYYQ[[@53#%*]Z1;`H'?!.[V+6F/Z+<:Z:D%0?2=[Z.Q.(Y6@QB[5$>M> M`:T]27"C%'SOM!RC>W>*IW4>PL`(?*.`5J MAS/L@7,G9!/_GC3_IG3$Y?RB_L-7:]T?J(:]Y+]8;5IK-HY0#0T]8 M2E@YP4IR[;^H.FDCQ842(4'?QY%U?AS&G7P]T<*$="*D,R')_DL@$X%<$?#H MS-?UG1I:%DH.2(UGT5-WY,F6V,Y5+N@:96O2=L\ARN)5QZQ)LBSE4YY5,,\JD&<3%LB#`OD7C.8WS4QR^P!< M=Q0O;EM/C_"3JB/K-#I(8R^NOWJ-E`:L9'QGC;?V/9D7'!KCIO=VKL9?;%P8 MV5\>C/G5*C\`4$L#!!0````(`.]S;4>^A?BH[`$``%P%```9````>&PO=V]R M:W-H965T)<-@/(^*&'RY#=*=4>$9-$` MQ?*)=\#T2L4%Q4H/18UD)P"7ED0)"H,@012WS,]2._TJQ M^',&PH>3O_-O$V]MW2@S@;(4S;RRI*+Y'\!?(N(`K="Y`P1 M+?A[RX]7$N<1PBPD&3,D^E<.5EGS+>X3)WNGD_W&211_LEFQLT#\_RBQ(\KS M0Y0'G<2IDVR-1NMS=V`69AY$#DZ1@T-DG<:%B58B:/$W4Q"UO>72*WC/U/C; MSK/S0_(2VMMPAV=IAVOX@47=,NE=N-)WRMZ*BG,%VDKPI'>VT4_=/"!0*=,] MZ+X8;_\X4+R[O67S@YK]!5!+`P04````"`#O_@7PPC@M1) M5;6+2J-9M&LG<1(T@%/L3*9O7QM(AMHWW03;G'O]73L^IKKHX=4]?V M9I4>K3T]9IG9'E4GS8,^J=Z]V>NAD]9UAT-F3H.2NS&H:S."4)YULNG3NAK' MGH>ZTF?;-KUZ'A)S[CHY_'E2K;ZL4IQ>!UZ:P]'Z@:RNLEO,BI^-NIA%._'P&ZU??>?[;I4BSZ!:M;4^A72/-[56;>LSN9E_ MSTD_YO2!R_8U^]>Q7(>_D4:M=?NKV=FCHT5ILE-[>6[MB[Y\4W,-W"?%L#H,#R!Q`;@'X_P%T#J!!0#:1C75]D5;6 MU:`OR3!MQDGZ/<>/U*WU`\Y')K> M)!MMW;4W7EQ[K:UR2=&#&UL?95-CYLP$(;_"N+>Q1_80$20-JFJ]E!IM8?V[!`G00LXM9W- M]M_7-H2PQNDEV.:=F6*:\"OFF3ISKZ*-K>[6.3UJ?5TFBZA/OF'H29]Z; M-P)%693';[IN.]:D0?27Y8Q\]PM87`2ISB5\.O:K:.+/Q. MB#>[^;%?Q\`R\);7VKI@YO'.M[QMK2<3^<_H]![3&L[7-^_?7+H&?\<4WXKV M=[/7)T,+XFC/#^S2ZE=Q_<[''(AU6(M6N=^HOB@MNIM)''7L8W@VO7M>AS::C3$)1A`KQ%[')EW%2!!?%6^N;8HE#F@OT^DT=IZ1;9W>^<:.(]=2[VZJ\LR._">3 MQZ97T4YHTYA=:ST(H;G!!$_FQIW,P)PV+3]HN\S,6@XC9-AH<;Y-Q&DL5_\` M4$L#!!0````(`.]S;4>*"`)$U@$``-X$```9````>&PO=V]R:W-H965T=&9G+]IK$H_161`+ M)&[?OH#&6D-O!`[_^;\#".4HU;MN`4ST(7BO#W%KS+!'2)];$$P_R0%Z.]-( M)9BQ0W5!>E#`:I\D.,))0I!@71]7I8^]JJJ45\.['EY5I*]",/7["%R.ASB- M[X&W[M(:%T!5B9:\NA/0ZT[VD8+F$']*]T?J%%[PHX-1K_J1J_TDY;L;?*L/ M<>)*``YGXQR8;6[P`IP[(PO^-7O^1;K$=?_N_L6OUE9_8AI>)/_9U::UQ29Q M5$/#KMR\R?$KS$O(G>%93+_,P,JTHEQTA-6SLP=X+I'MN-.+N@6[\-@&]"A*4YHE.`S*@Z`\!"HVH$<13;-5.?]P2)!#0ISG#>=1E&>[ MXC\<&N30U1'OICW!V09#'PZH($5!MART^G<'=H'O3%VZ7DPU\#]R(Z4! M:YD\V2UJ[6.S##@TQG6I[:OI_DT#(X?[:[(\:=4?4$L#!!0````(`.]S;4&PO=V]R:W-H965TJ&W"]._KA1`F@_J"KZ_/.7>S MR4>IWG0+8-`[9T(?H]:8_H"Q+EO@5#_)'H0]J:7BU-BM:K#N%=#*DSC#)(ZW MF--.1$7N?2^JR.5@6"?@12$]<$[5WQ,P.1ZC)+HY7KNF-03H3T3O`1<,C,U_65&EKD M2HY(A5GTU(T\.:2VZAE!58MHDWC]G@Q7PXJ,;?6XU*.0@3>C![YZ?Q3-Q\'_PG^V3"#;_+ M%'E/&_A)5=,)C2[2V-OCYU]+:&ULC539CILP%/T5Q`<,V"Q91)`FJ:KVH=)H'MIGA]P` M&AM3VX3IW]<+(0PP57G`]O4YYY[K+>NY>),5@/+>&6WDP:^4:O=!((L*&)%/ MO(5&SURY8$3IH2@#V0H@%TMB-,!AF`:,U(V?9S;V(O*,=XK6#;P(3W:,$?'G M")3W!Q_Y]\!K75;*!((\"T;>I6;0R)HWGH#KP7]&^U-J$!;PLX9>3OJ>\7[F M_,T,OE\.?F@L`(5"&06BFQN<@%(CI!/_'C0?*0UQVK^K?[75:O=G(N'$Z:_Z MHBIM-O2]"UQ)1]4K[[_!4$)B!`M.I?U[12<59W>*[S'R[MJZL6WO9E(TT-8) M>"#@D8#2?Q*B@1`]"+&MU#FS=7TABN29X+TGW%ZTQ&PYVD=ZY0H3-`NE:Y)Z MSB#R[)9'FR0+;D9HP!RG&&PQ:$0$6GU,@==2'/&"CC\F."T14;B>(5HM(IKP M8\='X:P(AVDL)G5%[)+=9AO/O*S@XBW:HD]*CE<-Q4M#FW1F*)XD2EPB'&/] MS0S%*X:2#8ZVZX:254/)TE#\B4"Z*I#^QQ*G"Z?;".W0/$\P.9L,1&GOK/0* MWC7*[?\8'9^%9VS.]BQ^U,^%N]T/F3QK20D_B"CK1GIGKO3-L6?_RKD"[3)\ MTFM1Z0=M'%"X*M/=Z+YP=]P-%&_O+];X;.9_`5!+`P04````"`#O&UL[7UID]O&M>CGX%=T MN>3*J`I#$UR&I,OQJ[&61%XD78T4E^O6_0""S1E8),!@F='D9R3WYOT?_;)W MENY&`]T@.;+?S<8/B35$KZ=/G[W/^:HL*U%GZ9]J^22OL^IWGXUGL\_$A^TF M*W_WV4U5[;[\XHLRN9';N!SD.YG!EW5>;.,*_BRNORAWA8Q7Y8V4U7;SQ6@X MO/AB&Z?99U]_5:9??U5]_31/ZJW,*A%G*_$LJ]+J7KS(>(0TS\2Y>'?U5)P] M>OS5%]777WV!G;AC-!(_Y%EU4T*OE5QU/W];;P9B'(5B-(RFW8\O\]N!B(;^ MC]_&67]/L]Q+[W*[S56+-_(Z+:LBAGXOXZWLMOI]@9M_+8NU3*HXA`&30<]( M3V#N(MY`DY7\(+Z3][T+?'N_E/H18 M_"@WF_/W67Z7B2L9EWDF5^)%6=:R^#_N^>\;Z(_Y!A`]+NYA91M/;]/VMR6< M["XOJC2[%E=57-6E4)MR.OTDRYXCI4G$$]CT=5XXYWFUC3?XO9GH2;[=Q9G3 M4(WVNEYNT@0.(8^K/AS*MUNX65=5GKP/Q=5-7,A2O*JKL@(TA!EZ,40=E$*4 MY_"SLZ?G/QWJ365M.=S`"C7$CJM1!5_4#L)1=(>I]OG=2%W<;H2\@-0Y!*&1P*3 M5S>`2,E>F+S-*SBC_6U>%T#G"[PJ,*C\4YWN\'R]8'I%4_J'^3[/KL\K66P= M")0T%L+FP#:;(0Z=P[$C>H&]Z4[C$/`\7]VEFXT?FOD>('"+'OQ42]VD\3+= MI#YT,NBZB^\1/A;R56?T`)%6SN.34^BBJ_.`ER+-;0*`4 M6^/`?>.^C3_T3]K&U#TP&TF)VGB),+.;W@5-]R]H/`RGO_J:+E>K%$\8CA/IY'F:B23> MI7"\?@J6`,\MY`UL7#(W.L;K7*D,$ M*O+-!O>79H#$LNP9U#=@/YXXF$R0.F91^YCTV>L8K\^-K%+@](^!:3\27ZA3 M<_$:1B"Y``[M>9K!."G*%GE)!R/^\W*)$G-2_=N[.O1OY=6JX-+]K7VK]?7670)'+>.,B#J-N'^M2JX#KHKG?E^X>2D(Z[^A/)=QSP$3"036$2SR( M>Y4>^+S!3?5TNX++4NBK=A=?>Q9/M`;8A405CUCY:IMFI#I62'CZ.+J2,YR] M]\"?!*39DA>3>X&VG7+#5"->_5R7+`3NPUO?W/:D'DI] M4`3QM5'[^53$\P[I0<&6\'#,823.\)-XR6^O7P->\W M2_A[C<+?BTP\\0M_MDC'&.-#PWV]GOH%P8YH]V*?:-?]\1MYG689=ENR^!4: M@:`2MCG$NGB1L'.Q(8-1R-Y+")"YOPE[)SMO8*]8<>9%<0];JB/T[5*O; MS;OY@[W\DSD&T:,FT1L*C-FMK83!ZUHP0D"+\-H:%7K+L# M9B8IJN::9R&U@'_C.8JZA(4A<_>,[-#)EC1%\LP6->L_>VWEW^-4R#E`+L/] M[KQFIKY>=T5:R?-\O3[&I-;FZV=+D+C6:44@>XRZFS$!>53\AF!9("#[#2W4 MTJD<<'B,BX=L,S[&1N=`0LP*&B[OCSKE+F:DV2T0G/U]7M<%B&_E`TX#`)M( MN0)5Q1KUG[W'T5K??J*E#[VUFZZUW#7A7/; M+-??34,8P+//?N=%UC,%JL='[?O9&GUBN%>M2@A`=5!A-G52U4K?S#.:QCL] M]TG]+9X09UH:MHB2UPW)S&GN"J?46*+5:5^SJWJWVQ#5!OEBE98)D-"ZH.-* M],'#>HS+T*$21OE!RU2/!EIP%*(M\.KM M"_$'D";A7,MF0O@5AAX$K[#/O8A&Q(;A_W%@Y5DCT7PC2;W)Q.5U(:7Q4+\& M;HY3OY&YO;\[D`TE(#0[U1 MCKY0?%^M:-WX'3XSA'#$CW]5JX7MP'[%MS'\`035HZV8` MSI@%KIBI:\S\28EM`,,8*2>+QGJG:JVPEH'@RXF"L(+_@L7'D(`?HT<83PW0 MY!+(2@*T.H#N+S)KB<@1]!V%=EF\987"AR_JS$8S/8M]9@K"H]DHO+B86ULT M=`/V%!P^$]&01,M>)8#\?:FR.OK&_JT M4I>NNDF!7Z2DMW16(D!8@/^M@"EHDGZ/^-J8FG!(&31_XX#=LU;H%1KX?T=G MY-VU@+,R\L&MW-P+HQ;"+F$UK:LR@.OS,JX4-=9T$9=DH1%0^.OXNJ$V&D2( MNG19MFG%#!X6Q8P-_[K)BQ)Y4\+*=!/`<@NG=QL#IZAA-?<[1BTXWQ2V`-1M M4U/W+=YY(#IP_G#0R'OSNTQC)X%+K@(@,+BB.U"28:?&8Q8J<$G=IA9(' MP!@!6VJ[*D`.&LF=Q5!:6(_S7&Z!M2=Q@!SJ\O(U,B.$)Q^7I#ZQEN4=#.:F M\(7/Z=QS3OY#LA$QP*NTDNBV3+$[$9/J#G!ZC7>/H"0QG(-$Z"MT(XHGB$.W M#-\?\F6JW,'$&8#B('X^28L$_9UW-RG0:[T,10W*!M<)=GBW$'-);DZ-25;- M2F/SLMKWAVA0D1)RL6:5I`K19`RST@#W`W')_`6Y7=@YV3)HH4,7WO!WN7=I M\$MN>AU`,=&@&*T)N@5Z):L;#?^E`*(-$^H<&RF@I,T&=+/D M)@7TT[)78HN(`_&.>V=''>TL'C732B@@_*`0^%%!+Y`Z$:WC+`!9*< M2F":&5!@DKG@'+?Q>RFDF87,","ZMSM>+:%@S&H"PK*@0"E)M@:-,'[]/&!+ M=$M"UP[[JJ>/4/C><$/IW62HKH=_/=I[12LP,3JKNB`=V>[$.@9BINH-MV"S M$@@*P`HD9HV&0VNID;T-X&H#+%<(WTO7+1ZBE(%\&A42Y&N/9M-P-ILS;,5= M7I#4H#!1.[-QF$?3<`%2WF2R0-PC5%*\EG0;;!&%\_DH!#GLB-%FX7"^".>C M>1!K@YI9Y83IX4HFA40;A%+AO&Y^U!28Y*2;>P5`I"LTR2A<3#A^($5>X=&C MC5Q,EDLV%J`3OSF/>PQ:8W&VM<809V!B&IOP$EP-*;D`EG6MT,!GHU$(I,D- MJ2UW95C-8X'LYDD"U5)Q$00L,IX]$VKK,[ MV8(!\R-16H);WSUC^H@NZQ+/@"EER=#3$C``#BD]0B)0MP>^(W,@0H%SW<;I M1KM[0,,H:ZD8/4&0J3V.:8N^&H3L\@.:M\EW(I-WOD8='065F1V@`FP9]@*W MJ0`:^(<4;B@*9DCW],H*8%(`/W(V5^B746J%-DS1>6!8X,JP#UP"G%IE6:#( M,(D7#KL%^7*37BL-A94(H+.HFN(X:/DM5G#A;+RT59S?YS@B[.`N+E:X3L(& M^_A@/_9J_6L*@[).;K02@XB"&S'(!LJD+`@W4--9K0H\2-JTO7HZ?3(9K3#6 M"HE`?)O3VJ^+>%43*.G2M/LA]@6-OYU*Y:>C,&&XQ^29A M<1DCPRT111_+(>J#=+PD)1V(?4%M:6.X(:!A&9O.%4XA3<`/7=!JL)>,WDLX MB!KTJK)WRF#426^O7Q+Z7189K1`[8V MD++$))MU*YH4M#^VVY`9L-RCI?=H?]K$!U,#=TB4AUI[1@.E61E6^Y/,VB/T M=-0J66.D>@H+BPO%ASRR:T=3HUT;'1O!QU(%WETX$N0)[K2D].#R&C5=NW8) M`I(K68H^ M!^HW:(49?/R+)D\()#-XP)N\,>RF,^1`O&$!7K3D]\X*]<)4A$QG5<9:1TN# M765W)+[0 M7NZ0HFB)UT`@Z*KM7KQW#K(9O"W<$?L>!"KD-*"04WHJ5`9&CM3_8"$*!?2@ M=5_43!B"/(_H/XMYT+T89=,L&BV&^C]HN#QNXXZ]XL#&-2HTHS>46^M_`5`K M`JA^)058^DG;ON!M+X[=-CDK<>'T#XS*N06E"3=FFTW1-)"NB,T!+T"%9(,B M)>J@P8URPK"RLD7[JZ7]%"#S*TF!_,2E4;%!X6?/L_9",P\A5BB;=;3,9MKZ MW&T4[`L.'PCCF'_3.(H]SGJV-L=%D=+U#C`H`E@:^D;PJXIG+^2.+9V:4-KJ MF\9IWFA&=J`[^@6Q8)77RPI9HL&>95RR<(NFLML4A`8T9P",;3>2LBP,0(,P MAA-C.V3J?W`>E`*O@4X4`"&).V'\2V$&D/QJHNQ`$K9`0"S?.PEJ^O`I\A3Y MAF[YV]+B+\@W4^-_E(DMJWYZD<8&(>2;].DZ5D.?*="_`G#/X#KHU2, MSK@,]B^1&0-C4MX!:(ET.T$Y56%?[#GB'8(YKTO4,*PQ<0Z,C"F0!-,$6G-C M_;"#?X?`O1\=6P^LGNE8"^%_=]5:6A!7-MM*,-29E2\5B*.1"8WU&,)YO@$4 MH<#,TDCP:6',;59G MXFL(-B3R=:IH!BY^G7Y`C:<4![-%0-\+SJ"F-C\W5UA_-/^0O&X@&;IB`(ED2Z M@6G[NJ$$?`=!`L!;;Y,TD#$3K3J90`K[3PL.V\P"$GHS/'Y&G=BV MO>(:4(^'E8*N0T9U9=HEX;B)([`<25=(RT!=+L4W.6K-(`\^O[SZ!@3"P-OJ M2;XBA8`("C2^O'J"7IKQ='@^&G:]^5I@IU7'FWOED,)&^LCP5J#4C@`$DM+9 M2"/T:D\B:@_*^$NO6AEW5)23_UZ'!N/+DN!(,>4-6-=YK3PJR.B-CF8#?FW6 MV^5ZK,Y9LI[5#6/XZ/):O>E1W/=D>5)8_L)UG@%0Q?AB>!XQ1(U;1/$'&)-> M1FYH&(6GG4TAJ42-7:#`7!&/3YH(NB0M8,7(QQ+Z884G*HU7"0@1LMAEGK]G MYAILV4+#NB21\ICH^H](D@+=AIKF@I@8DQ7PG]"`7@-PZKTO8# ME#CN&SX_$"\,?$.1K@69CE-+5F@3&W(PJ2&,S58;:T`[-@_Q3']0>]_#+CAB ME9B=,?^%`?*S!CI&8S<6BC+D23$$P?*A$&51_%,I&RS;XE],+MF8RF(+7^P4 M?4$KJ8T6=W$9.#="S0$""-"(=>K:[4N?Z=OBML\1!'\D]&I%.;V`PRAJ5J2> M&S#!F@(TK6:LBBEGI[:@W&E+AK'K@M!:DF"3-;A!3[.UQK#&M\&&GM^3SJ8L MC)O[5GC.4E9WH$@'ZGB,E8H$"B;`6QFC*XLE0$"QL(T4;>L&.L;Q.4(1ZA.) ME\"M$I*ZXZ9%"`)Z6;%9"2T^(!WI-6@^CKB*]+C9H]G0@)U[RH+(EMV8!?]S M8A`@L,`U!H9(+N(T`[Y,NH@20G'I,KFA#"2-7T5MM(6_UK$H2>++X./_B.]I MDDA\_+]PI#PXF<2A]Y_JG)QL>(!E<%9GK#S+%4>M,DXEC9!C[2M5`51\11D< M9>,/9],)VSC)T#5HEC*REI(WEKOV8HR^CR0&)M*[,&O/ERADL?G%EJ9:P`^% M3&F&%7#?I-I0.`[26?Z+@X8LFR-[SP(@2AOVG2CZX1O9!*\`E/\F_L->/0^; M;H%F%'[8!0[L_(,T1^",&+BGT3H&!!*).#0-#G\`YC[8!OVPM48T'5$+NN4! M^>X`0#D0'^TN19$O9 MM7*D<(5<;[1CW+K\Z%2T?>CQ$M1)O4WSJX_.,(&KV1^+8#/60`6?H*%D+=*S M9)=;8RUO/$J*^+2Y]9D<7`]"=FIF!$<-6WN)0`.*7+G2$'$KC%>XUD\-E'?2 MPZ,>N_*3$VP#PS62!Y&FJO6>S=)M4XM5[%/M;']HV>&_`PS]3"B]C[;Z/V$E M^4U:OK?XDCT9^R,:>W<`>T7&:PLY[*9J1J8X!QZYP)&U]L+/=#PZ<>A$T8<6 MA$LGYT:@0OO;,#:1D`1'.@HX^&6R( MS!9`;:]:1(TL)NON-=!A&'1W.#R,)#X*AE'',%$LQP/I8<>(X MP99EO6WYT"[)'3DQ$K9$$$C,C.0/1`^399=0EEB?W,_/9(L46?3HXI:B&$B?[_+N)M M:30%%:'FW\,JIW/5.-ER@"G@!YJ)$TJ@L-VX*9D7`+Y4\7N9^2*#X=*C,TY3 M[^;Y;FL]ZUBYU%9`>LD,$X^&=I+BM9'XH"54C;Q^'HK1?#:>A#Y0:_E49"PR.; M0HL?ZCJ-2$^!SA]4%*[13$@+@OM6UC'AM42Y5DO-L)AF<:QR:C>UBG-(2\M7 MR$EBR$"IN:;";79_-B$BS"E+RX5*=A^@>@RQ;?QS7EC]73*'O1LB!V(&+.,< M3HS#H-@A2K>,_-6A(51IV6@SBB]V3?,'#XTN4FNZ!M9H&Y(ED_^&**0EW4** M[5!7!==%JPSLAKLX>4]N:.*%)7$/K5HB+%)\5ET=P"FM#MLRKQK8((RR<;)% M#PBM>JH-(A;&!H6*`_%]X31T9'\TRK[B4`F:MP!JQ;5O'B<`AOYSW^*L7@(/ZFK`9] MD:I=TQ`R[J`O]I5C&=O6*5P,2OHE/CSS[(QV@K$J=,ZQI=8W3A*D!<8(D>_2 M3`G`32!PB$^K$(B8P&.3OI>DJ<;T_E#=?,IVH3-\%;;(YX,X&7V-*1%]>$A) M[1WT0@&=%IXX=E!FR;(YNLM#("<]2T M4;:),K":H7^'?)N`PWA15^U1Z+/YI@Z8;^RC112%TPL.TGT4A3/X[QE)-[B&=QD9$3Y[4L`DHSV6=D'EW`]=+-\3D@9Z5DNLU9 M0ZQT)O8K-L2)A'TYA%_DEC)2C94TQ8Y?M,-]E5PM]-L:E=@DT&$;O>E,;#.C M#N+0.Y=ZYR;[BM'$FU_T?6L,AX$*:$3.C^QPK?.D6'Z85J@R>ALIMD9)52H4 MVVHR$"]S'@7OJCL,;XOB&+3%*=#Z.('52,]Z*190F[WH`#:F#FB@A:UB'#1J M8.=Z_H$O&+WC'VG>O^!>.*V1>2HV-HGBV&),ZY8?E*6,^*!GY8=6?,]7NK72 MX.B56`_[FL;)QE/ M"VOY:2I/3-(K1K\B<2`'?^L!=-G(1.1@EYU79$6>P;\3):Z_4(\X#1C1S:>C MSIMN0>/J>[(43!FA:TT[B-1,MVT'`?D(RUO3`?USN:K>DE3:,'0=M6&[%.<#,]1H.*4.I<-F]7L-R#^]V7OF88JQ!;WWMHD:(?1)O3.0H#Q8W`2VLA=F\$O$`5-=URL^H]O1MF9H5]I0):+XLMK-1P*`3 M"_MFQ=#>!B(^/M5/JCD"7AD3]'LO\IVPW[WQ4.M;V*0QB-<8V?`4KB)I]1$] MBX\N[/>F9%=-MZ8S>9Q3T(Z?4020BJ8D0Z2*%-BA]EO1);?"C-+&>(0O:TKS MW*HTXK'B!OBLTMJKZY'ROLCKOB8=]T7'].41H:8AO=NO.O$T_6]6.Q$?_MPG M@;)^29,0P@3P#?;&YO5$MSP",6@41J,+_!>PBN%LX0ER64S":306X^E%.!Y- M_($NHUDXN5B(Z<4BC*8C3ZQ+%([FDW`$QX!"X#`<7B`*$TS"R70B)E$X MGLR"43A:`-.:10+^?P'#72P"3F@7M[*=6FE^SF#ET2*<#N?B,?XQ&8W#*)J( MQP%N:PQSC6&#X]E%.`1YTY=OL2VH1M$P',_'9'-[-!K/P\E\UA)3'R*E=@]Z M`C*;9B!O%-5X[4]:;'^^%V_M!Y-'(1)YLCEJGK,1`U'--[?DUV=]E[1C^4$F M+*QQM@`D=FSITU$-3%(Z:73X@>+Z2*VCC\0R(Q.0!,+`"9NU'LEW,B5O>I7OM M8.?G%>A-S8R]J&^C!CFT:[`[!YEIVCCCV4<8(&K.8./CD9[!%^*[)!7:OD?# MP63^N8Z&44_)R-4.M.^Y7!8U/C<9S6F:>?CD6TJ1_1FCT'>_;D_BNFI;`;<($XF2"`#3H??3@>!D]6]Z,["]L:*;>PF[/WE[1VQP MGNT&EBE?"0\("8M6*P@XDAH_ZW7H[]RBOZ%Y%&QA%;]YI*>&*W[(`V+BQMW'F+;&V*GUL/Y]-P-(F8((S"<80B1=2E?`@L*R$_^R7WC:XM):0+ MJZ@6&\=11\)U8C&B5;V1*^O59Y?Y=?C.%*C6'"0F1<@OYK#JT8,(N7K42^;9 M9@&MQP[!_LWY)C,1%%K]0,G?>LO:"9ONO`T)E-B)`J79(_XP$Q__AO^=J_\N M!$A5BQ'\B"3!V,D+K0%L$ MH!MC_;1)P_#IEXZ(@W$)ZH./^;J*O`=X_D'-V%*ET0H`C`(^H_1(?.48[ M(6#SB"=OYZ3JOH]*2WR]V&3:X;%49B1[728.^9`!=J(Q<&K>0GE0!T5L9!'C M<`($^\@LJ^)L/!R'BP4([GN&GL#`T\D"!IXL1X--H[]!16?1&.IB!" M1",'N6::=K_V9QM\BD]A/QV/+KOGY*?D03L!0UJVP@W?&5).[\B;5F3>:A+5 M7>BT*A3 MJ/VB^2=#2BTG)HMCY\?#!GVP/3G]:FP4WB4,1KV+B,9`L$9S`00[G$6CPXNX MPMQ/9!AQP.!\FO2L9]J[G(]_$R`,'P<.8Z$9\6R16<@KD%]I&48F>^`RD-XO MZ'"`6D_GQQX/\$+BN'7H?'@TW["-)P=6T8\G<##HYIH^ M[*8X)T,P4M@Q>_`B%K#\*8(B7%SLO3,F_",PUOXF\NRN&[7G8Q)X]*%`9M61$VA.Y.N!G3T4Q)-FW*#KK\!4P$4LXBG$]&X70V5J:O MY$!Y+`%<=[X`)HE=([A),YCB`S[#,)+5Y0Z#>W*3RK5X9FQ/K]AP,!#/]XJT366T@-"P+9!^ MN4\@-3!B@51=#)9*U4D;@;,YBB[/GW=D@J,L>>T>SX_HX8PT2)2*;D.CQQ8(V.B18J;[PRIZ+!% M&#J#E,J1T6-1H`#WEE6A"Z<%!3$;OR<9`GJDM6Z[YD`>*+>]TD+5U',P@:2- MJ'01L>.G%;')[DN"-R%<\S1FB2'[=V2JQ_-__9.PLEN)LW=78D]"J\>LXVJ+ M5@,]K8.2]VZQ$CG'N369J"9HA966$!IS!,M*SEWL!]OZ)SYSDP\0_<=7^#S\Y`U M:(\-Q+C>@F?Z%<@F71.\6<,>#BZ&XAS^,U\$7+F$8W]OC&H\'PV4)]R4 MK"/K'U5W5+&EG5*2*XEBJWHE"ZH696&X%)U5,I+W?=61R#`OW')<*AP4>\&I M(<=AWUI!8AP$=4E!9_BV6[UYPS?)]XJ&P+K=^10RW,C-*E2!^D3SU`+8+*3F M+CBVU9"G:.B$\YB%E/1,V1[27,O^16!8&$49FHPF>NHDWEF!XY'GV-KS[P5N MO"ESSDY+!SD-FG`ISN6B(J[W@)JY%#Y[I+A*E86C+7`2<<>'213"4N\H%"!% M;PMRH8]_0?H'5S"D$`A:2!.WY69[B;H[#GKW]PF%0P>M:MEMM^\KI0U&VC#6 M\IO`V09-O%HGC%"5[C#ED9J\I*V,I>;ALR2YC%^XMW+U[L_R&9@LG\!&,E5# MQ;"R5A41H]M&7G_C->D.+(KN=.)^"FBJ[SD5HK&JQDV,4+RQ0.!'28YI<3)B M`!3&8HOA-VA);/`%OW/Z0GNQ"T<2C:)V^'=/'0WX]BN9GMGLS(_;VA6$@EK% M@$LG/CPTA2.."`HWB5X^(2@\^.5!X;VK.C(H//@U@L+%+P@*#WZ-H/!]9W-$ M4'CPT*!PK&'C6ZF)/3+/#8W/82\YVQN8Y-GHEQ@]M`7":<7G4*C2;!S.QFBG M&,VGX60R#BX/I#P"BC:[&`GT0HT7,-4.*_V6(II&830 M8K74>[3:+8;A=#0/.%@P&L%LBTB,%[-P>#%M+]FNO14\;0C#V;#1&4Q$V M&P]#`!&TZSO`1V**6YG,R.R#\5ZCR04QM^8]BE6IE"\OIZVV8E?44S[=WG*, M+SF([UYS!Y,0SFI.$BA%4DK\,[6JPZILM58RNCPS:9N"PZ\#M*7C`6%Q36DC M]GNB'9$>8)NBD\TFD%+5F#F,]X#`G(7C*=G-IFA)&@?/4#K'X,^M59,7\"<" M-)N0UV`Q!:QM:D'RXZ<1Q9>!5A]%`7('*H!'Y/!<9?0%Q045`_-HD.J;Y0F/ M@-@#Z#,F7$'WVP@CW]YJ8#$V M3881X>4P7%P@PK'1S(M$C\1DL@C'9'_#).W#X<+5/D8L\MAE[)_L*6/OU+QO M-3Z*N5I%F[_'5._MAR\;_HE>2.M24""6QRN0M@LX8LX4VBF4S(%/%)OZ-K]_ MGS/FN&Y=?Z^6A[=5`8A9>9.>D1<7F``+H0,LE*(_5>))6_?2#W(*&S-1Y)D# MZ9E-^(7`H_EDBJZ;PT]R@KZ8!&6\Q3UNZRTO5C_K+'DO`5K[$J1>_#JFNS5O MC(&3Z$H;=2]&%T#DE4DWBN!*#D=LTIU%@'ON_&(>SB]FXGNX MB)Q^&@568OJHLB$7`!92,(AT6C,.X&M"*['4"`>`E/PB)LTPNI(-#!MY368] M$K')FL=.E92+3>%_=3",S88I'*P5;AURG+15(2/+32T&SS3=R`,=B.97'F&-;H?M!+9^U!M6V0W#R]W:BDYJ!Q.XV01Z31Y[`XG^>>WCUM[FG3PA M.[*2:I>46$L<,X@[,8,]H8FD&9C01$XMH!,.J">N35JY8][?$6^5&&60VJ]P M[>C%5B`U2!@@98S,FS^0:$(,J.[@@8I/M!,.=XK,4%I)G>A!/YGI+[73SBQM M9JK4U5>M>YK?*_WZ$Z\!V9A",KF`7Y5KEYFJJ M!)[A&!__:GZ@2H:HA[;HN2(EI"BV0F[VQ#W0`-G"D MLP?5;1-G^E].G6AO4;93Y39J>JK<=JK<]B]=N:U[S[N%W`Y]/Q5Z^\&.,BZ= MBLKUR,D=)?)45.Y45.Y45.[?M:B&[,;"=KP\$&I])YI])Y_VJE\QS#>K>2 MWL$&IU)[IU)[_Y:E]AP+BZF\AZ-[*^_U=SD5ZSL5ZSL5ZSL5ZSL5ZSL5ZZ/A M_E>+]7G26;0K[%FU^_:V/=7Y.]7YL^TW_VMU_MR\ITZMM".:G"H#GBH#GBH# MGBH#GBH#GBH#_O-4!NS/!K$O4X0\%1%L"SRG(H+_:$4$'<=PMZ;@P0;_5$4' M?2^6^FL0GLH>GLH>GLH> M?FK9PP>^^WY+P6W.J^\KE<6;'FRJ<%\[RK?PO/[LSWQW"MC]]PW8M3&I+T)N MW5,WTQ'`_WXA;@^K+GK4O3IJS_Y+=:H9>ES-T".*NAU'`E5ZK%8,>-<%=M3) M_2,5WCIJZ]?^*EW^W?U[EYDZ"IZM1]A'`?54*>I4*>I4*>I4*>I4*>I4*>I7 MJA1UA*QCZC4Q,C2BSR\5#MS>39[9+D#2_?Y/5S_D4.;[ MH^07X]RR_9B_6&DYY1/_>^<3[W%FJQ7F69)N?*G_'G[4I^3=*A3H'SMY=R\Q ML%-%I]U4T42_9&9TZQMD$!ESIYU])K-S;'N M.4S_6_X07W66[EO:O79DEZ"0>?K3EWT4-DZ`'6EO?*>.[,,&,J-TDNT[:,'% M>57\M,?_CJ_-XD36BBPN?K@8:>K0%W]IK>^TSI]/A]6/5#R_UV`*\\YC='M.K.Y2OP_?"K;FQOG.6_GZBVZY;XZZKWLJ2F-$E? MB[TFLH=LRAZ%;DK?C'1)^K'5,30?E&6U=?_#U!+`0(4`Q0````(`.]S;4```3``````````````"``0````!;0V]N=&5N=%]4>7!E&UL M4$L!`A0#%`````@`[W-M1TAU!>[%````*P(```L``````````````(`!%0(` M`%]R96QS+RYR96QS4$L!`A0#%`````@`[W-M1V&DY=;7`0``(!X``!H````` M`````````(`!`P,``'AL+U]R96QS+W=O&PO=&AE;64O=&AE;64Q M+GAM;%!+`0(4`Q0````(`.]S;4>Q>)!>-0(``&0(```-``````````````"` M`0D0``!X;"]S='EL97,N>&UL4$L!`A0#%`````@`[W-M1T"$3S%0!```.Q`` M``\``````````````(`!:1(``'AL+W=O86``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`A0# M%`````@`[W-M1SQ<0=0:`@``G0<``!@``````````````(`!I1X``'AL+W=O M&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1T(^=E]= M`P``(PX``!@``````````````(`!GB<``'AL+W=O:&(BJG@0``(@5```8``````````````"` M`3$K``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1PX,QX6B`0``L0,``!@````````` M`````(`!VC$``'AL+W=O&UL4$L!`A0#%`````@`[W-M1_?TEB6A`0``L0,``!D` M`````````````(`!B34``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1^L>D3>A`0``L0,``!D``````````````(`! M$SL``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`[W-M1TU71;.?`0``L0,``!D``````````````(`!GD```'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1Z!_*R"A M`0``L0,``!D``````````````(`!)D8``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1Q@^HJVS`0``%@0``!D````` M`````````(`!>$P``'AL+W=O&PO=V]R M:W-H965T#8"5EHP$``+$# M```9``````````````"``3Y0``!X;"]W;W)K&UL M4$L!`A0#%`````@`[W-M1_O:H%>E`0``L0,``!D``````````````(`!&%(` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M[W-M1W:[IMJO`0``%@0``!D``````````````(`!ME<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1YP&>[+\`0`` M'08``!D``````````````(`!/UT``'AL+W=O&PO=V]R:W-H965TC MWO]LI`(``&D)```9``````````````"``8IA``!X;"]W;W)K&UL4$L!`A0#%`````@`[W-M1V;6E"MT`@``N`@``!D````````` M`````(`!960``'AL+W=O&PO=V]R:W-H M965TT%I@=*@(``,0&```9 M``````````````"``11I``!X;"]W;W)K&UL4$L! M`A0#%`````@`[W-M1R;[[M0)`@``(`8``!D``````````````(`!=6L``'AL M+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M M1VJ?M_@J!```^!4``!D``````````````(`!ZW$``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1[Z%^*CL`0``7`4` M`!D``````````````(`!87H``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`[W-M1XH(`D36`0``W@0``!D````````````` M`(`!YX$``'AL+W=O&PO=V]R:W-H965T M%``!X;"]W;W)K&UL4$L!`A0# M%`````@`[W-M1\2PD9L#,0``>?8``!0``````````````(`!*H@``'AL+W-H E87)E9%-T&UL4$L%!@`````Z`#H`R`\``%^Y```````` ` end XML 17 R46.htm IDEA: XBRL DOCUMENT v3.3.0.814
11. Income Taxes (Details - Tax reconciliation) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Income Tax Disclosure [Abstract]    
Income tax based on book income at Japanese statutory rate $ 527,350 $ 751,503
Entertainment expense 121,904 136,953
Additional taxes 2,487 1,611
Tax loss carry-forwards utilized only for local tax (122,837) (53,424)
Tax rate difference between current tax and deferred tax assets (42,187) 56,329
Others (37,401) (10,963)
Total income tax provision $ 449,316 $ 882,009

XML 18 R33.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies (Details - Estimated useful lives)
 12 Months Ended
Jul. 31, 2015
Building and fixtures [Member]  
Estimated useful lives 8-43 years
Autos and trucks [Member]  
Estimated useful lives 2-6 years
Tools and equipment [Member]  
Estimated useful lives 4-10 years
Computer software [Member]  
Estimated useful lives 5 years
XML 19 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; white-space: normal; /* 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; } ZIP 20 0001019687-15-004071-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001019687-15-004071-xbrl.zip M4$L#!!0````(`,QS;4=H9M=[D'P``)QS!@`1`!P`9W!I=RTR,#$U,#8!"ZR/]T`CY()SWHCY#C^D^?3G[>]\_O+P:# MD][?/__G?_3POX__U>_WKEWH.6>]2S3J#_PQ^EOOQI[`L]Y7Z,/`CE#PM][O MMCG MIZ^OKQ]\]&*_HN"O\,,(L15WCV;!""[*>@ILWYG"8`Q'D?T+2'_]MWPI2T"3 M#`5\>!MC72[M"+]'?L./`"#_I3Q(^IFDG4GJ_S$*C>QH%BZ$2F_2_%_R^<>W MQ\!SS\A_]W!]^.'96^A^.J'T?%4^H.#I5)8D MI%]YKO]7T7?`LJS3^&GZ:NY-(CR5H9R2QX]VN"R9`*QX/X<$/W6BQ0?TR]II M\C#SJEOXJIZ\ZJ:O.G#EO1"./CRAEU/\`+\/U+X$^@I(7P_@N!2R?HJ?IB^Z M(5)E8%3IE[R1?C`+^T^V/5U\,+;#Q_CE^0,"1LN"P4\"Y,&P\)OX2<%'/O+] MV:08EQ,%I]'[%)[BE_KX+1BXH_2[T2P(<#-^+V8K?5I`V=?AX(_%1YFV@1O8 MY#1M&2>IS1,[.0MC:[R#XUYL8F?/,?%/4_>UOVQ*H7,R?TQ`?SH)7>(33GJG M:5%)&Q@A/X)O4<]U/IUOB=]&N7*1DT>!VT80$3_R M>:E.6M+R6>XS[/C2C^9Z+\4[F4_2WS,`TA_GE);S?![>CF,9`/2!M&?<)IXG M^KQ48"%B_D0P2?MH@!F2,I:T$9+4?2=)W21)<[>F4&YM/PG+N#6ECEM3M^#6 ME+WDEC)&90LM=NX5?HUF880FO[[C?OJ+&_V`DT<8M,;.1C, MV]1S1RG6GN/B-Y/!#`X*S[[#)]N[BO&>O[GAR6<2X)QEU/MX6E@2C>*T&,9> M^.*5FOTYL?_I^H=:L;1V1U.O23#_ZQ_#/_>U0N>CIK.+N2Y)C:::G6'-#KPR MU:XRMU.9&PWLREKF;]\N#[0RL6;'UC*[RMS#EED^D]2YW(U4[([/>)4/P3M[ MV+P][-Y4`8M_Z!Q_YQ\Z>^C\PXI_F'/YZ\O,]CLVPIE?_FKE34MZ7]X?W*4SL*'V9B9'.\?`:VODL0A/T MZ'KP&(TJIWUG0+P&]("0%UZZ,,1<_T">Q4TM3KYV5[*N5;'.UI0N/=R(\;ME'=+6_*[7? M1MOO1C8[,[)IV0]TEK"+EM"&3^@&J#LU0&W9+W36L*O6L-V=6?%>V-]0$!Y5 MG!COD:6U/I+6W]5W^_7=0ON^'8_=$0Q(_'/I!G`4828.H_;OH&='T!G:V`(> M`ML/[5&$7PB_O--/*",HI^*X7$!G$KMM$FUXB>@9!C1'QVH/Q3P5QM?6N>@^D]5;NWNZJNMMW4N'? MY:.P"KEU!]"2?^^J]VC\>U?5G7_/6X5R%%:AM.X`6O+O7?4>C7_OJKKS[WFK M4(_"*M36'4!+_KVKWJ/Q[UU5=_X];Q7:45B%UKH#:,F_=]5[-/Z]J^K.O^>M M0C\*J]!;=P`M^?>N>H_&OW=5W?GWO%481V$51NL.H"7_WE7OT?CWKJH[_YZW M"O,HK,)LW0&TY-^[ZCT:_]Y5=>??\U9A'8556*T[@);\>U>]!^#?*TZO2$=1 MOZF:Q]=^NPH^B!;,>(*EJ^PN1BNRBR,YVM3^,;:VO'Q7P8?@Y4LRE%T\NW!\ M]09'L\A]@?.T#(=1X3SGSA>7DI33<>`M?]4PA@$,X[HY7F-8H>!0#8`AT?X% M\E]@$+F/'B3N\S!,@F@RP$P&,U+('73@9$IL8ABSN.(7B@CH8D2F'J:SG1VP MG>WW)F"O[[V?*[!1DI1\ESN&00"=^PB-_CJ,AG(?80=#OB94;[&)*"UDA^UJ?U=JOXUQ6%?[NU+[VXBUB^[V7,9+DPGRC\\,VPX1SAW');,-MC>T76?@ M7]A3-[*]H[*'2@ZZT($E=.C,:,?,J.60HK.'W;6'5FZS[.QA9^VA]1!D-)I- M9O'*:9RNG?`7P&?"\@L<^",T@<=E)ZQ\=*$)[^)S9VK[:&H[NSZ=BX([\]H/ M\VH[.N[L9._LI)6HN;.3O;.3MJ/I.QC9K@^=*SOP7?_I0&Z%8S208N6[.)DW M3NZ,:+>,:&\BX,YP6C>,J.68M;.&7;6&-N+7SAIV MU1K:/KL<;QF]C4]G'H8YG.-R'=>+,Q37$#6F'*L=2$*[R"J,[S]-[R]'&Q1!\Y)9IMP:+_; M^._.")F-L)+!SA/R'VGL#/)0#7*O/.0\K5F\#X'.^W,8ELB3XRC.>U;"0^?@ MSF:^FQC3S_O+G%E,H!W.`OC9#9$J`^,,OY,6EC[*BB"EE90?^X"P5,2S.;P,".4)`W1PX.5C$6E4H)O80^FKC^.K'K>5F5 M6U1P^CS#`@.AV'>/L(FOJ;4I_I.]SASHGEW%S>8./KEAA-MO=&-/8&]NGW=P M7.7:<(O&7S@]#&T,1Y']/[V!/_KP\;2LV+S8"ZQ18'L#WX%OW^`[LUS:PY66 M1HN[1*,X:Q))PL@L!4C];TGY].=%Q28IF*X2%\!S("`_N^'(]OZ$=L"K2Y]6I*RTO`'\`3WOFX]>_7ML MK,B'SB`,9[BG815[@V@#*"DM+_9WY,U\[.7?KUT/!F%-<2NE%)AWPL,=G"(< M1_E/9%)MQB[M3^)GUI66EQJCNV$>1**A='+(Q/&/F[2-RBI(*Z7)X%3_JUVUE$9A4= M0A4M=S%9#$`?2"<]XG#C!_/NL.?`D8O)#C^=#&ZN3SXK$G9D^%^FJBN$I=`6 M8;H=/A<#2)1=`B!Q!25=.OEL:(9A?CREBV(M7F4H'IBF+!MR/0$*BP`="U"J MRS\?C1!NIN$='$'WA8Q@;F`T;TMU>=.!K&F4W"H93?&P$*TKJJII]?!"#?E13K6 M$M5:24*@,1&&&Y8B&PV@7Y>IOBL3?$51"/H),"FC938,@2Y?\91`E"Q^34 M=%VS&H$30I*B*JIL4K;63"23YH9IX`Z04>0P0%,81.]##X^S,"]DQ79*8AIL M4W65E@U%UA6:_'(93?&P,*(8ND1W<#QXRET76;UN9AR::BAT@,,B2Q0^ML!` M!K2?K(.OL*]L3AU0#6`IZX($H;!8&)/J`ZIV[\T9DV59I:-=9H%"D;*02&(' MS1"`]"M"SJOK>;4#=5DS`*",+"V01Q"+QH:F6KBC:":(9&U$3!Y,F"H=)?(A$"4^J:%(SG-7.V0FPEFT=J2%!RC<0NN M[9-E`X?5DK8JCUT*V^`"6*IAZ6NES$>Q\X5'W&WA7X(9="COT70(IFJFH12, MG!ED"H;+Y%=Q*Y`40PC+!@6IH*5@*N;-DUQ3.Y"P!P.+HZ;&<7OS(?XMEA2%:-G8:L6)9B`;,8 MU1J1@M%R1H#M`>6Y,ZNRYU+`CE"_[K*GZAY#CF?(!6A1LJNEJ?N+`5((J\4T M!\5IR)N&PW8!SYH9QR8,XI&%J+K4`>Y#J`"[H.B:TMD&$IJI&US2Q85#EJ(K MAD)%V>O#"''!#5!,0S?ISI-!.O*?'F`PH2VD?@ACJ!IM@46%UP7`5/6R::HZ MI_PE1;7UEC3%E$MJG5,>VV*,+FFZ:3#)(RNA;D1F]LBT%?8)9&D:^B,^?=]" M]\QWO4\G$8Z-3WJG#:64:+E.2O;2D=]M;U;?5FD[+2BWIFBV90T^T=1:=B.5 MXW5RNGO(%EM'+-/,,Y_8DMRM]5=H<%]$3RN5E-\`!@L)M6&LS\/U'85D"O!V MC#NZVBPIEJQG!_$\8C>`FLG=X\Y6TX6A7DTH016'A\%D2VU=>ONR'D^3+*&N MER4&'0N-?4RBJM%SO/SHXO;\C#P'!F%RX+&V8[9P#"%3M9HONIYPM@A*5E1Z M0\]ZX3]<'P7X]_3H9NVU"3S,I&.7U7+KR&6;$=-T!;#+S3."6Y8W(QNKAF3? M&_+/HRAP'V<1B;8>4/$!U_HLZ63-O:J"ZL#9GI),5JB9%I"L_56291FFCP-F M0Y.4O=>R^C9`YD!PW[1GN@GS8+5GN@GR8+5??YU=]=88;9^57W^G&\=H:-^4 M7W^QV0$KSW<54_4RL8D#[CVF@N\6(JZ1\;Y1P7)DBDZ\7IBFX&%F;EAR;/B#)%'M@$VH.*B% M5&X/:B+H?!8]H\#]-W38V"R!!Z3YOS*,J]*:8\O3MTUL<58$$9Q5@TK$-`/$ M290H0&O/]@M$57&TOP8TH81591U8SIQMR<4Q2!0$LH%S:P92J%O3\JZC0E1# M5,QF)QB5`%>VS+^Q1DH#,,STB`,CRH4Q(&)S$V+=5S-82>3V`V([:\M^JO)A:6*_[Z[_UQG+T25.-/OOWUC^&?#,`Q M;I-RUHP`!.)6:^.VS#9QY_C^[=LE"VX@6]).\;T-W'&:2[9O9,:,574,'0]A M>9"(0E^4D[>&N5OMH*_DGLMX=H[[C:-?CB1*/AGR$G"A@-S7]P?_`T)>>)E,D/U`GK/00NT#:7_4N$?CZ!5'CI?P!7HH+C95 M1!.J!4E31SYXL;WXR$ET80?!.S;E1@>K7]$<3^ MYQ+-'B-,8SZAG0"6V`2)@\?)6CUX:3H0[!5M-X`.M3"=_$2,E)PC$$`@LRRA M(#EIK`VRM(E_#1K0)\N6;!B`P9/$8IJ#8MI%;U@6T*WM@:K7K5>O#,J`/G>Q M)5I%:F#(DM%B'>2CD$JTEJH!E@QQ&^*;#ZVBZ0J=!VW;W)9%2)6;@61#W6:; M7&6X#F9--Q2M19[+0[@U^UE566J1ZIJP-5V2Z5P!VV)[/FWX&PI"-E^AJMLT M"K4F3!4H:FTV,X<,IP$N-QX=X[\]&&^_\)WS"=F)\>_X]]+":\<5$K`T.IFK M*$#;5)0I5E%E!0!U\XH6IG^L?RY4LPPZBVQAZ;4AB$N"W92%M-7-4Q21SN,2 MA]VC"+="AC:X+OUF4X8:PL.&I^JTD]@LAR5W1K5O:$T0*HH!](T!W%3BK$J4 M\71IG*9E.3#''PS\AU=$[I1H,MA>6W8.Q.I[SP&$PE"4%KZ6BVLT"QK!,%5+ MKN!C4?YZ)-@2&B$!NJ'I55!2`6N@/.#6`^UQM'+C#4\":CE)\+Q60&$VMTP& MZ/J1AZG)N9R'F:+K"6?+-(P]LL8E/)T02LYIQ$L:S#?'5.Y7![(E*W)!:EY: M4ETT!6L[:XX02(I%KQJS@!&11DO5=54J2X')*Y`IZ24>O>[O@F`E=Z8/(Z M8.DM0'8SB@"=>2%8IC@(!2S(+`.H>%/.QEA@@F!ME`6%)0)3]$S*9L$LL$!0 MR!3SZK4$XEA0^0)YP02P2,<1\";-0&.:G5&L3;8&%@RRI)F;Y$%OF+M5``U, M$"Q]DRP8K38'%NG``.(\N7E^Z9!/J"LT$#>217R M(6&9"M)NZ,`4UI;OT=3:UX`I*BZOA1U5(1]-[IT*^7BP8J_O3FJ0#^7V38-\ M%%:N@;F3&A0$4!4M88=J8;'NL^8&BJWVTC_L:$:RTE[BC]B/'>2B)++(+_.R:0P80/7=\&>%IT%`662YW)+H*J]_]PO*#7]0GH? M2UQB\IY+UAJG]GN\Q_=V/`Q'LT7-'UQZRRU:LP=HE2LU(ID,+2\UE@[(]@C.^ M07!UI;KF4C$P#$67Z$TP*T)J8.!=()9E65%456;&,'\B9*T\3T!:.H_4YBJ7 M2;U`870[GC\5H;"J&HI$IY7*2.`6SZNY;FJF20\U*L73VRB%U#:0%#-S6\X*=0O)\T3[%]+V:HD1#@J^WZA-,O<(S?6;W-K:ZCDF2#ZFK?\UJG!1ND!I7<6!']R0EHAH@XA[C MF;(DY4QP+:)A@/"OH@)-"V0OVEZ6SB>7V\HD2<,#DHT(;G+%@S!<56L!-7#A M>M(5:[.P:J?^[ZN2S@+M!D9+9\)]84'=KC8#CAO"1G3@;2W2IA00Y$(RIID1 MP"V]L2.I%)^VN#3U]1<[=$?QB6MO%JUD2F:EHSP/-^57UP@6@',M<>4XU=HX M_\"CL6?\^_D+C@6>X,V,^(K;VX,._^<)8/(Q2B[\"J7(4;EBW'>LF5(UNHX:6LJ[!Z! MW)-3>!1G[CI]\=BB/H*M&EI#K"U2LB'3V2(AN&N_'0NJ<%T&0%U=N5DC5Q16 M_AC',C55:@:VX/7TU6V%XJJ>22?8$-$6%.2OJ,PTHV`%66I]P_TQV::46T*L M#VD+&M:H0D.W&/U>#169+AU9O:8Q>Q52;D3.>*'2VDM(>"Y$V4ELJS,:NX1M MM4ZK;GHO'1>L#GRKT)F0,>H3)SOG58?A`/-ZO%G)FX3+Q'[1KH?=U.+<<5S2U=C>T':= M@7]A3]W(]IC.EBM&$;72S)897,O0L248$3GYLC_45EXM(X1:X1.#^T-NE=W67\);&;H>#YT; M6A'-3G6T0"=+YNE-'Z4HDRL*J\BC%ZQ8TZJX]79Q+O":S])4Q M3$+%0>7>+B;+>4E0]OG"HV>?V/P(T@&H]OQRMI4X5$A:8%3'.>FG:-O*;8 M:BSQ\\"B-@T%Y&S()4S^=X#M.)GRH+9C">%.TTS-R.PH99`L#"Z_09J23!\M M$@1WS;U:=;=0*)IF5&%=?\M67:C<+E0%1G:OLPBLP^#_VWO7YKAMI%'X^UOU M_@=63G).4D5IYWZ)=[=*OB7>=6*?R-Y4/CV%(3$:QAQR0I"2M;_^=#<`$IPK MY\Z1D)1M:88$&MV-1J.O?`;W64T2%0$'DI@.SALA>'H0+H:3:MA;RQ55(#G> M>K9F\V%K+JCQ*,N1Z@LI*>GAB''5[&Z0*(OS'@K6[4/(!XW&P6'56T45MT/- MP_.2C/OO`S8*PF"AI<"NF.X/>MU>)0FS#I3C+6AKON_W8$7#XR](;YQ#)EZW M!M7.T16YT#L!N77*9:/3:1\42(5].F>7U8S<68BT.ZVU(G#)Q`>#=NMTIFYO M.%Q[_E2`%FY\V+\4=.K[P.?^R\?/`K68/"_O!BZ0]\3?RX+U#\+"W7Z[9=:W MWPNBXZ]O:YMHNS/LMXZUOH^JOLBG^,:#JU#"JW6DVC7]JM%MF#W$*D]^6+!W MB.MMF#?*/>!.8H]S7\AF.45Q%[-)$):`.02R6_W.H%^.A:\T]R%AWKXO1VO0 M&W0."_2K.`PY&;*.H#0KQ]&G6K-QCN#_'\-C@"T<`OVC[*N%>>O3&H^B<9SU>N76ZCL!='Q MU[?U(3`8MMJ-X;$6:/("!A9@$_D/8R,DXXA[:NE\!P%P[^B8O)A"<:W51)R;;T_0]D@3W`(H4\4[-$^U M>ZA:&F)EU63[`+6]+:_?[W4&VP.U0B:^#2+8N*@B^`]>(^]9B,QPF+RB M=J-GM@+XG6873%H`-<85]C5\^T'V0X5#CL- M4_Y5!TPKQACG>:`BK_U!N],J61]+4^P`P<$J\:P$(??-'A`/S>&PT2Q;8>=F MV0V.[7VI_=YP64V2E7#HJ]-K+KPDF*EP%4S[I6K%7&!]2/ST$X#V,MQ"L?[G M_P[3%S-'I(\A_\X)(/Z._&[QPXL0QGOSXKOCJ!^>!"2>`/9K,X@0MH?"+DTZX0ZTWG'@,:[AG M/G/BR/F%)=[$:75=!VX++=>!-V\_O7-^CD/,-Q&+0,&WQE37!-X''.?1:;9P M%/P;)\,H0A8]PKZ>8L`:0,$BY^8NX9Q,[[3T$#X"<'[CL<&+S@.VWAX].@$\ M)6UD/A"@\1T^BB,'E`M`(\1%;@Q!(BB_!!]\'T1?G)L!.*\=J=X$]US3;DA8;[M$ M.`;(]9'BH%G=P%W*"[D@*&"(=Y$!JI/&CM2/Z-D(7L2/EO*DHF^KKVJWW%YO8"R3*_T+UT4@;*:A4]#O\Y3]"8/\',.G_\:_Y@FG'_CW'%V*-TJK MG;`4=F@0844CB1'BO7'@<<>PX:9P(\-6&^$\4. MDW>01^3Q.+][X)!<,DEQ18)!YWE!L:";T^;?1+^EJW>`CK`@Z2^XY^$C,+5T MQ".7`41+M]AU02Z'-X M=,?NBA-6;UTM9Q)<0CR)X"M!:=ZF-'K4SS3X&`%^02""!TC\4.D)2IM8RYU!SA($;*' M"6S&1_50+KR"XK#$LQ)?SC?W]0J<%_>`[;7\A=Q#T/@"D,'H&I?G(.8+Q&'@ M`63V;G`@24`403J;-+D\8;"PKCGQ<.K%;",R4,LCH:'RQP7PN$^Z^5@:"%DH M%5@\Y,G$JS4E+6PF#%2^$><1R!`^8XD4.CANXJ,_QGD(T@E\1YV`0.MS[F3% M?-CT\!"?&?>`DD*!\]Q,86D>(PC,"\C-S4?S7H'B04H@3N,HU76)LB`?A6^D MV+E:(G:6RQS'D*\$#FHO/EP?DBE6HI1Z7/H`*H1VPOH@@U/2HU`18X"(5R@: M[Z4P_24>!2`D<1)2V$'10['[*DA`,W8!O`!4:`V*4L!$68P37E&=0:%,MOU` MEV+1,]/X$K3R\4#J7Q(`RSP"[;!.JH.ZD)= M(@R6F<<]_"[6@@>?Q/E;&]C0*5B0X$J5;J@A\F,8,(I3R9#X"1(W$9-@5LPL M&6TM4`OK=(!78R]?("6T8942+%@GKT,$1X6AY2T*5QI'>-<$%$6E#+G\%5AA M&,K?%&*<$0MQ.RF:%AEW@$AY==7+61([63ZE:%.V? MY7WIC4AA\X"4NKS3JGY8_D3"",^.W*JP;-?K708LC4HI7A=)!.)I`#**##(" M9H]`\253#LB6*?O"':Z)15N'P0U_.I,[AT0C(\,%[6T``NZ,J*U._JINX[?B"\,!;J1N.1"^V.#$E+WW.4+"XNR'SI8ETENI?#E*@F9SD4 M7'=Q\2FSM?SBC/PE*#75"""A0]]!E("DPH-8&USD,3S.\()FA445,`\]&3RZ MAW1Z'\`N\&%GG$4L;07[Z>BW#5@WM+W^E<&>:#?)JMAUT=*&=BJ/B8F^/W_; M[[K]_D`*%.7*UH3#T1--=S!H MN:U^J\)H?;"06+PNH,(?3(6>)(TV\)3A=G MD5HN+T-;"95M8$[_(Q?!`P>M"8UXL3-CJ!(^1"4S M;H3!*?@5Z6=T>DR"NPE/"ETMH8-B\PJZQY>/3V`_O@(Z6GX=$+.<>WX5M- M!B12+M8"Q11U16!-72G>IBF+_3H%L+)52(9E/ M^UV`[_!REVJOHI+9\`S>"^F8POGN61"2@$,QF"4BX^J^3TPH%6PPJ6#JL"61X`NKFSP&<"VB_01530Y?`_11P M&:,?+L52+LJI@Z+946&$('ZEABS!03!\#/$&![I-7DHC\+@3OF( MI!L'U%IT'N)80+DX\4',FUO<=#3]%..HL(H'EO@(*VTJDY2P)A/BY7"YTE:6 M>1/M2D+FP07E^S8&PB;$*^AO\OT$"4N+-U=`W(#!+`B^2\D!Q8$`NT$I=EHM;&@RETL)U$T ME#ADF`*/`$:2.>[IS%FF`)&:AT>E(/F4@\5"6AV3]4B$'2BX9WEYB4BU7D`UR*-3=67-9A9/N,B^$%W*X M[GYG526\'!T6:RUJ!W4&:S])[X7(+?[%!I,;DD(BR,4@M1SID:"]QQ,59$)Q M3V*-NW:%WV0NC@G!`,7*DS58'4\5;I-R6AZ9N:+_!X_*HVT81#LVBDB;UP`L M2ZPE:P?V66:4G',/Y'( M^'Q]>PWW=R2?*$57W;XVP_P<62DFMX.6KF!X5LT/>_M:6V`-"/.(,'GY1_V` M3*97H'==.Y1(!FP/^J,H.%`K1\AS^20$AT3")%=^YX:_=G29D9+A=@Y:#:3L M5S0/81[!16`"%J+'_&6M;K"\5X@<7#E(T0".[Y/,S7>.\;)COB@]N;K>J!.3 M@N*9=1@IH'.:7]H7I8YR'Z_!X*[X5-4TQ0MHC09>T2Z7@BX7N5QC."7_TZBM,TGBZL*.3C M=*TFFAHQZ(/;TFN12BZ\`]`HV*0 MU"\-\4`-WW#VT'_A*&3E:&]N$;*_>?;RJA"M0`S`?^^;-2"99)>$>N$H"FDH M7X;,^X*P.N3"KPKQ2[DS<[!N:8>^SKW5&Q&X!%N2+4I+."`"Z'G7[C%\`DP?$F;ZEQ">DL^.)201O=!?:6QI9-!ITY]Z71)&[Q^ M/'*)QYG%<2U/3A`W(%[N$KA.^WC#BI,?G>1N]'VK/7#5GQ^6;3X]ZLI+X"9U MP[25RJOZ>OP=C4'V7,BV]#?G29`+JD[4N&XT!LWM)SG&8BPQ@!C#01V(<8@- M__LD2/DQ=OF\0T/8K5Z-NYJM8:,.W&6)42-BS&_UOY%1M?CH@,$"NYA]]UCC MN2W6&T#7V?S5O!0+V60;/!3:)U:,7@3.Z`R(XZ)LKS"(`^2,6N?`!=DSSN0< M>*MJGB!(N%O^P.CV-QC=7@U_ULIQLFOH<[9<6PS7S<+Q'&6T]0U8.EG?P`5< M@@U.J"W(%@,[,*6UJU^.?:?1&/2VG\0:VXY$C.&P#L2P=O6GR%UU,>5:8M2( M&">TJY_;TGH>P%]1)8_(=^@'HUO$6=9Q"6'W.]9/Q:)I@4\9OV%(%4)"S+S' MVCH$TT15(9<51*98S]8H2Y)PKA.HX\3!1&>=/9$"B/C,+$N\"99GD:FTE!7, M"W*6B@WJ$LGS#\D,Z]=GEY+UM@ M/\=U4O2YI,Q4EB0!9<01.!''8@-4@AZ?@-V`!1(2/I,E9'7^H5GU1Z1_`"K$,'$B"^:K^JB+;M?-+470N MKPDJD#N>\L1`C,BK+&A1A>]0 M:J9^^O\((X43LWL#79W!\1(.OZD,Q7+A))D0F#H\B>7C%BF4IX`^ M@`1,.56NQSX)$>"!8]IP%NEBZ_`TICYZ6&Q"R4JVA.0S1'F<"2P98HR)<\!3 M:+?SY02Z+$M1-V=.8FY"?\R3)8I)R(DT87CEN`I!;*'TPZ+2<`1Y797KO'#JW&`Z>,,8@-*4<0N?+J_T%`Q2 M!&F801GS01O+@S2,E6''CU$2N,[//+SG:$B!5;%(7*FEJ:"-/@9MK(SMV"Y* M8U];K`*IW?]N)6H)JQ4B2UYF@=+`D:''P5LCMV!(NP'_BB7U2L;" M64*U-TDQSP>F,K-S\^3="5UI\E@H6X\5\-&BD@14JHBJ.N?E&NEEH>[\!K;S MGWY2D,OB@RF6Z`7A^%^<;I2E^*FTFJC.@459T`!0%"1T5]$UBM`@$>'-0=XZ MF%F&'T'#&J.PB'L>+@7E1NC"_U2@[&UN\"B:-F$WF`X'W.Y*F6"D4'UQNU7#S.Y801`:D MCT&5<9RI?C$$0FJ4F#1I-\[AGK=4RVJ41L$HX[4PQGEQI?G;]18T3T?JOX^C MNZOW5,/82OU#H?G=8I,K$`=.N]>X:DH90.#HS:%LNP!"B-0(B1I*7L]M0S1O M8IE1%DM7?J!Z;%R2PO]`.[=$'/LHEGG=Y"A('3>2C./XBC>,$Q526 M2I:%6\D$R\@>^SM:4JE>\9AY::QJW):GX%\#D2[VSJ6&J*JN])^RU"L6S!9Y MUUCJ(E)T3<"RMVAT%;&R/1'*I+A7->\0&[A:U*AG1N^5S<8H=H?M4S4"`#)= MN!>]!X]E>_VU\R['M>L$8X>Z!P2&W;]\`%/3)S5,7H]>5TP>PT#:"9&_#[ST M!59"'TMC=5Z36U:(1GMT@:F\5&Y>'EBXI M1L@B\=(%(8^K`'OB^%Q7#'Y0C;L69+J:)\#="8?=8AL'L:P+@K685_+5[2Z[ MWR*#_2??R$"H0LMY!RR?9--SAP!LH9=JB2#DJ0GFY9UBTO%8S]&H')L*BZ$C9L!!<4CT(86/&$ MZTS)M8#ERK&*>)P)$QYMVD>1C$ITL>9\@;9PY-$XE9JCJ18`1:L&)L-4KNAF MY4P"4`?@DDGM'X-HEJ44"*FFQ^?TJ%0 MS7.SLZL&N]!7=$],VM1=V;O-%W#P22:E MGBG`A7]E,36Z0ZDKZ!LO6,#2>O_DNR4>H3M> MUF8W_>ZE,]EU>$`S^0$H+BG6_$_HMBE_<^E5H]6);"&7`P%7LU!VQ5(WJ&4S MY%WCEYP3)]M,]'_SNM/%G+S-6L*5?-1NMXW;[<#>\\-M[.ZN(`P/X,#_O^:> ME9LHF`8A2Y:?2<:NGCN;CK!E-G'1]J9(R_V6^]=S?Z&3+6R%')Q%-:VDG^&9 M1HXHVA]V7]A]<7'[8H-NMTQW*U2ME3J(DB4=QDO=>0LBPSV5QPU%62)^E#+_!-[AJ=`0#R`TWY<`)9[^"-*Z; M^14DOVT,KGOVMO$T+_?M=1:M+%HBZ='7EO`QIM.LLMMCQW.*[YFI!IJC.$OU M\9!_NLQ5(/T4F6P:C\=.WLI-G2LY&(5CHN1%&,EFUT4SU:(1L?(?E/W*W_/K MNVM7=EZ/:%OKK6Z"*K*$XBL5-#D0*:B*JI]VT2-\B2?UAVOG>5CJ3ITDB]$^ M>;*;GUM*"9XB^H!<"M2WM\C'*_+2@L*!N38=R^SQ+N;\[C5W/(6QA?:S18$6^+@L-H(T*UJ>4XY^OBK*H!4R+_2V9*&F M)-[QJK,SD7TY9?K9'8\XZ95R;3JM5N0`EI>FPCR%"L@)/!4$*_2>2$L]5:Q8[F1*JOZ:2X+PDSI*$P"=-=+@I@]MU4HIE2$ M\5R-$3S!RXPB\A@C)E(K94\4JZF;PV*F-%",Q*J5H<Z='804)"%8*#=IN17N)$X$MNCU9`9_H0FG$]!A04)-LS`-9K!U'_A(!+*3 MKR=#NV.J2P!:$&JP):DQ-ZH/:TP>#3'T,1N%.C8=7BD][@=W00KR9LKNV'\Q MOM]5P2#XI62-6237X<,UA,K&Z].5("B$,2PHSI*" MB"*FN*\8AIMA4"J5#ZOT76=)6*X:-RMXG!I"KS^8JT*C/(M(O\"K+[QE9(^ M_"(>-X__A:-99(QD!L?(+!U4!P`5`,K`:R$CKU4"/0X,+Z-D48.K\AKZ1JYD M1L(%BAILL5#H"P0V$S$"HIJW"PSB\J4&,65_QHDQQFH-"4M7"'7724F75LQ$ M_%G2WBE056XX":-\8<1)Y,M0255`PRPZ0^:.,4\05PJ/-5>*ZR>D%]7==Q&H M4-SY1,QW<7INOIPRJNMUQS`%07Z])]>[Q'VQ\5<KT^')=`)\M6S*<9 M(4!H#`>Y^WK9"FDU?N9)<<2,V.JB2A4>87FH?3P+(L.B-LT+C,$3=)!.8Q@S M#+YP"KR#(PJU:'E@(9TH>53ZN`RCQS+L4_YIGAN&A=50(3!7L18;6*E'!=GF M5.*`?$\V;3(2UW#.D#VH8X0LNYJ`U7/^RO2+)N]4`CT5@G@`#S#F%=WLQ&1".EX,#5#0UU4SAM!#Z" MQZX7_FNX5\-&'9 M_6FDU,W+EW3%4IP36@2C56``;S<=AN- M!OY12=0$/_^JTBCH$KP$^DU0/TKEJ`0MP5`98B*(H@75=Y&../,3:G_9=#O] MEMMO]6F81EGBNSD/CA69I#^(*%YYO1O6A51@BM7,'4CFKR6<+$$@C-'D9.)B M4VG:H3JVVF0B.W<61A)[@!W`Q81./K-&SLIX!^.L%_8 MH[&YL>H0'$$BPW(L.0VDWI!7'/H\HTM1J=;09[/6$(YWU1@6EFK:MJ]B]-YZ MJ7*+O\KM7M]_@ANEY_0:O1]@L]Y^UN^C_9"N8@SDV0.&X06>*;'QM,U?U:9' M.!,#,5=2Y\/G-V M=C*IDJTX0?,Q@_,'G58(*9ED=9HS`47^J)CB1U,XQN']NRR0:@0>5#H9G18L M9$`#J._PCRJU,<71E#$":W6$,9K*=4"=-@`ZJ*#XTI7OEO`*GVK\W&8CFD;; M,LUJ4JXL&M-I7*&1Y0,YUFZ*J[:^AA,8=(W[<26-77(N21R4%BNO%X8W+AYA M%`:9/"3QZ&C%P5A1;5PZ%\R+B>:+<1:.@S#<\'XI-4-QD_#BF?)T2!]BSE[2 M7IU##<^;R`1&D#8%S.]`*,@#H/R/F)D;J&P254VL*)ZESX\1AUTKESS&(HJO M00:2$[#9I1.X9V0CRI#$8)J_3(6P@N@:54Z,(D%'@E=$/*DZ:#-T\J#-NE0/ M/BC"*))8EY1A5()+:X%*MX'/S36OKLVPQ(BUTHGX][]EXNJ.L=F/MX5CM9`Z M'V-8"2#O$TC2V\?I0?K+33G]W3H]D37(5`^L=R5O\QCK-(2T`-5_(!!N9B?#65'X)1X%JC"EC./[F4(L M7@6)AX&#\L*A0'DN[%E4A!SG%`ORXCO` M,H]`NXB#P`OP9[0NX[5"UG%84$]1@F7G#1M2RMQH:F%$>X MYBO'^3&7!PPQ)'Z"Q$W$))@5,TM&6PO4PCK)]^#E"Z23')TH%#\_P[@A0Q-< MOUX02C:Q+SP/')&[C1F)-E)? M)RU;15R@#LU]PRVZUF%+EAY]3Y+&)MIH%*FQPGF8EMQ_*QRTZG:V"B8=M9U# MD7MA#$-K_J)2Z4$,J1$\2GM"E"0R1EQ>4O7)+1W.F^5+65)H.?+3QW>___B> M&L?;OX>>#![=IXRN)N19!-U6L)].L&T#UA+#-VB$7)JY=9U8 M>.+;?M?M]P=21#D/IDU"9.2\@)>/;KCML#=U.9T@19;(JK71:8'() M/M%T!X.6V^JW*HS6=QN#H3MH#;2[%@24"6U':LL^IVABDA$TS[+4-?14%#'C M14PF3=1RAQWI<*!2BW)NW.[`R#X7G#N_(II2L,?KIW?Y4U!=2I4 ML9D!VH;36!M8*9!>-V@4$XZEJQ]EK!2E*$PP08%B:.=CL`)8H+SXP$#3.-79 MP-**2RD5,+2*FQ9%ET"*JU4F4+KYR-0,&1ZED43=RV0Q;@R/`F3AU'F=;3X& MK>L$44K(#!>BX&[#MYH,17RZO-,1,Q,T)$)!GJ`0T?*%&-QD(7D?+F6,K)+N M4KG%D!N!;,QT@!HRGVY\,<(>OZ!*:V>,DMGPC$<^;36?&10PRQ*1<6W=12:4 M*CN.:T:4:RY4Z0#W/(QGY!I8\A"(9)38V/4A,$JV%KYV"JJ_=G[.6_MA^H&" M+N$4X@ZC`<]@5I+R<%/JH`[#QX1-/[\#(!C`^*E6O64^(%Y!J&2\*CL]"H,[ ME14H2QQC+X.EBH<>A/,:77Q,D#1JD_<+FI3%*B:]F`>#E< M,G>"JM6K,LN)]&06^S;&L$_B%1B4^7Z"A*7%FRL@;B#'O8]U:_'X8?74$"PZ'11:1'17*NXB:(F89NBT)]P;/NB\D90@&(\"BH$ MMZX*#@>(N5PDCRF90:EA:$+6B3IE8'*<"K)0^V=,^12P:6228L,4>8'/&?8^FXBGWZ5I7E$+:_*];&\*40Z;[Y* M:X6UO!VMBY=V)A3;)L]/*%H[E8H6%/EY<"84+AFGNDM&?5SR^681;13J!RZW MC_8]XT;-U?<_>%0>;<,@VF=25%IXCSGF>.>@U4"J"-PY"/.T>K'B[ON+ZR=7I>Y'"`'=:K+NV;`KIP*& M-(3,8\#90_^%HY"5H[UYF#*4RVLL`EHQS_X?W_2^60.2279)J+RYO8;R9/ M1R[Q.+,XKN7)">(&Q,L=5??&&U:<_.@D=Z/O6^V!J_[\L&SSZ5%77@(WJ1NF MK51>U=?C[V@,LN="MJ6_.4^"7%!UHL9UHS%H;C_),19CB0'$&`[J0(Q#;/C? M)T'*C['+YQT:PF[U:MS5;`T;=>`N2XP:$6-3FXRYO\(3FWWW6..Y+=8;0/\T MT0G/5;P4"XEJ&SP4>5F]?/0B'$9G2AP797N%01P@'=4Z!R[(GG$FY\!;H_<1 M[I8_,&;]#<:L5\.?M7*<[!KZG"W7%L-ULW`\1QEM?0.63M8W<`&78(,3:@NR MQ<`.3&GMZI=CWVDT!KWM)['&MB,18SBL`S&L7?TIW MM!;5<79._)O/(+SU)MS/0OYA_,XH(38WO`KF+8I:GCI]<(M8>YOY8#,?;.:# M-9S9S(<+M]-8V_MQ26XQ;+T;YQ?2UKMAZ62]&U:F7\C2+8YK>7):#\WE6`IM MYD.MB&$S'ZR'YEC<51>G@"5&C8AA,Q]LYL-14&8S'ZQSH.[.`9OY<#'7T.=L MN;88KIN%XSG*:.L;L'2ROH$+N`1?2-R_Q8"UJS]=^X[-?*@5,6SF@[6K'XN[ MZF+*M<2H$3%6V]6+M('=HOWG,3&YB7S\Y\U?67#/0FS3<*X.0SO9?$_4 MT6=W>_0K:H,:^0[]8*"9P+2=B0[5F8C:W@<^M4L+0VJO&F+;0NR_13!AOQ"X M.\I>==C6.DN,GJX)Y[K[7)PXV"5.IVJD`"(^,\L2;X*];64?,FJIQ@MRR@:X M&ACLVQO%"P\1(,MZXB*#4!O=%:@M=GZE/3N_T7^C5I(H1NK3/ZQ5AV2?Q?UZ MHSUE!<[.N5,O+T5G"^SGN$YR7%-S(8\E24!MBPB;`6(@1N0-+K6@PW>H?Y9^^O\(H\\6MF`+=&-,QTLX_*;: M2)5[5LNN3:G#X8UX&GC%F[#*)122:``J/8#\3#EV3\2.VO"#SSGV=LLB]'EB M`TMX&OM3>=CG4TE:MH3D,T1YG`GLUFJ,B7/`4VAB].4$NB-NT;)X3MYN0OU^ MHG>U%)V7MQ\3])FGCQ^!"U.0UBBIJ1%I;:1O/86OQAL1)4>:U93VQW4)LUQC MMK3'Y,9.S5YS7BQ2U9D9-BG(E51+29$F#*]75R'(/12?@"X!4/8M_"$[!7+35G'J.<>04*]Q24<0=X3]]IYLWPP':AB#$#-Z%`&G"Z' M]A0,4@2DF`$H\P$JRP-2C)6]@B=&2>`Z/_/PGJ/1"%;%(G&EEJ8"5/H8H+(R MCF6[B)1][9]Z4JX8Y%IGV7TP*:]$Y# MDBK[;=_E?(KC4)3/E@LG4`<(U&Q<^*9!]3B#T\`1\3A]@!/RPHG2W9X>\U') M9]-M]RP44_5*H:\BU'Z^,!/G.M1G4J'>HP;U8:P'-HI5D^Q>HK54W;54_[^MP.=W?-6R7=1RJ([M,K>D,GD;1`!/7$X7RH1]7;U M%AK3J6V!NX-;H-R1.#\+_$_,EFD8_A5TG=X+@1EL&M?2)*@,B5Z8^=RYBV/_ M(0A#UWF8!-ZDEORD, MV"@(R;FL'+XB0\<(2P*!3ILQ["QGE`GT&*F7A7*X&-C.?_I)0>X$PHGBU&'3 M&`3V?W&Z49;BI])E!3.@2706I^@48_`\H"A(R,X;1Q(2]`9%:'65%EOEX@9< MX)``6@82`19QS\.EH-S@7'*MZ,9ZFWN;E)\(A[A%=QE+?.&\C.$?YWM-H_Z+ MMS>W+_5O@Q<_$$A+WWP5^\$8SB3R7QD#W-R^,MYWVMW&5:OATAJ,,``_\]!8 M3(MEX2.9IL?TD&8"M&$'0#@DA_)HS>$@$]JMJ`:^=M[JQ,A`H&V<)+S#I;]Q MN4O)S>W30A`9D#X&5<9XN,(SRL\)#R=<4KE$NW$.]WR0`3W*/"^;9B$9R(W7 MPACGQ97F;V^\9&X\(1:.E'R^#\GK0,QBP<(/X_=Q=$*[`7Y24G3APY$1W'`\QQPL2V-`8=>#1!SX*0DYB0GG7,"!B%,=? M9"@$03%ECW0XC*0_#P9GY'W_'?WF(H,#;\R\-$[DY:<\!?\:B'1>BL*_B0IH MF"7QGYQ$*H@K$'XHK_&PR=`R03%.,AT=_6ZXXE@Y"@EE\GR1THFP@:O%:\6, MP@$D?C9[#MD="R*A$0"0S3#`X%[&BCR6HS.NG4(LN4X`LT2/+LK5/,JC?.+C M;WH81PZ10P1H@_E4R$G^/O#2%U@)?2Q#$]@]"T)$N4N`8/1!@2G^=2;Q1_%@ MA"=73AR+0HE`U4(4$0^!!%.FW.-O4F_!SW3`B3P?X:4I\SF=#1B6P:36L7"( MJ'D"W)UPNL(4?I;H4RX_S>#C7>,C=CD,Y@^4MS#"?Q"M'\:Y=O$.")]DTR+. MK1XGR$DBOG8_$Q"3SG]R`0$,4*AK!D;/>5)<9'#;7F1ZFTL3V+8$CL_'<`]` MV:AD;>`I6?\09Z&O!#J%/6'DJ:"HK:@0I;#EBGH?8Q!:++]_/*+4@&?)1`Y; M.BV*R\.PZ0/GD3H[2)J!P$\#+P#YG^8W@REG`H2\#',#J>R69>B26Q@L(,)! M0,=.7"W$V`AN6AZ%T;+B"=>94GR)?P]3LCL>9\*$1\=WH*C'VT"QYGR!ME+Z MT3CUIYN;CWCRW\-Y(5SE5C#ZCPG1^?DK):S2VVLQ^LV="^E\VVW32>57!C=??W MY6B1,-S1GS0\``SOB4F;CH*EVWP!!Y]D4I2O&##V5Q:C7D925^00?9]%S,?] MPOT?I.Y..I-71*L90BB06CN3ZJB472+7UAU\$22QQ^@V`1KG$IEU,N^U9?IG MPO2M)4P?HWT)&3-:P?;*5"HO;L#2>O_DNR4>84PF$;84?%DZDUV'!S23'X#B MDH+>@1LHTK^Y]*K(1GC[1#,E*B:3HLL"7/E"!Z\W^F:V;`8)*3#1DG/B9)N) M_F]>=[I8A&*SEG`E'[7;;>-V.W!HPN$V=G=7$(8'B([XO^:>E9LHF`8A2Y:? M2<:NGCN;CK!E-G'1]B9.R_V6^]=S?Z&3+6R%')Q%-:VDG^&91AXUVA]V7]A] M<7'[8H-NMTQW*U2ME3J<_0K2N&[F5Y#\MC&X[MG; MQM.\W+?76;2R:(FD1Q]>PL>8E+W*;A\_D%,AF\XH$LEAHSA+]?&0?[K,52#] M%)G`K$XZ=K1/49\K.1B%8Z+D11AQD<*[VA^NG>=AJ3MUH18,6\I+ M)OBYI93@*:(:R*6`FHU1U:&H;A`4#LRU2?T.F\V2^"M%%(@Y?_YFAW8E9_1" M425,46U%_"G>OBM*WB2Z^N6PD?*?NX2OK6K6^+<0:33$FPH MU%[;]^W2C4<[-P\W#1\)))"D&-1B!A.E,3)^023CI@1B[Y@V)8G M8R@CA\J6TA1%:4/XN"Q_@C23)PW%.6'!J7Q5#`-)A2Q37U86;LD7S\ MLP1M(9ZLU4(HRF?%QY`,9N46K*D%WRT+2TWI3$T"]/M+@@C8[Q356P2G2HT: M#^@8P0.^*3&*R(.@F$@KE,9:+7D7"V(1HK$V#0"%S]L@U6,'J2J<.P;2K6P^ MTC&Y/$5"!;I+,E`9*9%2Q`Y,&H04Q2%8*#<_1H`F?,+AH7OB55 M/9V`D@V2;YJ%:3`#D?#`1R)(R4;KR2#ZF,IO@9J&*G9)&LV-ZL,:DT=#O'W, M1J'.`H!72H_[P5V0@AR;LCOV7\RD<%6T"GXILAE&\\M\"+C^@V`KAA*NRH7P MBWN,*L"EKO7R81V=BP].09!@Y%)\E["IR`-:I=A:L0X_)C&HQ;ACRC]%!!D! MICRC)$4Q'A2MT=)@+2]T(&)3]H5'N<%NEB5TR%+4#9PY+$]6B++I"!8PCZPQ MB^0Z?+@G42,G?6H3!(60AP7%65(04<04F!;#<#.,QJ6*9?!F1H<9L!!>QW'F M*3X$IP@.G@]GP[,.?7=*I.S\+\]UA3RU)TDP@EQJ9L'RT/5>H^LZ2\3P=?ZA M"D"F*?!^CB79,+RY"$T,L,C<5TJO\8M`Y#SP&8Y\D3&2&1Q#QW34'P!4`"@C MSH4,.5=EGG!@>!DEBQI<59'3)@,E,Q(N4-1@T[-"#R&PF8@1$*F&HB4`3G^I MF4S9GW%BC+%:\\*1"KUK](@@7<%.F$K!*).`4)IE`#:*'*4W!:*(TC2NLVE0 MKAU:5I26$),$5FG*`O^8><6%U%`+`1P(DG9A4(@CA(T@)1C,AV?,^\+NM%M` MD)*K(\P1-P!N.0]@&;_IR'@S2$,-G#.2JN$DC/*%$2>1+V,Y59DW ML[8BV6/&/$%<*3Q6*8:X08->S#X&E8)_8E]KJ6G71TV6>'(^$=->G'Z<+Z=\ MCM;K;F(*D-S<0#$%$O>%P%AQD/8[#=4:":/2[(T2I;!W3SEL:#B-/J,R M!T]AS@Y]Y!9;#V8U,9049REJ9),,JDIP:D MAQ^,81[YG0K^G[,(B!3$+HF?N60HO`_H0W4)=++8R7Q>%@*$5GZ0UZ^7K9!6 MXV>>%&/,"!HOBKCBT9?G$,2S(#(L?-.\_BX\00?P-(8QP^`+IXA".-I0^Y8' M'=*)TGNE\\XPPBS#/F4(Y\ET6'<8%0ES%6NQ@74H5?1P3B4.R/=D^U4CTP_G M#-F#.G[(1*U<(IAK07Z)"&X#N,@JN;O+Y>N\'+[QR86&[/HJ%I>;G5L+2;(H MO@WT.H1?*\./+L/1TABA/9$9R/<(^7*CHF!'I0RV\S;8;/I M=GLMVIK?-MT^_#KH=O,-O3E?TC6D8;@R4ZG8OQOVY?PV?L.2"(W,'WER"\HQ MM]OXH-OX)=QA/:+EZR#,D"DTPAW`N#3L3W2AHHO:W?4S<*Q(M&_U0,G26">` M`/,.85U>4D=$(Z6SP2T6;993.$`%/H(:@2?+2I&&0?6F;]>6D]%\Q;7O(6KD.#K<(WB M$ZV,%SO);D^6'A,B"A\2I&%[N7JKB'5[D! M\OM/<$7WG%ZC]P.(BMO/^GTTY-+=EH$T?<"`S<`SSPL\Z_-7M0T83N1`3/*7 M<#LF<7@EXP:UL3T3 MM.,S./W0>XB0DFU<)\034.08C"G2.`4E`MZ_RP*IQ.`QJ^C-5P2WB%3S5^;K,13:.-RF8!-5>6 M+>HTKM!J]8$\G#>%[4+;-0@,NGG\N)+&+GGY)`Y*BY4W*<,M&H\PS(9L2))X M=+#C8*SH;B2]/.8=3//%.`O'01AN>+^4Q*.X27CQ3+F(PZZ52QYC+=/7(`/)&]OL MTOG?,_)69?!J,,U?IMIO072-"B^&":%'QRM"VE3IOQEZV]!Y4.H_%11Q,DFL MBQHQJCJG=5"E6<'GYII75_%88A5Y[NC9B=T#:P?Y>(K MR[K\*-<7A7MP7RM=LM(&$.KX7OHZ'ZWKTQO,=(;Y=`% ML6K>@ZS2O"SUX0#(7M;TEH:0MV"6I$_SB3'.? M=-F6QD^$QJ=J:S.?K8P7AEU7MF7_J&7SMTY6>J"YQT*_W6I-S?FIMN+45J_E M-EN][6;<8VW;[@Q+N%6$Z[?<1G]8,\(=M1F3'FK7)53N8'9@O>FPJ]AV!^W. M8<..VVVVMY_E&*MY]M1H=WMNNU7QKE+_3;Z-\K#K:K;IB6>9#!_IM/INIU?Q M4+%;_LC4Z/:&;K/;J@,U:GVN5V^R:/D*'VFZK4'';37L/J\+/;J]AMOJ]>M` MCW,?[GO9GW_&W/"*)H&3FKG++M45-NO3W:JW@6.[.T/'[73W,:B?"@.6^D>@ M?J?IMCL5I=@9J'^63M'V4#R-"=UJ*<^*(*=24RP7'=BHZ+:&+;??;]:!B2P] M@![]X=!MUL/F8P_H"^*<>IT'EB`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`I&PH3J2 M`K#]2&08L9#:R2,YTM@)4N&\FK`@`0")J*_>?%`9Z]2+/7:^'("'4XZ'#&TJ/(#( MN"8V%U38XO"9/[?>Q_`X\KJ`%WT.9]T'@#+Y+9>29SW!]BK&4<-=HO9PI_=" M+$@MR27&\83,$4@NRB+!/:``<)I_CR(-P)',AV\'F/_+X4D@_1U^0(=:XSMD MZ<%W#C`2,&R43=U<,`(OCK,PA*WG(._!3OH*^PL'(R#2"5S@[B:PC]K#:V?C MJ6Q*>Y@S9>'BXLQS%T;[%B3MH`N[K2EW6LMM-S%2JCE?2P3!003.XH1*F,"[ M,*/@:V<0\`Q+G0?`BL,#Y&(#G`3TH ME*CPB98/$C$D([KMOCOH#;6,Z`T`^E8?A<`:/%4ID6*KV*S90N,,TQL-FDT9 M?!"0PA:/"9SU/+&,/B,F8"1@#)1H"8C-#)BW8`8&$S(\C,(P?E@IB`^$CZLT MGA6D*WENU`/ZGE0[G6$7T)K>JY_6Y%W;3^7+51/NUQ[?\TX0EG M8[B65\.6C=L]0MQNMX7UY>J;$7Y1$7^?T-FT&RIML-H^L]^B9&/ZM]\AZCZSWR'J/K/?(>H_JS(_6>W1^\?:$;/S6>V0YZP(%E?4> MK9_(>H^L]^C@3&6]1]9[='AVM-XCZSVRWJ--I]-%>X_^_K=M_!CS:9<_Q;'_ M$(1A;9,K:Y`LZ4P8)7`A"_K.G<*8RI(,F4[;Q@3$699X\#2E%O["_8`YK:;K MO(N\:TQU!*3!;S#8`P]#_%?FX?Z5!2+0286?I^Q/>/3G?V,RV"_LT6GU*46L M?>U0\AEE@%&RI5!)S2*;PNH>54:B@RFW]YC7;,*F@2[U4E^6M]S1F8)=FQMX M.0EE_>.U>S]4?\EN94/J2U6&83%-LF(U'VNZ73%7WQUTVVZG7?'R^G1-MWN7 M(7T;)QQ&##V(T66U MA-VG.*$U^>QE\NFYK6[?;39W9&T;,%R#:_:^%H(BBGB-$6S>7E:8V?1+=0P1 MMO8`:P^P]@"KS5IMUMH#K#W`V@.L!+42U-H#K#W`V@.>I#V@N,FNN9[.WV1? M\U%:VZB/30A;?J,_?93(S7STQ?KZV@2;+`B<5\`61F'?'X^^L$N(N3A,+$5E M8TFS47MK2;^SY,Y=J%OXFX1]CKQ7^%E5\G[.:[LCA^8`%8PJ,EFB^A>6>!.G MU:-#J^662YJ[SHBSI%0-GJ5.TZC^3L^K]@Q+@HPNWH*SK<*FIASN8\D9-!O8 M,:1F=AQ+P,IS#@=U)."9KY''D&MS\BR'"038OUB4X5'>;DCK\C$EV[,WEW0: MW>H,?^S56&H,MQ`_]9L#-HMYZ[= M<_NMBBX!*X..3(UVJ^_VJUI@ZB^#+D?ON>6SE$]'($$6-)^%KSHK9%#7BJ`G M4)K`$N1%?]"QFM"9!=)K[DFATY)"IYG+HP]>&I,TRIN\6FET2(7([;:'=6%_ M2P_,3.X.ZD*/YZ44_2N+N-,:S.E#5OX<5_[(QM=UX'9+C1?-8:\NU'BVJM!- M=I>!4&F1N&F4K4(;A)"U"MDKV9,@2-/M-VOC+'AF6I!RB2U>3#![+<4D-63:+!`U')GS^8DUHY"%9Z59JHW1FX[7KL%DN- M%_U^QVW5@QK/3',B;_ZBVE1\.K!JTV&-I9UV78YI2XT7K:'UHQTB+ZXL"_&C*@V0.K,XT=6RMQ`/]J`[XD'7=CN#H=O=M82^U70NG0&&;K/9 M=OM6V=DD];:JUO`^AC?ABC?=4^;1T.O[[M:FBL026,]?6&(#4%LZE)K]3G4' MWXI:$P=$T[9"Q')3C;BIWQJ`FEFQ<5A=>&G+TJ9'KRAQBE(AYZB>L0&DVVR$ ME4G2@(7AHP-_Y3UD1O$]WU"XA"4<_10BCNCMNXPE,!3GOC-Z7%4*Y=4DX&/G MS5?N96D`,WP8CP./)\=O-7/!1'J;I1F@6JC*/CZ,`!\$:<"I@%2H500"BMS@ M2)E3UI2I,W)/WXNGW3U:-9EEFN>ISOCC'>:`0<`[H+KUS1H-PSR0%$TJ0O0' M9XGS!CM=G7_I.]Q#SDGTO8PVI^,$N*JMO==6A1B]\SE,[::[QUWV^3'1L97] MVIM[]YFHGN:.'2J5M1K[5$'"(A?5D'=1!:5.6=-]2TOLTRTEM2WC;;!1S*42V?G*MZ&'K)]OZR<^)WVW]Y%I1P]9//KL8LO63 M[97LN1/$UD\^NTO,UD\^(;_7*%+54L/63SZ#(++UDR]WO]CZR76BAJV?;.LG M/Q-6M_63:T4-6S_Y(*4#;?WDB\[6LO63GS/U;?UD6S_9UD]^KO2P]9,/I039 M^LDU/^AL_>1GS@"V?G)%J6?K)S_WBK>V?K+EIL-QTQ.KGUQ4E5A7+F)U:8E? M\N*R'\8H/3^!\#Q)N0G"E2VW:LNM/OU*F5N<`[;<:C75]_DQT;%U@]I;AVRY M55MN=2]%TY9;/>1MW99;?;)!K+;8?I>?5FP\.FX(`PPP!?.+;`4PV;`[HVPHC$P3&Z!\3+@*D MQ-RP*AW9R"&8&TA0KZIED7@2E(27`_%6-0K[^]^VX=)YZV=I#YRG_UI*P MZI895GUHACS/K/!H@_X^R\Q5-^$'7:*WNV0'$C1D!N,^QIW'#D-6(64!.9O8 MG-TEG$]Q0V!N34J16#-@:R^8P4]P6B7Q`S"YW.P?_X!9*$,*_SC??[Z%G>/V M6O)7EI;%P0_7!`'N*+G9A+%-N/.(UE+9]JIBK]1#M$D#N$HQM!\0#RE%W4:CL\>Q0:H MW/DA@':/&K/TG2F53$%D+HT((B:`$:$'7]*&T(NG4P!;I+C/::5R'H&+H47S MOS(@%(R%.*7Q"`-`JV:[<3UL.$#6;YO73?AA+($P@"LH34+,\Y),\@JA]OC- M#K?A]77ZQ1G!0O8V:#+FC)H@,B%B+T"93A`]!.F$:+RP`?4YXR4I."O$??8M#1?L1WU M$7W/0J2W9.=\4I8S9!`%V'%33D$*PT>^VGFEK>]D@DY6>)`TW"M0 MZ>*0"X(`UH"^-&<:^SR4)RX!@OS-&:Q!3B'DTH02'@@G'-3JB`;T9E/:T@+F M(IY=G$W.``(GT<`@U$HL^O!2&>8'7NI&>='T9?2WLNYMYP(\B%5N MPY0T6Q4<:6U_SB^Y0N\_HP7U">!8;_U:8_C$7M8=#&Q;\`A_!OY[LZ\?"N?/M;(+Y$^6%RN\(IQ?DPW MKEOM[XA;V^VC8_IH:4ZY6/"#>[1!^=N*A"-@]E>X-3X%UGT;)V,>T,VK'BS[ MZ\UN5G!#C;]P"]IY9MW>M+Y+'[2E=MB2&^)5<>]&6^]-<5_]#-?5VL:HVIN= MO=E=.([MS<[>[.S-SM[L[,W.WNSLS>[B6??)W.Q4Y,4E]+G+-[\ ME8&LQ"&6-&2N1W33^>]V\$.`/WQ,^)@G&`=!*"3@@AS,TP16[14(=CK?]S9^ M;^U'#H3#LG02)_`$N6FI2"*!D\WP]Z81-5+$/,QRJLCX!G*2,]",$^40AF>^ M;5PW&DU7?M:"%@(?WCASQ"[G8)8`\(ZQ0&IZC\UT M_`'&UBPA81F&M4AFH8AA,F`5(FI7Q@+`PB6^P@"F]QE%Z:Q#NPP!\ECDC+!Z ML(_12[XS>BS%'F*D#/R3`HN[3C:+,3@@2&`9&-Y3Q-=@I`3HGK*6'A*0`'-R MH(X?`O"$A<*$^?,;5D4@K601U7@>"6Q&*;'%4%-Z!@^UFI-HX22:(]JI#Z'= M`7\E]Z`DU*>$18)YI+;8PW1_=']0;1::DKT[)6$F0)@3-.U<`&N!F,MA>8"B M"/.8F(``C3W.??KJVY8[[#3RZ&80M13H%,5T7CBI0 M1:AB1IS><_+H-@''1P%./+>JD@S/A@,,'1MDC1E_&SBQ+/#@P M,/3,06L9/L3".50L/XL(%:P80=H8$!MM9QJ$(4YG'!+X/86_E@`>K@[BWEHC MGU?EWT4`+O_$OEKM?&:`ZJ%`(P.JJ0C0"+A:7#NO37W.7"&MR,\\J1LQ4JBE`\V(EF^C$_#\SD1I4XH!X3R(1]GITIW@# MEP4CA>Q!CI-0+&D<%3&S\`*/0/+A0FNN1M3OQ/J5ITN)BQLE$#KL67&!C*@] MLRIWE<:S@@ZERFWJ`>T7J5U(^BZ@[QX57-E9#-J]K6A4JXI&)=_G61=N,7P" M#->PV,\:I#^KBE&Y'WPCILY1)"KXZ'6#:YK=VV M<$KUVVZ_7;$TTZTZG%R6&"_:?7?07AN0^R34B,J7@UDL`KN#-TS4[#;= M9L-NX7I0H]OLNL-&Q;8W]=_#)SG`544AP4*6K`[LM_QE3-2MQVW3$N3%L.%V M6Q4K\M9_O^][9G]()SRQ'+/^P&[!=6]HNW+6@QKM8=]M]"JZ8>J_@:LH#N"4\Z(K+.>N4OB.DN0FA&D9J?[:SY+.!:?Q9A[BC308=(_#(]?\LILI:UMMP@6N[@\Z1XU3L\;V!".V&V^H_V5NT'NJX MV4DGG&KY\IY\E]T#$.%T6+`<\#PYH(;:RV)>YE8MDU?4:]B-`K99\_[-FKL8 M*M2I:/(X2ZMF2_]CTK\)REK+;75Z->:`$[8I.52)DY,4Q]NB[,NA\53#ZC1; MUO8*J/(9G4&S)+X/*$]4EL\2SCB)I[*65=XU&`L&&>_X/.7)-(A48:O9+'S4 M)>O^Q68LPKZAQN/4(Q=KR24TV6JZP\:18T1MG$I5:K1[[K![9#]U/;62GL13Y\K4_U3YB.&0LA6T-/D@6'?BPP[HF)+BC@* M'\DT'<:>E`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`V2V8Q60OADYG^+'+[&, M3G`=)IP''H;X+]PK5KT5CYW/4_8GO/SSOW&(GV.@Z[_Q+U`C>.+$.;$E@`0% MT(!'*!Q@9-`W[B;.S2P)0J?9=1W8!\-KQUP9Z``9V2T2P]>)$W\[:+;(\D_B2Y"9XHCJX\3+0,*3QWG@,/_XQL5/3JG3:P)FFZ?-F:Z"+#K5:77'UH0(`]6 MBW<]J]EH_;);]?5-'GBXR\3`F4(])MN MNQXRZR0GR)/WA*'MIAH(MA#(4Z,]AGA5#95Y!D5`CN@(.@C)#^01(B_M;D2W M_L#+]P?V!NZ@5^>R)ZO]@8:-M%[FVI/ZXN:P>!HOW-90O@_2X*[H@&!]A3L@ M\UU$7C&0!D'$DD?'B[-$NM%&JE:]2_"DAN=MRAZ=$;[C3)B`GWCD!-%]'-YS M'WU](;]C(<;E>)SCUA;..(FG3AI@Q$Y,_UX[-^0CQ%%]]$C2SX%P6!1E\'+" M9W&2NOA]PF&6>TY`T%11#`"DL%QX;G&JA(?2JX0S%3"O480ZW[IC:DL.Z;^M+&NF]J0PKKOGE:)GSKOGF^M+?NF\UXMNX;Z[ZQ[IMZ MN&^6I7/M89'59MZ?/K[[_C[&]H8>;^1Y:D=<[GVH3H!?36(%EIRGSN MB$FVF<"$K\B=%W M(-T!W'=FDEK7SDT8.F',(IEODD4"QL$D(JJ$DG'G(4@G0>3$D`)]'P`L%RF6<,7T*@%_1W=HEB:_1^,[!+C]G0.,1OZ-JI2)FT9M-K,R645>R*1;L0C)K]I4,6'"P MHC:RSK<-3>%FI^/V,+%M"PHC*+?92/"_,JKZ$^=9<$N2X#JNZ31S!$_3$($P MEH*;I-(2U,Y18Q$N';6_ MY$2+\Y"+N+SMEJQ%;C\4B'U`0+NE9S&'&[&0R>)8Z$4T)7CCNC/XCM`12&97 M3(OUNM_R49*AE[PUH*D&4I(7I$&O-3:5C,<2!K@[N8-N"X?"],=\'IP6G]>G M#KSBPR"1?^U4WJO=Y7NU6#>!L&;MWPO.G5_CE#O-S@]V3VZY)W]A$;OC5&<9 M]#T1^"0!D4\(XT*J"B;>3?UEQ(FI'LGSCKL-G?G(#1A1X7/4?H*()"^P9!07 M74J)E6#3"P%\N#JJ82N%=2&8(6?!-_>H)5O-=B<.>3,>2SD*F^R>3T>@_K66 M[%R9^DZ2`<-G@#F8W)5P26&:+6[ABB+&S"/IN\SX%,?-]\9;ZCO+[C1>E&&5S\M93XD;*=9;+\@51;NKU M#\#4S)G$(:7^C^'G&3`/Z-38XB#"M9+F#Z>$"0L@(U>D9B`NO6"6*\PD]#_^ MX31!Y^VW&FZCT7"^-T3^DF/A!PG3_,P(F[X$```P1$,.)R9P0Q"F$-4$4SCJ MO<":"M,I4$2DL#M!/G`6.6\G//7-&U\S%+\"*1R_:<8FYYZ0P_)^U/ M\#"4RA.B7)I3G.#P[SA*Z.<6C4`77 MX0E%$,C2#>DB$J^=C0+:N)BODBZER_;O(@=2"[4W7[TP@[,>Q2O2+TN)"!_&;^"NB2%N'WERBVQP(S=" M-9'\/VK2_[E%AODPPR%_(9EDK(>&%>:2WOWZ]IM_MAOT7T'!@P!^,FRT#6QT MGCTVUO'&JS@BLSD<.G@`"74`5<4,G"4M^/]2,;..3_;$S+&YQ=#P'C\E+!)2 M4?@-(VLK\H"7P5$R_1^J%6H.M[!$@`2C21?6>-UH=`;%.M>`5!'ZUX>#_I]X M5[MJM*Y:FR%\;4"X6HN&0^Q/T'L^Q>_TE6[U"54=MXL'"NRI)N@SZQ3Z!5!* MT".[_I8;"6"`5ZK\\XXG:K/;[@]Z^D!=-?H\B=_'T=TGN-.\YJ/T%Y8JKO^- MZS)!'\8?M8+W+OH5P/KTP,-[_@O`.!&[@MKN#(;=3K.@^%Y0S"]IH1,J_*`_ M4[7B?H-;8'+/,9[\QO.2#`"[T?>XMW'R.LY&*=P"X3MI5]EQG9U&O]UBSI:/\AG])@,,LJF"@>#.=A?$C+WV]*\4;6RUY"X!.O]PJ M5!XVNJ;@KON2]>^[4K?5;_?;!R6Q_OVT:ZU"VM:@V^FTS[)6.HYW/@9;WON#<,BAO?#3+?9;&QW'!TY7OK-:VH7]V%E'31A[U_FK8*,) M-]]6I[E^83K'&)9:T M]6ML]X;=]LG72#OGQO\S$S+M^Q#DNFKW.XWFQJ7,3WU`B+=%_E6S,>QM1OXJ MB,D,M.*=HC'I)^Q+>@C\MCJ#OK(]59OT0'!NS=*]9O/@<,('K[`#I&H`^9Z: M/1Z":9NMUJ"]`:_+)C\DT%OS;;?=:76.`_/KO'N>LF>"A-%'Q4$0WFDU-_'Q M.AB.L89M\=_MM5O#_9>P0>R\C1,>W$7%MRSE>M@T.`S[=^$B8^I9.X)RQ!5M M2YL^7&X;FV7ZMBN:"Y4OQ=7KB/K]/0R]5J_?,X[0[6;=$>9WT:>'6)84V54G M;O;;IMUCZXEWAWR2<+X7[/UFN]G?!?1\YIV!?QMGR5ZPPS$PV`7V?.(=0=\5 MWD%O,.AM#_!BBR%!A8J4'BQ,O^)A[AV=%OQGUD=:/>&^P&VM7<$=O=4>5`;N M[W_[.DK"X$?\&W[]?U!+`P04````"`#,J-.OO\3``"Y%@$`%0`<`&=P M:7`L``00E#@``!#D! M``#M75MOXSBR?C_`_@=M%@<["ZR3.$EW3V>GSR+=3AH&TDF0I&?VG)>!(E$. M=V0RHTLN^^N7U,661)$JVI)('VP_=!*;5:JJK\@J%B_ZZ>^OR]!Y1E&,*?FT M-]T_W',0\:B/R>+3WO>[R=G=E_E\SXD3E_AN2`GZM$?HWM__YP__Y;!_/_UQ M,G$N,`K]4V=&OGAR?\!'YJX21JO'GKX>EC\R\E_"C'Y[93_]^#&R&$( MD?CT-<:?]BJJOASOTVAQ<'1X.#WXQ[?+.^\1+=T))API#^V55)Q+&]WTX\>/ M!]FW95.AY>M#%);/.#XHQ5EQ9M]B1?N*)#$^C3/Q+JGG)IFC=3[&D;;@?TW* M9A/^T61Z-.'PQ/Y>:?S,@A$-T2T*'/Z3.XLG_#)9NT7L_PE"F[P]L=X38^[\>\[!-J)^ M=D-NV[M'A)*X2[;6QD,)<^-&S`R/*,&>&VI)UDK9HYB\TR&.47P=7#_QH8EA MTVD\-=5`XO$!,D*/B,3X&NN;-SS/)JR@8\L;FB(/8RZ3:G%I4?Q;R+*/DS>^%#- MG.N)PWF%DBYY.\CZ!#]%%Q%=WJ*0.9O/AL4$8$XE48_"7=$$Q;?(0_C9?0@[ MAR5)\QX%^DJI_X+#SEC3;->W36[<-[!!&FT'$D7?B6#4/8K[A1(V]T@P>QY_ M-M"&:JI>8X1^.!LA=.4A_=Y][4:TI6FO\"V7.,GB(1L6&2Q\Z&;31X"K`4A[ M%+3BR&_WK$GL>J#LKXNNUZCZ$*/?4V:0\V=NE>[XV=Y^]$#?;\`?,/##!+CG M8TE/RM1Y#9_#P&0'$0^7,L"$5!(-D#[`I&IO/5#\UC!4*\7@<1HF((1VF.`( MDT]*,$Z@A!H1R&#H2>@,)2X.XRLWXJ60Y\Y<38O)Z(-](,D3G.\Q"M+PDD'1L]JJ)YA2&^R[VW$=.-P7C]TD MV#=(QQ$4;'4='D-77;1'.QTFPZ589>_;KEC3P65P\<%6!Y(/D#4".Z&D^4!Y M8XD;7Q+TTQ!=!S/TT%G?A',86.QO;I)&F'>AC-P;[F#,J-L], MG8E34E5_9>R=G(53XS&L_.V[+FH"'S$I5RO*['?F1C&;5/@<$Z>@=PH&A:RE MM"'U:A*&?&<-C>J`%P)FVV<"-W[(]M"D\63AND\'W!$.4)C$Y2>9:TP.I\56 MFC\5'_]Z%L=,@'SBN@JDH?N`PNRQOQ;M<.S`G,%^;E0Z- M?!1]VIN6;-S(JV$N[DHJ6AS$?,[(V4PPP[6D#UA(5UFKL`QMD;1J-/:0/><% MX<5CD@EGT,C%/+B2=E^AI-M)E%0P4(Z,@@+1VSJP6J>EG6"IJ6!@'1L%"Z*W M=6!E4P$6]2XI"\AZW0M`"H/MQ"AL8`M8AUUESI`K>HG=!Y:(<[^#``BEAZ'X MSFSGT[*%=5#>1.C)Q?[YZQ,B,6+>>)T\H@B8#(&(82"^-PJBAA6L0S"7\HI- MA6&Y:[6EE>,_1!48M1WIKZ@/.!"TD-KF?JW)!P3"3D([\N1.](`&L`\X=>`" M00AG84<>W0VFKE&L@[6Y`5A$;=W"CBRY$Y3V/T*R>R)56056,V3T3-!$VE'CO@->7FC)O0S4OS+4=AVJ9#*BH[(J!T M`M2ML'4H56)SYU2UK:T%=>5BZ9A9G'T2ID!3JZ8I/2L81KK/+-, M(V_1,R(I`A?$FNU-C^9@T-0*6X=/=1\*K-S<;&QZ-`D9T$8P`DUC';R-;5/@#MA%9WKB!`819@#K<,LV7D'!:FUL>@T` MC)!"5>M@J2@%RGNMR@$E]M^A'.^2DL4]BI9M1]U;<&AM;5%^)P-$H:5UD,B/ MI8N`M+4UNPZ;9]"97-F-64P/3T#8Q-A\KV0>1YZ3+-YB?9 M0D'+)5V7-.9K:=IG!W^CS-1)$N&'-,EN,Z!\[8:2A)F1 MB;*8DP1%*%;@W!=_^Y*;;>S4\)^NVY0L\I=OF-`HT[X+>;&E??E0CQC*#&,= M@I4IWQGQ=69,W92F>RE4-WG1P>[%]0WUZ]GQE:;YZ:!IF4OV]WA'T-JOUZV= M1SN>=S?JCQ^\O0I^DZKN&MJ7&B4F/-R*&!4V%E,EW,E@85M_IH&;HT"[8M8%J,)9R:+8C:]PF):F1FM%,9NQ%196%8IJ MS4Q[C=3<0I&H13OKG&>&V%3:J]\(T+;=HMK*=%2'(M"FFW4`G/G9"F>\5D=5 MG1/;FB[,0<&0ZVD=))?(S@P*CU-8Z;%A0=J,\G?_% M7:ABG=C2='T,BHA,1^O`R*JQ^?M\0K[MT%]B@N,DOQRDL]_`J$WOA(""IF,+ M^X`LE5Q7TP%)9+6Q-5F9J(%0?&YD_596+N#ZR!U45&QBP7AQ10FM*P<;*11T M]JFDK8L%/0@$3MNH)U??NH&N<=UNY7*KKRXFO)=]1@%KHUQIU6)B?"#9!-8- MS&0=U&49MG-T$1H:GU)M`IE$7?N"P)P\,S%YJ357JWME3$YA?(ZU&5)J`UC8 MD\H4A)_;SR\U3)FRZRIY/AI4;IT\?V69+S,_)F[T-FJJGT)RQ5*(&611C/3W:Q5:O$0>Q,KVSI&38WMMM9MP,IT M9X*`N+&%.GJ:@8TIT)<5U[9UO(-OZZCQ=`JFAFM'DLW,\AGX&?&SOPHW]/^9 MYI,)0.%BL`>:+L"UZ+2%/JU[O/)]3?JV'4H.T_%E8.=MR\U'1]FZ:+C="9'- MCH7\9RJS41\03J/TDWH9*1]OIN+0(\0N=LY>0PN8\2[T$\AP#/:J^ZO9[R$J\K>S)1^>_Z6Q MIUQ.;3H:#8*MCN&L0[W<`7)-^`&9ZZ!V$^KJ&E0Y[E!ZT[LP!D%>SWCVK86P MS"GB^\5G*/\Y)^*+KY2+5@!JTYLZ!@%>QW"[`'OQ`ICR&M/6%\'H.`*,G^D= M_".YAHYQ=\%9\BE=?CV=OFNT49L^%3"2(\@-MPNP0RZFWB18J/G!7./#KKN& MCG&MRR%%=1KW8>NXA4`*\X`?=]T#)";;`;`+3ZW>':LY#HCD,-`_[CKH"M/U M"+SX2O"O-_-??LUG+K]$S!`T"*Z#[(Y39>+/R3JI@/6;PQW!#J3S[D3Q8I/\N$+_E6@P7Y.5:/[RF.D/2U M/XI*M08/2RO9FB[0K&1K&]&^OL%$]A#RX_S%E4^%1OQZE]6;)=YFZ$']KBL@ M!TM+WELZ@:8!KFQ)KR*?K`3+XVI MA_+5"[K@Z:]`9&G&VQ^N$C-9!VTU,X=U5CF%I6GL=J!V&QRF_K#D[ M75>^P0;69R6DEJ:N_?5,D_W[J2O4TCQ%YUHTI- MC8]--8[VG8(?5Z'"T5FS=-8\A]6L7,6H+F!47Q-0565ZV%3E>-\I&3B,O;-B M\5>'5-^-,)`OI2@OQ%??B]TN^;0I^0GSI10YO%G'X0X<[AOY'Q@ MV_Z*FJ1B1&0A,:=R&GM2AG*%Y1)G!]EY53M/,1>(2(/?5`A^TR/N$"LN6=1H M\!E6A>I2;>7`?KO\1T+$F[*05^U_;TZ=R=!YR$.,?D^9Y36@AV$U/ M>,I1DCHEK0TYDS)W.A*BH%;NY/Q0_C;\&[Q`RM[S84^BJA!.-57->0^NJ"1? M5&DFA&)UUCB:*HT\3*6"$)A;LK'1Y"Z3+)7`0ARN)&?C&K@(]BIAA0#1KY/49!&E[RO2/MAMDV,U@;9O5,)\T>ZH3\J789 MIJ-S",G$AL88K[^T94R%%.TJ"LF&-%]:J6-2B0[`A$RD6YL1P6DM(<(4$[(6 M14G1A&J-]+8<=R#5QV,AJVG-=]<#2_.[OYB\BJBNH/)EOFUM^SQJUL0@17-R M_T+_%[E1VSH6IU&3F%[*EANW>FX,HO;PY_RX%$TA&`'JLKZ"QO3B.=S\G8J/ M8_^F%US0--+U_@J-Z?7ZS=U?4-R0_5GDT;;_FL;TFOD6]F\J;L+^]X\H0FZ0 MH`AL_BJ)\0WT&UI?5-O`X%_EXJ799655-ZTZ$8E6M)#O61*Y:DRVG!'?>(_)3?I%;;5MW37JA*"76:-?3 M@9(AGY'[C*41K;ZY21IE6^%4>@E5)Y5>:Y9KS0Q/=#JWMJNWLX\H[B4EBWL4 M+3D6:T-6MZ+?1)AX^,D-Y^2*><']"PJ?T3=*DD?%IK\MV5HQH6INJ:!]:MA[ MQ#7@#CQS8Q/(GKQ@Q: MUVE6R<])^#;-P1BOS2N8^5OE&`_\[&/^,5K+./S MY5-(WU#Y6DM%_M7G,TPG8RJXA.`;'Z]9#QIOXFKU?NZ6ZX M(@@P%;GIE9?-\.LVB'VW:[2+7QE=ZF^NAB+:PL#TM?9;8RHURJZ@"A],12+3 M5])OC5[7L&H/8KE^/[MAFINW3/4UPF`;L>G[Y;>)B7)CV/<^RY8J&?OC%GF4 M>-GU?]4$K%8I$_;+JBIE[`,GJC$U62U;*5T$O"+[E+NLE,#LU?&Y3'6PKBAW M@=3+BK"%N-\0GX03_YS?[L@@(>HKM+?G;+H^U@&P>)%\+Y8CF<'FQJ3J8K.MO#![&4=44!B2[YR_[\?Z9Q?B93 M.SZ*#$P7=GH)@S*[[`JNQ2'+];=N@DJ_37#K0*PV2#=#TP6A7G"'VLVZ+1R* M,]K*?:_B]3K=A[17NV'-N?WJLLU+?B5??)'R:]V_88*7Z;)\*\!,]8H_,`.# M?1LHHWSOO)ZNFIOJAYO(:(+;Z-F;6MU M[&(5;RH$)WTC[F65W04(TU&\/DEY-Z!L9(1,``'D<`0`5`!P`9W!I=RTR,#$U,#&UL550) M``-/.D963SI&5G5X"P`!!"4.```$.0$``.U=ZW/CMA'_WIG^#ZPSG28SU=.O MLY-KQF?Y+FKO;,_92=I^T5`B)"%'$0X??O2O+T"1$A]XRB0!79@/%UG"+G^[ M"P*+Q6+QPX_/*]=Z!'X`D??V8-#M'UC`FR$'>HNW!S_?=2[N+L?C`RL(;<^Q M7>2!MP<>.OCQ'W_^DX7_^^$OG8[U'@+7.;=&:-89>W/TO75MK\"Y]0%XP+=# MY']O_6*[$?D&O8E(L/T%>`[R?_X\WK!= MAN'#>:_W]/34]="C_83\+T%WAN38W:'(GX$-KX6/Y7P`_AS,0GLRZ'_YZW`T M[`^.^Z>'@^[S',LRLD/?_HOY(/#>TP"C8/[3_W MD__6Y#^XT/MR3OZ9V@&PL(6\X/PY@&\/,J(^'7:1O^@-^_U![]^?/M[-EF!E M=Z!'+#4#!RD5X4*C&YR=G?7B7].FI9;/4]]-GW'82^%L..-?G7!#D&U\W%O_ MF&T*.:PSH`-X'L22?$0S.XS[I!"1Q6Q!_NJDS3KDJ\Y@V"&6#)R#U$ZQLGWD M@L]@;I'_X[ZU>6JN/^!.M>J1%CULT&@%O/#"(!/G6T/"IQO9&C#EP?\H@60O"<'5N\U4-_9+M'MW1*`,!!AHS:N"\RM M[6,U+$$(9[:KA(Q*62%,\GX"8J/@9G[S0$8Q;!NA\OA4-<$C8ZD/EL`+X",8 MXY%[!51PX3?`VG<4ESJTK<=+-^[ MZ$FI-Y2(*@0W`L',AP^DK]W,WT4!]$`@!,7*2'$SR//EM0AGZK2.4)].FM@ZEI/ MZ??VL]BBE*:5FF^U@F$\'^)A$9N%#-UXI2G1U21(*P2:Z<@O][A)8,^DO#\1 M7:6SZC0`OT=8(5>/1"OB^9/>OO&)OMH)O\:)7P[`/1E+*A(FSZM^'T8.NQ1Q M?2Z#'$@N40WN@QPJ>NN:YF\%15$I:I^GY0#*T-8S.@&U[9/0B&/0E]-B4GC@WT"I/,>^0"WNXQ\'ROUY3.>]"N:`F2>H$WL MJR"$*^+@_!R`>>1^Q*:H6&S>$W2)+=UW7\>UYND^>>PNDWV!M!F@TEI7X5%W MU$5YM%-A4I^+E;Y]KPO6"+C4#E]:ZY+D-7B-DB\AHWE-?F-J-[)[Z$0NN)F/ MP%08WY3G4#/L3W88^9"\.+L#9_%H+-*V4Q=6YE:[AZ\JAAJ7>KS^M`^,P!Q@ M9\M1C9-QZ>N%C/_`PQC";KT+I;:=57@TLYR1'!'E.30*6Z&C*[-J()RI*H4J M'YX(MC]+I:`US@)AI':D&28DI^,XQK?$+/Q9-`4=!Z[(=C;IS MV,-->TF;'I5!_;@W#^LX:&5#1=!EZ@80QT_JK,!J"GQ%N'G2^K':9!-/!6%, M4#\N#X47JM!2FD;[))C;D1ONW"E3\CQF_#7T(!D^/N(_<[C!-1*WQZSE4.[Q"#W.23X,]X$@F0"QTR M(EL)O94R:`XL/0TKA_Q0'KGU;8[?=S5+(LC6RDEQQ)-BR\A"%HITV9$DDOPRDEV(B59+-B:M04]*\O\;U;"/I$PE=%%LYQ@+DE, M13YU:(V'Q+D=3.-Q,0HZ"]M^Z!$_J@?<,$B_B3VK3G^09*)^DWP]V<#$V@1C M_''3'5U["MSXV9.D,:UMSP#H]]FX#P=VTJX(>=NC+OP4?#*O2$[>Z\GL'"]K M0MP'K]SX:7A"!`OR(44VQPMGH3X3W2&N!%D%8R`'%O)Q=WI[,.AOL;@H`,[; M@]"/*"+KL-*ZJY-7''GQPN09RO0U.EFE-J2ZX2*;Y4W!L!=/9HKYM!JJ@'64 M./[7CH6OM6`L),N( MAWJ->.LG0;O8"?B4+$E9-J2UGE1NP?SRF&$=_KN"I&";.>J12!GRI.Q1:EK# M^U2Y->B@F;;0:XP+QXDU9[NW-G3&WJ7]`$/;%1F&2S:A#=R&&4DL`'-6TFRP MV2Q:17&4]@8OHGW*HE!H/%D6$]K@;9HAE81ASE)ZC?J9A-<]X%S9O@>]12"R M(+W]Y,A\L=XM-)V_TV$4^*$%%;*:75X[HX<'8C9PX3\Z/]1F& M/IQ&89S\B^@=CA>MJ(*_^2:O3DRF0Z._GXR#(`+.*/*)6,"'R%EW]6OP%/_$ MC5K)T.^'G>7$8/HP)MHQKGVQNQGSY/MJ18H43&='JQ%9'G0A5SV3&7+A.?%? M;KP;]@$K\R,*@@L?!ECZK`ZN07@SO[>?V5V@@8<;WX&:T@'3>],:$<`M< MY."_(1D@,"";=)$/\!^#KI4A)["W#.K=_U:K59JV"B@AA920;]HB2'72MEL,[025G\W?)`["#(O`CW)$B8)%Q MPDH86!L.M:)FG^AQ$?.;`F8=?550HB,GP$E1@+.NE:&/A6E(_Y*)28/3 MTO32[](3C^K%2ROOD0-:G@?Q1+BFLA*RFON!N,Q'#G!IRAL,26_8<(DGBP*? M6B40E@#)PA^6YKD!GNBRK]Z+E6=2L^_!J!&2PUR:X@9'Q,U(2:V4U@`WB>LN M#4MSGY*[9'V;?JH]2W67XB$Y24N3J**D:]YURRE7:"0G6&D"YON)34G"KT:2 MDZ`T'5,NF%07)82]-NT3UK"K!439,<]-)$S'%R MFI*"7?DD![T\)1=\B.:T+EL$)8O_L#PGBUR*I@12*XZ2$ZH\:3,#'-:W"4MK MP_.[-B&^38@W.R$^`+/N`CWV'`")@8[(!V*7HXQ=\%>3CV!AN^OS78R$=]RJ MU,C0]'8:U#HW_&65O,;#S(G&3?(M&DY2YZ@-,1`RM\>K2&"N1ZU&9I M]'%*S97;\:\3,DN_@^ST+=(HUZ;I]&]6OT05W79)HWG M:DNHKH2/J3H33@9]`N$2.6.\)@ABQ_3FR0-^L(0/MWAVP7_;"X[+(DZ[ M4C6+).`VLJIHV@I&KCM>9ZGZS[#N:*Q_WOZ'8QS\:],+%)GNCJ@H#1R0?OK7 MB*-=_&OC9QEW4&\*DSG6Z%W+%-S9J^=97)J%N+69S-4!>PJ69#`Y,WP=HR)' M0TMZ.4A#QFI?DMI67^W:,LU0N77M=<7"-$GEWI:P*B:1-&99(\85<:K;FB8OA6NUN,E%G]Y%T"4GI#'R].-X]>"CQ_41)5'M M!BER366A5-Y%M)M49@[+%U&(5F@*72"T7ZFIKJI1NQN++H*AFY7W"+G!"#O] M6,1/R'6$!F(0Z*H;M;N9>((8&HVY0_/PR?;!"#P"%\5BBLS%)-&U<[R[P?BB M,*P9NAL=%5HTCE<+6B-!+SFMG!&T$"<.FDQ(X!FS8GN(W0?/T1 MF@O<_1WH1J2CWX%9N1;V2N#AE8 MF5Z"[LC.#``G(!,C*0Y)[DF+[_E*+Q#@1G/XI.::2$D"YM2M?90A$:='VXT/ MGX>7MN^_X#X7E_KDCS]L.N--)@&?.2WH]<9=%SV1#O8>^2,43<-YY"9!,$H! M-8I/+D5OO/T4Q \52K'=,Z)./5@PU]X&1N?UA_%6N!6T!4FH7QUE23A&70 M-YKOGXG=3%*L]NKY`:]">2]AJ:WQ)F)`9MGBS,"0A?3B_6)%QI':@I]K]N9; MO#(I>=%T;1M6M`I>R<81?5>J5/V*6;]KLP/5[CNU^TY?[;Y3FQG<9@:WF<$& M;-"TF<%M9G";&:PDE9G#\JLR@_EF<&: M=COKR`RN9;.3L17W$_(#SC!&VF2;Z+H":08'XOJ%92 M8S?>Z:`S]U4IO-^8RGR[BM%+[+6;%'`6G(< M"\C:4QUM=/V/%%UGW<>"=68 MM-"U6E=38Q8L2XUG-:CQ6*C&X[28LJ:T;S4]YM`R!\>=4[PYFCP1:O(DQ:9I MOT)-DSFT3$WNO%/!T>2I4).G*39-N;QJFLRA96IRY_Q=CB;?"#7Y)CT0H:G< MNYHFIS)U]H6K6^-G8,GMEGVTU.=0T+DA')LMH MS8Q[97&N;R#DI)]3&N^7)7*@F:^#]H#7/7[!Y5X*6FOS3<)&S8P=Z$WAP8/M MV`M"/XI/Y=DA*:KSPM_R9M.8;Q\1=I:5C@RR4IKQ0M(I8L&=6^#/\`_V0MIJ M/![[9D6Q+"RK'NM.9"AL.R?]$8*`M_$\5-EXWK+<;CTWMY^^XSFR*G/9&S/Q8R>:]^;T[D5%1D?`G!_.H9S.)BHLDI M%^$E%&PB7=>@BL^62&)GCHBZRX6``#H2Y7(*#745GY*V!PTO>Z?"F$!:WIF_ M=.T@@',('*4`FX")KHI4.\7=9&21\#8:7WX6+J')+T0%J[/2;9AG72O#+UZI ME=>B[9JL79-]_6NR?&CJ,W#`*KZ9ZQ;X$#G\M9@,K=EK,'GI35M[\9&+?'TY M:CWK,P6;J!C3\)5:_?8T>357J\V-7M=MW1`BBL*U@MOFNM9R2N\;\TK!@AR& MKNL8=R`*EQ%\.N-7#A+P]V%Z?/4^L>EV$D!GSGD&V:CV7>+]LJ%0%.:$IG&1 M/O;P1W!O/V_V33LC,`=XL'#B+^G+\]*U0(-!UUJSLF*R[/YPRL\*R2]U[PU3 M!,)_?`;8OYE!=UT,E2Y4J>(D3RC\A>7GF-8M&+E:$X9Q3?\+S\'#?`B]!<#/ MWPA*%ZM4<'(P)+&4#;.XF&:.76/GXL4B"<)$I7(+\K(U5Z>`M>\A)V*I^,+@ ML)O+2GBQLDS;8%@;#/LC!HK]Y967_\SX=5BNYP M49(\^].SE\^/GB&HK*(LB=(\PW]ZEN7/_O,_ M_N?_0/3__OB_#@_1)X+3Y#TZS>/#LVR9_SOZ$JWP>_0CSG`157GQ[^CG**W9 M+_DGDN("G>2K=8HK3!\T+WZ/WCQ_MT"'AQ9F?\99DA<_79WU9F^K:OW^Q8O[ M^_OG67X7W>?%;^7S.+\?2O*G9P-7[U\_SXN;%Z^.CEZ^^+^?S[_& MMW@5'9*,E52,GW5:S(I,[^6[=^]>\*>=J"#YL"C2[AVO7W1P>LOT*='(#Y"4 MY'W)X9WG<51QHAE?@Y02[%^'G=@A^^GPY:M#5CQE\JS[^/P+%GF*K_`2<3?? M5X]K2MZ2,.X]:W^[+?!2#B8MBA=,_T6&;VB))^Q%[]B+7G['7O1O[<_GT0*G MSQ"3I)14^O5N9*M5>N$;["4N2)Y\S.:AGFH'@D_K3E%MX3'V_69-[@\W/2;U[L?+LU]^9:`^D.HS M7BUPK\'A_NF93.#%]-U,]+CH`$1%;/"BE7@1Y[0/6E>':?.]&O5ED:_D[VW] MRV5/?TT7O87F"]"7**".Q`I<\E&&4P$,\2H_5`MIE5(1-F##V>%/7Y_]1ROS MQQ<;[3EEV2+DZ$HMEVOO]&?_KUG%:B]&-6 MD>KQ^(&4$P^D$C[*6@.-%;;DV1:^HQC^MHG^0 M3%V+Q\^]56(9K+X.#Q\&+U05HFF1-B+HSW_=1QV.ZZ*@D[S'IB)W_YK6YN[W M7_]R^;>)%^-'/HI9!H:5\/#WX(4K`3,MU[]$ZR@[0'_#V2X+=AF5"XZO+@]O MHFC-"O;M"YQ69?<+K\N#PFU__O6DA2QIJ^4B/@I;!XX5NNQY\,+7@)J2H!/9 M45N]@RK^Y[^>JKC,'WFMX@,PHRI.?P]>RA(PT]+]$W?K>F7 MK#1],M+!E2$?+=3`L-$>ZY2+G>8!XKJ^@.Y_/RN*[R5;X@*=:W MC!(YGYQ3PAPR3!`"PR<5LBE[F%S).5,5=?P;M$;L.L_3\I3@DE:)SWF:Z"FC ME/9)'`/D(7T4HF!(I,+PJ"!$=^4 M%)T"[TF23@5&!W*%4[[?'='Q]G419644LZB+\L/C\(EF:N5BP&<7X^[8L,^Q MUP[.R=F0IS1MQ1"7V^_>T$5UBXLA+$WKI1+UUW3IP6[:+;E<<()8@!-:+":- MBI80:R:_)R9\R2O\4EWZH\?>2EP"JB_EP3,8)2L"FI8FDT`O8?0WYWEV0T>^ MJU.\J`R+=G)1GWV(#NRPMY#)!2>'!3@A.("*'C)9Q(1WNM*FJ?ZO]-7_59#J M_TI3_5]!J_ZOS-7_U1X+\+6^`%\'*<#7F@)\#:T`7YL+\/4>"_"-O@#?!"G` M-YH"?`.M`-^8"_#-'@OPK;X`WP8IP+>:`GP+K0#?F@OP[1X+\#M]`7X7I`"_ MTQ3@=]`*\#MS`7ZWQP+\7E^`WPRS`=_H"?!>D`-]I"O`=M`)\9R[`=_MXC4BQBC*^/\G54:^/6@/`XEXN MZ5/&29[=X:(BBQ2S96Q]0R27 M]=H$Z>".&A^9(!C.Z-")\4^]+-]I`$8@!NDL*ZNB9I%<5SC!JS7;2F^2`FAV MK&P4?5++WI$AS\Q:8$AG#77*0,ZZC>8!VN@>H$8;5(@Y;6N7N"AP\K7*X]], MG9Y$U'//IP0[Z?X$.3#4TH"3=(2-*.*R,!C#\@;Q84V$ MP/!&A4P264[E(+5#QTE"6+<:I9<12CE*G>$GBW:;+FL^?+[3$\JRBWJ;LK']68?J=]`M> M>A6?7+(!/V243AX,KRQ`BELY0Q74Z5>>SO=B MV36YE[CX>AL5^,.CW(!FG6*O;_0ZMMO_IQN-!O?W.C!U:?\^"L.#@0+::`!; MI>EW7%CH0'D9/4;T;]N],9E.H#TR-7S%7IFH`(:K-BAU>V=<";5:^SYT?IK' M?*^$I?+AZ4-9EOIBQ>O1\:*LBBBN9-$L=GK>8H%%H<4*Y6D3I69;@A[_B1Z5S@IQ?8BA@CIDQ$0)$#3DR!3=:8<2E M$14/P8ZN'6.G5R5NC1_[XH(,5$>!X3,0)2\!I.PLF$S(4NZO&F&7[6A\F>Z+#5)8'0M& M#T&4O@R1,/OM9!`3"E'638KLZA,IXRC]&XX*=6.@%O7%`!/8C@PJ.1"\,("3 MYS"G!.'RB"D$;1R:PZ'L2AN%G%\2 M*6".R3,1`D0:.3(=67H-Q%4",J1M#*_P.B\JDMTT]SNJIU\*<<]S6"WHR516 M*@N(/5J`2A+]H42]1GLI)VHM!6039_,)[4=O\D*]`C*1\LL=*<0Q948B@)@B MPZ58^6AOJVUEPQ'BLEZD)/Z4YM%T,5XAXY<,$GAC*@P$`!%!1*6@02.(N&3` M/F83+E@893(:_A MAE*`HPC!D008$DEA"3L17`@2%=KU`2M&"++^B:&`*_)C(@B,)G)TJDV)"!!K M3J+R5N%:\\AKS.4`S"BTDOX.IL0'8(0"IH]@%.MQ'.=U5I57.,;DCL5J?L%5 MRS\5D[4JGH\?&L%/3APJY<'0Q@*DY!`85T%%KW.`,@SDG,YIC5EH^^""#X)+ M/<7T*E[3U%B`'R6HT0[1T8WP6T:`$AH:V2$UN8X>FN'? M.8D6).5'<(Q!U1)*/#VN1K7%2/EQ0O M/T;677U-VV1EI=&I^&VAS.#'39-:'E";9`0I-D:-ROCRJ+H-:`-,%ZVF"5XK9K@HFPN7S`L M3-FK^V2,JU-#3MGJ@AF].`(6)FX;=;YD.C3P!]3>P/%-F_SY6W"DM0LTU2D$ M(J9%R*E:&B+YW()/TXTB#$YU46YM3DE:E>@O18T3T455R^]B(40@HX-KLKA& M"W4PO'3'K(QZ7+=)1EGC&^IUN&-3M5BNN\!W.:FP7^#,5#K$:)08?]E\QRR)#BQ9Y710BBV6;JF8J%!'20[[3#+KF??])E5#C."6Y%^7$]4DQ*` MM/`:.NHUP##0"J8N,SQK(V$UD=?1@R7#I)(^::6!.N221`P,@=38A,4X)@F+ M*M9SS=!32KN98^`)HG&MUGHR.(Y9!;=VP8(OKG&Q&K:8*I>EHEZIHP$[(H]$ M#DPKHP%GCHR9CN1A1\0,*HFY&@5KA0S-#]AV1]O@@&MH6"HN4K&`:K;70(== M+"F8\U(%!,>1[_]]'SHZ.7;-D(W3&]`_3RZ.C@J/E_5#99(*.ZNLT+\D^< M](^[1X0E1$^:HXB;7)$H*ME`ZR]U^HA>OSQ`C"5JDO:ZYZV'/-K?EHN"H:L>G[!OW4LC=BC[D&0H;A2`<&ESI3R/D&5W MTA;X%FLBC]B^5U]*#>WW>SXCG>8HZ+DY@+%Q-PN#H+MSQT M.A[J(L*587#X"E<1R7#27:$\\+H-E%-\'AM%GTRU=V1(3K,6&#Y:0Y6$_W2" MJ)W!P.">."NSGKZ%G@_;S8-A+=4I\R&0!II6&P1*0\[;C3FLU5 M+IN-B>.J*LBBKMCFQ74^=L;`K5T9#]N2;?-!]*W?',O06\PM?)*WLK(6%MI" MH^E8AGEK2*$&Z2"-8==-J@.+K99HC?MS?,4&;L\_7HB]C(J+@M\QD/`%L$M< M\&MUK%9QUMS71C7*81FVQBXB6F--&B6C2!:,JS96('+ M+O4EA-9:H7FFN(;04@4TX\P7$2IHE^_G#L*=;!T[#O&L-`-M,+L,[BS4P'#1 M'JMN9QK:F$ZXY],XH--J!.*E=%!NJ0=N M"E&XG-(.V61\@C1><[@QVDXE**L,PS30=T4[@+0A&;C161/^T%_M:0AK5DK[ MY)UBAW;CZ-4IQV::=4%]/($AYW3:30QSM?XU% MP)!%CDO8Q<45*IDD#$JT>%4G<3:/_488C4&-XXB:9[!VA":HY#L_L%*X7*QQ M$;&#/.WE/::;F#7R7G/#FF"/\L.JA,$T&B:$0I1C)]^GDWH/@TXG>5E=+-MZ MH!RDC63\#GHE\,:CW($`&'K(4(GCV)(?!`;4JYSB=8%C$K'`#85G8Q&_B<1$ M<./T89OG8(@@`26F"MN(=*T###H<)SS32KEIYA1>R@3]'@!1`1V?_9A*@:&) M$IIXXJ,7A,&1(69G^T,,?!\VVJ>#6MU1@5/<;N&,,4&1IC-D4B3OT/)(*01H4IILQ$# M2AP!H&+MG]]=UQ(HSZ`0AS6,7_(L'WO37=IM<8NLA;+WGM#:(:$O-&K"Z@UM MX-; M^CL0EIYE=[CDB?.:ZF4XY:H6]QN]H0<]#M^0RX)AE@&@.(AK'H-JZSI0^N4* M0Y-'MJ;>7?23WZ;3;N1XVOR/#W2ZDA<)R:+B M\:S"J](I"\1>W^@_0'*OGTX,LMS+ZV#5M/T[*@OF:ZOG@IM&ZR*_(R7;@:?_ M[)Y5[%60JBWUO6U_/N`,+Y6IQY32_JN+$K)(=4$4T'A4AT\\00B;2Q0?!:]9 MAQX*^#V+.@4V/G;:/875?`FXU*T-C/*G>#9-[A;IG6;8\7JEVUPW1Q>[N1H! MTV;-12Y<:8++\CV_M"2EAE`TL,2N?,L@9S<;?0.;[Q20H4;VP6KU9-`TPZPI M;7Z\/(-!D2Y9:'<*^T-4DO@X2TY)6E?*8Z9&+9\TLG1A2"R#"IA&S`ZGAG=T M"M&<$3Q`"Z;+XTN21AL&`7_!Y.:6HCF^H[.=&_RE7BUP<;'D[@X.0]KQ!/.=\90U%C#67<'+]IK#TP*QR5=:P3$$;^K\"4G@24 MIAWZA@V>@"P!.N9M-P2:S+8&.$N_+A1EIBDPO-T.OWWV_I;R_7V'5?0`*89% MXK9Z/YNVOOQ?*5^./$[^43>[D_W^MC39[66DN=35-PCO&T/>/["PT>0-`9BZ M'<3M:9/0OJR]X#1^1-7F!2CJWP!D,537!F[QV1P+:.NW0:C>._ID-O5XRU?! M6DK9KY.Z+6I9OSWLL.%74W&'9M*T4ZRGM:NC$W#L+L)E;55:+W`CJ8\ MEB:?7M_A/C.1UB#)SM3H;@\8=:9/3G?-<"J^VE3([[U),H#C^X^&$F#FS%)8 MXFWG?6Y`+@8E,6`'ZYQDF(?!F9P<"`9AAP!4RI!>"AY+IM`T3&&BB,M"H8ME MSMO`B6ZMLMN&36F[Q@7)$UK61:7KQFQ3VG[`-R1C&]UH$=$',9V$-[MU@;;C MP%^"YW<;T+:T=^N;!4D`707`G6^2@Y_6!7.Y^6BL5G)G\[HV9Q)SJ`N"EW!T+6HX5 MH;-2BM:2E(!:RVTWZKH#UL<%3P4X_$(S5\1W^F8(2RE[^)2[W&&V>"V8NNC/ MUYE[R="CUEY[+]ZRDX MQY#G(V(S'9V<(W.T`H;$LZ$+FW^,S4O.YF&V1]J:1KT)&.3>Q'*5U_D59BPA M*1X=N+O.=T/__;S*;^K__7VL\>4!NW\/F$JV1^?$"PSZ5['=]J)[V>:$,0M? MH7^S-1M4T[<@EB-.4EF!G"887M]!_TYQ._\]7K'QWC]M[U)1JX:Z8\7DC.KN M%94>&+8[@-7>U<)3E0]T8/"Q6VRYR-C%=A=+6F5IY:D>+ZDC%9N2K%?J("I; M99^<='-HR$H[36C1@TZHA6P-K`5EASVI*AO#KUME3E;<*6_+U)LUN>?\._J^ M9=^/EV>__-J@_J4@%-/!16.6!5 M<>F>Z1U214:HC*FR;KO5A='HT7%*P:[$.<7-?\]HP[[$1<'&*'W2,$5]L]3U MG#K+WIU)(BVS(A1JS@&MS[7US:))S,5G>-^BI#4#*?F6Z"S?7=D,I,L25^S> MGG,2+4C*1[IT(&Z^0'H[JV'9/>L3Z'GO9!+,T'0W?@A+'SRY=CF92'%3?%R0 M;HP!F52)W^$XCO.:3AJ5PPDWU;!\5SNC)[6H![\M5V(65@9:P2OBL)["-I;@D]K!"W'$PE7[2ZIX"]P>Q^51 M#E7;-$,E?Q,-TD!UI+I,%<#(0^J,Q?!BI`>?M$K,\J0NL%G8]1:7T2/K*=CR M71P7-1Z.C)S[*+TQ&&,&&X?M1A$Z2]`"EK;R0CG26#>ZS4INHPWL\D#UW+B] M7-YY3MWKP5C0F+AAMYC1*@&>MLF1BML)[0)%T8A!Y5Q;L_A"3%O?7.JIJ!N\ M*56Y8VPYIXI/HJ%4@!92PS"1KE&$P47[\`_9O1%;QY3(C<(,`-)]@'G!0#*+ ML/($[,076>0SCSY8MV;1XA%PN)#B&S1WJ.T@%DYK"$!5L'#4@OX:*V"&&;.A MFV+A2&DP*/=<#KH-T4TN!CP>M>)LV.CLR76VM"6)9R1 M"^MG%-0M'=CL+[IA9[?LQ!@G_$ZK*[QNW;Y87F&>>_+F$`>/?N26Z)"[8$TN3[T(C[TG M>9IB?JS/%-+CK!V*NQ8NJ:BK407)7#->)7'YV"#N]67A/U"'"98\-:H%'1+8 M,-.@`[[[MZ1DJ\8;T"D'NQ85"!4'=>^4\'%U51?X8OFA+DF&RQ*S^(WNI%]Y MEATOER0E],-IKN.;;S%4"SO3=56KZV@.9$L\SP=]ZQRQ6E22KGDNZT5)$A(5 MCS`J@_V,=?OE.VNC,-I MT`LUJ-&ZH1JZ2)7`$-,6J7X8TATWXHF3X=&/3S+T&]=J\5!DDX%6<6PH"Y): M$H!Z1C63/%![T>-5%3JH*"I"P5DNX@H:X=:^I-#5ZUTC<9#LDF,TK6OU.A#) M-EQPMFB^U.(^:68"/>282A;:BI4!IW*EBD[(&:U@L8'Z"[HDW%1<8^T'&6L/^P MK>H[.O+-E$<@W$QXO31^AG.C&^0=],&,&6:`%C+P<1-LKH-;(XC2'],I>1U7 M=5,16-O/&`^#QKQ&\]R%T]A0Q5?2*7B]:,P(?'2'F%(:5AMKQ"EM/QNF$3.O M]EP>JB\/\T:&$3+92MH!6O2W*K`K+V_I>(V;AOB)`:8['>&2?V#,CC?:?EJ/ MZ4KK]3KEJ2ZCM,N.>98M\V+5W*=JR%QJJ^TUB:F;2Z-\IG:J8#IR-[Q"EM.! M-DI(&:=Y61=\`3/NEM=I6]N;`Y,4H=DEOHP(RYNN^#2"E-^S-E*(XU,U(Q$P ME)+CFE*GDT+L##<46O1)IX+" ME(OB)LK:9(5T`E_F*4FB-OGA)?U8K$%L`@7;&7^4]@FA33O0.[+M]>:077Z. MT=T@NS`,AO6[]$;(-#"P?8!&UGE,_]`^ZY[[-Z#-*\`E)^]"NTYQ&1=DW7ZJ M#U%)2I;-<>/1-7ZH/J3JG?`YAGQ6H/F.#FN+NQ4P56,V]&D]>/D<#6PPIG>F M85"ZS9C`;[%(26R16%RCX#4]N!'X*,FW4AH,Y8P0%O.<]IN\E!3VH(F?5;A`63[`=Y,6SYYMY6[0V;.,@2&N]N@ MG[+[[7/$+:$K8*G4?\SSY)ZD:7/FF4)FX?=-+N*-=X:&TM&&UZNJYK@WNK'* MQ0`8ZLY!/:5L9X-/6C964&,&;>R`:ZX[Y/:-LE8C!%\M&UB-.#@NVC>6WSU' MG1(,0K$C3-:MH4K8[ZV1.L#C>R)EDF#(HX4G)F]>5)#;I;$SIC9)*1V.2-JV M2"$*E$JF-NC[;L!VN9O38HHUDN'Y-7':K6AIG#2]K8^XN=*OCMBI!6>1.U;A MU,"03NC3'A9(9G%,NPQGK0J$9>I%.$N]I\`S4]/UPZ3I`KP8-S@F?IYG-Q4N M1GD)NJMQLN0+I47[#_WH:RN+7L]2;>_ZZ#S*?'/!.;\['X0#+X.4`N,Z`6UL MR!R^I@ZS48IY"5$JZW>)4`-WO`0H$03#.!VZ*9?>/4=3.NUJ<+BCT]&_UZ1Z M-+2/4R&O)YRE`$=GF$<28&@BA26<0^9"X!H6GC+J-D\37)0-1,9<^VFH@[[7 M>#Y7MT8A?;;*8!CHBE@(9SYZCH8V_H`:*S`XVA_CL5YDTVH$.4)EM]RF$0?# M-3-&Q>DJJ@)Y^4WBEZGQTZL$YIFVB=/)0V::L2%[^1QMZ`9G'KM:D:HY7Y4E M32J>&YS%H]`9X\S5R8;?N>H,]\:S4P<#8.@Y![4X`^UM\(W4D17(K:65\Z;V MT]4(.%)KVU@W"T^+UL9V^!6;#FNX#8/%JK!9>PH[68`0[FQ)7@=U,,QUQRS0 M]O5SI(Z)AL'9K_6BQ+_7M%I]O+,XYZ\6]YOJ1@]ZG-M&+@N&9P:`8O::3APU M\N`Z\ZE#QD4?M7Q(4ND7=53"8&EE;*S>L..8$V[!(%1[HGYRPO2Q^5]C%@5+ M9:^9$YP<&F5+L-($0T(GN%-&I2NQXJ%?QO!EL!#_9[57* M@V&:!4CQN"^ADX=UE'*2C0S`8-E/);Y8?BPKLM)<#S<5\LDD.<`A=\828-@B MA37EQT_-+<.]V)XBIL[)[S5)2&7HSPRRWF*B3'#[("B58'`2V*";U-!B2&2$JLJ'!.QFK3/UBQS![=1!)?"S89ZL+AHN.@%6YI\99 M>V"04$1=&/<_9R>W3_#!'VRG:$2 M!T,Y,T;)X;.-!M_/X!J(J4N,[CA!_$ M+$EV(FOV6LV38:;CA=LVU- M;1C9+JQZ"SC;W2?H0].V-QF-4F:H%I]D, ML-H!0%VQ`_2T0:P+PG(;LA\SGNVM`!93M'&Z2W!M/\:5:(09R"JART>K@GAP M_MECU-'N!E2*\HTO/)>=KM6S4PG#+35X.;E$>8#L4H+4T:MIP-:0$@QN//K< MM[5--$B?0]&-=[9FPG#1S4DY/^UL`.2L$W"+WCEEX3\LHRM*6);^36>]IP'A M(%4G&U^TB3JO=?=^.>AY&PJZN-&/`VV4@E/.%:DIM6^?V;?1]D.KX[*L5_R& M^)+.\A/S9,--/Q3-K-Q2T4VK#))V-HB%S,,EU7#2@=3P3F]&_RZ3CQI[2'21()4<")!-DZ? MY*MUGK&]+K;'T`:X?'Q8XZS$'W"&E\1U?#K#8ACJSW9=3G]GIM*0V0`22Z-RSBBF1&0A.W6U0"[VW-`1J3PWD+WGQ&SO+$*T)'2#+*N14 MPEMS)X?6MVKCQ\$9H,8T+=]6",6-%(SF:)(ZZ;@ZB8KBD<+DQXD5;#WAB2U5@;#4U?$DI1MG3PBO0)*J0:;1F16H7'[;'`V M!TG;!7]IXR)(_>IW=D=?O\A+?*YK4=08=:=G<2,+I-$XSBJ2L&.6=(3^%<=M MW`^=LZ9U@A-VOSG;JZF;9/(7R^F)SN,5:P!5'V@WMKUVA[O\'"-"[\(PF$9J ME]X(=87:/NR,HY+)E[32-*81*RX4;XSS:$Q<=7O?=.K:J,"H7"8\&I"_TXQ^X.Z M2FL?[8O^V=S\H/H,JHJ_,_->6_4=?Y11P[XCVWYJQKNF9F3XA@'6CFYVZY>0 M<1"7Y7LV@>H'J\G@+3#JTFF-65R%;(^6:Z%.Z2L5!!,RZQ#-V41 ME6U&!$5[;>"Z$=_34K,4VM=Z\0\<5]!< MQW[-95@<#K8H)L2@1;;=WLL_W($Y2R[OL__AJ-B.C*V MD/?*`Q/L$1=4PG#X8$`HX<3WOMH$"H8J8"TI-`KA6@<9<'43,92&PPL31`DQ M?O#86'RBWCJU%@.%H,V%`%S;7O32<(AA@B@AQCN?Q"!W^A9#HQ"6&%/@>F)T MTH"),8$H$N/5D3=B7-_2:5*TI),E._A#^8"T$&%K6+$1ADH*`>&4$QL!&'/9 MB0M?L&I#0R;H-;NN$N@H?ZX@Y94I55Y%J6ZS0(E/X$ENB!>%^*G#GRNP`#?] MTE\F.=907E=E%64)R6Y"%@`[[)Y'V=@+R;3<6@E>8)`]9&.A-:=`M&O.'D+O M9.72/?/\^=>X('GRM8J*2E<$`KKIE^X$#M`"WY",A:>@19/@&$8/U@&\J&C7 M>L)/$)D"-\>B(6(T96!EI!G*0:N]&HS&LUK#--=1\H^Z.?8*N?:^#E![/V;: MR`,!F[KN8MZ=P:JXO`UO\UWI.HA>Q/MPRQ,+H$B2;JR^3@%8<6 MI:$\-FD>+4K$8Y@57E2;^SV[74S-MK-.P6O`E1'X*.I**0VFH35"%.*O!NE" M=[/OO`]*=;$6+!R#SAS8KKHIBXR+@7"4LW%,34&=-E!*6D`6,N55S5$H>/$V MP\R]FXR^5[C+Q\3N(R%93-;L^N0O^*&ZOL?I'?Z<9]6M:BJXI4V?5-Z)^[(. M?)9!J/W\-L[L(RXD`/797M3U?;Z+#]6;`DOTB;.S^=W:>=*T'ONPCXB64&QF M01D[^T*-,=B,'CJ\':>9I:?/ZH$7K@$Y4%:'_$Z-[;8@31-BOOT(;HEH?$+A M)(W*DBP)3BR7C@SJ\-8PYH"7+6UT1W)$G_BIK.5,HHC0I@T]_><:?V'$+K;=]6`V^9=>TP M?P:.,8/[T"S73%1*@1BD<4#!)(D&1$:I86K73]*-&KQ%E(%/DZ;9Z7L(NN&Y MIW#'3,&)(K3L9"Z@)2-/:(G&I-X,!@K-HJ73MY!HAZ>CTB4S(075IT%)%>PI M*3_4)TIIU2I;4"9Q51+BE:FMK/DFX MIMY2+/?^MRVT<5^DNTCN@H$:.RBJJ:;6=FGS';VLJ2CRPJOXI(IDDYOKU9`+7#^2-85!-K MF]#KBZLCPG6#0YDNS&!/&8H4+APG"6'_C5(>633QWTG36]8B-U?Z_$5V:L$Y MYXY5O+2GDV)M\MZ2BBLPTA_X-7G+O+B/BN2<6G1Q4:X>FELZITP$D^F"9ID& ML!"7S%;(\[)$,5,X;#5*5%?4V#_Y4"!]Y.$EVTP-4]QEE_]I]/V++DR7C=%T1]E%([XFW#/K2E,A:%=@3'!%-^ M&H=LIKWK(K\C)9AMN8LUILT;R6[.,9V/EY_JJB[P9Y*15;VZ;(]V*5/@SS7B MLZ&8Y^"0F6X6H(7DSD(/]U2UI3O*C/U;V`'(6GF&_]E&GBAWO5P,X)N^JML% MMK($D\+2^PBV,/-T:>SC(@//1%9=AK"-(9`TEEZ>,-_*DR6QCSL7O')XNP\" MDJU;4!36=,P-M'.F=G]C*7S7J_ADG0WX(=5T\F"672Q` M"KF2,W7U@21Y[*Q'Z+IX%3W;&S!:I,>-\4F-$,E3=Y^B1 MZ84JGEU=S`6N@$Q0K4N(*88MHRG7YMZ1!:Z,3%!MRVA)]8`5T5Z6%]DO!:EPOEQ>+"=>">5CD(=5 M1'9@IZ7$M%A#@?H]5Q6=:K-7.U_*ED M,=_T=W4!N2C#*K09R,5T2;T)7JWZ%'?1QABJ67`PS^V""UKC*M:#=>=K'U$< MI7'=W$$3I$NCC?TG^J]Q8K]34L9I7M:%IN!M%6$5NB-JX3`J[>78QQO-B:D% ME/0F`E?F7_+B-Y+=G$1K4DFB]<:/896-%-NT!%HA6F^X%)@J\[5>_`/'U77> M);VWJS""&JPB<<)L75G*Q@!;6^H2_8-8MY!$3F@%8965`:4T)>MD`!_F_D(/ MX>V@"LH)LQ#FOF)IX=@XGLZV9*&L"LW^W MC[YA\=/?-LT#_0@5R6IF-V\V0=BP*:JJ@BSJJAE/.03W>V;HSH/DGP)7-<#_ M1=@VQW4U.B6P[2$!SZS>>W#]4V"YA0/_8ON`[7LZ7;#'[=[F-+LF8G8D`.AJ M<3DN@8U+),$-!'U^.3'E=`71%L%()275\`@+^] M]6<']L'5GQG@]AT"?<:O06=AEIDEK1"=0MK5=I,.H+IO#573\O*)82,> MJ)"N\!W.:GGGUCT#]-$%2-./VPF$FO5U\>Q=U+%TQC<5`O2!U=B$F5XGB3K1 MT-^\6=!BX3_:K[X1@_C=)>C47[Y-Q_8-$_\V6(Z`II?1I.^>B`#Z["ID8MZ[ M]FKVC^;,7?M>5**]?#YFB^;3ZS4`E80E4/EZTU"OKQ2M:KAZT55D%DQPTJ\G M7_3+R1_P,B_PX++'CP]5$>4%'>-%Q>-9A5>E_1A[CZ\#Q!(?7BIR7C:-;+,[ ML'DQVKP9+?BK._[QEQ^@T>L1?_\!L('Z%USIN\Z1`"`VR'')DO..RQ#4M)NW M8.S^I`+?TO:*W.$!R9LLKDE>IB M.8-FG=X3X8P`=P8!6/N3+P.6H\2WSJ^Y*WI;F@14^KOR1'*IL`TE#H`OXME4 M#NF29].GSFT>-"8!<6=7GFS5J!PHEX/#[B;7%W555K23HTR6;@Q,A7Y] M#:9PU=B$Y7HN>8`&LH$^^H\1R9I#+RG>BJTSKU7YV^TT M`=4]1\#3,F/JW72`5IU34O*K?EDUHM6J,X:X-=2;^^]PPC-\#7."*3O=J=$+ MM]A3L`PVI[CY[UDVOE%-B.-W4@14[=SP2I92N!;ZIM/_EIUO[V_A'"Z=@"G) M[BI[>9UST0-=CAJXEL7864``J^-E@5EFG\GMFW3B/PAOM"M6&TN@"]K)`O,L@2YI)P=<&_++[F0_KFDK M\=H7+B]';J,KX7`[3R=1>7O) MX-'$G^5[U"USV&L#HL(,T--B[TRP9<'62+_(<="LE"JI-`3;IR()/MA0MU5EVQXYB[K`1M[0(J+AWY(AC(]Z;!]N(7]'98L/G M=@%/,VA3R0(J9B-$,4JY4V"KS4T]!CD2^T2R*(MW68DM+0(JW1TYXEB)>_-@ M*S'_*+@@>3*=IT@C!I32@(K:`J2PST]5Z`B**R')E"O4.=PXKE\=AJ.0RX+0SF,=I6?9%_Q07=_C]`Y_IIW'K?P8\S8&`97I;OP0 MMYRSF\.*FD7,[@':6#Y`XY%<;YTMM#'[J'D!:M[P%.C"\I-?W^=;LZ2U\U3) M,86_(TXPLY03^9-A`KO`83=<8):>-!M&#NR4#\QR($9TN\`LW)7O\=$_)CO# M5[C$Q1T_Y`L``00E#@``!#D!``#M75ES MXSB2?M^(_0_=,[T3+LON\8[+=MCN[IU]J:!)2&8W1:AY^)A? MOP`/B0<()'@(*9?ZHG)^_L:+8#ES;IP'YX4U`W_SMO__]WRSVWU__8V?'.O.( M[WZV)M39.0^F]"_6I3TGGZT?24!".Z;A7ZR?;3_AG]`SSR>A=4+G"Y_$A/TA M^^+/UM'NIWMK9P?0[<\D<&GXT\WYLMN'.%Y\?OOVZ>EI-Z"/]A,-?XMV'0KK M[I8FH4.6?"A%/BQ/:W_;W?_O-@_E_&?E??2_X[3/_W[T=$8LA M%$2?GR/OASWNPM[?_]G^_7MPZ#V1N[W@!1\HA;PHJWHN(;O_3 MIT]OT[\631LMG^]#O_B.P[?%<)8]L[]ZDO:ED43>YR@=W@5U[#A5-.776*TM M^&\[1;,=_M'._L$.AR=RWQ3"3R484I_8NW#*5D M3H+X.'!/@]B+7SADX3P=,>,B[?(A)-,?WLP6WM/.2BTB]P\0VOAEP:PG\KCR MO['>]AGJ%]OGLKU]("2.5&,3-AYK,-=VR,3P0&+/L7VMD0DI!QPF-SK",8JN MIE<+/C4Q;)3"DU.--#P^08;D@021]TC.V70\)SKCE)"/,6#VA0]V,"/1>7`; M4^>W!^J[;%X__3UA=@`>-ZB7L>1M1P]G/GW2TH8&T8"#FY#(";T%U[6KZ9[7M?.2VU-!]P0#]2ZCYYOG*MJ;<;6B;7]@M8(+6V(PU%7XE@U`,. M]X0&S/>(/?9]_+N!,I13#;I&Z"]G:UBZLB7]SGY6(RIH.BA\\[D7I^LAFQ89 M+'SJ9NXC0-4`I`,.M*3(+W>L260[H-V?BF[05?4^(K\G3""GCUPJZO53W'[M M"_VP"_Z("S]L`'=\+AF(F6I?X^]A8&,'$8^W98`-4DHTPO8!-BIQZY'6;PU! M"2E&7Z=A`X30CK,XPL;72K">A1(J1&`'8SNA$Q+;GA]=VB$/A3PJ]VI:G:Q] MLL\'LG-&0\+:G21AR(3Z)?,"@&9EOV M#:;8!NMNOUY'7N[SK^VRV-=(US-0L-1U^A@[ZJ(]V^ET,MX6J["^?L$:12^C M#Q\L=2#Y"+M&H!&V-!]IWUC@QH\$W<0G5],)N5?&-^$]C#SLKW:?#\I1Y-V5*I*\I<;%3!2%FZ;`AK MA^"$,1+:_CDSF^=_D!<9!HVF0!#V\:'0PK4)&`H^[EBW8NE76P"%?H!)Z"(> M391RX/,M2+O1:4Z#T#S%*7\BU"1B.V6AXL&!R?>9%C^_\D=BA5_/;60!#>80)!Q;NYA?<7XOO_".A3<$OLB`;$ M/8^BA(2R!;B5!(C,>TS(@*1@#IZ?J9\P"88OZ5V"2`9+HRD0C@_XX&CAVN#V M-+/?&[*@(?=]LRL-TEUJ"P40E(_X0)'+P!PVJ8ZA2`P1BTN?+MH"9#W3&/FM91"3-H>"@=+U;V3>/"=^6@Q$I M-8;B@=(9;V%=@,9?WS:XNV`?C!L5%U_FJX3!#ZP=:WE1B?U\0H.(^I[+0_U6 M3F_E'?15K*D=W:<@)='.S+877+O>O25^'!6?I-'RDIKE'W\K7?PZ\P(V)H]9 M`8T\1<@\)X=1][:;[NP=1Q&3KYJ1>CMCH5LMP5:MIX65X:>QOG#D&W8H*HWF MQD*\<@F+8&AA%0<:_.IDN_"SOQH+Z(+$2`4CQB3A/$VQE!5U2>*<&8G:2ZF, MQ7H[(`+A'P=2PI1!)5)R*F,!X0Y(0?C'@52:H\5VE1?4#C0-"T!J+%3<`3.P M)'``5\KDRKB\\.Q[ST_S`R'H0>F-A9>[F)V63'#@>!V2A>VYI\\+$D2$Z=]5 M_$#""M?M((*(C<6B.R"H(0T<\`&!Z@;)\$'I+KL.A?#9V#.KN\BX;AUA.KR8 MQK:?MC1L==E]C&O?SH(J@NH7(G.349D+IW8R-+4`<%A8:0:XI($#]7859.;" M>1W``HD`!UKMNZC5R+ML*$"WETW!X(!2Z,1`4%020@$\JD)W*H%%)?1G+X MA9]S0QY)D!#PP5"]/12RT9P\;'[=A1Y4X^X6F`I.X&".)ICV`M$H(QP@%LKYP(V/A4=%,+1?$%M"&&2P(%: M6@X&"I6P,3CW#@T^$IYQ@**S/>RQ"SP<[<14&Q+09F\S77(:S.Y(.!?5\A>@ M*6P-Q7,T5UL?3PG7Z&P,9%QP%$8[VNYC5:_%G`!/`8BV&!(B**QX7&;P;$NR!5H)P#=CT""CX!T) M0(Z3S),T7I(>#`G>-;R@$<]`N9HR!U`:;]?K"`KHB-J,! M<4_M,&#[GJC$S(1,/<>3;"X@M%`X1W.VM.&$2P0'@NWOGD&V@W"$1G/$M!%2 MO?2VN?[85R^@85HW(28,!HGM-5M"<1SM&%H;QS9NL=H5F\O]Q$W?'PE3J<9Q MZ-TGZ9Q?!=6.T MT_`^R2A2:0R*NOER,N(7V"NU90[AM66L/U7Z^_.VULQZ(CU,ZE=A.F8W=;JO M29C6_8(&?]KI-[@VC9Z(<*S]U3%GM=N.D_B!;5?^M;)R%9Q-.M-5;`:#L4TD M>.%+B^AJ0E?0F"Z(,S!L55'@A4Q>/E+"8)?ZD2.Z18."-W()R4'BZ_KK((C8 M=&V='DAJ"`<=FO#E3TIDNLK.,.CA7O@:`U6M>JT$I@OJ#(D6QO5.LU9R&VM= M5KH1SXR'PPRVS!EQW)=L1E?3*_;GM.>6@K!',J=]U9%%IU:I*W-JF1U7+0>F M]M!;"4Q&;FV?/TJ;7J>05LII-#3UA)I*F.(PJIA-'/-;/BY)&MFJA>G@AI[8 MZYQM>OPYGW>"65[.#%`Y64)BVE76PU+).PYC.J$16U-SQ9/M#BK-3#N^:N'6 M]P`"+G$`,"%,>$[U45_1G<1R*]/>JJ[X13SBD/ZQFUX`BE:\R!+%FFU->YZZ M2+3SBP./"V*G52]ON!!])20MS4U[F+JH2+G&`0S;$=IA=G+ZBSV3;;Z:+4T[ MC[IPM/&*`XDT$?!'$C">?'X)WYU[0?K&,7_36VDQ,&K3Y5EU$=.1"1(4ZQQJ M;(E-/BO6%:`V=E^-B[/*Q@4@66YL[IVKOE@V6=YX-/D\P.>8+V3*VDAOA&AU@J-F:U=0.\@+!]#GP2.)TCNQ&;OJ;.9V"ASE7;M" MJ)($%KRR42D]BT9#'+5>NZ,CY%M_A_,IV^$$9,9/YK#O<;KN;;"4@AUXD>R- M/J[][6K'SBNY9P4)$L;LZH`X6S6R=FGYG=-G)C:&G1?8XA\HRUG.)?B$!F6=FM[P;WB>\$@;81RIC=)][^94EE)K5N<.-ROMN*?<<(#?-O+V@Q(VXZ>_ M^1DL[J])%HU?'IP(*X9DY0\48=(UCL/TO>^^RB,(PZX=1=P:G(8'N_.OKZJ] MO]!TIOYZ='(@7#;=W^Q7Q''8RHV;KU"24HX;J1T"-I=2ZA5?[-VQZ4L4P^K4 M0')^)&%ELK74T_>;"#&8G.`TEQN4J4YCTH M2I,&:;*N+2^PRIW_TR9^$J;=3V7O#`$:Q>BUX M&M4TJQR5KQ5@`(39+TE3(`"@E-HB`Z:B5FT(E(9??IX9`PJ9*O&E@`8\IGS\ M[$$`$9-M(C9B3DHQ/I.G@=6Q3>C<]B3WC%N:(T-%IG'U4S\Q0Z4;H&@JTWTE M_'A*=EX@:FTZU-P%%!G?.&)QI:)!*E@$34W'9+M@TLHQ#D!:GC91@:,@,QVH M[`(42!)(0%-[G$H`X5V8#A)V`E-70CB`K3]DHD*QK;WI&%P7R.2\X\!''.13 MH22G,AV^ZH(51`XX$-.HU-B]/./XF\"&1U[WF0`5&/7B@`L2>I1M).TP-A]\ M?F4/NXR_057J"X[W7/`I659X=I*$7!+9Z%+3NB1/Z9^D$1@8/9K-,4A)P`)! M,M^+QYR6[>Z.89T!`L&^J4G%/_SA,R[&5V>Z>-C'HEZ/9G:NT M9XU0X-"]D=*+Q]^[JY`<\$K=(PGO:400K-<]MO;?#LQ7,^R^N>>C'V3G=1H@ MR"S9C,V]AL:,7ZU_/=O[$=7,_(4?.WHX\^E3RR,`'S2N^;">K*PK!(?&);"LKG;,-AN/V8N32B:[](4F[B.!LWGG MMJ/(7O76:[102P]YO_ZMV2HM/[JC-X2M+8[GD\JU\#LZF(6/\VVFPS2#*=B8 M8."8.\IU\-G//LE=T>,YW^S\2^,-@'9JTR&?45%L?U9`)4X<"E`$&JX"_L+. MU93)@'$=OUS[=G:NM9A+<]"A]*8C-VM4`CV1FKS?,%MX3ZEB['W(U>+'Z_-? MOF6#_R7T8D*GTZOI)8WYVTL.\1Y;\HTYF9+*=,AG'2H`$H1YX`>KBQ#R=R(F M)/OWG,UY&1^EZG#M4P>0W'2P:8TSAY9`7Z/^I&'SE=RBB,3\S8L+S[[W_%2" M3.Z@^AO].C8=KC*JVXQWQ;5G((L"3*3J8[FP/HS_FK*NI1)1[RO4;VR\^#TU#?65R81 M-51UQJSHLQ;5:1?=:U248M:]ME_XE,MC!XX3)J0LQ2XKF+P_XR_^K'M1@XAW M\X/)[?Z$\GE5`"E4:<9\_G8M2M,B-,1;7J[1J;.8Z[GFC-$D-_X\U!HGB#;A M;?Y\`#\8$17^'^*@6-RO\8>/QM&N8<2]Z?666J20O34T3$:"M"_CC_ZL5;D` M8L6Q;K')-8]O'3N_)UY(*L=/HP_!M0#,-J9Z]?B*#$6'4+<]%&: M&[+()7`UO2'I3=5KF[$_(?(\6GY3#WC:EQBIG/#!FFZIE+'R=@KC[Y"-`J)(*OBP8XO0(PEC MCPT2'@%H$$$17'=XJ!^"+;+!`6(Y(@$SP'8*XZ_"#0:?2BJ;[^;!137(#A[< M+U2'UATRT->A822\Z3OXTRF_Q7PU/7UVTE+U-TS]KP(N&.;I\G]XG/S1]KFM MM6N57B]0'5JW%ZBO0UVDAV-=2?E/;\_73][:49;10#%=MR>FCZE:,IMN\YQ# M." MRO*B(`"89ELH-N,58NV)31O[6-Y.GY#(";U%=CQ?'+XM!UDII?31VK$F7N3X M-$I"PG[9W[5*Y+R$TK(#@U4GPYD=Y+4-5L6>LKH'UR7I74WSB='V5V6@U,O! M0-T;-,D"HQ)T;.Q?[,B+>'&`%0MW3)^^^-(#A2Y]&7[)?5#]J)E[=]%BF0YN MD_G<#E^NIK?>+/"FGL-3^+)+*FG).=]SRE=2*O/#I_K\<+!KY?WQN:'4H[7J MTEKV:?05CAJ#@%)%$AJ3VUT9;`"#AM(;-F(U8O4MK99_5S>_PUVKZ,!BW5O++O[+"E@G1H_+Q`G":K,#D)H]!Q2/;H4+P`;U>C%L MB6`LF\>"VJ+"8I:3A&0IS,NTY;8U<7^_;I1';,^<$(O+T3)Y]KC*P M2T7``>N@FG+(4E!"R<.,B]/#R0U;%12/C=KI42 M6B5*D_93#`)D,H+&!E>M"\H4+!4F4S5W606C-$RMY:MC=\8MKA7!VLK52UQ8 MC.Y'2MTGS_?%UG98M[;WN]:2PF!QR'P(66:X'_E8LY?A/*L6%T0^:HF5<&HH\9`^ MD_P[52X3F-J4@>B(M>DT:0H'B^F4$JDY!](EYGW=9#[M6B7ZU'P0K#:E(5W0 M8!:3L)+P7U1<"US^Q$W^BW))ZM6I49DG$ M@L4VFT\VB>WR0^,X?6_7*A/_T8LIP-0VUF]':I'R+C2:6T"-;HP;&)B M?)1OB"DD@L621%7&*R;4S$C9W[4R*BLC0Y#YI.-"28DPI'%IV9&6._D;RQ?\"WBTA/D:C\F]XJMW.E8 MFV8W)O/0(2,%6*1N/\9WD!UPKJ>T=Q(=%CMN.P@4&O%!(P5D_W"W$@MYL2J= M;`^OS]+%RV;!BB8V\C_TCG@Q9 MD%HYK\2"7"+*<]MKH7K+_0RX.`.DW+<]83RXX[FA5;D&`$913 MF7YW6QLXB!!PP/531*ZFIU'LS>65)NOM3+^SK0V)F-&^(+0],NK]GGBN%P.F ML/11S=;FIE^;AHM9S@DL' M#!N\!^,/*^N"J"L<')#6\V[/O,"+R87W2-QLW++S/"6I\9>*=4$$BP,)>O.% M[85%Y,..>,!;)S=>C/]XK`^QCV$A@/V,S;^GVT_(:6J M!.4(#AXTM*VYYXT6_G82$.6#\)VFP MI9W(^-.[78(M*AG@`"M_8I,_>3]CZX).?`Q`:OR9VP[[5J`\<,"WS-B!KXBM M%,:?E^VPM9%SCP.C8S=-$HX87RTJKL[^W!^S`)+\X#<1.?.3QIW4\&\\(.7FH1_B^VSU^[ M`67#=.QOTP[F^\EMI$/'U:"*8T[WIXA,$Y_')=*2@*:\LL"4%CNXC*0HRB.SCD8A@E)5*0Q6\=V5 MEUKIVA(^'8=!0/0*RDL!A(+%Z,K5%&2&UZ@T4"\RA<'Z7D&UJ97JI`4J5*M7 M0^%$5)M4=PK"/XX0Z&JD7^TX"=-'<;*,@&5Y$6WTH#V9]JL[0JHG*"Q3I+A0 MDFRR;-24D)1+ZC=OMFR'94-6E!>#D0ZY=Z]](UMKDWGZ[D7$'Y\";>#UNC!F M/7#Y-C?U7:2$Q8)*15AD9M.L'U$KQ8)AC_&J:K*45]OL;3XVQFRSR_:_%YY] M[_GI?-UE(Z+5X<95M&HTV0=*B<9=VZ&N382M6!+]]\>*O9'Y/0H'@LO(.E3;&'+2& M2)HQ,B$[(^7=_32W?_4"J>2J38S53@$(3L0,C@A%5FSZ*XD?J'L>/)(HW9M? M/04DC!Z\Q34)^2TP>R;9>VAT83KZT+XZUR\+Z(H%BQL!2R7/G8"=6F[M3:6( M3\7'Z%O;K7`[=JS\.RTG_U(KY-^Z33W?^@L=,L:W3L!K=P)Z!"#S":;%)R@" M4I56&R3YZL#'\`J*&3IS#8K?ZOY!\?FW8]_/Q\17F#9?H6@N;(U#_"+%*80O M'7Y/)V(`#/[G^I\2F:=_-;8'DXI.+.42.T-NESL*]^__F$B$F_[56&7!#L(M ML8/#%ZGM1D^?G0<[F!&^*RT5P-MOG\O!'6R,'Z(IDI%\<=@H#EK<=#"UZ>JG M:E2TV-EDQU!T04_L&/:]>;QR#)??:27IEUH^_]:M8[AU#+>.X=8Q7,>USR\O M=^R[Y?XBB'B#<`+Q,Z1W.<9U7?;-K0ZGBL\R,0[<-/03?'.WQ.2`7FJ/QRD2 M)@$VG[-!%C^>SQK]"*2TIMI-C7^TA=0<1M3?0O3.%R76JV#HCZ1"A\%F?'' MH;IA!1(&$MSLZ$$"3_K7C7$0R\R,E+?P"PU_XW7Z[847VWY+>D*]D>E`)"P+ M0\\BA)>KSF]O3^G03HS2J,A*E+344B="`A,##A0JSU. M>1R?V&'XPG0L?;Q)/NW(Z$P__*@U(:D%@`.L8]^G3URASF@XH&7V]AUQV7B3>>+SV.CJ.;P+&DE\:(TN3#_[ M"(926RPXT"P]#)37I)&8GZ"MZ2<;X:;6RF@)"#;ZK&K31<9\ZQC3`;(.[VE$ MTK8(`Q5@-_YXSB>1??&'X&$Z\J0\L1R.B1Z]2$_I1$?`35JSK>^^;`\ M[MF^][`]\AGH.8?MR8_I"#_BDY]M+NPV%W:;"[O-A=WFPFY>+BS"1,MM+NR: M#B:WN;##Y\*.%L5$G`O;=$/2%>':#F/P%9S&XXI' MNQ;KSN)RL_(.K;Q'9&958O!%918@C^;^1)#!24[4$,L@`_ MXH.8-IWZ\E+^B_P\1J>/#4)-ARTO9`2FK\ZW:T\Y=*5F>:38X%7\0,+R&.6";FMM.B\8*&4Y MLSC"3\*ML<17$3N%WWB;WOS+#NZ/G04R8M-K>_(42XP_- MZ7"#R4):EC)>M%-[.Y41;4S<#,`Z:HPF73":Z&`TVD+>%Z.)'",C89CTCN3J M1D51,+;VL3@.TWBW_=UN^E9[9*THRQ5AZW\S&X@I1@&*O0@:#[D<<U6,M)W$]!9+ M0]PJOD<4>?V;&0%1R5Q"8WI7U57'19RO4='/:!+J:GJ)QO3^J(>J-SA?I]2] M1Z6N2VA,[WCZ2+W.^=JD?L="FMXR@B<;0:MWIJU.P&0=T.-2_F+:\3."T%.7J;'K,`C[JW ML1W&YI-I"Z[2$[Z3]`TO0*&5:FO3H84AT17)8?,+>L!M]1O\!;K1@A9#XOE- M]`1=%WL]#>JI[^;\B;PX8W'J<.L\$#?QR=5T0NYC\?JY7U\_/Q0N1=Y9^<2A MZ)!79G=9ER;75B(\7)L(CY0B/-(V9!PR/%J; M#-\I9?A.5X:CN:%Z,GRW-AF^5\KPO:X,1SL$U)/A^[7)\(-2AA]T93A:40\] M&7Y8FPP_*F7X45.&!Z.%"/5D^'%M,ORDE.$G71F.EF&A)\-/:Y/A_IYZA[VG M*T4DNYLZ;V.*$>"HZ'HJAT@V.'7>$)UVY^%7Q<'VLI5I%Q&DH$/P2IY)Q''-F=9S%[49^>RYEU;TFH<,%/`,#)N_#=#9Q1P`A M@D%UA:UVDIPKH$']I*N#=D8;^DA:"OIM>A%SC> MPO;/@TNF&7=/Q'\D7VD0/RB.VWIT:WI?JG5*/8@(-W_5U1(#OY1R]T0'4J!E M;Z:WTN/I34U@WZ.Z\(M[0RI,UI_I/?O(*E,6VN8KS8@QCM%V[UH`#^J0X;JV ME'/5L=[DT6%]F_BQODT\&[/RI.SB8RMGDAWA\O8@@!A#JMMF)1OJ2%=HA]O, M0]/Y;H@S#[=E);=E);=E)=>$S\F#1Z:GS\1)WSO-"S2JWJV1$IEV$M5%$B%< M8(KG7C,)>BY1OR?4:&C:^P)CT<(B#OF7MSK5;1-_6(JW4VJ>S$=("N MTYDE4#2OX1;T"0W2!\7Y-6\F@6I@7N%I'=4]K4^[5JF_U.MJQN91U(TH#;-( MZ1`<6A\'[B4-G/P79=2^5Z<8G(7-\MV&D/K6IT/I'2#VZ:HGKS?$)?-%^@)6 M>EU7[LM!:#<()0@[.'PW^4A5WAR,&@=P:\=/S#96/)VYNVKO3 MTW]_U\JZLE*R<@Y7S.HD MP4F)C!IC)M82@I",/@F1Z44-`$_#[I0RP#)S+FTJ*^7$ND"`B)W3. M_[7S9XV_D(!,O3@ZG2]\^D)(\;L:VR&^P_32"0%6K`K#27AC-.>&81,^IB4S MCQTG3&P_.O9]^F0'#CFCX80F]_$T\=G?:!+TU"#M[S*]AH^B21TEOOD);0#9 MI#4$>^E8WH/Y1+@1-*\Q?4O&Q!HEDC12+=*=!_2L M?K2:'0.@BMO&+SS[WO,]1;YGDS5V"TM'YD!Z.J"H`/CQ;L&5(=6^;Q6A8"O MN4TB*/`C7F(<#/BV%7CSPE.DHTQ_/ECQ'T;G#S3O!Z2D[''Y:"Q.7E,\%B9-F M7^0NR5?"8\6!>\K/B)EM!G-I'DK_GDV?Y`RF$MK2'*E:8,OPCEW7X__:?N7< MO':%%DIL^M1$`S4=MDP`PSXXLG$JIG>GE"M?[/ST\)+W9/K88!C<(-)"O3BF+OJQ^VL2Q6DI$.TUL-F!Z:.# MP9:Z-MD@`S1?A/,S*@"`=0+3;RWT`$S,^^9[HR=T/O&+'O!;>,O.+/9M5J4[%.^6RMC5\$PUNS%HO%<,/-D?IU799HDZ@1YW7Z`ICZ6I7?"N6;[W42W^3D_0+[/@[LGRFMX M29;R#EV9#FFL47.:$OR>E(=7?AM,?4J=F0Z`K%>!&E+\CE3HC";A4!I4ZLMT M+&:M"M20X7>C/[V5QGQ(:(V:\CUY/(KZ(Q^[NSY8JI!\9TY0JMILC#=P,Y5*`LL=Q;9B<3#S_-0PS\/=2MG5%ZO<*3+;;.-=;8YJ2@Q%9#:R MU@\4E&U!'V2E8A`7]-D6:=T6:=T6:5W7CM=4D5;SA4&W15I'=\-?1Y%6YN0W MR]"WH]#2W+23!"_A(F,7!R(G-$I=O=Q-B\IZ)G/+952FH^,:A:S4S&LYK/E? M^/_NF1/,/OE_4$L#!!0````(`,QS;4=?EIQ^/@L``%!W```1`!P`9W!I=RTR M,#$U,#"R#/)!;VIB>M M3_?MT_OSJZL6^.W7?_P=B'_'_VRWP25&CC4$(V*VKSR;_`)NH(N&X`/R$(6< MT%_`[]#Q90FYQ`ZBX)RXUV!;&_(\\B]-/=U4KLC//Y ML-M]>7GI>.09OA#ZQ#HFJ2;NGOC41"M94PH]:XZHC4P.OQB]IW_U1_V>,>@= M[AF=A2UL&4$NZ&29J#(,^6?OH7?+GT]?N^['4(G7;[O9[1_>/C]7U` MUPH)APL'>T]%Y,;1T5$WJ(U)%B9&7J+ MKQC2Q(-N6)DAQ86D!R$ICDDME*-CR.Q,R7-75`AZ8[_=,]I[1DSNL_84POF* MQ89L$HB.*B3+(,OB$<_SW6)#+4Z[?#E'74'4%E2(8C/F^W![];CBRO1:T?7= M;MQGQ?!UD(L\?DFH.T(V]!WAI*\^=+"-D=4"'-(IXK)?L3DT4161<0^%GD=$ M1Q;C-RJ19?,Y%CU5%/SM6$(ZI,1!#\(&(#^(4:MI0%)T15_WI;ZGGG7A<3$I MX3Y#UMC[-?@\IX@),0'3M2B(&".2$B83.J;O;,:3J%+($A7$+M\>A#/HR+%U M/T.(L]#KV2*]F_O"MW**0Y&?SXG'B(,M46*!2!`()34^#MQP"ZDP;H8X%BH7 M.#Q;K_?^7G7O@W<9P?_>7316#F-C>SR7^Q;19-3U2^KT*.SK4$@D`F*#1&;C M?^ECN3VD:(8\AI_1E=A]ND@%HHA(C\B@.B(9X2"4WF##A==GT)LB=N7=J0.*B$5`!6V`;`'TJW\!,)V&LR"H0+9[-(A+P73 M65*E1^1P@[$C1()`YNYZ?X282?%<-C2VSWR&/<0B[Q=7Z;W_7NY512]I=G]_[K@OI]%;T5A.C>`A4 MH]6C.&\1#9,HJM5`8 MO3P4>QT02PJ#NUC6?X"'^.[Z?N2C2TK<.^3(F5ML_OEJ3!17Z?UNY/V^+R8F M'P%;"`*1)!")VEVGWQ".V!TR$7Z&$R?:R^8+]8[NYQT]Z(!``DA$[*Z#/Q!B MO6`G"IQ7W_0NWVG$W_A5>J%L M!EY#H_?](._[]SG?-Y-R!A`1P3R+[0$6GI%NRG3YDCH]``=Y`(XZ("4H`*,9 M!^5Y@\UR!,:A$A/U.DT.(./K,&_U`!?Q!),NT'M7C3A%R!FR@X!_=[UZ3EP7 M\R#=(8(4,<)E6(>\)+C4$>B]KD241E_.(2MQ02B3$;B[,*06Q^6#(&'03*7L M2VNU`/25.-(0@61ZR5R"M+3=]?Z]/V'HJR]LNGB6/3-.J^1*]=Y6HD=C7V90 M8AD@%+++3JZ2I=HFLU4MP]57HLZ-,ES@7?QIE\\5*^'Q(#>%&R$8<>CQ4T+< M#?$+&]EA]$JRD6FX]"1Z?)1X69^V;`#)I]+20!17Z0%0@N:"M%KC]55^+>WN M7)G>STILG,JU-?[-)(>4+ITMU_M9"8KS";C&V26)G[3;M11Z`)2X69,$:K!( M9RC2`*C%>J^K<7,N6]&X6I>VR/;]=61:*/;4"'I="J/!IOBZR`AQB!UV`ZF\ M'/B,--='%%(]1FK<77J=!+R+9(.5\!W&J5IH%GFL?4DH$G3G/J6BIR_O(-\L MQ-/*T2/\K8%[#'H;1(T#,VH=4-E\TPB"4#(B:)T\F MIEBRW$E;0G8#4,;Q'R'W*98+[CJ(%$H]2$H20P=2(KN!:U`N(U\V&[:MSJF*P:M(JP=-22)HSZX:J`J/L>*Y;H1L1"FRBF_?%E/IX5&2 M!^HA5S(=QH(!ES4--&FGBR]BCTL\$SLX]:Q,)4H]1$H200>1*``T(WV'8=(< M.V;VVQ7H]!"I/QM8?S[9;,S7NUU9D*HSZ`%3?XE0&;!F;=+M^F1N8Z['"P,)Y0#3WD]4?=>9?C2YC4Q`U$:%OFM M'?.U95';Z+?E.Z3,2C3=1(G$#9LI$?-MH83VUT3G+KV M"QF[R.$L+FDGHK;11@X>]DKJ!+*VT*?"DJ:\R9DE%WE2'85X^`;E=E. MD:VUR'2^^-K3QKTVP[CZ5MY_HU=:PT.%VZO'+[E;7Q<+,WCJ3-[^"K9.X2S= M;P46G+2JDV/'D1FX]4T!';'MO*/8;0N/5D&TR'.0-- MBJSO:2'^ZF/1P#*XIK=\0`M^YA#S:65:>?W&4WSX"/F0QS)>0?WD/+;H[NK8 M+KJS%?P00#'T5235RR5%OU74V+V.O`[&Z<\/%>.JD]?!N-SYVBECOAO\5H*) MGF@5P[]!S.,9>OK(=&**4U7?$*G7WO M3_Y")G\@5YY8KA'C6FB*J&MJK;)1#B,;7KJ13NIK:M'J?#%[I'AJ64$""CK1 M47%H7V7J[?0+MUT7+.)"[+V"EI]<^!?VLDKFRMYW,=Q[:-343E<>\(4['*"/VR&FLIWEY_+J+>]/%G3OG2ZC?77"Z% M1E;;;%$M-.RK&O;KI>&>JN%>O33<5S7&`U7#0;TT/%`U/*B7AH>JAH?U MTO"]JN'[>FEXI&IX5"\-C5[!E-VKF8Y%RTJ-UA7=_P1X*F12:"8!<25:&'V* M;=KVM$Q(P=[TNZ?5\D96I:Z=F;HGE_)&5J-]0Q./N^$)L?CX/U!+`0(>`Q0` M```(`,QS;4=H9M=[D'P``)QS!@`1`!@```````$```"D@0````!G<&EW+3(P M,34P-S,Q+GAM;%54!0`#3SI&5G5X"P`!!"4.```$.0$``%!+`0(>`Q0````( M`,QS;4=ZHTZ^_Q,``+D6`0`5`!@```````$```"D@=M\``!G<&EW+3(P,34P M-S,Q7V-A;"YX;6Q55`4``T\Z1E9U>`L``00E#@``!#D!``!02P$"'@,4```` M"`#,&UL550%``-/.D96=7@+``$$)0X```0Y`0``4$L!`AX#%``` M``@`S'-M1Z8BNEN*.@``PUD#`!4`&````````0```*2!F:0``&=P:7`Q0` M```(`,QS;4?=,Z>7XRD``&["`@`5`!@```````$```"D@7+?``!G<&EW+3(P M,34P-S,Q7W!R92YX;6Q55`4``T\Z1E9U>`L``00E#@``!#D!``!02P$"'@,4 M````"`#,`L``00E#@``!#D!``!02P4&``````8` ,!@`:`@``+14!```` ` end XML 21 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. Notes Receivable (Tables)
 12 Months Ended
Jul. 31, 2015
Receivables [Abstract]  
Schedule of future maturities of notes receivable
   Year Ended 
   July 31, 
      
2016  $1,537,869 
2017   – 
2018   – 
2019   8,492 
2020   16,756 
Thereafter   522,124 
Total  $2,085,241 
XML 22 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
7. Notes Payable (Details - Maturities of debt) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Debt Disclosure [Abstract]    
2016 $ 3,489,541  
2017 931,500  
2018 243,000  
Total notes payable $ 4,664,041 $ 9,842,573
XML 23 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
4. Due from Related Parties (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Due from related parties $ 1,959,784 $ 1,481,811
Officers and directors    
Due from related parties 0 1,144,647
Other related party    
Due from related parties 1,959,784 $ 337,164
Amount subject to interest $ 1,471,932  
Interest rate 0.48%  
Maturity date Feb. 28, 2018  
XML 24 R47.htm IDEA: XBRL DOCUMENT v3.3.0.814
12. Commitments and Contingencies (Details)
Jul. 31, 2015
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2016 $ 626,761
2017 117,302
2018 71,317
2019 53,487
Total $ 868,867
XML 25 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies
 12 Months Ended
Jul. 31, 2015
Accounting Policies [Abstract]  
2. Summary of Significant Accounting Policies

Basis of Presentation

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (“GAAP”) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital in these variable interest entities as a component of noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.

 

Liquidity

 

As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.

 

In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000, approximately US$1,620,000 at July 31, 2015, (see Note 9). We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.

 

The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.

 

Foreign Exchange

 

The Company’s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit’s functional currency is the Japanese Yen and Umajin HK’s functional currency is the Hong Kong Dollar.

 

The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity.

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.

 

   Balance Sheet Dates 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0081    0.0098 
Hong Kong Dollars to USD   0.1290    0.1290 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0086    0.0099 
Hong Kong Dollars to USD   0.1290    0.1290 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.

 

Accounts Receivable

 

Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.

 

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.

 

Buildings and fixtures   8 - 43 years
Autos and trucks   2 - 6 years
Tools and equipment   4 - 10 years
Computer software   5 years

 

Intangible Assets

 

The Company’s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.  Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.  As required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.

 

Long-Lived Assets

 

In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

 

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

 

• Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.

 

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:

 

  – Quoted prices for similar assets or liabilities in active markets

 

  – Quoted prices for identical or similar assets or liabilities in markets that are not active

 

  – Inputs other than quoted prices that are observable for the asset or liability

 

  – Inputs that are derived principally from or corroborated by observable market data by correlation or other means

 

• Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

 

The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.

 

Concentration of Credit Risk

 

Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company’s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.

 

Revenue Recognition

 

The Company’s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential customers to our websites so as to hopefully eventually convert them to paying customers.

 

The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company’s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.

 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.

 

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period.  Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.

 

Recent Accounting Pronouncements 

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements.
XML 26 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
8. Notes Payable From Related Parties (Details Narrative) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Note payable to related party $ 993,918 $ 0
Chairman and Chief Executive Officer [Member]    
Note payable to related party 831,918  
President [Member]    
Note payable to related party $ 162,000  
XML 27 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
11. Income Taxes (Tables)
 12 Months Ended
Jul. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of deferred income taxes
   July 31,   July 31, 
   2015   2014 
Deferred tax assets:          
Commission expenses  $273,730   $285,443 
Allowance for doubtful accounts   40,762    37,839 
Deposits   151,102    515,907 
Accrued salary   –    90,528 
Other   125,491    397,065 
           
Deferred tax liabilities:          
Depreciation   (27,465)   (22,413)
Business tax receivable   (12,874)   – 
Others   (1,457)   (1,850)
           
Valuation allowance   (23,842)   (30,273)
           
Net deferred tax assets  $525,447   $1,272,246 
Income tax reconcilation
   July 31,   July 31, 
   2015   2014 
Income tax based on book income at Japanese statutory rate  $527,350   $751,503 
Entertainment expense   121,904    136,953 
Additional taxes   2,487    1,611 
Tax loss carry-forwards utilized only for local tax   (122,837)   (53,424)
Tax rate difference between current tax and deferred tax assets   (42,187)   56,329 
Others   (37,401)   (10,963)
Total income tax provision  $449,316   $882,009 
XML 28 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
9. Convertible Note Payable (Tables)
 12 Months Ended
Jul. 31, 2015
Convertible Note Payable Tables  
Assumptions used
  Year Ended
  July 31,
  2015
Expected life in years 0.60 - 0.89
Stock price volatility 32.0% - 32.4%
Risk-free interest rate 0.23% - 0.33%
Expected dividends None
Forfeiture rate NA
XML 29 R44.htm IDEA: XBRL DOCUMENT v3.3.0.814
9. Convertible Note Payable (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Convertible note payable $ 1,620,000 $ 0
Convertible Debt [Member]    
Convertible note payable $ 1,680,000  
Debt maturity date Mar. 05, 2016  
Stated interest rate 1.00%  
XML 30 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
12. Commitments and Contingencies (Tables)
 12 Months Ended
Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Future minimim lease payments
Years ending July 31, 
      
 2016   $626,761 
 2017    117,302 
 2018    71,317 
 2019    53,487 
 Total   $868,867 
XML 31 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
1. Description of Business (Details Narrative)
Jul. 31, 2015
LinkBit  
Equity ownership percentage 100.00%
Umajin HK  
Equity ownership percentage 100.00%
XML 32 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
1. Description of Business
 12 Months Ended
Jul. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
1. Description of Business

Organization

 

Grand Perfecta, Inc. (“Grand Perfecta” or “GPI”) was incorporated in the State of Nevada on March 25, 2002, as STI Holdings, Inc. (“STI”). On May 12, 2012, the Company completed an Agreement and Plan of Reorganization whereby it acquired 100% of the issued and outstanding shares of Link Bit Consulting Co, Ltd. (“LinkBit” or the “Company”), a Japanese corporation, for 25,000,000 common shares in a transaction accounted for as a recapitalization of LinkBit. Effective March 29, 2013, STI amended its Articles of Incorporation to change its name to Grand Perfecta, Inc. On May 27, 2013, the Company issued 272,668 shares in exchange for 100% of the issued and outstanding shares of Umajin Hong Kong Ltd. (“Umajin HK”), a Hong Kong corporation that maintains an office in Hong Kong. In August 2015 we formed a California subsidiary, Sports Perfecta, Inc., for the purpose of seeking opportunities to conduct business in the United States. Through the date of this filing Sports Perfecta has had no activity or operations. The operations of Grand Perfecta, LinkBit, Umajin HK and Sports Perfecta, Inc. are collectively referred to as the “Company.”

 

Nature of Business

 

The Company is engaged in the business of transmitting and providing horse racing information via various types of media, including multiple websites owned and operated by the wholly owned subsidiaries of LinkBit and Umajin HK.
XML 33 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies (Details - Foreign currency rates)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Japan, Yen    
Foreign currency rates .0081 .0098
Foreign currency rates over duration .0086 .0099
Hong Kong, Dollars    
Foreign currency rates .1290 .1290
Foreign currency rates over duration .1290 .1290
XML 34 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
6. Goodwill (Details) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, beginning balance $ 7,549,434 $ 7,853,432
Foreign currency translation adjustment (1,292,322) (303,998)
Goodwill, ending balance $ 6,257,112 $ 7,549,434
XML 35 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Balance Sheets - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Current assets    
Cash $ 75,778 $ 1,882,272
Accounts receivable, net 612,553 634,455
Current portion due from related parties 487,852 1,481,811
Current portion of notes receivable 1,537,869 1,682,327
Deferred tax assets, current portion 303,024 1,039,489
Prepaid expenses and other current assets 417,208 66,659
Total current assets 3,434,284 6,787,013
Property and equipment, net 273,263 376,055
Other assets    
Long-term notes receivables, net of current portion 547,372 632,124
Long-term portion due from related parties, net of current portion 1,471,932 0
Deferred tax assets, long-term portion 222,423 232,757
Goodwill 6,257,112 7,549,434
Other assets 496,019 617,413
Total other assets 8,994,858 9,031,728
Total assets 12,702,405 16,194,796
Current liabilities    
Accounts payable and accrued expenses 1,458,735 2,617,037
Deferred revenues 1,189,437 1,390,210
Current portion of notes payable 3,489,541 9,113,727
Notes payable to related parties 993,918 0
Convertible note payable 1,620,000 0
Taxes payable 612,102 755,867
Total current liabilities 9,363,733 13,876,841
Long-term portion of notes payable, net of current portion 1,174,500 728,846
Total liabilities $ 10,538,233 $ 14,605,687
Commitments and contingencies
Stockholders' equity (deficit)    
Preferred stock, $0.001 par value, 100,000,000 shares authorized, 100,000 shares issued and outstanding as of July 31, 2015 and 2014 $ 100 $ 100
Common stock, $0.001 par value, 500,000,000 shares authorized, 30,500,000 shares issued and outstanding as of July 31, 2015 and 2014 30,500 30,500
Additional paid-in capital 4,121,034 4,121,034
Other comprehensive income 439,265 736,356
Accumulated deficit (2,645,873) (3,564,512)
Total GPI stockholders' equity 1,945,026 1,323,478
Noncontrolling interest 219,146 265,631
Total stockholders' equity (deficit) 2,164,172 1,589,109
Total liabilities and stockholders' equity $ 12,702,405 $ 16,194,796
XML 36 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
11. Income Taxes (Details - Deferred taxes) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Deferred tax assets:    
Commission expenses $ 273,730 $ 285,443
Allowance for doubtful accounts 40,762 37,839
Deposits 151,102 515,907
Accrued salary 0 90,528
Other 125,491 397,065
Deferred tax liabilities:    
Depreciation (27,465) (22,413)
Business tax receivable (12,874) 0
Others (1,457) (1,850)
Valuation allowance (23,842) (30,273)
Net deferred tax assets $ 525,447 $ 1,272,246
XML 37 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statement of Changes in Stockholders' Equity - USD ($)
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Noncontrolling Interest
Total
Beginning balance, shares at Jul. 31, 2013 100,000 27,500,000          
Beginning balance, value at Jul. 31, 2013 $ 100 $ 27,500 $ 1,285,120 $ 643,248 $ (4,569,944) $ 276,473 $ (2,337,503)
Stock issued for cash, shares   3,000,000          
Stock issued for cash, value   $ 3,000 2,937,000       2,940,000
Foreign currency translation adjustment       93,108   (10,842) 82,266
Net income         1,005,432   1,005,432
Ending balance, shares at Jul. 31, 2014 100,000 30,500,000          
Ending balance, value at Jul. 31, 2014 $ 100 $ 30,500 4,121,034 736,356 (3,564,512) 265,631 1,589,109
Foreign currency translation adjustment       (297,091)   (46,079) (343,170)
Net income         918,639 (406) 918,233
Ending balance, shares at Jul. 31, 2015 100,000 30,500,000          
Ending balance, value at Jul. 31, 2015 $ 100 $ 30,500 $ 4,121,034 $ 439,265 $ (2,645,873) $ 219,146 $ 2,164,172
XML 38 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
3. Property and Equipment (Details) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Property and equipment, gross $ 2,292,771 $ 2,799,169
Less: accumulated depreciation (2,019,508) (2,423,114)
Property and equipment, net 273,263 376,055
Building and fixtures [Member]    
Property and equipment, gross 262,126 272,079
Autos and trucks [Member]    
Property and equipment, gross 294,513 356,324
Tools and equipment [Member]    
Property and equipment, gross 427,469 567,354
Computer software [Member]    
Property and equipment, gross 1,284,209 1,560,267
Horses [Member]    
Property and equipment, gross $ 24,454 $ 41,347
XML 39 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jul. 31, 2015
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying consolidated financial statements of the Company have been prepared in accordance with principles generally accepted in the United States of America (“GAAP”) and include the accounts of Grand Perfecta and its wholly-owned subsidiaries LinkBit and Umajin HK. The Company has determined that two affiliated entities, Space Cultivation Mobile and Japan Horse Circle, which LinkBit conducts business with are variable interest entities and that the Company is the primary beneficiary of each entity. As a result, the Company has consolidated the accounts of these variable interest entities into the accompanying consolidated financial statements. As the Company does not have any ownership interest in these variable interest entities, the Company has allocated the contributed capital in these variable interest entities as a component of noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates

Use of Estimates

 

The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. Amounts could materially change in the future.
Liquidity

Liquidity

 

As of July 31, 2015, we had cash of $75,778 and a working capital deficit of $5,929,449 as compared to cash of $1,882,272 and a working capital deficit of $7,089,828 as at July 31, 2014. The decrease in cash as of July 31, 2015 was primarily the result of $2,940,000 in proceeds from sale of common stock received during the year ended July 31, 2014, of which a portion was used to fund the operating activities of the Company, as well as to pay down outstanding notes payable with higher interest rates during the year ended July 31, 2015.

 

In March 2015, we issued a convertible debenture in the face amount of Japanese JPY200,000,000, approximately US$1,620,000 at July 31, 2015, (see Note 9). We intend to continue to improve our balance sheet by reducing short term liabilities and invest in promoting and expanding our services. The funds obtained through the debenture placement will facilitate that effort.

 

The funding received in March 2015 notwithstanding, we continue to have a significant working capital deficit that adversely affects our business by limiting the resources we have available to pursue the promotion of our information services and develop new information service opportunities for potential users. Historically we have relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward we will continue to use extensions and new debt financing, such as the recent debenture offering, to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that we can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects our ability to develop, sponsor, or participate in activities that promote our information services to prospective users and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. There is no assurance that our plans for addressing our working capital shortages will be successful, and our failure to be reasonably successful should be expected to result in a significant contraction of our operations and potentially a failure of the business.
Foreign Exchange

Foreign Exchange

 

The Company’s primary operations are conducted in Japan and performed by its wholly owned subsidiaries LinkBit and Umajin HK. LinkBit’s functional currency is the Japanese Yen and Umajin HK’s functional currency is the Hong Kong Dollar.

 

The financial statements of each entity are prepared using the applicable functional currencies, and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity.

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.

 

   Balance Sheet Dates 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0081    0.0098 
Hong Kong Dollars to USD   0.1290    0.1290 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0086    0.0099 
Hong Kong Dollars to USD   0.1290    0.1290 

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid holdings with maturities of three months or less at the time of purchase to be cash equivalents. The Company had no cash equivalents as of July 31, 2015 and 2014.
Accounts Receivable

Accounts Receivable

 

Accounts receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering each customer's financial condition and credit history, as well as current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company had no allowance for doubtful accounts as of July 31, 2015 and 2014.
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives once the individual assets are placed in service. Estimated useful lives for the assets are as follows.

 

Buildings and fixtures   8 - 43 years
Autos and trucks   2 - 6 years
Tools and equipment   4 - 10 years
Computer software   5 years

 
Intangible Assets

Intangible Assets

 

The Company’s intangible assets include goodwill, which represents the excess of purchase price over tangible and intangible assets acquired, less liabilities assumed arising from business acquisitions.  Goodwill is not amortized, but is reviewed for potential impairment on an annual basis at the reporting unit level.  As required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-20, the Company conducted an analysis of the goodwill on its single reporting unit using the Company. For the fiscal years ending July 31, 2015 and 2014, the assessment for impairment found that there is no impairment of goodwill. The Company has no accumulated impairment losses on goodwill.
Long-Lived Assets

Long-Lived Assets

 

In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of assets identified during the years ended July 31, 2015 and 2014.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

 

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

 

• Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.

 

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:

 

  – Quoted prices for similar assets or liabilities in active markets

 

  – Quoted prices for identical or similar assets or liabilities in markets that are not active

 

  – Inputs other than quoted prices that are observable for the asset or liability

 

  – Inputs that are derived principally from or corroborated by observable market data by correlation or other means

 

• Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

 

The Company has determined that the book value of its outstanding financial instruments as of July 31, 2015 and 2014 approximates the fair value.
Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, notes receivable, and amounts due from related parties. The Company maintains its cash in banks located in Japan and Hong Kong in financial institutions with high credit ratings. Substantially all of the Company’s revenues are generated from customers in Japan. The Company conducts periodic reviews of the financial condition and payment practices of its customers and note receivable holders. The Company has not experienced significant losses relating to these concentrations in the past.
Revenue Recognition

Revenue Recognition

 

The Company’s revenue consists primarily of sales of comprehensive horse racing information through multiple websites focusing on all aspects of the horse racing industry in Japan. Publication of horse racing digital magazines, providing support for print publications, and participating in other public events and media programs related to the horse racing industry do not generate significant revenue directly. These activities are undertaken for the purpose of increasing the number of horse racing fans and driving potential customers to our websites so as to hopefully eventually convert them to paying customers.

 

The Company recognizes revenue on arrangements in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The majority of the Company’s revenue is generated by per-item sales. For all users, payment is received at the time of purchase. The Company recognizes revenue for per-item sales when the requested information is supplied to the user. For information packages that span a period of time, the Company recognizes revenue over the term of the package. Revenues are presented net of refunds, credits and known and estimated credit card chargebacks. The Company reports revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Rights to content purchased by customers in advance of the content being provided are recorded as deferred revenue.
Income Taxes

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Advertising Costs

Advertising Costs

 

The Company expenses advertising costs as incurred. Advertising costs incurred amounted to $911,562 and $1,711,855 for the years ended July 31, 2015 and 2014, respectively.
Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share

 

In accordance with ASC 260, Earnings Per Share, the basic income per common share is computed by dividing the net income available to common stockholders by the weighted average common shares outstanding during the period.  Diluted earnings per share reflect per share amounts that would have resulted if diluted potential common stock had been converted to common stock. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of July 31, 2015 and 2014, the Company had total options of 3,000,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of July 31, 2015 and 2014, the Company had convertible notes convertible into 1,472,727 and 0, respectively, shares of common stock which were excluded from the computation because they are anti-dilutive. As a result, the basic and diluted earnings per share were the same for each of the periods presented.
Recent Accounting Pronouncements

Recent Accounting Pronouncements 

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements.
XML 40 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
3. Property and Equipment (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 110,383 $ 238,487
XML 41 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
3. Property and Equipment, net (Tables)
 12 Months Ended
Jul. 31, 2015
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
   July 31,   July 31, 
   2015   2014 
           
Buildings and fixtures  $262,126   $272,079 
Autos and trucks   294,513    356,324 
Tools and equipment   427,469    569,152 
Computer software   1,284,209    1,560,267 
Horses   24,454    41,347 
           
    2,292,771    2,799,169 
           
Less: accumulated depreciation   (2,019,508)   (2,423,114)
           
   $273,263   $376,055 
XML 42 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 43 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Cash flows from operating activities    
Net income $ 918,233 $ 1,005,432
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 110,383 238,487
Loss on sale of property and equipment 0 22,531
Loss on write-off of notes receivable 89,188 0
Provision for (benefit from) deferred taxes 558,578 280,255
Changes in operating assets and liabilities:    
Accounts receivable (93,557) (241,720)
Prepaid expenses and other current assets (383,965) 9,216
Other assets 15,578 (118,008)
Accounts payable and accrued expenses (786,567) (768,659)
Deferred revenue 42,878 50,443
Taxes payable (13,426) 356,995
Net cash provided by operating activities 457,323 834,972
Cash flows from investing activities    
Purchase of property and equipment (70,507) (100,031)
Proceeds (payments) for lending to related parties, net 274,876 (328,684)
Proceeds from collection of notes receivables 891,305 302,689
Payments for notes receivable lending (1,163,402) (770,940)
Proceeds from acquisition of subsidiary 0 4,657
Net cash used in investing activities (67,728) (892,309)
Cash flows from financing activities    
Proceeds from sale of stock 0 2,940,000
Proceeds from notes payable 1,433 2,571
Proceeds from convertible notes payable 1,720,000 0
Payments on note payable (3,686,849) (1,177,648)
Net cash provided by (used in) financing activities (1,965,416) 1,764,923
Effect of exchange rate fluctuations on cash (230,673) 6,463
Net change in cash (1,806,494) 1,714,049
Cash, beginning of the period 1,882,272 168,223
Cash, end of the period 75,778 1,882,272
Supplemental disclosure of cash flow information:    
Interest paid 783,425 1,190,842
Income taxes paid $ 199,015 $ 247,696
XML 44 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jul. 31, 2015
Jul. 31, 2014
Statement of Financial Position [Abstract]    
Preferred stock par value $ .001 $ .001
Preferred stock shares authorized 100,000,000 100,000,000
Preferred stock shares issued 100,000 100,000
Preferred stock shares outstanding 100,000 100,000
Common stock par value $ .001 $ .001
Common stock shares authorized 500,000,000 500,000,000
Common stock shares issued 30,500,000 30,500,000
Common stock shares outstanding 30,500,000 30,500,000
XML 45 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
10. Stockholders' Equity
 12 Months Ended
Jul. 31, 2015
Equity [Abstract]  
10. Stockholders' Equity

Preferred Stock

 

The Company is authorized to issue up to 100,000,000 shares of preferred stock with a par value of $0.001, with 100,000 shares designated as Series A Preferred Stock. The Series A Preferred Stock receive a 10 to 1 voting preference over common stock. Accordingly, for every share of Series A Preferred Stock held, the holder receives the voting rights equal to 10 shares of common stock. As such, the holders of the Series A Preferred Stock have the equivalent voting capability of 1,000,000 shares of common stock. The Series A Preferred Stock also has a $0.05 per share liquidation preference over common stock, and can be redeemed by the Company at any time, upon thirty days’ notice, for $0.05 per share.

 

The Company had 100,000 shares of Series A Preferred Stock issued and outstanding as of July 31, 2015 and 2014.

 

Common Stock Transactions

 

On June 11, 2014 the Company sold 3,000,000 common shares of stock for cash proceeds of $2,940,000. There were no such transactions during the year ended July 31, 2015. In connection with the sale of stock on June 11, 2014, the Company granted an option to the buyer to purchase an additional 3,000,000 shares of common stock for a purchase price of $3 million at any time prior to June 11, 2019.
XML 46 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - USD ($)
 12 Months Ended
Jul. 31, 2015
Nov. 10, 2015
Jan. 31, 2015
Document And Entity Information      
Entity Registrant Name Grand Perfecta, Inc.    
Entity Central Index Key 0001550053    
Document Type 10-K    
Document Period End Date Jul. 31, 2015    
Amendment Flag false    
Current Fiscal Year End Date --07-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 4,575,000
Entity Common Stock, Shares Outstanding   30,500,000  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2015    
XML 47 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
11. Income Taxes
 12 Months Ended
Jul. 31, 2015
Income Tax Disclosure [Abstract]  
11. Income Taxes

The Company records its deferred taxes under the liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net deferred tax assets consisted of the following as of July 31, 2015 and 2014.

 

   July 31,   July 31, 
   2015   2014 
Deferred tax assets:          
Commission expenses  $273,730   $285,443 
Allowance for doubtful accounts   40,762    37,839 
Deposits   151,102    515,907 
Accrued salary   –    90,528 
Other   125,491    397,065 
           
Deferred tax liabilities:          
Depreciation   (27,465)   (22,413)
Business tax receivable   (12,874)   – 
Others   (1,457)   (1,850)
           
Valuation allowance   (23,842)   (30,273)
           
Net deferred tax assets  $525,447   $1,272,246 

 

 

The income tax provision differs from the amount of income tax determined by applying the Japanese income tax rate to pretax income from continuing operations for the years ended July 31, 2015 and 2014 due to the following.

 

   July 31,   July 31, 
   2015   2014 
Income tax based on book income at Japanese statutory rate  $527,350   $751,503 
Entertainment expense   121,904    136,953 
Additional taxes   2,487    1,611 
Tax loss carry-forwards utilized only for local tax   (122,837)   (53,424)
Tax rate difference between current tax and deferred tax assets   (42,187)   56,329 
Others   (37,401)   (10,963)
Total income tax provision  $449,316   $882,009 

 
XML 48 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Income Statement [Abstract]    
Net sales $ 17,736,064 $ 22,233,442
Total revenues 17,736,064 22,233,442
Operating expenses:    
Cost of sales 4,473,096 6,858,818
Depreciation expense 110,383 238,487
Advertising 911,562 1,711,855
Rent expense 812,747 845,058
Salaries and wages 5,151,504 5,234,053
Other general and administrative expenses 4,303,062 4,326,663
Total operating expenses 15,762,354 19,214,934
Income from operations 1,973,710 3,018,508
Other income (expense):    
Other income 131,371 9,861
Gain on exchange 40,275 32,116
Interest income 12,620 17,798
Interest expense (790,427) (1,190,842)
Total other income (expense) (606,161) (1,131,067)
Net income before provision for income taxes 1,367,549 1,887,441
Provision for income taxes 449,316 882,009
Net income 918,233 1,005,432
Less: net loss attributable to noncontrolling interest (406) 0
Net income attributable to GPI $ 918,639 $ 1,005,432
Net income per share, basic and diluted $ .03 $ .04
Weighted average number of common shares outstanding, basic and diluted 30,500,000 27,869,863
XML 49 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. Notes Receivable
 12 Months Ended
Jul. 31, 2015
Receivables [Abstract]  
5. Notes Receivable

The Company’s outstanding notes receivable consist of unsecured advances, including interest ranging from 0% to 8% per annum, payable in full on dates extending through 2039. As of July 31, 2015 and 2014, the Company had total outstanding notes receivable of $2,085,241 and $2,314,451, respectively. The portion of these outstanding notes receivables that were either due on demand or had scheduled due dates within one year amounted to $1,537,869 and $1,682,327 as of July 31, 2015 and 2014, respectively.

 

The future scheduled maturities of outstanding notes receivables as of July 31, 2015 based on contractual due dates are as follows.

 

   Year Ended 
   July 31, 
      
2016  $1,537,869 
2017   – 
2018   – 
2019   8,492 
2020   16,756 
Thereafter   522,124 
Total  $2,085,241 

 
XML 50 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
4. Due from Related Parties
 12 Months Ended
Jul. 31, 2015
Related Party Transactions [Abstract]  
4. Due from Related Parties

The Company made short-term revolving advances to executive officers, directors and other related parties. All loans are unsecured and due within one year of the issuance date, and earn interest at rates ranging from 0% to 3% per annum. The total amounts outstanding from related parties amounted to $1,959,784 and $1,481,811 as of July 31, 2015 and 2014, respectively.

 

Of the total related party receivables, the amounts outstanding directly from officers and directors amounted to $0 and $1,144,647 as of July 31, 2015 and 2014, respectively. Subsequent to the year ended July 31, 2014, the Company settled the amounts due directly from officers and directors of the Company in full.

 

The remaining outstanding receivables amounting to $1,959,784 and $337,164 as of July 31, 2015 and 2014, respectively, represented amounts outstanding from a related party entity owned by one of the directors of the Company. Of the amount outstanding from this related party as of July 31, 2015, $1,471,932 of the outstanding balance bears interest at 0.48% and is due in full on February 28, 2018. The remaining portion of $487,852 is non-interest bearing and due on demand. Subsequent to the year ended July 31, 2015, the Company settled $1,471,932 of the outstanding balance (see Note 14).

 

Management considers all of these outstanding advances to be fully collectible and has determined that no allowance is necessary.
XML 51 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jul. 31, 2015
Accounting Policies [Abstract]  
Schedule of foreign translation rates

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD at the following balance sheet dates.

 

   Balance Sheet Dates 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0081    0.0098 
Hong Kong Dollars to USD   0.1290    0.1290 

 

The following rates were used to translate the accounts of LinkBit and Umajin HK into USD for the following operating periods.

 

   For the Year Ended 
   July 31,   July 31, 
   2015   2014 
         
Japanese Yen to USD   0.0086    0.0099 
Hong Kong Dollars to USD   0.1290    0.1290 
Schedule of estimated useful lives of property and equipment
Buildings and fixtures   8 - 43 years
Autos and trucks   2 - 6 years
Tools and equipment   4 - 10 years
Computer software   5 years
XML 52 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
12. Commitments and Contingencies
 12 Months Ended
Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
12. Commitments and Contingencies

Operating Leases

 

The Company leases its corporate headquarters and administrative offices in Toyko Japan, as well as the administrative offices of Umajin HK in Hong Kong under operating leases extending through April 15, 2019. The Company incurred rent expense of $812,747 and $845,058 for the years ended July 31, 2015 and 2014, respectively.

 

Future minimum lease payments under non-cancelable operating leases are as follows.

 

Years ending July 31, 
      
 2016   $626,761 
 2017    117,302 
 2018    71,317 
 2019    53,487 
 Total   $868,867 

 

Litigation

 

In the ordinary course of business, the Company may be or has been involved in legal proceedings from time to time. As of the date of this annual report, there have been no material legal proceedings relating to the Company.
XML 53 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
8. Notes Payable from Related Parties
 12 Months Ended
Jul. 31, 2015
Notes Payable From Related Parties  
8. Notes Payable from Related Parties

As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000. The note payable balances are non-interest bearing and are due on demand.
XML 54 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
6. Goodwill
 12 Months Ended
Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
6. Goodwill

The Company has recorded goodwill relating to the purchase of Media 21, Inc. in 2011, as well as the acquisition of Umajin HK on May 27, 2013. The following is a summary of the activity relating to goodwill for the years ended July 31, 2014 and 2015.

 

Balance as of July 31, 2013  $7,853,432 
Foreign currency translation adjustment   (303,998)
Balance as of July 31, 2014   7,549,434 
Foreign currency translation adjustment   (1,292,322)
Balance as of July 31, 2015  $6,257,112 

 
XML 55 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
7. Notes Payable
 12 Months Ended
Jul. 31, 2015
Debt Disclosure [Abstract]  
7. Notes Payable

A summary of the Company’s outstanding notes payable is as follows:

 

Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.   810,000    980,000 
Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.   405,000    490,000 
Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.   136,728    327,712 
Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.   –    784,000 
Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.   1,539,000    2,058,000 
Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.   162,000    196,000 
Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.   –    1,715,000 
Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.   931,500    1,960,000 
Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010. The note is due on demand, bearing interest at 18% per annum due monthly.   348,300    774,200 
Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.   243,000    294,000 
Unsecured notes payable, non-interest bearing, due on demand   48,855    58,527 
Total notes payable   4,664,041    9,842,573 
Less: current portion of notes payable   3,489,541    9,113,727 
Long-term portion of notes payable  $1,174,500   $728,846 

 

Substantially all of the above outstanding notes payable are personally guaranteed by the Company’s Chief Executive Officer.

 

Future scheduled maturities of long-term debt are as follows:

 

   Year Ended 
   July 31, 
      
2016  $3,489,541 
2017   931,500 
2018   243,000 
Total  $4,664,041 

 
XML 56 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
9. Convertible Note Payable
 12 Months Ended
Jul. 31, 2015
Convertible Notes Payable [Abstract]  
9. Convertible Note Payable

On March 5, 2015, the Company entered into a convertible note agreement for total principal borrowings of JPY 200,000,000 (US $1,620,000 at July 31, 2015). The amounts are due one year after the issuance of the note on March 5, 2015, and bear interest at a rate of 1% per annum. At the option of the debt holder, beginning 40 days after the issuance of the note, the debt holder may convert the outstanding balance of the note into shares of the Company’s common stock at a conversion rate equal to one share per JPY130.90 or $1.10 of outstanding principal and accrued interest.

 

The conversion feature associated with the convertible note payable created a derivative liability as of April 14, 2015, the date in which the note became convertible. The Company valued the derivative as of the initial date and as of the year-end date of July 31, 2015 using the Black-Scholes pricing model. The value at each of these dates amounted to $0. The assumptions used in the Black-Scholes model during the year ended July 31, 2015 were as follows.

 

  Year Ended
  July 31,
  2015
Expected life in years 0.60 - 0.89
Stock price volatility 32.0% - 32.4%
Risk-free interest rate 0.23% - 0.33%
Expected dividends None
Forfeiture rate NA

 
XML 57 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Jul. 31, 2013
Cash $ 75,778 $ 1,882,272 $ 168,223
Working capital (5,929,449) (7,089,828)  
Proceeds from sale of stock 0 2,940,000  
Cash equivalents 0 0  
Allowance for doubtful accounts 0 0  
Accumulated impairment losses on goodwill 0 0  
Advertising expenses $ 911,562 $ 1,711,855  
Options [Member]      
Anti-dilutive shares excluded from computation of net income per share 3,000,000 3,000,000  
Convertible Notes Payable [Member]      
Anti-dilutive shares excluded from computation of net income per share 1,472,727 0  
XML 58 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
14. Subsequent Events
 12 Months Ended
Jul. 31, 2015
Subsequent Events [Abstract]  
14. Subsequent Events

Effective November 2, 2015, the Company entered into a Note Payable and Satisfaction Agreement (the “Agreement”) with Umajin Co., Ltd. (“Umajin Japan”), a related party company owned a director of the Company. The Company was a holder of a promissory note made by Umajin Japan in the principal amount of JPY 181,720,000 ($1,471,932 as of July 31, 2015). The promissory note was secured by 1,400,000 shares of the Company’s common stock, which were owned by Umajin Japan. Pursuant to the Agreement, Umajin Japan agreed to sell its shares of common stock to the Company, and the Company has agreed to release Umajin Japan from any further obligation due under the promissory note.  
XML 59 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
6. Goodwill (Tables)
 12 Months Ended
Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
Balance as of July 31, 2013  $7,853,432 
Foreign currency translation adjustment   (303,998)
Balance as of July 31, 2014   7,549,434 
Foreign currency translation adjustment   (1,292,322)
Balance as of July 31, 2015  $6,257,112 
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.3.0.814
13. Related Party Transactions (Details Narrative) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Due from related parties $ 1,959,784 $ 1,481,811
Fee paid to related party 1,242,222 $ 1,457,238
Chairman and Chief Executive Officer [Member]    
Due from related parties $ 831,918  
XML 61 R41.htm IDEA: XBRL DOCUMENT v3.3.0.814
7. Notes Payable (Details - Schedule of debt) - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Unsecured notes payable $ 4,664,041 $ 9,842,573
Notes payable, current portion 3,489,541 9,113,727
Notes payable, long-term portion 1,174,500 728,846
Note 1    
Unsecured notes payable $ 810,000 980,000
Debt maturity date Mar. 26, 2012  
Stated interest rate 1.00%  
Note 2    
Unsecured notes payable $ 405,000 490,000
Debt maturity date Jan. 30, 2013  
Stated interest rate 1.00%  
Note 3    
Unsecured notes payable $ 136,728 327,712
Debt maturity date Jul. 05, 2016  
Stated interest rate 1.20%  
Note 4    
Unsecured notes payable $ 0 $ 784,000
Debt maturity date Sep. 30, 2014  
Stated interest rate 1.20% 15.00%
Note 5    
Unsecured notes payable $ 1,539,000 $ 2,058,000
Debt maturity date Oct. 31, 2015  
Stated interest rate 15.00%  
Note 6    
Unsecured notes payable $ 162,000 196,000
Debt maturity date Oct. 31, 2015  
Stated interest rate 15.00%  
Note 7    
Unsecured notes payable $ 0 1,715,000
Debt maturity date Jul. 31, 2015  
Stated interest rate 12.00%  
Note 8    
Unsecured notes payable $ 931,500 1,960,000
Debt maturity date Jun. 30, 2017  
Stated interest rate 12.00%  
Note 9    
Unsecured notes payable $ 348,300 774,200
Stated interest rate 18.00%  
Note 10    
Unsecured notes payable $ 243,000 294,000
Debt maturity date Jul. 20, 2018  
Stated interest rate 12.00%  
Note 11    
Unsecured notes payable $ 48,855 $ 58,527
XML 62 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Comprehensive Income - USD ($)
 12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Income Statement [Abstract]    
Net income (loss) $ 918,233 $ 1,005,432
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments (297,091) 93,108
Total other comprehensive income, net of tax (297,091) 93,108
Comprehensive income 621,142 1,098,540
Comprehensive income (loss) attributable to noncontrolling interest (46,079) (10,842)
Comprehensive income attributable to GPI stockholders $ 575,063 $ 1,087,698
XML 63 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
3. Property and Equipment, net
 12 Months Ended
Jul. 31, 2015
Property, Plant and Equipment [Abstract]  
3. Property and Equipment, net

The Company’s property and equipment consisted of the following.

 

   July 31,   July 31, 
   2015   2014 
           
Buildings and fixtures  $262,126   $272,079 
Autos and trucks   294,513    356,324 
Tools and equipment   427,469    569,152 
Computer software   1,284,209    1,560,267 
Horses   24,454    41,347 
           
    2,292,771    2,799,169 
           
Less: accumulated depreciation   (2,019,508)   (2,423,114)
           
   $273,263   $376,055 

 

Depreciation expense amounted to $110,383 and $238,487 for the year ended July 31, 2015 and 2014, respectively.
XML 64 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
7. Notes Payable (Tables)
 12 Months Ended
Jul. 31, 2015
Debt Disclosure [Abstract]  
Schedule of notes payable
Unsecured note payable issued on March 26, 2012, due on demand, bearing interest at 1% per annum due monthly.   810,000    980,000 
Unsecured note payable issued on January 30, 2013, due on demand, bearing interest at 1% per annum due monthly.   405,000    490,000 
Unsecured note payable issued on July 23, 2013, due on July 5, 2016, bearing interest at 1.2% per annum due monthly.   136,728    327,712 
Unsecured note payable issued on September 30, 2013, due on September 30, 2014, bearing interest at 15% per annum due monthly.   –    784,000 
Unsecured note payable issued on December 20, 2011, due on October 31, 2015, bearing interest at 15% per annum due monthly.   1,539,000    2,058,000 
Unsecured note payable issued on June 28, 2013, due on October 31, 2015, bearing interest at 15% per annum due monthly.   162,000    196,000 
Unsecured note payable issued on August 2, 2010, due on July 31, 2015, bearing interest at 12% per annum due monthly.   –    1,715,000 
Unsecured note payable issued on January 20, 2011, due on June 30, 2017, bearing interest at 12% per annum due monthly.   931,500    1,960,000 
Unsecured note payable resulting from the Company co-signing for debt of a vendor in 2010. The note is due on demand, bearing interest at 18% per annum due monthly.   348,300    774,200 
Unsecured note payable issued on July 20, 2011, due on July 20, 2018, bearing interest at 12% per annum due monthly.   243,000    294,000 
Unsecured notes payable, non-interest bearing, due on demand   48,855    58,527 
Total notes payable   4,664,041    9,842,573 
Less: current portion of notes payable   3,489,541    9,113,727 
Long-term portion of notes payable  $1,174,500   $728,846 
Schedule of future long-term debt maturities
   Year Ended 
   July 31, 
      
2016  $3,489,541 
2017   931,500 
2018   243,000 
Total  $4,664,041 
XML 65 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.0.814 html 101 205 1 false 33 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://grandperfecta.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://grandperfecta.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://grandperfecta.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations Sheet http://grandperfecta.com/role/StatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Comprehensive Income Sheet http://grandperfecta.com/role/StatementsOfComprehensiveIncome Consolidated Statements of Comprehensive Income Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statement of Changes in Stockholders' Equity Sheet http://grandperfecta.com/role/StatementOfChangesInStockholdersEquity Consolidated Statement of Changes in Stockholders' Equity Statements 6 false false R7.htm 00000007 - Statement - Consolidated Statements of Cash Flows Sheet http://grandperfecta.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 7 false false R8.htm 00000008 - Disclosure - 1. Description of Business Sheet http://grandperfecta.com/role/DescriptionOfBusiness 1. Description of Business Notes 8 false false R9.htm 00000009 - Disclosure - 2. Summary of Significant Accounting Policies Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPolicies 2. Summary of Significant Accounting Policies Notes 9 false false R10.htm 00000010 - Disclosure - 3. Property and Equipment, net Sheet http://grandperfecta.com/role/PropertyAndEquipmentNet 3. Property and Equipment, net Notes 10 false false R11.htm 00000011 - Disclosure - 4. Due from Related Parties Sheet http://grandperfecta.com/role/DueFromRelatedParties 4. Due from Related Parties Notes 11 false false R12.htm 00000012 - Disclosure - 5. Notes Receivable Notes http://grandperfecta.com/role/NotesReceivable 5. Notes Receivable Notes 12 false false R13.htm 00000013 - Disclosure - 6. Goodwill Sheet http://grandperfecta.com/role/Goodwill 6. Goodwill Notes 13 false false R14.htm 00000014 - Disclosure - 7. Notes Payable Notes http://grandperfecta.com/role/NotesPayable 7. Notes Payable Notes 14 false false R15.htm 00000015 - Disclosure - 8. Notes Payable from Related Parties Notes http://grandperfecta.com/role/NotesPayableFromRelatedParties 8. Notes Payable from Related Parties Notes 15 false false R16.htm 00000016 - Disclosure - 9. Convertible Note Payable Sheet http://grandperfecta.com/role/ConvertibleNotePayable 9. Convertible Note Payable Notes 16 false false R17.htm 00000017 - Disclosure - 10. Stockholders' Equity Sheet http://grandperfecta.com/role/StockholdersEquity 10. Stockholders' Equity Notes 17 false false R18.htm 00000018 - Disclosure - 11. Income Taxes Sheet http://grandperfecta.com/role/IncomeTaxes 11. Income Taxes Notes 18 false false R19.htm 00000019 - Disclosure - 12. Commitments and Contingencies Sheet http://grandperfecta.com/role/CommitmentsAndContingencies 12. Commitments and Contingencies Notes 19 false false R20.htm 00000020 - Disclosure - 13. Related Party Transactions Sheet http://grandperfecta.com/role/RelatedPartyTransactions 13. Related Party Transactions Notes 20 false false R21.htm 00000021 - Disclosure - 14. Subsequent Events Sheet http://grandperfecta.com/role/SubsequentEvents 14. Subsequent Events Notes 21 false false R22.htm 00000022 - Disclosure - 2. Summary of Significant Accounting Policies (Policies) Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesPolicies 2. Summary of Significant Accounting Policies (Policies) Policies http://grandperfecta.com/role/SummaryOfSignificantAccountingPolicies 22 false false R23.htm 00000023 - Disclosure - 2. Summary of Significant Accounting Policies (Tables) Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesTables 2. Summary of Significant Accounting Policies (Tables) Tables http://grandperfecta.com/role/SummaryOfSignificantAccountingPolicies 23 false false R24.htm 00000024 - Disclosure - 3. Property and Equipment, net (Tables) Sheet http://grandperfecta.com/role/PropertyAndEquipmentNetTables 3. Property and Equipment, net (Tables) Tables http://grandperfecta.com/role/PropertyAndEquipmentNet 24 false false R25.htm 00000025 - Disclosure - 5. Notes Receivable (Tables) Notes http://grandperfecta.com/role/NotesReceivableTables 5. Notes Receivable (Tables) Tables http://grandperfecta.com/role/NotesReceivable 25 false false R26.htm 00000026 - Disclosure - 6. Goodwill (Tables) Sheet http://grandperfecta.com/role/GoodwillTables 6. Goodwill (Tables) Tables http://grandperfecta.com/role/Goodwill 26 false false R27.htm 00000027 - Disclosure - 7. Notes Payable (Tables) Notes http://grandperfecta.com/role/NotesPayableTables 7. Notes Payable (Tables) Tables http://grandperfecta.com/role/NotesPayable 27 false false R28.htm 00000028 - Disclosure - 9. Convertible Note Payable (Tables) Sheet http://grandperfecta.com/role/ConvertibleNotePayableTables 9. Convertible Note Payable (Tables) Tables http://grandperfecta.com/role/ConvertibleNotePayable 28 false false R29.htm 00000029 - Disclosure - 11. Income Taxes (Tables) Sheet http://grandperfecta.com/role/IncomeTaxesTables 11. Income Taxes (Tables) Tables http://grandperfecta.com/role/IncomeTaxes 29 false false R30.htm 00000030 - Disclosure - 12. Commitments and Contingencies (Tables) Sheet http://grandperfecta.com/role/CommitmentsAndContingenciesTables 12. Commitments and Contingencies (Tables) Tables http://grandperfecta.com/role/CommitmentsAndContingencies 30 false false R31.htm 00000031 - Disclosure - 1. Description of Business (Details Narrative) Sheet http://grandperfecta.com/role/DescriptionOfBusinessDetailsNarrative 1. Description of Business (Details Narrative) Details http://grandperfecta.com/role/DescriptionOfBusiness 31 false false R32.htm 00000032 - Disclosure - 2. Summary of Significant Accounting Policies (Details - Foreign currency rates) Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesDetails-ForeignCurrencyRates 2. Summary of Significant Accounting Policies (Details - Foreign currency rates) Details http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesTables 32 false false R33.htm 00000033 - Disclosure - 2. Summary of Significant Accounting Policies (Details - Estimated useful lives) Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesDetails-EstimatedUsefulLives 2. Summary of Significant Accounting Policies (Details - Estimated useful lives) Details http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesTables 33 false false R34.htm 00000034 - Disclosure - 2. Summary of Significant Accounting Policies (Details Narrative) Sheet http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative 2. Summary of Significant Accounting Policies (Details Narrative) Details http://grandperfecta.com/role/SummaryOfSignificantAccountingPoliciesTables 34 false false R35.htm 00000035 - Disclosure - 3. Property and Equipment (Details) Sheet http://grandperfecta.com/role/PropertyAndEquipmentDetails 3. Property and Equipment (Details) Details http://grandperfecta.com/role/PropertyAndEquipmentNetTables 35 false false R36.htm 00000036 - Disclosure - 3. Property and Equipment (Details Narrative) Sheet http://grandperfecta.com/role/PropertyAndEquipmentDetailsNarrative 3. Property and Equipment (Details Narrative) Details http://grandperfecta.com/role/PropertyAndEquipmentNetTables 36 false false R37.htm 00000037 - Disclosure - 4. Due from Related Parties (Details Narrative) Sheet http://grandperfecta.com/role/DueFromRelatedPartiesDetailsNarrative 4. Due from Related Parties (Details Narrative) Details http://grandperfecta.com/role/DueFromRelatedParties 37 false false R38.htm 00000038 - Disclosure - 5. Notes Receivable (Details - Notes Receivable) Notes http://grandperfecta.com/role/NotesReceivableDetails-NotesReceivable 5. Notes Receivable (Details - Notes Receivable) Details http://grandperfecta.com/role/NotesReceivableTables 38 false false R39.htm 00000039 - Disclosure - 5. Notes Receivable (Details Narrative) Notes http://grandperfecta.com/role/NotesReceivableDetailsNarrative 5. Notes Receivable (Details Narrative) Details http://grandperfecta.com/role/NotesReceivableTables 39 false false R40.htm 00000040 - Disclosure - 6. Goodwill (Details) Sheet http://grandperfecta.com/role/GoodwillDetails 6. Goodwill (Details) Details http://grandperfecta.com/role/GoodwillTables 40 false false R41.htm 00000041 - Disclosure - 7. Notes Payable (Details - Schedule of debt) Notes http://grandperfecta.com/role/NotesPayableDetails-ScheduleOfDebt 7. Notes Payable (Details - Schedule of debt) Details http://grandperfecta.com/role/NotesPayableTables 41 false false R42.htm 00000042 - Disclosure - 7. Notes Payable (Details - Maturities of debt) Notes http://grandperfecta.com/role/NotesPayableDetails-MaturitiesOfDebt 7. Notes Payable (Details - Maturities of debt) Details http://grandperfecta.com/role/NotesPayableTables 42 false false R43.htm 00000043 - Disclosure - 8. Notes Payable From Related Parties (Details Narrative) Notes http://grandperfecta.com/role/NotesPayableFromRelatedPartiesDetailsNarrative 8. Notes Payable From Related Parties (Details Narrative) Details 43 false false R44.htm 00000044 - Disclosure - 9. Convertible Note Payable (Details Narrative) Sheet http://grandperfecta.com/role/ConvertibleNotePayableDetailsNarrative 9. Convertible Note Payable (Details Narrative) Details http://grandperfecta.com/role/ConvertibleNotePayableTables 44 false false R45.htm 00000045 - Disclosure - 11. Income Taxes (Details - Deferred taxes) Sheet http://grandperfecta.com/role/IncomeTaxesDetails-DeferredTaxes 11. Income Taxes (Details - Deferred taxes) Details http://grandperfecta.com/role/IncomeTaxesTables 45 false false R46.htm 00000046 - Disclosure - 11. Income Taxes (Details - Tax reconciliation) Sheet http://grandperfecta.com/role/IncomeTaxesDetails-TaxReconciliation 11. Income Taxes (Details - Tax reconciliation) Details http://grandperfecta.com/role/IncomeTaxesTables 46 false false R47.htm 00000047 - Disclosure - 12. Commitments and Contingencies (Details) Sheet http://grandperfecta.com/role/CommitmentsAndContingenciesDetails 12. Commitments and Contingencies (Details) Details http://grandperfecta.com/role/CommitmentsAndContingenciesTables 47 false false R48.htm 00000048 - Disclosure - 12. Commitments and Contingencies (Details Narrative) Sheet http://grandperfecta.com/role/CommitmentsAndContingenciesDetailsNarrative 12. Commitments and Contingencies (Details Narrative) Details http://grandperfecta.com/role/CommitmentsAndContingenciesTables 48 false false R49.htm 00000049 - Disclosure - 13. Related Party Transactions (Details Narrative) Sheet http://grandperfecta.com/role/RelatedPartyTransactionsDetailsNarrative 13. Related Party Transactions (Details Narrative) Details http://grandperfecta.com/role/RelatedPartyTransactions 49 false false All Reports Book All Reports In ''Consolidated Balance Sheets'', column(s) 3 are contained in other reports, so were removed by flow through suppression. gpiw-20150731.xml gpiw-20150731_cal.xml gpiw-20150731_def.xml gpiw-20150731_lab.xml gpiw-20150731_pre.xml gpiw-20150731.xsd true true XML 66 R38.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. Notes Receivable (Details - Notes Receivable) - USD ($)
Jul. 31, 2015
Jul. 31, 2014
Receivables [Abstract]    
2016 $ 1,537,869  
2017 0  
2018 0  
2019 8,492  
2020 16,756  
Thereafter 522,124  
Total $ 2,085,241 $ 2,314,451
XML 67 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
13. Related Party Transactions
 12 Months Ended
Jul. 31, 2015
Related Party Transactions [Abstract]  
13. Related Party Transactions

As of July 31, 2015 and 2014, the Company had $1,959,784 and $1,481,811, respectively, of notes receivable due from related parties (see Note 4).

 

As of July 31, 2015, the Company had an outstanding note payable balance due to its Chairman and CEO amounting to $831,918 and an outstanding note payable balance due to its President amounting to $162,000 (see Note 8).

 

The Company pays a monthly fee to a related party entity owned by one of its directors for providing content. For the years ended July 31, 2015 and 2014, the fee paid to the related party amounted to $1,242,222 and $1,457,238, respectively, and is included as a component of cost of sales in the accompanying consolidated statements of operations.