Form 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-12-234521.txt : 20120515 0001193125-12-234521.hdr.sgml : 20120515 20120515160711 ACCESSION NUMBER: 0001193125-12-234521 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CTI GROUP HOLDINGS INC CENTRAL INDEX KEY: 0000355627 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 510308583 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10560 FILM NUMBER: 12844631 BUSINESS ADDRESS: STREET 1: 333 NORTH ALABAMA STREET, SUITE 240 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 6106661700X206 MAIL ADDRESS: STREET 1: 333 NORTH ALABAMA STREET, SUITE 240 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNICATIONS GROUP INC DATE OF NAME CHANGE: 19920703 10-Q 1 d350196d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-10560

CTI GROUP (HOLDINGS) INC.

(Exact name of registrant as specified in its charter)

DELAWARE

51-0308583

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

333 North Alabama Street, Suite 240, Indianapolis, IN 46204

(Address of principal executive offices) (Zip Code)

(317) 262-4666

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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 Web site, 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 ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May 3, 2012, the number of shares of Class A common stock, par value $.01 per share, outstanding was 29,178,271. As of May 3, 2012, treasury stock constituted 140,250 shares of Class A common stock.

CTI GROUP (HOLDINGS) INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2012

TABLE OF CONTENTS


ITEM NO.	PAGE NO.

Forward Looking Statements		3

PART I – Financial Information

1. Financial Statements

Consolidated Balance Sheets at March 31, 2012 (unaudited) and December 31, 2011		4

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2012 and March 31, 2011		5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2012 and March 31, 2011		6

Notes to Consolidated Financial Statements (unaudited)		7

2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

3. Quantitative and Qualitative Disclosures about Market Risk		22

4. Controls and Procedures		23

PART II – Other Information

1. Legal Proceedings		24

1A. Risk Factors		24

2. Unregistered Sales of Equity Securities and Use of Proceeds		24

3. Defaults Upon Senior Securities		24

4. Mine Safety Disclosures		25

5. Other Information		25

6. Exhibits		25

Signatures		26

Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains “forward-looking” statements. Forward-looking statements discuss matters that are not historical facts. Examples of forward-looking statements include, but are not limited to: (a) projections of revenues, capital expenditures, growth, prospects, dividends, capital structure and other financial matters; (b) statements of plans and objectives of the Company or its management or board of directors; (c) statements of future economic performance; (d) statements of assumptions underlying other statements and statements about the Company and its business relating to the future; and (e) any statements using the words “anticipate”, “expect”, “may”, “project”, “intend”, “believe”, or similar expressions.

The Company’s ability to predict projected results or the effect of certain events on the Company’s operating results is inherently uncertain. Therefore, each reader of this Form 10-Q should carefully consider the risk factors stated in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, any or all of which have in the past and could in the future affect the ability of the Company to achieve its anticipated results and could cause actual results to differ materially from those discussed herein, including, but not limited to: economic conditions, risks associated with conducting business outside the U.S., ability to obtain a loan facility or receive additional advances from Fairford Holdings, Limited, a British Virgin Islands Company, who, as of March 31, 2012, owned beneficially 63.7% of the Company’s Class A common stock (“Fairford”), if needed, incurring additional losses, impact of accounting pronouncements, recording additional impairments, ability to maintain an effective system of internal controls over financial reporting and disclosure controls and procedures, ability to attract and retain customers to purchase its products, ability to develop or launch new software products, technological advances by third parties and competition, ability to protect the Company’s patented technology, and ability to obtain settlements in connection with its patent enforcement activities. You should not place any undue reliance on any forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions or circumstances or assumptions underlying such statements, or otherwise.

References herein to the Company mean CTI Group (Holdings) Inc. and its subsidiaries unless context otherwise requires.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CTI GROUP (HOLDINGS) INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	March 31, 2012			December 31, 2011
	(unaudited)
ASSETS
Cash and cash equivalents	$	3,714,528		$	2,945,182
Trade accounts receivable, less allowance for doubtful accounts of $70,699 and $59,781, respectively		3,282,994			3,913,278
Prepaid expenses		470,797			568,701
Deferred tax asset		12,740			—
Other current assets		391,825			414,058

Total current assets		7,872,884			7,841,219
Property, equipment, and software, net		1,947,913			1,923,216
Intangible assets, net		2,348,461			2,510,937
Goodwill		2,769,589			2,769,589
Other assets		78,755			78,808

Total assets	$	15,017,602		$	15,123,769

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	286,364		$	324,661
Accrued expenses		988,530			1,030,278
Accrued wages and other compensation		479,710			312,256
Income tax payable		670,636			591,631
Deferred tax liability – short term		—			29,241
Deferred revenue		4,574,586			4,399,765

Total current liabilities		6,999,826			6,687,832
Lease incentive – long term		47,598			74,275
Deferred revenue – long term		2,567,828			3,034,196
Deferred income tax liability – long term		642,506			602,422

Total liabilities		10,257,758			10,398,725

Commitments and contingencies
Stockholders’ equity
Class A common stock, par value $.01 per share; 47,166,666 shares authorized; 29,178,271 issued and outstanding at March 31, 2012 and at December 31, 2011		291,783			291,783
Additional paid-in capital		26,071,573			26,061,492
Accumulated deficit		(21,825,736	)		(21,939,266	)
Other comprehensive income – foreign currency translation		414,367			503,178
Treasury stock, 140,250 shares at cost		(192,143	)		(192,143	)

Total stockholders’ equity		4,759,844			4,725,044

Total liabilities and stockholders’ equity	$	15,017,602		$	15,123,769

See accompanying notes to consolidated financial statements.

CTI GROUP (HOLDINGS) INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Three months ended March 31,
	2012			2011
Revenues:
Software sales, service fee and license fee revenue	$	4,367,837		$	4,116,366
Cost and Expenses:
Cost of products and services, excluding depreciation and amortization		1,154,911			1,310,986
Selling, general and administration		1,841,002			2,032,571
Research and development		592,568			613,108
Depreciation and amortization		445,550			444,649

Total costs and expenses		4,034,031			4,401,314

Income / (loss) from operations		333,806			(284,948	)
Other expense
Interest (income) / expense		(2,924	)		14,584

Total other (income) / expense		(2,924	)		14,584
Income / (loss) before income taxes		336,730			(299,532	)
Tax expense		223,200			42,984

Net income / (loss)		113,530			(342,516	)

Other comprehensive income / (loss)
Foreign currency translation adjustment		(88,811	)		(37,914	)

Comprehensive income / (loss)	$	24,719		$	(380,430	)

Basic and diluted net income / ( loss) per common share	$	0.00		$	(0.01	)

Basic weighted average common shares outstanding		29,038,021			29,038,021
Diluted weighted average common shares outstanding		29,258,021			29,038,021

See accompanying notes to consolidated financial statements

CTI GROUP (HOLDINGS) INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three months ended March 31,
	2012			2011
Cash flows from operating activities:
Net income / (loss)	$	113,530		$	(342,516	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		445,550			444,649
Provision for doubtful accounts		10,891			1,255
Deferred income taxes		(22,623	)		78,021
Recognition of rent incentive benefit		(23,343	)		(26,108	)
Stock option grant expense		10,081			9,377
Changes in operating assets and liabilities:
Trade receivables		710,299			(7,414,240	)
Note and settlement receivables		—			24,623
Prepaid expenses		107,921			(33,503	)
Income taxes		57,074			(55,019	)
Other assets		21,835			155,098
Accounts payable		(44,637	)		360,208
Accrued expenses		(71,291	)		1,231,968
Accrued wages and other compensation		162,625			271,023
Deferred revenue		(517,508	)		5,638,136

Cash provided by operating activities		960,404			342,972

Cash flows used in investing activities:
Additions to property, equipment, and software		(305,021	)		(655,482	)

Cash used in investing activities		(305,021	)		(655,482	)

Cash flows provided by financing activities:
Repayments under credit agreements		—			(825,000	)
Advance from shareholder		—			838,509

Cash provided by financing activities		—			13,509

Effect of foreign currency exchange rates on cash and cash equivalents		113,963			26,016

Increase / (decrease) in cash and cash equivalents		769,346			(272,985	)
Cash and cash equivalents, beginning of period		2,945,182			680,046

Cash and cash equivalents, end of period	$	3,714,528		$	407,061

See accompanying notes to consolidated financial statements.

CTI GROUP (HOLDINGS) INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1: Business and Basis of Presentation

The Company designs, develops, markets and supports billing and data management software and services. The Company operates in two business segments: Electronic Invoice Management (“EIM”), and Call Accounting Management and Recording (“CAMRA”). The majority of the Company’s business is in Europe and North America.

The Company was originally incorporated in Pennsylvania in 1968 and reincorporated in the State of Delaware in 1988, pursuant to a merger of CTI into a wholly owned subsidiary formed as a Delaware corporation. In November 1995, the Company changed its name to CTI Group (Holdings) Inc.

The Company is comprised of two business segments: EIM and CAMRA. EIM designs, develops and provides electronic invoice presentment and analysis software that enables internet-based customer self-care for wireline, wireless and convergent providers of telecommunications services. EIM software and services are used primarily by telecommunications services providers to enhance their customer relationships while reducing the providers operational expenses related to paper-based invoice delivery and customer support relating to billing inquiries. The Company provided these services primarily through facilities located in Indianapolis, Indiana and Blackburn, United Kingdom. CAMRA designs, develops and provides software and services used by enterprise, governmental, institutional end users and managed and hosted customers of service providers to manage their telecommunications service and equipment usage and to analyze voice, video, and data usage, record and monitor communications and perform administrative and back office functions such as cost allocation or client bill back. These applications are commonly available in the market as enterprise-grade products. Customers typically purchase the CAMRA products when upgrading or acquiring a new enterprise communications platform.

The accompanying consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature.

Certain information in footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), has been condensed or omitted pursuant to the rules and regulations of the SEC, although the Company believes the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2011 and the notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC.

The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB establishes GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants, which the Company is required to follow.

Amortization expense of developed software amounted to $186,878 and $201,420 for the three months ended March 31, 2012 and 2011, respectively. Amortization expense of developed software, which relates to cost of sales, was presented as depreciation and amortization expense.

NOTE 2: Supplemental Schedule of Non-Cash Investing and Financing Activities

The Company paid approximately $185,010 and $18,705 for current and prior year tax estimates for the three months ended March 31, 2012 and 2011, respectively.

NOTE 3: Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and other accruals approximate their fair values because of their nature and expected duration.

NOTE 4: Debt Obligations and Liquidity

The Company had the following debt obligations.

In October 2010, in order to supplement the Company’s liquidity, Fairford advanced $500,000 to the Company. Subsequent to the advancement, the Company issued to Fairford a demand note, in the aggregate principal amount of $500,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand.

On December 31, 2010, a revolving loan (the “Loan Agreement”) the Company had with PNC Bank (“PNC”) matured. The Loan Agreement allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. At December 31, 2010, the outstanding principal under the Loan Agreement amounted to $825,000. On January 3, 2011, in order to supplement the Company’s liquidity, Fairford advanced $825,000 to the Company which enabled the Company to repay the revolving loan facility with PNC. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand.

The advances from Fairford of $1,325,000 documented in the form of two demand promissory notes were repaid and cancelled in May 2011. Accumulated interest under the promissory notes amounted to $23,919.

In March 2011, the Company received a purchase order for EIM licenses in the United Kingdom totaling approximately $6 million and received payment of approximately $7 million in May 2011, which includes VAT tax remittance. The EIM license agreement expands services provided to an existing customer and the revenue will be recognized over the term of the three-year license and service agreement. The license agreement does contain a termination clause which enables the customer to cancel the agreement after two years of service and return 80% of the unearned prepaid license fee. The maximum prepaid fee which could be claimed is approximately $1.5 million. The Company believes that this source of liquidity along with the cash on hand, and anticipated increased cash generated from future operating activities will be sufficient to support its operations over the next twelve months.

NOTE 5: New Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement Topic 820, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, which amends the definition of fair value measurement principles and disclosure requirements to eliminate differences between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy. As this update impacts disclosures only, the Company’s adoption of this guidance on January 1, 2012 did not impact the Company’s financial position, results of operations, or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Topic 220, Presentation of Comprehensive Income, which requires companies to include a statement of comprehensive income as part of its interim and annual financial statements. The new guidance gives companies the option to present net income and comprehensive income either in one continuous statement or in two separate but consecutive statements. This approach represents a change from current GAAP, which allows companies to report other comprehensive income (“OCI”) and its components in the statement of shareholders’ equity. The guidance also allows companies to present OCI either net of tax with details in the notes or shown gross of tax (with tax effects shown parenthetically). The Company’s disclosure of comprehensive income for the three months ended March 31, 2012 and 2011 is presented in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) in this Form 10-Q. Under the new guidance, certain information included in the Condensed Consolidated Statements of Shareholders’ Equity would be shown in the new statement of comprehensive income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning January 1, 2012 and should be applied retrospectively. The new guidance impacts presentation only and the Company’s adoption of this guidance on January 1, 2012 did not have an impact on its financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Topic 350, Testing of Goodwill for Impairment, which allows companies to assess qualitative factors to determine whether they need to perform the two-step quantitative goodwill impairment test. Under the option, an entity no longer would be required to calculate the fair value of a reporting unit unless it determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU may change how a company tests goodwill for impairment but should not change the timing or measurement of goodwill impairments. The ASU is effective for fiscal years beginning after December 15, 2011. The Company performed its annual goodwill impairment test as of October 31, 2011. The Company’s adoption of this guidance on January 1, 2012 has not had an impact on its results of operations, financial position, or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, Topic 210, Disclosures about Offsetting Assets and Liabilities. This update is intended to improve the comparability of statements of financial position prepared in accordance with U.S. GAAP and IFRS, requiring both gross and net presentation of offsetting assets and liabilities. The new requirements are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. As this guidance only affects disclosures, the adoption of this standard will not have an impact on the Company’s results of operations, financial position, or cash flows.

NOTE 6: Basic and Diluted Net Income Per Common Share

Basic earnings per share amounts are computed by dividing reported earnings available to common stockholders by the weighted average shares outstanding for the period. Diluted earnings per share amounts are computed by dividing reported earnings available to common stockholders by weighted average common shares outstanding for the period giving effect to securities considered to be potentially dilutive common shares, such as stock options.


	For the Three Months Ended March 31,
	2012		2011
Net income / (loss)	$	113,530	$	(342,516	)

Weighted average shares of common stock outstanding used to compute basic earnings per share		29,038,021		29,038,021
Additional common shares to be issued assuming exercise of stock options and stock warrants		220,000		—

Weighted average shares of common and common equivalent stock outstanding used to compute diluted earnings per share		29,258,021		29,038,021

Basic:
Net income / (loss) per share	$	0.00	$	(0.01	)

Weighted average common shares outstanding		29,038,021		29,038,021

Diluted:
Net income / (loss) per share	$	0.00	$	(0.01	)

Weighted average common and common equivalent shares outstanding		29,258,021		29,038,021

For the three months ended March 31, 2011, outstanding stock options were excluded from weighted average shares of common and common equivalent shares outstanding due to their anti-dilutive effect as a result of the Company’s net loss. Additional common shares to be issued, assuming exercise of stock options for the three months ended March 31, 2011, would have been 154,479.

Note 7: Stock Based Compensation

The Company’s Amended and Restated Stock Option and Restricted Stock Plan (the “Plan”) provided for the issuance of incentive and nonqualified stock options to purchase, and restricted stock grants of, shares of the Company’s Class A common stock. Individuals eligible for participation in the Plan included designated officers and other employees (including employees who also serve as directors), non-employee directors, independent contractors and consultants who perform services for the Company. The terms of each grant under the Plan were determined by the board of directors, or a committee of the board administering the Plan, in accordance with the terms of the Plan. Outstanding stock options become immediately exercisable upon a change of control of the Company as in accordance with the terms of the Plan. Stock options granted under the Plan typically become exercisable over a one to five year period. Generally, the options have various vesting periods, which include immediate and term vesting periods.

In 2002, the Company’s stockholders authorized an additional 2,000,000 shares available for grant under the Plan. In addition, the Company filed a registration statement on Form S-8 with the SEC. Such registration statement also covered certain options granted prior to the merger in 2001, which were not granted under the Plan (“Outside Plan Stock Options”).

On December 8, 2005, the Company’s stockholders ratified the CTI Group (Holdings) Inc. Stock Incentive Plan (the “Stock Incentive Plan”) at the Company’s 2005 Annual Meeting of Stockholders. In addition, the Company filed a registration statement on Form S-8 with the SEC. The Stock Incentive Plan replaced the Plan. No new grants will be granted under the Plan. Grants that were made under the Plan prior to the stockholders’ approval of the Stock Incentive Plan will continue to be administered under the Plan.

The Stock Incentive Plan is administered by the Compensation Committee of the board of directors. Under the Stock Incentive Plan, the Compensation Committee is authorized to grant awards to non-employee directors, executive officers and other employees of, and consultants and advisors to, the Company or any of its subsidiaries and to determine the number and types of such awards and the terms, conditions, vesting and other limitations applicable to each such award. In addition, the Compensation Committee has the power to interpret the Stock Incentive Plan and to adopt such rules and regulations as it considers necessary or appropriate for purposes of administering the Stock Incentive Plan.

The following types of awards or any combination of awards may be granted under the Stock Incentive Plan: (i) incentive stock options, (ii) non-qualified stock options, (iii) stock grants, and (iv) performance awards.

The maximum number of shares of Class A common stock with respect to which awards may be granted to any individual participant under the Stock Incentive Plan during each of the Company’s fiscal years will not exceed 1,500,000 shares of Class A common stock, subject to certain adjustments described in the Stock Incentive Plan.

The aggregate number of shares of Class A common stock that are reserved for awards, including shares of Class A common stock underlying stock options, to be granted under the Stock Incentive Plan is 6,000,000 shares, subject to adjustments for stock splits, recapitalizations and other specified events. As of March 31, 2012, there were 2,450,900 awards available for grant under the Stock Incentive Plan. If any outstanding award is cancelled, forfeited, or surrendered to the Company, shares of Class A common stock allocable to such award may again be available for awards under the Stock Incentive Plan. Incentive stock options may be granted only to participants who are executive officers and other employees of the Company or any of its subsidiaries on the day of the grant, and non-qualified stock options may be granted to any participant in the Stock Incentive Plan. No stock option granted under the Stock Incentive Plan will be exercisable later than ten years after the date it is granted.

At March 31, 2012, there were options to purchase 5,055,350 shares of Class A common stock outstanding consisting of 4,805,350 Plan and Stock Incentive Plan options and 250,000 Outside Plan Stock Options. There were exercisable options to purchase an aggregate of 4,139,602 shares of Class A common stock under the Plan and Stock Incentive Plan and options to purchase 250,000 shares of Class A common stock that were Outside Plan Stock Options as of March 31, 2012.

Information with respect to options was as follows:


	Options Shares			Exercise Price Range Per Share		Weighted Average Exercise Price
Outstanding, January 1, 2012		5,155,350		$	0.08 - $ 0.49	$	0.26
Granted		—			—		—
Exercised		—			—		—
Cancelled		(100,000	)	$	0.49	$	0.49

Outstanding, March 31, 2012		5,055,350		$	0.08 - $ 0.40	$	0.26

The following table summarizes options exercisable at March 31, 2012:


	Option Shares		Exercise Price Range Per Share		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Remaining Contractual Term
March 31, 2012		4,389,602	$	0.21 - $0.40	$	0.28		—		4.83 years

The following table summarizes non-vested options:


	Option Shares
January 1, 2012		665,748
Granted		—
Cancelled		—
Vested		—

March 31, 2012		665,748

The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes-Merton formula). Expected volatilities are based on implied volatilities from historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from general practices used by other companies in the software industry and estimates by the Company of the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

On February 16, 2007, the Company and Fairford Holdings Scandinavia AB (“Fairford Scandinavia”), a wholly-owned subsidiary of Fairford, entered into the Securities Purchase Agreement (the “Agreement”), dated February 16, 2007. Pursuant to the Agreement, on February 16, 2007, the Company issued to Fairford Scandinavia a Class A common stock Purchase Warrant (the “Original Warrant”) to purchase shares of Class A common stock of the Company in consideration for securing the issuance of a $2.6 million letter of credit (the “Letter of Credit”) from SEB Bank to National City Bank. Due to National City Bank’s receipt of the Letter of Credit, the Company was able to obtain the loan at a favorable cash-backed interest rate. Effective April 14, 2008, the Company entered into the Securities Purchase Agreement with Fairford Scandinavia and issued an additional warrant to Fairford Scandinavia to purchase shares of Class A common stock based on the interest rate savings (the “Additional Warrant”).

Pursuant to the Original Warrant, Fairford Scandinavia is entitled to purchase 419,495 shares of Class A common stock at the exercise price of $0.34 per share, subject to adjustments as described in the Original Warrant, at any time prior to the 10th anniversary of the date of issuance. Pursuant to the Additional Warrant, Fairford Scandinavia is entitled to purchase 620,675 shares of Class A common stock at the exercise price of $0.22 per share, subject to adjustments as described in the Additional Warrant, at any time prior to the 10th anniversary of the date of issuance. On December 31, 2009, Fairford Scandinavia sold all of its owned Class A shares, or 355,099 shares to Fairford for SEK 2.80362 ($0.39) per share. As of March 31, 2012, Fairford beneficially owned 63.7% of the Company’s outstanding Class A common stock and Fairford Scandinavia owned warrants to purchase 1,040,170 shares of the Company’s Class A common stock. Mr. Osseiran, the majority holder of the Company’s Class A common stock and a director of the Company, is a director of Fairford, the President of Fairford Scandinavia and a grantor and sole beneficiary of a revocable trust which is the sole stockholder of Fairford. Mr. Dahl, a director of the Company, is a director of Fairford and the Chairman of Fairford Scandinavia. The Original Warrant and Additional Warrant vested immediately upon grant.

Included within selling, general and administrative expense for the three months ended March 31, 2012 and March 31, 2011 was $10,081 and $9,377, respectively, of stock-based compensation. Stock-based compensation expenses are recorded in the Corporate Allocation segment as these amounts are not included in internal measures of segment operating performance.

NOTE 8: Indemnification to Customers

The Company’s agreements with customers generally require the Company to indemnify the customer against claims that the Company’s software infringes third party patent, copyright, trademark or other proprietary rights. Such indemnification obligations are generally limited in a variety of industry-standard provisions including our right to replace the infringing product. As of March 31, 2012, the Company did not experience any material losses related to these indemnification obligations and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, the Company has not established any related accruals.

NOTE 9: Contingencies

The Company is, from time to time, subject to claims and administrative proceedings in the ordinary course of business.

NOTE 10: Income Taxes

The Company records a valuation allowance against its net deferred tax asset to the extent management believes, it is more likely than not, that the asset will not be realized. As of March 31, 2012, the Company’s valuation allowance related only to net deferred tax assets in the United States.

The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. As of March 31, 2012 and March 31, 2011, the Company had $103,712 and $86,996 of unrecognized tax benefits, respectively, all of which would favorably affect the Company’s effective tax rate if recognized. The Company and its subsidiaries are subject to U.S. federal and state income taxes as well as foreign income tax in the United Kingdom. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company had amounts accrued for interest and penalties as of March 31, 2012.

For the three months ended March 31, 2012 and March 31, 2011, the Company had $223,200 and $42,984, respectively, of income tax expense. The income tax expense is primarily related to the United Kingdom operations.

NOTE 11: Segment Information

The Company has two reportable segments, EIM and CAMRA. These segments are managed separately because the services provided by each segment require different technology and marketing strategies. For the three months ended March 31, 2011, the Company had four reportable segments. Segment information for the three months ended March 31, 2011 has been reclassified for comparative purposes.

As the Company’s VoIP products evolved, the Company merged the former VoIP segment and Telemanagement segment. The Company believes that the market for these former segments has merged the product offerings. In 2012, the Company no longer views these as separate segments and therefore shares the resources to develop and market these products into the CAMRA segment. The Company shares distribution channels, marketing, sales and research and development resources within the segment. Patent enforcement involved the licensing, protection, enforcement and defense of the Company’s intellectual property and rights. In 2012, the Company will no longer show patent enforcement as a business segment as it has become immaterial due to a shift away from the marketing approach to patent enforcement activities as a business strategy.

Electronic Invoice Management: EIM designs, develops and provides electronic invoice presentment and analysis software that enables internet-based customer self-care for wireline, wireless and convergent providers of telecommunications services. EIM software and services are used primarily by telecommunications services providers to enhance their customer relationships while reducing the providers operational expenses related to paper-based invoice delivery and customer support relating to billing inquiries. The Company provided these services primarily through facilities located in Indianapolis, Indiana and Blackburn, United Kingdom.

Call Accounting Management and Recording: CAMRA designs, develops and provides software and services used by enterprise, governmental, institutional end users and managed and hosted customers of service providers to manage their telecommunications service and equipment usage and to analyze voice, video, and data usage, record and monitor communications and perform administrative and back office functions such as cost allocation or client bill back. These applications are commonly available in the market as enterprise-grade products. Customers typically purchase the CAMRA products when upgrading or acquiring a new enterprise communications platform.

Reconciling items for operating income (loss) in the table below represent corporate expenses, legal costs for patent enforcement and depreciation all of which are in the United States.

The accounting policies for segment reporting are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2012 and 2011 is shown in the following tables.


	For Three Months Ended March 31, 2012
	Electronic Invoice Management		Call Accounting Management and Recording			Corporate Allocation			Consolidated
Revenues	$	2,949,225	$	1,418,612		$	—		$	4,367,837
Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization		2,349,354		863,572			—			3,212,926
Depreciation and amortization		343,833		100,703			1,014			445,550
Income (loss) from operations		892,169		(252,680	)		(305,683	)		333,806
Long-lived assets		6,348,405		784,861			11,452			7,144,718

	For Three Months Ended March 31, 2011
	Electronic Invoice Management		Call Accounting Management and Recording			Corporate Allocation			Consolidated
Revenues	$	2,535,824	$	1,580,542		$	—		$	4,116,366
Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization		1,954,629		850,751			—			2,805,380
Depreciation and amortization		323,948		118,155			2,546			444,649
Income (loss) from operations		330,817		(325,802	)		(289,963	)		(284,948	)
Long-lived assets		7,332,670		834,292			5,260			8,172,222

The following table presents net revenues by geographic location.


	For Three Months Ended March 31, 2012
	United States			United Kingdom		Consolidated
Revenues	$	992,749		$	3,375,088	$	4,367,837
Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization)		720,175			2,492,751		3,212,926
Depreciation and amortization		104,679			340,871		445,550
Income (loss) from operations		(366,399	)		700,205		333,806
Long-lived assets		6,008,841			1,135,877		7,144,718

	For Three Months Ended March 31, 2011
	United States			United Kingdom		Consolidated
Revenues	$	910,038		$	3,206,328	$	4,116,366
Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization)		712,535			2,092,845		2,805,380
Depreciation and amortization		128,121			316,528		444,649
Income (loss) from operations		(312,928	)		27,980		(284,948	)
Long-lived assets		6,728,778			1,443,444		8,172,222

NOTE 12 –RELATED PARTY TRANSACTIONS

On December 31, 2010, the Loan Agreement the Company had with PNC matured. The Loan Agreement allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. At December 31, 2010 outstanding principal under the Loan Agreement amounted to $825,000. On January 3, 2011, in order to supplement the Company’s liquidity, Fairford advanced $825,000 to the Company which enabled the Company to repay the revolving loan facility with PNC. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. The advances from the shareholder, Fairford, totaling $1,325,000, documented in the form of two demand promissory notes, were repaid and cancelled in May 2011. Accumulated interest paid under the promissory notes amounted to $23,919.

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

Overview

In previous years, the Company had four business segments. Due to changes in the products and strategy, the Company has changed the way it views its segments and has reduced the number of segments to two. Prior period segment information was reclassified for comparative purposes.

The Company generates its revenues and cash from several sources: software sales, license fees, processing fees, implementation fees, and training and consulting services.

The Company’s software products and services are subject to changing technology and evolving customer needs which require the Company to continually invest in research and development in order to respond to such demands. The limited financial resources available to the Company require the Company to concentrate on those business segments and product lines which the Company believes will provide the greatest returns on investment. The EIM segment, as compared to the other business segment, provides the predominant share of income from operations and cash flow from operations. The majority of CAMRA segment revenues are derived from its United Kingdom operations but the Company believes that most of the growth in the CAMRA segment will occur in the United States.

The Company reported revenue in the EIM segment of $2.9 million and $2.5 million for the three months ended March 31, 2012 and 2011, respectively. For the CAMRA segment, the Company recorded revenues of $1.4 million and $1.6 million for the three months ended March 31, 2012 and 2011, respectively.

The Company believes that as voice and data services continue to commoditize, service providers will seek alternative business models to replace revenue lost as a result of pricing pressures. One such business model is the delivery of managed or hosted voice and video services.

Traditionally, organizations that required advanced voice and video services would purchase enabling communications hardware and software, operate and maintain this equipment, and depreciate the associated capital expense over time. This approach had two major disadvantages for such organizations. The first being that organizations would experience significant capital and operational expenditures related to acquiring these advanced services. The second being that the capabilities of the acquired equipment would not materially improve as voice and video service technology evolved.

Service providers recognized these challenges and began, as part of their next generation network (“NGN”) strategies, to deliver managed and hosted service offerings that do not require the customer to purchase expensive equipment up-front and virtually eliminate the operational expenditures associated with managing and maintaining an enterprise-grade communications network. Service providers incrementally improve revenue by enabling competitive voice and video features while reducing costs by delivering these services on high-capacity, low-cost NGNs.

Due to the profitability and average revenue per user advantage possible by delivering such managed and hosted service offerings, providers not only look at acquiring new customers but converting legacy customers onto the NGN platform. The Company believes that this conversion process is significant. Many legacy features and functions are not available on NGN platforms, primarily due to the immaturity of the service delivery model.

The Company’s CAMRA applications will help eliminate customer resistance to conversion to next generation platforms, while creating new revenue opportunities for service providers through the delivery of compelling value added services. In 2007, the Company marketed two applications, emPulse, a web-based communications traffic analysis solution, and SmartRecord^® IP, which enable service providers to selectively intercept communications on behalf of their hosted and managed service customers. These applications also enable managed and hosted service customers of service providers to analyze voice, video, and data usage, record and monitor communications, and perform administration and back office functions such as cost allocation or client bill back. These applications were released as enterprise-grade products. The Company anticipates that customers will purchase these products when upgrading or acquiring a new enterprise communications platform. The Company has taken the business benefits of these enterprise-grade applications and has delivered provider-grade managed and hosted service applications, enabling service providers to create a new recurring revenue stream, while ensuring that enterprise customers have the tools necessary and relevant to their particular line of business or vertical.

Financial Condition

In the three months ended March 31, 2012, the stockholders’ equity increased $34,800 from $4,725,044 as of December 31, 2011 to $4,759,844 as of March 31, 2012 primarily as a result of the three months ended March 31, 2012 net income of $113,530, partially off-set by other comprehensive loss of $88,811. The Company realized a decrease in net current assets (current assets, less current liabilities) of approximately $280,329 which was primarily attributable to increases in income tax payable and accrued compensation in the three months ended March 31, 2012.

At March 31, 2012, cash and cash equivalents were $3,714,528 compared to $2,945,182 at December 31, 2011, and such increase was primarily attributable to cash provided by operating activities offset by cash used in investing activities. Cash provided by operating activities in the three months ended March 31, 2012 amounted to $960,405 which was primarily related to net income of $113,530 along with depreciation and amortization of $445,550 and a decrease in receivables of $710,229 which was partially offset by a decrease in deferred revenue of $517,508. Cash utilized in investing activities of $305,021 related to additions to property, equipment and software. The Company generates approximately 77% of its revenues from operations in the United Kingdom where the functional currency, the United Kingdom pound, has improved by 3.4% in relation to the United States dollar during the three month period ended March 31, 2012.

In October 2010, in order to supplement the Company’s liquidity, Fairford advanced to the Company $500,000. Subsequent to the advancement, the Company issued to Fairford a demand note, in the aggregate principal amount of $500,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. Principal and interest outstanding under the Company’s revolving loan facility matured on December 30, 2010. The revolving loan facility, however, allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. Outstanding principal under the revolving loan facility amounted to $825,000 on December 30, 2010. On January 3, 2011, in order to supplement the Company’s liquidity which enabled the Company to repay the revolving loan facility with PNC, Fairford advanced to the Company $825,000. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. The advances from Fairford of $1,325,000 documented in the form of two demand promissory notes were repaid and cancelled on May 10, 2011. Accumulated interest paid under the promissory notes amounted to $23,919.

Results of Operations (Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2011)

Revenues

Revenues from operations for the three months ended March 31, 2012 increased $251,471, or 6.1%, to $4,367,837 as compared to $4,116,366 for the three months ended March 31, 2011. Revenues derived from the United Kingdom operations represented 77.3% and 77.9% of total revenues for the three months ended March 31, 2012 and 2011, respectively. The increase in United Kingdom revenues was primarily related to increased sales in the United Kingdom EIM segment due to new customers acquired during 2011. The United States revenues increased by $82,711, or 9.1%, to $992,749 for the three months ended March 31, 2012 compared to $910,038 for the three months ended March 31, 2011. Such increase was primarily related to an increase in revenue in the CAMRA segment. The Company earns a substantial portion of its revenue from a single EIM customer. This customer represented 9.3% of the total revenues for the three months ended March 31, 2012 and 12.3% for the three months ended March 31, 2011. The Company believes that the portion of revenue from the single largest EIM customer will continue to decline due to the erosion of such customer’s customer base and an increase in other sources of revenue.

Cost of Products and Services Excluding Depreciation and Amortization

Cost of products and services, excluding depreciation and amortization, for the three months ended March 31, 2012, decreased $156,075, or 11.9%, to $1,154,911, as compared to $1,310,986 for the three months ended March 31, 2011. The decrease was primarily related to cost reductions undertaken in 2011 in the United Kingdom related to the CAMRA segment. The cost of products and services, excluding depreciation and amortization, related to the CAMRA segment decreased $174,751 to $555,040 for the three months ended March 31, 2012 from $729,791 for the three months ended March 31, 2011. The costs of products and services, excluding depreciation and amortization, related to the EIM segment increase by $18,676 to $599,871 for the three months ended compared to $581,195 for the three months ended March 31, 2011. The cost of products and services, excluding depreciation and amortization, was 26.4% of revenue for the three months ended March 31, 2012, as compared to 31.8% of revenue for the three months ended March 31, 2011. The decrease in percentage is related to the cost reductions in the United Kingdom along with the increase in revenue with a relatively fixed cost structure.

Patent License Fee and Enforcement Cost

The Company no longer views Patent Enforcement as a segment. The legal costs associated with Patent Enforcement are now classified as Selling, General and Administrative Costs. The three months ended March 31, 2011 Patent License Fee and Enforcement Cost of $382 was reclassified for comparative purposes.

Selling, General and Administrative Costs

Selling, general and administrative expenses for the three months ended March 31, 2012 decreased $191,569, or 9.4%, to $1,841,002 compared to $2,032,571 for the three months ended March 31, 2011. The decrease was primarily due to cost reductions related to staff size untaken in 2011 in the United Kingdom related to the CAMRA segment and in the United States and United Kingdom related to the EIM segment. Selling, general and administrative costs related to the CAMRA segment decreased by $96,081 to $734,149 for the three months ended March 31, 2012 compared to $830,230 for the three months ended March 31, 2011. Selling, general and administrative costs related to the EIM segment decreased by $112,740 to $802,184 for the three months ended March 31, 2012 compared to $914,924 for the three months ended March 31, 2011. Selling, general and administrative costs related to the Corporate allocation increased by $17,252 to $304,669 for the three months ended March 31, 2012 compared to $287,417 for the three months ended March 31, 2011.

Research and Development Expense

Research and development expense for the three months ended March 31, 2012 decreased $20,540, or 3.4%, to $592,568 as compared to $613,108 for the three months ended March 31, 2011. Research and development costs related to the CAMRA segment increase $53,232 to $281,400 for the three months ended March 31, 2012 compared to $228,168 for the three months ended March 31, 2011. Research and development expense related to the EIM segment decreased $73,772 to $311,168 for the three months ended March 31, 2012 compared to $384,940 for the three months ended March 31, 2011. Research and development costs that were capitalized during the three months ended March 31, 2012 and March 31, 2011 amounted to $257,051 and $220,997, respectively. Research and development costs allocated to cost of goods sold during the three months ended March 31, 2012 and March 31, 2011 amounted to $219,966 and $312,714, respectively.

Depreciation and Amortization

Depreciation and amortization for the three months ended March 31, 2012 increased $901 to $445,550 from $444,649 in the three months ended March 31, 2011.

Amortization expense of developed software amounted to $186,877 and $201,420 for the three months ended March 31, 2012 and 2011, respectively. Amortization expense of developed software, which relates to cost of sales, was presented as depreciation and amortization expense.

Other Income and Expense

The Company realized an interest income of $2,924 for the three months ended March 31, 2012 compared to an interest expense of $14,584 for the three months ended March 31, 2011. The change in interest was primarily associated with a payoff of all debt in 2011 and the Company having cash earning interest in 2012.

Taxes

The Company records a valuation allowance against its net deferred tax asset to the extent management believes that it is more likely than not that the asset will not be realized. As of March 31, 2012, the Company’s valuation allowance related to the net deferred tax assets in the United States.

The tax expense for the three months ended March 31, 2012 and March 31, 2011 of $223,200 and $42,984, respectively, was due to the pre-tax income in the United Kingdom of $707,127 and $26,880, respectively.

Net Income / (Loss)

The Company realized a net income for the three months ended March 31, 2012 of $113,530 compared to a net loss of $342,516 for the three months ended March 31, 2011. The change to net income was primarily associated with increased revenues and benefits of the cost reductions incurred in 2011.

Liquidity and Capital Resources

Historically, the Company’s principal needs for funds have been for operating activities (including costs of products and services, patent enforcement activities, selling, general and administrative expenses, research and development, and working capital needs) and capital expenditures, including software development. Cash flows from operations and existing cash and cash equivalents have been adequate to meet the Company’s business objectives. Cash and cash equivalents, increased $769,346 to $3,714,528 as of March 31, 2012 compared to $2,945,182 as of December 31, 2011. The increase in cash, cash equivalents, and short-term investments during the three months ended March 31, 2012 was predominately related to cash flows provided by operations of $960,405, partially off-set by cash spent on property, equipment, and software of $305,021. The effect of foreign currency exchange rates on cash and cash equivalents was a gain of $113,962.

Cash is generated from (or utilized in) the income/(loss) from operations for each segment (see Note 11 to the Consolidated Financial Statements (unaudited) of Part I, Item 1 of this Form 10-Q). The EIM and CAMRA segments represented income / (loss) from operations for the three months ended March 31, 2012 of $892,169 and ($252,680), respectively. The Corporate Allocation expense was $(305,683) for the three months ended March 31, 2012. The United States location generated a loss from operations for the three months ended March 31, 2012 of $(366,399) which was primarily associated with losses generated in the CAMRA segment and the Corporate Allocations expense. The United Kingdom location generated income from operations for the same period of $700,205.

Off-Balance Sheet Arrangements

The Company has no material off-balance sheet arrangements.

Critical Accounting Policies and Estimates

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to revenue recognition, bad debts, depreciation and amortization, investments, income taxes, capitalized software, goodwill, restructuring costs, accrued compensation, contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The Company believes the following critical accounting policies affect the more significant judgments and estimates used in the preparation of the consolidated financial statements. For the description of other critical accounting policies used by the Company, see Item 8. “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Income Taxes. The Company is required to estimate its income taxes. This process involves estimating the Company’s actual current tax obligations together with assessing differences resulting from different treatment of items for tax and accounting purposes which result in deferred income tax assets and liabilities.

The Company accounts for income taxes using the liability method. Under the liability method, a deferred tax asset or liability is determined based on the difference between the financial statement and tax bases of assets and liabilities, as measured by the enacted tax rates assumed to be in effect when these differences are expected to reverse.

The Company’s deferred tax assets are assessed for each reporting period as to whether it is more likely than not that they will be recovered from future taxable income, including assumptions regarding on-going tax planning strategies. To the extent the Company believes that recovery is uncertain, the Company has established a valuation allowance for assets not expected to be recovered. Changes to the valuation allowance are included as an expense or benefit within the tax provision in the statement of operations. As of March 31, 2012, the Company’s valuation allowance related only to net deferred tax assets in the United States. As a result, the Company’s tax expense relates to the United Kingdom operations and the Company does not anticipate recording significant tax charges or benefits related to operating gains or losses for the Company’s United States operations.

The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of Indiana and foreign income tax in the United Kingdom. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not have any amounts accrued for interest and penalties at March 31, 2012.

The Company’s tax filings are subject periodically to regulatory review and audit.

Research and Development and Software Development Costs. Research and development costs are charged to operations as incurred. Software Development Costs are considered for capitalization when technological feasibility is established. The Company bases its determination of when technological feasibility is established based on the development team’s determination that the Company has completed all planning, designing, coding and testing activities that are necessary to establish that the product can be produced to meet its design specifications including, functions, features, and technical performance requirements.

Goodwill and Intangible Assets. The Company considers the goodwill and related intangible assets related to CTI Billing Solutions Limited to be the premium the Company paid for CTI Billing Solutions Limited. For accounting purposes, these assets are maintained at the corporate level and the Company considers the functional currency with respect to these assets the United States dollar.

Goodwill is tested for impairment on an annual basis and between annual tests in certain circumstances, and written down when impaired. No impairment was identified in 2011. Purchased intangible assets other than goodwill are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets, generally 3-15 years. Intangible assets consist of patents, purchased technology, trademarks and trade names, and customer lists.

The Company has allocated goodwill and a significant component of its intangible assets to CTI Billing Solutions Limited, as that entity is considered a separate reporting unit. The Company performed its annual impairment analysis on goodwill as of October 1, 2011, to coincide with the calendar date set in past years for this analysis. The Company’s analysis considered the projected cash flows of the reporting unit and gave consideration to appropriate factors in determining a discount rate to be applied to these cash flows. The results of this analysis indicated that there was no impairment as of the date of our annual impairment determination and that further impairment analysis was not required.

The Company’s Class A common stock price dropped significantly in the fourth quarter of 2008 and has remained at low levels. As of May 3, 2012, the Company’s Class A common stock closed at $0.25 per share and the “market cap” for the Company’s stock was approximately $7.3 million which was above the Company’s reported book value at March 31, 2012 of approximately $4.8 million.

Because of the Company’s continued low “market cap”, the Company reviewed the assumptions utilized in the impairment determination and again found that there existed no impairment. The Company’s operations of the business unit are primarily based on recurring revenues and have not experienced an adverse change in anticipated performance considered in the impairment analysis. The business units operating performance subsequent to the goodwill impairment analysis has exceeded anticipated performance through the most recent period that information is available. The Company believes that the year-end analysis is sufficiently current and no formal analysis has been performed at March 31, 2012.

The Company recognizes that the market for our stock is often significantly below our book value which the Company attributes to a number of factors including very limited trading in the Company’s Class A common stock; a significant portion of the Company’s Class A common stock (approximately 67%) is beneficially owned by a majority stockholder, an overall “flight to quality” by investors in which many “penny stocks” such as CTI’s have been significantly downgraded in terms of pricing and an overall lack of public awareness of its operations. While the Company cannot quantify the impacts of these factors in terms of how they impact the difference between book value and our stock’s “market cap,” the Company does not believe that the market in its Class A common stock is sufficiently sophisticated to make a proper determination of the value of the Company’s Class A common stock such that it should drive the Company to reach a conclusion that impairment of its goodwill has occurred when the Company believes that generally accepted valuation techniques using its most recent assessments as to the future performance of our business indicate that it is not impaired. The Company will continue in the future to be aware of the market cap in our assessment of its goodwill and may more frequently update its analysis of goodwill impairment in light of this situation. The Company believes the year-end analysis is sufficiently current and no formal analysis has been performed at March 31, 2012. If the Company assesses market condition changes in our business, it may be required to reflect additional goodwill impairment in the future.

Long-Lived Assets. The Company reviews the recoverability of the carrying value of its long-lived assets on an annual basis. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. When such events occur, the Company compares the carrying amount of the assets to the undiscounted expected future cash flows. If this comparison indicates there is impairment, the amount of the impairment is typically calculated using discounted expected future cash flows.

Revenue Recognition and Accounts Receivable Reserves. The Company records revenue when it is realized, or realizable, and earned. Revenues from software licenses are recognized upon shipment, delivery or customer acceptance, based on the substance of the arrangement or as defined in the sales agreement provided there are no significant remaining vendor obligations to be fulfilled and collectability is reasonably assured. Software sales revenue is generated from licensing software to new customers and from licensing additional users and new applications to existing customers.

The Company’s sales arrangements typically include services in addition to software. Service revenues are generated from support and maintenance, processing, training, consulting, and customization services. For sales arrangements that include bundled software and services, the Company accounts for any undelivered service offering as a separate element of a multiple-element arrangement. Amounts deferred for services are determined based upon vendor-specific objective evidence of the fair value of the elements. Support and maintenance revenues are recognized on a straight-line basis over the term of the agreement. Revenues from processing, training, consulting, and customization are recognized as provided to customers. If the services are essential to the functionality of the software, revenue from the software component is deferred until the essential service is complete.

If an arrangement to deliver software or a software system, either alone or together with other products or services, requires significant production, modification, or customization of software, the service element does not meet the criteria for separate accounting set forth in the guidance related to software revenue recognition. If the criteria for separate accounting are not met, the entire arrangement is accounted for in conformity guidance related to contract accounting. The Company carefully evaluates the circumstances surrounding the implementations to determine whether the percentage-of-completion method or the completed-contract method should be used. Most implementations relate to the Company’s Telemanagement products and are completed in less than 30 days once the work begins. The Company uses the completed-contract method on contracts that will be completed within 30 days since it produces a result similar to the percentage-of-completion method. On contracts that will take over 30 days to complete, the Company uses the percentage-of-completion method of contract accounting.

The Company also realizes patent license fee and enforcement revenues. These revenues are realized once the Company has received a signed settlement or judgment and the collection of the receivable is deemed probable.

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company continuously monitors collections and payments from its customers and the allowance for doubtful accounts is based on historical experience and any specific customer collection issues that the Company has identified. If the financial condition of its customers were to deteriorate resulting in an impairment of their ability to make payments, additional allowances may be required. Where an allowance for doubtful accounts has been established with respect to customer receivables, as payments are made on such receivables or if the customer goes out of business with no chance of collection, the allowances will decrease with a corresponding adjustment to accounts receivable as deemed appropriate.

Legal Costs Related to Patent Enforcement Activities. Hourly legal costs incurred while pursuing patent license fee and enforcement revenues are expensed as incurred. Legal fees that are contingent on the successful outcome of an enforcement claim are recorded when the patent license fee and enforcement revenues are realized.

Stock Based Compensation. The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant. The Company uses the Black-Scholes-Merton formula to calculate the fair value of the stock options.

The Company recognizes compensation cost net of a forfeiture rate and recognizes the compensation cost for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The Company estimated the forfeiture rate based on its historical experience and its expectations about future forfeitures.

Included within selling, general and administrative expense for the three months ended March 31, 2012 and March 31, 2011 was $10,082 and $9,377, respectively, of stock-based compensation. Stock-based compensation expenses are recorded in the Corporate Allocation segment as these amounts are not included in internal measures of segment operating performance.

The Company estimates it will recognize approximately $29,000, $9,000, $6,000 and $0 for the fiscal years ending December 31, 2012, 2013, 2014 and 2015, respectively, of compensation costs for non-vested stock options previously granted to employees.

New Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not Applicable.

Item 4. Controls and Procedures.

The Company, under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Form 10-Q. Based on this evaluation, the principal executive officer and principal financial officer concluded that as of March 31, 2012, the Company’s disclosure controls and procedures were effective in reaching a reasonable level of assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

The Company’s principal executive officer and principal financial officer also conducted an evaluation of internal control over financial reporting (“Internal Control”) to determine whether any changes in Internal Control occurred during the quarter covered by this report that have materially affected or which are reasonably likely to materially affect Internal Control. Based on that evaluation, there has been no such change during the quarter covered by this Form 10-Q.

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. The Company conducts periodic evaluations to enhance, where necessary, its procedures and controls.

PART II — OTHER INFORMATION

Item 1 – Legal Proceedings.

The Company is from time to time subject to claims and administrative proceedings that are filed in the ordinary course of business and are unrelated to Patent Enforcement.

Qwest Corporation

The Company previously disclosed that on May 11, 2004, an action was brought against the Company in the United States District Court for the Western District of Washington by Qwest Corporation seeking a declaratory judgment of non-infringement and invalidity of the Company’s Patent No. 5,287,270. An amended complaint was filed on July 13, 2004 adding Qwest Communications Corporation to that action. The Company filed a motion with the United States District Court for the Western District of Washington seeking to dismiss that action or, in the alternative, to transfer it to the United States District Court for the Southern District of Indiana.

On November 12, 2004, the United States District Court for the Western District of Washington granted the Company’s motion to the extent of transferring the action to the United States District Court for the Southern District of Indiana. The Company asserted counterclaims alleging patent infringement and the United States District Court for the Southern District of Indiana then consolidated the transferred action with the pending patent infringement lawsuit disclosed above under “BellSouth Corporation et al.”

On January 9, 2008, the United States District Court for the Southern District of Indiana issued its claim construction for U.S. Patent No. 5,287,270. On January 18, 2008, the Qwest entities filed a motion for stay and a summary judgment motion of invalidity based on the construction of one of the claim terms. The motions were fully briefed on an expedited basis and on February 26, 2008, the court denied the motions. Fact discovery closed on December 23, 2008. Expert discovery was completed on April 1, 2009. On April 15, 2009, the parties filed various summary judgment motions related to patent infringement and invalidity and immunity from suit concerning the Networx government contracts. On September 22, 2009, the Court granted the Qwest entities’ motion for summary judgment of immunity from suit concerning the Networx government contracts, thereby requiring the Company to sue the Government in the Court of Federal Claims. On October 29, 2009, the Court ruled on the parties’ patent invalidity and noninfringement summary judgment motions. The Court held that the Company’s U.S. Patent No. 5,287,270 was valid but not infringed by the Qwest entities. In November 2009, the Company filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit (Federal Circuit). The Qwest entities subsequently cross appealed. Briefing before the Federal Circuit was completed, and, on January 20, 2011, the Federal Circuit reversed the district court’s decision. On February 22, 2011, the Qwest entities filed a Petition for a Rehearing en banc. The Federal Circuit denied the petition on April 25, 2011, and remanded the case to the district court. The district court subsequently allowed the parties to file new motions for summary judgment directed to infringement issues not presented to the Federal Circuit. The parties filed cross-motions for summary judgment on September 16, 2011, and completed the briefing process on November 21, 2011. These motions remain pending. If the district court were to deny Qwest’s motion for summary judgment of non-infringement, it would schedule a trial six to 12 months after its ruling.

Item 1A – Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 which could materially affect the Company’s business, financial condition or future results. The risk factors in the Company’s Annual Report on Form 10-K have not materially changed. The risks in the Company’s Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3 – Defaults Upon Senior Securities.

None.

Item 4 – Mine Safety Disclosure

Not applicable.

Item 5 – Other Information.

None.

Item 6 – Exhibits.

Exhibit 11.1 Statement re computation of per share earnings, incorporated by reference to Note 6 to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q

Exhibit 31.1-Chief Executive Officer Certification pursuant to Securities Exchange Act Rule 13a-14(a) / 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 31.2-Chief Financial Officer Certification pursuant to Securities Exchange Act Rule 13a-14(a) / 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32.1- Section 1350 Certification of the Chief Executive Officer

Exhibit 32.2- Section 1350 Certification of the Chief Financial Officer

Exhibit 101- The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011, (ii) Consolidated Statements of Operations for each of the three and nine months ended March 31, 2012 and 2011, (iii) Consolidated Statements of Cash Flows for each of the nine months ended March 31, 2012 and 2011, and (iv) Notes to Consolidated Financial Statements.*

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CTI Group (Holdings) Inc.


/s/ John Birbeck
John Birbeck		Date: May 15, 2012
Chief Executive Officer
(Principal Executive Officer)

/s/ Manfred Hanuschek
Manfred Hanuschek		Date: May 15, 2012
Chief Financial Officer
(Principal Financial Officer)

EX-31.1 2 d350196dex311.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

Exhibit 31.1

CERTIFICATION

I, John Birbeck, certify that:

1. I have reviewed this Form 10-Q of CTI Group (Holdings) Inc.;

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

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

4. The registrant’s other certifying officer(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)) for the registrant and have:

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

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

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

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

5. The registrant’s other certifying officer(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: May 15, 2012

/s/ John Birbeck

John Birbeck

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 d350196dex312.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

Exhibit 31.2

CERTIFICATION

I, Manfred Hanuschek, certify that:

1. I have reviewed this Form 10-Q of CTI Group (Holdings) Inc.;

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

Date: May 15, 2012

/s/ Manfred Hanuschek

Manfred Hanuschek

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 d350196dex321.htm SECTION 906 CEO CERTIFICATION Section 906 CEO 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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of CTI Group (Holdings) Inc. (the “Company”) does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2012 (the “Report”) 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: May 15, 2012		/s/ John Birbeck
		John Birbeck
		Chief Executive Officer

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code) and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2 5 d350196dex322.htm SECTION 906 CFO CERTIFICATION Section 906 CFO Certification

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(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: May 15, 2012		/s/ Manfred Hanuschek
		Manfred Hanuschek
		Chief Financial Officer

EX-101.INS 6 ctig-20120331.xml XBRL INSTANCE DOCUMENT 0000355627 2012-05-03 0000355627 2012-03-31 0000355627 2011-12-31 0000355627 2012-01-01 2012-03-31 0000355627 2011-01-01 2011-03-31 0000355627 2010-12-31 0000355627 2011-03-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD CTI GROUP HOLDINGS INC 0000355627 --12-31 Smaller Reporting Company 10-Q false 2012-03-31 Q1 2012 29178271

3714528

2945182

3282994

3913278

70699

59781

470797

568701

12740

391825

414058

7872884

7841219

1947913 1923216

2348461

2510937

2769589

78755

78808

15017602

15123769

286364

324661

988530

1030278

479710

312256

670636

591631

29241

4574586

4399765

6999826

6687832

47598

74275

2567828

3034196

642506

602422

10257758

10398725

291783

.01

47166666

29178271

26071573

26061492

-21825736

-21939266

414367

503178

192143

140250

4759844

4725044

15017602

15123769

4367837 4116366

1154911

1310986

1841002

2032571

592568

613108

445550

444649

4034031

4401314

333806

-284948

-2924

14584

2924

-14584

336730

-299532

223200

42984

113530

-342516

88811

37914

24719

-380430

-0.01

29038021

29258021

29038021

10891

1255

-22623

78021

23343 26108

10081

9377

-710299

7414240

-24623

-107921

33503

57074

-55019

-21835

-155098

-44637

360208

-71291 1231968

162625

271023

-517508

5638136

960404

342972

305021

655482

-305021

-655482

825000

838509

13509

113963

26016

769346

-272985

680046

407061

NOTE 1: Business and Basis of Presentation The Company designs, develops, markets and supports billing and data management software and services. The Company operates in two business segments: Electronic Invoice Management (“EIM”), and Call Accounting Management and Recording (“CAMRA”). The majority of the Company’s business is in Europe and North America. The Company was originally incorporated in Pennsylvania in 1968 and reincorporated in the State of Delaware in 1988, pursuant to a merger of CTI into a wholly owned subsidiary formed as a Delaware corporation. In November 1995, the Company changed its name to CTI Group (Holdings) Inc. The Company is comprised of two business segments: EIM and CAMRA. EIM designs, develops and provides electronic invoice presentment and analysis software that enables internet-based customer self-care for wireline, wireless and convergent providers of telecommunications services. EIM software and services are used primarily by telecommunications services providers to enhance their customer relationships while reducing the providers operational expenses related to paper-based invoice delivery and customer support relating to billing inquiries. The Company provided these services primarily through facilities located in Indianapolis, Indiana and Blackburn, United Kingdom. CAMRA designs, develops and provides software and services used by enterprise, governmental, institutional end users and managed and hosted customers of service providers to manage their telecommunications service and equipment usage and to analyze voice, video, and data usage, record and monitor communications and perform administrative and back office functions such as cost allocation or client bill back. These applications are commonly available in the market as enterprise-grade products. Customers typically purchase the CAMRA products when upgrading or acquiring a new enterprise communications platform. The accompanying consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Certain information in footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), has been condensed or omitted pursuant to the rules and regulations of the SEC, although the Company believes the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2011 and the notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB establishes GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants, which the Company is required to follow. Amortization expense of developed software amounted to $186,878 and $201,420 for the three months ended March 31, 2012 and 2011, respectively. Amortization expense of developed software, which relates to cost of sales, was presented as depreciation and amortization expense.

NOTE 2: Supplemental Schedule of Non-Cash Investing and Financing Activities The Company paid approximately $185,010 and $18,705 for current and prior year tax estimates for the three months ended March 31, 2012 and 2011, respectively.

NOTE 3: Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and other accruals approximate their fair values because of their nature and expected duration.

NOTE 4: Debt Obligations and Liquidity The Company had the following debt obligations.   In October 2010, in order to supplement the Company’s liquidity, Fairford advanced $500,000 to the Company. Subsequent to the advancement, the Company issued to Fairford a demand note, in the aggregate principal amount of $500,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. On December 31, 2010, a revolving loan (the “Loan Agreement”) the Company had with PNC Bank (“PNC”) matured. The Loan Agreement allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. At December 31, 2010, the outstanding principal under the Loan Agreement amounted to $825,000. On January 3, 2011, in order to supplement the Company’s liquidity, Fairford advanced $825,000 to the Company which enabled the Company to repay the revolving loan facility with PNC. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. The advances from Fairford of $1,325,000 documented in the form of two demand promissory notes were repaid and cancelled in May 2011. Accumulated interest under the promissory notes amounted to $23,919. In March 2011, the Company received a purchase order for EIM licenses in the United Kingdom totaling approximately $6 million and received payment of approximately $7 million in May 2011, which includes VAT tax remittance. The EIM license agreement expands services provided to an existing customer and the revenue will be recognized over the term of the three-year license and service agreement. The license agreement does contain a termination clause which enables the customer to cancel the agreement after two years of service and return 80% of the unearned prepaid license fee. The maximum prepaid fee which could be claimed is approximately $1.5 million. The Company believes that this source of liquidity along with the cash on hand, and anticipated increased cash generated from future operating activities will be sufficient to support its operations over the next twelve months.

NOTE 5: New Accounting Pronouncements In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement Topic 820, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, which amends the definition of fair value measurement principles and disclosure requirements to eliminate differences between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy. As this update impacts disclosures only, the Company’s adoption of this guidance on January 1, 2012 did not impact the Company’s financial position, results of operations, or cash flows. In June 2011, the FASB issued ASU No. 2011-05, Topic 220, Presentation of Comprehensive Income, which requires companies to include a statement of comprehensive income as part of its interim and annual financial statements. The new guidance gives companies the option to present net income and comprehensive income either in one continuous statement or in two separate but consecutive statements. This approach represents a change from current GAAP, which allows companies to report other comprehensive income (“OCI”) and its components in the statement of shareholders’ equity. The guidance also allows companies to present OCI either net of tax with details in the notes or shown gross of tax (with tax effects shown parenthetically). The Company’s disclosure of comprehensive income for the three months ended March 31, 2012 and 2011 is presented in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) in this Form 10-Q. Under the new guidance, certain information included in the Condensed Consolidated Statements of Shareholders’ Equity would be shown in the new statement of comprehensive income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning January 1, 2012 and should be applied retrospectively. The new guidance impacts presentation only and the Company’s adoption of this guidance on January 1, 2012 did not have an impact on its financial position, results of operations, or cash flows. In September 2011, the FASB issued ASU No. 2011-08, Topic 350, Testing of Goodwill for Impairment, which allows companies to assess qualitative factors to determine whether they need to perform the two-step quantitative goodwill impairment test. Under the option, an entity no longer would be required to calculate the fair value of a reporting unit unless it determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU may change how a company tests goodwill for impairment but should not change the timing or measurement of goodwill impairments. The ASU is effective for fiscal years beginning after December 15, 2011. The Company performed its annual goodwill impairment test as of October 31, 2011. The Company’s adoption of this guidance on January 1, 2012 is not expected to have an impact on its results of operations, financial position, or cash flows.   In December 2011, the FASB issued ASU No. 2011-11, Topic 210, Disclosures about Offsetting Assets and Liabilities. This update is intended to improve the comparability of statements of financial position prepared in accordance with U.S. GAAP and IFRS, requiring both gross and net presentation of offsetting assets and liabilities. The new requirements are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. As this guidance only affects disclosures, the adoption of this standard will not have an impact on the Company’s results of operations, financial position, or cash flows.

NOTE 6: Basic and Diluted Net Income Per Common Share Basic earnings per share amounts are computed by dividing reported earnings available to common stockholders by the weighted average shares outstanding for the period. Diluted earnings per share amounts are computed by dividing reported earnings available to common stockholders by weighted average common shares outstanding for the period giving effect to securities considered to be potentially dilutive common shares, such as stock options.   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="72%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">For the Three Months Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net income / (loss) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">113,530</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(342,516</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Weighted average shares of common stock outstanding used to compute basic earnings per share </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Additional common shares to be issued assuming exercise of stock options and stock warrants </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">220,000</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Weighted average shares of common and common equivalent stock outstanding used to compute diluted earnings per share </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,258,021</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Basic: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Net income / (loss) per share </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.00</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Weighted average common shares outstanding </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Diluted: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Net income / (loss) per share </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.00</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.01</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Weighted average common and common equivalent shares outstanding </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,258,021</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,038,021</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> For the three months ended March 31, 2011, outstanding stock options were excluded from weighted average shares of common and common equivalent shares outstanding due to their anti-dilutive effect as a result of the Company’s net loss. Additional common shares to be issued, assuming exercise of stock options for the three months ended March 31, 2011, would have been 154,479.

Note 7: Stock Based Compensation The Company’s Amended and Restated Stock Option and Restricted Stock Plan (the “Plan”) provided for the issuance of incentive and nonqualified stock options to purchase, and restricted stock grants of, shares of the Company’s Class A common stock. Individuals eligible for participation in the Plan included designated officers and other employees (including employees who also serve as directors), non-employee directors, independent contractors and consultants who perform services for the Company. The terms of each grant under the Plan were determined by the board of directors, or a committee of the board administering the Plan, in accordance with the terms of the Plan. Outstanding stock options become immediately exercisable upon a change of control of the Company as in accordance with the terms of the Plan. Stock options granted under the Plan typically become exercisable over a one to five year period. Generally, the options have various vesting periods, which include immediate and term vesting periods. In 2002, the Company’s stockholders authorized an additional 2,000,000 shares available for grant under the Plan. In addition, the Company filed a registration statement on Form S-8 with the SEC. Such registration statement also covered certain options granted prior to the merger in 2001, which were not granted under the Plan (“Outside Plan Stock Options”). On December 8, 2005, the Company’s stockholders ratified the CTI Group (Holdings) Inc. Stock Incentive Plan (the “Stock Incentive Plan”) at the Company’s 2005 Annual Meeting of Stockholders. In addition, the Company filed a registration statement on Form S-8 with the SEC. The Stock Incentive Plan replaced the Plan. No new grants will be granted under the Plan. Grants that were made under the Plan prior to the stockholders’ approval of the Stock Incentive Plan will continue to be administered under the Plan.   The Stock Incentive Plan is administered by the Compensation Committee of the board of directors. Under the Stock Incentive Plan, the Compensation Committee is authorized to grant awards to non-employee directors, executive officers and other employees of, and consultants and advisors to, the Company or any of its subsidiaries and to determine the number and types of such awards and the terms, conditions, vesting and other limitations applicable to each such award. In addition, the Compensation Committee has the power to interpret the Stock Incentive Plan and to adopt such rules and regulations as it considers necessary or appropriate for purposes of administering the Stock Incentive Plan. The following types of awards or any combination of awards may be granted under the Stock Incentive Plan: (i) incentive stock options, (ii) non-qualified stock options, (iii) stock grants, and (iv) performance awards. The maximum number of shares of Class A common stock with respect to which awards may be granted to any individual participant under the Stock Incentive Plan during each of the Company’s fiscal years will not exceed 1,500,000 shares of Class A common stock, subject to certain adjustments described in the Stock Incentive Plan. The aggregate number of shares of Class A common stock that are reserved for awards, including shares of Class A common stock underlying stock options, to be granted under the Stock Incentive Plan is 6,000,000 shares, subject to adjustments for stock splits, recapitalizations and other specified events. As of March 31, 2012, there were 2,450,900 awards available for grant under the Stock Incentive Plan. If any outstanding award is cancelled, forfeited, or surrendered to the Company, shares of Class A common stock allocable to such award may again be available for awards under the Stock Incentive Plan. Incentive stock options may be granted only to participants who are executive officers and other employees of the Company or any of its subsidiaries on the day of the grant, and non-qualified stock options may be granted to any participant in the Stock Incentive Plan. No stock option granted under the Stock Incentive Plan will be exercisable later than ten years after the date it is granted. At March 31, 2012, there were options to purchase 5,055,350 shares of Class A common stock outstanding consisting of 4,805,350 Plan and Stock Incentive Plan options and 250,000 Outside Plan Stock Options. There were exercisable options to purchase an aggregate of 4,139,602 shares of Class A common stock under the Plan and Stock Incentive Plan and options to purchase 250,000 shares of Class A common stock that were Outside Plan Stock Options as of March 31, 2012. Information with respect to options was as follows:   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="62%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">Options Shares</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"> Exercise Price Range Per Share </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Outstanding, January 1, 2012 </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">5,155,350</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> 0.08 -  $ 0.49</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.26</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Granted </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Exercised </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Cancelled </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">(100,000</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.49</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.49</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Outstanding, March 31, 2012 </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">5,055,350</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> 0.08 - $ 0.40</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.26</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> The following table summarizes options exercisable at March 31, 2012:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="57%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Option Shares</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Exercise Price Range Per Share</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Aggregate Intrinsic Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Weighted Remaining Contractual Term</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> March 31, 2012 </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">4,389,602</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.21 - $0.40</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right">0.28</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">4.83 years</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>   The following table summarizes non-vested options:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="88%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Option Shares</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> January 1, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">665,748</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Granted </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Cancelled </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Vested </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> March 31, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">665,748</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes-Merton formula). Expected volatilities are based on implied volatilities from historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from general practices used by other companies in the software industry and estimates by the Company of the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. On February 16, 2007, the Company and Fairford Holdings Scandinavia AB (“Fairford Scandinavia”), a wholly-owned subsidiary of Fairford, entered into the Securities Purchase Agreement (the “Agreement”), dated February 16, 2007. Pursuant to the Agreement, on February 16, 2007, the Company issued to Fairford Scandinavia a Class A common stock Purchase Warrant (the “Original Warrant”) to purchase shares of Class A common stock of the Company in consideration for securing the issuance of a $2.6 million letter of credit (the “Letter of Credit”) from SEB Bank to National City Bank. Due to National City Bank’s receipt of the Letter of Credit, the Company was able to obtain the loan at a favorable cash-backed interest rate. Effective April 14, 2008, the Company entered into the Securities Purchase Agreement with Fairford Scandinavia and issued an additional warrant to Fairford Scandinavia to purchase shares of Class A common stock based on the interest rate savings (the “Additional Warrant”). Pursuant to the Original Warrant, Fairford Scandinavia is entitled to purchase 419,495 shares of Class A common stock at the exercise price of $0.34 per share, subject to adjustments as described in the Original Warrant, at any time prior to the 10th anniversary of the date of issuance. Pursuant to the Additional Warrant, Fairford Scandinavia is entitled to purchase 620,675 shares of Class A common stock at the exercise price of $0.22 per share, subject to adjustments as described in the Additional Warrant, at any time prior to the 10th anniversary of the date of issuance. On December 31, 2009, Fairford Scandinavia sold all of its owned Class A shares, or 355,099 shares to Fairford for SEK 2.80362 ($0.39) per share. As of March 31, 2012, Fairford beneficially owned 63.7% of the Company’s outstanding Class A common stock and Fairford Scandinavia owned warrants to purchase 1,040,170 shares of the Company’s Class A common stock. Mr. Osseiran, the majority holder of the Company’s Class A common stock and a director of the Company, is a director of Fairford, the President of Fairford Scandinavia and a grantor and sole beneficiary of a revocable trust which is the sole stockholder of Fairford. Mr. Dahl, a director of the Company, is a director of Fairford and the Chairman of Fairford Scandinavia. The Original Warrant and Additional Warrant vested immediately upon grant. Included within selling, general and administrative expense for the three months ended March 31, 2012 and March 31, 2011 was $10,081 and $9,377, respectively, of stock-based compensation. Stock-based compensation expenses are recorded in the Corporate Allocation segment as these amounts are not included in internal measures of segment operating performance.

NOTE 8: Indemnification to Customers The Company’s agreements with customers generally require the Company to indemnify the customer against claims that the Company’s software infringes third party patent, copyright, trademark or other proprietary rights. Such indemnification obligations are generally limited in a variety of industry-standard provisions including our right to replace the infringing product. As of March 31, 2012, the Company did not experience any material losses related to these indemnification obligations and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, the Company has not established any related accruals.

NOTE 9: Contingencies The Company is, from time to time, subject to claims and administrative proceedings in the ordinary course of business.

NOTE 10: Income Taxes The Company records a valuation allowance against its net deferred tax asset to the extent management believes, it is more likely than not, that the asset will not be realized. As of March 31, 2012, the Company’s valuation allowance related only to net deferred tax assets in the United States. The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. As of March 31, 2012 and March 31, 2011, the Company had $103,712 and $86,996 of unrecognized tax benefits, respectively, all of which would favorably affect the Company’s effective tax rate if recognized. The Company and its subsidiaries are subject to U.S. federal and state income taxes as well as foreign income tax in the United Kingdom. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company had amounts accrued for interest and penalties as of March 31, 2012. For the three months ended March 31, 2012 and March 31, 2011, the Company had $223,200 and $42,984, respectively, of income tax expense. The income tax expense is primarily related to the United Kingdom operations.

NOTE 11: Segment Information The Company has two reportable segments, EIM and CAMRA. These segments are managed separately because the services provided by each segment require different technology and marketing strategies. For the three months ended March 31, 2011, the Company had four reportable segments. Segment information for the three months ended March 31, 2011 has been reclassified for comparative purposes. Electronic Invoice Management: EIM designs, develops and provides electronic invoice presentment and analysis software that enables internet-based customer self-care for wireline, wireless and convergent providers of telecommunications services. EIM software and services are used primarily by telecommunications services providers to enhance their customer relationships while reducing the providers operational expenses related to paper-based invoice delivery and customer support relating to billing inquiries. The Company provided these services primarily through facilities located in Indianapolis, Indiana and Blackburn, United Kingdom. Call Accounting Management and Recording: CAMRA designs, develops and provides software and services used by enterprise, governmental, institutional end users and managed and hosted customers of service providers to manage their telecommunications service and equipment usage and to analyze voice, video, and data usage, record and monitor communications and perform administrative and back office functions such as cost allocation or client bill back. These applications are commonly available in the market as enterprise-grade products. Customers typically purchase the CAMRA products when upgrading or acquiring a new enterprise communications platform. Reconciling items for operating income (loss) in the table below represent corporate expenses, legal costs for patent enforcement and depreciation all of which are in the United States. The accounting policies for segment reporting are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.   Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2012 and 2011 is shown in the following tables.   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="56%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">For Three Months Ended March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Electronic Invoice Management</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Call Accounting Management and Recording</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Corporate Allocation</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Consolidated</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,949,225</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,418,612</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,367,837</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,349,354</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">863,572</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,212,926</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">343,833</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,703</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,014</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">445,550</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Income (loss) from operations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">892,169</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(252,680</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(305,683</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">333,806</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Long-lived assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,348,405</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">784,861</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,452</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,144,718</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="16"> </td> <td height="16" colspan="16"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">For Three Months Ended March 31, 2011</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Electronic Invoice Management</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000">Call Accounting Management and Recording</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Corporate Allocation</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Consolidated</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,535,824</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,580,542</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,116,366</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,954,629</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">850,751</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,805,380</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">323,948</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">118,155</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,546</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">444,649</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Income (loss) from operations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">330,817</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(325,802</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(289,963</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(284,948</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Long-lived assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,332,670</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">834,292</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,260</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,172,222</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table> The following table presents net revenues by geographic location.   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="63%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000">For Three Months Ended March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">United States</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">United Kingdom</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Consolidated</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">992,749</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,375,088</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,367,837</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">720,175</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,492,751</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,212,926</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">104,679</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">340,871</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">445,550</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Income (loss) from operations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(366,399</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">700,205</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">333,806</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Long-lived assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,008,841</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,135,877</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,144,718</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="16"> </td> <td height="16" colspan="12"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000">For Three Months Ended March 31, 2011</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">United States</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">United Kingdom</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Consolidated</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Revenues </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">910,038</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,206,328</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,116,366</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">712,535</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,092,845</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,805,380</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">128,121</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">316,528</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">444,649</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Income (loss) from operations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(312,928</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,980</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(284,948</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Long-lived assets </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,728,778</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,443,444</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,172,222</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>

NOTE 12 –RELATED PARTY TRANSACTIONS In October 2010, in order to supplement the Company’s liquidity, Fairford advanced to the Company $500,000. Subsequent to the advancement, the Company issued to Fairford a demand note, in the aggregate principal amount of $500,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. Principal and interest outstanding under a revolving loan with PNC Bank (“PNC”) for the lesser of (a) $3,000,000, or (b) the sum of 80% of eligible domestic trade accounts receivable and 90% of eligible, insured foreign trade accounts receivable (the “Loan Agreement”). The Loan Agreement matured on December 30, 2010. The Loan Agreement, however, allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. Outstanding principal under the Loan Agreement amounted to $825,000 on December 30, 2010. On January 3, 2011, the revolving loan was repaid with an advance of $825,000 from Fairford. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. Advances from the shareholder, Fairford, totaling $1,325,000, documented in the form of two demand promissory notes, were repaid and cancelled in May 2011. Accumulated interest paid under the promissory notes amounted to $23,919.

EX-101.SCH 7 ctig-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 01 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 011 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 06001 - Disclosure - Business and Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 06002 - Disclosure - Supplemental Schedule of Non-Cash Investing and Financing Activities link:presentationLink link:definitionLink link:calculationLink 06003 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 06004 - Disclosure - Debt Obligations and Liquidity link:presentationLink link:definitionLink link:calculationLink 06005 - Disclosure - New Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 06006 - Disclosure - Basic and Diluted Net Income Per Common Share link:presentationLink link:definitionLink link:calculationLink 06007 - Disclosure - Stock Based Compensation link:presentationLink link:definitionLink link:calculationLink 06008 - Disclosure - Indemnification to Customers link:presentationLink link:definitionLink link:calculationLink 06009 - Disclosure - Contingencies link:presentationLink link:definitionLink link:calculationLink 06010 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 06011 - Disclosure - Segment Information link:presentationLink link:definitionLink link:calculationLink 06012 - Disclosure - Related Party Transaction link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 ctig-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.LAB 9 ctig-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] ASSETS Assets [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Trade accounts receivable, less allowance for doubtful accounts of $70,699 and $59,781, respectively Accounts Receivable, Net, Current Allowance for doubtful accounts for trade accounts receivable Allowance for Doubtful Accounts Receivable, Current Prepaid expenses Prepaid Expense, Current Deferred tax asset Deferred Tax Assets, Net, Current Other current assets Other Assets, Current Total current assets Assets, Current, Total Total current assets Property Equipment and Software Net Property, equipment, and software, net Property, equipment, and software, net Intangible assets, net Finite-Lived Intangible Assets, Net Goodwill Goodwill Other assets Other Assets, Noncurrent Total assets Assets, Total Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities and Equity [Abstract] Accounts payable Accounts Payable, Current Accrued expenses Accrued Liabilities, Current Accrued wages and other compensation Employee-related Liabilities, Current Income tax payable Accrued Income Taxes, Current Deferred tax liability - short term Deferred Tax Liabilities, Current Deferred revenue Deferred Revenue, Current Total current liabilities Liabilities, Current, Total Total current liabilities Lease incentive - long term Capital Lease Obligations, Noncurrent Deferred revenue - long term Deferred Revenue, Noncurrent Deferred income tax liability - long term Deferred Tax Liabilities, Noncurrent Total liabilities Liabilities, Total Total liabilities Commitments and contingencies Commitments and Contingencies Stockholders' equity Stockholders' Equity Attributable to Parent [Abstract] Class A common stock, par value $.01 per share; 47,166,666 shares authorized; 29,178,271 issued and outstanding at March 31, 2012 and at December 31, 2011 Common Stock, Value, Issued Common stock, par value Common Stock, Par or Stated Value Per Share Common stock, shares authorized Common Stock, Shares Authorized Common stock, shares issued Common Stock, Shares, Issued Common stock, shares outstanding Common Stock, Shares, Outstanding Additional paid-in capital Additional Paid in Capital, Common Stock Accumulated deficit Retained Earnings (Accumulated Deficit) Other comprehensive income - foreign currency translation Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax Treasury stock, 140,250 shares at cost Treasury Stock, Value Treasury stock, 140,250 shares at cost Treasury shares Treasury Stock, Shares Total stockholders' equity Stockholders' Equity Attributable to Parent, Total Total stockholders' equity Total liabilities and stockholders' equity Liabilities and Equity, Total Total liabilities and stockholders' equity Revenues: Revenue, Net [Abstract] Software Sales Service Fee and License Fee Revenue Software sales, service fee and license fee revenue Software sales, service fee and license fee revenue Cost and Expenses: Costs and Expenses [Abstract] Cost of products and services, excluding depreciation and amortization Cost of Goods and Services Sold Selling, general and administration Selling, General and Administrative Expense Research and development Research and Development Expense Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Total costs and expenses Costs and Expenses, Total Total costs and expenses Income / (loss) from operations Operating Income (Loss) Income / (loss) from operations Other expense Nonoperating Income (Expense) [Abstract] Interest (income) / expense Interest Expense Total other (income) / expense Other Nonoperating Income (Expense), Total Total other (income) / expense Income / (loss) before income taxes Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Income / (loss) before income taxes Tax expense Income Tax Expense (Benefit) Net income / (loss) Net Income (Loss) Attributable to Parent Net income / (loss) Other comprehensive income / (loss) Other Comprehensive Income (Loss), Net of Tax [Abstract] Foreign currency translation adjustment Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation adjustment Comprehensive income / (loss) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income / (loss) Basic and diluted net income / ( loss) per common share Earnings Per Share, Basic and Diluted Basic weighted average common shares outstanding Weighted Average Number of Shares Outstanding, Basic Diluted weighted average common shares outstanding Weighted Average Number of Shares Outstanding, Diluted Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Provision for doubtful accounts Provision for Doubtful Accounts Deferred income taxes Deferred Income Tax Expense (Benefit) Recognition of Rent Incentive Benefit Recognition of rent incentive benefit Recognition of rent incentive benefit Recognition of rent incentive benefit Stock option grant expense Stock or Unit Option Plan Expense Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Trade receivables Increase (Decrease) in Accounts Receivable Trade receivables Increase Decrease in Note and Settlement Receivables Note and settlement receivables Note and settlement receivables Note and settlement receivables Prepaid expenses Increase (Decrease) in Prepaid Expense Prepaid expenses Income taxes Increase (Decrease) in Income Taxes Payable Other assets Increase (Decrease) in Other Operating Assets Other assets Accounts payable Increase (Decrease) in Accounts Payable Increase Decrease in Accrued Expenses Accrued expenses Accrued expenses Accrued wages and other compensation Increase (Decrease) in Employee Related Liabilities Deferred revenue Increase (Decrease) in Deferred Revenue Cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash provided by operating activities Cash flows used in investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Additions to property, equipment, and software Payments to Acquire Productive Assets Additions to property, equipment, and software Cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash used in investing activities Cash flows provided by financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Repayments under credit agreements Repayments of Long-term Lines of Credit Repayments under credit agreements Advance from shareholder Proceeds from Related Party Debt Cash provided by financing activities Net Cash Provided by (Used in) Financing Activities Cash provided by financing activities Effect of foreign currency exchange rates on cash and cash equivalents Effect of Exchange Rate on Cash and Cash Equivalents Increase / (decrease) in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Increase / (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Business and Basis of Presentation Business Description and Basis of Presentation [Text Block] Business and Basis of Presentation [Abstract] Business and Basis of Presentation [Abstract] Supplemental Schedule of Non-Cash Investing and Financing Activities Cash Flow, Supplemental Disclosures [Text Block] Supplemental Schedule of Non-Cash Investing and Financing Activities [Abstract] Supplemental Schedule of Non-Cash Investing and Financing Activities [Abstract] Fair Value of Financial Instruments Fair Value Disclosures [Text Block] Fair Value of Financial Instruments [Abstract] Fair Value of Financial Instruments [Abstract] Debt Obligations and Liquidity [Text Block] Debt Obligations and Liquidity Debt Obligations and Liquidity Debt Obligations and Liquidity [Abstract] Debt Obligations and Liquidity [Abstract] Debt Obligations and Liquidity New Accounting Pronouncements Accounting Changes and Error Corrections [Text Block] New Accounting Pronouncements [Abstract] New Accounting Pronouncements [Abstract] Basic and Diluted Net Income Per Common Share Earnings Per Share [Text Block] Basic and Diluted Net Income Per Common Share [Abstract] Basic and Diluted Net Income Per Common Share [Abstract] Stock Based Compensation Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Based Compensation [Abstract] Stock Based Compensation [Abstract] Indemnification to Customers [Text Block] Indemnification to Customers Indemnification to Customers Indemnification to Customers [Abstract] Indemnification to Customers [Abstract] Indemnification to Customers Contingencies Commitments and Contingencies Disclosure [Text Block] Contingencies [Abstract] Contingencies [Abstract] Income Taxes Income Tax Disclosure [Text Block] Income Taxes [Abstract] Income Taxes [Abstract] Segment Information Segment Reporting Disclosure [Text Block] Segment Information [Abstract] Segment Information [Abstract] RELATED PARTY TRANSACTIONS Related Party Transactions Disclosure [Text Block] Related Party Transaction [Abstract] Related Party Transaction [Abstract] Amendment Flag Current Fiscal Year End Date Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Filer Category Entity Registrant Name Document Fiscal Period Focus Document Fiscal Year Focus Consolidated Balance Sheets [Abstract] Consolidated Statements of Comprehensive Income (Loss) [Abstract] Consolidated Statements of Cash Flows [Abstract] EX-101.PRE 10 ctig-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT

Debt Obligations and Liquidity	3 Months Ended
Mar. 31, 2012
Debt Obligations and Liquidity [Abstract]
Debt Obligations and Liquidity	NOTE 4: Debt Obligations and Liquidity The Company had the following debt obligations. In October 2010, in order to supplement the Company’s liquidity, Fairford advanced $500,000 to the Company. Subsequent to the advancement, the Company issued to Fairford a demand note, in the aggregate principal amount of $500,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. On December 31, 2010, a revolving loan (the “Loan Agreement”) the Company had with PNC Bank (“PNC”) matured. The Loan Agreement allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. At December 31, 2010, the outstanding principal under the Loan Agreement amounted to $825,000. On January 3, 2011, in order to supplement the Company’s liquidity, Fairford advanced $825,000 to the Company which enabled the Company to repay the revolving loan facility with PNC. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. The demand note had no term and was due on demand. The advances from Fairford of $1,325,000 documented in the form of two demand promissory notes were repaid and cancelled in May 2011. Accumulated interest under the promissory notes amounted to $23,919. In March 2011, the Company received a purchase order for EIM licenses in the United Kingdom totaling approximately $6 million and received payment of approximately $7 million in May 2011, which includes VAT tax remittance. The EIM license agreement expands services provided to an existing customer and the revenue will be recognized over the term of the three-year license and service agreement. The license agreement does contain a termination clause which enables the customer to cancel the agreement after two years of service and return 80% of the unearned prepaid license fee. The maximum prepaid fee which could be claimed is approximately $1.5 million. The Company believes that this source of liquidity along with the cash on hand, and anticipated increased cash generated from future operating activities will be sufficient to support its operations over the next twelve months.

Debt Obligations and Liquidity

3 Months Ended

Mar. 31, 2012

Debt Obligations and Liquidity [Abstract]

Debt Obligations and Liquidity

NOTE 4: Debt Obligations and Liquidity

The Company had the following debt obligations.

EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`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`@(#QX.E=O#I%>&-E;%=O#I.86UE M/DEN8V]M95]487AE#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-E9VUE;G1?26YF;W)M871I;VX\+W@Z3F%M93X-"B`@("`\>#I7 M;W)K#I%>&-E;%=O#I!8W1I=F53 M:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA2!);F9O2!296=I M2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,#,U-38R-SQS M<&%N/CPO'0^ M,3`M43QS<&%N/CPO'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$2!#;VUM;VX@4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA3PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S2P@97%U M:7!M96YT+"!A;F0@"!L:6%B M:6QI='D@+2!S:&]R="!T97)M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$F5D.R`R.2PQ-S@L,C2!S=&]C:RP@,30P+#(U,"!S:&%R97,@ M870@8V]S=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F%T:6]N M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#$U-"PY,3$\F%T:6]N/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XT-#4L-34P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'!E;G-E'!E;G-E/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R+#DR-"D\&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XS,S8L-S,P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S"!E>'!E;G-E/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR,C,L,C`P/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA&5S/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M/B@R,BPV,C,I/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU-RPP M-S0\6%B;&4\+W1D M/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6UE M;G1S('5N9&5R(&-R961I="!A9W)E96UE;G1S/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$=&5X=#X\2!F:6YA;F-I;F<@86-T:79I=&EE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S2!E>&-H86YG92!R871E'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$&)R;"QN&)R;"QN>"`M+3X-"B`@(#QF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!F M;W)M960@87,@82!$96QA=V%R92!C;W)P;W)A=&EO;BX@26X@3F]V96UB97(@ M,3DY-2P@=&AE($-O;7!A;GD@8VAA;F=E9"!I=',@;F%M92!T;R!#5$D@1W)O M=7`@*$AO;&1I;F=S*2!);F,N(#PO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS M1&UA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H M90T*("`@0V]M<&%N>2!I2!B>2!T96QE8V]M;75N:6-A=&EO;G,@2!A;F0-"B`@(&-U2!T:')O=6=H(&9A8VEL:71I97,@;&]C871E M9"!I;B!);F1I86YA<&]L:7,L($EN9&EA;F$@86YD($)L86-K8G5R;BP@56YI M=&5D($MI;F=D;VTN($-!35)!(&1E0T*("`@96YT97)P M2!A=F%I;&%B;&4@:6X@=&AE(&UA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0R/E1H92!A8V-O;7!A M;GEI;F<@8V]N2!T:&4@0V]M<&%N>0T*("`@=VET:&]U="!A=61I M="P@<'5R#MM87)G M:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/D-E65A M#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/E1H92!#;VUP86YY(&9O;&QO=W,@ M86-C;W5N=&EN9R!S=&%N9&%R9',@#MM87)G M:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/D%M;W)T:7IA=&EO;B!E>'!E;G-E(&]F M(&1E=F5L;W!E9"!S;V9T=V%R92!A;6]U;G1E9"!T;R`D,3@V+#@W."!A;F0@ M)#(P,2PT,C`@9F]R('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@F(S$V M,#LS,2P-"B`@(#(P,3(@86YD(#(P,3$L(')E2X@06UOF%T:6]N(&5X<&5N7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T* M("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`R("T@=7,M9V%A<#I# M87-H1FQO=U-U<'!L96UE;G1A;$1I3IT:6UEF4],T0R/CQB/DY/5$4@,CH@4W5P<&QE;65N=&%L(%-C:&5D=6QE(&]F M($YO;BU#87-H($EN=F5S=&EN9R!A;F0@1FEN86YC:6YG($%C=&EV:71I97,@ M/"]B/CPO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@"!E2X@/"]F;VYT/CPO<#X-"CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H M92!C87)R>6EN9R!A;6]U;G1S(&]F(&-A6%B;&4L(&%N M9"!O=&AE3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\V961A83(P9%\W9F8X7S0X8S5?8F%D,%\X.#@Q M,#EA-V8X,#8-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-F5D86$R M,&1?-V9F.%\T.&,U7V)A9#!?.#@X,3`Y83=F.#`V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R3QB2!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT M;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM M($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#0@+2!C=&EG.D1E8G1/8FQI9V%T M:6]N51E>'1";&]C:RTM/@T*("`@/'`@6QE/3-$;6%R9VEN+71O<#HV<'@[;6%R9VEN M+6)O='1O;3HP<'@^/&9O;G0@2!H860@=&AE(&9O;&QO M=VEN9R!D96)T(&]B;&EG871I;VYS+B`\+V9O;G0^/"]P/@T*("`@/'`@F4Z,7!X.VUA6QE/3-$;6%R9VEN+71O<#HP M<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O;G0@2X@4W5B6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA M6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@2!W:&EC:"!E;F%B;&5D('1H M92!#;VUP86YY('1O(')E<&%Y('1H92!R979O;'9I;F<@;&]A;B!F86-I;&ET M>2!W:71H(%!.0RX@3VX@2F%N=6%R>28C,38P.S(P+"`R,#$Q+"!T:&4@8F]A M2!T:&4@8F]A2!I3IT:6UEF4],T0R/E1H92!A9'9A;F-E#MM87)G M:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/@T*("`@26X@36%R8V@@,C`Q,2P@=&AE M($-O;7!A;GD@6UE;G0@;V8@87!P M2`D-R!M:6QL:6]N(&EN($UA>2`R,#$Q+"!W:&EC:"!I;F-L M=61E"!R96UI='1A;F-E+B!4:&4@14E-(&QI8V5N65A&EM=6T@ M<')E<&%I9"!F964@=VAI8V@@8V]U;&0@8F4@8VQA:6UE9"!I'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/CQB/DY/5$4@-3H@3F5W($%C8V]U M;G1I;F<@4')O;F]U;F-E;65N=',@/"]B/CPO9F]N=#X\+W`^#0H@("`\<"!S M='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@28C.#(Q-SMS($-O;F1E M;G-E9"!#;VYS;VQI9&%T960@4W1A=&5M96YT2!W;W5L9"!B90T*("`@0T*("`@86YD('1H92!#;VUP86YY)B,X,C$W.W,@861O M<'1I;VX@;V8@=&AI6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA M6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@2!N;R!L;VYG97(@=V]U;&0@8F4@0T*("`@=&AA M;B!N;W0@=&AA="!I=',@9F%I28C.#(Q-SMS(&%D;W!T:6]N(&]F('1H:7,@9W5I M9&%N8V4@;VX@2F%N=6%R>28C,38P.S$L(#(P,3(@:7,@;F]T(&5X<&5C=&5D M('1O(&AA=F4@86X@:6UP86-T(&]N(&ET6QE/3-$;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O M;G0@2!O9B!S=&%T96UE;G1S(&]F(&9I M;F%N8VEA;"!P;W-I=&EO;B!P28C,38P.S$L(#(P,3,L(&%N9"!F;W(@:6YT97)I;2!P97)I M;V1S('=I=&AI;B!T:&]S92!F:7-C86P@>65A0T*("`@869F96-T7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$#MM87)G:6XM8F]T=&]M M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/CQB/DY/5$4@-CH@0F%S:6,@86YD($1I;'5T960@3F5T M($EN8V]M92!097(@0V]M;6]N(%-H87)E(#PO8CX\+V9O;G0^/"]P/@T*("`@ M/'`@#MM87)G:6XM8F]T=&]M.C!P>#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/D)A2!D:79I9&EN9R!R97!O2!T:&4@=V5I9VAT960@879E M2!D:79I9&EN9R!R97!O2!W96EG:'1E9"!A=F5R86=E(&-O;6UO M;B!S:&%R97,@;W5T6QE/3-$9F]N="US:7IE M.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[ M/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS M1#`@=VED=&@],T0W-B4@8F]R9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L M;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N M=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM/@T*("`@/'1R/B`- M"B`@(#QT9"!W:61T:#TS1#F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/C(P,3(\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L2`M+3X-"B`@ M(#QT3IT:6UE MF4],T0R/DYE="!I;F-O;64@+R`H;&]SF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B@S-#(L-3$V/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(Y+#`S."PP,C$\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/C(Y+#`S."PP M,C$\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T M6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/E=E:6=H=&5D(&%V97)A9V4@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/C(Y+#(U."PP,C$\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C(Y+#`S."PP,C$\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE M/3-$)V)O6QE/3-$)V)O'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B@P+C`Q/"]F;VYT/CPO=&0^ M(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/DYE M="!I;F-O;64@+R`H;&]S6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/C`N,#`\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V)O6QE/3-$)V)O'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P M,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\<"!S='EL M93TS1&UA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/D9O&-L=61E9"!F M'1087)T7S9E9&%A,C!D7S=F9CA?-#AC-5]B860P7S@X.#$P.6$W9C@P-@T* M0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\V961A83(P9%\W9F8X7S0X M8S5?8F%D,%\X.#@Q,#EA-V8X,#8O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6UE;G1S5&5X=$)L;V-K+2T^#0H@("`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`@26X@,C`P,BP@=&AE($-O M;7!A;GDF(S@R,3<[#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/@T*("`@3VX@1&5C96UB M97(F(S$V,#LX+"`R,#`U+"!T:&4@0V]M<&%N>28C.#(Q-SMS('-T;V-K:&]L M9&5R6QE/3-$;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O M;3HP<'@^/&9O;G0@2!T:&4@0V]M<&5N7!E6QE/3-$;6%R9VEN+71O<#HQ M,G!X.VUA6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@&EM=6T@;G5M M8F5R(&]F('-H87)E2!I;F1I=FED=6%L('!A28C M.#(Q-SMS(&9I&-E960@,2PU,#`L,#`P M('-H87)E6QE/3-$ M;6%R9VEN+71O<#HQ,G!X.VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!O=71S=&%N9&EN9R!A=V%R M9"!I2!A9V%I;B!B92!A=F%I M;&%B;&4@9F]R(&%W87)D2!O9B!I=',@2!B92!G2!P87)T:6-I<&%N="!I;B!T:&4@4W1O8VL@26YC96YT:79E M#0H@("!0;&%N+B!.;R!S=&]C:R!O<'1I;VX@9W)A;G1E9"!U;F1E&5R8VES86)L92!L871E M6QE M/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O M;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C M96QL<&%D9&EN9STS1#`@=VED=&@],T0X-"4@8F]R9&5R/3-$,"!S='EL93TS M1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G M(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM M/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#8R)3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M8V]L6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$;6%R9VEN+71O<#HP<'@[ M;6%R9VEN+6)O='1O;3HP<'@@86QI9VX],T1C96YT97(^/&9O;G0@#MM87)G:6XM8F]T=&]M.C%P>"!A;&EG;CTS1&-E;G1E3IT:6UEF4],T0Q/CQB/E!EF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M&5R8VES928C,38P.U!R:6-E/"]B/CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@2`M+3X-"B`@(#QT3IT:6UEF4],T0R/D]U='-T86YD:6YG+"!*86YU87)Y(#$L(#(P,3(\+V9O;G0^/"]P M/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I M>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N M;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/C4L,34U+#,U,#PO9F]N=#X\+W1D/B`- M"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O M;G0^/"]T9#X@#0H@("`\=&0@;F]W6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@;F]W6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/D=R86YT960\+V9O;G0^ M/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`] M,T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M(&%L M:6=N/3-$'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF M(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/D-A;F-E M;&QE9#PO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@ M("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF M(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/D]U='-T86YD:6YG+"!-87)C M:"`S,2P@,C`Q,CPO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O M;G0^/"]T9#X@#0H@("`\=&0@;F]W6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$ M)V)OF4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM M87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P M86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#$P,"4@8F]R9&5R M/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!4 M86)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#4W)3XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0S M)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@=VED=&@],T0S)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0S)3XF M(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@=VED=&@],T0S)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0S)3XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M3IT:6UEF4],T0Q/E!E<@T*("`@4VAAF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@2`M+3X-"B`@(#QT3IT:6UEF4],T0R/DUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C0L,S@Y+#8P M,CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@;F]W6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M(&%L M:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C0N.#,F M(S$V,#MY96%R6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@2`M+3X-"B`@(#PO M=&%B;&4^(`T*("`@/'`@F4Z,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\<"!S M='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5S#0H@("!N;VXM=F5S M=&5D(&]P=&EO;G,Z(#PO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&9O;G0M M6QE/3-$)V)O XML 14 R8.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments	3 Months Ended
Mar. 31, 2012
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	NOTE 3: Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and other accruals approximate their fair values because of their nature and expected duration.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

NOTE 3: Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and other accruals approximate their fair values because of their nature and expected duration.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 3,714,528	$ 2,945,182
Trade accounts receivable, less allowance for doubtful accounts of $70,699 and $59,781, respectively	3,282,994	3,913,278
Prepaid expenses	470,797	568,701
Deferred tax asset	12,740	0
Other current assets	391,825	414,058
Total current assets	7,872,884	7,841,219
Property, equipment, and software, net	1,947,913	1,923,216
Intangible assets, net	2,348,461	2,510,937
Goodwill	2,769,589	2,769,589
Other assets	78,755	78,808
Total assets	15,017,602	15,123,769
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	286,364	324,661
Accrued expenses	988,530	1,030,278
Accrued wages and other compensation	479,710	312,256
Income tax payable	670,636	591,631
Deferred tax liability - short term	0	29,241
Deferred revenue	4,574,586	4,399,765
Total current liabilities	6,999,826	6,687,832
Lease incentive - long term	47,598	74,275
Deferred revenue - long term	2,567,828	3,034,196
Deferred income tax liability - long term	642,506	602,422
Total liabilities	10,257,758	10,398,725
Commitments and contingencies
Stockholders' equity
Class A common stock, par value $.01 per share; 47,166,666 shares authorized; 29,178,271 issued and outstanding at March 31, 2012 and at December 31, 2011	291,783	291,783
Additional paid-in capital	26,071,573	26,061,492
Accumulated deficit	(21,825,736)	(21,939,266)
Other comprehensive income - foreign currency translation	414,367	503,178
Treasury stock, 140,250 shares at cost	(192,143)	(192,143)
Total stockholders' equity	4,759,844	4,725,044
Total liabilities and stockholders' equity	$ 15,017,602	$ 15,123,769

XML 16 R6.htm IDEA: XBRL DOCUMENT

Business and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Business and Basis of Presentation [Abstract]

Business and Basis of Presentation

NOTE 1: Business and Basis of Presentation

XML 17 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, 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; } }, 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( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 18 R7.htm IDEA: XBRL DOCUMENT

Supplemental Schedule of Non-Cash Investing and Financing Activities

3 Months Ended

Mar. 31, 2012

Supplemental Schedule of Non-Cash Investing and Financing Activities [Abstract]

Supplemental Schedule of Non-Cash Investing and Financing Activities

NOTE 2: Supplemental Schedule of Non-Cash Investing and Financing Activities

The Company paid approximately $185,010 and $18,705 for current and prior year tax estimates for the three months ended March 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References+ Details

XML 19 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts for trade accounts receivable	$ 70,699	$ 59,781
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	47,166,666	47,166,666
Common stock, shares issued	29,178,271	29,178,271
Common stock, shares outstanding	29,178,271	29,178,271
Treasury shares	140,250	140,250

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

XML 20 R17.htm IDEA: XBRL DOCUMENT

Related Party Transaction

3 Months Ended

Mar. 31, 2012

RELATED PARTY TRANSACTIONS

NOTE 12 –RELATED PARTY TRANSACTIONS

Principal and interest outstanding under a revolving loan with PNC Bank (“PNC”) for the lesser of (a) $3,000,000, or (b) the sum of 80% of eligible domestic trade accounts receivable and 90% of eligible, insured foreign trade accounts receivable (the “Loan Agreement”). The Loan Agreement matured on December 30, 2010. The Loan Agreement, however, allowed for repayment to be made within ten days of the maturity date before a default in debt would be declared. Outstanding principal under the Loan Agreement amounted to $825,000 on December 30, 2010. On January 3, 2011, the revolving loan was repaid with an advance of $825,000 from Fairford. On January 20, 2011, the board of directors approved the terms of Fairford’s advancement and the form of demand note. Subsequent to the advancement and approval by the board of directors, the Company issued to Fairford a demand note, in the aggregate principal amount of $825,000 bearing interest at LIBOR plus 4%. Advances from the shareholder, Fairford, totaling $1,325,000, documented in the form of two demand promissory notes, were repaid and cancelled in May 2011. Accumulated interest paid under the promissory notes amounted to $23,919.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

ZIP 21 0001193125-12-234521-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-12-234521-xbrl.zip M4$L#!!0````(`.^`KT`3>5DT(T,``#:#`@`1`!P`8W1I9RTR,#$R,#,S,2YX M;6Q55`D``X&WLD^!M[)/=7@+``$$)0X```0Y`0``Y%WK<^,VDO]^5?<_8'U; MJ:1*LOA^>#S9DF4[<<6OM3R7W4\IFH0D9"A2X<.V\M=?-T"*I%ZD)"KCVIM* MQ1(%=/_0Z!<:('G^C_>I3UYI%+,P^'PBGTHGA`9NZ+%@_/DDC;M.[#)V\H\? M__N_SO_6[9)_73S=DI]H0",GH1YY8\F$7[MSHJ]D$,[F$1M/$O+]X`?R,B=/ M3^0R#`+J^W1.NMV+/)Y,DF9WU>F]O;Z=X M^32,QCU%DM0>"^+$"5QZ(EJ>^2SXNJ4Y_OP"_/+F[ROMWU3>6K9MN\=_S9NZ M"1LO6N*7*$QGIVXX!\J4>7VL74/1V'KSWX81V2F*T3(!"6 M>_^ZNQVZ$SIUN@L\,+.$G*-@SV+^TQ,=$2[HLV0^HY]/8C:=^8B;7YM$=/3Y M!,7=S<5\^AY[)Z27J\\@#!+ZGI`AA5:@14)YW.PJ\SZ?7#@^LN['#Z/?)/7. MF2,E!').@X0E<_S$//P\8C0B'!:MC"F7P.#FEY,?)?BGZKJAF.>]HAL2Z17T M9C1BH<VKL#\!3?PG8PDMS)TW. M4[R$0_HRO+QZ'(K@0,X]]@I`Q!GU(G3B/Z81=,S('+> MRR^2O'=O;7=.])(&X90%&\CR$'L63YR(QIOHKE`X[Q7@19/J0(><7#[0[:QX MI%S0J$HKHU`CA`J%+%Y>^:`-P7*\A%\N0S?EO]P$HS":.HMY.H?`?W;%5>&) MCEF<1##7]\Z4DFR"GS!&;_.2@^<;\M/3PY='\O/#[>7-_4]#/?`-7W7R!U;,JUK-@;J>6L!FD4P2_7+'8=_]_4B:Z$3VG,K9L;\S9J MU8%=,Y]&`[@\#J/FPQI.'C%;ISP_^MX+2@M.&6Z'DZG83!,0O>K<#P/ M:8*>&M=S%:;K4V3B49>!ML$"[.;^^H2@(^'-3.*";@<3DS;1)DGQ]M0*K:FRY9R M`,J^ZX8I-'FB+H7F+SZ]ITGFL@X5H6(IMJT5X+;Q:@%3$X&IMJPJIK4')M\/ MWY#9=1A=ANE+,DK]U;[M",Z4#-LN0=R%]3$P-Q&L;IN6W`+FQXC.'.9=O<]H M$+Y8'I()C42#EGR5#6Y4+W"L,MB;?1,):+(FZ593]FT.W+1,Q;+* M3OI0KDW&:UJ:K,CV%JY8Y@,;"6$)FF.\?*AG3L'6KI,@YW1UY-1IM$UXESW$? M!FY;/D)?[QL+%H=@:.8Q+&F]@UR/0?QVJ(?0)=DT)&793^W$J)'9Z[*BPO1N M992E3X_.O+U44[$,U5B3HE>9'`2C45JN:$;9OS2"$:74NV7."_-9PFA+\="V M+%V5*DC6\SD43".UD%1I>;52C^9J.O/#.:5/U,>MV-9%!%'3E$LBJN77%KA& MFB0KBF[L"2X3[TW@AE,**6A;$C-@1:<:*].XRN=0,,U6:K*ARCN"*>7EK>O3 M^O1_^TSMBZ=94471Y`,P/=%7&J1MK5UU4],M8Q5.E6J:9NETI M4-:P:PM;HW1-4TQ]3VQ+FM6:O"`NF%:YI+N1T:%H&@4J2=5D>[-A;T=3=4:M MB\S.`N9_/DD@\I\T$4GOR(P6@EAAE.T? MM;&GP[>HU))76B*_)^MF.<5>K!^=Z"$:)IBY\F:/-.(;:;L*`@]4+.W@_7A: MKD8WX-D>Q+4".R)$L??83Y-)&+$_J;>3]++]S65HFBD;^&\MOF6&A^-:%=G1 M<=W$<=J.K(JMX1IFA^%I+*-V\#39/V]72$N[YPMV$<7X<19>-`+.3<^7/D!+'/URE][_1I!Q'KIRDS75 M,"LEF+81?CL!-*I!2:J\5-<\I@">(WX( M^.LV`I:LP5I(V@!"]-D?1>/@M",*?GD2^AZ-8MQ53>9M%&&TT@[**H>]^3>J MR\'*4&K.O[1TQ+WDMJ6QNF%6Q[`E_G\9!&K\REUY0"EUOX%,3X)2OT-#WQN;TZ:\#RTLR.#>S` M_'B`ZPZ\R(9J&/L!+M+0&'P][H+SZ1/]XB',8!LRE65=L^5*UKN)79N@:G18 ME27;,G8%-:2^#XF2N#W3AX9];\H"?LH^@0B;'4)K16J6)DME!]",];'`UF3G MD@JYKWP(V"<:4R=R\=#M)6BH'_)S.BT*5+<5W;#*N>\6ABTCJZG(HC+N@^R2 M0G+G,I&X@8RG>._"G_QK*\Y0TW6]LJFXD5VKJ&H\GJ89FKTS*K1OM.Q,C(WO M#]@*15+AOR7/5F9R.(`Z64B@.UHS``\SO%T+K+)8![0A!%55K?)6QQHVK:"H M6]Q:FJU9C6'<`$=(:=MT,%W<[RX`+'$XF'E-/--TJQESOBZ\#X.P*J`6!5&5 MPW9^;2.KT9(E,37'5EH[1^%4;-6DT"%3LS"(+RCDLK1T^N..!6$$R6\^%V"6 M52HB-[ZCR22$7UZI6'>W9)2&63Y]]1?"_]!2JW,BMJV7SR5\4[$!N4P1+R"- M&BW5__:U3455I!7%6&'5&IJ:^*785:]5"^:>)NV&+UE6*^<4*PP.Y%RC;:JF MZ++1@/6F4MZZ,I[C9HG0UJ*>N)$2J&"5A\*BG_]M0YZ69977>G\5](\KKIK3 M*Z8M+P>DOUA<:]BMK4[OZW$TLWR#RA9NK8*JLSU+TLIFWQ!6OE&2;Y1?.#%S M<9W&_#2A^Y5+EC;LEFUUY:&J6GZ/:"W#MJ'5'2[A]=?FT"I[A`\S;/SH M.T&;Y7])*C\&8#VCMJ!LEXZMFN8N2)9SS9M@]8$%K9BB*4M*^?D.31@?!VC= M&7Y94S1I=Z!<(5<;WX<)Y7M422(B2=&KI3*(QGW<'NRWB[?ZJ(96=$"63+OL M\NJ8M@^P9GVGZI+:%KS5.\RR^SI;V1\S)5.KT='UW(\*ND95=5V2ZUS`/JCY M0GRQA[#FWN2]\P?94O5M@-=Q/A;6NFHY2+=\9U0;8)?N2&Y%IIIFE!]>4,OT M"`AKO(`A*=)60:Y!N,']9@K=YCXF1%(%5P'-.+:-K6XEH,JV8>T";K.4-]_$ MW$K.9L#:8*MM;^9_7-QUS\.`1&IKD-H7]]*M>*WHJBZ;^G9;6N)Z!(AU3ZA2 M+;E\$'PGB/B@)B>>\#4O\+R8?XDQ?!5.%@SAM36=M0U)D[3*'D1#[L?$7.-- M-<4VE4,Q@Z?E59CGL._^D;*(0G\OQ::TO7"O2GIE15[+]`@(:PX?Z;I6?O#A M3@@W2%YL:[:NJ]UE:39G?TS0-4G4LH#W`_T$JP0Q,0^CVS`8/]-H>LL""E\' MX$?:J8-8BBZ5-X=KF2Z5!%U*/;['G<6)1R=*YI?TI1UPJ@79:*4HN)%?@^F^ M9H$3N*U/MZQ60#9G7MG)&8VHFSR,KM[=B1.,Z1,,[B%8_TC2EO;`;:.4`.S" M_[BX:V\**^^?[PM[?8OC;9&;AJUJY:/'._`_+NZZNI"IV)9^+."[/M%7VA[7 M+$FJ%_(1'SOR,Q]0C6)I;VD"Z2&/T MV/$EC=V(S;(C`[@]"#`?(QH#!WYTX!F&(8@U5/$?O_.33_B,^X?!\[\?K\@D MF?KD\]&[&8Y?2G3@12[B;A[$Q69N^?LN\O89*$TS-I]KZ`?MB8 M[Q^>KXA\1O()(T[@$3Y/)!R1\DR1#=CYEUGM*(SV!_$\H?D+!,#@8S8.X@Y\ MX&?YX1-P^XKI.XXH3F?XRH&8P(H:;YG@%STG<:!5X(S%>R7B[+X>T2.[-^64 ME-F((ZP`"2P@>0OYB%]RT<5TS-.X,]Q[=I,H#)A+(.,,@0ZY*_A\_YTSG7WZ M'TM1I$]7-W>+;_*G'SJ<]\#Q?9+5JA!LJ2_^C)MG$=][+U,:].^>^F5:`OG4 M^9V?E,3I3(J1Y`UE\U-A#8A_2D$&]R.F261G'J`-HD)*`W-!K3"%OB*T)8@!>Y'-XF(>((WP**>O<2 M,X\YT1R/(4SA"J!U"N(Y`+"O4U`5D/3X-OC)Q$D(#L:?'\"QQ0)/N M"W^MGYO&(`%\"Q'U1UT7F^-)DC=8K(,'H1WQ*7>9$,U?42.`508I0@_*QYX@ MMG`ZA13%%>>92]X%A[;6\1"\D"(2D!;,"H@:7T6XA5B),^@\'`SH$(N* MT414G&&,)PQ$^#9A/H5K7HKK)*YO)?CY^6O')S0O-D=B$8@<9@XTR*25R]P# MX8`@YC@4/OA"C,(%9P"06;CPQBS`(@A;]K89%`]Q07)=&FD)'C MYJ5:2"9R@[X)P/0"9Q;Z#/0F^R8BG.^X7U_2*.B0+Y`X0O-?`(<73D^%RM5I MV_H9X[/U,N?CIJA-7,\[9`Q6'06HAX[?(?C**9:DN6"!`/2+!`,1C3S^>1+& M24D/>4#.6%5G6G3*)GJS?G"B-'\V-S#%3G@-71>:QI^4\$GL$*0==HH@R=MV M8.HP\`B@8&D)F,,2JWS603'0WQ&GAC!#1*`W<#&/J3M`WNC!H M`HX\%!0)LO`9XD5=X9VYCH`Z.+.97S#FSA0?2@):X;PZS.>[2IE7%ZD`TB^F MI3N.'(]+$@MOH'F#A:"3^0P(HQ<'GP]^-Z;"$W/-R#N`[="`I#,D@SH<1GSD M#J_G\12#^\2"X;*L9F`'**0/Y:P!ORNL+SO;%X/Q>-R@1J*<`CH;8Y`4A^LF M#DSK"P5)S'"+/>(&4(Y;(B:R9!*F,`&IQY)J),6F48K^5P3E<9KYISQA&5(W MC81I8XN\[$#X8]UB/*]628.&5X/5A"JB(PP/J%B@DOGA;>[^W$DGUY)P!KJ* M.CS$(7[G$85-3R4\;?TCL7=SFCF MKDMGJ)E.D2J#I0&UF9^EZ#`)F7_GB1U7JBR;K6C-3_W^8U5MP.J%7H,->!CZ M//1%X90E2&TW#;X:@!;Y:`(0JI9MXP4B)L28F/]0DAG7!/!0?Z28D7(W_Y5F M:E4(?*%.(.&$@$'XE+NCW$FN%6\,2'PP5-18APL9!OE[YHN%E)%/O?7GBCZG M3H21#-I=@J5@!BND*1O2)U7N$*S1B%@#K5$[8I$936A$86@EI=BX2.D'00K< MQ;OC\*7+UQA@9*G["V#S\W1NDDB;36#\.(3V"N"G(Y!U%`H#< MQ8%LH!PMWIP(#H*[XA7C8)AP\@TRGJ8(`7Z`B49SB M)(IA_%VVC(YEBG7HW\$V.IHB+8PIP6(@)EC)),Z,Z@X?5%"Q*#Y4+!!R&FA> MF)[%,\KW$/TY1)?&V'+AB]2>IY0\#<-\$Q]QTN%K[,+3P!>O]#@`L;9:PVW+ M/!7%V-TKA7EE]HKG\>OKLLTKMU@%O@:E&L+R1!RT=/S+P@O_!]=KE5*]MJD4 MELBOM3/KV.5*Y8R4<1)\4;L'#@T5]CX,NC@8LMCIY>JYV`HDI8W(#UW0Q..J MN,2)PG=8[,*J;HYN0^](LB36&"Q/7244X%PW$VE!4>-[12D$]O#0O+#>PU:VJTXZ! M\J.E>&ZD]$H%_LPTD)H'F>5_L)%J8*2-A_\A#%4[(_Q(40DLUZX%W(]IHWGT MG#ABJ2D6#&BT'HXF+$:SPR*"(T!.9W*!NF80BV#:4!Y2^_*X"2I+P(DA$X MA>SL)09?2(OZ2-9'%-3*NUI,/"8=FA7T8:ZFJ&M8)U@4Y\":8+V(+C$K\4#( M$([X_]K[VN:V<23AOX+R99YRJFB9U)OES,U6.4YFU[M)G,?V[-Y^NJ)(2.:& M(K5\L>+]]=?=`$A0(A59MF-*QM7MQ))(H-'=Z'>@40H6H(S!\!$9!7$Q#',S M]NGB_>45FX=YROJ_"+=8FX'6C_P2`:@<8];P`SH\/FJH2#[:'I_S,FJ.L0"1 M7=`W=W%XAT@(8S=BAX@]+4[P";\\`V02-?2(084PB!&*J'S]N]$W6J@> M<(`?*F_/2`?Y`L'562BBO\`H4HP9*%GO2!D@#,[[(K2'E.:`^"$#0F"AM M,`@%#^,U0,0@$SZ!,19MA9-%._53K&73"7B'5G-&DH/ MGG#Q9M0=(,]U&)#DKVZ4N\F]-I4ES>;Z7;?ECI-3+NTXZ;^+1*9?^04>)'S+ M^'2%,V32[+Z@<_U*NK9:"HXQIL"3S&SZ`1@W69Q(F^5.3H[;B$BH5E!9H28+ MBI`@)8LH.%'LRQ^($1%UH%F!:#+GH(`K`7L.:5.A_A829Y>DS4V)=7`AX8$2 MQ',__O9#84<$HY)$B2BX'P-6MA72IJ"FP(0K!8OR'0T_!Z(\$U1 M0*!D12+/$%&/8LIAT%T"V)$&\^R%!%(ZA`(>1Q01*<`HL_8E2`+:54C]6!:M M8[++I:'!:147K8;HALFRGU($BUQ.`3C&4XFGI6@I%,HDPU]A:R!PE?R^(`[H MOHB-[%_42O((GHNH(D1L%P7LA'-5[064RV?%`_"#A,Q3*A)@#K`0*4A7PDN= M@2)VM0Y#2U&YJ+FHA`8C_$H8%DH+%'T,-"M32.@6`Z)N84&6+,+)`I2G8AN+ MJF7I/HO,'B6;4-!,WJD`V%K?>&./[6D#6&6^YYPRW733;)+$R7FDX1W;?JCK%`4ZN!0,_4R<,(1EOXGG@L1%8GH2-,_C2%^B#77[FW:(T M8J('$6L8`F5-&&7<5"3$JQ3228-KJ^:%@5A,TD0!)+CCWUC2H%*U"#E\$:K/ ME=*$,5;S(#Y23CO]3F:&RVJ53YAF9+T*7BH5(2Y:?EB/`XA`>3'!RBNU+:DHT*TN\`R\D:$1AQC,5NBD7_!F`\L(Z+1UP+`^S>OUX_GBK0T MTA0$/56>Q#5^D?`ENS"^*+X0\S4.7A90S&,A'*VB8`CF*_65145OJ!`G6"W0 M'J,5),5?P01I$A7`537;?E"W[<7^[J)G63EB@-74^A613%PH4N[,,E4MV584 MJP4B:RW-45F(72G/\BK#!C0LLM[<3>CW($M5N98T4ZC:I*[J1=A&B*."/:;! M7146JB:C)6&=K%@BO)(5,U/)<`U(/*!<``8-(G'N*8CR&/Q(;36)/'T`FP_` MI\!(+L)X6+$#.Y#V:Q5@9>VYA#P)$9:BRVHZLKA4'A'ECL*T*TI6*GA.9`T. M@5J[#%T`79Y?5'0#59UD8DA8I!3()$QTBJ5XPY_L;Z-M)$JR9/>""`4!J.I$ M@"H1H8&K\`^`*/PB*7"3@[M"MJJ/+=K"`A#A00*BT]MX$;%I@I<1R^;7U@LN%7QO` M<]W`&;+MD@H&"B%`M%%D!7A^*!5T_3A`+TF0&1]`JDR`>"`.R&.SR@HJ$!NJ MPE.%,F_CE*OGQFCLXA6NS6J$?-*B,(^*FSDY@O"%+09:T^R9M%?)1F?%XU!:<*T*``DH&`S/2]+EC)HM`-OHEA.(;!`/A] M49:;EK5\L(L\"N[(7_T$D;^*M8$.XJBAV@DL6XA(X!@125 M;G(Q)(!;>8;I@S#XQN7N@)\B8F;Y3*K#`<_3I/00*:QJ`8#8B\@&,U<=SV(@ M;E"IJN@[("DMT8=TUE`(6EOM>(1!CD!D0*\`CQ14S&=`3`TETA*.M<*JE$%" M,%#P:35%X@PL&7"M5",)'I''SZ1QU,06:%*'9IE'0*W*/7BZV3F9I#RC_2\OX1'%!\6-6.6`TKI53I\PXR,92`;Z8UI*EK//T%P>BYP7 M6I@5JV*5`]8=0RA741-)(!P)68DAS>.*UR^R>$N[ M7!7!B[!NO7'19,0T&!>/V<^51K^;QQ^?-@J\?.7_'D=\AUK$MW'9K8CN#M\Q MT7A`1!=%QX-[V+UW M`55("(L,OBQ>+H]9THD!6G:J=:556?F%O,D?7J"K_*5C1CV5]1H,Y?0*J=,I M$/SSH%V&M'CN1\!B!`B_%;*8?%X&? MW?YV<#+\Y0!T'V:MZ6L)E/CFR(O#T)VG_)WZXU>&4NT(;/AI]`XL[TEVP.C# M;P<>':(]:!`H-P347_`DVY*0R!+\R,K/?@%;]Y>ZU6;^R@MW$@:!IG)Q&[[_ MDQ_:`7"+9XY7R+-*KJ7E5$4?B36G;F&5S?%C+#W3L+"=<9_`%\,Z5MY"ACM5 MG?2[E$%D!3!A!C"R`^B1A!WC4ZL!PW5:Z5FQ]1IIWUVF_9(@E/(77$5&`4_V M7S;]WQ/Q"-J"+T;O5XYXIS4;K:(VT4%I5IK+BO5][-^O*E8VG@*B8]#L_^5Y M',R>@\;5@+U15=W+IB[J^G?@?]A\)HV``+,`V;LC\>7C+-XO9=;MF!V&F+7X MD0'5EDWQP)6^V6J_R(\)6KZ/F]]Q>M:@9V\$110O$G?^VX'X]^!)\=!*N;33 ME#WL];O6P!F^.&G?/L[&J(W0-DLN'>*'6MY;O[0J)J6^0K^M!\K*CW.4RQ5M MM6G9O9-E=Y\65P_[I?4/E;7"RU@+8&;_ES/=E0F4I"BU.3T7H:,M&M M4N@_C;>W>VDO5[V+]G!-6G_O@_XOG0:V.R:HM8=D/02ZOKQ=:E+[^VE.&4P: MP[36,%V):#4>MM@9X_5E=-IKC5,8*K\&*ANEOX.JRF#R->>J"A4O3W":Z).) M/FT7?=H=L];$HWZ^'6/B47M)5A./,@:5,4U;,^]^FJ9-T:>&*BH3DS(54ONH MZ]M$91.3,NK**/[VS+NQXB\^5V^7J+LYXIBND%IK`#S7Q;Z_/_1.;?BO7C== M/55%7:OX=WE]-5V?OG)[6%&B36M]H(%!'<%$W[,@H;8Y1\4]8?*:,3>EFW+Q M`D35(JCNBD2\9QF*&-]54[@_>*R@9TENYH5$(DGIW0D%0:VM",MC?T*0I!-I6PYJ]P/T&$7$5T` M25VT.>C,`-40K@';?(BV8[*3'4Y`N"@Z$/@\!25+:(RQJ1A>"5DVY^:S>1C? M<]GJ[E"\12)2_<`6M['H0X%-W*BY2-&%\JV%.#I2S^KM*=&YG7/R<$ER)/+N M=J$F(I3MA!\<7=W47O3,4^0I.N_>Z-TW.3;[(/1J?1)IT:2\BIO4_77M,_'6 M8,)RD&5<7-TIZ2.>=GT8(DCQOF#`AIK!JKDRN=H:5#W989>-.G;,*9X>S&;< M#T23.JF1R+[(Y\CEZMYT.@@%^(O#)09"2FP.S74%`L(>((CP1XLO<)C=ST6G M#P6F#AJUG'.IAPOL@`EN%&I`J*XV_3.UN@M5,R(U'>G%.Q>>R5-V)SL%R$N8 MEWHNEE@1/1ZPX>'2&^WKJ="U[6YS^Z7*;:QNGMW&"75U!&2[I>'2Q:/5U'E5 MBHOR8E?<#G7\CH*A&*+::',2A-1E,P'=!X))R`>M1T@D.IM<'XU*KKG^>-ZA M%5WGU$VG]DV2!![R`;8WE*U/EMEJ#G1*5'/;&4^FHO4/H*EHL4E;%:_$KK!B MR8:53CNPDT!LBQ]T79#JTKUE;%';SWJ$-J,]V)!7$/FD>^CIFPOVYR3.Y^SP M+_`[&HQO\7YFM;4O"M55JPOK'JKH1K>YQ1>"S,Y$N+^'ST/4D;L1F^!*+#C)"\:I6FO7\!:)*/$8=,H@9J5_W$A?JC$SKU>FC MX:CLV"R%;BW,!)+L?<6E;U+JF1H8-V;H2E!FAUHS-))7-GNJ8$=J\XI=>ZXT M>%5[Z[I>[^92-Y>U;M2@(K&!9$(.NPOJ1PB?F^P?T)JR8=DZJXO,PV632'5& M=/V[(!7];JJ["6V7Z%ZU=TOS,4C'`+2K[,M8:8]#_:%RZGU!O]W/A24J[N`6 MRU#-E,ALL!`6L8?A;Z5Z2]BQLV,F.]!2-R=/73Y.=EDY;H,XJ$'RK2M:R\WC M!;45EJ8X@#-/>-:\G^1BJ>^"F#C)57-*D#38A4>`21UVU'7ER(Q@9*9N(C") M.Q?V.5H<9%+GR3Q.!9)6C<`Z.%JF>&ZH/SEV5"*@%<$EK27O@&4W5MV>RQ^Q MX4^MR*Q;]CMP%[1DK:(]Y-`[5\L]J!H`B@9TZ[P^H0CAR;F\>5^VRJJEE-PS2-F@\!5+[[!B M.=9N)3\G%J!R`<:U"U8'^T1.P$,/Z77)ZR)5W_7WF: MB38PX+MZ23`N^^BU>_O=4!OT*8@>%"8/ISC9(BZUTR5?6\0I!,4M5OKFFXY' M-`_O"P=4>+EJLPG[8[.]CGIPN.2@5*BG4PV!%@"DH!Y@ZV+[7'<.6B,,_J-$ M)#AG[A&:BNJ&F#H>\;:F$38^:Y0H*7NI/WM3G$_ MH(U8695^>Z]>(C@L M%7)K4@^K,H^FT(5G`8\!]SH>VJHK\F15BS]-J9;D@:W4G;B'REEJJJ&!V M6#8WHEQSNBYKVY*ZO)?"^A:1RF>AW4=92O*X!/M/!/AK`D8\N\+Z$_W3U\]SAD;9JR#^+T*Q1AFT0B+O<=<*PAF$- MPQJ&-5YC1R\5`3!JU&P((RL-:QC6,*S1&C7:5J5YKJK*C-)\6?8_=.QV=+7< MX&*N76>"]D763$#5D+VM9%_K'>[Z;3S[V8'3X-'@L4UXW(\`4Z6.@:J96<^4 M,;1"E19G`78-13O(!&TSHQK+&%BU9L'PQNOCC3VH6=AY$WM?KVDTF#28;!LF MEP5)\;G55XVVWL@;W#RR`-Y MO?8<&3/@&G!W%=RM(T)+Y>']27J'[=>L*O\C+2Z_KF8H;>STOO)SCQUP[$OA)ZG:DK2W3J M7$19$D1IX.E?_MT-R$SJA7`D>W<^X`LIXDC<16+>9*#GO'^@,T)Z@( M&KPQ%F^IY\6]FCN3B!J.VIN'&HT>F8?JFUC^"P=`7B#@@2^."WCIKW7A_*5' M?S(B3;"CD+/MO1RL/>;8$QHGP^'`.NGO@NNRE>@TE_J\!B;>?>=K'7/OCNQN MXTEBP_`[Q_!M9>^_DV]G>-OP]BLNY3>G$]NK?UM[('$O!=5^N$X[+Y#,.8[6 MG>-P@P31F5,#*]'(430Y*SK982_7F2LZOI5-RN!IV2@OI;YWS`OCE/M'V(]) M#8'CBMY,L]CG(2WP\'WH>M^.KKW;..3IT6>>9/`[OI6'[ML.^_@=^S?!9'OF*!KIE0RK16XY6OH2-7UG*YVZ"(TZQ M03`2;32."5*M:;($GAP[OJ?E?.;7J M4RO6S!6R$6RX#=-).`FDHB@J<\X@GV",6RL\`#./-4]%@6G?T\0B+2 M0UMX&D^R!0((^C-/L^1>H$SB,]4[-,ON?]36%^:-J2"C8#[_^HW,- MHR?<37-8SGW`0Y]Y>7*':V1@=F`+,E?TRZ,6R;@"M6/:T]'O,F*_\W&",=Q2 MK#E#ZC9_4FT>C13['60%H,]GJI,\N_8(T\""+CM[SP[5WNK:OQ8/:\\4/SN_ MOK682^M=@!P([X_B181LJSH^$A>H(2Q&N0CJYRH[9EYSP+;8^%]5+[RS*1"9 M&L,O=[$O?JD"X)-0:\9`!\=.%C?MZ]8 MY#_X2NJG MC(VAV9MN9\B``T-\-N19)GK:>D#%8!7Z3^H!@0IZJ+("$C[7']^S]V[T#=?S MA:"`]9ZCA,=O.^Q#SNM_JHC\A'L\F&=J@<74DVA#15F0A4((%%CM.Z=6_W2P>==?T=1>*7]:_ISZF/O;H.Y&W@1-);,`7L=;EDQP9&VAB<*7;3ZAZ*L@JYN=TMTU:WD"1`&VO@#R"9L_[U<0&Z? MUN-*FE=@?+AAJ-HF"U6Z@A?5?AM`ZPT&EGUZJAA/EP`HUJ\__HUU.R.[-^RR M0^2KT[R^;3DG>L_<)FC60M`I?_B<:!\NTY0',*^0Z3/W7V"S@QX",\<7 M>F:KV6B]+O,#4%_@!2R-8^&FJ?Q**"D-*.HP#*L-,("EVU8KNL(51BIUXO:1 MMWA)2,&]+JC0.]5^/(&=`C9<`'YCD-(T]`K!7"Y9S=:$LP_N;6@]9'DE_`@E M/7H+W\RPY_.DD2^$0[`L[6B(U3W-9'E8,)N!72!\J7RNNG^WQXB_B+PP]Y'= MA3>3.?3F-E$_)/G*)-]%9G\4YR?6$RSI` M[/\N,0@CD=&"7#`CWT[(!S5*/"?K%V03_$&-ITEP-W+"?Q_GZ='4=>?O/@0I MQD=@P,O)N;:D*XX-X?WS.,U2*G!ZCZO^ZMZ3]KGAW[/WL)9O?X*Q5"B)OF`W M[G0*$'^)8;U'1^IW45S4]`1@?_KN`B@[BP+8SP3`37P..SB>@7(J9B-G&#Y< M\?+L[9 MP='Q\3]ZY\?''VX^L/_YR\WG3\SIV.`RN^!$B(UV?/SQRP$[N,VR^;OCX\5B MT5GT.G$R/;ZY.OZ.8SGXLOSS*-/>[/B9?]!<7+6Z_A$[8INN?FG8VFT\>OIM MC"]2.=N7RYN/;/2.+8&*2JP`5K!<0_7;C\70\'EBB75*S54NBHBV,*]8@A1/ M(%43_N\<1'O%!X+5!A(!(CJD7H01P0L#I>.%;C"3<3(5::H-\971IPDZJQ1; M"T!SS-T$]/(<]A\:<%X\OZ=$`RC+Q(69W>0;VDHBKC5/8K#J>(8JD)Y*04SE MJ/26J!2/PV#JBB@53EJN,@QF02:$C,ON7!R-U*D*BAV1X8,Q5YCL+DAI""&: M4.+$>2)F1M0D?!ZZ'I=N%BT+_E\Z!+&?>]D/S30=V7[@DR!$^0IPH1./7V-T M+@DP(!:G*'43(:RD99OR]8N/<,QR#$DN8@*I"W"4A,-H"_AG-7!70!1CR>$D>M M$/RG[U@%SE9+>C#++1&:$R'ZF/ZM^-)R@Z[:H"BH/,Y%'%F:<&#/@6$.(M8# M:9>2>SS&]!)/U^VTC4^MK$%&;2*P--\>QDA/NZ'!O@=Y<>-^?Q7;U[&U_;MN MZ1OLUFV56841I(AGS.<3 MGF#.)7._@_N4\B*0!Q1`9PCF*H5>W*J6PXR@DF[)^984`^B,B$^TZ MP[QD>UQ\FG"9E&`$X6V++BUC'HL=AXZN*P,VF5AU,)%4T8+NRP1"&FAA]Y), ME;$7<1YB6`_D>XJI$&7,XD/\NZORWI8P\E:^AS?)=0;K+Y^1&2EBN)Z7)S\@ M^KJ(P[+EYF/XH6>=R+?>C(;6Z>D0!\^C`F^"^!)/Z7)T0@9315A+K%KE>>Z9 M*[*[35S(BUP/SD#Q"*!`.7'5MJ7L3":"V47R4Q4\:&J4\LT3[A9@@YVKJ"`0'RP#$.Q5F:E=VIV&#%6DL0/LQ%0^`7J,\G.8/:8@&CR=#_S:H MH%^&KJH(1V8M`E+H4G`*P*O$7S&M-J>[;INT1V+]_J1!Q94M3NMYT^WVK*YM MBVW>[UJGHWY-G+&)"*O?HY`$+Q^/"8?W2][NTL91H4#P(#>*_ZVS9)[67+P6 ML7/I-*$T5BI3QMSS\U3$7)'5644`O-% M91D6)0H%*9&EXH5^`+HVP6\R[MU&<1A/A4;%V!VG.#UYF\`T:,T]6";5F!83 M"L.MKKU34#+0*/G@U(I#^!US'J$&PGP@J%--*5!YG?*?BTJ^M@A]?#'`/SZ& M((&3.`H\8.R[&%/NGPMO0=ZS(!X$AO$YF@W`/3ZX$&$\%\$"R0"`KG*L0(Z% M%B0,)!([&%@`D7&?!FFUV)!L6-";0":IQ,'X5UDE%4Q.>3@Y\O!QI-4"N"H$ MN]82?_$T57'".YY,<3H)5B+2Q@A;/)OED8SNI04#=V@O%+"0Q:9X&[^@JLE2 MUV`%9/-@VJQ8AQK=DFL#C!4DQ4IH[:2R\-7;`-`(YFN('I"?>ZI&2P-?Z2^J M)I5I-4WES=TY'O6@#(L+*;4)+N2*7'7[0-PU)UQ]M&YWUI/"42%8% MNU1E!AA/@=VG,=`UPFG=$)SX*,V"+%?<`$,Y>C#9YF6$&L>&% M`45!,)B!+RO-Y\[G83DI%6AC00?ZD'=N$)("D;Z1T%@X?DF6HRGFH51"![90 MF?[+[N=8!PXC%74MI*F(,]0+LKP6=$D^QZ$HBY2`HT%[DFKVD3W+"9?Q-(<- MC4AJS[[!_1"A1$#9DO$9>;I:6E[:](>8L'JK<"LT]1@VR4)*2:E`8+VJ9$") M0(N%?(K9*DS(BUIQR@\"EN"#5^Y,'P?Q@B+>5,8+1*JQS>$D%,5N(7-$UA!$ M*:4;1%FOLK.D!50+XX0=K@IW\!-M_7-@)#P**$JM@PA4 M%V8#"27"+"S*-U9C*6=1A/7XPI*GBFO^O68/C(6[<&[;EURX!KP'WPVL\3*W\Y71'.*1HF$$N6(K"WIT-Y?2!6X1#7X&:5O0 M>6(I'*'34R-+L62P\O1'BFA%BS"\IWNR*';7\5_6O;<(4WM+@-*O?6'-UW#9 MQ&NX@/2*W_$HKVORMA?7YVS6..'Y;LWI6J?]4ZO;'6P$1XLNC#>T_>'\CM5W M1M:P[NHI0]L=IVT1T=O9:_D,Q1__'#I.*0^/9;4R MO:2,#T:%`I07C"=%]LUB_+LZNU5-%D54])=DP7\:;/6]L%T>:=X_I1'3`R.F M-^COP-8P1-X2D-&P9PU.C"VSQR0V1LVK)7W/`JI;I]WA#A!YG76S.X&5#\9B M>4%V[_?`E._M`+,;$F\;?;%MZ\0V)-YG$ENV8WR./29POS^P!H-=:""]BQ&7 MBTHI+UTR49ZY,Q;(,[O3IUW+&9[N`&L;$F\)R&%WT+6&HY<77V\-D9^/R#U[ M`$1^>3O3$/D9W<4>N(NVB8W\+,OD4QQ-CT+JB2%NCS'6R#,W;[)Z_9'5MTT9 MRAX3^634MT9#QY!X?TGL.%9_8')T>TSA$\OI]ZT39]<;[:V`>LL1.4#J8=WH M-6O37M".]JQY^S6>9VGS42?5FE-HI'&QOI^'P]?($>:$4SL4T.L^X<3,P29S ML.G5$J`U!YMV,SQDSB0]P1EV36M\_VCK68&1;@[Z)$>P?;4WY[FNC M>-]RG*'5&^YZ9JJMAH8YD[2S<5+'.AWTK6'75-CL,9%'`]LZ&9B,UAZ3V!@U MKY;T76MD#ZQ>"PKH7DM@Q9Q)>LDBLV[/.NWO0E[7D'CK\HR1Y0Q,D=4>D[AK M#?J[X(X;`F]])@GM,S=MD;.+EQP9$B\]7&5[@#TS@D>6<=*UN=Q=V\;(M4GRNWNU?=V__ M,;4S6VN!-/>QJQHD_5\>M\Z;U49OJFDOOH.=!669ROB>37D\!4S?!AY35=X[ MTQ1NU&]O4[AASS2%,^!N\M!6H=@=/USAV.T]>EBNT719>S7G;D2OX!7('WW8 M4#0?;A&B]YY^BF2RZWR+<+2GJ&_1D;4&>]WTXMKYN.-+GZ8X/>U:)SN1V3>4 M?6!BV^J=#"Q[]/+)$D/;IS\#9?HR_;PS4.M//U'-\!R,!)@G#,!`23D]L_&I MJ+=[JMI:$ZD]Z=J68Q%VKCX:,.1:UST0V_7K,V9A7Q.Z.W;>&)\8U MVV,2]_JV-3HQ2FN/26S:N9BC$WO*VH>]X=#JG;Z\AC(EU\_H/-NVU35WY.\S MB4VG#U-3O]<,/K1L>V2-^L;0WF,B.Y:#-WB>[$).Q!!YZ],QIA/$R@M:^6$M M;*^WYJ[-Y9BF$\3K*24S59C[0C]3A?EZJS!WT]LT!93/6T#IV);=VP5[U%#V MP>4&]M#J=0UM]X^VYA)Y4T#9^DW2GJB+0^UQ=F"O&!)O74!IGW:M4=\0>:^) M;"X7-P64KX;=G>[(4M0][=)[EY<67 M*:!\1J/[Q#K="8O;4'C;;6QN)385E/O-XD/K!)RIDY.7YW$CQYZQ@K+?[\'_ M3`_T/2;RJ[NV%M;SW\=Y>C1UW?F[:SZ=@1:ZXG,,PT73#T'J@>N3)_P&=-3[ M,/:^_0F>5^/3%S#+=`J:YDN<<9A&_2XNV6IZ0DUXQ4.L7/GJ)MG]3>)&J>N1 M:U4S,?,``_#ABD]^.Z"J05$T2#6#_]MS/KL)7MIX\">)@0^7YS?__/J1W6:S MD'W]X_VGBW-V<'1\_(_>^?'QAYL/['_^)D^GQS=7Q=QS+P9?EGT>9]F;'S_R#YOO&5E'A=-D1VP(3 M2U/4WC<\:KZ'=VN&#&79YI?+FX\(O.#04==Q?KWZ^.GLYN,']O7LZN:?[.;J M[,OUV?G-Q>67:\%NXX)UUU@A=0L9/OTZ+B)VZ67QF"=87VI;#(A#)5HLBUF: MS^_)JR,/AW'OA!=F^QW]T@F<"[S/7OW,@#PL(0 MVGOLS<"V+=NV.^PZ'Z?\WSD-3,_0LN5[.)]5>3%(TUP,5\[!?#[#('D$S$-0 MXPO`3PF?`NNP>1)$7C!W0XRBYQ$ED=7\;,S=!#/%`9:F\31C;L8^7;R_O&+S M,$]9_Y<.P_NCM1G8K8M_@'6:S"@VOW!3YN>X3=A[$9L$62W[.N7<_;>C;ZQ0T7MKOTK M?%E\W'L+8L\!B($Q](ZGE(OQ3`]'APAY):,`LLZ[3Z*K(!R@8?(>.@>YJ' M8(<(@;:V3[CT,^`>8C]]F8(7JK^SF9O11$#^#S#H#/9/N;B>3<7:=MV;%KN- M%_R.)Q;HZ1#^)&`!LKE[/Y/[8(\]'$\GWNA"P!WV*7&`>4F$;R0K2Y4[!ZQ^=Z, MN@/:/S]8]67$_NI&N9O<:[^*^G6QKYY\GL3H#N+ON*$)LVK@BG33)!(Q7$:W MRB?$MYITJ!%H*Z^*60'5X_L&P+:3>6(SK)=["H,;R+TS`78JL$W;]!88YS8. M?>19!0O`&F=@W\%@;QRK)\:W8.]Z.:Z8^THB*VQEBUA!#WB8P>KBY)X6`NM> M`#2*`_`)#T$(0S'*9_>>Z`FP>3!Z3I8!K;I8!KU8LO#R!%4FQB["SND:<5U: M@`\P0S:T!'^/XXSTR36GH>@'G/+[.`GAS_\#4$L#!!0````(`.^`KT`3*1Y( MJ`L``+:````5`!P`8W1I9RTR,#$R,#,S,5]C86PN>&UL550)``.!M[)/@;>R M3W5X"P`!!"4.```$.0$``.U=2W/;.!*^;]7\!Z[FDAQD678F,TY-=LK/*57 M:1H]X8P31C^WND?'K0C3F"6$CC^WA4:GAD\=J/J1R0 M6+:N?@E0C3HCQ(=JZ(%Q?(S0#(:@;K>#4\'U-])0W?9QMQR!?BR__L\YYX#E M,L^D3^D&4C3$J6JV^GOGC>%)%F'@D/]=_R\G3RB5[)Z+2Y1E\I5O>`\6]<,9;&N'#ZN.49]Q"]+='@^+<:G-@$_T/*CC$V-)BW;8QL!9UF" M,YC%6U'.`1.;R?;D:/",Y;2L?GEKKL[CF.4`=H!C#,"'*;[#PN%9SN+A,>/& M6Q)R$A(A]QF>(9)!18@):V/PW)]E=XA`%>\HA>"I6G'!+-CZ$Q$8?EDM9TU1G*A2>[4TH2Y/_%)+)"XC6%<5>35L;VHWF_+@; M<]:7J?(;&,L8K)C%7,[RLW)_],!&XAE6]]"=*H;S$PG$I'Y@2RO_')+3WA`* M2O;($TYNJ4!T3&":7PQQ!F=N$@B$$1^H)1^_A,3'[XPESR1-#99?_A20C9>@ M2FN>A63-E:GCCM'89R)<+1>0G2T(]:[H."2K]P@:DI0(@AUK#U.A?>W?[M%< M[FZ:=V[5@GMQ$+MYJQNW*ESM+:%MHK,<)UY.XR@;+A4VQ)J-H';0U]-9RN88 M#W`J(WA>K'C(!,J.!W+-4E![[=*K;FG,IACVI!Y]QE0V4%8VU5X(# M7OVEH7R@K#2@ULP$M277F`?X"=/<,<';"@;.116N)F%'&_F=+P?=Z\#]F[MJ M9Y>C![6-OT0S(E#:PXCC_C`EX^)@TKGI\9`)C0\/R)J>H';UE?[JI,51-C0Z M'%`U#4&%`\Q3F!<;=I%02;$CUB=WH08-9-Q4L/C;A*4`E,MXJIB[IPZ+R+ZY M<6IBF&26W`2U1?=BPVK_MYP&V73*J$)BS9.H%=F+DS2[11VH]HV@`@;G24(* M&/>(P)ZMG*)7T)OVI!Y"@=+B`UT3%53,8(`%(A0GURBCA(XY[++S::[B'C!E MD)B8IC\?H4")\H&NB0HJG+`"5$7]P;5F&9Y@RLD3+H(B/<;Y#0=UCT1[`0,(>%=M]*H*[PE^BJ?2>H@,=C!ENC/)L[IT!3 MH4"9,T'5AK<'.=K=`UGZF4IH]9KC"YU*-N_6";X-6=]:8V1?"<&EQG2\'`E,1\2F4J_.B='Y(0\H MQ?P!9T\DQC<8@_/TX!/E\H]R=VW*C]E(?"\]PF'<1>+,1EKH[A%4?.>2<2%[ M?)FG:?*?>I%]@.R/9,*&&IP*._,'&'TL<&V%]^)(-A,OMTMVP-IG@@I&/>`4 MZAP7%\Y2P'R>3`DE7,C^\H1+/4T;;4_!(&GR!:\SG(.*40TPQV`(>5WA"L:C ME*DT/SM3#>6#)*@!L^8EJ/C4%8;51DP*(X)+35DFR)]K]^W60KJ.TD%RXD2L M&6F."@4V]YLUU^K88R?M/7C8RB81U(.5+ZB5@V;+U?(%'L'V<25GX0NA+%.7 M/P7.,)?9P.NU%`O^+UA,&/SRA(L-IFGM\*:M[\55]F#?16:ER4NU%P85&%*Q MBSM&V3IB^_S3)/#VO:B@RHZX5F(_`Y>7H;4#U3!KY[%'AO86H-AG/VLPJK9: M4+DK=U@XHP*5W_?"J1'CTCG?D'!-85"I,0O-2D^[@*W'R'C882T9*JT&J)H" M>WAD'\LG0\#=<33A++VG!7HC?LU,A3;-1U"A!]LAB.D`!,7EKL-Y''*/,R(' M@UC&Z_$5+OZW+4G>I.G0'>7M+*'O)]MC*>V_]$BA_F"2\D3A=(,3!:@C4I6$ M=X`@[X(#O/N,/1%H_F+^E@2QW\0-CRZV,IBNH?"B=)^N_ M/VB4.##2&O71O.TH"F8Y`Q_@F(VI2JKKCP8PX0,>^!<61&8J?(4.B`U?E30A M'I&EMTX/[BLH]RFBCI-+2\$#8LJEAF8GJ`A6=3MP2^N/]3+'0CS$#HPX/Z4T MC?8HUF:=S#+LU<'<,8%5[H*`[9'<^2Q151<06]5P0&QMI9\F+JS85UV+]8>Z M>76^JL@!4>FGD.;.'B<+@[OZW?3R(1N^8ZA-^N`9=>BFG]865#)/70,5D5OJ M;GNL::?IV%#KQ7MR4PX,E0]97 MZ(#X\%5)$Q)4<*2.V_ZH'*^>Y1(_(%(W5T[3&U0F45V%RE5^+TYK,@=/9$TC MS5Y0E[S,3TSW/H+=3'P_QZA;:+ARK./M#YK>H"(V%@6*3)LMCQ.-PF]^0(+F MZCSWD9W'P&J&`6622T#8NMCVD`EIU'&0M#@J:=9(NZ5'!.H[Z)E&FVD3!'7- MRZ+`#:&(QEOV3*/PVU]LF95>V1_U&!T_XFS:(Q3+Y`V8#BV/!FB4":EG.DA: M7GUIU$B[95AA*M`UQCA1R9GE&O0>96)^A8?FMU^XBA\8:6YE](/MFR-/W\%` M:K26MD!0:2W7HQ&.17]T_1)/$!WC`=#6IV:3&!QX,_&#HW-YAN$/78-Z09^J0V8G&E!O;]:'?#8K3K=0*E_OF.0I M[H_NF/*`Y6*))L;^WFSTU]6_:TI>AZ9&V$F5L-7Z(]V`Y`R::*NLTD4CBM-% M,U%-Z^TIO4$D4T\OZ8_*^E%Z2[G(\O+F1#-KC57LFIC&!FNV/ZW:7E81J3JD MP1>U1'7'JCFE>+0BK_RU M"G=[2][AY_*T`+P?UA84/L;8VT&=XKNVI+.QFB5_JEH2Q*.E?&1$^XIY$::% M6-Z?)VD.R]%%GO&]RO>7CXF;H`Q[S8^>->U\GO1LMV;IC[7Y4M:D'+6L"VPO M]!.!H+JHJ"]:5>054Z?,S%*O8)87*S#EWBL1F^3.ISM+.S5+_ER;R*1D^7YI M`\;MC78+\*>4C$CQ#NA'=IES`?1D7MW>);UKX[G:JAGPEZH!*]*18%$5Z_9& M+&Y6CC%,<'ZKL(K`KDU5J;YFG;.J=4QX7N-3BRP0/R=:*;Y[KUFIO&J([G'= M3=38M`KF%0,2'D]5)N]&KRLW2>U$#*T43-.;?M32CG>2;ZYC5:C-BNWW;P< MQRZ[:WO96ZI9K;8'*64C)1RM2.N-N:QA"",[_/%_4$L#!!0````(`.^`KT!\ M;O]+J!T``%*?`0`5`!P`8W1I9RTR,#$R,#,S,5]L86(N>&UL550)``.!M[)/ M@;>R3W5X"P`!!"4.```$.0$``-U=ZW/DMI'_?E7W/^#6J'Q(P8<\@QR9$T^>L/#Y+#!UY\#!J^+[96ZF[^&NA& MHX$&\,U?7C81>L)I%B;QMZ_.WKY[A7#L)T$8K[]]MX__^.; M_SHY07__='^#OL;+=I^'Z,4>OS]^@Y1[=WZ.+ M)(YQ%.$].CDIA7SR,L*;Q%S:^[=GQ=^B,/YE2?Z&"*8X^_;58YYOOSX]?7Y^ M?ONR3*.W2;H^??_NW9>G)>$K3OGU2Q8VJ)^_+&G/3O_^P\V#_X@WWDD89[D7 M^P24M!_G91D)_17)V?O3[X\ M>_N2!:]H&Z1)A._Q"K'/?YWOM_C;5UFXV484-OO=8XI78@Q1FIY2_M,8KVGW M4/D?J?RS#U3^%\6O;[PECEXA2OGC_;54G8\-6073J26,BR3WHD%`ZYP4+;4K M^J\;@JN!&+_D.`YP4&*F0A1]R[[!;*(0FO@-<1$UCR0MI;%O?OO*S\/USQ>) MO]O@.)_'P66O_N2V\87/02Q/F+? MGZ=-C%[JE]\A/VH4+BA._83XS#8_B7B;E;^A]G)V\NZL&$V^*'[]\SS+<)ZU M>Z)H+QF1/1M2PZ0&(Z8HK0,9F8=)CY(HN$PR?%/'J&PFL0U]-W]XN%P\'+I[ M(GC1:%R,2&B1-NWQW,L>B6?2_UW^N@N?O(BX3S;/S[TTW9-IQ]^\:-=VZYZ\ M]JVWEU)UHS9B[#423F3J/8!U+(TRL0'1IS_@`[M5IYA$`_9#C7V&O!R5$A`3 M`3:P^WZR(Y#NL8$O&6$/^/\?)>F!*=LG%"R``SZ!BHT0H""'L))]'@ZEK5( MO0`CKV!$:<4Y0Q'.,N1%4?),TQ1$)A$H2';+?+6+#@S)"OWNJW>S#Q\_,OO\ MW1\_SK[ZT]F,",JVF$Q_GG"TMQM[^K=!R8+N:]H3KADJ^,!VE(*$C@KLHW"_(HCU5;'P&8L"#. MX\94ZS9_Q"D'I+9X$:%]0Y?#K=MWEPK"K&4H.L;!")'/:;@YVQV[>R(M[1UM':E)33Y+L4-VE MR1:G^9ZNF&V+/9B'9)4_>RE=%A#MUFA9+.]G&:I0;65IZ"?W+)&UF@,13(DY M%ZK8V+I2R4CG"I,[G&)PF$"3&5MQ9GPSIDM6L,Y0?`1E@F('D.WWP6EC-P1> MA7&8XYOP"0?71/5X'2XC7$U)):.3CLE^D#13HQXUU1P08=0$4<>Z#I1%!#B. M;Z@BZR#_FS?S-O0Z@9=_@W"=)O?[G1V M^6>K9MD;$UC:_)ETO&GF7*<%39Z[H"7Y\X$0.(5N`Y'DIK#9LR'(:IBLR&%S M:&4:`Y[59G;M_R;TEF$4YB'.:#J0)_XOCTD4 MX#2C:4*^U]3KF;/;]Z&^JM6]S)07I/JO'[B.V=UI@RB*%@:PS@=GZYV4;)'N-['+$S1Z;V;L!GW^Z-E:G; MOY8)P@\,04E-[-E;%U.$A&\X)QOJ(&S!W*J/#%6DY#M).:-33E.T\G5,FA4O MO!?#X""B!PL."6OEO`9AS@IEXK?S*. M#1H>T)(YLYB@9``NFS,>0AN%1HN=SG=GT1Y@NX\MB@%7=-'_3.)&6+E]8`=,IAA7P2U/=;7 M::`&^"Z&[L@8>5F&YK1F@Y"CC-+/T-9+T1/E0K][^^X,;7&*LD=B*G]&?_AJ M=O;AP^S#AP_\-V0\W>6/21K^&P=_1N\_SLZ^^M/L_5=G*,PRNK_,JD)V.;V9 MF=XY36_7^X&T]B/Z\FR&Z/EB1D%^>X%]O%F2#Q5_.+,>4DQ:B[?2`V\E1CE# MUTQ3R'E4@9PX\VWZD-,*%@;M#J@!_8"'LY,U2ZI';#^)G"EY7-2)ZR^#L7,XL/6 M?`/"VDU0-RS=H6D2!W1[F)2:*MU@<<#@!2HHK;Y&[X3I=_"8V7\MG8!U`F/\ M+4^X%2E@N:@\"$*ZQ^Y%=UX87,?%'GQ-14DCF#`"E)D;J].H-]=R@12>&Z+J MEG17C(A>@GH2QLCGO'8KT2?`3SD1P5_PSE#=D:!\YA[G7ACCX-)+8^*ZV=SW M=YL=.S!R@5>A'\K6;4T8[?N,N3IUG]%S0?B,*2K1,8B2$`6,J*2 M$[VNZU(POP$\M%1B83>3$/_=IO@1QUGXA/F9DYLDRZZ2%(?KF-=/^OM%ZL59 MQ-]Q"OZUR]B.S6>-HUOE>?)7M//O9FAXHNH_"2J M?1,=/LHN=J-/GY`/0PU9BQ1[V2[=:W>A1(3V!PPYW+J_=ZD@W%6&0O!X#B>F-F-T/VQUW>'IBP"$C[8:;>]`3V2)\\F"I>4P#[9 M!"QU2DX&[I5U&`HS851P_F>&LK'&5`:I5C[#T MX+7W($MO4-T)7_D*"Q.!"AF(\+&!LQ##_GU_I"M&=&^U3*AD1D7,4%9HN2JT MC`HMZ;^/=9&*]A$78#5M%\-D[.A,\4QFIHF"`Z<*0DRV]7]#D/-H/ESI@]D%FH0F49`XR=J^&W+5U, M#5/HI48C-O9DA;9I$NS\PI**\9.,I/C%CW;L]$B`MRGV0[Y]Q`Z.;)(T#_]M M?\=ML(Z,A3_!5C`AR@66#^&(R%Q_CV.<>A%191YLPCBDKDLODRG<639Q-F0& MR)9ZJ=5(GHPX098]>R#KSDXX\PRM.3OWGIH`R_XSC3+?UY1I"B@#$5RQ6(;I M.3>BV069[$4)>^%/[4X:'H@2,0,EFM5A"@:8PC`M($&"SWF8504'+LN%82.! MU[B@?>&B%K6II]=BMD1[)0?$+4):!9H7"$G)8>X.TL`1W+3CRC1K'/89\8)M MA"LUZNSLUJ!BPMG0"C85-\S'7$B]35)NJ/2CBT%V+6>5N8*\ZF&(M9M?`^X- M3=:^=CWM=HOIU#!>'^HA)0H**0%>U90#;KRIV24#>5%3!D/V4L(I>AW1(E%$ MM48)9T]BRT]L&J.N*)LEKA`.>(2FMNN*)/(F31V*L42S$&W`9]]-C96I.ZV6 M"62-VA"5I$@>M[,,"_X[%'&=KW+H@O4-^-KU=9QCTE*:Y8(.E7W;EP"M6WJ+ M!"(T"2$(QDI.A5[S\QUOR+`)8=(]T0+G]LSUI5XH"V`:)J`7S+5J=)XREW*` MO6FN0229I?-WVX`-?Q!^'GJ4P_D14J7F48R%=L)VS)ZQ'9JJPV3$@?@]FCNB MT6TUJ?R$Z;&XVD-D/X1QDH;YOARR2.K8E,)+"G_`^6-"_O*$^9DP679F%0%$ M2+7>P,UP;>WS,%,!R^II4[(E^U[M@G;+*U#.M`C/IWF*>H"!#CC*IBK.17#Q MJ"9_UGK-\/*%3.*3-`AC+]VCZQQOBKOBB732+A$/%EP'B#S>F:8W,T:(0$.4 M+J+D)QSCE?2*#2DUU``N!=X=;#ND<`.C!$IW;N*]`.5&?5`>1H,R2T*O"PZP MBS$^XUR[_MRB`5C2$H%L+%_5"2#,50"@N\:#\W(D*P?=&5>. MU;0FH\_4WP9;O;6F6\>_KQ1762&ODNW$8&:I209?;\6QL**7OM==3;DL_?_) MVJQ?%MUN&,TMA$H.D*NB=0JT;HJ6D0-=%*V&([IGV9$)V%CLTCG5S*',\&@= M9-?-RZM3RZ=,/GE9Z-."^S#:Y=(G$+1<]MW=4)&ZRVM8(-S>"%+'LA@5/ZK! MZ5#<6)-`?&5[R],T=IM\\]$9"X/",,VJFWVKEW)FZ*!MP0OE._]+XOSII<#QD\R7S[WL\2Y-GL(`!Y_V/V:89,]5:?^<)-U/ M_/XU34W\`$$@.XH#U6UM._:4`E-&/Q!F-VLB4M`J2IZSQLD-^HQJ)<+NO3"3 MJ4836Z9>*0HM]^@UE4;F[F]0)1`=)(+O*AP6O3):1430LYJB17*/J0N$$6YL MF2Z2:3S\^)^%>+#)3E,VGWLZ[C=!QAH[2@G>:JH^2Y>BTO)C+/FF&3?]+?V9 M(D([[M8.C%_PS<4K$&FK%`6)I*&JCZ-N/0CY\V]MG&10LS")KY+T(MDM\]4N MFOM^LI,7=:M9[(]/)BK4QQ85/43>H,?3L=&*A3YK@X*"B7@JY[+JIJ/AETQH MWH%O^^Z3%4Y3'/0K9]5R0=R!8J1(\QX4)0O,72@&D`1WBG`NN"K]D;BGK825 M7%U,H]@Z9D\XWJ[N2:PC7R7_#9\DQF[*9/F:8F,UJLN)M1SVKB0VA"*X.JKB MHPLFE!-5K*C@M7[W\$3:T&U2ZKJ%-LLC::.]8]B2.C;J2&SK8_G=GMLM!7=' M4&LNP)00`[W?(X7=><.G0PGVCH\$B?AM'))!,JM9IQZQ&8@3*$,PI^A'8NV( M7-6M2?02`','JJ5[K5)8A-\B*3U]XW57E1_(OG+46 M9+(,%Q=UU9YOL;LX,UJS4@!Z78IX0[4\+)(48L!72+J:EGDJB8TX?*(E7L:- M)&)UP>?D*JF]K^Y2O/7"0)UE MZ]E1_<*]`A0KGP,"*M-/A?\7J*,V3JA:X&S"ZI;#UBNJ&W;@05T M@7!0H*QT&1PDC1?6BM`N>2O'E`E\^4RBAF+%K,4!N4@FA&*V+E:P5F_8.+`0 M9J9-"?QHV>Z`Q:ZQR*'CU^5F&R5[^JAVQ*+W8=/1>-A2B7`AJNE55`),FH?:S&YX5A"4/+JWI23`7N.&6B)NU2ZW+=UN<&%/X[?P3'/57"G)F MC#%0UV"L44AQZ:B_%J;JJ']Y6C8LA;AVVK^_=IIQJ!+HU"E6;\\.["Z2N?_K M+DSQ7?%8]!-6[K<8\`&<9S55IG&H5<<$\G5B#YZ8'4[@H^+W`YE M"5)TXD"M"M&.1NCI(K-#&<)1NLV)L>0JC+W8GR`[4`IR9FPQ4-=@C%%(<2D[ MT,)490?U+'=5"G(M0^BOH68H'3S4T88_+/\Q0' MTML]#/CL.Z:Q,G4_U#)!A'A#4()CZ24?VL4!W99BU,A;IYB5T-L-[1.HD:P0 MY3S)"2MBO/17G!LF+[#1-]8ON_(Q#MCCF\5>WYU'DI8+O)3YOYH%Y+(KK0JM MRZZD]$"776GP"/+,)Q)/,+]6DUU_^YA$Q*YLWW+5%W?)PH&7>\N,"U$V]V>Q MHR<2;L]:Q\U6'CTFR^B::FCL]+I9J,.9<5'ZSK+S[.L5MC/;U>7+SZ[ ML>*>C'6W,84\CP/Z/_K6]9,7U9^R;S50/Q$`#[<,4+'QBDL/?I`G77KCZ[Z" MPD30>>NJ_6@8+J2BE(@E4]N8WS9+5XC9#_@@W.YS+U-J70I!5`K5\;S4D?UP M*=+1KI^*%>OU8&8_$0#OJ0U0L?'`6@]^D!?7>N.3%W:=HM=!O;3+#9^<0$.I MX\T0EX,$Q6T@S[/!]N9DBFX9XH><9#?]U9V3J5&:[LE4YF]>)"U'/)>I,T-+ MO`YC^@`7'84YE*/I>!DK5TV.I"&F!=ABW>Q%CT^[C*[_9!@;O%ZB8`!X=T0+O_%B MB)0:YJT/#9P!?B/90SNZ"]E2Q7XF=!4ESP^[[9;?NN1%%V'F1TFV(TAU$.;24 M!XW0EZE$^6>HH7I-A!-AJ@ZN5/F2_T(7L,Q8`6[X[J%2X[YO`SZ0<&8.["AN M!Q7Z7%3;KG->>6'*4M8>L5'#8]\=C92H^Z&2`2+T&0#J6"#E08R)FEUA7\08 MKV-B4SO[13(C=7`M;(G4T80K-8L;?J$*3RIZD+"D!S3$*Z"BC45M1E[W0\M7 M;I=1N&;97#:/@YOPUUT8A/E>%AQZ\%F^]*>/,M6]/R9,]J[^,43TO"FCF;.QXM"F^F/#8G?OTP]?9JNP'N M-ZO,&+<>I13\ED'Q\A#1Z#)-D_0\25/L,Z2Z]*^G#,B-A1Y*BO<:#`1`I(L# M``KJ*I_100ZMKHS)SS[`Z8HIM*EI4KZI11V.B4$U.4ZDEB8*&V_EF8APTP?- MMOOT_,`;@*8`^WD@_&Z@1;TL%S-[*:TEHE58#_2XB2[@*>@!RI1UX!LUR3)B MD`)D-9CN-K.7A3X;Q2_":$?/UM"C`,5;`$0(&=8WFR1&3)C=HN*>FI3T##7C M<"(,M=70A!PY.;P7J$*)C!8D;*C!C/,!J)!A72>[;G)8K;U=G==NQRU._)TG M69XQK$0Q>FJPN&U'$U1&2[7O=!,U1-TW1XJ$"&.30)8\3\U8T#G4%T@ ME9UXK\FM#LTRR3/N\2=+U@C5A5HN1$KCAEG6&T833\<*=7@`4#;#(/\72@2) MX%-`-G9_J)`.K^3H!TL"O(G#5>CSZN_D?)?E9(*12@.S.9OU1TN,5:D]6Z+E ML?EPB2$8P=&G!B>]B+#BA=VZ/(Y.$(^9'%>/H[FQ:L_2A,L9)Y;N6.I9K&]8 MFD+JZ<@`NY6_.4U&>/((C*G/M)0`D41V`4.UW4,FH'46LO__%G\0V#V=J%I!7O[0JM![\DM(#O?6E MP2-[6GT!\;3Z<*RN!1B!,IIPHN1PPO)5H4)!#A(8M'B4=@\5!8Z`VO(Y6+RF M,>P>;Y.4QB+SD=^($^`4K+E"C4.P>C:(<&`,J[NNS3G1=;Q*THW];;OQR"M6 MUT)%6S7=>7$I.;QW*,^%2VAASH(KP9A8/]AQ[N,@M_V2P>'VZ47JQ9G'BR[- MPT4O"1"O&_16L/G.@3$[S(L'/>%U[]>_O)DO+B_0W?Q^\1-:W,\_/\S/%]>W MGQ\LOWDP6I'&E>AU&:Z%&9FNFG"C9W/'NU3A1\<#$H;,0)D;'510LJ*'WET* M5`$.?YZ3J!?0R'<5>6NY.V78?[M.GDX)"_-[W6%:)A9GU3']A2P0SAV/B@1..'DL$CRBND^^\8$]D!SQJ-8 M0TTPI"UT]!-;0D4VC1VTQ$UO!2S5;]F`Y0W5G$0A"NEV5=TF>9=D(7LX0[.Y M:L0*L-':0Z7&IJL!W_0KW\K]2V-$HOK&+(G"@*T9?_(B]J+NPR/&3MRXPBMQ M*O6,JKT$U%"57E+@W2JO#JE="U*"4!M-Q925Q[13_(CC+'S"Y>4,KV^2+'OC M@#W5'*6\MEW[E("2!734DJH@&:TZ]&"CE`1)+T,K7[&0CE/\YQN"Y#OV+_(# M/75,_O%_4$L#!!0````(`.^`KT`)V[^S[Q$``)[\```5`!P`8W1I9RTR,#$R M,#,S,5]P&UL550)``.!M[)/@;>R3W5X"P`!!"4.```$.0$``.U=2W/C M-A*^IRK_@>N]3`ZR+3LSR4QE-B7+=LJUCJ62G=WL*461D(0=BE!`TK;RZ[S_K]:G)O_8)\1.T0N=8+#A?\NU]M^L4:DM6: MXODBM-X-O[.F:VLRL:Z)[R//0VNKUTL[N;(#H"5^W-O%:3_YS/S@(M[1[V@]#V'71B M0?M/`?_RGCAVR`7*D;].J9=V<'FV>9:T!?NKES;KL:]Z_8O>9?_T-7!/8A8U M^C])A6%?B,3I?_SX\8S_>L)T0(F')FAFL?]_F]QM*)P0SRF)5J<.69ZQ'\^N MB1,MD1\.?/?&#W&XOO-GA"ZYX/!4UN.G<+U"GT\"O%QY*/UN0='L\PGK#X3J M7YQ?QB+]7=W?69ZY^IU?10'V41!`YX`^#D:S,44!/"WIOEKIF(7&^\/$?>ETA/]#V?QGEC@S=^2Y:^GB&XQGCB0RC M(`2YJ1:V*NH=&1L2;C`P&6N.,`6"G?7"T'^R7_4>OM5\5QM!<^8=6]./AGT( MJ'9D9((\MLH9VS16UP16J4\]LT?*H8'4Y@]0"MI M1YX]15[_1V^VO#P M!-T6>"S_7`)U0+?9LJF3=@(?MW`N+QZ3%FFU#-*EK6TE'!! M1&P3ZB+Z^>3]Z?GEB14%P!-9,6K;.[1V!\"$RQBY]>RY0+V%WSNCWP+?F8+? M'UG!*?,P@6,"_+O7,!XI[+C0KC,*E_"?*?[[(RL^YGR"YI@Q[(B_QGRG^XLB*'T:4"7F+`\?V M_H-L*A]JY$T[HWZY"!D"/S9B^K?8@ZT:L#(G5&[XA5:=T;N0^XW*^\F'1D%@@Z4>!+F6'04@)T&F_@]B]9\50P&[1@0]]C;D<8&07GBR M0+!S0#+7VYCK>8%"[#!Q:_)2H-XY\`C3!@^ZCF:C%7M]I1O)D5'ND2'V#N#6 M(R^U^-CE;P432BLA?=,@,[.# M*??<*.C-;7L5CS3("X/TF^*0DWS]QX:MW)N*,0FP(N8$W&B2O6W$?+LP@R`` M%2K8+C8X]HBIK[ILP!3QG8R3_=/2*`G"S!"LNMW[6&HILYS39T2G)$"\+:/% MA,((#ATSU5C6<=%C[@FS"/OOYL\(/]L><]M!.+0I7<,2B;]0$X"J2=<$UF*# M3%'59#P!^X)E&Y30SB&V"_1']]3X'5\P00X"P:<>>D!ALET4^:VR>?N05?.; M`'II$J!CBE8V=F]>V4@BAJU#SL1EPED'TR"K`JMU@,EQNB'_6(4DM#V:B,D M>=<^I@1VI^&:+;Q62?SBD`1+^',,";#/X"_RKBJ!=P.IPG,#ZT218?R'$?<&>)P`P^ZE]4&6\I;OV MWR3P8C&E*XXVPI-REN*QY[#(VQ89^T'C M'MM3[/$D=C9-L_>$"^*!F`&;OL.U(K"I3]J5D*>^1*DE7)Z6TV@Z'`Y-8TAC M>\T"2-7!L6+#)I"N:\+%@%E1AA1;H^(M("R-@--,5TIP96T[AJ],C!1BHX(P M-\N51]8()8GM6E!KT'0)<@UQ4NC-"N;$IIX[XU'IW:*V78):(48*\9YC0:T) MF&MY=D7[+D%=(4H*MU'QI%3F"7I&?J18B;E4$I#9HN(:TA3@J\46&LPIBEA%S1MDM0*\1( M(38J84B\[M!"6D[21<#ETJ2X&Y57E)-5/35W"\TMQE/@]ASD:G0R)LLE#GG> M-E%@4D-HG:CJR-! MBK=1T:H)"FWL(_?&IC[,/L'`<:)EQ&/PL(;$#A:-S#I$[<9;1X(4;Z-B6#E! M>>H**_A%T0+Y`7Y&<4C^G@3!+:$(S_TX`N3$59:\&$;WOU'`%RT/*!S-8(,A M?E.Q_Z>TVZ(.(G)Z]L.H'+`GBNP@HFOE\D#4J-T&(.(XQ6]?\;./,7X^FO.7 MI&U9Q&LMWMN.GXCC%+^O*&WL#>EBW=J.54N3HK[GT%@)=6%Y@H,=,R^<^4^Z M3<^(107K`.=RP;K.XKRUYX^%KHIEI*VZ@JJ0^2RN<>@I]^![)%D) MLNW]T85J>Y1U89&9M17XL^+(G_6.Q?Z^L][]YMN1BX'HNV.7[HH9V;"JV"=) M6QX]T&1[*$A3EI"*96G+)KRL0M.;>).,YTVYKI8<4)/41$@+`W`Y'A%]QK!9 M0XA?#^.P*CBW[#0'%Z^`6'WR1@9+M?5MBB;4$L3$ZEQ#$O`$EJ3XD:JBGKQI MBQU5SK0RZM#AY(T`%@BL$`$/D,86'3P23[PQD3=N`M,J8\R#*N/;Q*I=C\B# M/N?Q]8(>B#QPE]CG%PR$L$Y)U"6:6C4)VPRVK@PF%OB:`"*@358Z\AIF(8_P MPCYRO"O:MQGF"M9-K`5VC8!;V,9Q),"NEX2&^*^M:Z>V:2F,MU6X$R]P>II98DZ_6D_"!/\_2?02X"5NU>/DKY/7BG5 MC6C$K2!HL8]6L;[ONF;;"89/#8['N9194%I\."H"!60Q^BLT(Q3ERHC\BGTN M<.H&L-S8[B5.\/H5A0OBQO>")U=%2V+@1WIZB^WOJ'K(2K,9LZK8Z"7QV"OD MHYGP3(6T9>NM0\"SD878-O>V2Q;VA=];C%N!TP/55&MT*Z8X@I$>KXBOQ%H3`WM9*BQ7->)>]&%K+[-XR$"Q!O`&S8<_00+:>(CF:EK$VN#0'B M->E;C']-20Y4"*^5UI"X@$[^NF<1MODQZ35-C+&JFP MT(?%.VDR\S67];P12N^8H*!Y`T$'QL68DF<,0%ZM?PM8Z>3-2[D!H/@<'V95 MO*=Z0R<-YZ=+D"(3 MY,#?F%\+FRGAB>P^,!S^D=VTML/KQ5B_7?G%92?`V&4JF$=F4_2\Z4,>7,?7X>=32;@/)` M'/@7/TO@UR4RW0)T];#G5.E6O+'@!Y-'7(ZQ9_N*DRR2AJ8;ATIV$R]T+K[9 MR2DJ*>NJ/ORL3?PU&$X=?6R2PHW:TY0U4*Y#I65((K*&`N$U_4-N#"*9]GUQ M]8ZSC&2I49;E@82(GP4-0X]'(3.ABIN3-_70':S?)-Z^<\U;L;@H*V%,TP=8FZ M`Z>N1$9>QEV66WXMN99?J\B[8Q/U93/R'N^R"@K7:FJ91(FFZW90$LC(6[WU MS>^+/GQ!=WF,?L2,; M()#DOLY*FA:-%QKFGE5\K!1LW]>EMV(:`94Y"+F\G$JR_Q[;-%Q?HZD(?W7S M;D*OEBF[/=W\/:A`:3M-"UVUB#H2JN]=[^3BX68V0PY,IC>OSL+VYV@"+C'R MF48&OLO^8W67GFU/4O&J'GG;%PSUI#'R)G>QL-IU1^J1M]T>ZDESH)O>FQP= MQ`H8P(A)Z1H&1]D]S)ITW<2_),:!KGQ?<3L#?FEH(OQ_]`TQ`";(@:Y-BI.."J:'QL'TQ5>8T"A^)5CYA)CUL&MR MJ8([B>?HD^V<^:IXBLPS:M`=VT/JZGN3^:HGCCD>\X!>TA=X=YC>7P[= M67%_5MQAPU6)%7XL;]IT*665?RK:-N&+5?J6U4\VTL=X\0QP#^2R8N#(#V31 MTQ]*T1=&:7%2:XOVV$65-DR-9GD^DL0)?CDCQV_*6$V3,Q5.MFN'1Z\JI8,$7?0=NGC&7;B4#491D$($R<5+:-_+`X3 M!6HK)%9&O_N91AEKJEVG#M4>CEO*'J+<58R)A739$WZ!BY[J69/^8:B9@?-W%#] M!@QSM[_4$M`<1\U5\RB[:?^\/(7Q?6+!$SY&TJ!IYJUZ!P::@IXX`YOA4_H1'[NH^T=142H%):"U.;.6HC^U? M,B$4?E9-UJ)OP/UV,LA-H-01JUA_/&.,LL`-_?/O-_P!02P,$ M%`````@`[X"O0!K;2_:E!@``9BL``!$`'`!C=&EG+3(P,3(P,S,Q+GAS9%54 M"0`#@;>R3X&WLD]U>`L``00E#@``!#D!``#E6M]SVC@0?N],_P<=3^G,&4-R MS5TR)9W\:#J9H20#Z4W?.L)>0!-9/CQ$G4U":2=%IM)NM!@$1R)")<:>1:(_J@+'&Q[.W;S[\YGGDVT6_ M2SZ#`$4-A&3&S,2-?:'J@5S*>*[8>&+(P>4[,IR3?I]<22&`_/9K/F[*@IU=@_;+7:_K; MR1NJQF!Z-`(=TP`6.H%A8R63N!G("`VU#UM'1^V2#2NQE3APB$"8:ZFB*QC1 MA)M.XT=".1LQ"!LD%:+&*#9,#)3$$K$4K!(9FH7U(B/O_70R!TX5<(V8>0RZ MK*(A:([EU,]GK>=MK]7VT/>2NL#UD43KLQ`:Y5MM'X4\E`+%@HKVTZJ9FEU? M5`AIJ,&5[N[BF(F1M)?K M5IRYZUB!1A2GT\6!3"\36:^S!-U6(Z`\2'BMD>P^I_@YG%]0;A_@P03`Z)3D M\E`-JUA(9V'WI M)W&_N6W6O*U-^4)YB0C`[*;_!=2+G6,DO@ M4T+U.3JJYLA"$8=E$[-`(P6X?4O!%0S-[9"S<;J)XW/093\2AO5^GKTK;!"H MI_Z/*O46AA1PW#.P0-HWUGLP.P\"F0A;#NZ4%'@90&'1;Q*H9_U]E76$(4L< M4@;:-]+MAAK@^KUB/,%NI@XR(L27&)`]ZWU`R,#![RHK-AOI[MOZIL5U"(D62!LV^,XQN6+;R` M;4;>CY:'ZGD]J?):4MPW(M,Z>4\?8;%6EP.U)+9;JXO3U5NGMV\<#F!L]_V5 MK\%KQNL977EGS;3W^>-O'[C]A')'E9G?*XJ[2U#X6E8[6T_RRLMEAD$<""F@ M_.)4YV3;/_8PJP\CXDZI3NWQ2*>A680OU8UL;*)@U&E8_KW\J.D[FFP^1CP7 ML=@;#LU9G9S!*J"%9"50S0_5C(&9=_9_=SW',`P8]4OEU:(-:-_)Y2C MG_X9>7G4F,Y=HZZN@%<*N_BQZM^/F]/AKG&C"O!7#+AK\==$ZA=.\/SRV1Z& M*94A8N7P=(A[VYN2-%[GB8'E+K)V=64"^W!<[LJLKI3/\$-C6KE1U[$6- MI:5O_NE'PN+,]8$)K<2=*`@ MK(FZ#X$Y@O3_&]&3QB9H M`,:DDA@8L*DUK0OA[JKX2\1^'@2('WYZM%^\G@AW1?9G15C_T&XXB;B'1W/! M9?!0K+A;B:=AIK_S.C7Y^*L$NEM(Z_:0;:2KM?X%6\H+@ZO_G+@N75M)_]QL MU;NX)EG;"/_,7/EIHX27_P!02P$"'@,4````"`#O@*]`$WE9-"-#```V@P(` M$0`8```````!````I($`````8W1I9RTR,#$R,#,S,2YX;6Q55`4``X&WLD]U M>`L``00E#@``!#D!``!02P$"'@,4````"`#O@*]`$RD>2*@+``"V@```%0`8 M```````!````I(%N0P``8W1I9RTR,#$R,#,S,5]C86PN>&UL550%``.!M[)/ M=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`[X"O0'QN_TNH'0``4I\!`!4` M&````````0```*2!94\``&-T:6R M3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.^`KT`)V[^S[Q$``)[\```5 M`!@```````$```"D@5QM``!C=&EG+3(P,3(P,S,Q7W!R92YX;6Q55`4``X&W MLD]U>`L``00E#@``!#D!``!02P$"'@,4````"`#O@*]`&MM+]J4&``!F*P`` M$0`8```````!````I(&:?P``8W1I9RTR,#$R,#,S,2YX`L``00E#@``!#D!``!02P4&``````4`!0"_`0``BH8````` ` end XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

Document and Entity Information
3 Months Ended

Mar. 31, 2012

May 03, 2012

Document and Entity Information [Abstract]

Entity Registrant Name CTI GROUP HOLDINGS INC

Entity Central Index Key 0000355627

Document Type 10-Q

Document Period End Date Mar. 31, 2012

Amendment Flag false

Document Fiscal Year Focus 2012

Document Fiscal Period Focus Q1

Current Fiscal Year End Date --12-31

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 29,178,271

X

- Details

Name: ctig_DocumentAndEntityInformationAbstract

Namespace Prefix: ctig_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

If the value is true, then the document as an amendment to previously-filed/accepted document.

+ References

No definition available.

+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition

End date of current fiscal year in the format --MM-DD.

+ References

No definition available.

+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

+ References

No definition available.

+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.

+ References

No definition available.

+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument

+ References

No definition available.

+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Revenues:

Software sales, service fee and license fee revenue $ 4,367,837 $ 4,116,366

Cost and Expenses:

Cost of products and services, excluding depreciation and amortization 1,154,911 1,310,986

Selling, general and administration 1,841,002 2,032,571

Research and development 592,568 613,108

Depreciation and amortization 445,550 444,649

Total costs and expenses 4,034,031 4,401,314

Income / (loss) from operations 333,806 (284,948)

Other expense

Interest (income) / expense (2,924) 14,584

Total other (income) / expense (2,924) 14,584

Income / (loss) before income taxes 336,730 (299,532)

Tax expense 223,200 42,984

Net income / (loss) 113,530 (342,516)

Other comprehensive income / (loss)

Foreign currency translation adjustment (88,811) (37,914)

Comprehensive income / (loss) $ 24,719 $ (380,430)

Basic and diluted net income / ( loss) per common share $ 0 $ (0.01)

Basic weighted average common shares outstanding 29,038,021 29,038,021

Diluted weighted average common shares outstanding 29,258,021 29,038,021

X

- Definition

Software sales, service fee and license fee revenue

+ References

No definition available.

+ Details

Name: ctig_SoftwareSalesServiceFeeAndLicenseFeeRevenue

Namespace Prefix: ctig_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e540-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A5

-Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 8, 9, 10, 11, 12, 13, 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6508144

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e557-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 2

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(a),(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfGoodsAndServicesSold

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Total costs of sales and operating expenses for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_CostsAndExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_DepreciationAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

No definition available.

+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph h

-Subparagraph 1(i)

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 9

-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 9

-Subsection II

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_NonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 20

-Subparagraph (b),(c)

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 55

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 24

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 14, 17, 19, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 52

-Paragraph 13, 20, 31

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.9)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OtherNonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 985

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 730

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph g

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 2

-Paragraph 12, 13

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 86

-Paragraph 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ResearchAndDevelopmentExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_SalesRevenueNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 4

-Paragraph 5A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-Section 30

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311

+ Details

Name: us-gaap_SellingGeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

Stock Based Compensation
3 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation
Note 7: Stock Based Compensation

The Company’s Amended and Restated Stock Option and Restricted Stock Plan (the “Plan”) provided for the issuance of incentive and nonqualified stock options to purchase, and restricted stock grants of, shares of the Company’s Class A common stock. Individuals eligible for participation in the Plan included designated officers and other employees (including employees who also serve as directors), non-employee directors, independent contractors and consultants who perform services for the Company. The terms of each grant under the Plan were determined by the board of directors, or a committee of the board administering the Plan, in accordance with the terms of the Plan. Outstanding stock options become immediately exercisable upon a change of control of the Company as in accordance with the terms of the Plan. Stock options granted under the Plan typically become exercisable over a one to five year period. Generally, the options have various vesting periods, which include immediate and term vesting periods.

In 2002, the Company’s stockholders authorized an additional 2,000,000 shares available for grant under the Plan. In addition, the Company filed a registration statement on Form S-8 with the SEC. Such registration statement also covered certain options granted prior to the merger in 2001, which were not granted under the Plan (“Outside Plan Stock Options”).

On December 8, 2005, the Company’s stockholders ratified the CTI Group (Holdings) Inc. Stock Incentive Plan (the “Stock Incentive Plan”) at the Company’s 2005 Annual Meeting of Stockholders. In addition, the Company filed a registration statement on Form S-8 with the SEC. The Stock Incentive Plan replaced the Plan. No new grants will be granted under the Plan. Grants that were made under the Plan prior to the stockholders’ approval of the Stock Incentive Plan will continue to be administered under the Plan.

The Stock Incentive Plan is administered by the Compensation Committee of the board of directors. Under the Stock Incentive Plan, the Compensation Committee is authorized to grant awards to non-employee directors, executive officers and other employees of, and consultants and advisors to, the Company or any of its subsidiaries and to determine the number and types of such awards and the terms, conditions, vesting and other limitations applicable to each such award. In addition, the Compensation Committee has the power to interpret the Stock Incentive Plan and to adopt such rules and regulations as it considers necessary or appropriate for purposes of administering the Stock Incentive Plan.

The following types of awards or any combination of awards may be granted under the Stock Incentive Plan: (i) incentive stock options, (ii) non-qualified stock options, (iii) stock grants, and (iv) performance awards.

The maximum number of shares of Class A common stock with respect to which awards may be granted to any individual participant under the Stock Incentive Plan during each of the Company’s fiscal years will not exceed 1,500,000 shares of Class A common stock, subject to certain adjustments described in the Stock Incentive Plan.

The aggregate number of shares of Class A common stock that are reserved for awards, including shares of Class A common stock underlying stock options, to be granted under the Stock Incentive Plan is 6,000,000 shares, subject to adjustments for stock splits, recapitalizations and other specified events. As of March 31, 2012, there were 2,450,900 awards available for grant under the Stock Incentive Plan. If any outstanding award is cancelled, forfeited, or surrendered to the Company, shares of Class A common stock allocable to such award may again be available for awards under the Stock Incentive Plan. Incentive stock options may be granted only to participants who are executive officers and other employees of the Company or any of its subsidiaries on the day of the grant, and non-qualified stock options may be granted to any participant in the Stock Incentive Plan. No stock option granted under the Stock Incentive Plan will be exercisable later than ten years after the date it is granted.

At March 31, 2012, there were options to purchase 5,055,350 shares of Class A common stock outstanding consisting of 4,805,350 Plan and Stock Incentive Plan options and 250,000 Outside Plan Stock Options. There were exercisable options to purchase an aggregate of 4,139,602 shares of Class A common stock under the Plan and Stock Incentive Plan and options to purchase 250,000 shares of Class A common stock that were Outside Plan Stock Options as of March 31, 2012.

Information with respect to options was as follows:

Options
Shares
Exercise

Price Range

Per Share
Weighted
Average
Exercise Price

Outstanding, January 1, 2012
5,155,350 $ 0.08 - $ 0.49 $ 0.26

Granted
— — —

Exercised
— — —

Cancelled
(100,000 ) $ 0.49 $ 0.49

Outstanding, March 31, 2012
5,055,350 $ 0.08 - $ 0.40 $ 0.26

The following table summarizes options exercisable at March 31, 2012:

Option
Shares Exercise Price
Range
Per Share Weighted
Average
Exercise Price Aggregate
Intrinsic
Value Weighted
Remaining
Contractual Term

March 31, 2012
4,389,602 $ 0.21 - $0.40 $ 0.28 — 4.83 years

The following table summarizes non-vested options:

Option
Shares

January 1, 2012
665,748

Granted
—

Cancelled
—

Vested
—

March 31, 2012
665,748

The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes-Merton formula). Expected volatilities are based on implied volatilities from historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from general practices used by other companies in the software industry and estimates by the Company of the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

On February 16, 2007, the Company and Fairford Holdings Scandinavia AB (“Fairford Scandinavia”), a wholly-owned subsidiary of Fairford, entered into the Securities Purchase Agreement (the “Agreement”), dated February 16, 2007. Pursuant to the Agreement, on February 16, 2007, the Company issued to Fairford Scandinavia a Class A common stock Purchase Warrant (the “Original Warrant”) to purchase shares of Class A common stock of the Company in consideration for securing the issuance of a $2.6 million letter of credit (the “Letter of Credit”) from SEB Bank to National City Bank. Due to National City Bank’s receipt of the Letter of Credit, the Company was able to obtain the loan at a favorable cash-backed interest rate. Effective April 14, 2008, the Company entered into the Securities Purchase Agreement with Fairford Scandinavia and issued an additional warrant to Fairford Scandinavia to purchase shares of Class A common stock based on the interest rate savings (the “Additional Warrant”).

Pursuant to the Original Warrant, Fairford Scandinavia is entitled to purchase 419,495 shares of Class A common stock at the exercise price of $0.34 per share, subject to adjustments as described in the Original Warrant, at any time prior to the 10th anniversary of the date of issuance. Pursuant to the Additional Warrant, Fairford Scandinavia is entitled to purchase 620,675 shares of Class A common stock at the exercise price of $0.22 per share, subject to adjustments as described in the Additional Warrant, at any time prior to the 10th anniversary of the date of issuance. On December 31, 2009, Fairford Scandinavia sold all of its owned Class A shares, or 355,099 shares to Fairford for SEK 2.80362 ($0.39) per share. As of March 31, 2012, Fairford beneficially owned 63.7% of the Company’s outstanding Class A common stock and Fairford Scandinavia owned warrants to purchase 1,040,170 shares of the Company’s Class A common stock. Mr. Osseiran, the majority holder of the Company’s Class A common stock and a director of the Company, is a director of Fairford, the President of Fairford Scandinavia and a grantor and sole beneficiary of a revocable trust which is the sole stockholder of Fairford. Mr. Dahl, a director of the Company, is a director of Fairford and the Chairman of Fairford Scandinavia. The Original Warrant and Additional Warrant vested immediately upon grant.

Included within selling, general and administrative expense for the three months ended March 31, 2012 and March 31, 2011 was $10,081 and $9,377, respectively, of stock-based compensation. Stock-based compensation expenses are recorded in the Corporate Allocation segment as these amounts are not included in internal measures of segment operating performance.

X

- Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

Basic and Diluted Net Income Per Common Share
3 Months Ended

Mar. 31, 2012

Basic and Diluted Net Income Per Common Share [Abstract]

Basic and Diluted Net Income Per Common Share
NOTE 6: Basic and Diluted Net Income Per Common Share

Basic earnings per share amounts are computed by dividing reported earnings available to common stockholders by the weighted average shares outstanding for the period. Diluted earnings per share amounts are computed by dividing reported earnings available to common stockholders by weighted average common shares outstanding for the period giving effect to securities considered to be potentially dilutive common shares, such as stock options.

For the Three Months Ended
March 31,

2012 2011

Net income / (loss)
$ 113,530 $ (342,516 )

Weighted average shares of common stock outstanding used to compute basic earnings per share
29,038,021 29,038,021

Additional common shares to be issued assuming exercise of stock options and stock warrants
220,000 —

Weighted average shares of common and common equivalent stock outstanding used to compute diluted earnings per share
29,258,021 29,038,021

Basic:

Net income / (loss) per share
$ 0.00 $ (0.01 )

Weighted average common shares outstanding
29,038,021 29,038,021

Diluted:

Net income / (loss) per share
$ 0.00 $ (0.01 )

Weighted average common and common equivalent shares outstanding
29,258,021 29,038,021

For the three months ended March 31, 2011, outstanding stock options were excluded from weighted average shares of common and common equivalent shares outstanding due to their anti-dilutive effect as a result of the Company’s net loss. Additional common shares to be issued, assuming exercise of stock options for the three months ended March 31, 2011, would have been 154,479.

X

- Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6

Income Taxes
3 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes
NOTE 10: Income Taxes

The Company records a valuation allowance against its net deferred tax asset to the extent management believes, it is more likely than not, that the asset will not be realized. As of March 31, 2012, the Company’s valuation allowance related only to net deferred tax assets in the United States.

The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. As of March 31, 2012 and March 31, 2011, the Company had $103,712 and $86,996 of unrecognized tax benefits, respectively, all of which would favorably affect the Company’s effective tax rate if recognized. The Company and its subsidiaries are subject to U.S. federal and state income taxes as well as foreign income tax in the United Kingdom. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company had amounts accrued for interest and penalties as of March 31, 2012.

For the three months ended March 31, 2012 and March 31, 2011, the Company had $223,200 and $42,984, respectively, of income tax expense. The income tax expense is primarily related to the United Kingdom operations.

X

- Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 27 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6

Indemnification to Customers
3 Months Ended

Mar. 31, 2012

Indemnification to Customers [Abstract]

Indemnification to Customers
NOTE 8: Indemnification to Customers

The Company’s agreements with customers generally require the Company to indemnify the customer against claims that the Company’s software infringes third party patent, copyright, trademark or other proprietary rights. Such indemnification obligations are generally limited in a variety of industry-standard provisions including our right to replace the infringing product. As of March 31, 2012, the Company did not experience any material losses related to these indemnification obligations and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, the Company has not established any related accruals.

X

- Details

Name: ctig_IndemnificationToCustomersAbstract

Namespace Prefix: ctig_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Indemnification to Customers

+ References

No definition available.

+ Details

Name: ctig_IndemnificationToCustomersTextBlock

Namespace Prefix: ctig_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6

Contingencies
3 Months Ended

Mar. 31, 2012

Contingencies [Abstract]

Contingencies
NOTE 9: Contingencies

The Company is, from time to time, subject to claims and administrative proceedings in the ordinary course of business.

X

- Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6

Segment Information
3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information
NOTE 11: Segment Information

The Company has two reportable segments, EIM and CAMRA. These segments are managed separately because the services provided by each segment require different technology and marketing strategies. For the three months ended March 31, 2011, the Company had four reportable segments. Segment information for the three months ended March 31, 2011 has been reclassified for comparative purposes.

Electronic Invoice Management: EIM designs, develops and provides electronic invoice presentment and analysis software that enables internet-based customer self-care for wireline, wireless and convergent providers of telecommunications services. EIM software and services are used primarily by telecommunications services providers to enhance their customer relationships while reducing the providers operational expenses related to paper-based invoice delivery and customer support relating to billing inquiries. The Company provided these services primarily through facilities located in Indianapolis, Indiana and Blackburn, United Kingdom.

Call Accounting Management and Recording: CAMRA designs, develops and provides software and services used by enterprise, governmental, institutional end users and managed and hosted customers of service providers to manage their telecommunications service and equipment usage and to analyze voice, video, and data usage, record and monitor communications and perform administrative and back office functions such as cost allocation or client bill back. These applications are commonly available in the market as enterprise-grade products. Customers typically purchase the CAMRA products when upgrading or acquiring a new enterprise communications platform.

Reconciling items for operating income (loss) in the table below represent corporate expenses, legal costs for patent enforcement and depreciation all of which are in the United States.

The accounting policies for segment reporting are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2012 and 2011 is shown in the following tables.

For Three Months Ended March 31, 2012

Electronic
Invoice
Management Call Accounting
Management and
Recording Corporate
Allocation Consolidated

Revenues
$ 2,949,225 $ 1,418,612 $ — $ 4,367,837

Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization
2,349,354 863,572 — 3,212,926

Depreciation and amortization
343,833 100,703 1,014 445,550

Income (loss) from operations
892,169 (252,680 ) (305,683 ) 333,806

Long-lived assets
6,348,405 784,861 11,452 7,144,718

For Three Months Ended March 31, 2011

Electronic
Invoice
Management Call Accounting
Management and
Recording Corporate
Allocation Consolidated

Revenues
$ 2,535,824 $ 1,580,542 $ — $ 4,116,366

Gross profit (loss) Revenues less cost of products, excluding depreciation and amortization
1,954,629 850,751 — 2,805,380

Depreciation and amortization
323,948 118,155 2,546 444,649

Income (loss) from operations
330,817 (325,802 ) (289,963 ) (284,948 )

Long-lived assets
7,332,670 834,292 5,260 8,172,222

The following table presents net revenues by geographic location.

For Three Months Ended March 31, 2012

United
States United
Kingdom Consolidated

Revenues
$ 992,749 $ 3,375,088 $ 4,367,837

Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization)
720,175 2,492,751 3,212,926

Depreciation and amortization
104,679 340,871 445,550

Income (loss) from operations
(366,399 ) 700,205 333,806

Long-lived assets
6,008,841 1,135,877 7,144,718

For Three Months Ended March 31, 2011

United
States United
Kingdom Consolidated

Revenues
$ 910,038 $ 3,206,328 $ 4,116,366

Gross profit (Revenues less cost of products and patent license cost, excluding depreciation and amortization)
712,535 2,092,845 2,805,380

Depreciation and amortization
128,121 316,528 444,649

Income (loss) from operations
(312,928 ) 27,980 (284,948 )

Long-lived assets
6,728,778 1,443,444 8,172,222

X

- Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

Name: us-gaap_SegmentReportingDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Cash flows from operating activities:

Net income / (loss) $ 113,530 $ (342,516)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 445,550 444,649

Provision for doubtful accounts 10,891 1,255

Deferred income taxes (22,623) 78,021

Recognition of rent incentive benefit (23,343) (26,108)

Stock option grant expense 10,081 9,377

Changes in operating assets and liabilities:

Trade receivables 710,299 (7,414,240)

Note and settlement receivables 24,623

Prepaid expenses 107,921 (33,503)

Income taxes 57,074 (55,019)

Other assets 21,835 155,098

Accounts payable (44,637) 360,208

Accrued expenses (71,291) 1,231,968

Accrued wages and other compensation 162,625 271,023

Deferred revenue (517,508) 5,638,136

Cash provided by operating activities 960,404 342,972

Cash flows used in investing activities:

Additions to property, equipment, and software (305,021) (655,482)

Cash used in investing activities (305,021) (655,482)

Cash flows provided by financing activities:

Repayments under credit agreements (825,000)

Advance from shareholder 838,509

Cash provided by financing activities 13,509

Effect of foreign currency exchange rates on cash and cash equivalents 113,963 26,016

Increase / (decrease) in cash and cash equivalents 769,346 (272,985)

Cash and cash equivalents, beginning of period 2,945,182 680,046

Cash and cash equivalents, end of period $ 3,714,528 $ 407,061

X

- Definition

Accrued expenses

+ References

No definition available.

+ Details

Name: ctig_IncreaseDecreaseInAccruedExpenses

Namespace Prefix: ctig_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Note and settlement receivables

+ References

No definition available.

+ Details

Name: ctig_IncreaseDecreaseInNoteAndSettlementReceivables

Namespace Prefix: ctig_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Recognition of rent incentive benefit

+ References

No definition available.

+ Details

Name: ctig_RecognitionOfRentIncentiveBenefit

Namespace Prefix: ctig_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 289

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

+ Details

Name: us-gaap_DeferredIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_DepreciationAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The effect of exchange rate changes on cash balances held in foreign currencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450594&loc=d3e33268-110906

+ Details

Name: us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInDeferredRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInPrepaidExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow from financing activity for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash inflow or outflow from investing activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 17

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquireProductiveAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 19

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromRelatedPartyDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.5)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_ProvisionForDoubtfulAccounts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 20

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_RepaymentsOfLongTermLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph A240

-Subparagraph i

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_StockOptionPlanExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 31 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

New Accounting Pronouncements
3 Months Ended

Mar. 31, 2012

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements
NOTE 5: New Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement Topic 820, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, which amends the definition of fair value measurement principles and disclosure requirements to eliminate differences between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 requires new quantitative and qualitative disclosures about the sensitivity of recurring Level 3 measurement disclosures, as well as transfers between Level 1 and Level 2 of the fair value hierarchy. As this update impacts disclosures only, the Company’s adoption of this guidance on January 1, 2012 did not impact the Company’s financial position, results of operations, or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Topic 220, Presentation of Comprehensive Income, which requires companies to include a statement of comprehensive income as part of its interim and annual financial statements. The new guidance gives companies the option to present net income and comprehensive income either in one continuous statement or in two separate but consecutive statements. This approach represents a change from current GAAP, which allows companies to report other comprehensive income (“OCI”) and its components in the statement of shareholders’ equity. The guidance also allows companies to present OCI either net of tax with details in the notes or shown gross of tax (with tax effects shown parenthetically). The Company’s disclosure of comprehensive income for the three months ended March 31, 2012 and 2011 is presented in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) in this Form 10-Q. Under the new guidance, certain information included in the Condensed Consolidated Statements of Shareholders’ Equity would be shown in the new statement of comprehensive income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning January 1, 2012 and should be applied retrospectively. The new guidance impacts presentation only and the Company’s adoption of this guidance on January 1, 2012 did not have an impact on its financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Topic 350, Testing of Goodwill for Impairment, which allows companies to assess qualitative factors to determine whether they need to perform the two-step quantitative goodwill impairment test. Under the option, an entity no longer would be required to calculate the fair value of a reporting unit unless it determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU may change how a company tests goodwill for impairment but should not change the timing or measurement of goodwill impairments. The ASU is effective for fiscal years beginning after December 15, 2011. The Company performed its annual goodwill impairment test as of October 31, 2011. The Company’s adoption of this guidance on January 1, 2012 is not expected to have an impact on its results of operations, financial position, or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, Topic 210, Disclosures about Offsetting Assets and Liabilities. This update is intended to improve the comparability of statements of financial position prepared in accordance with U.S. GAAP and IFRS, requiring both gross and net presentation of offsetting assets and liabilities. The new requirements are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. As this guidance only affects disclosures, the adoption of this standard will not have an impact on the Company’s results of operations, financial position, or cash flows.

X

- Details

Name: us-gaap_AccountingChangesAndErrorCorrectionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 1.N.Q3)

-URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 45

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 154

-Paragraph 17, 22, 25, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 1

-Section N

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794

+ Details

Name: us-gaap_AccountingChangesAndErrorCorrectionsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 7 96 1 false 0 0 false 3 false false R1.htm 00 - Document - Document and Entity Information Sheet http://ctigroup.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 01 - Statement - Consolidated Balance Sheets Sheet http://ctigroup.com/role/BalanceSheets Consolidated Balance Sheets false false R3.htm 011 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://ctigroup.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 02 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Sheet http://ctigroup.com/role/StatementsOfOperations Consolidated Statements of Comprehensive Income (Loss) (Unaudited) false false R5.htm 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://ctigroup.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) false false R6.htm 06001 - Disclosure - Business and Basis of Presentation Sheet http://ctigroup.com/role/BusinessAndBasisOfPresentation Business and Basis of Presentation false false R7.htm 06002 - Disclosure - Supplemental Schedule of Non-Cash Investing and Financing Activities Sheet http://ctigroup.com/role/SupplementalScheduleOfNonCashInvestingAndFinancingActivities Supplemental Schedule of Non-Cash Investing and Financing Activities false false R8.htm 06003 - Disclosure - Fair Value of Financial Instruments Sheet http://ctigroup.com/role/FairValueOfFinancialInstruments Fair Value of Financial Instruments false false R9.htm 06004 - Disclosure - Debt Obligations and Liquidity Sheet http://ctigroup.com/role/DebtObligationsAndLiquidity Debt Obligations and Liquidity false false R10.htm 06005 - Disclosure - New Accounting Pronouncements Sheet http://ctigroup.com/role/NewAccountingPronouncements New Accounting Pronouncements false false R11.htm 06006 - Disclosure - Basic and Diluted Net Income Per Common Share Sheet http://ctigroup.com/role/BasicAndDilutedNetIncomePerCommonShare Basic and Diluted Net Income Per Common Share false false R12.htm 06007 - Disclosure - Stock Based Compensation Sheet http://ctigroup.com/role/StockBasedCompensation Stock Based Compensation false false R13.htm 06008 - Disclosure - Indemnification to Customers Sheet http://ctigroup.com/role/IndemnificationToCustomers Indemnification to Customers false false R14.htm 06009 - Disclosure - Contingencies Sheet http://ctigroup.com/role/Contingencies Contingencies false false R15.htm 06010 - Disclosure - Income Taxes Sheet http://ctigroup.com/role/IncomeTaxes Income Taxes false false R16.htm 06011 - Disclosure - Segment Information Sheet http://ctigroup.com/role/SegmentInformation Segment Information false false R17.htm 06012 - Disclosure - Related Party Transaction Sheet http://ctigroup.com/role/RelatedPartyTransactions Related Party Transaction false false All Reports Book All Reports Process Flow-Through: 01 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 011 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 02 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Process Flow-Through: 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) ctig-20120331.xml ctig-20120331.xsd ctig-20120331_cal.xml ctig-20120331_lab.xml ctig-20120331_pre.xml true true

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 03, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	CTI GROUP HOLDINGS INC
Entity Central Index Key	0000355627
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		29,178,271

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues:
Software sales, service fee and license fee revenue	$ 4,367,837	$ 4,116,366
Cost and Expenses:
Cost of products and services, excluding depreciation and amortization	1,154,911	1,310,986
Selling, general and administration	1,841,002	2,032,571
Research and development	592,568	613,108
Depreciation and amortization	445,550	444,649
Total costs and expenses	4,034,031	4,401,314
Income / (loss) from operations	333,806	(284,948)
Other expense
Interest (income) / expense	(2,924)	14,584
Total other (income) / expense	(2,924)	14,584
Income / (loss) before income taxes	336,730	(299,532)
Tax expense	223,200	42,984
Net income / (loss)	113,530	(342,516)
Other comprehensive income / (loss)
Foreign currency translation adjustment	(88,811)	(37,914)
Comprehensive income / (loss)	$ 24,719	$ (380,430)
Basic and diluted net income / ( loss) per common share	$ 0	$ (0.01)
Basic weighted average common shares outstanding	29,038,021	29,038,021
Diluted weighted average common shares outstanding	29,258,021	29,038,021

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income / (loss)	$ 113,530	$ (342,516)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	445,550	444,649
Provision for doubtful accounts	10,891	1,255
Deferred income taxes	(22,623)	78,021
Recognition of rent incentive benefit	(23,343)	(26,108)
Stock option grant expense	10,081	9,377
Changes in operating assets and liabilities:
Trade receivables	710,299	(7,414,240)
Note and settlement receivables		24,623
Prepaid expenses	107,921	(33,503)
Income taxes	57,074	(55,019)
Other assets	21,835	155,098
Accounts payable	(44,637)	360,208
Accrued expenses	(71,291)	1,231,968
Accrued wages and other compensation	162,625	271,023
Deferred revenue	(517,508)	5,638,136
Cash provided by operating activities	960,404	342,972
Cash flows used in investing activities:
Additions to property, equipment, and software	(305,021)	(655,482)
Cash used in investing activities	(305,021)	(655,482)
Cash flows provided by financing activities:
Repayments under credit agreements		(825,000)
Advance from shareholder		838,509
Cash provided by financing activities		13,509
Effect of foreign currency exchange rates on cash and cash equivalents	113,963	26,016
Increase / (decrease) in cash and cash equivalents	769,346	(272,985)
Cash and cash equivalents, beginning of period	2,945,182	680,046
Cash and cash equivalents, end of period	$ 3,714,528	$ 407,061