0001415889-15-003728.txt : 20151116 0001415889-15-003728.hdr.sgml : 20151116 20151116091151 ACCESSION NUMBER: 0001415889-15-003728 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151116 DATE AS OF CHANGE: 20151116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIO-TECH INTERNATIONAL CENTRAL INDEX KEY: 0000732026 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 952086631 STATE OF INCORPORATION: CA FISCAL YEAR END: 0625 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14523 FILM NUMBER: 151231937 BUSINESS ADDRESS: STREET 1: 16139 WYANDOTTE ST. CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 818-787-7000 MAIL ADDRESS: STREET 1: 16139 WYANDOTTE ST. CITY: VAN NUYS STATE: CA ZIP: 91406 FORMER COMPANY: FORMER CONFORMED NAME: TRIO TECH INTERNATIONAL DATE OF NAME CHANGE: 19920703 10-Q 1 trt10q_sep302015.htm FORM 10-Q trt10q_sep302015.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
  x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2015

OR

  o
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 1-14523

TRIO-TECH INTERNATIONAL
(Exact name of Registrant as specified in its Charter)

California
  
95-2086631
(State or other jurisdiction of
  
(I.R.S. Employer
incorporation or organization)
  
Identification Number)
     
16139 Wyandotte Street
    
Van Nuys, California
  
91406
(Address of principal executive offices)
  
(Zip Code)

           Registrant's Telephone Number, Including Area Code:  818-787-7000

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 o   

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-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. (Check one):
 
 Large Accelerated Filer
 o
  
  Accelerated Filer
 o
         
 Non-Accelerated Filer 
 o
  
 Smaller Reporting Company 
 x
(Do not check if a smaller reporting company)
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o   No x

As of November 9, 2015, there were 3,513,055 shares of the issuer’s Common Stock, no par value, outstanding.

 
 
 
 
TRIO-TECH INTERNATIONAL
INDEX TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION, OTHER INFORMATION AND SIGNATURE

   
Page
Part I.
Financial Information
  
     
 
  
1
 
2
 
4
 
5
 
6
28
41
41
     
Part II.
Other Information
  
     
42
42
42
42
42
42
42
     
43
 
FORWARD-LOOKING STATEMENTS

The discussions of Trio-Tech International’s (the “Company”) business and activities set forth in this Form 10-Q and in other past and future reports and announcements by the Company may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company.  In light of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward-looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company’s products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company’s products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Southeast Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; and other economic, financial and regulatory factors beyond the Company’s control. Other than statements of historical fact, all statements made in this Quarterly Report are forward-looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward-looking statements by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential,” “believes,” “can impact,” “continue,” or the negative thereof or other comparable terminology.  Forward-looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions.

Unless otherwise required by law, we undertake no obligation to update forward-looking statements to reflect subsequent events, changed circumstances, or the occurrence of unanticipated events. You are cautioned not to place undue reliance on such forward-looking statements.

 
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES

  September 30, 2015   June 30, 2015  
ASSETS
  
(Unaudited)
        
CURRENT ASSETS:
            
Cash and cash equivalents
$
4,001
  
$
3,711
  
Short-term deposits
  
92
    
101
  
Trade accounts receivable, less allowance for doubtful accounts of $303 and $313
  
7,644
    
7,875
  
Other receivables
  
351
    
389
  
Loans receivable from property development projects – short term
  
-
    
-
  
Inventories, less provision for obsolete inventory of $685 and $764
  
1,201
    
1,141
  
Prepaid expenses and other current assets
  
287
    
244
  
Assets held for sale
  
83
    
98
  
 Total current assets
  
13,659
    
13,559
  
NON-CURRENT ASSETS:
            
Deferred tax asset
  
433
    
453
  
Investments
  
-
    
-
  
Investment properties, net
  
1,478
    
1,540
  
Property, plant and equipment, net
  
11,188
    
12,522
  
Loans receivable from property development projects – long term
  
-
    
-
  
Other assets
  
1,753
    
1,823
  
Restricted term deposits
  
1,969
    
2,140
  
          Total non-current assets
  
16,821
    
18,478
  
TOTAL ASSETS
$
30,480
  
$
32,037
  
             
LIABILITIES
            
CURRENT LIABILITIES:
            
Lines of credit
$
1,905
  
$
1,578
  
Accounts payable
  
2,980
    
2,770
  
Accrued expenses
  
2,660
    
3,084
  
Income taxes payable
  
250
    
296
  
Current portion of bank loans payable
  
310
    
346
  
Current portion of capital leases
  
169
    
197
  
 Total current liabilities
  
8,274
    
8,271
  
NON-CURRENT LIABILITIES: 
            
Bank loans payable, net of current portion
  
1,810
    
2,198
  
Capital  leases, net of current portion
  
394
    
475
  
Deferred tax liabilities
  
292
    
333
  
Other non-current liabilities
  
32
    
38
  
           Total non-current liabilities
  
2,528
    
3,044
  
TOTAL LIABILITIES
$
10,802
  
 $
11,315
  
COMMITMENT AND CONTINGENCIES
  
-
    
-
  
             
EQUITY
            
TRIO-TECH INTERNATIONAL’S SHAREHOLDERS' EQUITY:
            
Common stock, no par value, 15,000,000 shares authorized; 3,513,055 shares issued and outstanding as at September 30, 2015, and June 30, 2015
$
10,882
  
$
10,882
  
Paid-in capital
  
3,091
    
3,087
  
Accumulated retained earnings
  
2,505
    
2,246
  
Accumulated other comprehensive gain-translation adjustments
  
1,716
    
2,771
  
 Total Trio-Tech International shareholders' equity
  
18,194
    
18,986
  
Non-controlling interest
  
1,484
    
1,736
  
         TOTAL EQUITY
$
19,678
  
$
20,722
  
TOTAL LIABILITIES AND EQUITY
$
30,480
  
$
32,037
  
 
See notes to condensed consolidated financial statements.



TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

   
Three Months Ended
  
   
Sept. 30,
    
Sept. 30,
  
   
2015
    
2014
  
Revenue
            
  Manufacturing
  
$
3,140
    
$
3,047
  
  Testing services
    
3,783
      
4,618
  
  Distribution
    
975
      
385
  
  Others
    
32
      
  43
  
     
7,930
      
8,093
  
Cost of Sales
                
   Cost of manufactured products sold
    
2,109
      
2,873
  
   Cost of testing services rendered
    
2,758
      
3,049
  
   Cost of distribution
    
853
      
340
  
   Others
    
32
      
  34
  
     
5,752
      
6,296
  
                 
Gross Margin
    
2,178
      
1,797
  
                 
Operating Expenses:
                
   General and administrative
    
1,662
      
1,738
  
   Selling
    
171
      
131
  
   Research and development
    
46
      
47
  
  Impairment loss of property, plant and equipment
    
-
      
15
  
           Total operating expenses
    
1,879
      
1,931
  
                 
Income / (Loss) from Operations
    
299
      
(134
)
                 
Other Income / (Expenses)
                
  Interest expenses
    
(53
)
    
(64
)
  Other income, net
    
208
      
46
  
  Total other income / (expenses)
    
155
      
(18
) 
                 
Income / (Loss) from Continuing Operations before Income Taxes
    
454
      
(152
)
                 
Income Tax (Expenses) / Benefits
    
(67
)
    
46
  
                 
Income / (loss) from continuing operations before non-controlling interest, net of tax
    
387
      
(106
) 
                 
Other Operating Activities
                
Equity in earnings of unconsolidated joint venture, net of tax
    
-
      
-
  
                 
Discontinued Operations (Note 18)
                
(Loss) / income  from discontinued operations, net of tax
    
(10
)
    
26
  
NET INCOME / (LOSS)
    
377
      
(80
) 
                 
Less: net income attributable to the non-controlling interest
    
118
 
    
56
  
Net Income / (Loss) Attributable to Trio-Tech International Common Shareholder
  
 $
259
    
 $
(136
)
                 
Amounts Attributable to Trio-Tech International Common Shareholders:
                
Income / (loss) from continuing operations, net of tax
    
264
      
(150
) 
(Loss) / income from discontinued operations, net of tax
    
(5
)
    
14
  
Net Income/ (Loss) Attributable to Trio-Tech International Common Shareholders
  
$
259
    
$
(136
)
                 
Basic and Diluted Earnings / (Loss) per Share:
                
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International
  
$
0.08
    
$
(0.04
) 
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International
  
$
-
    
$
-
  
Basic and Diluted Earnings / (Loss) per Share from Net Income / (Loss)
                
Attributable to Trio-Tech International
  
$
0.08
    
$
(0.04
)
                 
Weighted average number of common shares outstanding
                
Basic
    
3,513
      
3,513
  
Dilutive effect of stock options
    
8
      
-
  
Number of shares used to compute earnings per share diluted
    
3,521
      
3,513
  
 
See notes to condensed consolidated financial statements.

 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES

   
Three Months Ended
  
   
Sept. 30,
    
Sept. 30,
  
   
2015
    
2014
  
Comprehensive Income / (Loss) Attributable to Trio-Tech International Common Shareholders: 
            
             
Net income / (loss)
     377       (80 )
Foreign currency translation, net of tax
     (1,425 )     160  
Comprehensive (Loss) / Income
     (1,048 )     80  
Less: comprehensive (loss) / income  attributable to the non-controlling interests
     (252 )     113  
Comprehensive Loss Attributable to Trio-Tech International Common Shareholders
   $ (796 )     (33 )
                 
See notes to condensed consolidated financial statements.


TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
(IN THOUSANDS) 

   
Common Stock
    
Additional Paid-in
    
Accumulated Retained
    
Accumulated Other
Comprehensive
    
Non- Controlling
        
   
Shares
    
Amount
    
Capital
    
Earnings
    
Income
    
Interest
    
Total
  
         
$
    
$
    
$
    
$
    
$
    
$
  
Balance at June 30, 2014
    
3,513
      
10,882
      
2,972
      
1,725
      
3,522
      
1,732
      
20,833
  
Stock option expenses
    
-
      
-
      
106
      
-
      
-
      
-
      
106
  
Net income
    
-
      
-
      
-
      
521
      
-
      
303
      
824
  
Translation adjustment
    
-
      
-
      
-
      
-
      
(751
)
    
(299
)
    
(1,050
)
Contribution to capital – payable to forgiveness
    
-
      
-
      
9
      
-
      
-
      
-
      
9
  
Stock options exercised
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Balance at June 30, 2015
    
3,513
      
10,882
      
3,087
      
2,246
      
2,771
      
1,736
      
20,722
  
Stock option expenses
    
-
      
-
      
4
      
-
      
-
      
-
      
4
  
Net income
    
-
      
-
      
-
      
259
      
-
      
118
      
377
  
Translation adjustment
    
-
      
-
      
-
      
-
      
(1,055
)
    
(370
)
    
(1,425
)
Balance at Sept. 30, 2015
    
3,513
      
10,882
      
3,091
      
2,505
      
1,716
      
1,484
      
19,678
  

See notes to condensed consolidated financial statements.

 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
 
   
Three Months Ended
  
   
Sept. 30,
    
Sept. 30,
  
   
2015
    
2014
  
   
(Unaudited)
  
(Unaudited)
  
Cash Flow from Operating Activities
            
Net income / (loss)
  
$
377
    
$
(80
) 
Adjustments to reconcile net income / (loss)  to net cash flow provided by operating activities
                
   Depreciation and amortization
    
484
      
623
  
   Stock compensation
    
4
      
9
  
   Inventory (reversal) / provision
    
(51)
      
8
  
   Bad debt provision / (reversal)
    
-
      
55
  
   Accrued interest expense, net accrued interest income
    
33
      
24
  
   Impairment loss of property, plant and equipment
    
-
      
15
  
   Write-off of property, plant and equipment
    
2
      
-
  
   Warranty (recovery) / expense, net
    
(3
) 
    
6
  
   Deferred tax benefit
    
(5
)
    
(77
)
Changes in operating assets and liabilities, net of acquisition effects
                
   Trade accounts receivable
    
(75
) 
    
728
  
   Other receivables
    
11
      
(102
) 
   Other assets
    
18
      
(42
)
   Inventories
    
(52
)
    
(413
) 
   Prepaid expenses and other current assets
    
(62
)
    
(55
)
   Accounts payable and accrued expenses
    
49
      
(234
) 
   Income taxes payable
    
(39
) 
    
1
  
   Other non-current liabilities
    
(3
) 
    
-
  
Net Cash Provided by Operating Activities
    
688
      
466
  
                 
Cash Flow from Investing Activities
                
Proceeds from maturing of restricted term deposits and short-term deposits
    
38
      
-
  
Additions to property, plant and equipment
    
(254
)
    
(467
)
Proceeds from disposal of plant, property and equipment
    
19
      
-
  
Net Cash Used in Investing Activities
    
(197
)
    
(467
)
                 
Cash Flow from Financing Activities
                
Proceeds from/ (repayment on) lines of credit
    
440
      
(689
)
Repayment of bank loans and capital leases
    
(169
)
    
(261
)
Net Cash Used in Financing Activities
    
271
      
(950
)
                 
Effect of Changes in Exchange Rate
    
(472
) 
    
(171
)
                 
NET INCREASE / (DECREASE) IN CASH
    
290
      
(781
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
3,711
      
2,938
  
CASH AND CASH EQUIVALENTS, END OF PERIOD
  
$
4,001
    
$
2,157
  
                 
Supplementary Information of Cash Flows
                
Cash paid during the period for:
                
Interest
  
$
53
    
$
66
  
Income taxes
  
$
91
    
$
18
  
                 
Non-Cash Transactions
                
  Capital lease of property, plant and equipment
  
$
-
    
$
-
  
 
See notes to condensed consolidated financial statements.


TRIO-TECH INTERNATIONAL AND SUBSIDIARIES

(IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

1. ORGANIZATION AND BASIS OF PRESENTATION

Trio-Tech International (“the Company” or “TTI” hereafter) was incorporated in fiscal year 1958 under the laws of the State of California.  TTI provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia. In addition, TTI operates testing facilities in the United States.  The Company also designs, develops, manufactures and markets a broad range of equipment and systems used in the manufacturing and testing of semiconductor devices and electronic components. In the first quarter of fiscal year 2016, TTI conducted business in four business segments: Manufacturing, Testing Services, Distribution and Real Estate. TTI has subsidiaries in the U.S., Singapore, Malaysia, Thailand and China as follows:

 
Ownership
Location
     
Express Test Corporation (Dormant)
100%
Van Nuys, California
Trio-Tech Reliability Services (Dormant)
100%
Van Nuys, California
KTS Incorporated, dba Universal Systems (Dormant)
100%
Van Nuys, California
European Electronic Test Centre (Dormant)
100%
Dublin, Ireland
Trio-Tech International Pte. Ltd.
100%
Singapore
Universal (Far East) Pte. Ltd.  *
100%
Singapore
Trio-Tech International (Thailand) Co. Ltd. *
100%
Bangkok, Thailand
Trio-Tech (Bangkok) Co. Ltd.
100%
Bangkok, Thailand
(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)
    
Trio-Tech (Malaysia) Sdn. Bhd.
(55% owned by Trio-Tech International Pte. Ltd.)
55%
Penang and Selangor, Malaysia
Trio-Tech (Kuala Lumpur) Sdn. Bhd.
55%
Selangor, Malaysia
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)
    
Prestal Enterprise Sdn. Bhd.
76%
Selangor, Malaysia
(76% owned by Trio-Tech International Pte. Ltd.)
    
Trio-Tech (Suzhou) Co., Ltd. *
100%
Suzhou, China
Trio-Tech (Shanghai) Co., Ltd. * (Dormant)
100%
Shanghai, China
Trio-Tech (Chongqing) Co. Ltd. *
100%
Chongqing, China
SHI International Pte. Ltd. (Dormant)
(55% owned by Trio-Tech International Pte. Ltd)
55%
Singapore
PT SHI Indonesia (Dormant)
(100% owned by SHI International Pte. Ltd.)
55%
 
Batam, Indonesia
 
Trio-Tech (Tianjin) Co., Ltd. *
100%
Tianjin, China
  * 100% owned by Trio-Tech International Pte. Ltd.

The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars.  The accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included.  Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the fiscal year ended June 30, 2015.

 
2.   NEW ACCOUNTING PRONOUNCEMENTS

The amendments in Accounting Standards Updates (“ASU”) 2015-14 ASC Topic 606: Deferral of the Effective Date (“ASC Topic 606”) defers the effective date of update 2014-09 for all entities by one year. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

FASB has issued converged standards on revenue recognition. Specifically, the Board has issued ASU. 2014-09 (“ASU 2014-09”), ASC Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition, (“ASC Topic 605”) and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (“ASC Topic 360”) and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.
 
The amendments in ASU 2015-11 ASC Topic 330: Simplifying the Measurement of Inventory (“ASC Topic 330”) specify that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using Last-In-First-Out or the retail inventory method. The amendments in ASU 2015-011 are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

FASB amended ASU 2015-07 ASC Topic 820: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 
The amendments in ASU 2015-06 ASC Topic 260: Effects on Historical Earnings Per Unit of Master Limited Partnership Dropdown Transactions (“ASC Topic 260”) specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings or (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. The amendments in ASU 2015-06 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. While early adoption is permitted, the Company has not elected to early adopt. The amendments should be applied retrospectively for all financial statements presented. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

The amendments in ASU 2015-02 ASC Topic 810: Amendments to the Consolidation Analysis are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments in ASU 2015-02 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While early adoption is permitted, including adoption in an interim period, the Company has not elected to early adopt. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The company has not yet determined the effects on the Company’s consolidated financial position or results of operations on the adoption of this update.
 
The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, (“ASC Topic 225”) requires that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.  The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

FASB amended ASU 2014-15 Subtopic 205-40, Presentation of Financial Statements – Going Concern (“ASC Topic 205”) to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. While early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.
 
The FASB has issued ASU No. 2014-08, ASC Topic 205 Presentation of Financial Statements (“ASC Topic 205”) and ASC Topic 360 Property, Plant, and Equipment (“ASC Topic 360”): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in the ASU 2014-08 are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this update did not have a significant effect on the Company’s consolidated financial position or results of operations.

Other new pronouncements issued but not yet effective until September 30, 2015 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

3.   ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable consists of customer obligations due under normal trade terms. Although management generally does not require collateral, letters of credit may be required from the customers in certain circumstances. Management periodically performs credit evaluations of customers’ financial conditions.

Senior management reviews accounts receivable on a periodical basis to determine if any receivables will potentially be uncollectible. Management includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts.  After all attempts to collect a receivable have failed, the receivable is written off against the allowance.  Based on the information available, management believed the allowance for doubtful accounts as of September 30, 2015 and June 30, 2015 was adequate.  

The following table represents the changes in the allowance for doubtful accounts:
 
   
Sept. 30,
 2015
(Unaudited)
    
June 30,
 2015
  
Beginning
  
$
313
    
$
438
  
Additions charged to expenses
    
-
      
84
  
Recovered / write-off
    
-
      
(180
)
Currency translation effect
    
(10
)
    
(29
)
Ending
  
$
303
    
$
313
  
 
 
4.   LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

The following table presents TTCQ’s loan receivable from property development projects in China as of September 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at September 30, 2015.

 
Loan Expiry
Date
  
Loan Amount
(RMB)
    
Loan Amount
(U.S. Dollars)
  
Short-term loan receivables
              
JiangHuai (Project – Yu Jin Jiang An)
May 31,2013
    
2,000
      
325
  
Less: allowance for impairment
 
    
(2,000
)
    
(325
)
Net loan receivables from property development projects
      
-
      
-
  
                   
Long-term loan receivables
                  
Jun Zhou Zhi Ye
Oct 31, 2016
    
5,000
      
814
  
Less: transfer – down-payment for  purchase of investment properties
 
    
(5,000
)
    
(814
)
Net loan receivables from property development projects
      
-
      
-
  
 
The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at June 30, 2015.

 
Loan Expiry
Date
  
Loan Amount
(RMB)
    
Loan Amount
(U.S. Dollars)
  
Short-term loan receivables
              
JiangHuai (Project – Yu Jin Jiang An)
May 31,2013
    
2,000
      
325
  
Less: allowance for impairment
 
    
(2,000
)
    
(325
)
Net loan receivables from property development projects
      
-
      
-
  
                   
Long-term loan receivables
                  
Jun Zhou Zhi Ye
Oct 31, 2016
    
5,000
      
814
  
Less: transfer – down-payment for  purchase of investment properties
 
    
(5,000
)
    
(814
)
Net loan receivables from property development projects
      
-
      
-
  
 
On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310 Receivables (“ASC Topic 310”), amounting to RMB 2,000, or approximately $325. The loan was renewed, but expired on May 31, 2013. TTCQ is in the legal process of recovering the outstanding amount of $325. TTCQ did not generate other income from JiangHuai for the three months ended September, 2015 and the twelve months ended June 30, 2015. Based on TTI’s financial policy, an impairment of $325 on the investment in JiangHuai was provided for during the second quarter of fiscal 2014.

 
On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310, amounting to RMB 5,000, or approximately $814 based on the exchange rate as at March 31, 2015 published by the Monetary Authority of Singapore. The amount was unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expired on October 31, 2012 and was again renewed in November 2012 and expired in November 2013. On November 1, 2013 the loan was transferred by JiaSheng to, and is now payable by, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (“Jun Zhou Zhi Ye”), and the transferred agreement expires on October 31, 2016. Hence the loan receivable was reclassified as a long-term receivable. The book value of the loan receivable approximates its fair value. TTCQ did not generate other income from this investment for the three months ended September 30, 2015. However, for the twelve months ended June 30, 2015, TTCQ recorded other income of RMB 417, or approximately $68. In fiscal year 2015, an allowance for doubtful deemed interest receivables from Jun Zhou Zhi Ye of $68 was made on the other income. In the second quarter of fiscal year 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project.

 5.  INVENTORIES
 
Inventories consisted of the following:
 
   
Sept. 30,
 2015
 (Unaudited)
  
June 30,
 2015
         
Raw materials
  
$
974
    
$
1,038
  
Work in progress
    
692
      
611
  
Finished goods
    
291
      
348
  
Less: provision for obsolete inventory
    
(685
)
    
(764
)
Currency translation effect
    
(71
)
    
(92
)
   
$
1,201
    
$
1,141
  

 The following table represents the changes in provision for obsolete inventory:
 
   
Sept. 30,
 2015
(Unaudited)
    
June 30,
 2015
  
             
Beginning
  
$
764
    
$
844
  
Additions charged to expenses
    
-
      
67
  
Usage - disposition
    
(51
)
    
(103
)
Currency translation effect
    
(28
)
    
(44
)
Ending
  
$
685
    
$
764
  

6. ASSETS HELD FOR SALE
 
During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, Trio-Tech Malaysia (“TTM”) was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the Penang Development Corporation (“PDC”). In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.
 
 
7.  INVESTMENTS
 
Investments were nil as at September 30, 2015 and June 30, 2015.

During the second quarter of fiscal year 2011, the Company entered into a joint-venture agreement with JiaSheng to develop real estate projects in China. The Company invested RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for a 10% interest in the newly formed joint venture, which was incorporated as a limited liability company, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (the “joint venture”), in China. The agreement stipulated that the Company would nominate two of the five members of the Board of Directors of the joint venture and had the ability to assign two members of management to the joint venture.  The agreement also stipulated that the Company would receive a fee of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for the services rendered in connection with obtaining priority to bid in certain real estate projects from the local government. Upon signing of the agreement, JiaSheng paid the Company RMB 5,000 in cash, or approximately $803 based on the exchange rate published by the Monetary Authority of Singapore as of March 31, 2014. The remaining RMB 5,000, which was not recorded as a receivable as the Company considered the collectability uncertain, would be paid over 72 months commencing in 36 months from the date of the agreement when the joint venture secured a property development project stated inside the joint venture agreement. The Company considered the RMB 5,000, or approximately $803 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, received in cash from JiaSheng, the controlling venturer in the joint venture, as a partial return of the Company’s initial investment of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore. Therefore, the RMB 5,000 received in cash was offset against the initial investment of RMB 10,000, resulting in a net investment of RMB 5,000 as of March 31, 2014. The Company further reduced its investments by RMB 137, or approximately $22, towards the losses from operations incurred by the joint-venture, resulting in a net investment of RMB 4,863, or approximately $781 based on exchange rates published by the Monetary Authority of Singapore as of March 31, 2014.

“Investments” in the real estate segment was the cost of an investment in a joint venture in which we had a 10% interest. During the second quarter of fiscal year 2014, TTCQ disposed of its 10% interest in the joint venture. The joint venture had to raise funds for the development of the project. As a joint-venture partner, TTCQ was required to stand guarantee for the funds to be borrowed; considering the amount of borrowing, the risk involved was higher than the investment made and hence TTCQ decided to dispose of the 10% interest in the joint venture investment. On October 2, 2013, TTCQ entered into a share transfer agreement with Zhu Shu. Based on the agreement the purchase price was to be paid by (1) RMB 10,000 worth of commercial property in Chongqing China, or approximately $1,634 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by non-monetary consideration and (2) the remaining RMB 8,000, or approximately $1,307 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by cash consideration. The consideration consists of (1) commercial units measuring 668 square meters to be delivered in June 2016 and (2) sixteen quarterly equal installments of RMB 500 per quarter commencing from January 2014. Based on ASC Topic 845 Non-monetary Consideration, the Company deferred the recognition of the gain on disposal of the 10% interest in joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. The recorded value of the disposed investment amounting to $783, based on exchange rates published by the Monetary Authority of Singapore as of June 30, 2014, is classified as “other assets” under non-current assets, because it is considered a down payment for the purchase of the commercial property in Chongqing. The first three installment amounts of RMB 500 each due in January 2014, April 2014 and July 2014 were all outstanding until the date of disposal of the investment in the joint venture. Out of the outstanding RMB 8,000, TTCQ had received RMB 100 during May 2014. However, the transferee, Jun Zhou Zhi Ye, has not registered the share transfer (10% interest in the joint venture) with the relevant authorities in China as of the date of this report.


On October 14, 2014, TTCQ and Jun Zhou Zhi Ye entered into a memorandum of understanding. Based on the memorandum of understanding, both parties have agreed to register a sales and purchase agreement upon Jun Zhou Zhi Ye obtaining the license to sell the commercial property (the Singapore Themed Resort Project) located in Chongqing, China. The proposed agreement is for the sale of shop lots with a total area of 1,484.55 square meters as consideration for all the outstanding amounts owed to TTCQ by Jun Zhou Zhi Ye as follows:
 
a)  
Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 4, plus the interest receivable on long term loan receivable of RMB 1,250;
b)  
Commercial units measuring 668 square meters, as mentioned above; and
c)  
RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.
 
The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in the Singapore Themed Resort Project, which is expected to be no later than December 31, 2016. However, should there be further delays in the project completion, based on the discussion with the developers it is estimated to be completed by June 30, 2017. The consideration does not include the remaining outstanding amount of RMB 2,000, or approximately $325, which will be paid in cash.
 
8.   INVESTMENT PROPERTIES

The following table presents the Company’s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.

 
Investment Date
  
Investment
Amount (RMB)
    
Investment Amount
 (U.S. Dollars)
 
Purchase of rental property – Property I - MaoYe
Jan 04, 2008
    
5,554
      
894
  
Purchase of rental property – Property II - JiangHuai
Jan 06, 2010
    
3,600
      
580
  
Purchase of rental property – Property III - Fu Li
Apr 08, 2010
    
4,025
      
648
  
Currency translation
      
-
      
(48
)
Gross investment in rental property
      
13,179
      
2,074
  
Accumulated depreciation on rental property
      
(3,781
)
    
(596
)
Net investment in property – China
      
9,398
      
1,478
  

 
 
Investment Date
  
Investment
Amount
 (RM)
    
Investment Amount
 (U.S. Dollars)
  
Reclassification of rental property – Penang Property I
Dec 31, 2012
    
681
      
154
  
Gross investment in rental property
      
681
      
154
  
Accumulated depreciation on rental property
      
(312
)
    
(71
)
Reclassified as “Assets held for sale”
June 30, 2015
    
(369
)
    
(83
)
Net investment in property – Malaysia
      
-
      
-
  
 
The following table presents the Company’s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.

 
 
Investment Date
  
Investment
Amount
 (RMB)
    
Investment Amount
 (U.S. Dollars)
  
Purchase of rental property – Property I - MaoYe
Jan 04, 2008
    
5,554
      
894
  
Purchase of rental property – Property II - JiangHuai
Jan 06, 2010
    
3,600
      
580
  
Purchase of rental property – Property III - Fu Li
Apr 08, 2010
    
4,025
      
648
  
Currency translation
      
-
      
1
  
Gross investment in rental property
      
13,179
      
2,123
  
Accumulated depreciation on rental property
      
(3,619
)
    
(583
)
Net investment in property – China
      
9,560
      
1,540
  

 
 
Investment Date
  
Investment
Amount
 (RM)
    
Investment Amount
 (U.S. Dollars)
  
Reclassification of rental property – Penang Property I
Dec 31, 2012
    
681
      
181
  
Gross investment in rental property
      
681
      
181
  
Accumulated depreciation on rental property
      
(310
)
    
(83
)
Reclassified as “Assets held for sale”
June 30, 2015
    
(371
)
    
(98
)
Net investment in property – Malaysia
      
-
      
-
  

Rental Property I – Mao Ye

In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”), for a total cash purchase price of RMB 5,554, or approximately $894 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented this property to a third party on July 13, 2008. The term of the rental agreement was five years. The rental agreement was renewed on July 16, 2014 for a further period of five years. The rental agreement provides for a rent increase of 8% every year after July 15, 2015. The renewed agreement expires on July 15, 2018, however as at the date of this report, this rental agreement (1,104 square meters at a monthly rental of RMB 38,645) has been terminated. TTCQ has identified a new tenant and signed a new rental agreement (653 square meters at a monthly rental of RMB 38,520) on August 1, 2015. This rental agreement provides for a rent increase of 5% every year on January 31, commencing the year 2017 till the rental agreement expires on July 31, 2020.
 
Property purchased from MaoYe generated a rental income of $22 during the three months ended September 30, 2015 as compared to $29 for the same period in last fiscal year.

Rental Property II - JiangHuai

In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”), for a total purchase price of RMB 3,600, or approximately $580 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented all of these commercial units to a third party until the agreement expired in January 2012. TTCQ then rented three of the eight commercial units to another party during the fourth quarter of fiscal year 2013 under a rental agreement that expired on March 31, 2014. Currently all the units are vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties; however TTCQ has the vacant possession with the exception of two units, which is in the process of clarification. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. In August 2014, TTCQ performed a valuation on one of the commercial units and its market value was higher than the carrying amount. As of the date of this report, there was no other valuation performed.
 
 
Property purchased from JiangHuai did not generate any rental income during the three months ended September 30, 2015 or 2014.

Other Properties III – Fu Li
 
In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. Although TTCQ currently rents its office premises from a third party, it intends to use the office space as its office premises. The total purchase price committed and paid was RMB 4,025, or approximately $648 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. The development was completed and the property was handed over during April 2013 and the title deed was received during the third quarter of fiscal 2014.
 
The two commercial properties were leased to third parties under two separate rental agreements, one of which expired in April 2014 and the other expired in August 2014.
 
For the unit for which the agreement expired in April 2014, a new tenant was identified and a new agreement was executed, which expires on April 30, 2017. The new agreement carries an increase in rent by 20% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 10% for the subsequent years until April 2017.
 
For the unit for which the agreement expired in August 2014, a new tenant was identified and a new agreement was executed, which expires on August 9, 2016. The new agreement carries an increase in rental of approximately 21% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 6% for the subsequent years until August 2016. The tenant of this unit had defaulted on payment of the quarterly rental due in August 2015. In early October 2015, TTCQ had issued a legal letter to this tenant on the outstanding amounts and the tenant has not responded. As of the date of this report, this rental agreement (161 square meters at a monthly rental of RMB 16,081) has been terminated and a new rental agreement with a new tenant (161 square meters at a monthly rental of RMB 13,669) has been signed on October 21, 2015. This rental agreement provides for a rent increase of 6% every year on October 21, commencing from the year 2016 till the rental agreement expires on October 20, 2017.
 
Properties purchased from Fu Li were rented to a third party effective fourth quarter of fiscal year 2012 and generated a rental income of $10 for the three months ended September 30, 2015, and $14 for the same period in the last fiscal year.

Penang Property I

During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, TTM was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the PDC. In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.

 
Summary
 
Total rental income for all investment properties in China was $32 for the three months ended September 30, 2015, and was $43 for the same period in the last fiscal year.

Depreciation expenses for all investment properties in China were $26 for the three months ended September 30, 2015 and $27 for same period in the last fiscal year.

9.   OTHER ASSETS
 
Other assets consisted of the following:
 
   
Sept. 30, 2015
(Unaudited)
    
June 30, 2015
  
Down-payment for  purchase of investment properties
  
$
1,645
    
$
1,645
  
Down-payment for  purchase of property, plant and equipment
    
20
      
31
  
Deposits for rental and utilities
    
140
      
147
  
Currency translation effect
    
(52
)
    
-
  
Total
  
$
1,753
    
$
1,823
  

 10. LINES OF CREDIT

Carrying value of the Company’s lines of credit approximates its fair value because the interest rates associated with the lines of credit are adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.

As of September 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

Entity with Facility
  
Type of Facility
  
Interest Rate
  
Expiration Date
  
Credit Limitation
  
Unused Credit
  
Trio-Tech International Pte. Ltd., Singapore
  
Lines of Credit
  
Ranging from 1.9% to 5.6%
   -   $ 5,437   $ 3,533  
Trio-Tech (Malaysia) Sdn. Bhd.
  
Lines of Credit
  
Ranging from 6.3% to 6.7%
   -   $ 371   $ 371  
Trio-Tech (Tianjin) Co., Ltd.
  
Lines of Credit
  
Ranging from 4.9% to 6.3%
   -   $ 1,259   $ 1,259  

As of June 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

Entity with Facility
  
Type of Facility
  
Interest Rate
  
Expiration Date
  
Credit Limitation
  
Unused Credit
  
Trio-Tech International Pte. Ltd., Singapore
  
Lines of Credit
  
Ranging from 1.9% to 5.6%
   -   $ 7,422   $ 6,161  
Trio-Tech (Malaysia) Sdn. Bhd.
  
Lines of Credit
  
Ranging from 6.3% to 6.7%
   -   $ 396   $ 79  
Trio-Tech (Tianjin) Co., Ltd.
  
Lines of Credit
  
Ranging from 4.9% to 6.3%
   -   $ 1,289   $ 1,289  

On April 10, 2015, Trio-Tech Tianjin signed an agreement with a bank for an Accounts Receivable Financing facility for RMB 8,000, or approximately $1,289, interest is charged at the bank’s lending rate plus a floating interest rate. The effective interest rate is 130% of the bank’s lending rate. The financing facility was set up to facilitate the growing testing operations in our Tianjin operations in China. The immediate holding company, Trio-Tech International Pte. Ltd., acted as the guarantor for this bank facility. The bank account for this facility was set up on August 24, 2015 and has not been put to use as of the date of these financial statements.

 
11.  ACCRUED EXPENSES

Accrued expenses consisted of the following:

       
Sept. 30, 2015
(Unaudited)
 
June 30, 2015
  
Payroll and related costs
  
$
1,257
    
$
1,513
  
Commissions
    
66
      
52
  
Customer deposits
    
43
      
41
  
Legal and audit
    
261
      
244
  
Sales tax
    
103
      
131
  
Utilities
    
110
      
129
  
Warranty
    
100
      
109
  
Accrued purchase of materials and property, plant and equipment
    
241
      
430
  
Provision for re-instatement
    
410
      
422
  
Other accrued expenses
    
230
      
243
  
Currency translation effect
    
(161
)
    
(230
)
Total
  
$
2,660
    
$
3,084
  

12.   WARRANTY ACCRUAL

The Company provides for the estimated costs that may be incurred under its warranty program at the time the sale is recorded.  The Company provides a one-year warranty for products manufactured by it.  The Company estimates the warranty costs based on the historical rates of warranty returns.  The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.

   
Sept. 30,
 2015
(Unaudited)
    
June 30,
 2015
  
Beginning
  
$
103
    
$
60
  
Additions charged to cost and expenses
    
12
      
114
  
Utilization / reversal
    
(15
)
    
(65
)
Currency translation effect
    
(5
)
    
(6
)
Ending
  
$
95
    
$
103
  
 
13.   BANK LOANS PAYABLE
 
 Bank loans payable consisted of the following:
 
   
Sept. 30, 2015
(Unaudited)
    
June 30, 2015
  
Note payable denominated in Malaysian ringgit to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank’s prime rate (7.3% at September 30, 2015 and June 30, 2015) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,667.
    
1,854
      
2,218
  
                 
Note payable denominated in U.S. dollars to a financial institution for working capital plans in Singapore and its subsidiaries, maturing in December 2015, bearing interest at the bank’s prime rate plus 1.50% (4.1% to 6.9% at September 30, 2015 and June 30, 2015) with monthly payments of principal plus interest through December 2014. This note payable is secured by plant and equipment with a carrying value of $337. 
    
266
      
326
  
                 
      Current portion
    
(310
)
    
(346
)
      Long term portion of bank loans payable
  
$
1,810
    
$
2,198
  
 
Future minimum payments (excluding interest) as at September 30, 2015 were as follows: 
 
2017
  
$
310
  
2018
    
248
  
2019
    
158
  
2020
    
166
  
2021
    
175
  
Thereafter
    
1,063
  
Total obligations and commitments
  
$
2,120
  

Future minimum payments (excluding interest) as at June 30, 2015 were as follows: 
 
2016
  
$
346
  
2017
    
322
  
2018
    
183
  
2019
    
193
  
2020
    
203
  
Thereafter
    
1,297
  
Total obligations and commitments
  
$
2,544
  
 
14.   COMMITMENTS AND CONTINGENCIES

Trio-Tech (Tianjin) Co. Ltd. in China has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RMB 155, or approximately $24, based on the exchange rate as on September 30, 2015 published by the Monetary Authority of Singapore as compared to nil capital commitments as at June 30, 2015.

Trio-Tech (Malaysia) Sdn. Bhd. has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RM 6, or approximately $1, based on the exchange rate as at September 30, 2015 as compared to the capital commitment as at June 30, 2015 amounting to RM 33, or approximately $9 for the purchase of equipment and other related expenses.
 
Deposits with banks in China are not insured by the local government or agency, and are consequently exposed to risk of loss. The Company believes the probability of a bank failure, causing loss to the Company, is remote.
 
The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations.  In the opinion of management, resolution of these matters will not have a material adverse effect on the Company’s financial statements.

 
15.   BUSINESS SEGMENTS
 
In fiscal year 2016, the Company operates in four segments; the testing service industry (which performs structural and electronic tests of semiconductor devices), the designing and manufacturing of equipment (which equipment tests the structural integrity of integrated circuits and other products), distribution of various products from other manufacturers in Singapore and Southeast Asia and the real estate segment in China.

The real estate segment did not record other income for the first quarter of fiscal 2016, as compared to other income of $51, for the first quarter of fiscal year 2015, based on the average exchange rate for the respective periods published by the Monetary Authority of Singapore. Due to the short-term nature of the investment, the amount was classified as a loan receivable based on ASC Topic 310-10-25 Receivables, hence the investment income was also classified under other income, which is not part of the below table.

The revenue allocated to individual countries was based on where the customers were located. The allocation of the cost of equipment, the current year investment in new equipment and depreciation expense have been made on the basis of the primary purpose for which the equipment was acquired.
 
All inter-segment revenue was from the manufacturing segment to the testing and distribution segments. Total inter-segment revenue was $115 for the three months ending September 30, 2015, as compared to $45 for the same period in the last fiscal year.  Corporate assets mainly consisted of cash and prepaid expenses. Corporate expenses mainly consisted of stock option expenses, salaries, insurance, professional expenses and directors' fees. Corporate expenses are allocated to the four segments. The following segment information table includes segment operating income or loss after including the corporate expenses allocated to the segments, which gets eliminated in the consolidation.

 
The following segment information is un-audited for the three months ended September 30, 2015 and September 30, 2014:
 
Business Segment Information:
 
 
Three Months
 Ended
 Sept. 30,
  
Net
 Revenue
    
Operating
 Income / (Loss) 
   
Total
 Assets
    
Depr.
 And
 Amort.
    
Capital
 Expenditures
  
Manufacturing
2015
  
$
3,140
    
$
242
    
$
5,618
    
$
54
    
$
17
  
 
2014
    
3,047
      
(618
)
    
10,437
      
27
      
17
  
                                           
Testing Services
2015
    
3,783
      
78
      
20,495
      
403
      
237
  
 
2014
    
4,618
      
576
      
18,471
      
569
      
444
  
                                           
Distribution
2015
    
975
      
19
      
749
      
-
      
-
  
 
2014
    
385
      
(36
)
    
494
      
-
      
6
  
                                           
Real Estate
2015
    
32
      
(24
)
    
3,530
      
27
      
-
  
 
2014
    
43
      
(48
)
    
3,807
      
27
      
-
  
                                           
Fabrication 
2015
    
-
      
-
      
26
      
-
      
-
  
Services *
2014
    
-
      
-
      
51
      
-
      
-
  
                                           
Corporate &
2015
    
-
      
(16
)
    
62
      
-
      
-
  
Unallocated
2014
    
-
      
(8
)
    
75
      
-
      
-
  
                                           
Total Company
2015
  
$
7,930
    
$
299
    
$
30,480
    
$
484
    
$
254
  
 
2014
  
$
8,093
    
$
(134
)
  
$
33,335
    
$
623
    
$
467
  
 
* Fabrication Services is a discontinued operation (Note 18).

16. OTHER INCOME

Other income consisted of the following:
 
   
Three Months Ended
September 30,
  
   
2015
    
2014
  
Investment income deemed interest income
  
$
-
      
51
  
Interest income
    
3
      
3
  
Other rental income
    
24
      
26
  
Exchange gain / (loss)
    
184
      
(10
)
Allowance for doubtful deemed interest receivables
    
-
      
(51
)
Other miscellaneous income
    
(3
)
    
27
  
Total
  
$
208
    
$
46
  

Other income included nil and $51 from investment income which was deemed to be interest income since the investment was deemed and classified as a loan based on ASC Topic 310-10-25 Receivables, for the first quarter of fiscal year 2016 and fiscal year 2015, respectively. Allowance for doubtful deemed interest receivables were nil and $51, respectively, for the three months ended September 30, 2015 and 2014.

 
17.  INCOME TAX
 
The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740 Income Tax. The Company had an income tax expense of $67 for the three months ended September 30, 2015 as compared to an income tax benefit of $46 for the same period in the last fiscal year. The increase in income tax expenses was mainly due to the tax expenses in Tianjin operations in China, which were partially offset by the deferred tax for the timing differences recorded by the Singapore and Malaysia operations for the three months ended September 30, 2015 as compared to the same period in the last fiscal year. The income tax expenses include with-holding tax held by related companies that were not recoverable from inland revenue board in Singapore.

The Company accrues penalties and interest related to unrecognized tax benefits when necessary as a component of penalties and interest expenses, respectively.  The Company had not accrued any penalties or interest expenses relating to unrecognized benefits at September 30, 2015 and June 30, 2015.

The major tax jurisdictions in which the Company files income tax returns are the United States, China, Singapore, Malaysia and Thailand.  The statute of limitations, in general, is open for years 2004 to 2015 for tax authorities in those jurisdictions to audit or examine income tax returns.  The Company is under annual review by the government of Singapore.  However, the Company is not currently under tax examination in any other jurisdiction.

18.   DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN

The Company’s Indonesia operation and the Indonesia operation’s immediate holding company, which comprise the fabrication services segment, suffered continued operating losses in the past six fiscal years, and the cash flow was minimal for the past six years.  The Company established a restructuring plan to close the fabrication services operation, and in accordance with ASC Topic 205-20, Presentation of Financial Statement Discontinued Operations (“ASC Topic 250-20”), the Company presented the operation results from fabrication services as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component and that the Company would have no significant continuing involvement in the operations of the discontinued component. In accordance with the restructuring plan, the Company is negotiating with its suppliers to settle the outstanding balance of accounts payable of $60 and there is no accounts receivable since all the amounts due have been collected. The Company’s fabrication operation in Indonesia is in the process of winding down the operations.
 
In January 2010, the Company established a restructuring plan to close the Testing operation in Shanghai, China.  Based on the restructuring plan and in accordance with ASC Topic 205-20, the Company presented the operation results from Shanghai as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component (Shanghai subsidiary) and that the Company would have no significant continuing involvement in the operations of the discontinued component. The Shanghai operation has no outstanding accounts payable and no accounts receivable.
 
The discontinued operations in Shanghai and in Indonesia did not incur general and administrative expenses for the three months ended September 30, 2015, and incurred general and administrative expenses and selling expenses of $4 for the same period in the last fiscal year. The Company anticipates that it may incur additional costs and expenses at the time of winding down the business of the subsidiary through which the facilities operated.

 
Loss / income from discontinued operations for the three months ended September 30, 2015 and 2014 were as follows:

   
Three Months Ended
September 30,
  
   
2015
    
2014
  
Revenue
  
$
-
    
$
-
  
Cost of sales
    
-
      
-
  
Gross margin
    
-
      
-
  
Operating expenses
                
General and administrative
    
-
      
-
  
Selling
    
-
      
-
  
Impairment loss of property, plant and equipment
    
-
      
-
  
       Total 
    
-
      
-
  
Income from discontinued operation
    
-
      
-
  
Other (charges) / income
    
(10
)
    
26
  
Net (loss) / income from discontinued operation
    
(10
)
    
26
  
Less: net (income) / loss attributable to the non-controlling interest
    
(5
)
    
12
  
(Loss) / income from discontinued operation, net of tax
  
$
(5
)
    
14
  
 
The Company does not provide a separate cash flow statement for the discontinued operation, as the impact of this discontinued operation was immaterial.

19.   EARNINGS PER SHARE
 
The Company adopted ASC Topic 260, Earnings Per Share. Basic Earnings Per Share (“EPS”) is computed by dividing net income available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period.  Diluted EPS give effect to all dilutive potential common shares outstanding during a period.  In computing diluted EPS, the average price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options.

Stock options to purchase 495,000 of Common Stock at exercise prices ranging from $2.26 to $3.20 per share were outstanding as of September 30, 2015, and were excluded in the computation of diluted EPS because their effect would have been anti-dilutive.

Stock options to purchase 445,000 of Common Stock at exercise prices ranging from $2.07 to $4.35 per share were outstanding as of September 30, 2014.

 
The following table is a reconciliation of the weighted average shares used in the computation of basic and diluted EPS for the years presented herein: 
 
   
Three Months Ended
September 30,
  
   
 2015
    
 2014
  
   
(Unaudited)
    
(Unaudited)
  
Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax
  
$
264
    
$
(150
) 
(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax
    
(5
)
    
14
  
Net income / (loss) attributable to Trio-Tech International common shareholders
  
$
259
    
$
(136
)
                 
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International
    
0.08
      
(0.04
) 
                 
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International
    
-
      
-
  
Basic and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International
  
$
0.08
    
 $
(0.04
) 
                 
Weighted average number of common shares outstanding - basic
    
3,513
      
3,513
  
Dilutive effect of stock options
    
8
      
-
  
Number of shares used to compute earnings per share – diluted
    
3,521
      
3,513
  

20.  STOCK OPTIONS

On September 24, 2007, the Company’s Board of Directors unanimously adopted the 2007 Employee Stock Option Plan (the “2007 Employee Plan”) and the 2007 Directors Equity Incentive Plan (the “2007 Directors Plan”) each of which was approved by the shareholders on December 3, 2007. Each of those plans was amended by the Board in 2010 to increase the number of shares covered thereby, which amendments were approved by the shareholders on December 14, 2010. At present, the 2007 Employee Plan provides for awards of up to 600,000 shares of the Company’s Common Stock to its employees, consultants and advisors. The Board also amended the 2007 Directors Plan in November 2013 to further increase the number of shares covered thereby from 400,000 shares to 500,000 shares, which amendment was approved by the shareholders on December 9, 2013. At present, the 2007 Directors Plan provides for awards of up to 500,000 shares of the Company’s Common Stock to the members of the Company’s Board of Directors in the form of non-qualified options and restricted stock. These two plans are administered by the Board, which also establishes the terms of the awards.
 
Assumptions

The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends: 

   
Three Months Ended
September 30,
   
2015
  
2014
         
Expected volatility
    
71.44%  to  104.94%
  
70.01%  to  104.94%
Risk-free interest rate
    
0.30%  to  0.78%
  
0.30%  to  0.78%
Expected life (years)
    
2.50
  
2.50 to 3.25

The expected volatilities are based on the historical volatility of the Company’s stock. The observation is made on a weekly basis. The observation period covered is consistent with the expected life of options. The expected life of the options granted to employees has been determined utilizing the “simplified” method as prescribed by ASC Topic 718, which, among other provisions, allowed companies without access to adequate historical data about employee exercise behavior to use a simplified approach for estimating the expected life of a "plain vanilla" option grant. The simplified rule for estimating the expected life of such an option was the average of the time to vesting and the full term of the option. The risk-free rate is consistent with the expected life of the stock options and is based on the United States Treasury yield curve in effect at the time of grant.

2007 Employee Stock Option Plan

The Company’s 2007 Employee Plan permits the grant of stock options to its employees covering up to an aggregate of 600,000 shares of Common Stock. Under the 2007 Employee Plan, all options must be granted with an exercise price of not less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreements. The options may be exercisable (a) immediately as of the effective date of the stock option agreement granting the option, or (b) in accordance with a schedule related to the date of the grant of the option, the date of first employment, or such other date as may be set by the Compensation Committee. Generally, options granted under the 2007 Employee Plan are exercisable within five years after the date of grant, and vest over the period as follows: 25% vesting on the grant date and the remaining balance vesting in equal installments on the next three succeeding anniversaries of the grant date. The share-based compensation will be recognized in terms of the grade method on a straight-line basis for each separately vesting portion of the award. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2007 Employee Plan). 

The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2015. There were no options exercised during the three months ended September 30, 2015. The Company recognized stock-based compensation expenses of $4 in the three months ended September 30, 2015 under the 2007 Employee Plan. There was no balance of unamortized stock-based compensation based on fair value on the grant date related to options granted under the 2007. No stock options were exercised during the three months ended September 30, 2015. The weighted-average remaining contractual term for non-vested options was 1.19years.

The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2014. There were no options exercised during the three months ended September 30, 2014. The Company recognized stock-based compensation expenses of $9 in the three months ended September 30, 2014 under the 2007 Employee Plan. The balance of unamortized stock-based compensation of $27 based on fair value on the grant date related to options granted under the 2007 Employee Plan is expected to be recognized over a period of two years. No stock options were exercised during the three months ended September 30, 2014. The weighted-average remaining contractual term for non-vested options was 2.19 years.

 
As of September 30, 2015, there were vested employee stock options covering a total of 112,500 shares of Common Stock. The weighted-average exercise price was $4.06 and the weighted average contractual term was 1.03 years. The total fair value of vested employee stock option was $457 and remains outstanding as of September 30, 2015.

As of September 30, 2014, there were vested employee stock options covering a total of 103,750 shares of Common Stock. The weighted-average exercise price was $4.14 and the weighted average contractual term was 1.85 years. The total fair value of vested employee stock option was $430 and remains outstanding as of September 30, 2014.
 
A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2015 is presented as follows:

   
Options
    
Weighted Average
Exercise
Price
    
Weighted Average Remaining
Contractual
Term (Years)
    
Aggregate
Intrinsic
Value
  
Outstanding at July 1, 2015
    
130,000
    
$
3.93
      
1.57
    
$
-
  
Granted
    
-
      
-
      
-
      
-
  
Exercised
    
-
      
-
      
-
      
-
  
Forfeited or expired
    
-
      
-
      
-
      
-
  
Outstanding at September 30, 2015
    
130,000
    
$
3.93
      
1.32
    
$
-
  
Exercisable at September 30, 2015
    
112,500
    
$
4.06
      
1.03
    
$
-
  

A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:

   
Options
    
Weighted Average
Exercise
Price
    
Weighted Average Remaining
Contractual
Term (Years)
    
Aggregate
Intrinsic
Value
  
Outstanding at July 1, 2014
    
130,000
    
$
3.93
      
2.57
    
$
13
  
Granted
    
-
      
-
      
-
      
-
  
Exercised
    
-
      
-
      
-
      
-
  
Forfeited or expired
    
-
      
-
      
-
      
-
  
Outstanding at September 30, 2014
    
130,000
    
$
3.93
      
2.33
    
$
31
  
Exercisable at September 30, 2014
    
103,750
    
$
4.14
      
1.85
    
$
10
  
 
A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2015 is presented below:
 
   
Options
    
Weighted Average Grant-Date
 Fair Value
  
Non-vested at July 1, 2015
    
17,500
    
$
1.69
  
Granted
    
-
      
-
  
Vested
    
-
      
-
  
Forfeited
    
-
      
-
  
Non-vested at September 30, 2015
    
17,500
    
$
1.69
  
 
A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2014 is presented below:
 
   
Options
    
Weighted Average Grant-Date
 Fair Value
  
Non-vested at July 1, 2014
    
26,250
    
$
1.69
  
Granted
    
-
      
-
  
Vested
    
-
      
-
  
Forfeited
    
-
      
-
  
Non-vested at September 30, 2014
    
26,250
    
$
1.69
  

2007 Directors Equity Incentive Plan

The 2007 Directors Plan permits the grant of options covering up to an aggregate of 500,000 shares of Common Stock to its directors in the form of non-qualified options and restricted stock. The exercise price of the non-qualified options is 100% of the fair value of the underlying shares on the grant date. The options have five-year contractual terms and are generally exercisable immediately as of the grant date.

During the first quarter of fiscal year 2016, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2015. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2015.

During the first quarter of fiscal year 2015, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2014. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2014.

As of September 30, 2015, there were vested stock options granted under the 2007 Directors Plan covering a total of 365,000 shares of Common Stock. The weighted-average exercise price was $3.64 and the weighted average remaining contractual term was 1.74 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2015 were $13. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2015.

 
As of September 30, 2014, there were vested stock options granted under the 2007 Directors Plan covering a total of 315,000 shares of Common Stock. The weighted-average exercise price was $3.62 and the weighted average remaining contractual term was 2.37 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2014 were $151. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2014.

A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2015 is presented as follows: 
 
   
Options
    
Weighted Average
Exercise
Price
    
Weighted
Average
Remaining
Contractual
Term (Years)
    
Aggregate
Intrinsic
Value
  
                                 
Outstanding at July 1, 2015
    
365,000
    
$
3.64
      
1.99
    
$
53
  
Granted
    
-
      
-
      
-
      
-
  
Exercised
    
-
      
-
      
-
      
-
  
Forfeited or expired
    
-
      
-
      
-
      
-
  
Outstanding at September 30, 2015
    
365,000
    
$
3.64
      
1.74
    
$
13
  
Exercisable at September 30, 2015
    
365,000
    
$
3.64
      
1.74
    
$
13
  
 
A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows: 
 
   
Options
    
Weighted Average
Exercise
Price
    
Weighted Average Remaining
Contractual
Term (Years)
    
Aggregate
Intrinsic
Value
  
                                 
Outstanding at July 1, 2014
    
315,000
    
$
3.62
      
2.63
    
$
24
  
Granted
    
-
      
-
      
-
      
-
  
Exercised
    
-
      
-
      
-
      
-
  
Forfeited or expired
    
-
      
-
      
-
      
-
  
Outstanding at September 30, 2014
    
315,000
    
$
3.62
      
2.37
    
$
151
  
Exercisable at September 30, 2014
    
315,000
    
$
3.62
      
2.37
    
$
151
  
 
21.  FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE
 
In accordance with the ASC Topic 825, the following presents assets and liabilities measured and carried at fair value and classified by level of the following fair value measurement hierarchy in accordance to ASC Topic 820:

There were no transfers between Levels 1 and 2 during the three months ended September 30, 2015 and 2014.
 
Term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments.

Loans receivable from property development projects (Level 3) – The carrying amount approximates fair value because of the short-term nature.

Restricted term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments.
 
Lines of credit (Level 3) – The carrying value of the lines of credit approximates fair value due to the short-term nature of the obligations.

Bank loans payable (Level 3) – The carrying value of the Company’s bank loan payables approximates its fair value as the interest rates associated with long-term debt is adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.

22.   SUBSEQUENT EVENT

On October 5, 2015, the Company granted options to purchase 50,000 shares of its Common Stock to directors pursuant to the 2007 Directors Plan with an exercise price equal to the fair market value of Common Stock (as defined under the 2007 Directors Plan in conformity with Regulation 409A or the Internal Revenue Code of 1986, as amended) at the date of grant. The fair value of the options granted to purchase 50,000 shares of the Company’s Common Stock was approximately $54 based on the fair value of $2.69 per share determined by the Black Scholes option pricing model.
 
 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Overview

The following should be read in conjunction with the condensed consolidated financial statements and notes in Item I above and with the audited consolidated financial statements and notes, the information under the headings “Risk Factors” and “Management’s discussion and analysis of financial condition and results of operations” in our Annual Report on Form 10-Q for the three months ended September 30, 2015.

Trio-Tech International (“TTI”) was incorporated in 1958 under the laws of the State of California.  As used herein, the term “Trio-Tech” or “Company” or “we” or “us” or “Registrant” includes Trio-Tech International and its subsidiaries unless the context otherwise indicates. Our mailing address and executive offices are located at 16139 Wyandotte Street, Van Nuys, California 91406, and our telephone number is (818) 787-7000.

The Company is a provider of reliability test equipment and services to the semiconductor industry. Our customers rely on us to verify that their semiconductor components meet or exceed the rigorous reliability standards demanded for aerospace, communications and other electronics products.
 
TTI generated approximately 99.6% of its revenue from its three core business segments in the test and measurement industry, i.e. manufacturing of test equipment, testing services and distribution of test equipment during the three months ended September 30, 2015. To reduce our risks associated with sole industry focus and customer concentration, the Company expanded its business into the real estate investment and oil and gas equipment fabrication businesses in 2007 and 2009, respectively. The Company’s Indonesia operation and the Indonesia operation’s immediate holding company, which comprised the fabrication services segment, suffered continued operating losses since it commenced its operations, and the cash flow was minimal in the past years.  The Company established a restructuring plan to close the fabrication services operation, and in accordance with ASC Topic 205, Presentation of Financial Statement Discontinued Operations (“ASC Topic 205”), the Company presented the operation results from fabrication services as a discontinued operation. The Real Estate segment contributed only 0.4% to the total revenue and has been insignificant since the property market in China has slowed down due to control measures in China.

Manufacturing

TTI develops and manufactures an extensive range of test equipment used in the "front end" and the "back end" manufacturing processes of semiconductors. Our equipment includes leak detectors, autoclaves, centrifuges, burn-in systems and boards, HAST testers, temperature controlled chucks, wet benches and more.

Testing

TTI provides comprehensive electrical, environmental, and burn-in testing services to semiconductor manufacturers in our testing laboratories in Southeast Asia and the United States. Our customers include both manufacturers and end-users of semiconductor and electronic components, who look to us when they do not want to establish their own facilities. The independent tests are performed to industry and customer specific standards.
 
Distribution
 
In addition to marketing our proprietary products, we distribute complementary products made by manufacturers mainly from the United States, Europe, Taiwan and Japan.  The products include environmental chambers, handlers, interface systems, vibration systems, shaker systems, solderability testers and other semiconductor equipment. Besides equipment, we also distribute a wide range of components such as connectors, sockets, LCD display panels and touch-screen panels. Furthermore, our range of products are mainly targeted for industrial products rather than consumer products whereby the life cycle of the industrial products can last from 3 years to 7 years.
 
 
Real Estate 
 
Beginning in 2007, TTI has invested in real estate property in Chongqing, China, which has generated investment income from the rental revenue from real estate we purchased in Chongqing, China, and investment returns from deemed loan receivables, which are classified as other income. The rental income is generated from the rental properties in MaoYe, JiangHuai and FuLi in Chongqing, China. In the second quarter of fiscal 2015, the investment in JiaSheng, which is deemed as loans receivable, was transferred to down payment for purchase of investment property in China. During the first three quarters of fiscal 2014, the investment, which is deemed as loans receivable, generated investment returns from the investments in JiaSheng and JiangHuai. Subsequently in the second quarter of fiscal 2014, a full provision was made for the investment in JiangHuai.
 
SUBSEQUENT EVENT
 
On October 5, 2015, the Company granted options to purchase 50,000 shares of its Common Stock to directors pursuant to the 2007 Directors Plan with an exercise price equal to the fair market value of Common Stock (as defined under the 2007 Directors Plan in conformity with Regulation 409A or the Internal Revenue Code of 1986, as amended) at the date of grant. The fair value of the options granted to purchase 50,000 shares of the Company’s Common Stock was approximately $54 based on the fair value of $2.69 per share determined by the Black Scholes option pricing model.
 
First Quarter Fiscal Year 2016 Highlights

·
Total revenue decreased by $163, or 2.0%, to $7,930 in the first quarter of fiscal year 2016, compared to $8,093 for the same period in fiscal year 2015.
·
Manufacturing segment revenue increased by $93, or 3.1%, to $3,140 for the first quarter of fiscal year 2016, compared to $3,047 for the same period in fiscal year 2015.
·
Testing segment revenue decreased by $835, or 18.1%, to $3,783 for the first quarter of fiscal year 2016, compared to $4,618 for the same period in fiscal year 2015.
·
Distribution segment revenue increased by $590, or 153.2%, to $975 for the first quarter of fiscal year 2016, compared to $385 for the same period in fiscal year 2015.
·
Real estate segment rental revenue decreased by $11, or 25.6%, to $32 for the first quarter of fiscal year 2016, compared to $43 for the same period in fiscal year 2015.
·
The overall gross profit margins increased by 5.3% to 27.5% for the first quarter of fiscal year 2016, from 22.2% for the same period in fiscal year 2015.
·
Income from operations was $299 the first quarter of fiscal year 2016, an improvement of $433, as compared to a loss from operations of $134 for the same period in fiscal year 2015.
·
General and administrative expenses decreased by $76, or 4.4%, to $1,662 for the first quarter of fiscal year 2016, from $1,738 for the same period in fiscal year 2015.
·
Selling expenses increased by $40, or 30.5%, to $171 for the first quarter of fiscal year 2016, from $131 for the same period in fiscal year 2015.
·
Other income increased by $162 to $208 in the first quarter of fiscal year 2016 compared to $46 in the same period in fiscal year 2015.
·
Tax expense for the first quarter of fiscal year 2016 was $67 compared to a tax benefit of $46 in the same period in fiscal year 2015.
·
During the first quarter of fiscal year 2016, income from continuing operations before non-controlling interest, net of tax was $387, as compared to a loss of $106 for the same period in fiscal year 2015.
·
During the first quarter of fiscal year 2016, loss from discontinuing operations net of tax was $10, as compared to an income of $26 for the same period in fiscal year 2015.
·
Net income attributable to non-controlling interest for the first quarter of fiscal year 2016 was $118, an increase of $62, as compared to $56 in the same period in fiscal year 2015.
·
Working capital increased by $97, or 1.8%, to $5,385 as of September 30, 2015 compared to $5,288 as of June 30, 2015.
·
Earnings per share for the first quarter of fiscal year 2016 were $0.08, as compared to a loss per share of $0.04 for the same period in fiscal year 2015.
·
Total assets decreased by $1,557 or 4.9% to $30,480 as of September 30, 2015 compared to $32,037 as of June 30, 2015.
·
Total liabilities decreased by $513 or 4.5% to $10,802 as of September 30, 2015 compared to $11,315 as of June 30, 2015.

 
Results of Operations and Business Outlook

The following table sets forth our revenue components for the three months ended September 30, 2015 and 2014, respectively.

 Revenue Components
  
Three Months Ended
September 30,
  
     
2015
      
2014
  
Revenue:
                
Manufacturing
    
39.6
%
    
37.6
%
Testing Services
    
47.7
      
57.1
  
Distribution
    
12.3
      
4.8
  
Real Estate
    
0.4
      
0.5
  
                 
Total
    
100.0
%
    
100.0
%

Revenue for the three months ended September 30, 2015 was $7,930, down from $8,093, a decrease of $163 when compared to the revenue for the same period of the prior fiscal year. As a percentage, revenue decreased by 2.0% for the three months ended September 30, 2015 when compared to revenue for the same period of the prior year.
 
For the three months ended September 30, 2015, the decrease in total revenue was primarily due to a decrease in revenue in the testing segment and real estate segment, which was partially offset by an increase in revenue from the manufacturing segment and distribution segment. Revenue from our testing operations decreased in Malaysia, Thailand and Singapore, which were partially offset with increased in our testing revenue in Tianjin and Suzhou, in China. Revenue from our manufacturing segment increased primarily in Singapore and United States operations and revenue from distribution segment increased in Singapore, Malaysia and Suzhou, China operations.

Total revenue into and within China, the Southeast Asia regions and other countries (except revenue into and within the United States) decreased by $426, or 5.3%, to $7,538 for the three months ended September 30, 2015, as compared with $7,964 for the same period of last fiscal year.  The decrease was mainly due to a decrease in the testing segment in Malaysia, Thailand and Singapore operations, which was partially offset by an increase in the manufacturing segment in our Singapore and United States operations and an increase in the distribution segment in our Singapore, Malaysia and Suzhou, China operations.

Total revenue into and within the United States was $392 for the three months ended September 30, 2015, an increase of $263 from $129 for the same period of the prior year. The increase in the three months result was mainly due to an increase in orders from existing and new customers in the first quarter of fiscal year 2016 as compared to the same period in fiscal year 2015.

Revenue within our four current segments for the three months ended September 30, 2015 is discussed below.

Manufacturing Segment

Revenue in the manufacturing segment as a percentage of total revenue was 39.6% for the three months ended September 30, 2015, an increase of 2.0% of total revenue when compared to 37.6% in the same period of the last fiscal year.  The absolute amount of revenue increased by $93 to $3,140 for the three months ended September 30, 2015, compared to $3,047 for the same period of the last fiscal year. 

 
Revenue in the manufacturing segment for the three months ended September 30, 2015 increased primarily due to an increase in orders by a major customer in the Singapore operations, as compared to the same period of last fiscal year. The revenue in the manufacturing segment from this major customer accounted for 45.9% and 63.0% of our total revenue in the manufacturing segment for the three months ended September 30, 2015 and 2014, respectively.

The future revenue in our manufacturing segment will be significantly affected by the purchase and capital expenditure plans of this major customer if the customer base cannot be increased.
 
Testing Services Segment

Revenue in the testing segment as a percentage of total revenue was 47.7% for the three months ended September 30, 2015, a decrease of 9.4% of total revenue when compared to 57.1% for the same period of the last fiscal year.  The absolute amount of revenue decreased by $835 to $3,783 for the three months ended September 30, 2015, as compared to $4,618 for the same period of the last fiscal year. 

Revenue in the testing segment for the three months ended September 30, 2015 decreased primarily due to a decrease in our Malaysia, Thailand and Singapore operations, but was partially offset by an increase in testing volume in our Tianjin and Suzhou, China operations. The decrease in Singapore, Malaysia and Thailand was caused by the reduction of orders from a major customer, which we believe was due to a decrease in demand for their products.

Demand for testing services varies from country to country depending on changes taking place in the market and our customers’ forecasts.  As it is difficult to accurately forecast fluctuations in the market, management believes it is necessary to maintain testing facilities in close proximity to our customers in order to make it convenient for them to send us their newly manufactured parts for testing and to enable us to maintain a share of the market.

Distribution Segment

Revenue in the distribution segment accounted for 12.3% of total revenue for the three months ended September 30, 2015, an increase of 7.5% when compared to 4.8% for the same period of the last fiscal year.  The absolute amount of revenue increased by $590 to $975 for the three months ended September 30, 2015, compared to $385 for the same period of the last fiscal year. 

Revenue in the distribution segment for the three months ended September 30, 2015 increased primarily due to an increase in revenue generated from a new customer in the Singapore operations.

Demand for the distribution segment varies depending on the demand for our customers’ products, the changes taking place in the market and our customers’ forecasts.  Hence it is difficult to accurately forecast fluctuations in the market.
 
Real Estate Segment

The real estate segment accounted for 0.4% of total revenue for the three months ended September 30, 2015, a decrease of 0.1% when compared to 0.5% for the same period of the last fiscal year.

The revenue in the real estate segment is described below.

The two main revenue components for the real estate segment were investment income and rental income.

 
Investment income recorded as “revenue” by the real estate segment for the three months ended September 30, 2015 and 2014 were nil and $51, respectively. This income was generated from certain of our property development investments which were reclassified to loan receivables commencing in the third quarter of fiscal 2011 in accordance with ASC Topic 310-10-25 Receivables. Such income is included in “Other Income.” Other income also included an allowance for doubtful deemed interest receivables of nil and $51, respectively, for the three months ended September 30, 2015 and 2014.

Rental income for the three months ended September 30, 2015 was $32, as compared to $43 for the same period of the last fiscal year. The decrease of $11 was primarily due to the termination of an existing rental agreement with a tenant and a new rental agreement signed on August 1, 2015 with another tenant renting a smaller space area.

“Investments” in the real estate segment was the cost of an investment in a joint venture in which we had a 10% interest. During the second quarter of fiscal year 2014, TTCQ disposed of its 10% interest in the joint venture. The joint venture had to raise funds for the development of the project. As a joint-venture partner, TTCQ was required to stand guarantee for the funds to be borrowed; considering the amount of borrowing, the risk involved was higher than the investment made and hence TTCQ decided to dispose of the 10% interest in the joint venture investment. On October 2, 2013, TTCQ entered into a share transfer agreement with Zhu Shu. Based on the agreement the purchase price was to be paid by (1) RMB 10,000 worth of commercial property in Chongqing China, or approximately $1,634 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by non-monetary consideration and (2) the remaining RMB 8,000, or approximately $1,307 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by cash consideration. The consideration consists of (1) commercial units measuring 668 square meters to be delivered in June 2016 and (2) sixteen quarterly equal installments of RMB 500 per quarter commencing from January 2014. Based on ASC Topic 845 Non-monetary Consideration, the Company deferred the recognition of the gain on disposal of the 10% interest in joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. The recorded value of the disposed investment amounting to $783, based on exchange rates published by the Monetary Authority of Singapore as of June 30, 2014, is classified as “other assets” under non-current assets, because it is considered a down payment for the purchase of the commercial property in Chongqing. The first three installment amounts of RMB 500 each due in January 2014, April 2014 and July 2014 were all outstanding until the date of disposal of the investment in the joint venture. Out of the outstanding RMB 8,000, TTCQ had received RMB 100 during May 2014. The transferee, Jun Zhou Zhi Ye, has not registered the share transfer (10% interest in the joint venture) with the relevant authorities in China as of the date of this report.
 
On October 14, 2014, TTCQ and Jun Zhou Zhi Ye entered into a memorandum of understanding. Based on the memorandum of understanding, both parties have agreed to register a sales and purchase agreement upon Jun Zhou Zhi Ye obtaining the license to sell the commercial property (the Singapore Themed Resort Project) located in Chongqing, China. The proposed agreement is for the sale of shop lots with a total area of 1,484.55 square meters as consideration for all the outstanding amounts owed to TTCQ by Jun Zhou Zhi Ye as follows:
 
a)  
Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 4, plus the interest receivable on long term loan receivable of RMB 1,250;
b)  
Commercial units measuring 668 square meters, as mentioned above; and
c)  
RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.

 
The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in the Singapore Themed Resort Project, which is expected to be no later than December 31, 2016. However, should there be further delays in the project completion, based on the discussion with the developers it is estimated to be completed by June 30, 2017. The consideration does not include the remaining outstanding amount of RMB 2,000, or approximately $325, which will be paid in cash.

Uncertainties and Remedies
 
There are several influencing factors which create uncertainties when forecasting performance, such as the ever-changing nature of technology, specific requirements from the customer and decline in demand for certain types of burn-in devices or equipment, decline in demand for testing services and fabrication services, and other similar factors. One factor that influences uncertainty is the highly competitive nature of the semiconductor industry. Another is that some customers are unable to provide a forecast of the products required in the upcoming weeks; hence it is difficult to plan for the resources needed to meet these customers’ requirements due to short lead time and last minute order confirmation. This will normally result in a lower margin for these products, as it is more expensive to purchase materials in a short time frame.  However, the Company has taken certain actions and formulated certain plans to deal with and to help mitigate these unpredictable factors.  For example, in order to meet manufacturing customers’ demands upon short notice, the Company maintains higher inventories, but continues to work closely with its customers to avoid stock piling.  We have also been improving customer service from staff by keeping our staff up to date on the newest technology and stressing the importance of understanding and meeting the stringent requirements of our customers.  Finally, the Company is exploring new markets and products, looking for new customers, and upgrading and improving burn-in technology while at the same time searching for improved testing methods of higher technology chips.

There are several influencing factors which create uncertainties when forecasting performance of our real estate segment, such as obtaining the rights by the joint venture to develop the real estate projects in China, inflation in China, currency fluctuations and devaluation, changes in Chinese laws, regulations, or their interpretation.

Comparison of the First Quarter Ended September 30, 2015 and September 30, 2014

The following table sets forth certain consolidated statements of income data as a percentage of revenue for the first quarter of fiscal years 2016 and 2015, respectively:
 
   
Three Months Ended
September 30,
  
   
2015
    
2014
  
Revenue
    
100.0
%
    
100.0
%
Cost of sales
    
72.5
      
77.8
  
Gross Margin
    
27.5
%
    
22.2
%
Operating expenses
                
General and administrative
    
21.0
%
    
21.5
%
Selling
    
2.1
      
1.6
  
Research and development
    
0.6
      
0.6
  
Impairment loss of property, plant and equipment
    
0.0
      
0.2
  
Total operating expenses
    
23.7
%
    
23.9
%
Income / (Loss) from Operations
    
3.8
%
    
(1.7
)%
 
Overall Gross Margin

Overall gross margin as a percentage of revenue increased by 5.3% to 27.5% for the three months ended September 30, 2015, from 22.2% for the same period of the last fiscal year, primarily due to an increase in the gross profit margin in the manufacturing and distribution segments. The increase was partially offset by a decrease in gross profit margin in the testing and real estate segments.

 
Gross profit margin as a percentage of revenue in the manufacturing segment increased by 27.1% to 32.8% for the three months ended September 30, 2015, from 5.7% in the same period of the last fiscal year. The increase in gross profit margin was primarily due to the decrease in cost and the increase in revenue. The cost decreased by $764 and the revenue increased by $93 as compared with the same period in last fiscal year. The decrease in cost was due to the purchase of material at competitive cost and other cost reduction measures. In absolute dollar amounts, gross profits in the manufacturing segment increased by $857 to $1,031 for the three months ended September 30, 2015, from $174 for the same period of the last fiscal year.

Gross profit margin as a percentage of revenue in the testing segment decreased by 6.9% to 27.1% for the three months ended September 30, 2015, from 34.0% in the same period of the last fiscal year. The decrease was primarily due to a decrease in testing volume in our Singapore and Thailand operations. The decrease in testing volume in the Singapore and Thailand operations was higher than the increase in testing volume in the Malaysia operations and the Tianjin operations and the Suzhou operations, in China. Significant portions of our cost of goods sold are fixed in the testing segment.  Thus, as the demand of services and factory utilization decrease, the fixed costs are spread over the decreased output, which decreases the gross profit margin. In absolute dollar amounts, gross profit in the testing segment decreased by $544 to $1,025 for the three months ended September 30, 2015 from $1,569 for the same period of the last fiscal year.
 
Gross profit margin of the distribution segment is not only affected by the market price of the products we distribute, but also the mix of products we distribute, which changes frequently as a result of changes in market demand. Gross profit margin as a percentage of revenue in the distribution segment increased by 0.8% to 12.5% for the three months ended September 30, 2015, from 11.7% in the same period of the last fiscal year. The increase in gross margin was due to the increase in sales of high profit margin products and new sales from a new customer, as compared to the same period of last fiscal year. In terms of absolute dollar amounts, gross profit in the distribution segment for the three months ended September 30, 2015 was $122 as compared to $45 in the same period of the last fiscal year. 

Gross profit margin as a percentage of revenue in the real estate segment was nil for the three months ended September 30, 2015, a decrease of 20.9% as compared to 20.9% in the same period of the last fiscal year. In absolute dollar amounts, gross profit in the real estate segment was nil and $9, respectively, for the three months ended September 30, 2015 and 2014.  The decrease in the gross profit margin as a percentage of revenue was mainly due to a decrease in revenue, as discussed earlier.
 
Operating Expenses

Operating expenses for the first quarter of fiscal years 2016 and 2015 were as follows:

   
Three Months Ended
September 30,
  
(Unaudited)
  
2015
    
2014
  
General and administrative
  
$
1,662
    
$
1,738
  
Selling
    
171
      
131
  
Research and development
    
46
      
47
  
Impairment loss of property, plant and equipment
    
-
      
15
  
Loss on disposal of property, plant and equipment
    
-
      
-
  
Total
  
$
1,879
    
$
1,931
  

General and administrative expenses decreased by $76, or 4.4%, from $1,738 to $1,662 for the three months ended September 30, 2015 compared to the same period of last fiscal year. The decrease in general and administrative expenses was mainly attributable to the decrease in administrative expenses in the Tianjin operations and the Chongqing operations in China. The Tianjin operations reduced its utilities expenses during the first quarter of fiscal 2016 as compared to the same period of last fiscal year.  There was no valuation costs incurred in Chongqing, in China, in the first quarter of fiscal 2016, while there was a valuation expense of its investment properties in the same period of last fiscal year.

 
Selling expenses increased by $40, or 30.5%, for the three months ended September 30, 2015, from $131 to $171 compared to the same period of the last fiscal year. The increase was mainly due to an increase in commission expenses and warranty expenses in the manufacturing segment and distribution segment of our Singapore operations as a result of an increase in commissionable revenue.

Income / Loss from Operations

Income from operations was $299 for the three months ended September 30, 2015, an improvement of $433, as compared to a loss from operations of $134 for the three months ended September 30, 2014. The improvement was mainly due to the increase in gross margin and the decrease in operating expenses by $52, and partially offset by the decrease in revenue by $163.

Interest Expense

Interest expense for the three months ended September 30, 2015 and 2014 were as follows:

   
Three Months Ended
September 30,
  
(Unaudited)
  
2015
    
2014
  
Interest expenses
  
 $
53
    
$
64
  

Interest expense decreased by $11 to $53 for the three months ended September 30, 2015, primarily due to repayment of the bank loan payables and the capital lease in the Singapore and Malaysia operations and the decrease in the utilization of lines of credit as compared to the same period of last fiscal year. We are trying to keep our debt at a minimum in order to save financing costs.  As of September 30, 2015, the Company had an unused line of credit of $5,163.
 
Income Tax Expenses / Benefits
 
Income tax expenses for the three months ended September 30, 2015 was $67 as compared to income tax benefits of $46 for the same period in the last fiscal year. The increase in income tax expenses was mainly due to the tax expenses in the Tianjin operations in China, which were partially offset by the deferred tax for the timing differences recorded by the Singapore and the Malaysia operations for the three months ended September 30, 2015 as compared to the same period in the last fiscal year. The income tax expenses include with-holding tax held by related companies that were not recoverable from inland revenue board in Singapore.

Loss / Income from Discontinued Operations, net of tax

Loss from discontinued operations, net of tax was $10 for the three months ended September 30, 2015, as compared to an income of $26 for the same period in last fiscal year.  

Non-controlling Interest

As of September 30, 2015, we held a 55% interest in Trio-Tech (Malaysia) Sdn. Bhd., Trio-Tech (Kuala Lumpur) Sdn. Bhd., SHI International Pte. Ltd., and PT. SHI Indonesia. We also held a 76% interest in Prestal Enterprise Sdn. Bhd. The share of net income from the subsidiaries by the non-controlling interest for the three months ended September 30, 2015 was $118, an increase of $62 compared to the share of net income of $56 for the same period of the previous fiscal year.  The increase in the net income of the non-controlling interest in the subsidiaries was attributable to the increase in net income generated by the Malaysia operations as compared to the same period in the previous fiscal year.

 
Net Income / Loss

Net income for the three months ended September 30, 2015 was $259, an improvement of $395, as compared to a net loss of $136 for the same period last fiscal year.

Earnings / Loss per Share

Basic and diluted earnings per share from continuing operations was $0.08 for the three months ended September 30, 2015 as compared to a loss per share of $0.04 for the same period in the last fiscal year. Basic and diluted earnings per share from discontinued operations were nil for the three months ended September 30, 2015 and 2014.

Segment Information

The revenue, gross margin and income or loss from operations for each segment during the first quarter of fiscal year 2016 and fiscal year 2015 are presented below. As the revenue and gross margin for each segment have been discussed in the previous section, only the comparison of income or loss from operations is discussed below.

Manufacturing Segment

The revenue, gross margin and loss from operations for the manufacturing segment for the three months ended September 30, 2015 and 2014 were as follows:

 
Three Months Ended 
September 30,
  
(Unaudited)
2015
  
2014
  
Revenue
  
$
3,140
    
$
3,047
  
Gross margin
    
32.8
%
    
5.7
%
Income / (loss) from operations
  
$
242
    
$
(618
)
 
Income from operations from the manufacturing segment was $242 as compared to a loss from operations of $618 in the same period of the last fiscal year, primarily due to an increase in revenue and a decrease in the cost of sales, resulting in an increase in gross profit by $857, as discussed earlier. Operating expenses for the manufacturing segment remained relatively the same and were $789 and $792 for the three months ended September 30, 2015 and 2014, respectively.
 
Testing Segment

The revenue, gross margin and loss from operations for the testing segment for the three months ended September 30, 2015 and 2014 were as follows:

 
Three Months Ended 
September 30,
  
(Unaudited)
2015
  
2014
  
Revenue
  
$
3,783
    
$
4,618
  
Gross margin
    
27.1
%
    
34.0
%
Income from operations
  
$
78
    
$
576
  

Income from operations in the testing segment for the three months ended September 30, 2015 was $78, a decrease of $498 compared to $576 in the same period of the last fiscal year. The decrease in operating income was attributable to a decrease in revenue and a decrease in gross margin, as discussed earlier. Gross profit decreased by $544 and operating expenses decreased by $46. Operating expenses were $947 and $993 for the three months ended September 30, 2015 and 2014, respectively. The decrease in operating expenses was mainly attributable to a decrease in utilities in the Tianjin operations, in China, which was partially offset with the bonus provision made in the Malaysia and Singapore operations.

 
Distribution Segment

The revenue, gross margin and income from operations for the distribution segment for the three months ended September 30, 2015 and 2014 were as follows: 

 
Three Months Ended 
September 30,
  
(Unaudited)
2015
  
2014
  
Revenue
  
$
975
    
$
385
  
Gross margin
    
12.5
%
    
11.7
%
Income / (loss)  from operations
  
$
19
    
$
(36
)

Income from operations was $19, for the three months ended September 30, 2015, as compared to a loss from operations of $36 for the same period of last fiscal year. The improvement of $55 was mainly caused by the increase in revenue and an increase in gross profit, as discussed earlier. Gross profit increased by $77, and the operating expenses increased by $22. Operating expenses were $103 and $81 for the three months ended September 30, 2015 and 2014, respectively. The increase in operating expenses was mainly due to an increase in commission expenses in the Singapore operations as compared to the same period in the last fiscal year. Commission expenses increased due to an increase in commissionable sales.

Real Estate Segment

The revenue, gross margin and loss from operations for the real estate segment for the three months ended September 30, 2015 and 2014 were as follows: 

 
Three Months Ended 
September 30,
  
(Unaudited)
2015
  
2014
  
Revenue
  
$
32
    
$
43
  
Gross margin
    
0.0
%
    
20.9
%
Loss from operations
  
$
(24
)
  
$
(48
)

Loss from operations in the real estate segment for the three months ended September 30, 2015 was $24, a decrease of $24 compared to a loss of $48 for the same period of the last fiscal year.  The decrease in operating loss was mainly due to a decrease in legal expenses. Revenue and gross margin decreased, however the operating expenses decreased by $33. The operating expenses were $24 and $57 for the three months ended September 30, 2015 and 2014, respectively.
 
Corporate

The loss from operations for Corporate for the three months ended September 30, 2015 and 2014 was as follows:   

 
Three Months Ended 
September 30,
  
(Unaudited)
2015
  
2014
  
Loss from operations
  
$
(16
)
  
$
(8
)

Corporate operating loss was $16 for the three months ended September 30, 2015, an increase of $8 from $8 in the same period of the last fiscal year.  The increase in operating loss was mainly due to the bonus provision for corporate officers made in the first quarter of fiscal year 2016, while there was no bonus provision made in the same period of last fiscal year.

 
Financial Condition

During the three months ended September 30, 2015 total assets decreased by $1,557 from $32,037 as at June 30, 2015 to $30,480 as at September 30, 2015. The decrease in total assets was primarily due to a decrease in trade accounts receivable, other receivables, deferred tax assets, investment properties in China, property, plant and equipment, other assets and restricted term deposits, which were partially offset by an increase in cash and cash equivalents, inventories and prepaid expenses and other current assets. Foreign exchange fluctuation in currency translation was one of the causes for the decrease in total assets.

Cash and cash equivalents were $4,001 as at September 30, 2015, reflecting an increase of $290 from $3,711 as at June 30, 2015, primarily due to collections from receivables and less capital spending, which were partially offset by the decrease due to payment of lines of credit and bank loans payable.
 
At September 30, 2015, the trade accounts receivable balance decreased by $231 to $7,644, from $7,875 as at June 30, 2015, primarily due to an improvement in the collection and the decrease in revenue in the distribution segment in the Singapore operations and the testing services segment in the Singapore operations, the Malaysia operations and in China’s Tianjin operations for the first three months of fiscal year 2016 as compared to the revenue in the fourth quarter of last fiscal year. The number of days’ sales outstanding in accounts receivables was 88 days both at the end of the first quarter of fiscal year 2016 and for the fiscal year ended 2015.
 
At September 30, 2015 other receivables were $351, reflecting a decrease of $38 from $389 as at June 30, 2015. The decrease was primarily due to the decrease in advance payment to suppliers in our Singapore and Tianjin operations and the decrease in goods and services taxes claimable as the sales during the three months ended September 30, 2015 were higher than the purchases during the same period.
 
Inventories at September 30, 2015 were $1,201, an increase of $60, as compared to $1,141 as at June 30, 2015. The increase in inventory was mainly due to a decrease in provision for obsolete inventory. The provision for obsolete inventory decreased due to write-off of certain inventory that was no longer required for the manufacturing operations in Singapore, as compared to the fourth quarter of fiscal year 2015. The number of days inventory held at the end of the first quarter of fiscal year 2016 was 50 days as compared to 38 days in fiscal year 2015.  The higher days inventory on hand was due to a decrease in usage of the inventory by the Singapore operations and the U.S. operations in the first quarter of fiscal year 2016 as compared to the usage in the last fiscal year. The decrease in usage was mainly due to a decrease in provision for obsolete inventory and the foreign currency exchange difference between the functional currency and U.S. dollars for the three months ended September 30, 2015.
 
Prepaid expenses were $287 as at September 30, 2015 compared to $244 as at June 30, 2015. The increase of $43 was primarily due to prepayment for insurance by the Singapore and U.S. operations.

Investment properties, net in China as at September 30, 2015 were $1,478, a decrease of $62 from $1,540 as at June 30, 2015.  The decrease was primarily due to depreciation charged and by the foreign currency exchange difference between the functional currency and U.S. dollars for the three months ended September 30, 2015.

Property, plant and equipment, net decreased by $1,334 from $12,522 as at June 30, 2015, to $11,188 as at September 30, 2015, mainly due to depreciation charges of $484, which were higher than the capital expenditures of $254 incurred mainly in the Malaysia and Singapore operations and in Tianjin operations in China and the foreign currency exchange difference between the functional currency and U.S. dollars for the three months ended September 30, 2015.
 
Other assets as at September 30, 2015 decreased by $70 to $1,753, compared to $1,823 as at June 30, 2015.  The decrease in other assets was primarily due to the foreign currency exchange difference between the functional currency dollars and U.S. dollars for the three months ended September 30, 2015 and decrease in down payment for purchase of property, plant and equipment by the Tianjin and Malaysia operations during the three months ended September 30, 2015.

 
Restricted cash as at September 30, 2015 decreased by $171 to $1,969, as compared to $2,140 as at June 30, 2015.  This was due to the repayment of certain lines of credit and by the foreign currency exchange difference between functional currency and U.S. dollars from June 30, 2015 to September 30, 2015 which was partially offset by the interest income from the restricted deposits.

Utilized lines of credit as at September 30, 2015 increased by $327 to $1,905 compared to $1,578 as at June 30, 2015, which was mainly due to the increase in utilization of the credit facilities in the Singapore operations for their working capital needs. However the credit facilities decreased by $2,040 to $7,067 as at September 30, 2015 as compared to $9,107 as at June 30, 2015.

Accounts payable as at September 30, 2015 increased by $210 to $2,980, as compared to $2,770 as at June 30, 2015. This was due to the increase in purchases for the distribution segment during the first quarter of fiscal year 2016, which were not due for payment.

Accrued expenses as at September 30, 2015 decreased by $424 to $2,660, as compared to $3,084 as at June 30, 2015. The decrease in accrued expenses was mainly due to a decrease in purchase accruals in the Singapore operations and a decrease in payroll-related accruals primarily in the Malaysia and Tianjin operations, in China. These decreases were partially offset by the increase in commission expenses which was due to the increase in commissionable sales.

Bank loans payable as at September 30, 2015 decreased by $424 to $2,120, as compared to $2,544 as at June 30, 2015. This was due to the repayment of loans by the Singapore and Malaysia operations.

Capital leases as at September 30, 2015 decreased by $109 to $563, as compared to $672 as at June 30, 2015. This was due to the repayment of capital leases by the Malaysia and Singapore operations.

Liquidity Comparison

Net cash provided by operating activities increased by $222 to an inflow of $688 for the three months ended September 30, 2015 from an inflow of $466 in the same period of the last fiscal year. The increase in net cash inflow provided by operating activities was primarily due to decreased cash outflow of $361 from inventories, increased cash inflow of $283 from accounts payable and accrued expenses, increase net cash inflow of $258 from operating income and increased cash inflow of $113, from other receivables. These were partially offset by increased cash outflow of $803 in accounts receivables and increased cash outflow of $40 from income taxes payable.

Net cash used in investing activities decreased by $270 to an outflow of $197 for the three months ended September 30, 2015 from an outflow of $467 for the same period of the last fiscal year.  The cash inflow was primarily due to the reduction in capital expenditure by $213. In addition, there were proceeds of $38 received from maturing of restricted term deposits and short-term deposits and proceeds of $19 from disposal of property, plant and equipment, while there were no such proceeds during the same period of last fiscal year,
 
 
Net cash provided by financing activities for the three months ended September 30, 2015 was $271, representing an increase of $1,221, as compared to net cash outflow of $950 during the three months ended September 30, 2014. In the first quarter of fiscal year 2016, the cash inflow due to proceeds from lines of credit of $1,129 and a reduction in repayment of bank loans and capital leases in our Singapore and Malaysia operations of $92, as compared the same period of last fiscal year.

We believe that our projected cash flows from operations, borrowing availability under our revolving lines of credit, cash on hand, trade credit and the secured bank loan will provide the necessary financial resources to meet our projected cash requirements for at least the next 12 months.  
 
Critical Accounting Estimates & Policies

There have been no significant changes in the critical accounting policies, except as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the most recent Annual Report on Form 10-Q.
 
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Not applicable.

ITEM 4.  CONTROLS AND PROCEDURES
 
An evaluation was carried out by the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of September 30, 2015, the end of the period covered by this Form 10-Q. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective at a reasonable level.  
 
During the period covered by this report, there have been no changes in the Company’s internal control over financial reporting that have materially affected or are reasonably likely to materially affect the Company’s internal control overall financial reporting.

 
TRIO-TECH INTERNATIONAL
PART II. OTHER INFORMATION

Item 1.          Legal Proceedings

Not applicable.

Item 1A.       Risk Factors

Not applicable

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

Malaysia and Singapore regulations prohibit the payment of dividends if the Company does not have sufficient retained earnings and tax credit. In addition, the payment of dividends can only be made after making deductions for income tax pursuant to the regulations. Furthermore, the cash movements from the Company’s 55% owned Malaysian subsidiary to overseas are restricted and must be authorized by the Central Bank of Malaysia. California law also prohibits the payment of dividends if the Company does not have sufficient retained earnings or cannot meet certain asset to liability ratios.

Item 3.          Defaults Upon Senior Securities
 
Not applicable.
 
Item 4.          Mine Safety Disclosures
 
Not applicable.

Item 5.          Other Information

Not applicable.

Item 6.          Exhibits
 
31.1
  
Rule 13a-14(a) Certification of Principal Executive Officer of Registrant
31.2
  
Rule 13a-14(a) Certification of Principal Financial Officer of Registrant 
32
  
Section 1350 Certification
     
101.INS         XBRL Instance Document
101.SCH     XBRL Taxonomy Extension Schema
101.CAL       XBRL Taxonomy Extension Calculation Linkbase
101.DEF    XBRL Taxonomy Extension Definition Linkbase
101.LAB      XBRL Taxonomy Extension Label Linkbase
101.PRE      XBRL Taxonomy Extension Presentation Linkbase
   
 

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.                   
                                          
 
TRIO-TECH INTERNATIONAL
 
 
By:
/s/ Victor H.M. Ting
VICTOR H.M. TING
Vice President and Chief Financial Officer
(Principal Financial Officer)
Dated: November 16, 2015
 
 
 
-43-

 
 


 


 
 EX-31.1 2 ex31-1.htm RULE 13A-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER OF REGISTRANT ex31-1.htm  
Exhibit 31.1
CERTIFICATIONS

I, S. W. Yong, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Trio-Tech International, a California corporation;

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.
 
Dated: November 16, 2015
/s/ S. W. Yong
S. W. Yong, Chief Executive Officer
and President (Principal Executive Officer)
 EX-31.2 3 ex31-2.htm RULE 13A-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER OF REGISTRANT ex31-2.htm
Exhibit 31.2
 
I, Victor H.M. Ting, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Trio-Tech International, a California corporation;

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.

Dated: November 16, 2015

/s/  Victor H.M. Ting
Victor H.M. Ting, Chief Financial Officer
and Vice President (Principal Financial Officer)
 EX-32 4 ex32-1.htm SECTION 1350 CERTIFICATION ex32-1.htm
Exhibit 32


SECTION 1350 CERTIFICATION

Each of the undersigned, S.W. Yong, President and Chief Executive Officer of Trio-Tech International, a California corporation (the “Company”), and Victor H.M. Ting, Vice President and Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge (1) the quarterly report on Form 10-Q of the Company for the three months ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 

/s/ S. W. Yong
Name: S. W. Yong
Title: President and Chief Executive Officer
Dated: November 16, 2015
 

/s/  Victor H.M. Ting
Name: Victor H.M. Ting
Title: Vice President and Chief Financial Officer
Dated: November 16, 2015


A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 EX-101.INS 5 trt-20150930.xml 0000732026 2014-07-01 2015-06-30 0000732026 2015-11-09 0000732026 2015-06-30 0000732026 2015-09-30 0000732026 TRT:ExpressTestCorporationDormantMember 2015-09-30 0000732026 TRT:TrioTechReliabilityServicesDormantMember 2015-09-30 0000732026 TRT:KTSIncorporateddbaUniversalSystemsMember 2015-09-30 0000732026 TRT:EuropeanElectronicTestCentreMember 2015-09-30 0000732026 TRT:TrioTechInternationalPteLtdMember 2015-09-30 0000732026 TRT:UniversalFarEastPteLtdMember 2015-09-30 0000732026 TRT:TrioTechInternationalThailandCoLtdMember 2015-09-30 0000732026 TRT:TrioTechBangkokCoLtdMember 2015-09-30 0000732026 TRT:TrioTechMalaysiaSdnBhdMember 2015-09-30 0000732026 TRT:TriTechKualaLumpurSdnBhdMember 2015-09-30 0000732026 TRT:PrestalEnterpriseSdnBhdMember 2015-09-30 0000732026 TRT:TrioTechSuzhouCoLtdMember 2015-09-30 0000732026 TRT:TrioTechShanghaiCoLtdMember 2015-09-30 0000732026 TRT:TrioTechChongqingCoLtdMember 2015-09-30 0000732026 TRT:SHIInternationalPteLtdMember 2015-09-30 0000732026 TRT:PTSHIIndonesia100ownedbySHIInternationalPteLtdMember 2015-09-30 0000732026 TRT:TrioTechTianjinCoLtdMember 2015-09-30 0000732026 us-gaap:MaximumMember 2015-07-01 2015-09-30 0000732026 us-gaap:MinimumMember 2015-07-01 2015-09-30 0000732026 us-gaap:MinimumMember 2015-09-30 0000732026 us-gaap:MaximumMember 2015-09-30 0000732026 TRT:MalaysiaUSMember 2015-06-30 0000732026 TRT:JiaShengJunZhouZhiMember currency:CNY 2014-03-31 0000732026 TRT:ManufacturingMember 2015-07-01 2015-09-30 0000732026 TRT:TestingServicesMember 2015-07-01 2015-09-30 0000732026 TRT:DistributionMember 2015-07-01 2015-09-30 0000732026 us-gaap:RealEstateMember 2015-07-01 2015-09-30 0000732026 TRT:FabricationServicesMember 2015-07-01 2015-09-30 0000732026 TRT:CorporateAndUnallocatedMember 2015-07-01 2015-09-30 0000732026 us-gaap:RealEstateMember 2015-09-30 0000732026 TRT:JiangHuaiMember 2015-07-01 2015-09-30 0000732026 TRT:JiangHuaiMember 2014-07-01 2015-06-30 0000732026 TRT:TianjinMember currency:CNY 2015-09-30 0000732026 TRT:PenangMember 2015-06-30 0000732026 TRT:Employee2007Member 2015-07-01 2015-09-30 0000732026 TRT:Employee2007Member 2015-09-30 0000732026 TRT:Director2007Member 2015-07-01 2015-09-30 0000732026 TRT:Director2007Member 2015-09-30 0000732026 TRT:TianjnUSMember 2015-09-30 0000732026 us-gaap:NoncontrollingInterestMember 2015-07-01 2015-09-30 0000732026 us-gaap:NoncontrollingInterestMember 2014-07-01 2015-06-30 0000732026 us-gaap:NoncontrollingInterestMember 2015-09-30 0000732026 us-gaap:NoncontrollingInterestMember 2015-06-30 0000732026 2015-07-01 2015-09-30 0000732026 TRT:MaoYeMember 2014-07-01 2015-06-30 0000732026 TRT:JiangHuaiMember currency:CNY 2015-07-01 2015-09-30 0000732026 TRT:FuLiMember 2015-07-01 2015-09-30 0000732026 us-gaap:NotesPayableToBanksMember 2015-06-30 0000732026 us-gaap:NotesPayableToBanksMember 2015-09-30 0000732026 us-gaap:NotesPayableOtherPayablesMember 2015-06-30 0000732026 us-gaap:NotesPayableOtherPayablesMember 2015-09-30 0000732026 us-gaap:StockCompensationPlanMember 2015-07-01 2015-09-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2015-07-01 2015-09-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2015-09-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2015-06-30 0000732026 TRT:PenangMember 2015-09-30 0000732026 TRT:RevolvingCreditFacility2Member us-gaap:MinimumMember 2014-07-01 2015-06-30 0000732026 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember 2014-07-01 2015-06-30 0000732026 TRT:RevolvingCreditFacility2Member 2015-06-30 0000732026 us-gaap:RevolvingCreditFacilityMember 2015-06-30 0000732026 us-gaap:RevolvingCreditFacilityMember 2015-09-30 0000732026 TRT:RevolvingCreditFacility3Member us-gaap:MinimumMember 2014-07-01 2015-06-30 0000732026 TRT:RevolvingCreditFacility3Member 2015-06-30 0000732026 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember 2014-07-01 2015-06-30 0000732026 TRT:RevolvingCreditFacility2Member us-gaap:MaximumMember 2014-07-01 2015-06-30 0000732026 TRT:RevolvingCreditFacility3Member us-gaap:MaximumMember 2014-07-01 2015-06-30 0000732026 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember 2015-07-01 2015-09-30 0000732026 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember 2015-07-01 2015-09-30 0000732026 country:MY currency:MYR 2015-06-30 0000732026 country:MY currency:MYR 2015-09-30 0000732026 country:MY 2015-09-30 0000732026 us-gaap:AllOtherSegmentsMember 2015-07-01 2015-09-30 0000732026 TRT:JiangHuaiMember currency:CNY 2015-06-30 0000732026 TRT:JunZhouZhiYeMember 2015-06-30 0000732026 TRT:JiangHuaiMember 2015-06-30 0000732026 TRT:JunZhouZhiYeMember currency:CNY 2015-06-30 0000732026 TRT:JunZhouZhiYeMember currency:CNY 2015-09-30 0000732026 TRT:JiangHuaiMember currency:CNY 2015-09-30 0000732026 TRT:JunZhouZhiYeMember 2015-09-30 0000732026 TRT:JiangHuaiMember 2015-09-30 0000732026 TRT:JunZhouZhiYeMember 2014-07-01 2015-06-30 0000732026 TRT:JunZhouZhiYeMember currency:CNY 2014-07-01 2015-06-30 0000732026 us-gaap:PropertyPlantAndEquipmentMember 2015-06-30 0000732026 us-gaap:PropertyPlantAndEquipmentMember currency:MYR 2015-06-30 0000732026 us-gaap:StockCompensationPlanMember 2015-09-30 0000732026 us-gaap:StockCompensationPlanMember 2015-06-30 0000732026 TRT:ZhuShuMember 2013-10-02 0000732026 TRT:ZhuShuMember currency:CNY 2013-10-02 0000732026 TRT:ZhuShuMember 2013-09-01 2013-10-02 0000732026 TRT:ZhuShuMember currency:CNY 2014-01-01 0000732026 TRT:ZhuShuMember currency:CNY 2014-04-01 0000732026 TRT:ZhuShuMember currency:CNY 2014-07-02 0000732026 TRT:MaoYeMember currency:CNY 2015-06-30 0000732026 TRT:PenangUSDMember 2015-06-30 0000732026 TRT:MaoYeMember 2015-06-30 0000732026 TRT:PenangRMMember 2015-06-30 0000732026 country:CN currency:CNY 2015-06-30 0000732026 country:CN 2015-06-30 0000732026 TRT:FuLiMember currency:CNY 2015-06-30 0000732026 TRT:FuLiMember 2015-06-30 0000732026 TRT:FuLiMember currency:CNY 2015-09-30 0000732026 TRT:FuLiMember 2015-09-30 0000732026 country:CN currency:CNY 2015-09-30 0000732026 country:CN 2015-09-30 0000732026 TRT:MaoYeMember 2015-09-30 0000732026 TRT:PenangRMMember 2015-09-30 0000732026 TRT:MaoYeMember currency:CNY 2015-09-30 0000732026 TRT:PenangUSDMember 2015-09-30 0000732026 TRT:MaoYeMember 2015-07-01 2015-09-30 0000732026 us-gaap:CommonStockMember 2015-07-01 2015-09-30 0000732026 us-gaap:AdditionalPaidInCapitalMember 2015-07-01 2015-09-30 0000732026 us-gaap:RetainedEarningsMember 2015-07-01 2015-09-30 0000732026 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-07-01 2015-09-30 0000732026 us-gaap:CommonStockMember 2014-07-01 2015-06-30 0000732026 us-gaap:AdditionalPaidInCapitalMember 2014-07-01 2015-06-30 0000732026 us-gaap:RetainedEarningsMember 2014-07-01 2015-06-30 0000732026 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-07-01 2015-06-30 0000732026 us-gaap:CommonStockMember 2015-09-30 0000732026 us-gaap:AdditionalPaidInCapitalMember 2015-09-30 0000732026 us-gaap:RetainedEarningsMember 2015-09-30 0000732026 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-09-30 0000732026 us-gaap:CommonStockMember 2015-06-30 0000732026 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0000732026 us-gaap:RetainedEarningsMember 2015-06-30 0000732026 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-06-30 0000732026 TRT:FuLiMember 2014-07-01 2015-06-30 0000732026 us-gaap:CommonStockMember 2014-06-30 0000732026 us-gaap:AdditionalPaidInCapitalMember 2014-06-30 0000732026 us-gaap:RetainedEarningsMember 2014-06-30 0000732026 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-06-30 0000732026 us-gaap:NoncontrollingInterestMember 2014-06-30 0000732026 2014-06-30 0000732026 2014-07-01 2014-09-30 0000732026 2014-09-30 0000732026 us-gaap:PropertyPlantAndEquipmentMember 2015-09-30 0000732026 us-gaap:PropertyPlantAndEquipmentMember currency:MYR 2015-09-30 0000732026 TRT:RevolvingCreditFacility2Member us-gaap:MinimumMember 2015-07-01 2015-09-30 0000732026 TRT:RevolvingCreditFacility2Member us-gaap:MaximumMember 2015-07-01 2015-09-30 0000732026 TRT:RevolvingCreditFacility2Member 2015-07-01 2015-09-30 0000732026 TRT:RevolvingCreditFacility2Member 2015-09-30 0000732026 TRT:RevolvingCreditFacility3Member 2015-09-30 0000732026 TRT:RevolvingCreditFacility3Member us-gaap:MinimumMember 2015-07-01 2015-09-30 0000732026 TRT:RevolvingCreditFacility3Member us-gaap:MaximumMember 2015-07-01 2015-09-30 0000732026 TRT:RevolvingCreditFacility3Member 2015-07-01 2015-09-30 0000732026 TRT:TianjinMember currency:CNY 2015-06-30 0000732026 TRT:TianjnUSMember 2015-06-30 0000732026 TRT:ManufacturingMember 2014-07-01 2014-09-30 0000732026 TRT:TestingServicesMember 2014-07-01 2014-09-30 0000732026 TRT:DistributionMember 2014-07-01 2014-09-30 0000732026 us-gaap:RealEstateMember 2014-07-01 2014-09-30 0000732026 TRT:FabricationServicesMember 2014-07-01 2014-09-30 0000732026 TRT:CorporateAndUnallocatedMember 2014-07-01 2014-09-30 0000732026 TRT:ManufacturingMember 2015-09-30 0000732026 TRT:TestingServicesMember 2015-09-30 0000732026 TRT:DistributionMember 2015-09-30 0000732026 TRT:FabricationServicesMember 2015-09-30 0000732026 TRT:CorporateAndUnallocatedMember 2015-09-30 0000732026 TRT:ManufacturingMember 2014-09-30 0000732026 TRT:TestingServicesMember 2014-09-30 0000732026 TRT:DistributionMember 2014-09-30 0000732026 us-gaap:RealEstateMember 2014-09-30 0000732026 TRT:FabricationServicesMember 2014-09-30 0000732026 TRT:CorporateAndUnallocatedMember 2014-09-30 0000732026 us-gaap:AllOtherSegmentsMember 2014-07-01 2014-09-30 0000732026 us-gaap:MinimumMember 2014-09-30 0000732026 us-gaap:MaximumMember 2014-09-30 0000732026 us-gaap:MinimumMember 2014-07-01 2014-09-30 0000732026 us-gaap:MaximumMember 2014-07-01 2014-09-30 0000732026 us-gaap:StockCompensationPlanMember 2014-07-01 2014-09-30 0000732026 us-gaap:StockCompensationPlanMember 2014-06-30 0000732026 us-gaap:StockCompensationPlanMember 2014-09-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2014-07-01 2014-09-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2014-06-30 0000732026 TRT:DirectorsEquityIncentivePlanMember 2014-09-30 0000732026 TRT:Director2007Member 2015-10-01 2015-10-05 0000732026 TRT:Director2007Member 2015-10-05 0000732026 TRT:Director2007Member 2013-12-08 0000732026 TRT:Employee2007Member us-gaap:MaximumMember 2015-07-01 2015-09-30 0000732026 TRT:Employee2007Member 2014-07-01 2014-09-30 0000732026 TRT:Employee2007Member 2014-09-30 0000732026 TRT:Director2007Member us-gaap:WeightedAverageMember 2015-07-01 2015-09-30 0000732026 TRT:Director2007Member 2014-07-01 2014-09-30 0000732026 TRT:Director2007Member 2014-09-30 0000732026 TRT:ZhuShuMember currency:CNY 2014-05-01 2014-05-30 0000732026 TRT:MaoYeMember 2014-07-01 2014-09-30 0000732026 TRT:JiangHuaiMember currency:CNY 2014-07-01 2014-09-30 0000732026 TRT:AccountsReceivableFinancingFacilityMember 2015-06-30 0000732026 TRT:AccountsReceivableFinancingFacilityMember currency:CNY 2015-06-30 0000732026 TRT:AccountsReceivableFinancingFacilityMember 2015-07-01 2015-09-30 0000732026 TRT:JiaShengJunZhouZhiMember 2014-03-31 0000732026 TRT:JiaShengJunZhouZhiMember 2014-10-14 0000732026 TRT:JiaShengJunZhouZhiMember currency:CNY 2014-10-14 0000732026 TRT:ZhuShuMember currency:CNY 2014-05-30 0000732026 TRT:Employee2007Member us-gaap:WeightedAverageMember 2015-07-01 2015-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure 2016 Q1 Smaller Reporting Company Yes No No --06-30 false 2015-09-30 10-Q 0000732026 TRIO-TECH INTERNATIONAL 3513055 4000 4000 9000 9000 1 1 1 1 1 1 1 1 0.55 0.55 0.76 1 1 1 0.55 0.55 1 13000 53000 13000 31000 24000 151000 54000 3.64 3.64 3.93 3.93 3.93 3.93 3.62 3.62 1.69 1.69 1.69 1.69 4863000 781000 10000000 1634000 10000000 1606000 112500 365000 103750 315000 1.0494 .7144 .7001 1.0494 .0078 .0030 .003 .0078 P2Y6M P2Y6M P3Y3M 365000 365000 130000 130000 130000 130000 315000 315000 50000 67000 -46000 600000 500000 400000 27000 457000 13000 430000 151000 P1Y11D P1Y8M26D P10Y P1Y10M6D P5Y P2Y4M13D P5Y 4.06 3.64 4.14 3.62 .1 0.1 137000 22000 365000 112500 103750 315000 3.64 4.06 4.14 3.62 13000 10000 151000 31000 20000 147000 140000 1823000 1753000 -10000 26000 2.26 3.20 2.07 4.35 -5000 14000 2218000 1854000 326000 266000 -10000 26000 4000 P1Y3M25D P1Y8M26D P2Y3M19D P2Y4M13D P1Y11D P1Y8M26D P1Y10M6D P2Y4M13D 51000 P1Y6M25D P1Y11M26D P2Y6M25D P2Y7M17D 313000 303000 15000000 15000000 3513055 3513055 3513055 3513055 1038000 974000 611000 692000 348000 291000 764000 685000 -92000 -71000 764000 685000 844000 67000 -103000 -51000 -44000 -28000 1645000 1645000 Lines of Credit Lines of Credit Lines of Credit Lines of Credit Lines of Credit Lines of Credit 396000 7422000 5437000 1289000 371000 1259000 1289000 8000000 79000 6161000 3533000 1289000 371000 1259000 0.063 0.019 0.049 0.056 0.067 0.063 0.019 0.056 0.063 0.067 0.049 0.063 9000 155000 24000 33000 6000 1000 3140000 3783000 975000 32000 7930000 8093000 3047000 4618000 385000 43000 242000 78000 19000 -24000 -16000 299000 -134000 -618000 576000 -36000 -48000 -8000 17000 237000 254000 467000 17000 444000 6000 68000 51000 -51000 2000000 325000 2000000 325000 -2000000 -325000 -2000000 -325000 814000 5000000 5000000 814000 814000 5000000 5000000 814000 68000 417000 325000 17500 17500 26250 26250 1307000 8000000 500000 2000000 500000 500000 500000 325000 8000000 181000 154000 3600000 580000 3600000 580000 5554000 181000 894000 681000 4025000 648000 4025000 648000 894000 681000 5554000 154000 1000 -48000 181000 681000 13179000 2123000 13179000 2074000 681000 154000 -83000 -310000 -3619000 -583000 -3781000 -596000 -312000 -71000 9560000 1540000 9398000 1478000 98000 83000 -98000 -371000 -369000 -83000 32000 10000 22000 14000 43000 29000 98000 83000 369000 26000 27000 98000 371000 83000 369000 495000 445000 38645000 16081000 13669000 38520000 1958-01-01 California 313000 303000 438000 84000 -180000 -29000 -10000 1141000 1201000 -52000 3084000 2660000 -230000 -161000 243000 230000 422000 410000 430000 241000 109000 100000 129000 110000 131000 103000 244000 261000 41000 43000 52000 66000 1513000 1257000 103000 95000 60000 114000 12000 -65000 -15000 -6000 -5000 The Company provides a one-year warranty for products manufactured by it. 346000 310000 2198000 1810000 2544000 2120000 1297000 1063000 175000 203000 166000 193000 158000 183000 248000 322000 310000 54000 403000 27000 484000 623000 27000 569000 27000 32037000 30480000 3530000 33335000 5618000 20495000 749000 26000 62000 10437000 18471000 494000 3807000 51000 75000 115000 45000 51000 3000 3000 24000 26000 184000 -10000 -3000 27000 208000 46000 -5000 14000 -5000 12000 2770000 2980000 60000 264000 -150000 259000 -136000 0.08 -0.04 .08 -.04 3513 3513 8 3521 3513 2.69 10000000 1606000 5000000 803000 5000000 100000 814000 5000000 P5Y 0.08 .06 .05 .073 .073 .069 .041 2667000 337000 3513 3513 3513 20722000 19678000 1484000 1736000 10882000 3091000 2505000 1716000 10882000 3087000 2246000 2771000 10882000 2972000 1725000 3522000 1732000 20833000 106000 4000 4000 106000 824000 118000 303000 377000 259000 521000 -80000 -1050000 -370000 -299000 -1425000 -1055000 -751000 9000 9000 1.30 2015-08-24 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Trio-Tech International (&#147;the Company&#148; or &#147;TTI&#148; hereafter) was incorporated in fiscal year 1958 under the laws of the State of California.&#160;&#160;TTI provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia. In addition, TTI operates testing facilities in the United States.&#160;&#160;The Company also designs, develops, manufactures and markets a broad range of equipment and systems used in the manufacturing and testing of semiconductor devices and electronic components. In the first quarter of fiscal year 2016, TTI conducted business in four business segments: Manufacturing, Testing Services, Distribution and Real Estate. TTI has subsidiaries in the U.S., Singapore, Malaysia, Thailand and China as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 67%">&#160;</td> <td style="width: 12%; text-align: center"><font style="font-size: 10pt">Ownership</font></td> <td style="width: 21%; text-align: center"><font style="font-size: 10pt">Location</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Express Test Corporation (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech Reliability Services (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">KTS Incorporated, dba Universal Systems (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">European Electronic Test Centre (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Dublin, Ireland</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech International Pte. Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Universal (Far East) Pte. Ltd.&#160;&#160;*</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech International (Thailand) Co. Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Bangkok, Thailand</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Bangkok) Co. Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Bangkok, Thailand</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: white"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Trio-Tech (Malaysia) Sdn. Bhd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(55% owned by Trio-Tech International Pte. Ltd.)</p></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Penang and Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Kuala Lumpur) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">(100% owned by Trio-Tech Malaysia Sdn. Bhd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Prestal Enterprise Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">76%</font></td> <td><font style="font-size: 10pt">Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">(76% owned by Trio-Tech International Pte. Ltd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Suzhou) Co., Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Suzhou, China</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Shanghai) Co., Ltd. * (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Shanghai, China</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Chongqing) Co. Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Chongqing, China</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">SHI International Pte. Ltd. (Dormant)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(55% owned by Trio-Tech International Pte. Ltd)</p></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">PT SHI Indonesia (Dormant)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(100% owned by SHI International Pte. Ltd.)</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">55%</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Batam, Indonesia</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Tianjin, China</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;* 100% owned by Trio-Tech International Pte. Ltd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.&#160;&#160;All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars.&#160;&#160;The accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.&#160;&#160;In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included.&#160;&#160;Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.&#160;&#160;For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the fiscal year ended June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in Accounting Standards Updates (&#147;ASU&#148;) 2015-14 ASC Topic 606: Deferral of the Effective Date (&#147;ASC Topic 606&#148;) defers the effective date of update 2014-09 for all entities by one year. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB has issued converged standards on revenue recognition. Specifically, the Board has issued ASU. 2014-09 (&#147;ASU 2014-09&#148;), ASC Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition, (&#147;ASC Topic 605&#148;) and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition&#151;Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (&#147;ASC Topic 360&#148;) and intangible assets within the scope of Topic 350, Intangibles&#151;Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-11 ASC Topic 330: Simplifying the Measurement of Inventory (&#147;ASC Topic 330&#148;) specify that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using Last-In-First-Out or the retail inventory method. The amendments in ASU 2015-011 are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB amended ASU 2015-07 ASC Topic 820: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-06 ASC Topic 260: Effects on Historical Earnings Per Unit of Master Limited Partnership Dropdown Transactions (&#147;ASC Topic 260&#148;) specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings or (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. The amendments in ASU 2015-06 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. While early adoption is permitted, the Company has not elected to early adopt. The amendments should be applied retrospectively for all financial statements presented. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-02 ASC Topic 810: Amendments to the Consolidation Analysis are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments in ASU 2015-02 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While early adoption is permitted, including adoption in an interim period, the Company has not elected to early adopt. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The company has not yet determined the effects on the Company&#146;s consolidated financial position or results of operations on the adoption of this update.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, (&#147;ASC Topic 225&#148;) requires that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.&#160;&#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB amended ASU 2014-15 Subtopic 205-40, Presentation of Financial Statements &#150; Going Concern (&#147;ASC Topic 205&#148;) to define management&#146;s responsibility to evaluate whether there is substantial doubt about an organization&#146;s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management&#146;s responsibility to evaluate whether there is substantial doubt about the organization&#146;s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization&#146;s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. While early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;The FASB has issued ASU No. 2014-08, ASC Topic 205 Presentation of Financial Statements (&#147;ASC Topic 205&#148;) and ASC Topic 360 Property, Plant, and Equipment (&#147;ASC Topic 360&#148;): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization&#146;s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization&#146;s results from continuing operations. The amendments in the ASU 2014-08 are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this update did not have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Other new pronouncements issued but not yet effective until September 30, 2015 are not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accounts receivable consists of customer obligations due under normal trade terms. Although management generally does not require collateral, letters of credit may be required from the customers in certain circumstances. Management periodically performs credit evaluations of customers&#146; financial conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior management reviews accounts receivable on a periodical basis to determine if any receivables will potentially be uncollectible. Management includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts.&#160;&#160;After all attempts to collect a receivable have failed, the receivable is written off against the allowance.&#160;&#160;Based on the information available, management believed the allowance for doubtful accounts as of September 30, 2015 and June 30, 2015 was adequate.&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table represents the changes in the allowance for doubtful accounts:</p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />&#160;2015 <br />(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />&#160;2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Beginning</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">313</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">438</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions charged to expenses</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">84</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recovered / write-off</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(180</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(10</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(29</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">303</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">313</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents TTCQ&#146;s loan receivable from property development projects in China as of September 30, 2015. The exchange rate is based on&#160;the date&#160;published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was &#147;nil&#148; as at September 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Expiry</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt"><b>Short-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">JiangHuai (Project &#150; Yu Jin Jiang An)</font></td> <td style="width: 20%; text-align: center"><font style="font-size: 10pt">May 31,2013</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">325</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: allowance for impairment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(325</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Jun Zhou Zhi Ye</font></td> <td style="text-align: center"><font style="font-size: 10pt">Oct 31, 2016</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">814</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Less: transfer &#150; down-payment for&#160;&#160;purchase of investment properties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(814</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents TTCQ&#146;s loan receivable from property development projects in China as of June 30, 2015. The exchange rate is based on&#160;the date&#160;published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was &#147;nil&#148; as at June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Expiry</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt"><b>Short-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">JiangHuai (Project &#150; Yu Jin Jiang An)</font></td> <td style="width: 20%; text-align: center"><font style="font-size: 10pt">May 31,2013</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">325</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: allowance for impairment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(325</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Jun Zhou Zhi Ye</font></td> <td style="text-align: center"><font style="font-size: 10pt">Oct 31, 2016</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">814</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Less: transfer &#150; down-payment for&#160;&#160;purchase of investment properties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(814</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiangHuai Property Development Co. Ltd. (&#147;JiangHuai&#148;) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310 Receivables (&#147;ASC Topic 310&#148;), amounting to RMB 2,000, or approximately $325. The loan was renewed, but expired on May 31, 2013. TTCQ is in the legal process of recovering the outstanding amount of $325. TTCQ did not generate other income from JiangHuai for the three months ended September, 2015 and the twelve months ended June 30, 2015. Based on TTI&#146;s financial policy, an impairment of $325 on the investment in JiangHuai was provided for during the second quarter of fiscal 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiaSheng Property Development Co. Ltd. (&#147;JiaSheng&#148;) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310, amounting to RMB 5,000, or approximately $814 based on the exchange rate as at March 31, 2015 published by the Monetary Authority of Singapore. The amount was unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expired on October 31, 2012 and was again renewed in November 2012 and expired in November 2013. On November 1, 2013 the loan was transferred by JiaSheng to, and is now payable by, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (&#147;Jun Zhou Zhi Ye&#148;), and the transferred agreement expires on October 31, 2016. Hence the loan receivable was reclassified as a long-term receivable. The book value of the loan receivable approximates its fair value. TTCQ did not generate other income from this investment for the three months ended September 30, 2015. However, for the twelve months ended June 30, 2015, TTCQ recorded other income of RMB 417, or approximately $68. In fiscal year 2015, an allowance for doubtful deemed interest receivables from Jun Zhou Zhi Ye of $68 was made on the other income. In the second quarter of fiscal year 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Inventories consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />&#160;2015 <br />&#160;(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />&#160;2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left">Raw materials</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">974</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,038</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Work in progress</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">692</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">611</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finished goods</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">291</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">348</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: provision for obsolete inventory</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(685</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(764</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(71</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(92</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,141</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table represents the changes in provision for obsolete inventory:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />&#160;2015 <br />(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />&#160;2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%">Beginning</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">764</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">844</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions charged to expenses</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">67</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Usage - disposition</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(51</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(103</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(28</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(44</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">685</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">764</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, Trio-Tech Malaysia (&#147;TTM&#148;) was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the Penang Development Corporation (&#147;PDC&#148;). In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Investments were nil as at September 30, 2015 and June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the second quarter of fiscal year 2011, the Company entered into a joint-venture agreement with JiaSheng to develop real estate projects in China. The Company invested RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for a 10% interest in the newly formed joint venture, which was incorporated as a limited liability company, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (the &#147;joint venture&#148;), in China. The agreement stipulated that the Company would nominate two of the five members of the Board of Directors of the joint venture and had the ability to assign two members of management to the joint venture.&#160;&#160;The agreement also stipulated that the Company would receive a fee of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for the services rendered in connection with obtaining priority to bid in certain real estate projects from the local government. Upon signing of the agreement, JiaSheng paid the Company RMB 5,000 in cash, or approximately $803 based on the exchange rate published by the Monetary Authority of Singapore as of March 31, 2014. The remaining RMB 5,000, which was not recorded as a receivable as the Company considered the collectability uncertain, would be paid over 72 months commencing in 36 months from the date of the agreement when the joint venture secured a property development project stated inside the joint venture agreement. The Company considered the RMB 5,000, or approximately $803 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, received in cash from JiaSheng, the controlling venturer in the joint venture, as a partial return of the Company&#146;s initial investment of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore. Therefore, the RMB 5,000 received in cash was offset against the initial investment of RMB 10,000, resulting in a net investment of RMB 5,000 as of March 31, 2014. The Company further reduced its investments by RMB 137, or approximately $22, towards the losses from operations incurred by the joint-venture, resulting in a net investment of RMB 4,863, or approximately $781 based on exchange rates published by the Monetary Authority of Singapore as of March 31, 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#147;Investments&#148; in the real estate segment was the cost of an investment in a joint venture in which we had a 10% interest. During the second quarter of fiscal year 2014, TTCQ disposed of its 10% interest in the joint venture. The joint venture had to raise funds for the development of the project. As a joint-venture partner, TTCQ was required to stand guarantee for the funds to be borrowed; considering the amount of borrowing, the risk involved was higher than the investment made and hence TTCQ decided to dispose of the 10% interest in the joint venture investment. On October 2, 2013, TTCQ entered into a share transfer agreement with Zhu Shu. Based on the agreement the purchase price was to be paid by (1) RMB 10,000 worth of commercial property in Chongqing China, or approximately $1,634 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by non-monetary consideration and (2) the remaining RMB 8,000, or approximately $1,307 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by cash consideration. The consideration consists of (1) commercial units measuring 668 square meters to be delivered in June 2016 and (2) sixteen quarterly equal installments of RMB 500 per quarter commencing from January 2014. Based on ASC Topic 845 <i>Non-monetary Consideration</i>, the Company deferred the recognition of the gain on disposal of the 10% interest in joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. The recorded value of the disposed investment amounting to $783, based on exchange rates published by the Monetary Authority of Singapore as of June 30, 2014, is classified as &#147;other assets&#148; under non-current assets, because it is considered a down payment for the purchase of the commercial property in Chongqing. The first three installment amounts of RMB 500 each due in January 2014, April 2014 and July 2014 were all outstanding until the date of disposal of the investment in the joint venture. Out of the outstanding RMB 8,000, TTCQ had received RMB 100 during May 2014. However, the transferee, Jun Zhou Zhi Ye, has not registered the share transfer (10% interest in the joint venture) with the relevant authorities in China as of the date of this report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 14, 2014, TTCQ and Jun Zhou Zhi Ye entered into a memorandum of understanding. Based on the memorandum of understanding, both parties have agreed to register a sales and purchase agreement upon Jun Zhou Zhi Ye obtaining the license to sell the commercial property (the Singapore Themed Resort Project) located in Chongqing, China. The proposed agreement is for the sale of shop lots with a total area of 1,484.55 square meters as consideration for all the outstanding amounts owed to TTCQ by Jun Zhou Zhi Ye as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a)&#160;&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 4, plus the interest receivable on long term loan receivable of RMB 1,250;</font></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">b)&#160;&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Commercial units measuring 668 square meters, as mentioned above; and</font></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">c)&#160;&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in the Singapore Themed Resort Project, which is expected to be no later than December 31, 2016. However, should there be further delays in the project completion, based on the discussion with the developers it is estimated to be completed by June 30, 2017. The consideration does not include the remaining outstanding amount of RMB 2,000, or approximately $325, which will be paid in cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents the Company&#146;s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Investment Date</b></font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b> <b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars</b>)</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%"><font style="font-size: 10pt">Purchase of rental property &#150; Property I - MaoYe</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Jan 04, 2008</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">5,554</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">894</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property II - JiangHuai</font></td> <td style="text-align: center"><font style="font-size: 10pt">Jan 06, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property III - Fu Li</font></td> <td style="text-align: center"><font style="font-size: 10pt">Apr 08, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,025</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">648</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(48</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,179</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,074</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,781</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(596</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; China</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>9,398</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,478</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RM)</b></p></td> <td><b>&#160;</b></td> <td><b>&#160;</b></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Reclassification of rental property &#150; Penang Property I</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Dec 31, 2012</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">681</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">154</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">681</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">154</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(312</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(71</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reclassified as &#147;Assets held for sale&#148;</font></td> <td style="text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(369</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(83</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; Malaysia</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents the Company&#146;s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars</b>)</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Purchase of rental property &#150; Property I - MaoYe</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Jan 04, 2008</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">5,554</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">894</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property II - JiangHuai</font></td> <td style="text-align: center"><font style="font-size: 10pt">Jan 06, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property III - Fu Li</font></td> <td style="text-align: center"><font style="font-size: 10pt">Apr 08, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,025</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">648</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,179</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,123</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,619</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(583</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; China</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>9,560</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,540</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RM)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars</b>)</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Reclassification of rental property &#150; Penang Property I</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Dec 31, 2012</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">681</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">181</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">681</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">181</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(310</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(83</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reclassified as &#147;Assets held for sale&#148;</font></td> <td style="text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(371</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(98</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; Malaysia</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Rental Property I &#150; Mao Ye</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (&#147;MaoYe&#148;), for a total cash purchase price of RMB 5,554, or approximately $894 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented this property to a third party on July 13, 2008. The term of the rental agreement was five years. The rental agreement was renewed on July 16, 2014 for a further period of five years. The rental agreement provides for a rent increase of 8% every year after July 15, 2015. The renewed agreement expires on July 15, 2018, however as at the date of this report, this rental agreement (1,104 square meters at a monthly rental of RMB 38,645) has been terminated. TTCQ has identified a new tenant and signed a new rental agreement (653 square meters at a monthly rental of RMB 38,520) on August 1, 2015. This rental agreement provides for a rent increase of 5% every year on January 31, commencing the year 2017 till the rental agreement expires on July 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property purchased from MaoYe generated a rental income of $22 during the three months ended September 30, 2015 as compared to $29 for the same period in last fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Rental Property II - JiangHuai</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (&#147;JiangHuai&#148;), for a total purchase price of RMB 3,600, or approximately $580 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented all of these commercial units to a third party until the agreement expired in January 2012. TTCQ then rented three of the eight commercial units to another party during the fourth quarter of fiscal year 2013 under a rental agreement that expired on March 31, 2014. Currently all the units are vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties; however TTCQ has the vacant possession with the exception of two units, which is in the process of clarification. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. In August 2014, TTCQ performed a valuation on one of the commercial units and its market value was higher than the carrying amount. As of the date of this report, there was no other valuation performed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Property purchased from JiangHuai did not generate any rental income during the three months ended September 30, 2015 or 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Other Properties III &#150; Fu Li</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (&#147;FuLi&#148;) to purchase two commercial properties totaling 311.99 square meters (&#147;office space&#148;) located in Jiang Bei District Chongqing. Although TTCQ currently rents its office premises from a third party, it intends to use the office space as its office premises. The total purchase price committed and paid was RMB 4,025, or approximately $648 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.&#160;The development was completed and the property was handed over during April 2013 and the title deed was received during the third quarter of fiscal 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The two commercial properties were leased to third parties under two separate rental agreements, one of which expired in April 2014 and the other expired in August 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">For the unit for which the agreement expired in April 2014, a new tenant was identified and a new agreement was executed, which expires on April 30, 2017. The new agreement carries an increase in rent by 20% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 10% for the subsequent years until April 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">For the unit for which the agreement expired in August 2014, a new tenant was identified and a new agreement was executed, which expires on August 9, 2016. The new agreement carries an increase in rental of approximately 21% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 6% for the subsequent years until August 2016. The tenant of this unit had defaulted on payment of the quarterly rental due in August 2015. In early October 2015, TTCQ had issued a legal letter to this tenant on the outstanding amounts and the tenant has not responded. As of the date of this report, this rental agreement (161 square meters at a monthly rental of RMB 16,081) has been terminated and a new rental agreement with a new tenant (161 square meters at a monthly rental of RMB 13,669) has been signed on October 21, 2015. This rental agreement provides for a rent increase of 6% every year on October 21, commencing from the year 2016 till the rental agreement expires on October 20, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Properties purchased from Fu Li were rented to a third party effective fourth quarter of fiscal year 2012 and generated a rental income of $10 for the three months ended September 30, 2015, and $14 for the same period in the last fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Penang Property I</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, TTM was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the PDC. In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Summary</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Total rental income for all investment properties in China was $32 for the three months ended September 30, 2015, and was $43 for the same period in the last fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Depreciation expenses for all investment properties in China were $26 for the three months ended September 30, 2015 and $27 for same period in the last fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Other assets consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30,&#160;2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30,&#160;2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Down-payment for&#160;&#160;purchase of investment properties</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,645</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,645</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Down-payment for&#160;&#160;purchase of property, plant and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">31</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deposits for rental and utilities</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">140</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">147</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(52</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Total</b></font></td> <td><b>&#160;</b></td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,753</b></font></td> <td><b>&#160;</b></td> <td><b>&#160;</b></td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,823</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Carrying value of the Company&#146;s lines of credit approximates its fair value because the interest rates associated with the lines of credit are adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of September 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 10pt">Entity with</font></td> <td style="text-align: center"><font style="font-size: 10pt">Type of</font></td> <td style="text-align: center"><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Expiration</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Unused</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Rate</font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Date</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Limitation</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%"><font style="font-size: 10pt">Trio-Tech International Pte. Ltd., Singapore</font></td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Ranging from 1.9% to 5.6%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"></td> <td style="width: 9%; text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">5,437</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3,533</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Malaysia) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 6.3% to 6.7%</font></td> <td>&#160;</td> <td></td> <td style="text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">371</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">371</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 4.9% to 6.3%</font></td> <td>&#160;</td> <td></td> <td style="text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,259</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,259</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 10pt">Entity with</font></td> <td style="text-align: center"><font style="font-size: 10pt">Type of</font></td> <td style="text-align: center"><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Expiration</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Unused</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Rate</font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Date</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Limitation</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%"><font style="font-size: 10pt">Trio-Tech International Pte. Ltd., Singapore</font></td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Ranging from 1.9% to 5.6%</font></td> <td style="width: 1%">&#160;</td> <td style="width: -1mm"></td> <td style="width: 11%; text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">7,422</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">6,161</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Malaysia) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 6.3% to 6.7%</font></td> <td>&#160;</td> <td></td> <td style="text-align: center">-</td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">396</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">79</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 4.9% to 6.3%</font></td> <td>&#160;</td> <td></td> <td style="text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,289</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,289</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 10, 2015, Trio-Tech Tianjin signed an agreement with a bank for an Accounts Receivable Financing facility for RMB 8,000, or approximately $1,289, interest is charged at the bank&#146;s lending rate plus a floating interest rate. The effective interest rate is 130% of the bank&#146;s lending rate. The financing facility was set up to facilitate the growing testing operations in our Tianjin operations in China. The immediate holding company, Trio-Tech International Pte. Ltd., acted as the guarantor for this bank facility. The bank account for this facility was set up on August 24, 2015 and has not been put to use as of the date of these financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Accrued expenses consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td style="text-align: center">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30,&#160;2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Payroll and related costs</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,257</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,513</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Commissions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">52</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Customer deposits</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">43</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">41</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Legal and audit</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">261</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">244</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Sales tax</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">131</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Utilities</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">110</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">129</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">109</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accrued purchase of materials and property, plant and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">241</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">430</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Provision for re-instatement</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">410</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">422</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other accrued expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">230</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(161</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(230</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>2,660</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>3,084</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company provides for the estimated costs that may be incurred under its warranty program at the time the sale is recorded.&#160;&#160;The Company provides a one-year warranty for products manufactured by it.&#160;&#160;The Company estimates the warranty costs based on the historical rates of warranty returns.&#160;&#160;The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 30,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2015</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Beginning</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">103</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">60</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Additions charged to cost and expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">114</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Utilization / reversal</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(15</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(65</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(6</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Ending</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>95</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>103</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1pt; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;Bank loans payable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Note payable denominated in Malaysian ringgit to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank&#146;s prime rate (7.3% at September 30, 2015 and June 30, 2015) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,667.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,854</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,218</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Note payable denominated in U.S. dollars to a financial institution for working capital plans in Singapore and its subsidiaries, maturing in December 2015, bearing interest at the bank&#146;s prime rate plus 1.50% (4.1% to 6.9% at September 30, 2015 and June 30, 2015) with monthly payments of principal plus interest through December 2014. This note payable is secured by plant and equipment with a carrying value of $337.&#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">266</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">326</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;Current portion</b></font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(310</b></font></td> <td><font style="font-size: 10pt"><b>)</b></font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(346</b></font></td> <td><font style="font-size: 10pt"><b>)</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;Long term portion of bank loans payable</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,810</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,198</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Future minimum payments (excluding interest) as at September 30, 2015 were as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">310</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">248</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">158</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">166</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">175</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">Thereafter</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,063</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">Total obligations and commitments</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,120</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Future minimum payments (excluding interest) as at June 30, 2015 were as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2016</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">346</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2017</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">322</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">183</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">193</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">203</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">Thereafter</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,297</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 20pt"><font style="font-size: 10pt">Total obligations and commitments</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,544</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Trio-Tech (Tianjin) Co. Ltd. in China has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RMB 155, or approximately $24, based on the exchange rate as on September 30, 2015 published by the Monetary Authority of Singapore as compared to nil capital commitments as at June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Trio-Tech (Malaysia) Sdn. Bhd. has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RM 6, or approximately $1, based on the exchange rate as at September 30, 2015 as compared to the capital commitment as at June 30, 2015 amounting to RM 33, or approximately $9 for the purchase of equipment and other related expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Deposits with banks in China are not insured by the local government or agency, and are consequently exposed to risk of loss. The Company believes the probability of a bank failure, causing loss to the Company, is remote.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations.&#160;&#160;In the opinion of management, resolution of these matters will not have a material adverse effect on the Company&#146;s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In fiscal year 2016, the Company operates in four segments; the testing service industry (which performs structural and electronic tests of semiconductor devices), the designing and manufacturing of equipment (which equipment tests the structural integrity of integrated circuits and other products), distribution of various products from other manufacturers in Singapore and Southeast Asia and the real estate segment in China.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The real estate segment did not record other income for the first quarter of fiscal 2016, as compared to other income of $51, for the first quarter of fiscal year 2015, based on the average exchange rate for the respective periods published by the Monetary Authority of Singapore. Due to the short-term nature of the investment, the amount was classified as a loan receivable based on ASC Topic 310-10-25 <i>Receivables</i>, hence the investment income was also classified under other income, which is not part of the below table.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The revenue allocated to individual countries was based on where the customers were located. The allocation of the cost of equipment, the current year investment in new equipment and depreciation expense have been made on the basis of the primary purpose for which the equipment was acquired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All inter-segment revenue was from the manufacturing segment to the testing and distribution segments. Total inter-segment revenue was $115 for the three months ending September 30, 2015, as compared to $45 for the same period in the last fiscal year.&#160;&#160;Corporate assets mainly consisted of cash and prepaid expenses. Corporate expenses mainly consisted of stock option expenses, salaries, insurance, professional expenses and directors' fees. Corporate expenses are allocated to the four segments. The following segment information table includes segment operating income or loss after including the corporate expenses allocated to the segments, which gets eliminated in the consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following segment information is un-audited for the three months ended September 30, 2015 and September 30, 2014:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Business Segment Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Three Months <br />&#160;Ended <br />&#160;Sept. 30,</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Net <br />&#160;Revenue</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating <br />&#160;Income / (Loss)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total <br />&#160;Assets</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Depr. <br />&#160;And <br />&#160;Amort.</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Capital <br />&#160;Expenditures</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%">Manufacturing</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">2015</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,140</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">242</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,618</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">17</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,047</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(618</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,437</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Testing Services</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,783</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">78</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">20,495</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">403</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">237</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,618</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">576</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,471</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">569</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">444</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Distribution</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">975</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">19</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">749</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">385</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(36</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">494</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Real Estate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">32</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(24</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,530</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">43</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(48</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,807</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fabrication</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">26</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Services *</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">51</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate &#38;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">62</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Unallocated</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">75</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Company</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2015</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,930</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">299</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,480</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">484</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">254</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2014</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,093</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(134</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">33,335</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">623</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">467</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">* Fabrication Services is a discontinued operation (Note 18).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Other income consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Investment income deemed interest income</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">51</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest income</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Other rental income</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exchange gain / (loss)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">184</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Allowance for doubtful deemed interest receivables</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(51</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other miscellaneous income</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">27</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Total</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>208</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Other income included nil and $51 from investment income which was deemed to be interest income since the investment was deemed and classified as a loan based on&#160;ASC Topic 310-10-25 <i>Receivables,</i> for the first quarter of fiscal year 2016 and fiscal year 2015, respectively. Allowance for doubtful deemed interest receivables were nil and $51, respectively, for the three months ended September 30, 2015 and 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740 <i>Income Tax.</i> The Company had an income tax expense of $67 for the three months ended September 30, 2015 as compared to an income tax benefit of $46 for the same period in the last fiscal year. The increase in income tax expenses was mainly due to the tax expenses in Tianjin operations in China, which were partially offset by the deferred tax for the timing differences recorded by the Singapore and Malaysia operations for the three months ended&#160;September 30, 2015 as compared to the same period in the last fiscal year. The income tax expenses include with-holding tax held by related companies that were not recoverable from inland revenue board in Singapore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company accrues penalties and interest related to unrecognized tax benefits when necessary as a component of penalties and interest expenses, respectively.&#160;&#160;The Company had not accrued any penalties or interest expenses relating to unrecognized benefits at September 30, 2015 and June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The major tax jurisdictions in which the Company files income tax returns are the United States, China, Singapore, Malaysia and Thailand.&#160;&#160;The statute of limitations, in general, is open for years 2004 to 2015 for tax authorities in those jurisdictions to audit or examine income tax returns.&#160;&#160;The Company is under annual review by the government of Singapore.&#160;&#160;However, the Company is not currently under tax examination in any other jurisdiction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&#146;s Indonesia operation and the Indonesia operation&#146;s immediate holding company, which comprise the fabrication services segment, suffered continued operating losses in the past six fiscal years, and the cash flow was minimal for the past six years.&#160;&#160;The Company established a restructuring plan to close the fabrication services operation, and in accordance with ASC Topic 205-20, <i>Presentation of Financial Statement Discontinued Operations (&#147;ASC Topic 250-20&#148;)</i>, the Company presented the operation results from fabrication services as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component and that the Company would have no significant continuing involvement in the operations of the discontinued component. In accordance with the restructuring plan, the Company is negotiating with its suppliers to settle the outstanding balance of accounts payable of $60 and there is no accounts receivable since all the amounts due have been collected. The Company&#146;s fabrication operation in Indonesia is in the process of winding down the operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In January 2010, the Company established a restructuring plan to close the Testing operation in Shanghai, China.&#160;&#160;Based on the restructuring plan and in accordance with ASC Topic 205-20, the Company presented the operation results from Shanghai as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component (Shanghai subsidiary) and that the Company would have no significant continuing involvement in the operations of the discontinued component. The Shanghai operation has no outstanding accounts payable and no accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The discontinued operations in Shanghai and in Indonesia did not incur general and administrative expenses for the three months ended September 30, 2015, and incurred general and administrative expenses and selling expenses of $4 for the same period in the last fiscal year. The Company anticipates that it may incur additional costs and expenses at the time of winding down the business of the subsidiary through which the facilities operated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Loss / income from discontinued operations for the three months ended September 30, 2015 and 2014 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Revenue</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Cost of sales</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross margin</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Operating expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">General and administrative</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Selling</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Impairment loss of property, plant and equipment</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total&#160;</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Income from discontinued operation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other (charges) / income</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net (loss) / income from discontinued operation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: net (income) / loss attributable to the non-controlling interest</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">(Loss) / income from discontinued operation, net of tax</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(5</b></font></td> <td style="text-align: left; vertical-align: top"><font style="font-size: 10pt"><b>)</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>14</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company does not provide a separate cash flow statement for the discontinued operation, as the impact of this discontinued operation was immaterial.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC Topic 260, <i>Earnings Per Share.</i> Basic Earnings Per Share (&#147;EPS&#148;) is computed by dividing net income available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period.&#160;&#160;Diluted EPS give effect to all dilutive potential common shares outstanding during a period.&#160;&#160;In computing diluted EPS, the average price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock options to purchase 495,000 of Common Stock at exercise prices ranging from $2.26 to $3.20 per share were outstanding as of September 30, 2015, and were excluded in the computation of diluted EPS because their effect would have been anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock options to purchase 445,000 of Common Stock at exercise prices ranging from $2.07 to $4.35 per share were outstanding as of September 30, 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table is a reconciliation of the weighted average shares used in the computation of basic and diluted EPS for the years presented herein:<b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">&#160;2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">&#160;2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">264</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">(150</font></td> <td style="width: 1%"><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net income / (loss) attributable to Trio-Tech International common shareholders</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">259</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(136</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.08</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic&#160;and diluted earnings per share from discontinued operations attributable to Trio-Tech International</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Basic&#160;and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.08</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">&#160;$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average number of common shares outstanding - basic</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Dilutive effect of stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Number of shares used to compute earnings per share &#150; diluted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,521</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On September 24, 2007, the Company&#146;s Board of Directors unanimously adopted the 2007 Employee Stock Option Plan (the &#147;2007 Employee Plan&#148;) and the 2007 Directors Equity Incentive Plan (the &#147;2007 Directors Plan&#148;) each of which was approved by the shareholders on December 3, 2007. Each of those plans was amended by the Board in 2010 to increase the number of shares covered thereby, which amendments were approved by the shareholders on December 14, 2010. At present, the 2007 Employee Plan provides for awards of up to 600,000 shares of the Company&#146;s Common Stock to its employees, consultants and advisors. The Board also amended the 2007 Directors Plan in November 2013 to further increase the number of shares covered thereby from 400,000 shares to 500,000 shares, which amendment was approved by the shareholders on December 9, 2013. At present, the 2007 Directors Plan provides for awards of up to 500,000 shares of the Company&#146;s Common Stock to the members of the Company&#146;s Board of Directors in the form of non-qualified options and restricted stock. These two plans are administered by the Board, which also establishes the terms of the awards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Assumptions</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends:<b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td nowrap="nowrap" colspan="4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p> </td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 63%"><font style="font-size: 10pt">Expected volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td nowrap="nowrap" style="width: 17%; text-align: right"><font style="font-size: 10pt">71.44% &#160;to&#160; 104.94%</font></td> <td style="width: 1%">&#160;</td> <td nowrap="nowrap" style="text-align: right"><font style="font-size: 10pt">70.01% &#160;to &#160;104.94%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.30%&#160; to &#160;0.78%</font></td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.30% &#160;to&#160; 0.78%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected life (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.50</font></td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.50 to 3.25</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The expected volatilities are based on the historical volatility of the Company&#146;s stock. The observation is made on a weekly basis. The observation period covered is consistent with the expected life of options. The expected life of the options granted to employees has been determined utilizing the &#147;simplified&#148; method as prescribed by ASC Topic 718,<i>&#160;</i>which, among other provisions, allowed companies without access to adequate historical data about employee exercise behavior to use a simplified approach for estimating the expected life&#160;of a &#34;plain vanilla&#34; option grant. The simplified rule for estimating the expected life of such an option was the average of the time to vesting and the full term of the option. The risk-free rate is consistent with the expected life of the stock options and is based on the United States Treasury yield curve in effect at the time of grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><u>2007 Employee Stock Option Plan</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s 2007 Employee Plan permits the grant of stock options to its employees covering up to an aggregate of 600,000 shares of Common Stock. Under the 2007 Employee Plan, all options must be granted with an exercise price of not less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreements. The options may be exercisable (a) immediately as of the effective date of the stock option agreement granting the option, or (b) in accordance with a schedule related to the date of the grant of the option, the date of first employment, or such other date as may be set by the Compensation Committee. Generally, options granted under the 2007 Employee Plan are exercisable within five years after the date of grant, and vest over the period as follows: 25% vesting on the grant date and the remaining balance vesting in equal installments on the next three succeeding anniversaries of the grant date. The share-based compensation will be recognized in terms of the grade method on a straight-line basis for each separately vesting portion of the award. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2007 Employee Plan).&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2015. There were no options exercised during the three months ended September 30, 2015. The Company recognized stock-based compensation expenses of $4 in the three months ended September 30, 2015 under the 2007 Employee Plan. There was no balance of unamortized stock-based compensation based on fair value on the grant date related to options granted under the 2007. No stock options were exercised during the three months ended September 30, 2015. The weighted-average remaining contractual term for non-vested options was 1.19years.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2014. There were no options exercised during the three months ended September 30, 2014. The Company recognized stock-based compensation expenses of $9 in the three months ended September 30, 2014 under the 2007 Employee Plan. The balance of unamortized stock-based compensation of $27 based on fair value on the grant date related to options granted under the 2007 Employee Plan is expected to be recognized over a period of two years. No stock options were exercised during the three months ended September 30, 2014. The weighted-average remaining contractual term for non-vested options was 2.19 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2015, there were vested employee stock options covering a total of 112,500 shares of Common Stock. The weighted-average exercise price was $4.06 and the weighted average contractual term was 1.03 years. The total fair value of vested employee stock option was $457 and remains outstanding as of September 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2014, there were vested employee stock options covering a total of 103,750 shares of Common Stock. The weighted-average exercise price was $4.14 and the weighted average contractual term was 1.85 years. The total fair value of vested employee stock option was $430 and remains outstanding as of September 30, 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2015 is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at July 1, 2015</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">1.57</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.32</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercisable at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">112,500</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.06</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.03</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at July 1, 2014</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">2.57</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">13</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.33</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">31</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103,750</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.14</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.85</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of the status of the Company&#146;s non-vested employee stock options during the three months ended September 30, 2015 is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Grant-Date</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Non-vested at July 1, 2015</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">17,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Non-vested at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">17,500</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of the status of the Company&#146;s non-vested employee stock options during the three months ended September 30, 2014 is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Grant-Date</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Non-vested at July 1, 2014</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">26,250</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Non-vested at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">26,250</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><u>2007 Directors Equity Incentive Plan</u></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2007 Directors Plan permits the grant of options covering up to an aggregate of 500,000 shares of Common Stock to its directors in the form of non-qualified options and restricted stock. The exercise price of the non-qualified options is 100% of the fair value of the underlying shares on the grant date. The options have five-year contractual terms and are generally exercisable immediately as of the grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of fiscal year 2016, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2015. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of fiscal year 2015, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2014. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2015, there were vested stock options granted under the 2007 Directors Plan covering a total of 365,000 shares of Common Stock. The weighted-average exercise price was $3.64 and the weighted average remaining contractual term was 1.74 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2015 were $13. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2014, there were vested stock options granted under the 2007 Directors Plan covering a total of 315,000 shares of Common Stock. The weighted-average exercise price was $3.62 and the weighted average remaining contractual term was 2.37 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2014 were $151. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2015 is presented as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at July 1, 2015</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">365,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.64</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.99</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">53</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">365,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.64</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.74</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13</font></td> <td>&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Exercisable at September 30, 2015</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">365,000</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.64</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.74</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at July 1, 2014</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">315,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.62</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.63</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.62</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.37</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">151</font></td> <td>&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,000</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.62</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.37</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">151</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In accordance with the ASC Topic 825, the following presents assets and liabilities measured and carried at fair value and classified by level of the following fair value measurement hierarchy in accordance to ASC Topic 820:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no transfers between Levels 1 and 2 during the three months ended September 30, 2015 and 2014.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Term deposits (Level 2) &#150; The carrying amount approximates fair value because of the short maturity of these instruments.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Loans receivable from property development projects (Level 3) &#150; The carrying amount approximates fair value because of the short-term nature.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted term deposits (Level 2) &#150; The carrying amount approximates fair value because of the short maturity of these instruments.</p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Lines of credit (Level 3) &#150; The carrying value of the lines of credit approximates fair value due to the short-term nature of the obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Bank loans payable (Level 3) &#150; The carrying value of the Company&#146;s bank loan payables approximates its fair value as the interest rates associated with long-term debt is adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On October 5, 2015, the Company granted options to purchase 50,000 shares of its Common Stock to directors pursuant to the 2007 Directors Plan with an exercise price equal to the fair market value of Common Stock (as defined under the 2007 Directors Plan in conformity with Regulation 409A or the Internal Revenue Code of 1986, as amended) at the date of grant. The fair value of the options granted to purchase 50,000 shares of the Company&#146;s Common Stock was approximately $54 based on the fair value of $2.69 per share determined by the Black Scholes option pricing model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.&#160;&#160;All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars.&#160;&#160;The accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.&#160;&#160;In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included.&#160;&#160;Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.&#160;&#160;For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the fiscal year ended June 30, 2015.</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 67%">&#160;</td> <td style="width: 12%; text-align: center"><font style="font-size: 10pt">Ownership</font></td> <td style="width: 21%; text-align: center"><font style="font-size: 10pt">Location</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Express Test Corporation (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech Reliability Services (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">KTS Incorporated, dba Universal Systems (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Van Nuys, California</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">European Electronic Test Centre (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Dublin, Ireland</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech International Pte. Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Universal (Far East) Pte. Ltd.&#160;&#160;*</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech International (Thailand) Co. Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Bangkok, Thailand</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Bangkok) Co. Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Bangkok, Thailand</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: white"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Trio-Tech (Malaysia) Sdn. Bhd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(55% owned by Trio-Tech International Pte. Ltd.)</p></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Penang and Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Kuala Lumpur) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">(100% owned by Trio-Tech Malaysia Sdn. Bhd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Prestal Enterprise Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">76%</font></td> <td><font style="font-size: 10pt">Selangor, Malaysia</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">(76% owned by Trio-Tech International Pte. Ltd.)</font></td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Suzhou) Co., Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Suzhou, China</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Shanghai) Co., Ltd. * (Dormant)</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Shanghai, China</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Chongqing) Co. Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Chongqing, China</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">SHI International Pte. Ltd. (Dormant)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(55% owned by Trio-Tech International Pte. Ltd)</p></td> <td style="text-align: center"><font style="font-size: 10pt">55%</font></td> <td><font style="font-size: 10pt">Singapore</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">PT SHI Indonesia (Dormant)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(100% owned by SHI International Pte. Ltd.)</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">55%</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Batam, Indonesia</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd. *</font></td> <td style="text-align: center"><font style="font-size: 10pt">100%</font></td> <td><font style="font-size: 10pt">Tianjin, China</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in Accounting Standards Updates (&#147;ASU&#148;) 2015-14 ASC Topic 606: Deferral of the Effective Date (&#147;ASC Topic 606&#148;) defers the effective date of update 2014-09 for all entities by one year. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB has issued converged standards on revenue recognition. Specifically, the Board has issued ASU. 2014-09 (&#147;ASU 2014-09&#148;), ASC Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition, (&#147;ASC Topic 605&#148;) and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition&#151;Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (&#147;ASC Topic 360&#148;) and intangible assets within the scope of Topic 350, Intangibles&#151;Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-11 ASC Topic 330: Simplifying the Measurement of Inventory (&#147;ASC Topic 330&#148;) specify that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using Last-In-First-Out or the retail inventory method. The amendments in ASU 2015-011 are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB amended ASU 2015-07 ASC Topic 820: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-06 ASC Topic 260: Effects on Historical Earnings Per Unit of Master Limited Partnership Dropdown Transactions (&#147;ASC Topic 260&#148;) specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings or (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. The amendments in ASU 2015-06 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. While early adoption is permitted, the Company has not elected to early adopt. The amendments should be applied retrospectively for all financial statements presented. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-02 ASC Topic 810: Amendments to the Consolidation Analysis are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments in ASU 2015-02 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While early adoption is permitted, including adoption in an interim period, the Company has not elected to early adopt. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The company has not yet determined the effects on the Company&#146;s consolidated financial position or results of operations on the adoption of this update.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, (&#147;ASC Topic 225&#148;) requires that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.&#160;&#160;The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">FASB amended ASU 2014-15 Subtopic 205-40, Presentation of Financial Statements &#150; Going Concern (&#147;ASC Topic 205&#148;) to define management&#146;s responsibility to evaluate whether there is substantial doubt about an organization&#146;s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management&#146;s responsibility to evaluate whether there is substantial doubt about the organization&#146;s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization&#146;s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. While early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;The FASB has issued ASU No. 2014-08, ASC Topic 205 Presentation of Financial Statements (&#147;ASC Topic 205&#148;) and ASC Topic 360 Property, Plant, and Equipment (&#147;ASC Topic 360&#148;): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization&#146;s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization&#146;s results from continuing operations. The amendments in the ASU 2014-08 are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this update did not have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Other new pronouncements issued but not yet effective until September 30, 2015 are not expected to have a significant effect on the Company&#146;s consolidated financial position or results of operations.</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 30,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2015</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Beginning</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">313</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">438</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Additions charged to expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">84</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Recovered / write-off</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(180</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(29</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Ending</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>303</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>313</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents TTCQ&#146;s loan receivable from property development projects in China as of September 30, 2015. The exchange rate is based on&#160;the date&#160;published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was &#147;nil&#148; as at September 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Expiry</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt"><b>Short-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">JiangHuai (Project &#150; Yu Jin Jiang An)</font></td> <td style="width: 20%; text-align: center"><font style="font-size: 10pt">May 31,2013</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">325</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: allowance for impairment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(325</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Jun Zhou Zhi Ye</font></td> <td style="text-align: center"><font style="font-size: 10pt">Oct 31, 2016</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">814</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Less: transfer &#150; down-payment for&#160;&#160;purchase of investment properties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(814</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents TTCQ&#146;s loan receivable from property development projects in China as of June 30, 2015. The exchange rate is based on&#160;the date&#160;published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was &#147;nil&#148; as at June 30, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Expiry</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Loan Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt"><b>Short-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font-size: 10pt">JiangHuai (Project &#150; Yu Jin Jiang An)</font></td> <td style="width: 20%; text-align: center"><font style="font-size: 10pt">May 31,2013</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">325</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: allowance for impairment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(325</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Long-term loan receivables</b></font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Jun Zhou Zhi Ye</font></td> <td style="text-align: center"><font style="font-size: 10pt">Oct 31, 2016</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">814</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Less: transfer &#150; down-payment for&#160;&#160;purchase of investment properties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(814</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>Net loan receivables from property development projects</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />2015&#160;(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left">Raw materials</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">974</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,038</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Work in progress</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">692</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">611</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finished goods</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">291</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">348</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: provision for obsolete inventory</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(685</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(764</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(71</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(92</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,201</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,141</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />&#160;2015 <br />(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />&#160;2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%">Beginning</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">764</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">844</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions charged to expenses</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">67</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Usage - disposition</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(51</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(103</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(28</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(44</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">685</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">764</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents the Company&#146;s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Investment Date</b></font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b> <b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b>&#160;<b>(U.S. Dollars</b>)</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%"><font style="font-size: 10pt">Purchase of rental property &#150; Property I - MaoYe</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Jan 04, 2008</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">5,554</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">894</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property II - JiangHuai</font></td> <td style="text-align: center"><font style="font-size: 10pt">Jan 06, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property III - Fu Li</font></td> <td style="text-align: center"><font style="font-size: 10pt">Apr 08, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,025</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">648</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(48</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,179</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,074</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,781</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(596</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; China</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>9,398</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,478</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount&#160;(RM)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount&#160;(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Reclassification of rental property &#150; Penang Property I</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Dec 31, 2012</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">681</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">154</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">681</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">154</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(312</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(71</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reclassified as &#147;Assets held for sale&#148;</font></td> <td style="text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(369</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(83</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; Malaysia</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents the Company&#146;s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount</b>&#160;<b>(RMB)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Purchase of rental property &#150; Property I - MaoYe</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Jan 04, 2008</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">5,554</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">894</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property II - JiangHuai</font></td> <td style="text-align: center"><font style="font-size: 10pt">Jan 06, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,600</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">580</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Purchase of&#160;rental property &#150; Property III - Fu Li</font></td> <td style="text-align: center"><font style="font-size: 10pt">Apr 08, 2010</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,025</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">648</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,179</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,123</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,619</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(583</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; China</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>9,560</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,540</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Date</b></p></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Amount&#160;(RM)</b></p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Investment Amount&#160;(U.S. Dollars)</b></p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 10pt">Reclassification of rental property &#150; Penang Property I</font></td> <td style="width: 28%; text-align: center"><font style="font-size: 10pt">Dec 31, 2012</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">681</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; border-bottom: black 1.5pt solid">&#160;</td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">181</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Gross investment in rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">681</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">181</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Accumulated depreciation on rental property</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(310</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(83</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Reclassified as &#147;Assets held for sale&#148;</font></td> <td style="text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(371</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(98</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net investment in property &#150; Malaysia</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30,&#160;2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30,&#160;2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Down-payment for&#160;&#160;purchase of investment properties</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,645</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,645</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Down-payment for&#160;&#160;purchase of property, plant and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">31</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deposits for rental and utilities</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">140</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">147</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(52</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>-</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Total</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,753</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,823</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of September 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 10pt">Entity with</font></td> <td style="text-align: center"><font style="font-size: 10pt">Type of</font></td> <td style="text-align: center"><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Expiration</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Unused</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Rate</font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Date</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Limitation</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%"><font style="font-size: 10pt">Trio-Tech International Pte. Ltd., Singapore</font></td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Ranging from 1.9% to 5.6%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">5,437</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3,533</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Malaysia) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 6.3% to 6.7%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">371</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">371</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 4.9% to 6.3%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,259</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,259</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 10pt">Entity with</font></td> <td style="text-align: center"><font style="font-size: 10pt">Type of</font></td> <td style="text-align: center"><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Expiration</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Unused</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Facility</font></td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Rate</font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Date</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Limitation</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Credit</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 24%"><font style="font-size: 10pt">Trio-Tech International Pte. Ltd., Singapore</font></td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="width: 24%; text-align: center"><font style="font-size: 10pt">Ranging from 1.9% to 5.6%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">7,422</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">6,161</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Trio-Tech (Malaysia) Sdn. Bhd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 6.3% to 6.7%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">396</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">79</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Trio-Tech (Tianjin) Co., Ltd.</font></td> <td style="text-align: center"><font style="font-size: 10pt">Lines of Credit</font></td> <td style="text-align: center"><font style="font-size: 10pt">Ranging from 4.9% to 6.3%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,289</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1,289</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td style="text-align: center">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30,&#160;2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Payroll and related costs</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,257</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,513</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Commissions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">52</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Customer deposits</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">43</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">41</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Legal and audit</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">261</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">244</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Sales tax</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">103</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">131</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Utilities</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">110</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">129</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">109</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accrued purchase of materials and property, plant and equipment</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">241</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">430</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Provision for re-instatement</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">410</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">422</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other accrued expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">230</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">243</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Currency translation effect</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(161</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(230</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>2,660</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt"><b>3,084</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Sept. 30, <br />&#160;2015 <br />(Unaudited)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, <br />&#160;2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Beginning</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">103</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions charged to cost and expenses</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">114</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Utilization / reversal</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(15</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(65</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Currency translation effect</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(6</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">95</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Sept. 30, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2015</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Note payable denominated in Malaysian ringgit to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank&#146;s prime rate (7.3% at September 30, 2015 and June 30, 2015) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,667.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1,854</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2,218</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Note payable denominated in U.S. dollars to a financial institution for working capital plans in Singapore and its subsidiaries, maturing in December 2015, bearing interest at the bank&#146;s prime rate plus 1.50% (4.1% to 6.9% at September 30, 2015 and June 30, 2015) with monthly payments of principal plus interest through December 2014. This note payable is secured by plant and equipment with a carrying value of $337.&#160;</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">266</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">326</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;Current portion</b></font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(310</b></font></td> <td><font style="font-size: 10pt"><b>)</b></font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(346</b></font></td> <td><font style="font-size: 10pt"><b>)</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;Long term portion of bank loans payable</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,810</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,198</b></font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Future minimum payments (excluding interest) as at September 30, 2015 were as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">310</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">248</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">158</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">166</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">175</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">Thereafter</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,063</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">Total obligations and commitments</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,120</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Future minimum payments (excluding interest) as at June 30, 2015 were as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2016</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">346</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2017</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">322</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">183</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">193</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">203</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">Thereafter</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,297</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -21pt; padding-left: 30pt"><font style="font-size: 10pt">Total obligations and commitments</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,544</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Three Months <br />&#160;Ended <br />&#160;Sept. 30,</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Net <br />&#160;Revenue</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating <br />&#160;Income / (Loss)</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total <br />&#160;Assets</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Depr. <br />&#160;And <br />&#160;Amort.</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Capital <br />&#160;Expenditures</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%">Manufacturing</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">2015</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,140</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">242</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,618</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">17</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,047</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(618</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">10,437</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Testing Services</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,783</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">78</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">20,495</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">403</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">237</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,618</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">576</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,471</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">569</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">444</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Distribution</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">975</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">19</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">749</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">385</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(36</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">494</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Real Estate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">32</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(24</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,530</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">43</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(48</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,807</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fabrication</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">26</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Services *</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">51</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate &#38;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">62</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Unallocated</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">75</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Company</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2015</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,930</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">299</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,480</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">484</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">254</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2014</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,093</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(134</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">33,335</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">623</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">467</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Investment income deemed interest income</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">51</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest income</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Other rental income</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exchange gain / (loss)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">184</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Allowance for doubtful deemed interest receivables</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(51</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other miscellaneous income</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">27</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Total</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>208</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46</b></font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Revenue</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Cost of sales</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gross margin</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Operating expenses</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">General and administrative</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Selling</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Impairment loss of property, plant and equipment</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total&#160;</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Income from discontinued operation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other (charges) / income</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net (loss) / income from discontinued operation</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Less: net (income) / loss attributable to the non-controlling interest</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">12</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">(Loss) / income from discontinued operation, net of tax</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(5</b></font></td> <td style="text-align: left; vertical-align: top"><font style="font-size: 10pt"><b>)</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>14</b></font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">&#160;2015</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">&#160;2014</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">(Unaudited)</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: center"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">264</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">(150</font></td> <td style="width: 1%"><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>Net income / (loss) attributable to Trio-Tech International common shareholders</b></font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: center"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">259</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(136</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.08</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic&#160;and diluted earnings per share from discontinued operations attributable to Trio-Tech International</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Basic&#160;and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.08</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">&#160;$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td><font style="font-size: 10pt">)&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average number of common shares outstanding - basic</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Dilutive effect of stock options</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Number of shares used to compute earnings per share &#150; diluted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,521</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,513</font></td> <td>&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td nowrap="nowrap" colspan="4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Three Months Ended</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 30,</p> </td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2015</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2014</font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 63%"><font style="font-size: 10pt">Expected volatility</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td nowrap="nowrap" style="width: 17%; text-align: right"><font style="font-size: 10pt">71.44% &#160;to&#160; 104.94%</font></td> <td style="width: 1%">&#160;</td> <td nowrap="nowrap" style="text-align: right"><font style="font-size: 10pt">70.01% &#160;to &#160;104.94%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.30%&#160; to &#160;0.78%</font></td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.30% &#160;to&#160; 0.78%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Expected life (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.50</font></td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.50 to 3.25</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2015 is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at July 1, 2015</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">1.57</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.32</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercisable at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">112,500</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.06</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.03</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font-size: 10pt">Outstanding at July 1, 2014</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">2.57</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 9%; text-align: right"><font style="font-size: 10pt">13</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.93</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.33</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">31</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">103,750</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">4.14</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.85</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2015 is presented as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 9%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at July 1, 2015</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">365,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.64</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.99</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">53</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">365,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.64</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.74</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13</font></td> <td>&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Exercisable at September 30, 2015</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">365,000</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.64</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.74</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Contractual</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Term (Years)</p></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 9%">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at July 1, 2014</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">315,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.62</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.63</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">24</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited or expired</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Outstanding at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,000</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.62</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.37</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">151</font></td> <td>&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 10pt">Exercisable at September 30, 2014</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">315,000</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3.62</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2.37</font></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">151</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A of the status of the Company&#146;s non-vested employee stock options during the three months ended September 30, 2015 is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Grant-Date</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;Fair Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Non-vested at July 1, 2015</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">17,500</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Non-vested at September 30, 2015</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">17,500</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of the status of the Company&#146;s non-vested employee stock options during the three months ended September 30, 2014 is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Options</font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Grant-Date</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;Fair Value</p></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Non-vested at July 1, 2014</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">26,250</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Vested</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Forfeited</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Non-vested at September 30, 2014</font></td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">26,250</font></td> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.69</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> 688000 466000 -3000 -39000 1000 49000 -234000 -62000 -55000 -52000 -413000 18000 -42000 11000 -102000 -75000 728000 -5000 -77000 -3000 6000 2000 15000 33000 24000 55000 -51000 8000 484000 623000 38000 19000 -197000 -467000 271000 -950000 169000 261000 -440000 689000 -472000 171000 3711000 4001000 2938000 2157000 290000 -781000 91000 18000 53000 66000 -796000 -33000 -252000 113000 -1048000 80000 -1425000 160000 299000 -134000 1879000 1931000 15000 46000 47000 171000 131000 1662000 1738000 2178000 1797000 5752000 6296000 32000 34000 853000 340000 2109000 2873000 7930000 8093000 32000 43000 3140000 3047000 387000 -106000 67000 -46000 454000 -152000 155000 -18000 208000 46000 53000 64000 118000 56000 -10000 26000 18478000 16821000 2140000 1969000 1823000 1753000 12522000 11188000 1540000 1478000 453000 433000 13559000 13659000 244000 287000 389000 351000 7875000 7644000 101000 92000 3711000 4001000 8271000 8274000 197000 169000 296000 250000 3084000 2660000 1578000 1905000 11315000 10802000 3044000 2528000 38000 32000 333000 292000 475000 394000 32037000 30480000 1736000 1484000 18986000 18194000 2771000 1716000 2246000 2505000 3087000 3091000 10882000 10882000 975000 385000 3783000 4618000 2758000 3049000 P1Y2M9D P2Y2M9D 1250000 5900000 8000000 346000 Fabrication Services is a discontinued operation. EX-101.SCH 6 trt-20150930.xsd 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - NEW ACCOUNTING PRONOUNCEMENTS link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - INVENTORIES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - ASSETS HELD FOR SALE link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - INVESTMENTS link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - INVESTMENT PROPERTIES link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - OTHER ASSETS link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - LINES OF CREDIT link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - ACCRUED EXPENSES link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - WARRANTY ACCRUAL link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - BANK LOANS PAYABLE link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - BUSINESS SEGMENTS link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - OTHER INCOME link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - INCOME TAX link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - EARNINGS PER SHARE link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - STOCK OPTIONS link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - SUBSEQUENT EVENT link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Policies) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - INVENTORIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - INVESTMENT PROPERTIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - OTHER ASSETS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - LINES OF CREDIT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - ACCRUED EXPENSES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - WARRANTY ACCRUAL (Tables) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - BANK LOANS PAYABLE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - BUSINESS SEGMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - OTHER INCOME (Tables) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Tables) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - EARNINGS PER SHARE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - STOCK OPTIONS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - INVENTORIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - INVENTORIES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - ASSETS HELD FOR SALE (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - INVESTMENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - INVESTMENT PROPERTIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - INVESTMENT PROPERTIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - OTHER ASSETS - Other assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - LINES OF CREDIT (Details) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - LINES OF CREDIT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000060 - Disclosure - ACCRUED EXPENSES (Details) link:presentationLink link:calculationLink link:definitionLink 00000061 - Disclosure - WARRANTY ACCRUAL (Details) link:presentationLink link:calculationLink link:definitionLink 00000062 - Disclosure - WARRANTY ACCRUAL (Details Narratives) link:presentationLink link:calculationLink link:definitionLink 00000063 - Disclosure - BANK LOANS PAYABLE (Details) link:presentationLink link:calculationLink link:definitionLink 00000064 - Disclosure - BANK LOANS PAYABLE (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000065 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000066 - Disclosure - BUSINESS SEGMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000067 - Disclosure - BUSINESS SEGMENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000068 - Disclosure - OTHER INCOME (Details) link:presentationLink link:calculationLink link:definitionLink 00000069 - Disclosure - OTHER INCOME (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000070 - Disclosure - INCOME TAX (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000071 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details) link:presentationLink link:calculationLink link:definitionLink 00000072 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000073 - Disclosure - EARNINGS PER SHARE (Details) link:presentationLink link:calculationLink link:definitionLink 00000074 - Disclosure - EARNINGS PER SHARE (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000075 - Disclosure - STOCK OPTIONS (Details) link:presentationLink link:calculationLink link:definitionLink 00000076 - Disclosure - STOCK OPTIONS (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000077 - Disclosure - STOCK OPTIONS (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000078 - Disclosure - STOCK OPTIONS (Details 3) link:presentationLink link:calculationLink link:definitionLink 00000079 - Disclosure - STOCK OPTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000080 - Disclosure - SUBSEQUENT EVENT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 trt-20150930_cal.xml EX-101.DEF 8 trt-20150930_def.xml EX-101.LAB 9 trt-20150930_lab.xml Express Test Corporation (Dormant) ScheduleOfEquityMethodInvestmentEquityMethodInvesteeName [Axis] Trio-Tech Reliability Services (Dormant) KTS Incorporated, dba Universal Systems (Dormant) European Electronic Test Centre (Operation ceased on November 1, 2005) Trio-Tech International Pte. Ltd Universal (Far East) Pte. Ltd Trio-Tech International (Thailand) Co. Ltd Trio-Tech (Bangkok) Co. Ltd. (49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.) Trio-Tech (Malaysia) Sdn. Bhd. (55% owned by Trio-Tech International Pte. Ltd.) Trio-Tech (Kuala Lumpur) Sdn. Bhd. (100% owned by Trio-Tech Malaysia Sdn. Bhd.) Prestal Enterprise Sdn. Bhd. (76% owned by Trio-Tech International Pte. Ltd.) Trio-Tech (Suzhou) Co. Ltd. Trio-Tech (Shanghai) Co. Ltd. Trio-Tech (Chongqing) Co. Ltd. SHI International Pte. Ltd. SHI International Pte. Ltd. (55% owned by Trio-Tech International Pte. Ltd.) PT SHI Indonesia (100% owned by SHI International Pte. Ltd) Trio-Tech (Tianjin) Co. Ltd. Maximum Member Range [Axis] MinimumMember Building and improvements PropertyPlantAndEquipmentByType [Axis] Malaysia US [Member] Purchase Commitment, Excluding Long-term Commitment [Axis] Jia Sheng Jun Zhou Zhi [Member] Geographical [Axis] Yuan RMB Currency [Axis] Manufacturing [Member] Business Segments [Axis] Testing Services [Member] Distribution [Member] RealEstate [Member] Fabrication Services [Member] CorporateAndUnallocated [Member] Jiang Huai [Member] Tianjin [Member] Penang [Member] Employee 2007 [Member] ESOP [Axis] Director 2007 [Member] TianjnUS [Member] Noncontrolling Interest Equity Components [Axis] MaoYe [Member] Fu Li [Member] Bank Note [Member] Debt Instrument [Axis] NotesPayableOtherPayablesMember 2007 Employee Plan [Member] Plan Name [Axis] 2007 Directors Equity Incentive Plan [Member] TrioTech Malaysia Sdn Bhd Credit Facility [Member] Credit Facility [Axis] TrioTech Intl Credit Facility [Member] TrioTech Tianjin Credit Facility [Member] Maximum [Member] Malaysia [Member] Ringgit RM Inter Segment [Member] Jun Zhou Zhi Ye [Member] Property, Plant and Equipment [Member] Long Lived Assets Held-for-sale by Asset Type [Axis] Controlling Interest 2 [Member] Other Ownership Interests Name [Axis] Controlling Interest 3 [Member] Controlling Interest 1 [Member] ZhuShu [Member] Penang-Malaysia [Member] Penang-Malaysia RM [Member] China [Member] Common Stock Additional Paid-In Capital Accumulated Retained Earnings Accumulated Other Comprehensive Income Scenario, Previous Payment [Member] Scenario [Axis] Adjusted [Member] Non-Controlling Interest Defined Contribution Plan Name [Axis] Weighted Average [Member] Accounts Receivable Financing Facility [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term deposits Trade accounts receivable, less allowance for doubtful accounts of $303 and $313 Other receivables Loans receivable from property development projects - short term Inventories, less provision for obsolete inventory of $685 and $764 Prepaid expenses and other current assets Assets held for sale Total current assets NON-CURRENT ASSETS Deferred tax asset Investments Investment properties, net Property, plant and equipment, net Loans receivable from property development projects - long term Other assets Restricted term deposits Total non-current assets TOTAL ASSETS LIABILITIES CURRENT LIABILITIES: Lines of credit Accounts payable Accrued expenses Income taxes payable Current portion of bank loans payable Current portion of capital leases Total current liabilities NON-CURRENT LIABILITIES: Bank loans payable, net of current portion Capital leases, net of current portion Deferred tax liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES COMMITMENT AND CONTINGENCIES EQUITY TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY: Common stock, no par value, 15,000,000 shares authorized; 3,513,055 shares issued and outstanding as at September 30, 2015, and June 30, 2015 Paid-in capital Accumulated retained earnings Accumulated other comprehensive gain-translation adjustments Total Trio-Tech International shareholders' equity Non-controlling interest TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Allowance for doubtful accounts Provision for obsolete inventory Common stock, Authorized Common stock, Issued Common stock, outstanding Income Statement [Abstract] Revenue Manufacturing Testing services Distribution Others Total Cost of Sales Cost of manufactured products sold Cost of testing services rendered Cost of distribution Others Total Gross Margin Operating Expenses General and administrative Selling Research and development Impairment loss of property, plant and equipment Total operating expenses Income / (Loss) from Operations Other Income / (Expenses) Interest expenses Other income, net Total other income / (expenses) Income / (Loss) from Continuing Operations before Income Taxes Income Tax (Expenses) / Benefits Income / (loss) from continuing operations before non-controlling interest, net of tax Other Operating Activities Equity in earnings of unconsolidated joint venture, net of tax Discontinued Operations (Note 18) (Loss) / income from discontinued operations, net of tax NET INCOME / (LOSS) Less: net income attributable to the non-controlling interest Net Income / (Loss) Attributable to Trio-Tech International Common Shareholder Amounts Attributable to Trio-Tech International Common Shareholders: Income / (loss) from continuing operations, net of tax (Loss) / income from discontinued operations, net of tax Net Income / (Loss) Attributable to Trio-Tech International Common Shareholders Basic and Diluted Earnings / (Loss) per Share: Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International Basic and Diluted Earnings / (Loss) per Share from Net Income / (Loss) Attributable to Trio-Tech International Weighted average number of common shares outstanding Basic Dilutive effect of stock options Number of shares used to compute earnings per share diluted Comprehensive Income / (Loss) Attributable to Trio-Tech International Common Shareholders: Net income / (loss) Foreign currency translation, net of tax Comprehensive (Loss) / Income Less: comprehensive (loss) / income attributable to the non-controlling interest Comprehensive Loss Attributable to Trio-Tech International Common Shareholders Statement [Table] Statement [Line Items] Beginning Balance, Amount Beginning Balance, No. of Shares Stock option expenses Net income Translation adjustment Contributions to capital payable to forgiveness Stock options exercised, amount Stock options exercised, No. of Shares Ending Balance, Amount Ending Balance, No. of Shares Statement of Cash Flows [Abstract] Cash Flow from Operating Activities Adjustments to reconcile net income / (loss) to net cash flow provided by operating activities Depreciation and amortization Stock compensation Inventory (reversal) / provision Bad debt provision / (reversal) Accrued interest expense, net accrued interest income Impairment loss of property, plant and equipment Write-off of property, plant and equipment Warranty (recovery) / expense, net Deferred tax provision Changes in operating assets and liabilities Trade accounts receivable Other receivables Other assets Inventories Prepaid expenses and other current assets Accounts payable and accrued expenses Income taxes payable Other non-current liabilities Net Cash Provided by Operating Activities Cash Flow from Investing Activities Proceeds from maturing of unrestricted term deposits and short-term deposits Additions to property, plant and equipment Proceeds from disposal of plant, property, and equipment Net Cash used in Investing Activities Cash Flow from Financing Activities Proceeds from / (repayments on) lines of credit Repayment of bank loans and capital leases Net cash Used in Financing Activities Effect of Changes in Exchange Rate NET INCREASE / (DECREASE) IN CASH CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS, END OF PERIOD Supplementary Information of Cash Flows Cash paid during the period for Interest Cash paid during the period for Income taxes Non-Cash Transactions Capital lease of property, plant and equipment Notes to Financial Statements ORGANIZATION AND BASIS OF PRESENTATION NEW ACCOUNTING PRONOUNCEMENTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) INVENTORIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) Assets Held For Sale ASSETS HELD FOR SALE INVESTMENT (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) INVESTMENT PROPERTIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] OTHER ASSETS LINES OF CREDIT (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) Accrued Expenses ACCRUED EXPENSES WARRANTY ACCRUAL (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) BANK LOANS PAYABLE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) COMMITMENTS AND CONTINGENCIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) BUSINESS SEGMENTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) Other Income and Expenses [Abstract] OTHER INCOME INCOME TAX DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) EARNINGS PER SHARE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) STOCK OPTIONS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) Subsequent Events [Abstract] SUBSEQUENT EVENT Organization And Basis Of Presentation Policies Basis of Presentation New Accounting Pronouncements Organization And Basis Of Presentation Tables Subsidiaries Accounts Receivable And Allowance For Doubtful Accounts Tables Changes in the allowance for doubtful accounts Loan Receivable From Property Development Projects Tables Companys loans receivable from property development projects Inventories Tables Inventories Changes in provision for obsolete inventory Investment Properties Tables Companys investment in the property based on the exchange rate Other assets Lines Of Credit Tables Lines of credit Accrued Expenses Tables Accrued expenses Warranty Accrual Tables Warranty liability Bank Loans Payable Tables Bank loans payable Future minimum payments Business Segments Tables BUSINESS SEGMENTS Other income Discontinued Operation And Corresponding Restructuring Plan Tables Loss / income from discontinued operations Earnings Per Share Tables Reconciliation of the weighted average shares Fair value weighted average assumptions Option activities Company's non-vested employee stock options Investment, Name [Axis] Ownership Accounting Policies [Abstract] Date of incorporation State of incorporation Beginning Additions charged to expenses Recovered/write-Off Currency translation effect Ending Real Estate Property Ownership [Axis] Short-term loan receivables Short-term Less: allowance for impairment Less: allowance for doubtful receivables Short-term loan receivables, net Long-term loan receivables Long-term Less: transfer – down-payment for purchase of property Long-term loan receivables, net Short-term Loan income receivable Long-term Loan income receivable Other income Impairment charge Allowance for doubtful deemed interest receivables Raw materials Work in progress Finished goods Less: provision for obsolete inventory Currency translation effect Inventory net Beginning Additions charged to expenses Usage - disposition Currency translation effect Ending Assets held for sale, net bok value Net investment Fee agreement Cash offset Received Uncollected fee Investment reduced Carrying value of investment Acquisition percentage Agreement purchase price, cash consideration Recorded value of disposed investment Installment payment amount Installment payment amount outstanding Receipt of outstanding debt Long term loan receivable Interest receivable Cash consideration for disposal of joint venture Total disposal of joint venture amount Investment Amount Currency translation Gross investment in rental property Accumulated depreciation on rental property Reclassified as Assets held for sale Net investment in property Rental agreement term Rental increase Rental income Monthly rental Factory reclassified to investment property Depreciation expenses Down payment for purchase of investment properties Down payment for purchase of property, plant and equipment Deposit for rental and utilities Currency translation effect Ending balance Type of facility Interest rate Credit limitation Unused credit Effective interest rate LOC start date Payroll and related costs Commissions Customer deposits Legal and audit Sales tax Utilities Warranty Accrued purchase of materials and property, plant and equipment Provision for re-instatement Other accrued expenses Currency translation effect Total Beginning Additions charged to cost and expenses Utilization / reversal Currency translation effect Ending Product warranty term Bank loan payable Current portion Long term portion of bank loans payable Bank prime rate Loan collatoral 2016 2017 2018 2019 2020 2020 Thereafter Total obligations and commitments Capital commitments for the purchase of equipment and other related infrastructure costs Segments [Axis] Net revenue Operating Income (Loss) Total assets Depreciation and amortization Capital expenditures Other income Net revenue Other Income Details Investment income deemed interest income Interest income Other rental income Exchange gain / (loss) Allowance for doubtful deemed interest receivables Other miscellaneous income Total Other investment income Allowance for doubtful interest receivables Income Tax Disclosure [Abstract] Income tax expense Revenue Cost of sales Gross margin Operating expenses General and administrative Selling Impairment loss of property, plant and equipment Total Income from discontinued operation Other (charges) / income Net (loss) / income from discontinued operation Less: net (income) / loss attributable to the non-controlling interest General and administrative expenses, discontinued operations Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax (Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax Net income / (loss) attributable to Trio-Tech International common shareholders Basic and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International Weighted average number of common shares outstanding - basic Number of shares used to compute earnings per share - diluted Options outstanding Exercise Price Expected volatility Risk-free interest rate Expected life (years) Summary of option activities under the 2007 Employee Plan Outstanding at beginning of period Granted, Options Exercised, Options Forfeited or expired, Options Options outstanding Exercisable at end of period Outstanding at beginning of period, Weighted- Average Exercise Price Granted, Weighted- Average Exercise Price Exercised, Weighted- Average Exercise Price Forfeited or expired, Weighted- Average Exercise Price Outstanding at end of period, Weighted- Average Exercise Price Exercisable at end of period, Weighted- Average Exercise Price Outstanding at beginning of period, Weighted - Average Remaining Contractual Term (Years) Outstanding at end of period, Weighted - Average Remaining Contractual Term (Years) Exercisable at end of period, Weighted - Average Remaining Contractual Term (Years) Outstanding at beginning of period Granted, Aggregate Intrinsic Value Exercised, Aggregate Intrinsic Value Forfeited or expired, Aggregate Intrinsic Value Outstanding at end of period Exercisable at end of period, Aggregate Intrinsic Value Non-vested at beginning of period, Options Granted, Options Vested, Options Forfeited, Options Non-vested at end of period, Options Non-vested at beginning of period, Weighted-Average Grant-Date Fair Value Granted, Options, Weighted-Average Grant-Date Fair Value Vested, Options, Weighted-Average Grant-Date Fair Value Forfeited, Options, Weighted-Average Grant-Date Fair Value Non-vested at end of period, Options , Weighted-Average Grant-Date Fair Value Summary of option activities under the 2007 Directors Equity Incentive Plan Exercised, Weighted- Average Exercise Price Aggregate Intrinsic Value Exercised, Aggregate Intrinsic Value EmployeeStockOwnershipPlanESPODisclosuresByPlanAxis [Axis] Shares authorized Options granted Exercised during period Stock-based compensation expense Weighted average contractual term, nonvested Unamortized stock-based compensation Vested stock options Weighted-average exercise price, vested options Weighted average contractual term Fair value of stock options, vested Option grant Fair value of options granted Option grant share price AccruedInterestExpenseNetOfInterestIncome Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. DiscontinuedOperationAndCorrespondingRestructuringPlanTextBlock Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. InvestmentInProceedsFromMaturingOfUnrestrictedAndRestrictedTermDepositsNet InvestmentPropertyInChinaTextBlock Custom Element. Custom Element. Custom Element. Custom Element LoanReceivableFromPropertyDevelopmentProjectsTextBlock Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. RepaymentOfBankLoansAndCapitalLeases Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity Attributable to Parent Liabilities and Equity Revenue, Net Other Cost of Operating Revenue Cost of Goods and Services Sold Gross Profit Operating Expenses [Default Label] Interest Expense Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Other Comprehensive Income (Loss), Tax Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Issued Goodwill and Intangible Asset Impairment Increase (Decrease) in Other Receivables Increase (Decrease) in Other Operating Assets Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Income Taxes Payable Increase (Decrease) in Other Noncurrent Liabilities Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Repayments of Lines of Credit RepaymentOfBankLoansAndCapitalLeases Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, at Carrying Value Schedule of Inventory, Current [Table Text Block] Schedule of Other Assets [Table Text Block] Schedule of Line of Credit Facilities [Table Text Block] Schedule of Accrued Liabilities [Table Text Block] Allowance for Doubtful Accounts Receivable Earnest Money Deposits Other Nonrecurring Income Inventory Valuation Reserves InventoryCurrencyTranslationEffect Inventory Recall Expense CurrencyTranslationEffect CurrencyTranslationEffectOtherAssets AccuredCurrencyTranslationEffect Product Warranty Accrual Product Warranty Accrual, Currency Translation, Increase (Decrease) Long-term Debt, Maturities, Repayments of Principal in Year Five Other Commitment Depreciation, Depletion and Amortization, Nonproduction Other Income Tax Expense (Benefit), Continuing Operations Revenues Provision for Doubtful Accounts Other Income Disposal Group, Including Discontinued Operation, Revenue Disposal Group, Including Discontinued Operation, General and Administrative Expense SellingDiscontinuedOperationsExpenses Restructuring Costs and Asset Impairment Charges IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest1 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value EX-101.PRE 10 trt-20150930_pre.xml XML 11 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
WARRANTY ACCRUAL (Tables)
 3 Months Ended
Sep. 30, 2015
Warranty Accrual Tables  
Warranty liability
   Sept. 30,
 2015
(Unaudited)		  June 30,
 2015
Beginning  $103   $60 
Additions charged to cost and expenses   12    114 
Utilization / reversal   (15)   (65)
Currency translation effect   (5)   (6)
Ending  $95   $103 
XML 12 R54.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENTS (Details Narrative) - USD ($)
$ in Thousands
 1 Months Ended
May. 30, 2014
Oct. 02, 2013
Oct. 14, 2014
Jul. 02, 2014
Apr. 01, 2014
Mar. 31, 2014
Jan. 01, 2014
Jia Sheng Jun Zhou Zhi [Member]              
Net investment           $ 1,606  
Fee agreement           1,606  
Cash offset Received           803  
Investment reduced           22  
Carrying value of investment           $ 781  
Acquisition percentage           10.00%  
Installment payment amount outstanding     $ 325        
Long term loan receivable     814        
Jia Sheng Jun Zhou Zhi [Member] | Yuan RMB              
Net investment           $ 10,000  
Fee agreement           10,000  
Cash offset Received           5,000  
Uncollected fee           5,000  
Investment reduced           137  
Carrying value of investment           $ 4,863  
Acquisition percentage           10.00%  
Installment payment amount outstanding           $ 2,000  
Long term loan receivable     5,000        
Interest receivable     1,250        
Cash consideration for disposal of joint venture     5,900        
Total disposal of joint venture amount     $ 8,000        
ZhuShu [Member]              
Net investment   $ 1,634          
Agreement purchase price, cash consideration   1,307          
Installment payment amount   500          
ZhuShu [Member] | Yuan RMB              
Net investment   10,000          
Agreement purchase price, cash consideration   $ 8,000          
Installment payment amount outstanding $ 8,000     $ 500 $ 500   $ 500
Receipt of outstanding debt $ 100            
ZIP 13 0001415889-15-003728-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001415889-15-003728-xbrl.zip M4$L#!!0````(`(9)<$=Y"1+P'N$``)[O#``0`!P`=')T+3(P,34P.3,P+GAM M;%54"0`#.^1)5COD259U>`L``00E#@``!#D!``#L75MSVSBR?C]5YS_HN.H\ MRB9UL6-ODBWYEFCBVTI*=CTO4S`)2YA0@`8@'6M^_0*DJ"M)41(O((FIJ2F/ M2`+HKS\T&D"C\?&?[V.K]@8I0P1_.M*/M:,:Q`8Q$1Y^.OK>KW?Z5]WN4>V? MG__W?VK\GX__5Z_7;A&TS(O:-3'J7?Q*_E%[`&-X4?L",:3`)O0?M1_`Z\[+VQDVY.+DY-?OWX=8_(&?A'Z MDQT;)%YQ?>)0`\[+$LVJ#2@B-C1&M3ZOX_96+<`UL_J+X M[?\;U[HN_M, M&?ITM"3GK^8QH<.3AJ;I)_^YO^L;(S@&=829#;`!C_RO+(1_!GVGGY^?G[A/ M_51?ZK M)EQ[CT'C>$C>3O@#_K[>JFMZO:G[KU/X&MKDTQ/^U'\1,=)JZ&=1\GEO^!\X MK#X$8#+_X!6P%_?EV0/1F/9J8_@32BS(`K]QGP1\A`G&SCBX7:9-3^SI!)[P ME^K\+4B1,?]N^T>K'_`VB)^#6^<^"6B=01QLTVFP2F8/Q6?-M<\<2KEE"?MN M]C1`GX/>8/Z-/>NRO-^/W:9IYTWMR.^*@KX7S.TD/?A:2G(X;&$XNS^,0OR>N9!L$V?+=KR/QT=$O)V&O;&6^>33Q<3NN+ MZN>?06PC>SK_=?X[,L635P1IS6TD7%&6C\15]]O19V$DSIH-K7'Z\63]XT5U M)X'US6J;<$43<[,5O,=26QBWSPMQ_)(6SS8^X^;8_V@F]Z)Z<^43__>5!O@_ MSB`-Q[G#'E_=.G2]KIT7#%O/'MJ?%P+,JY@]21BD(A)P!:05)J4%TGG103K/ M"*0_#(?99/S'S?N$0L8&D-E7A$X(]^JX^W9-Z)C7?`_'+Y#FAN?"D,'A&"X! M,7]D\L:\3RQDH%E;:R;B;WH>[FRHOA"^E.E8\/'UYB^'-_P>VB-B=O$;EUD4 MN_DKA,*KZ[PC=O29CTD7,4#Z>!+8GF593H*%*2)KA#\]X(-S#UH(O""+-[P/ MZ1LR(%/46:%.7*2JQ9]O@WZ73SV]K@1-\P5\QTA,38'5GW(0QTSQQ^-/7*2J MQ9\;AY()!/C&@H9-"4:&:YNY"!0JYLP&K:T858LSOB7N\A"""^.1R).V<\ M<:ABRAI3(O"I%E>>*`<(6#=B,)Y0Q*"BRC)5(N&I%E-\^]IW_AX11SDH`4// M!C059+()CC59,G5B.#A7P@/%4T":!*$3K5XTO_:5(``_A-A-4H%C%*; MV)25([.`T/9J0*C+EWOPCL;.N!S4OO?+H=TGAQHC MP.`5&8^1Y_&]&Y8C#@'>$3SDWO]X\6CA]*W#D"\)4C])T*IKS7I3]TGP&P+] M$<3#WQS\^X@XOX^0)^X?_EFF/ZX>GHO.#'&$$8KOOT`RI&`R0@:P%@P(PV`[ M$W9IQ-4,4*]>']X+#F^.C)NQ(8?)!79>@6$[E/?.6 M3++8?./&%2&-(%R*]K$I M!-8-$QA7@B[SN=&:V(HP<0ES"UXH=RA%7ZO?G4`*IG^0]=IEJ55MB%F;A_% MEKS9(G&&HM7@$"_PH7I+P"N"5V#=-X?MIB>(0>G6>H/9M"QJ6;>3(IR3F_'$ M(E,(&UPAQ=:WFVQB)DW?)L;/QU\84C9"DR<+X)O^T^,U8H9%F$,ANYR*'Y>R M5&S`H#R6.`E0%'OD8(\\TYQK1*%A$UIQ2FS"H`Q*#(.BV",)>W(.?!#;)B&+((BMXZ=]78W%\(JC@2S\6T(7L" M4_!BP0&Y!/AG26)4K^&+W>5N&746I_H63F6(T&7U*$-GFTKYLB@_A\GE`H=' M>P3I[.^*42!`]`I;`44$>8B0Z_:(NXLH%F4XG.XI#K%G6`Y""$D6Z9T6?F6H MP,J3W#,L@WEK>UUL"`#>8%DYM+R+'BZSHM$.,1F*.GE2)]^`8,4!^3B0F5>J M@L++V-&W;[7TX!NQWD0":`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`Z*V(DNEZNVWBBO70"7-BY%Y\8J,QP2[AS!*1A;O M:FAQLH1@N)%T<4-N19V#J:.?-YMG6ONL(A3JF"82!Y:`]020V<578()L8"DZ M)4JGLT9%Z-2#-D`8FC>`8H2'*@ULTCRJ&)\ZAN&,'8N_:[KIA<5[%(Y$:6^P MBPTR5DY3!,6B+L133I,,3I-\.4CVH8YKE72M61$*R>LTE8M.%:.5A,Y3.?E4 M,5X5PXF2CVHAB6V4XY23XY33%L06LZ*?5T3_4GD]LG*A8IR0PV61G0P5(X6T M_D;.:=&4XR"%XY!Y>D[E.$CK.,C#A8IQ0D;'018RM+6*D*`@CD)ZO-B>F%X= MCU&K4'XV*>5,2N9,MC(8,];U'NE,580#LCJ4>?`AV)&J"!&D\R)SL0AQO:B* MD*((7F4>/'D@6+Q%B67QOM+E[U/(2G*%3$QJ1$%0#3;DIFBY00J8B+6\%>*" M`7;X9*:59ESB@HP%Q':5C)EO,ZE;P`IU"YAL_%"W@*E;P'(]S-F#;\1ZXW[7 M%85\_GX+#&1Q01HS>OHTOD<8C9UQ.8S:JJB+U_D\H@TB5]BUSXS(RK5/C7S,N?P[' M%<$S60W./8MCUE=$N!#C[_UR&*$X?)H+6U9%AV^<+W(X8N<5&+9#N5TNF>8O M'88P9*SO%<>6\SEN2)WK\"-?*,!VY@P@LSEZ?4C?D`'+%MD8SIU`N15[=F3/ M-6(V12^."!2N#'4VA5:\B9W#"R+&"*2O3),BI1?L2G6'1QJPB7!G#OK M'5DU6\IQV,E7]6JJ4T&E*W=3`GK@Y=$6F/`ZU.[\2F7'*018AR0,8K_$E0F#%GC@9)!5C\F-,]NDBE;&04O6Y M>)SS/0<*#9M0YJ59[6)#2/(&RTH&;\MAF\QJ\(@:/!1U)*).3J.(XH"T',@@ M;8RN+9(4B+_;ZWQH<`650__7\%7<1W`EDHS/MJG#*;$0.]<19*:@W4:0F293 M'4$46^1@RTIDVXK:4QDTFG6]4=<^E$_M0ILWXXE%IA"ZTXO'7QA2-D(3H?6; M_M/C-6*&19A#(;MT$Q5+2H.9BE(>-T*3V_@@+K`HUYKG0439!&<[44JS$"M? MEIWMD^I-A2G>YL\DF>?5BCT2LB?S:57H\+CI*LR'QW]#-!S9T.R\00J&!8\A MS=R?.G"8#`1?#9=[KD%7W.#E/Q\HY'"IV",)>[+?U&HO&93V$B5^'SG]D3,; M*"N4\')9[F3'/GGR7:[;J/8^-JJ=XVAW#\ASP=VTF'1YM?'8"J9\761*^*(9.,HL'Y?CN&01QLLQXT('H#+Q:\11A@`^&AGYJ['*8M M+!]Y;`!RW=+)/`]T;%A*9<@R($DQ;5O&N:HC5LZ4P9+58$F^;+58;&C6F_J2 M6]8?03S\S<&_CXCS^PB5@SW;7;)`L?-=8A"*2760:XG8"+VEE"^?\EW%R*#\ M4CDTJ3&A\&Y,-HQ3JY@56<5<'W+[Q6[5_4L/JFRII.7J;EQ[<(LL2*]XQQP2.HU=47\,+/Y=K0MNP8A9:V65T/#D563>Y&BH,GL6L;]+J/ M]<'-U==:]V%PTWOH#+J/#YV[Y:I72PX0E(S'!+O^E3>N/3JV\&=-81V6V[$X M$*3SZH]JPN:Z#V;#8=7,BXKOE;.CA;/).R-Y#>T3,+GZ#S!8V73FV#;L`K;^X3W<2;R1/NI([E(UX2.N37::)[K"*X;$7T!8^R6I2G2 M@(]%`VB,>M!"X,7=B_$SHA9:KF^#?A<;?GY/TWP!WS'B\U@&K/Z4V7#,BBG7 MC4/)!`)\8_%^00E&ALM&,1S#8DKD,[#+7Z38[5%\JF##.]LLID!SHMUR=Q4P MN\BR!"IG,`+(XD[.%2F\7)<`#W^2GR60Y!Y88,H0Z)OX9P<>Z<\<2A!1?HB7L,-K!N1`>:4,3@;O*WL",G;_@2N023#DQEG7-,*+,5^F)1/39^`` M`?PGPAGS+WBJV:%4[&F),BZGBU>>P%3\U/D%J/DX$2\NK]IT1=84S)#Q`UA. M',ECI)^*G%KKS1ASZP1$R1NS'=.V16+6K@AFL9-E)K+"EK+NBR['+GEK58_? M)=5K)%I-O1IH)6D?&W'6N4N`6:+C<+L*1-N>_2YZX"T^L=:"FF[>N5?)9^5/ M%!EIN'M^;,W&9N+Q:2L5(*/DDPO60RR>@C6:K3L/N^&`GCF1L5A3)\@++6%=[$4+ MQ@8[(D!K?P.1]CI,)N(?RKO"@;#O-5TE%C]U#@A8W9AH\]KA\]FAUW3O<^_( MCR>MWWHSD?C/_)L79STA_U;NQO[\V[L/7;-M]>$V)O_V%A/E.)&\TK0R&;NP M[PCC*Y3Q@L6/S+W?>S`">";6`W%WF^'Z&/-%G#(0IS1N`:+;-KCBN:OZ\>EY M`NYJ@B(5".;-B'H%<](PMQ2;,X)9L3E.FY;F!;L!'?>,4/HSG-1EW'KP2`(9 M?[C$"IG,E4>5"8B9G#9[$%@W3*0ZX5/JCF$X8\<2IV&NX83[8\@5^@I0.N4N M7V*.FDHV0/ ML9^W%$+W7!3OKJEUL&-NFCY$"Q/4EM1EV(EOFM;4\I4AN;[#99%8%$FH-1_+ M(!W'SJ?TU'@^O8]NSW*Y2;0C/BVD:]WJ-<]/S>?F`:U+,!1IYZG`3GN8*4\- M4G=>XP*U=U!?U8`Z8!=_W6]H:N6$:(\0YDI!M%^4=]4@4ATM'HN2--H)+S5( M`U3B;D#1@'(WU^;1HE\H87&3ZJ85L9:?0*F&M&4C5H:1A?D))+.>M@9D%[MW M)29>Z718G)Z7F'@RZW#5O&1[7B"7IDL1,[R#!"*8P)<@?G:%$+>KG:P?O]K^ M[-%)/7(]3PD28:C(4CR&`_`NUA(Q@Y<0PU=DQUWAC8P*.3U;(5-(50>T:.>, MY_76Z3Y-VEO-WE3C\=731L>Q1X2BOV%@J%<"T2FG6D+=-ZS=,@"SMUDK'3#- MNMZH:Q\.`:95&&"VAKZNVM+21O@F(&:&\=ILIP&PX,?,LQ\W^@O/L_L5@'.8I&ER1V8#8P%I^?D68_4#L9\@K-L@0BR7` M96MVZ,*WW)(<>,UI8W6_)!,QLC_*%X?_^S)C[81_^RSCT->]F[(VO)6#XX!PNX]?KQAP+`= M8(DC1OH!T3^?G_1G7;]>@U<*J8J/=SCC!>P?[ANG"O@T@=_D>^BA/EU[5JHX M5!6[A76YID>[5WT@8^,S[P-K-<[5TE9=(+9$C=XL>"!UZ-MFUB%93AM'6NGJ7O^,<4L'.C;)EK97)96=M!W7$((9[JN M0#_TTJ`]F)[@)4')@G[I,(0A8QWC+PDPW68SW%@T. M1SXPXV=P0INEI%;[M31W>;>)J"4O8]\9CP&=/KXN\G`NXHB7?NOB'G0SOSX! M:B/(Q&9!1KET6!+IM^SM--*3]T![LF0X"IWI9T..7(%*)J]&PNEF MY8`HV=0C">=`E0LBB3-J9`E4*6_-SLE+3@#6_4.W4YUW%P_0Q"_/379Z5UQ` MI;[E]1!8#U@77*IV=<-93\&$Q@D32446.5!+,"@Q'T$.B*X,N*>B_(H_.#PS M1C!*)K!=(S8A#%A?*'$FO-V6(W8,^*]":(0=R(N$7DAK#[Y!O.=)ZNU\3Z8A M,5)$)-@0,3WG?/A"B,GZQ(J;YXF25V3?Q<\IEV^#$D#HB<() M0.8LT4@'F^YR3XA+AN)IJK5B*JC@3:LSV_2D/;N3TBYC[JO>;> MX.BML_F=1)$U'-J4[;CH+6VWIO@()D$2_4-CU?F*8$42)-#/VCO69_[IS-8[ M!\1+R1/84?>U%6LY@-8\DMV:D+P`.R_,:23G]NK^T06101!4(L'!(R?[US]TC`AIZX!HL;7I.G<$M@3\?V'IC6K`V/W+LB=`,N@.`H&\=*!4B$#"S)2]$9Y![W0(I)U?LW<'>M,:(9!]!T;=X3@O M`BBR**S7#IQM'UT'S[D/YH.EF0Z;KTCR#!);*HY;FP:]O8+S$+-(PN.-Y6?F M?%F"<)?C=XP]%[!"4$](D!"1;N##_UKUJBEMXFI8*:J,I( MRX].?G?E;P;XP(%V'HB6'4HBN$.0`[=_`L)3Z=P4)>!'Q['AI*]`,[=;4(4& M3UF%W!+_Y)K^9%M`#<@8A8OC3S["&R_[XJ70NB7$KN\8]KL'>EA$'"QM,19T M8_AAO5$U"PWL#6S*4^F8EP1!"32@@$/"0)*X"XBT]N&.J?H[<$<6/6D&_KYLMVK"C[(GQJIAQ,WF./7[W'-J M:9Q$XR)GVY:!BTG`,[#<>[X&'+U(,EG3$*0V6@`ZHF#B!E4J` MJBPR[8$*Z[<-4,C;._7E$_BUE@8?SI^^V1N&KY!C/U\$AL/*Z&HZ*@#"WTWK M]P_&5\N<,SL_'2;]?CP,H<\7`B+%2,NK01$@WF.NW8HM*!T_OS4;)3!$Z/.% M@$AQ67N5L!WI@,#B$U&[83/KF>6GQG22P)L[2Q0&)@5_S,89@>'9AN*I&]%` MXP$\,5NGY]\ME^#=Y:;.I6#8=,N4`E2*C(1I/P=0.S0-)#V7SSV!CQ<`H`#' ME`#`*`T%9J,"%`#/4]7UE!D+Z=1\=&APW$KYX2DA5`@'+(O!R>B6\?]^,$(J M[]I8A(R!A$T['#E,)]']R,D@/SS58I8C0S)J4HHBA@HFG?K*O1LC/XDQE5K- M!$YV$@YFZ<&1='YGSRWSY99M3%O+;VGZDU%8DX4^FV?-%!FDF=;\J!GLR_+& M8@O->:_.-5USMK<,WM`HK)&2'V38Y8X]F_HSACI"'QQ$&T"'4KG_C##8BKE4 M^%N!=,']P%6$BQ^$CT6F4;CLWY=A;7'9%_AOVK[LB;/OEY>&03T\!M2BB.*M M:8%.0Q#4#?S%V>[+MTY'[/W'RZM((G,&T*I"*Y4\'/#T1Y$>?"?&*[V<'[@1 M'45Z*=9AO]))SW[;/IA=U0FO#+ILOWA-^PU#*^5VC6NU74$VW+TG@8.$:LSA M*UDDK6XR;_5"JSS[5@0OV1_@3G58<"3T,<(2!UN4]R;#_9@G M07\,S(LY[0CB`)\_&DOIAGE/.,F$^F3<5\ MA]NS8EX3#5=V.+`Y&JX$S!LJY[G#IHVWYR5@WE`-ESOHW'A[7@+F)]+M@:SF M+X^Z]J3NW"C$GQ,_J;JZM37UVWV:HT;XG!&[9A'`@O1^T%3C-\W(/K]G/#XR MD$8ZV@U&U<+%=Q5#;=;V7Y_^X9/LTS_N#IR+A\>@6![()D<%['"[\,JW+ROO M'\H(*@1!(F.G*LR+]+],JVX_J8:[5$6Y8ZJHCFQANV_U,B%\`'4,+]TSZUF; MIVP3-9W%-)ZM$,9;;)R)+HNIQR:$5!L/ZHG-8>1R6DH'[X"<1-KLGTI.LC<0G]1#P,OTN6JB@DL.&8UJRV%YO;E);1%* MZ_E5JX7*]O?&)P2X5.6^KU?65XNM-7=MR\&+?L%$EAX.QX4@>&?X-]?XY\IT M_[G2_I'JN#$).\DY`:L0OU1F*-(9H"0L@'F?-1MD).8S%36/R+ID]KC'.#H3 M-GG!*'`T_P;H1J-K?+K1@-S#+?@\#M54X^FOKJIESBH91`N.4@!T%!P.79R. M3P?UU1E0?@\.E5,^3I5$]<8Q>/]R9PLR0'94I`Z%X")[#S+'8*QWJF7`Z?V3 M:;"MZ$-4A5L?!39NV%=#R-SN!>S\SIV3M?.C$4QD@A5)V M"T!5@.5.!E6NW$58TV*X:N8\RG3.28E`["D7K`<0Q:(V"4`<"]8,:G34C\FQ M3`EYH8$_I9P?]X`1A9BZ@+\]/$/A;72&@IS2@/.&*)9*BSZL5$-,5P!J/8-V M9XO/+F*0KB%C4B]\S#B/C+LZ!M!UHU;*R0$MM>*:!B=0:S`!Z6FIE9*WSI]: M?X%/./8'(U/A9PSA#EGD4V*P/QQ_>@S^AW:^R7MP&(.Z[\%[TUHRK>';D`J) M8CN!/:JOGRQ&@'YUK?E*%=,T;U1[=0-`:`LQMR].\PXO^[W+WD#Z??]I@S^-A>7[X<"$C.N66/CK_]?(NUN6"1N+T>XOZ*OHV7F0G&>7@Y[`>.!O-1+J:7'I/#[4((S]T2$FSW80/@*IQX%#>U%% MF`]L/WL+9_W.Y^[:U3'IZ)9M+%B'].8'6%Y3=9P(_&7Y437V38*3V'QEAIHR M$W$63M;(!5&5:%WE0RN2[5H[M,JYLJ=BDZ;B>4")S6J.63D7^_7?P=RAS=KO M8+@_DIGGRF[<)#W#U2>@<1:&(6'W#MCKJ\;MU]VG=-=T\#9Z(>$[;KK'R1W%"_I^G8>/.Y4'[.R:#. MTC2Q`B!/1X>K1N[>59;=BS:$.,+^^2+\@2Z+*?HN*OFN'93:XQUHDB"H$.:B M5NM((*?C^NCE5C\RWNAT8!^X2ND/AJ<"-(M6J1%],ZF506^:9+>/!&BC1*X" M]^@0S'1]&^\_?3'NX#55ER^6K8XO1:?<#"!4"74Z[K@<]GNGACJ/SK@<3D3K MO3H`?JA\^)2<;T:3Y*NIP++E@A;&AM>)3CY-=O5\"HIV%D-;`=( M-9H>!9QC\W(&!7,PSH`%)/9?F;Z`,_J]JK//IO-5M>`H?JO9&]-6];]8IKLY M7(!_@#$B88-,JU8"M`WRFF,G-"POS0H3T.'S`IW M,#TR'79N\[*M+1_L\4W M8\&L>\><_\YKUYA^6^O-S_R_*+Z]B.:BQ`>8A:WD(],497 MX?S1(\%<(U*E;O$P&M6"5#?J1G-4G5N.]ZX#C"I'LA!-C5#@WO#^<1+19C3#*RW;C0:\P2@NF_?+.<*A# MPEPTI@=)NP7WZ\LR]*NT/O"?^U?C&2_E_J^?TW_^`$#D$-[PBYO/:OKILG^^ M475M:5J&IB9"$_UVE@[P?N>ZW)<;PW[$GTBU7*E`IHAP]DX+Y&ZKIMA03OH) M`$6!_+NE(0\O#[:R3\4#LU$.P#T0*L"@A/[_Z:"`G\QG9FGQW>\R$_*R'RD& MS0I%%5@4(":&06+RGM\MEW#P_6(<$)[<5!SX09A,JY<*=N8(RV4@:2X7V'+3 M,<9D8.CI,\M_:=WOC\).5/"K.58\C'\?'CRXXG[B>%TA]R6;E,.\!Y=*,P%D MD&+#_86"@#V8X"OE-]H]H;*]3Z7]=II`X:27_&W,[++@G)6$;FZ4+BE)/9`_ MMF^5$B!*(\^3?F:(O+@B;?M\#BRY^*BICYJN.5J:61`'-B=NQ'KB,J4`E8)C MAKT<0"%5@S-S[IAFV#+PFIM`HX$ODXE?+P)"BBN]@!U(!8(@E>PK]F7Y"1ZR M-/C@M;%XKWUGB\PZ,>:2T6?D5(N5"&`*#AKUN6"FL,*11BLYP12[\,TI27'U([?#"=\O!D8*ZD22 M-U*"@?%F9+]WWS%6^*!^_ZINT7,K3)5AV&,ZL$XY8*7AH6$>L%!Z/[(G5<=R M97>A%3%SOGL3^F+6I=*X._W]2WGQ+0J7,4O.@2BZ]Q'W/.'SQ:#(G'^2$@HA M-L07-^9ZK=EHXXI29#R(D\WX1#1)4M#UI//W#P%2*5?9] M2J-'@"C*-'T*N&+/YAO5>/W MHA[&S7\4Z4=2YF(_7P2&%%9E MMD.+%##(GC9KS2D44AN,1Y'D^O"'\ZV;XF36CV08'%A7$@7[4']20?\5^?]P=4T=ENR0E`Q)FD._)/AJ3'Y M8!1'8SK.BX6_>G$43#?E++'89C*Y-\)?O4H44NS")&I#3H'"P\IB!43[JN`V MT/*5(I%B(\;QENO82+R8^?=A5G0?7LP*$4ASLU%T#PHB\!F@?GAA^C/[!"BL M\E\B#2/%@H6@.`9*>5S,$E$*UHY@3'EM6H[V[RS)C/_ZY!T8M'0E5Y$.67M` MJ`#:!V9C(S=96\!W3-.Y[/4N)T>AXHW(I\5.N=\,5=?-.38?.M6N'N#Z MV;'$-'-UW&1P+('<6W&<4>T=32KV`)U#^XTC10$G@?OH2C`.%O&INBK#/>3+ MI1.G1R&J@+!4U5@P$6D(Q]O(G6%L+D_!=*)A;Q3-P\ZW3$:&'(Z'Q99-I:.' M\'_C4K#+JV_'DWY<&7%N`'+HSD$O6B]9$(;#>C`,P'045Y^:>_E<>F1VH,B_ M($R9-$?4CRA##G(S:+\W*JAGBEOW_FP46X2>&X:L'#J*3#G)NWP^XSR<]4K= M@5P"LZW97*6Z1BUWYT?!%?.PM, M^UR[/#"-TH'D]V3A[3L^FX8IVWI45%V6=!*8GB M_(UR.LU%@(I;*#\XF8F4!YPO\[F[48WYMLP.?(/(!6EDC3PP9&]L,TD%`^:Y MBLJDY;OO\Q6V/+C#@FBC;&;I!VJ4#JY8&+S,]`J6ZV4"CW[]2;/G3-=5@YFN M72+1+OVF64GKY(4E;ZND-+"$KNA+),>@%SYH[!/LDODCD@FS5\-YHX)@+>Q" M`\MK(',+T5W*-&PY(.C:X3X,/%D'HJ23DLJ;WA/@40MVPY@.9P.\:]@I"" MXO)?*H=ZXW`P*[1"YN5ST&0X2;_^88)]9=9;U=;FU`$L%X&^)G0>ZW5[LRQ; M%X*D`D0.DCH)D4O`9%01)OO-;8F;<_B47B)8Z4E]"*QWJF4`;9&DLG.=-B^5 M34-<&KM<;ICRF/:TGM&BL7GMCN%)@BVQ+6NP6A M.@Z>Z7;OD+I(V,!;37?AMSO[6*(<#/H'V2@)B@J0J$X6TB(1WVWWC%T_68Q6N5[CB2+AYF5X.>S_R^_D M?[]BQM/?7..?*]/]YRI'4\Y>K^='`/?!O MXW]P+H[Y[@X519>P[7O3XJV#OYJZ-M^^909;:F!\1$VLN#R6P4&\IL$:B2]+ MY+*LHX7B!]M\A<4/'/O+@?9X--BS8['CE6))T.U-SI("&;B@VQM73H)`!0KX M4G,4G2?V%EX`=_1_X']1<(/?VA/Y]E(O/IL."U=.[X9[$Q">#G?U26K8JD+N MZIR12]PYNH`4/Z=&,>CCUP;%Q/W+A>*H7R**7W6V>)(=!N_91L7L+GW++P79 M@O<@D,_<@$N&O0G!N#G>$)*R>#:^,VLXI:XXM*?'?_^>QZ8_5TT$?F(F_1Q[ M((FB(R)&.%ED!X%488G@@CF`F=0&F-%1@<'/KDQ]P2P;YPSM';AW*,UD&JEN MW?UX[N53W)!?32*SODM>/B!Y<9?LZ09L1JK62@1Q4A*(T\@U8E54W,?6L`L"9#M[^M%\90Z;6L\=FR/V` MI67(V?2T\*5DR,'H1!O,X1L?3F^J1K"S&/JC,F`4,-EK4=6_JMKB@R&F5*6; M9SP]#HQWS%$U@RWDG7@Z6S>H1A7N$'`^=]WC(F8$X9WXR_R2FDWV>^%=5WJU4L% M>U_=4Y:]/YBD4S)MZP=D]KX5-=_^@T;HV.0\8+Y[X^F9$9RC-1W4G?#3P4D@ MW:<63LN\F2#COF=OV`1SD0NQ)`3KMP5%(?YJF0!HFD3N5"[";+#3SUU\/MO" M91GY:(GSK!3HRK+NT3/OSA"#LFAW8.'IM/)-*ZS=2EPZR?8>'81=Z[._*N,H M&U/40.87G8IYI!03=P(0TEG;\:!?N6ZK@15*5TX4J:9+IL4-#VUHSRPP2.!Z M\9O+\Z4"M2&5C=CH]R+U8(5@JAS!:BSSY7#:)")4XP!<#JZN&D2$['7,_5$D M9MDX!,NS5:>%-J\+5`>HL[LD]8`ZG<^']J!)0E*I0W=::/-Z,_6`^CR@3^?\ M7D['T6&:)<@,E8J@*1<]]^P'4]P>OMW>,;H1^ZI:SA8SS-Z;UA.LAH/<2G$+ MK_QBE>P0'`>!4B\TC@1J;HUT*OC2\7^3N*4TA547>/,J6OHDSVR\I<:F7!M1 M1BK]3916OOO.+!R[O)!:2T27WWW'5KEZCWQV&6O9G`'.W7,Q@7Y8W%EMHC@3B`RS. MF^9C^7D_8RU8>BS_S%^>70X"/4U2`+33M-!Z4@W1UQ^,F6WJVD+V_/\*M$#, M\9]?E@(25;_'#LQ4S8D-;733!C(_`(YO=6"DM(&:/_\?W?EUH]C.5F=_^F$) M+_VB]'L;1WG0ULQ6/K,7Y'C[X?_H_ M_]$?_KH"-E!QK.`;Y46U%0U4M&BTO(!_*$O`&U:A2:O]J_$,6&[!+`67TM47 M6S&7]#,1"O]QH^K:TK0,3>V*A2:]7_V?8'U_B*NSTJS%Y08=!P+%9FL-:(J5 M?`"TP]N`*ZJQ4!Y=R[@$:&S100V^`8QN:?H6/F*9[M-*T1P;('I$R$U+8XB) M&+$1A+SD[B&XC=-V`L(`;1,=:%0`P@D(OO# MU3;(=@0//FIO;6!$6W%MOBT(U3K8J9T^*$D&GPC3$H`@LN%##$O;+=.@)CCK MC6D@>Q-M\*-+S0)R_>'"IL`VPX9LSC\:G_PTZ\* M*DNY(MH9T.WT)KR`V`4QO;2U?S..+CWSY<5@EKW2-K0B/B'?3+7\H%]L^8\F M[^"8N#K]:!6C=EK2%G\N*[2_*H_J_/9-QMPOL,$I+RM72?O)_5$/Y[&Y!,'VC M6!H#Q6W)RPK,5)$-\7T,.-3+FGM/1;?;N!:XD@/W.=ZZX5@-B6NQ,]N76?=0U<#<^6`S]J;H+3=*) MZ2OZDQ^=1;?1F^&YNO66#%]'7;R'T\,[.(R]">Q`S%'J/]MM.:5T7,CCTAMP MR?@N*DK=PK/[=_-T_"-9;8OR-N1"0^SO1[L,Q1>1B=/638L+)_DK\N,?9Y(<,Z;Y3[A=%5WJZ$4&RJ6?EB M/,["`F\"L%0IG0!5R<+YE1FJB"+>HW?W9%I^#*WN@AK@C__G`LS*1W>]<:TH MCQQ%<9:_-4?>C\(&[`)M1YS02/#];6F6UBN!4_&>R<&P-O+4QM)L=@H>G4Y> M/8\""3+K]5?$IP&->N_^>V6ZY*ETSN$XP/'I\)N@>G-I(TT=S#1#V" M8*5OW]<'A;/0PC08^K''89JP.[V'B5,Q3.E`)EZL2[XJGRYB2&3.4C85=L7F2'G[=6N!`%N5%PZ-`E,O_ID>O4:IU!K_`E+X[]N3R,BWE_O+_B[V$N]8!1Y`G;0G:`-B= MH+F'1KH+T=XT<%%=P:.2& M)^QR0F/RG[+`=N-6`/)SRX2U9FJ9C8,-U MQ<(<3HN+TMY])U`B>X^`ZLQAL;#$(BBR-\V-9B`LL,G`_RH?)]8A<%6O(L]6 M+A!AS\8B@H```ON[K#$4<E2246:XBQ?C_XO.&2WN& MG?UGTY>=&K]3?S5?L86KLR]+4,[7'N]_M4P#?IPS.3#I M!B,!S/Y@!)^1HG&JQ'O4'0#@@F\4[(0/'*:$&PO56MC*M\V",LD#^?C7]]_\ M9/LWM$D$77^D7-_?*`\@K7-ETIO\HMPBLX"*D#SK560H6,D0_F;@Q<#7E05^ M@CA'8=[;"Y&5[Q)PBFCJXK$+Z@5`BN>Z@Z("AY7XIHOF0U&5#2;\S/DCVPY] M.T*)^V_RHR2-_LKT^2"/DHFCJCM8B@%]#4_38/4!D&#.Q;L_)D:==@3WXXO2 M&,H/H.DCD0"1CGZ^J[Q3+=2UFXTN!J\KFDV*`AY8:P[((+<^ZL*DLB*"@B@/ MSPE2B3<\10'"2)I-#9E%CB_038FIO9C\:B<)_L:TJ0H!BS.D?C*7'`YO6G*C MO:OWU_=O%4S6U[P!%G"V>&+HLTN1`?PM]LP,%Y7TW'PR-.X9W`/-B<)@,CO< MH0'JOC7AI>`G@?FZ'O>%Q<[C=%]`.F&9ZX9YE_81M>I6<+N"%0Q/W+/XR_7U M5^(U@H5II.SIF(%"`)Q!58TJ?H!\,E[A1-)H`V/A=TR"WM^$"]9] MZJ*L@0(G5]7_!$"A>YT&Z%=O0F0C*%XT=!5=X%KPI)BPN#N;*OVA@.;P-P,$ M_DZ\_TDE2>^.@VJ,Z&M-VA).Y`-);VTM;<)#RY&KD@$>V&RMT/)AMQ8;= M`B1MQWL^9'GOW4='KGTYC(=6P#3N_XKV4[KCEP_;#>.;!7"**67R]\J-)&ND M,HET^'?AGX4()QDC2%G84U5Y4C52)CKV]1+J*,`]!$*(@Q3!/:1"I2.%9Q9O MLSDOJQXW2TX1+\;QEK]+PPFX&U\Q*=9"R_%5!VW9\0CQ3M8W)>PQO!W=8Y`0 M<`TT+)C9`X!X?=S#^(M\P?;WYB\@@\2PF'V$T%";]3=$`+)L7-,_W>!B$$Y@H;0.X;$D2<:@E#;?0;'"!5+WC1Q"0FT1D`/2M M#5H/12DH5NB<&7,Z(2Q$B$021#RV$%;[HVH[EQ^,R_=8S'CYQ17;(G6GHVIZ MZ&6PG=(EC.>!'C#!KJ`).?6*'3U7FD[&_C$LG<,[Z4A%%R]S:-Z#'P63%A#" M,,N@[[N-*@Y`W#*1U1`!?2LC17@(D(MY496N\O>5!CO(N"LM'&7<`L^'[@1] M7O++R&'6/7\Y\&[8WU;"OC8WW2?PMY4C^]I'\KJE(?.Y=QK08+,!:##_R,Z9 M-3"V6$;K;L!RHU/Q3C(U*:<;59_3@!)2*-=HB14^BA!(J5#'!.4"/P@$1BL/ M>@8^"L[WRTJ;KX#V:_.9QS>"C@WN-IS4V)-I:?]FPJWTK#O%F+C"6FFP8=9\ MM26NU7RH"0N^1N!Q8*J(9L#OH9(D'T(\A9#;*QY4Q#BF+'=&7EQH\/4=U4#^ M(\`!#X\$T,J$BA)`XTY%=Z="#$` M,?X*!PO0=%+/R%%4RE?@2VPU@23Z!"X,_/.CD$GLKB4JX)5;.%8MS!=#>0C> MO,3ZF8-)LI_)!\&DNU#MR]LJ#$CF*0XCZ!7O.!+J`."_FY5P')23\ M*'%\E6_`(A=X*&7V&WY2E:=2*]@WXI$M,5M$AGIDV%)5%A+7P"V3%+9'NH?! MRGSX%,JA):2+SFK\SD79<,+MUS.3!#V3395D]M\.B[M'D4SB[F,9H!1&0^&% MJ#*2)BGV4L)7301(];KDD/\F_?C7I4L&0?>M#[KDVG]0L'OHTH8;*4/5M[;& M33LRI0QNP.'5(L<%UF=T%XFG-WZ,#'S$CW8L*0[XI`;N"FP77`%X2;H,&U\] MX9&0_Y;`\-L(S/T&#S87%1LO'.&#_-Y)X5$S`L%_X'-8T+U>I%(V6GV4B@2_Y(:0;3$;$??^JA>@RJ?H/P7`@1L=D0WI527 MX=T,S2-TV(*'O0!A`.89)NN(J[F]6V'EL''D*L"#\G8"B[CKKWH-BK+(*8<3WSE&2'U,BE<*]CN!I^TJ0F;P$U>O:JV5#B[.Y.Y?3`$$+B-Y*.C("/M7MPE'':V&PA>1L>9R%$ M[A&UXUOP4T'HG@.]!Z'62?#B%&DHWP1]=K$05Z0I#4KK7IX@,#BZ[(\#FK$W MOAS1I5T@F0L(\#YTY^QG_#%_;.M@A$3:`!?+4 M@AL%0&SP!D[XCL@N&$Y"5GA9,8QBR:.11&%KHK-&)\(F[G`AK2N*9M6*A;O=NWE:A$8@4A:%ZP&'HW1 M/'7VIB_R-%'_(,U5-.=^3Q1]W1%$0Z$[3`FU#.2+9I8Q2'1`<-!&HJ*0+OM< ML\"?0J+-$6H4OC#BCRJ>'E"B_70G^,4%@QG(_@P_K(YJH+9DQS\&Y) M!4?97HFH[Q(01C[$(EB^`NIP'CN4;2RE=:1_\\M>_+4\2F@([XUK6<+TD2>@ M@X?/+8VGO3@'Y.4OY2!O\:NQ6.;B*CX=@YG6/OY20KP5E%ROC:J',%J)1'[G M`>5`4B@YU8'$4W)`4"8U[H%Z@>G@X1%8UITC4-C4!Y$3IL=!!TWL'B;G&13$ M"D:8O?P9_.2:YFHM\Z9`[,>'6+G1\"Z>J>?8Y>)T?2`G?O=D/Q^=CM0Z92TJ"\TYC!`=/ MU:5C66DW>IG,-3>ZS;S1\Y8HIW0HY`03P-$T.N3KSZ9,>YL%D]K`PB8;;R5@ MN-/89RH:D'\D2(:3WDY"CQ)*YDF3R_.+(ORJ-GGBHI'V[#1M,/O"-7%`CN<4HJ9:\V9#+,M75LF#F'#;2_5**@(I"4( MVMF@/[#T8(B#-Y#(YI^7I7/"KPY?O(O%JH2O6ZF^8(AERZI.\N0@\E$X? MH!HI"#@+?5?79.R\0@X/:7[?P)=\8N:3I6Y`H=)^=KP_Z.BQAM)?*&%+``J" MX,AT$G&-+J]18S+\@AO@Q0U09:ID;$.WL^1O)&TU&6KR"*43$?;+?),)/IF, MIE%T+52^XODTW.7J!/TM"B6::\8EGO%I*+8T\0D[3"A&7#)^<2YP]5&49TE@ MGDM'_2Y64U2'=P17Q;5X=+>"Q@1#T$(7A%QES^]8F(Q;I3]<["K*KSZ2:.K) M&2*BA4`-43I`T7ABF@9Y>]Q'!X]U8?,LRWC'/N*B\KH8/'D+(.GY")'#V@[7 M#&J\7>?'[.#IP"@ M8*('%NNMT'()UV_Z;"` M]'H1=#]NA\=)\$ED21=W,*)E737(!?,KI,JM8-H9KV*JAOT9#S,/EKI@\!VB MJS\;I;SY(WS[+AUS0R%_\<]'TW',M<N,I3 M%IA%1'X++U04NE3%:@.0;#P6ZV!R<0B(?[X-%%UZBE\8GL#=(::O.E2!@8O3 M,!EYG^45<'J13[^L0URBR12O2"CEDP\$/Y_Q2A;\!UH(6RXD(@[\NL?'W?9Y M.,"U6*RJ-5]=W#,#0]B!?<+3*'NQ_9KB`&N@)0W0D`>,9+C+NX]3M"45[O@O MVL)(F^A4:T3\1^0AW'C40/!(:)N$-\CK?^(`>51UVEPO*,(]BL"-H+FS@K3& MF*/RXEVD4P!IZ>K>,O'EUV3/PFCD?D5P6+3D=\IM);KT(DB;*2I_//8(K, M0-+9DN_-CP?7[$5>M;2G%7]WV!\>ACAAW12B4D^D1\-9^4B7P8!_3^K+%"=. M'DC7(BYEHZ&A&FV,]8L@SPZB63R[ZLUXV5*+F_"2JZ%)R\-*_)"P@YG@9^0W:EF^&]S6Y%V-P38!O(H\MWI2;'!5`<6.[2A2B\$7 MAECA)_7%KJ`,NF,YB(S2&!*QSO2MPAM/GZ*3O\[X,2RR=D;'K/@B`;^UE^RW MQI(D/0(I^+G=AS3GAZKV(;GM9F"^>)Z(?'"./7X@,-O<,M^*63X3&J!G\ MZC>L(CAA:[-HZ,D+/#T\W/QW\#J%2FP"@46*BV\$3B(>ZB&&?R#,,&;ES5R. MC??Q2SGV7>1F6")_Z%&$'_U=E)6!_F_HOM%>\?0QZL1A&LQ1+0[.M>NL3$OD MLWLMJ04F>K5$&G:BICN**`4@_N<70=#^EA5+ZG#B\3AB4K,]D MZ3S!LE2J[9'[`*1U_+B/]VZEG:TIJ(0_H)`K[[YO-&`Y1.#14S&5-7S>`PWV M"HP%(Y&VV2-S@VCXM7[[<;W&$'@-]N/B[M/;-]5L2+MQE6X<9U@ MCK-#D1;K'C;W8`6=2[RJC-HU.X+:,08<)?-GV=\^#0PEG1#W#+>(1)K'LY]2 M=[O_FP8^UE]=55,NA.L9+./YAZO\#=PU>DBY-K(.%1+P#*)Q\XP=^3^I6_3+ MP(4:Y@.@R&5!WC=GB7<%:5`>='J]7G.0/169AH-Q!40J26`+C\3XR&S[ETC6 MA+;>J)I%Q4LGTL^9?(82/UB$3RZRR%/:CY8]`K"9E$TO@L7I6KTES>Q*?=Z- M#=CA0(@2%P0YO9NUCS<&W8$?NBN'W4*?+,)PERW!CDVPH]C#$[CY[7,U5JP? M3>.IID?4]KFZ>0\6CZ!<[+XLI@8NK'JN0J^)LFO!DQPH2:10OB89@.D(B3=*PRC:'YFC^0)M#$P-&<;W? MIF*T.32O:./:')I&YJ_4`8:2#F=M#DV;0U-79-LF MS:%I3THMP=H@QJG1A`L_AV-;+JC!+KN*#=F5_GH++K!B47>*WY&"HTIY,9>M%[6K/V: MQ+\2NE3^X0I0`K=!BAQ73WD\<%[[@P8G:CA2B?)ZNLJMR^10;]N_=#14)S`F MQ7=`.F)R*%[Z4G*-G+[*Y^^H!`*I1)D&%)@8->SWE$!#HX3Y3?W@_*:.6(LR MG$SE[M-;A0+%?!#.!NCP75OS&;<_#@!"A9O-DE@X)05U\'V^WR$&R<&/"0@P$^) MN1X$!9\,X,!;-+M"S)HA,^'S#=XU/U MJ/.ZZY')9CA&0`Y]D1E=8LP*34^I3+!KI#L,ON]Q&H1S*`8+>KQC0+8L" MH3=*T1\$R-O+T4SY2J>.0?U41XPJ&">I`O!*_:\X.UF*//,OG$FH>#F)!$AB M7F*HN9> MGX]F%,,I:'Z,P:?5=\0@QH!J^S)W3.H,QE$;$"PTTP"',02648)+#.2L+%)&03U'^?; M^FB:ORLXA7`TS+1YDO0??R5\)F1)$FA*O0'3-"$Z4""CJ-,0E8B;^: M+Z`;@).\]_98%@*!I]X2B&@9+7P@!!9@C`(ZZD_CQ',RH_ETP4G>_(M`GX0Q M'@O<0#$2%="4NQ$^=47Y!TW89$:,N<;Q/7*F7P!2`F375BF^G0J`%[.)GI\1 MY#><%F.^&$H@QJ/L#^AL^:073)]F-!:2*VM_UKJ?!@V\A92X8S:H7$7H[]`, MJ?SM(*-SHCX`H&##K&UIXZ`:=CZ0!-"8+0=',4^%>\GW\=-/3H=V.]8D??[@ M\<>:^']J!YR4-`M@#[<4N;XH;0!`VA?KW^R_=(2.TOO?'WZ3T+OY3GU1T#NQ M-!SZG(19/:?#7$V3QW><[4B,W@EY9-I+NK&*H.KL@A\:DR&HV1MTT`5PY,3*&YK MXW0;/*&:C^#N,8?'[.C45[,]N)C,HDYFQD%#)\=@.LDX:JL=E93FUO34@W^F MR6JN'9442[$]/D1S1B5EG:$3>IFNZ]N9/.3+#WKI!:B=CE3E3O1'Q]^)0_DE M3;H4SC9=.^2`\L#2ZWP>5V9G8;4FY#RK4*QIS)//5]!]*S#1[/1A4@ M78NX3CM:O69(3J9-4FJQ('VSU2>F7"H+S=Z8-K%7S8A\,VN+9MYMA_9?KBO6G=J_H)TFD)S5N_ M2&=INI:S"B8^^\G.F#&L\O.$AB53NKJU-579Z*IAB$().%_83-=%_OH?G`YBO_ZX%$_X>'3\'R%JIAP%1R M=2YZ1P,LI@-;HJDZ+]MPMX`#P.2E6Q.*$;BZ0*8G$UXB7T2S@9H:H`";9%)% M%R]4L-U'*JW#&AY<]%G59;MJCE2D1,?:F)Q8!$D`BZ^W-P$LB`#J'+/F*&!(H.Z!,]Y@,(QAV"P^\ MIMV!2@G\/`(YN8HMZ^$E*/ZG^B/9!AR>U,%Z[X`4:G'.:8F;RKD'-H;7:O!? MXKOX2*ARZ-$%]+$*$'#3GD4!$'U9<)A%%1JVJ_'`N"B(THR%:SM6)*^?H`"0 MUJ;CKV"KVL*#TZO&`($UX-S%"^[$ZD@$'8B%3,KK@;QEB?&[<3HKHQZ**P'@ MG&9?&XLOR`6?36-.3KW#/W,B'1:`3'E!WC0T791VQ3`;"G5M>KV7J;\/%J[T MN4:Y,=<;U=C*XD2"110W_P9JS[E$TX:5>VJHOCE8PR7+4D!>X/M`?"RFVYD5 MP$5*+L=`+`2$DQ2R!4L]<1HM/O_>25 M$\ER-ZZ17D#,X!FLLB'**((R4L.BCL#J(:[PO4HP;8W7+O!?]5'3<=4Y)\&A M$C=1V0EK<_[P[$9H\5"16YC4_H:!'=NX.L%$>B>X[R^FJV,UV1K><[#&R_3J M6#0L]B)YL<7O>#VHJ5I4['*K@04"S2[_&B8+B19:':KO%+AS6P+>'2T4^'A` MK0E5&?I8-RX6^"``\A%5==M,@2VOTP*HE"7SBM*2F%`YR(`-OP"V@]=VQ@BFJ!%D5-*K M*T]8R6X@&;O*MPTL@=N$WQ:;ZU&YX\O^!FU4D+Y`2`*!2G`)`M5>Q=KLWG"? M2&7J%9HM86LKR0S.9U4"`. M[8A-,AP+-@I)+9"TA*';1;_#.6`#=A.[(%@,?FG(;1"T"#9,`+ZB!P.^=Q:- M(MLP5&36:`LMMB1:A;8M2#D"@JCW0JLNP7_C9>&V(_S60TB"O71U1S`S/VCL M/LP7CD.,5W0'V6V)YT\0&.`W=XY0.L%B9AOQI_6'L;7$@P$>7%[`4ME"QX%/ M*F0K='PEEU52DX`(N3TI$1MU9I-A'!S36=\7A-#^VLE[26"D4W3-[Y?A.S8! MS]UW:V2E<]"$V>R)JT*AF^>F*/T&RM`I--B31(UH-_B5T/Q,'(J#+A^VKTCO M0X\ZLB`?[\"D,"^)5R..9(Q/0]HU#!SY2R;PAV:#`^8:P+W2(P@VZI!G35'E MC>?IB+O.%3[`;6`%/P')C[E_N)JH1:=6-=_ZYOU7"1*-SG]7C4#R'.1CPC4$.=^SFXB3=!U$G-TS,=[^@K+?*"R486 MM,%S\\F@:W\IFM1&!O[))18021#9)'%5L(V/KM@N*&<'+`8=WSPHPCNDV214 M'<4V_5,>`3#'5D'(!L(39PMY!A`.?JCYBM3<03!"#87`@@\Y*4KFT">R( M%NU\Y-M%WIB$QV!]PT@PN7@X))D4H3?Q&/`[FZLNJ"*-XH0!WUW=;4(2TEV" M,(?4D2\Z2\TB+Q&;R@185Y`QQ,%,A:U=N&2$@QS;4:Y!9?+F7R(DI_._\!"> MBF'X0',USBCRC"2M;I3OPGY`C/W]XGJF-/CU@,8B.X%&V7.6N>KNR7YFXLI" M^*]>RYQ@JR$&3F0DOM.!;\ICYQ,V#Y%2%;%!%P>MW1MNG;A$ZNQ9%6<]5;"> MQG:F=8:/EAHZ!<"63B5.9/A"[S?7=K3E]@B>9?*ZOD<@KPFD$R="P=X^$2#_ M8%$W8>TW;`,"D@!*SHDX!WN>[&`>P8H?,@&AE?HL?`GN_@FF$-W/\+;%)O`\ M(?7]#A=#-3L=CKS`$)U]P!DQ;!:Z`(D3[XL]'84($-$8*+X)7"<8>\1ODEKU M`=5\5Y:NCX`D]LKHS["H+*\+\6$JU18JIL#EFO3KF)D66 M\VBV^9Z^2&./+M`/MZQ5WR2F@Z8?&'`<4/$Z38F;@'&P.R'%GA;\9DZVX@-% M#;_?Z*XMC)JP!H'/`O_KB6O*.$UG,-Y#KQ3)%#$B,#B2*7A][/[8'':_R7`X M(@9?\QP!M`Z/YC/[%4U;RY@-8A9J_A M4QRLB]?%/,7ID7E7$H"0NO6`D==J/CZ=\-T7&G37MKUKVT`T%WU9?D('DTZ> M@)<^]\CD%T73W$"\8,J][###+DS&SY2:,===<;/GQ^'BFY/O:9W.HW/#P=B[ M*L5L.!G-%-=M59X:TS%Q.`TS;4Z2S&?"IJC^>[(9Z@>#SC(GRF!ZB"D6#Y6* MQ]Y"!F,=@7E`XII3!`#@#.DE5/)H0%SGWX>=NTC-/IR`$Y-=E:MY]@DOLS*9 M\_1@Y##\>2K54R62'YCSDW&,&C[S&,ZZ4VXQ)(=@/7HVK\1Q2($)[VDQ#%-1 M?JN\XWR$9A%Z1$BQ.0$PUZ3N?4`4[R\7H/_?Q$)8>*?.=T>5*#U/MK$7W[KW M7>46FV=8@?E1;XKM8XR76O*PO,CY92RJY=-HG*^!>PJTZ\$`IBP=!LIY\S(^ M*)=@\LS,LR4%:(-H;]B,"O)OX&;V*,[^7G MJ6%G\@HFPHYGQ7&LWL@=05)05-Z[RLM;/6I?=897LY:. MA>G8[XRF9=(Q1C!+3@9I;SU/?(.4G,@@F2J"TVFOD_9?XI9T+]B\^[X:[$Q] M;ASO/N6Y+S[([F6_FI_+CBEE]=G6X$5R:0D!U;N>T8OD7OJ+Y#NO>]K<2_C< M%W7GO=W\X'M*^Q^]3X[>&68,O]^RND1C3X\5WZZ+"[UA2GX7KF"ZW@7X+V:Q:D4RD8#_2DGFKF?'RX233G=P) M9+:9=)T-FR;^Q[^&D/4RA$$;02\20;]L:5@K&L;(Y&EN()I5,A?N%YZS6B[T MD5Q-VMI"N==U992T*<>+$K?W0['$B*7#Z[T?:@L*S^0>R(>G<06%&>Z!CEU0 M6/`"J"THK#VR;4%A6U#XU!84-@C+MJ"P+2@LQ$!M0>&1Q:0M*#SQW4%;4)@E MG:`N8M.6"9:3'O):R@3[@TPWA+76^/7/@FFD;KN`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`7M;%/U0)8V`\N::Z/[C8*`L:%*Y M1UIG!03D>V\K#/!9Q*DC8#B:%[);(=89@@?63#+5SX^I,Y*=0@("3)0^Y,*NR4O M^49=A1";/ MH[NE/Q`0'I_(A:)T"-C:+1R>X7L6FS-T4DAM:HZ.R[&%5(3$V^!] M!-\2*&Q,VV8T'YU`\:`'O@,NDW/@7TP.2&"XNS^`?0[ODP3JJN5=ZW8]PH@' M=?;$19,>!Q3,1T<5?_,QZ'`HY"(+MF%DU\B4>F(JI[T+3D#OP_)FP7>5#YYO M@#LI%0>S@#IK,D;/JNYZD7@0%,F%/MT)#+'?L'/X7]!0OP/Q\5U&KN4*>%9. MLZ>W5N\JU+3^ M)P&;L0V[$@1-0"ND\R%,BPMYDVVDYQ!\(=;YZ@D\E1(&CM]^36%E?L$I?=#@ MB=QS$RCR3Z:(+-"6X0N0?(L<-^OWMU%3X!$2"!)40\`?,^@S$!13?GY%MK0C,J;YFFW&JV M`\Z&X^,%:D@'#\!]6G'*S#VS9E&#)NX^T1(;BZTU&X]**(6JL-*>S>_`LTA0 MD"I2X*[-[4\00/108KXH3O0Q7A%12'/(`S%P(9!X5(GH)5%A)[<(NY[29#2K MT%,*=GKR6/A!](9:!)CB11Q'P!P)%(15Y)J-[(1*:LA$$RPTU37@KG,?1;X2 ML.(\;D$&?J&$=!ONA7!X_%B%Y/UJU-DI19N8)E&*7M!\ZHQX`-C1YU3\([E^ MG(/A`S:#WR-;1#U!6%G8?^YS!%Q8;X]&WAYQ(QU\QG'1[NX=3GH:"72)C(D"&A<+2.?6=S%P2I$]H."J3PSPLQGG*%$OX` M^E^X]>".R0"//`%2U.<1CR,_27]TJ5FP# M/]YZ-BX25E3]WD\$A1>C+;U&$49RD/.I-6T8*^NY5-2%MVM,1R]8&P#[,G=,M+OXZXX\><+VVK9+1S!^'`2KZ?`# M,L$B0>-T-%T'G#!CX1^IZ##FAPOYTRLZ0#E`+GMCHJ5-RV!?FRR"&73F7[_GZ8M4)^4.??/'_BALP\)Q=@KOG&6L/;[ZH/'A]=M]452^[:2` M-\A)FFE0$,]KQ+O15<.005STK4'0\X@3L>"^3A?BD M;CV[\(FL-1DU=2Y.9;"$Z:"%!UZ2@=+`L1JAYDL1"'*Y+F#_9#HBQ18TGDTJ M"([!)ED0#./9:"4Q2$C"AHL^XQK\(/CU]H;`4^=STUJHQAQ/K,KU_8WR8&ZT MN3*<]#H[ISMA$`.YC23=@?PF^;3T1-`,HO8'A]0T?Q?Q1%+MRG#:C[L4N)IU M"-Z8/$G0^X:X6O##B>2V$`'1DHH="I!-\4EVG71,=L@I"L'(C^5`AJO8#(-A ME\#X8@0^UQ]Y:F2ST67%3Q"DT$G98K@WG`EH-_@E.?X2W\-'0D?^1Q?0QW"R MBFHR<,=!7Q8,8Y%WX$7>A1<&U@"\%FM+5P'4-)HAEP`X:]/Q5[`Q'B%A["I_ M%9%TD##UB5LS3:R.1-"!6)Y))*L:#O@?12D>43W>NVOXR_9\8XL/%+$*FU': M6%1Y.R*.5M[K78[,^N-P$+*;&4PNO3X:)EUMGYW)O0W61X"'R`Q;NJ8I:`V: MCT#Y<3#)YM]P]V8P%0HU)XTC_U,5R?_KYX>[AU_\.E;IEGPPB`P/("9O=7/^ M^Y__]__"-,3_:*:MS:O&0 M.HFWWK7CJ"^ZJ"M\7+S:D".6BU]\,U1WH0$3%RP,/]XF%6NS+0IQ8JA>[\+` M2&GM=):^+/[6?#$N9=0-C%&<0[<)=$N/M8@I251ZJ74*_'[,!UNQIMQ]S%X] M%5%:PR)\'0P]H>K;;PF-4TL3AVO"BY6T]1:7&"7O8S/+?L=U'W[<2+(6 M;X9>'UV.SU`@E0*/!%CFDE/YB0BNC_M?S5JAFP69'S,CD]KM M1N7=J-D@YT;5K1+[OWY.%YZ5P5P,_7[4#/9E>6.QA>:<*'Y[(XLHWP%7F)18L2@J@@$W:+!.+7A!BL;6J&4@'0,BUR,]N]/U+TD5P)T0@T'$PIW(#HA[5Y5O MQ1Q;6@*Y0-S_S>]S<3\Q,YWWPJ(32SM$=W^TO82>1N\,!Z_%D8LS:O0"BSYL M-S3_ZF@+?A#ZHFQW.";P760O,.\MRZPCQ3!?+'7SIQ_X?U-[W2?"C]NE\\3M MFP&V:5$Z;CE.'OL41:6W,N]!3>I:ZE:%KQ:F.]FIO5I%5"D.M^EQ.(4@5XK[ M1W#VG+JKZ4HI4)$BSZ'LBMV_#D;I+]0>+,V\?&#SE4+.A$$,@&TV',:K/CM^ M26!&;2-]PDFQ%N0?I;^=;7MV2%)0N1E/>.JA)-=^]^HGS*<<=R<_Y:1)&7>E MJ9Z_*H9WVB!C5!I>Q:URE+99!XR/AFGO0%KR9K_K[(R':;L-%R%O2=J]\"64 MK\@O9-'!&^5^8725MRO13.,H9])BZKHL%3WI#DE%3[K3M"HZD_M2)2)Y=6[9 M_E=5XEU`IE/W96YITPS/-8=V>]!4XS?->(-]23KDHKXVY382_BU(S>^Q0J,<4E]A^6T!VRNL]@JKO<)JK[#.";?V"JN6 MUT5UA*F]PFKV!4Y[A=5>8;576'6_PKKLK]?9+K'Z_?86JZ;7+-/.:)!Z,G1+ MWLS#;SO]2=ZX;GN+U?1`;UUOL2Y/YU%5):T%+EZN)C7Q-NM'F^E10K;MG=3I M555[)W6.\MOO#&;MG=1QJ1.CX*)W4CN7+?P*Y=(Q-]1/2?Q3AAC\[H7!ZQ2] M]A=;8<<9:]RTY9;6_2+[XO>]NRY?&PME+%I#\WLM8[ M9_N.QD_0!=-[S5"ITS.V#Z50)3V-G:AGG5[\&#/BB(Y7QT=K:[8R7P%*V)F8 M#Z_$E4,E@XPW^Z9)#1O=M7%`IVZJ#F\F&Z@)Y)U!O?[(X3]B2\[^L/>3+$Z, M+$/`!)?B'UONHHD]&&WF*.Z&1GCQ7^,"^%4PHR_41!>6Q?^&F^6:KN71/_P7 M:M7'6Z7BLMIZ#=8*/[HR>=?<.;^H#.YD8CQ'I1XV#4F,;K.(U,$!>` MI[$Z-'GC9%>GD?^I:D7>K3&V9#?:H%&*W5=UBR)W;2S@-Y;+%A\U]5%T<3EY MYT8!DM^<\\BM%<_H5CQKD";!-->YHT<8;?G^<5MKEKSRGOZ02@/:0AXZ(&2Z MQAFVG2"KZ@0)1L`"12K:#.C4]F!NVD[;W3$F%2YUX>XG[I0I($A M]1L<-$B3;IO;$6^2-L1:2=#A*"AF:Y)6\]#H#9R:[?.W]5UZ]/!^3"NNY;\_L<]U]!G^-!VANB)FBYOZL6AMK3)FW7<#MZKX#E M>K5AN<)*3@;?@^,'\++-TE2==Z0\TV$$)3CE=<=Q-"PNB_51C5]QK#!&6<0\ M@DO-\.[\&LN&HU=@H=/G+]=?78H1<)$;R\:RWZ`$#5%['$N(,-5'"[:C,/:2 MYR)]-G_:3[:S,)"N&35%(;I6K>SEIT3>AD>Q`=(J-4GPF4?\(=](C11`Y-_[ MMV),0BUF-NP"4\K(AD%G,NF=F.SMYN7O/R\B9+1=- MNH.#RL*=.S*4<_+\NB,TQWD(],'9X#EM(69L8_8>YK&N_6P3:H8#[V^51\RO MG:-#PY.(07>#3[%0 MJ8IIL$LVO@I!N^*[9`)GA+M6YXTJP'K<`T\$%))8\9=;[-$?Y4;4QFY$/ M!%EIMF-::,/$&!)SZ3]O,5C8L`\M1X#QB>+X(7U+8ZGQ_]$2ZH+]X:K@)>)` M5\'?-,[4Q$Y?-X9NJM6V[$;7CJV/'5X?WK/*%&Y`- M^9F8>S_M*>Z9N8EGD- MS@$OCI+588Y)[AB_P6IZZ+9?/*A>>Q3[YY3`1.DD_^8!VY_!(X?%;1$W:B+_ M760KETCQQ;(#K4>DQ>1XM*B+>FTO(O:S1-VEHYE4S52F4`YF%D_-!7^&.T, MT@'A7\DI3]/%%/MZPG,H&6S]R'P8<./P_[R.0Z'M?*-L,+W3,-QUA[>Q6@-9 M5OH6J4#-A5`_PTK&7-L`BM1+R@/,6<&>/*U"X'L+[TY]P?^C"]?Y'ZYFX>]< MC7=J$@VTYF#UMOCO9U5W*3/_1TQZF6;M?7C""'C1S@&S<=H08`V0/169!IU! M?U8!F4K23?M#32>(3)__<]5;E3),R+?N?1?.8"T.2:[V.ZCK2TTL!KHQP3MRBV;DS40'0US6!92 M^.!)]'Y2+D;=ONC(>A4V-IXYB3,PN:U*$/@1MMS3J%6>3UT-F^O-78M;EYAB MK3UV93B<=B.LU,1`_.`5]#$9#HKCV&KVICY7'\T>%\O)_!._17(44.#>5*$L MX;BL8M>HVPZ/PA?#?O9,]\RKO&FIGT#]T:0>U#^*VCZ6Z'\TJ@.:G'S$0--.5E5*!,_0JMV#0Z5_-2MR"&.70O%'+!2XF M"F/VWL6:#P4.J-K:7?MGLPOV?:Z[B^!)\0U61T2/?`0)'?M>F$4MR_DECOU+ M;6E6M\N<8J'MF3<*3-+BJF M%76*-H9.WJ4R2-K8:U7FLTAOA.*P5W\BK6[GBO=Q.M7.]<>UV;GC2]S@5%U+ M2MBW$B*4#9:XP:FZ;I6P<]/:W/8?6^(>5N#0JDOP?4O>O48&AOJ=WJ0)+86J M8@9L=Z*8CP"9&#Z%ETR8]Z$Y=&`Z)H_D"Q)D]9JKC0@,.OT2#-I9'/_SGL/# M.5D(27L$/Z.H!P*_F"#ZJ@B0-=4\RQ&CJYU8.Z],=\R1'\.8&3_JSVGB! M)Y"X!H=.KFJS;R#(H88)&0R6N/8)')O1=%3?YC17B]@A>^A%\7,VP MI"/7>.X_;4;^IZIP@%^]F5"+&2W9O/$9]]I8W``H(!?,F-=A.+4_*_U"C%U_ MH]R8?$RZ-W6=QI;+S/2`&'K53YA5'IRPX:=DH^":U%1>CF35C*6EVH[E4@M* MT4"2-V6DL?"FT*&&,//RA!7B"`2N`'91+'#/T$ M7E`D'^Q4R/F%"^&MQ;=W\8D+ONU`-AS&@7:U0PI@+0)A'REDTZY*6.>4J4>W M8HHGK]#`)$C;5RZP"5CH@24QLK@#"0>Z$';CR01'Q:`9*,1+0&E4G=L.[^MJ M\=)R("H\`80'"IHVWU-+LW]'>0;U:F,YB=_*]I'I&GL6K61AVQYEJUAX6A5E MG:JF`S`=X`K7QLW&K\!7/6TGOM7A37K7IL/.;M.")-/@H278(M&AV*3_=GBK M8O?Q-S9WB-2:(SPV9:ZKVMHF8&BCJ'NOT)>P,TA2TW7$-";P^D%IS[%5LJAD M0EXQ3&N-9;:X`?"R@F.:N#L8VSWX`U<"YD8S1+(M8`C,@HMV8(_`*:=R*ZF3 MX&&02KGZBZ;KQ(4K]1ETAS,4J5-IY.[A8!,RT!!MA,ZJ2-(?I.<.,%,S)28TO3A6,5 M1\'^%1_C:@);9@,[V\QZUN;8"WSA@IW;*A=PN`;+"E\`([&V%6G\Q.19I@.C M6::AS17\!!7/V6RM`0&P5XB)0Y'Q@_8;#M*"V7`DP)7P;;^]-W9+VK&_8FW_ M%WP)$F0?#+Q_>I(.$?\';W"N67,79=.W7;*O.`"ST.`3VJ,KD]V?0=)-ERL! MK_TX:1'^:J`3N153ZW@/"F+%P#50KL']H%\AF!8#`!G)F"2Z9TN:[7,E(+?0 M%J29>)-S03O-`#^%>5[&4K-L;B'_<%4+5!?27W`P9]Z(QQ/Z"E9(CL&;"GU- MV?V2E(5QQ/$"E6F!IHUQQN470?UN@*LUT*V\J[N=V1WO*KSU=QE4UZ0!#I8(FVIL04Y=U2*@81EVC/=4WIH7=_? M*`]@2^;*L-^[A/\W&-/Y6,.=NO->X)$(^F5'68&^8Q$H)(EA<6X,==L,0L%G M`@1WHZ-P$>7EKPKLF".1`\?%?%'HR'T&G/[,#-A054='S^%<"2I2>]86+KGA ML&=8XDS[YNW+"\8)O9V=BS'Q-D])%U_BWI[XL-!%]#0VQPUJ0ZX_YZ)&C[@[ MM'.*`?B$'?8%VP"[:*KG20B?G?L-CXP9@.N"2T^G%+V-&UA1-,\[.J[S6N7FQ+J5^DYR`:',?<\7"9LQ3A0$'7%I7VI2@ MX9&&&+B`PHC)B_W8A_.@S%!!-2C!$)0E_XX\C]CJVNI MXI"!Z""#)BR@06.]UQL3>$*<6VU&8SHT0]^&&V?-57LE9I:RC:H%#XP(D_\- M^?O8KX#(@#ME;GA'4_%D!T>.B)8"=!`#7Q94$9CM)?C>\"3:)?E53G.0`W!& M[/^K+!E`H'BK!\7"IB-:2,9Y]Z^`Q\3%U6L(%C#JZ!YQ">99)*`@=1>'G,A' MQ)&`S@S`D7%(1/^%VP)$QT-F!?\J@.#\! M>'9B>GA+0*^YQJ5HC14K1IP1#)S+DM`[8N?7HR.W@].S-@TLQ<+*5=_*HZTX M_R@??/K^<5=6 M>Z\WDOM?]K.T'/5:M@T]0NPV9/M5B>T"V@]=2#Z0.'WB5HFVRU)^#L/QC@0L M_F_A038UQO,S&N4SPJU^2@ MU!V#6W#4NTD8&$D"<[V&IC'0`Z^GQ8M`; M=0;#66C_6`#K8:<_ZKT^M`>CP>M#>MR9B+35UX7VZ/7A+!++2\6Y#"/S]^R= MUP[\^7"N9I;=3#0-R3R4=:G3HC+L]$;)O-$L7"[VJ;/8I7;]\]-BT.]U1L-S MV8[!N2"R1WD>7V.F<:VT1&8`+>W4N'#;JG0M_#4H[5K1.[--9 M10!&>Z.`S<)E/)V<"2;]66!O*2:T;7,SKN7TW/!9/^N;A#T]&Y8")>'/>#GSA3)5LMDJ_7L3VC MH,!P=BZZ]F*8,210MYR`T=6Y,-6KT+%E!:#:,&M[S&D1:A%J$6I$J"!?KL`= MMH%X1VT@:D;D,XH;#)-3^YN%R,4@HR=8-U=VV!D/DXM+FK499Y/=VIB@0..] MV3.*#XS.)2_F8M3PDH%A9]8[%U74ZM3:N*U-(&][I&D1:A%J$:IQ6""MS_I> M?;0TWL6N9F0]HT#`J[A_>!5(#LXES?=5[-9Y>,.RGDOYSYJ1]XS""JTXG`N2 MXW.I77@5N]48#=WX&/"YLDZ+4(M0BU!=$*K<&?9;D',8AK.ZT;2-6S0+R8M^ MP_-T)^>29O(JV.WL/-YOAC?@H&:D;N,3S4+RHN$9$6=3)O@JN*TQBKA-E6@1 M:A%J$6H1.IVCFP3=KTIT8L>@.Q8S._B($SG(-PG?Y/>S;%/L3`_ZE+(PW4>= MY>\KG_'3*0,AL6CG!_*T5$QND)^;>-/.U9Z*A99Z!UCO*KD]1$N[_;0;]CJC M6@E8R\Q)MU>E?)E4\M M]?93[Z(_+(?UTH]5;#S-AL/.<-CZ[WG)-QFTXIK;A9HDE^-5X@;\3".'_5_) MWS=UMO9_*H&R#F\>!`[45G&4_1P^JQDN#FOG0V7AH8O/IL.4_NQ-8-#X?_WL MVI=/JKKY18R/OF,;T\(9$[?P$=VT78L]`))O=7/^^Y__]_]"IOHO^@Q+^.L`D0/=0Y/KG>!0\B-/"C_(%OY<[.`<[.B<[,R@!<9D_Q"2BG*'7^=[SI]I M.PDO)Q\I82\$4GP\+H_[.#J+#W*5N M?^23B$'XYG9#AHEJ<@7C*U!BVM(*/B3^'5**D0@*3)$-34* M/^:#;98X:S7-HI>G(L@QWRQ&(E%!4BZ-2A*FE[VY`*GD)H]XE*X0]]\2IL!C M>"+(FX1A]0H\+2[_=]OE*-)Z8\J9JA M_*Q/1"/M-&#[L"_GTF] M#1[D/V:&.CTT1?C$`W#0FU5&V'8#4@`XFI1(_QC9C5[EZ27<%QWAQBYT)07_ MT=T%>'V&IBNJL5!^'/>5I66NX2_1J">8[?E*>5%M@D5XBXZI/+)H)%2Q-?0N M\8HK\!EX4_J8N-)<5VU;6VKX3[PMU$W5`&UGX_68X=/A^OY&>3`WVEP9]GN7 M\/\&8]HL#7&Y\UU4?G6A>01#UY;NV#0+X/K#52T`$2_>EN`VJ+JR9:JE#'K] M"0$3^>6X`]ZOO6%S1WMF^K:KY'"9$8@7^'60M.'/=A0)I$.W0&M^"\3P%D@) M7_,'T`:H@\=F6E`E^:\`!05X/=41>_ MN9R7;.0[#?ZC:^JCIFN.!BL@,5T#ML!\,D`E+&@'!$,ZZG?@4X,M\25U/@<- MI!E/^!4D_\8RGS5;,PT;&<3GN.FHY_,:IY$"1.KZK*9$X04>#BS)^`[@5W^< M3$-\F7++;2`_?-WBHA;^ND"(OCZ:>,QDJ_#W#9#,1,ZD7X&H.8+'"0CD\R[! M#I^S&`@=/KD+N$U"NU8U0]\J"Y=)@H4>@302 M[]W#`^K&A*^C?'Q2=75K:VH0E&22^VK&HSU!ED3_P^150J3=(:?0M\J+YJPN M5Z;.N1">6#&=,+*83N7-"`6M;"!K.RO5X10T3-(R)KB+=$D0\H'^)>KA5.YH@I`)>5LQ0 M#-#6MJU:6VZ`D-RF@98*!"IA`;F1$?L05]:YJ\D<`3Z'!W_OKV):NXMP=(2> M"N(34&5.DJ'XFVLP[S>-W_^U^AL*,6SA;ZZEV0MM[FD9KEZ<`+67FL[L@/@1 M*!9S7`O>`%&FA[\9&G+*/X7G&+0*_I8J&]A3 MD%-NS'5S'ZH>&3O"X`@OE0+N3>30/'K<$8SEH]^9>9B`+2>F'QWO#5&2>NSROP M:U<'&T4N2BS2:C1+E+N%`5+8H94>F:Z!>EEP?PB.!CX[!/;4=-&58D+O.KZG M&,I']:T]9POXH!-1B_Q+*_49W2Y@"3"^2\`!7A&?P3V&`ZZI/S-Q4`Z3P):) MGO$K=T&,=K89'P]Q$8&"G+2K5-F3">XT"0&]BQZ![6XV0"6+#`2XUX[.N!4TCMPRM9I08`.EW?Q0+51M^10TE&E)V4%C"5I;ZZ9Y;/^,5><],&EIT74 M-7\`CPI$MT<&?M;^5H%10R#R:?ABL5)3FD"*+2+QPP"KO$2/O9R=-#E(KA`(;/:)R??6VT MT.A`)T-,KB6]?'I47:!3`5*AXOG0/\]EBOU(1X#[Q,0WAKX=YOI.FZO M]TN*$*4,$`4B&-ZI&\@SUS9X4N(\#:>.M;KEP"E8$8`D$[&EN6D['`P?)D<& MG*$I#+=IU7@E+=4YS+BQW<+[$J3C[P);Y0L8\>*3:HN3$KJ3@I"TN2;[Z:HM+&E9<AVUY[8PQK(^R^[#>J)I%5T:8$D%9;!9&CIUMAZ[E^%4W^\/5-OA4 MZPRVSF`SA:6P8HZ[T\[^$R^>"B/:RE,K3XV3IS*,CW]]F7"CWGI!9XQA710[ M+VZ[F*]4ZXG9;[Q[]58W'[?9Q2LB:WTZV)2@QC\S1_2M":>DG)M.K[\L'(\6 M]6'@PNK_([/M7Q0#F9@S+[(Q'895Q[&T1Y?G'HE*/L,T+I&I+9.GR\D"K%:K M85N9FLM'(ZG:']1%U$JP%1JWX_)!^?>XD)(:1X(=\?+19G' M,3?9(7J3&:"J-KK43Y:R6R)CK1SBQ.B!DAN2G#HQ7V:?+TS&"TBI3<."*:IB MLXV*F=^!LB_;JW1;FKR(?Z=$8KL;\RZQX.SB=H_1$6+^SRH2VW.XR@+LP-EN,$RH@FP3)(B0=M M`2"C$#;!;AUO51O>DL\IWC/!"LAW7^\#18]8=X:E-:ZH`UIHP(+H+*)!$X9/ M?<;B<.%8PF_66..(G\7"5V9Q>"X,=XT[95IO9#W1"T,]@M5:V,WA"1Q2EU*E M@1V#7[%#)3L7((TFU4SCEQ:\Z(I*XJB@([9'Q%M7&N^HOHTKT>$N:&MIL@X<^KCD\XVB-;L53C M";>!*/LC6,@)?NW'87?0PXWC&\)K34)E9G09F53B1(^S[Z(15:#(D_./5]4< M8"+8Y[GJ\BI&S9*L'*BNH[I3+%NZE(S=;O6HT%;WIK35H^YPG&.K1V=9.NC- M[U%X7(&F'F&;%@-+U#S&C=/U!(C07U+1Q?#\(QDLE)(@]TM=R1N(^#6S6*\- M$'H.9X0,ON-9GWUHB\$"?Y:/M,5@%41!CKNS?AE4@2(G?\F:E7:5A=-)2KA. MQ0B5UL-=?#.H&Q1;G.PBHLDH5Q]5C11191M`1<=,.5%BYR[C`4Y,EP]LOE)H MY`YOIQ4YP(FC*'?G`HTF_,KR'#':$BOE"G'"2:KG!I.TVJM$,A5]LZ[$O.B/ MTU[(YL?L38I&;S.CE2F&93^@G<:J;F;K>T+7WGI7<>S:A5C^U!RN/ MUY_]$'`9MCER1C_%S=E1K7"UMVZ#\=6I'.'R;Z3K1=J+_C!3RE`A+7D4@URK M\LES>:X^&OOM3A25R2M`3W'[,>WD(U):[7YBQ9-?LGM=,;3F^,`?#\D+P#*3 M/]*DHT6M-,"Y/%8#&:O2(IHLJ9'@:719(X\O;57;JRPF2B-L2?X#1E5B M$\]K(&:E'03J=2PYH?-211*RMVR]J-QP[^F0#:Z5WW$NS]5%H?\]3\+E)4_" M:>R9;M@9]S--!&[DH:X<+.OCZ-_*?%R1VQC-7&TL.YY_?.%\'.#/T4QKRE3D M2>Z8$1]WYA08C7N_2F>YL:P*.F70/WMVK4QSEER.I/2Z_=WV/;C.R:?")1;0 M1"MM_*EQ7Y98U<(,F\Y_=WQN)38MMND+-&#GJ[JE8;;?>Z.:6 M,85GH7\ATZ9@K9)R@0_Y13GAQ_&)8(V.'.Q&3_GKO_O#U9PMG+/Q(A-M*;V' MD,1]W7\O^GFFPFD=YY;(`=B*NL%:-'\R4"C=`E"X97.1Z,JIUE7>B6_P28[8 MC4U,B,:OK?G\#O&QMW)\*XYXHD'')MR17LR3-B3 M"(I[-V5<9%/PT35!M._-&'4@*AP`H#7^`;LO_.&"R:(1\+)BA<\QMAU+PX%Q MW.>E_94[\F)RZ:%!KK*G*^U'4'P\-4GEI-YL'/:-'J"$'[$RQNA M0L=KK(@+'!0TST975@-RU+H;5;.49U5W_;)!R3]/EDJE,+RHS':T-4UPPP%3 M5#U(@+S%D-CE_1PDC:9(D=G!NB=\:&TNF.[/8O1K?';*-56?RAW^#RH,-:G# M-+$O58N"P-O'K\EIZV^2?6;#?+'4S9]^X/_]P<]<'WGR=)H2G%)V?F\2U]$6 M2RKV":W<5G%4/L'I6'`GWPDT8'./=WJO/L(8R8^?#-,GR+^3=NO9A/,H3EG< MIN3&DY0X1-5XY$O30A4)TWYW-/I)\0%Q3/]G>&S4O1K]5#UU$G`L@%>OV^N' M\0K\XQ!>=8E,WFGV[Y=+M*:R:9N"_6`:&VKL=8>]GP+\%=J47G`8RI0+*JAO<"?';NHJJN,"A?P\[`Z2?9OJP\='.)_N[V+$ M=HPKCC#&*,9C8)HZ`;+2;,>T4`@"EGA/L,6/DBCFH\VL9S','<=^+1A^6873 M*_M=W])=MKW[J.BZ(T-;&@\)8L`-HRL8K9+G81:2&(!)MM)1'N+^&G#&-N:8\\ M'N1WBIKV9QTO/!)A`_H=Q8O@&+\V,>6;0H$40[/%\1ZC`&+,NFK`SO'H+5#% M=!V+E1'5=1'?%#B[;=;>60K]5G#*(:)UVO8W,S# MD,<',7*,80X1S9!MD"2I"1`DMX\5T%T5)!N.?MWHJF8HSP"UKJO>;V78@S:% M;UY@8>D:W(P;3=RB#^X_$BW]X*&0'(]W7T>`<94;>B"BC?N M-@25F.-+`3')3OK&SNT&5[TH%SQ$#U]2GYXL]H1L#V_OWJ/PV#S?F2[P,9SN M=V]H"`R$BS28M_H:4,->:5ZT%"4)E@PW@>)1>D?12;>MX.^!P*OJ1=`YA@L$ M5,IT1.,3%')-L0;%'7%=#:W36OVNK5VN`L`6\,9&ZM(1."T$%>A['07T$ND= M!`SU-#=>^"Y*)G9K!)O(J!,DX*7YAC6X!T!?T"MT0R;LH22.NHW">:&^P0Z0 M;*$!(&!%?>2Y9L#+10EC5._XZQ`(A()4I_P)0NCB\0U""I;$M!:J,6=B4Q1[ MOF(+5,<6OR26=S#!]3PF"WXT^-!2LVQI?1"4#K_R$W3DYH[OH(<_$E!'8PW1*[_4P8'B3AXWW^@\R&ZIP+@2LPU(1J`[&5V" M=94;.'JIH@&?9%Y^=2A;K])M(B"K8QD)6_B46O+K4-X";0ZZXHD,IVBO#@)D M@X.W).].W`/N\L6;[JG4>X;5?C9,:PTL<:(6@>4M'VJQJRU(TW-&Q=_(-$,$ M9>-:MHM_$)HG1J(#?4BY2*SY)0>_A]_M_$AR(/L'&J:G/J0!6@2^*$QIVJ]Z M2`4$B/1QC,!YLV!1$'X<2=;<78Q?@>\LN%?->3BJV+Y8D_427B-RHH?E=9Q6]T M6/PR2QT",IA6(7R1+=-L_]C*&Q<'"$:.C1IT;%],18@%@E&2&$=V+H,($Q1[ MQ'@`8JSLD>-ZV?1"C4[KUP/X.K'=LN-+O=@T+R`5KB[@T3]Q(E6!0<']Q8_V M^X/.>,\Q-):-(J=*Y(\?1]W>Q//"=S)K`NS&U0]:#6X>>D/!5[06!RQP+`6( M]F$F%A]/1:(9\K=]J($Q@4"6[LA>:;WX9U0&__2&G>FX%/X!]9^'?V;C$OAG MV,O#/\=K@EU#GH)#\AJ>V_I7!G"0=+1G?@VRUU1R:^9%U%(=!="^^HVQ`X&! M$X8F7V6NW;%3J+Z'Y0[+QYZY!VZ"5CL(R_]@,[!Q3_\U(^61X+DN9;74,?>EP_`$>!= MB=+[(R[\/W3<+\0)U6 M%&:=LQ9*%1 M2>J]9='AJ;-N\P3VQO6GV9GQ*+%9Z37Q><^E'C9&@)I"'@? MOU;*CIAX63KWG3^7=F=EITK7"\%ZL6B_N#Z(,03GD'G)9X*HCKMO9'J@E3(+ MCF\)=WK.VFD_G)'YR'3SI9)DS+@VI&V"9K)$M@F:-4JVVDG(HPO>R]L3I%^] MQU[$34R%FL[2IT)]]E5=8QO0S8JE1TPS%"[5`-N39*`4)'%WMR5FUS M4,X?P^J5>%I<_H>T=P+HJMC?W5@'%?*;'JHW`/Q/[: M+-0\CO11I:2-_662LX;F^.%''N4/FOS!)=;$?HJWFL7FCFG9RKL_7,W9*A\, M/.UKS[S#(L'E>C3Q/O"S]\T3=4RL9@3X@VPSZ9.%^DQNF+76')O"FD]XL/%[ M5=J*-T3>W1!XCJG`*ZILCH6/CGM4E)0P4UZ!-_#K"V]1S:"EEJ:UQHOR\>ZV8VES5,.V-YZ>H(A,I!=QW?@O:3:%(>5#X5GS^!MJPJEO M$4F)@A$@Q@+0Y,/JY1=7ZC,'8PF<=(G3[(,#[Q4<=L\1@(\I3\Q@EJKK6X4% MBANT]9HM-/@R_%[U`M.!!8_+&J=BR5L_H+[4+-M18/LLH!\29*G98.\5(B\8 MW4DG&+L'=EK`?CL$'R<;_E;NT,:U;!=_",7@GW7)/:W15;XA2YM>(4$-[>)Q']0_@B M'9PCIM6SGBKPD@/\""L.)^,]YI)O^XNX$[E4Q9U(Q."]@,WX<=B=C`@&-#5. MX"U%OF7)MJ8[]HF^T.].1R0A=E=Y:P);XD=\TZ[)1I2^N;3=^2I"#-.OW0X! M<_@[$6GA17\)F\)WX\?^L*O`OH$Y]6]V\^T,;FS8"COT[$(X-?2E$"N`E+O& M/GZ(=/,F("*K)J'WND5N5+G(]+'`,7=)FMJ2,B;69+37.;(EP:N7KMV,'ZLD/Q]Z/$[%? M.U2AE8!VJ,))L@E3I`QZDQ..F\F6]\T]S=!+3:@[IX^U-&MIUD":59__67[+ MRAPM%$HW_873V$1DNK'P9\W5*-(5_>U4\V>3\>6%YEL,6PQK),;U(Y5:3%L,6P"AG7Q,=JQ*O7BX998+;%:8M5/T1YAK$K; MPZA6@:_75,ATP@!:8[D4TW5K3[/S8='4`Y1SFH(,OG6:R]X4&!V:KI*U^?,^ M<#(P5:)-+%]`\R]U//-R%.HVA')9-<*)]C>],3NWS6T('V4PG>>V0^%:*9PZ=49IK=GL M2YO9VK3,U@S6[-PVMR%\E,%VGML.G;_X562I:Y)9'OF?@E!X1'V,6?K1(P4! M\5\_N_;EDZIN?KG5[+ENVJ[%OBQO`@-L[IBN.FQQ8]J.?8]#&][BC)NOZG8- M.-H/@.];W9S__N?__;]P#_Y+?@[GMU.&F/]=_V$:R`#_N&/+/_WPWC+76/%V MV9M>]OJ.R7^^NASV?OAS*:3X@"GVV;>]`9_O<`[XK-(7EI]I3%+M>:K+4YK"R#BF"$4>K_$LE8IO%1] M742&#_]LF-9:U8;N%8JF$OF64KC\QY8<1;HTU8.T@YQ\F[,![95I.0"*`UO@;,5O;1RP8CN62]HHRQR1 M^A*95OIH`C?BC#&F/=-A;@EJ$M22N0'[NP5*`WW-#6*-O_R-S3VJ$RC#*.65 M(E2_I*$Y!I(^_3C$AC+RG3_ITCG(TP124>J6Q-,-I?='S>!SH.9@2C5'DGF' M@<.J(S0U5(]\(HGX"Y?).8([;"V_93X"B.3X)%#^9':O4;OZ5C5^5W3281MU M2PHL;F-WY2>TL6+DHGA^-/D5;+/\L/RN'=YNE-2@`\9GZ6I8M8`CKRQZ"!PR MPZ=!X[KXG\QE"]SQT3/:]R)&3(J1Y3)D66@!38N^-1PE%'&-#*9 M:.H/I4,VBHY.]L1CGI7UYB1@6]_0($P`)([$$K#14HM M2.SZ5[-)1YQZP)B17_LF=CH7J`"`+G%1+/]$E.RE(X#M0>AJP"NA"AXZE_$B$H[?!GV%(-+91 M\2`+>@13A$D-WQ[@QL`7,O5M+8.K*D1-W/^167IG=ZYAS3G M5QQCWN]=_C<]>HUQ*M#=_1[R0T`.[B__OV[`/'H_7>N`(U@R.*O/ M4;@)FDM!+`DUU]ET5E3G_@QR3@BF@W8W5#F"D8NC("4\RB7&-7)0G.:7^W7\ M\.5OW?NNLC!U'0=8QJ$3W6ON0&58`=5!2&-AB47P@R'T#5A/@`4V&?A??:(W.@0NM^`< MFPM$6+.)[6C4/7DZH#Y=R^NJ$'C^#1%(`VT+D!MP#+-M[-J`D)*B$7O!R>!S M@"#6(A;@+Z".5`(`7G9UAR,>'TO@NB\FGD#!"L<#2=,Q+K0`CG6T9T\'R^\[ M*Q6/%^"*,!I$3<<:N6AP+C?C*21_.6@J=#W$.S1N%=24)D\H!Y^+_XO.'2GFW`>>=0Q*,"+P2`Y,QUBH*VL'@%UKZT\X'GNQK1`&7`M?'&+FLAPWF3<[0([ MC-*2Y5XJQ2?_!_SXS^X6!/,&8`(%9VAJ:0Q42;KW@Z69EP]LCH<->3^R1;7R M#`<>N]V6DTG*_WNXAX/>7(@(6W24Q:.J?#/`4;!L,)?W6QM,<;M#IQ*<=RZ& M\P'L=SIX9I9I:'.AU8"8X.>=Q[[>2_VRWY932N%>61HRC.\K?FR/M1V(!=H.V($QH)OK\MS=)Z)7#J5\Q= M`(WQ#GEJ8^%M\@EX=#IY]3P*),BLUU\1GP8TZKW[[Y7IDJ?2.8?C`,>GH]RL M-*/F7!KU*N;-RL3./I#SCRG\UAVWL"35XC31W,-$/8)@I6_?UP>%L]#"-!CZL<=AFK`[O8>)TW=S+Q/( MQ(MUR5>5=3)/69UW/%*(,)>CKCL^E]2-!G7S;!XTU?A-,\['P10(Y3"@?A%K M($NUBC2E:"X4L%L@>\HR#?AQSG.[ZI+KB@G,/-E,,Q0?6.4>FR:IUL)6OFT6 M5!-P(?./I[]>WW^3_YC]^H;H3-#U1X&*RTEO\HMRBPEOENH5=+Y;+MF<$O%N M,54Z],W`BX&O8V8WUASBV\Q[6R9:NP0<%1`";;R4-\QM!*1X&2IH=U`9E/O6 MQ118154V>.4ZYX]L>29\A!+WW^1'*:/07YD^'\RSHS1=H*^YP,)(H*]7JJ`N M062`!'.>HMCGF??3CLC@PQ=E0J_\`*;O4EJ?ZNQ\OJN\4RW,%]UL=(TG3F$5 M!B8[;C!UVP$&Y1FTZH)G:\ML>?BF+4DEWO"2'1V39V>JH=1>CJ_,'(])0$]( M7J12,$HVM;P<2W/)X>#)G8EU0V6P]!$*<=]?W[\%B@&7V+;+TX1!NS\QU)I2 M9`!_2Y0-6&QN`EEY=O,]T)PHK.M;7D-`>?8FO!3\)#!?U^.^L-AYG.X+2"3*1]2HK%QZ3&0**R@VD+#E*>7(V*""+;K=NF#[.MV+!;@*3M>,^'LH?!]#ER[28AP@G&2-(6=A3 M57E2-5(FNFG;4AT%N(=`"'&0(KB'5*A,!L>Z"V^S1>61Q\V24\2+<;SE[])P MTNL@OE1EW*&J(J?C$>(=H+3AZ?6Q>PQO1_<8)$0UGC1J1Y4,@'A]W$,/6+Y@ M^WOS%Y!!8EB\_T5HOJ`TO"$"B"(EE-E'GG4..X!UT5ZMB,<&\`(X(@P)=',[M*V.02',+L3O*;W2:;JQ@GC],8O+5^ MD*^'O5^4>VT-KL5R*S?X4Z33!C#B!P.+NDQKF\#@PQ"#"U4 MN-7^J-K.Y0?C\KUFP0]?7+$M4G![H`1/L"IJ04TD+WY6F MZAZ_E"2=PSOI2$47+W-HWH,?!9,6$,(PRZ#ONXTJ#D#<,I'5$`%]RQTKDPX! M5^66GS%5:FF\^\,BOHSN`>P_F, M/9F6]F_IK'KN?J`,U^]0YB*?\DMX->CMX MVB#N6VCPY2Z!$5$(Y#5R7.)06:N_8SD5I]\B0NHHX)[;Q72->S7<[?![08G" M-!^MO*@H=RHZ.1VA0H*0X2LZ#]DH5#$70UEO0X2&04$/"+DT3I$MD\"J3CQ, M^W3M=%?5$A`YU*T2KVK'!30M/P-FUK9*F9I6N/.YM&T5D0W.JJ]$V^YCW4E` MY0XFH'+?B<`"$..O<)P`33<7I_=WJH4<:BM?@2^_P4D"2?0)'!?XIPBC*H$X MJG(+AZF%^6(H#\&:\5CO=T'BUN++AA-NO9R9A/>-%1;.IDLQ>VV%Q M]RB2R;GRL0Q0"F.@;+&CC*1)BBVG]E63;P6/ITMBO#;IO;\N73((NF]]T"77 M_H."W6^"72%X-,%0]:VM<=..3"E#&G!DMU(#-P2V"XX6O"1=AHVOGO`@R']+8/CEFW._L-;FHF)CJP3XX+_Y@CQ61N[( MQ1S;4#@HP>`0+G@#I4`CK8X2>8#Z-X4>X.%`RWE2G]@EWAP*@,2BVU#'C3?[ M]<.@R)$OI!:X^W)(-70.*YM4SH(?O_$?,$3L+:*HLIWA@J01S2"2%(Q&W5R> M-=.U\5\4L(]X"0&-@\3#NR?X#VP>$ZK7BS^NR3@]LTNA2/SV&@@BG>80.6_"P`_U^_*LUNY03J`R,^+I,?C9! MW5:BZO+V&JY:_?7]+CB\9V7P*H:"JM@.1M(04+!4+TZE83ERUX_;#P;CRP'% MA.<8Z;^7G*=<*N]"+Z+,?C-<&^.G'_`C"0%J^�PQ(G0=%`*!+$PYY&O-64 MZ."[[4@3RY6$.)&Q"!+LF<6U">HJ7_G+^K9#R^!CU([+?TA&5'`9=^W%M%%9 M!C'E>.(KSW[7R-V8DKA@`FD&%L$+(IUK!=O=X).\5Y[L3BPN7,49A?J617Y73`T,(B=](.C("/M;N MP5%&9V/[',D[\#@+P:T1>`,:^08K$4WVK[YL3ZV3X,4ITE"G'/39Q4)8+`X.BR/PYHQM[X:J?[%1'ZX045L&0EZ M,GQ9B\T/J0%AH,-6<*,`B`W>NPG?$=D%PTG("B\KAE$L>32RB#EL]Q$OLAW< M39P-`'KWT70=KNB>5$/XF,$E5/_;>-&I&;RYIZH\$39S@0UI75,14J)8O'F] MUV6*P`A$TKI@-?!HC.:IL[?Q&F]PYQ^DN8KFW.^)HJ\[@F@H=',IH9;A>\ZJ M<4AT0'#01J*BD"[[7+/`GT*BS1%J%+XPXH_8S8HDVD]R@E_,T6.?\XZ3X2P$ M'U;9DUAS\$9)!4?97HFH+S8N13[$XB.^`NIP'CO41.&?M([T[]A.^5WEQK4L M8?K($\#6B]S2>-J+_E(.\A:_$(ME+J[BTS&8:>WC+R7$6T')%6_8OKI& M*Y'([P12L)T=.=6!EGGD@*!,:J*CJ0Q,!P^/P++N'('"9@J(G#`]#CIH8O

`GY]2-D^X(A?'!G+,`X'BP7:C;/9;-[_.VY^Q&A(J/[8B[ M<6E,1;NZ/!=RD2\=RTN[Q,IEK;G0;?H]73LIVR`DF@*/)<\C7GTV9[#8+IK*!A4TV MWDK`<*>QS]3N5/Z1(!E.>CMI/$HHA2=-!L\ORIW'O'@)*?3B0OGB'WWQH\$+ M2L#C5F0)>"=E9!33('300HEKRNU>5=";*3QG@!\;P8[!'J@D.[Y$+8)`!<[C M+UQ;5.[<&+D=X3J8H&=Y2BQS+7F3(;9EJXMTX5`__H) M1D%%("U!T,X&_8&E!T,#L+NVFOM"6Y$?Y2/*KF!9K]4PDVF8Z'#K<)C[F1[WKQ:J$KUNIOF!@92UH/:3Y?0-?\HF93Y:Z`85*^]GQ_H!S`<)) M+Y2F)0`%07!D$HFX1I?7J#%Y?<$-\.(&J#)5,K:AVUGR-Y*VF@PU>832B0C[ M9;[)!)],1M,HNA9JO.OY--SEZ@3]+0HEFFO&)1[5NL%OC?;M,*$8<2X=];M835$=Q](>79Y"A-Y-9+>"Q@1#T$(7A%QES^]8F(Q;)>R7 MCK=@*/A)-/7D#!'10J"&*!V@:#PQ38.\/>ZC@\>ZL'EN9;QC'W%1>4=?/'D+ M(.GY")'#V@[7#&J\7>?'.D:WX8'(=M@=X^G,F,VQ@'.^;(MK M\T1%3+O%M.2X-SMX"@`*)GI@L=X*+9=P_<:-?KQS-=H;[SB<[+_0%L0C;<91 MVCD)=%9"7;8)E>M(AP6DUXN@^W$[/$[J_G`K[F!$&U+7(`/,+W_*6IDD*YL> M[AY^N2&OP_Y@7.-P-E2$(#2W>))XNC+QQ[#4OOLD!!.DK M?U\/*\B^\2?FA!QDSE2AZTUMS5(?+S\F5,UT]E/J@MFW7B)UMAI=J=7RMY!/ M#V/62;ABA=E/Q>:&#T]%DO,CYF@XJX"8)0E6X>KW:W$@M3$P0B69&.03I[LL MU>AE:O.86OIL>W9Y(LB/A^%L5!C%ZG5[6F2P=/*9AN+\K+Q@4.[27"Y;YJLM MAA?]62\+DBD^F=PVK"Z:DE\WSD76H!C[)>XORMWP;!YLB1\L8B8O^L=CB==$ MUL%5TR2M!(.`SSSB#^_H3I8@>_1@/!)+#+H#W$*\[]=9Z@WS0/\Q,]3IH2G" M41Z`P]ZP,L*V&Y!F`_IE;D",]`:;..6,0B:/JI//?\8$#)HL?VTLQ&VS\73G M#9D_8:>FI8EX4O$AQ4?%Q:2M/#S<_'-!BP7UE)'C&!ZT&#KLU@PBIN@ M>L>.P_MQO4:=6X/]N+C[]/9--1O2;ERE&T>I0+=\QG-I.YCCZ%#*^>`>K*!S MB5594;MFG]ZW#?!GV=\^#0S5'Q`C(?1QAMN@OVG@8_W5537EXBMWT(+U"?]P ME;^!NT8/*==&UB[UA$L3M?J+6EF5^KS;FS`#@="E+@@R.G=K(PAQ%(_683A3G5/^(H)=A1[>`(W MOWVNQHKUHVD\U?2(VCY7-T_Y;ZZA_'-ENO`_FO*/Y*E%AU,Z,AY-O\!Y65P9 M3$YLF/);B'%6Y[B1Z3>S_CDE?_&SH=>?/A"SP:Y_EQMU*VJ]K;A6,1O7FJ]4 MWH?:K[63+JMV\AS&9AV!,LM/H4/0:Z)L1IDM1->ZV#+/`VJ/EHT[*;4$*VY0 M_?2;4O(C3MV<[\C9-+)HJK)$&L5+HB&8CI!($T:ILLUJF MS:%I3THMP(-'NU#5&QTL1VL&F?.-D/3U>#'JCSF`XZPS&XSB?M;\G5='08XH1U4VQG/9'N=WJBZW6I:!]+:>V5E;^;UN]\ M)+GYA).Y:J8")E>#,U%FDWZ_25HL%B3P)7GN\)-I+NK&*H.KL@A\:DR&HV1M MTT`5P\-Q-"",AOQAJH;Y"$X>P[1U>="HV1Y<3&91)_/`4KO.](DQF$Z2;74J M#$ZB:'Y5DLX>AUJ.EWZ.B8\31,XI^9V=+-\-;FNRFHO!-@&\BDY^]:38'A\B M/\6.K5JCD`XPC)R6F%($H1'7^Q*V:'O9=AI^I070HM9.Z.'7GR1H"\_ MZ*47(%HD/0KM3F3:B?[H^#N1+:*Z/PR:(GSZV33F;02U^1%4'PB:R!G\4]/# MJ6'43F3E:GT>:P.KM0A)^(%5>BH\[[`YT<1]Q[*S#:'.1A4@78OHQN&1@;63 M^W$_^(ES4VZ3:9.46BQ(WVSUB2F7RD*SY7#NFA'Y8IPQV%J[Z%A?S'LZ:72L MB/9I`V4'PCZ#Y"AZ&RB+I=@>(WW:0-E!-9HIK!(8H]>&:/:%:/;=@;2ALN/M MP[XC0\T"94D!K^18V5>1L'OO/F*.[H/YQ;I^5C4=7W]O6E_@CV#!C*>/3+5K M.3X/.V#=F.N-:FP%-:GO5Z!V@.=7R/(!I*C?W01!^*]) M7U*\_E\$1F(/L-`@O;8W5]X`9QEE`1FKKO"91_SA@\]_,:VN2JR>:$C3))\> M$5*%?RY+KNA+K(IO@I/AB$UKM M_<4R[6BD,6*&SEYE]H>=_O3J[-$<='K3VC3I*6P;KN=S=^V"36`+9<$V%IMK M_)K:K`L#-U,+#CO36?]HBO`U479\E:F)V9D8&'R&XI/8<"?V1BMTSJ$[+0*_ MBIN&4OBASCUC/&I?=897LY:.A>G8[XRF9=(Q1C!+'FO57HN>^(HI>:Z89*H( M3J>];]I_R_O*!AK5\8K7(^_%W:?V7C?GO:Y/Q+K,&BIX>]I+?WMZQ^:Z:MO: M$H#@1Z3]MZC,P($T?L0YI=&+7J)&+\HRQIQOV5PV_QWD@Z!8!4OIAXO`_6&5 MYXQ)ZN-;#2Y3FTSH?B7WW25IDL+QE38PF$64FHMC>BX^I?5+BTW]HX+'V]F+ M86K#F?:390?RCDB,Z?&"FG51X;[?!](0&J9\;=O,L945TQ?43,M6=3GA>31+ M&^0H(_TF.,"Y9-YJ9I!X.,ET$74"F6TF76=IAUO61OR/'WN7522$01LV+A(V MOFQI6"L:QLCD:<+NS2HD"]GGO#5DH8_XY6,*+QTC&-KRL?:>)'!/DK0I)PD@ MMYSEX,L]VWIOAD@XO5FA=I:XO57F%$>'C$HLK71->KU]B)%)_) M$&AOB]5J66C5TK#B&'O<[+1\`]"2!ZI]<5;,XF8W/(,MT\RTL<< M<9Q;%WT8'Q?/F3EBT/CBFZ&Z"W`8%P6'%AUODXI520C/,8;J]3[)1F)!TUGZ M..ZM^6)<;M0MV7!PVP,H>#]M`L4N`8L?*%#-YMR7%AM,@=^/^6`K5E/1[TQ& M:?FF%@'3UTG.NIRIL\J@]+,[RD97X16L"&=_N-K&NV-L8C1E MLHUI:XY-P1X1!T5.=!U-US)8A?IM4W]T_JS8'TWKPHN55&4H;+F$,U;)^]C, M.-6X[OWE&DE6?.88,853Q_D>3-#L):)8+*24!?(?,T-]]*S/Z7A8&6G;+4BU M!;-!F5L0(\#[@X*)0;SDN-]'S8#_O;'80G/>JW/A;N6+_A5.`;ZFYE$8L6+K M1V9Y-V^=8)H[P\'V7B^:L\HHN`46?=ANJ/[\:`M^P*>! MO\HV:C&1RR)[\7VC65EJC17#?+'4S9]^X/]-[3:="#^NR;474U72H&* M%'GUA^+(K<%@E/Y&Y,'2S,L'-E\IY$P8Q`"JKGQU6%?YZ"RZ';]!:D9M(WW" M2;&BAX_2W\ZV/3LD*:C7.TD.25E/NM.TRKIT1Z8X2GFU;]FH5"7H!:0[ M=79X2YMF>+,Y]-R#IAJ_:<8;Y<8$AQ7=UM>FYD;")T5UUZJY\Q/E?F-`Z)]S:"ZY:7B;5$:;V M@JO9USOM!5=[P=5><+V>"ZYJ>ONW%S"923OMC`:I^]6UY,W3EC9)=N4H(=_V=NOT2JZFMUNMDBOM^F;6 M7FX=ESHQFNY8EUMQ=60'BL*2J\FNYW/+98N/FOHH7VJ;2:5@O#K7-8?1EN^7 MT"2J3M,FO"Y92@.:8QTRZ)FBG<.V'U95_;"^JEO+U'DG$XOQIL]STW;:'E6E5366\T;%!ZK6'L7:]$8KK.L^LB?1"XT\Q,9RW2#UK4ASV6XP M&M6%[TK0>/>J#J<:1_W>6)[K]\Y?U?7KTP>RL*[[UOQNC]DFVC23XP;%Y\[7 M1\O]7;4LU3CYP/4B2NX5L%RO-BQ76,F)$+D2;,*\QB(.3=5MOP$*G3_"KO[JDEI:**I0F M^[YAAMU@!W%0@H:H/8XE1)CJHP7;AN![R7.1/MTU[2?;CN!(UXR:HA!=JU;V M\E,B;\.CV`!IE9HD^,PC_I"OBW@*(/+O_5O14KH6_:UW@2FEO?6@,YGT3DSV M=O-R;MZPTYN-CK9Y,0IE?^?R0XECR2EG<$I9N'-'QG'D%[:E))X%$\VBB6CA M[:-6#!L;:"]_"F6:_:H@L=/D"U69D[9W3_M9!"DF?6@W.0AL1!QO]T,&U\^\ M(EZUE)_#0.#FA/X439:J,6Y>CX]DU"HPP];3X\6@-^H,AK/.8#Q^DR:K2=1P MOF5/FF$`Y1(I6T+R3%B?Z6P93)79MV8O,2M&WO3LA3AAW12B4D^DA3$N%>\&J5Y( ML]")$>F/2L+DV!HL%CJZ2?PW/ZO_K%@,EK;%D:$^-+_8T?X'5MJU=R=&8%(0 M@9-HFU^5)._@4*BG=$]CWPF@'Q]%R+)K6;X;V-7D38U!-@&ZBERS>A)L4@'! MCJU&Z?#XPA`I_*2^V!43_]#WSECL\Q$S?:O4L)^LZ:BPFZLU\R: M:ZH.4!J_TUQY"0^+5AIMF($J0O_MMG@F^G;"K3D-4PZZ@UJD^,5` M4PI/P\DZKTJIP!EZE5LPZ/2O9B5N08QRV'^1L'L1D'QI\(E.49AL^66)@OL` MXN@B>[-XIJ[QS1B$QT3'MA>'RT MX:"IZ^:+_4N$P"4/Q,K>T\[7]C6[?"D6BIYY_=,E+2X'=.TM+]KPZNP7V*H, MF?^PGR=K#Y8"O),T^1JF+F2L4W0P=%(NE4'2QDJK,G=%ZN6*PU[]";*ZG2M> MVW^JG>N/:[-SQY>XP:DJ64O8MQ(BB@V6N,&I.C&4L'/3VMS.'UOB'E;@T*I+ M\'V/>6:N:R"GW^E-FE!F7A4S8`FL8CX"9"JOFL!+(X.'@7H)!VWM<+^68IS>#B'"B%IC^#G=`1//?OHU1S!1U60I*'N M28883?WW.!)?U8;+_`$$M?@T,E5;?;M)$?PY@9/!B5T56ZH MQ+5'\,C4EJOB)K^Q0MP>P4L_@H^K::!?\A$<3I9^'6_FTV;D?ZH*!\3E!J2[ M[X_F"]RQN6G@#$#B\B_+._;,#)=A)L`]>R).?S!O@/]1GV`6>-MT*%2N;9LYNPU^:H;!+=M8W20,C"2!N5Z;EM.M M.VXWH@PG02%@"Z:%AF'AZ"Z=J&O98,#C:)]4PUVJP4]S(:=_JB"-F9U1WLP2FX<=K9(CSL3$6A\76@G=U8[6YS%54"I.%?: M+.P`M;/2MMP^:U@;FNJ5^O<9''9ZHV3>:!8N%_O462,:^/5[G='P7+9C<"Z( M[%&>]6S%66MJ9GRQ_NS1(M0BU")4,X1.US?[@=D4'[QGUK,VKUV'[+UAC68Q MS;`SG27WD6P6+M.,GFMM$1F`"[NGRVJSD!GMZ5/:+$P&I1TK6B?VZ:PB`*.] M4)K?^;A8F_5EG-.V?"3+CR=698#(:U6DL1S.CI^WAI46H1:A%J/X! M@+1NZJUF.Y;VZ'K-]>I#US,Z[E]-SP63_KFX0]/1N6`B7ASW@Y\X4R5;+9*O MU[$]HZ#`<'8NNO9BF#$D4+><@-'5N3#5J]"Q906@VC!K>\QI$6H1:A%J1*@@ M7Z[`'5-UY9WMJ,YNX=/)?=ES\0"'YS(3_&*0T1.LFRL[[(R'R<4ES=J,L\EN M;4Q0H/'>[!G%!T;GDA=S,6IXR<"P,^N=BRIJ=6IMW-8FD+<]TK0(M0BU"-4X M+)#69WVO/EKPQ3:!H/%6N47R&$QY+FF^KV*WSL,;EO5%< MD!R?2^W"J]BMQFCHQL>`SY5U6H1:A%J$ZH)0Y<[PC6EM3$MUF,)A&,[J1M,V M;M$L)"_Z#<_3G9Q+FLFK8+>S\WB_&:JNFW/L]UXS4K?QB68A>='PC(BS*1-\ M%=S6&$7592?=L->9S1K62\O^4:SY)A#2[L#8KMG0DHIM#M*P676;:G1GE;L#K22 MD9=XLT[O*KGRJ:7>?NI=](?EL%[ZL8J-I]EPV!D.6_\]+_DF@U9<<[M0D^1R MO$K<`'\LM#\L.?^PX^C89'_L\A=GQ:S/IF'*6:Y\:.O;+08)3`.^Z7TDY\3D MX(3DZ`1E0<'TLZ4#`Y1_"-&KW+'(^9[SIYU.PLO)1XH,TPXS%!^\2A=(>Z_/TJ!Q_!$D#<)P^H5>%I?9^O5..)*4^J9B@_*Q>Z:=MO&LM\_=GY<]]%OY<% MQQ1?3-[O^JC(:UTW7U1CSI2E:5'HQ%FZ^HY7:[$YTYXQ$F`WEHG3^J`-9N'4 M/F1M6+BPIN4V?JW9&)%2#6:Z=C6F/NT)NFAP],"1/"-'9'+G"C'$*Z*JZ.A6 M`T>E!`N`SSSB#Y121H`]>B`>::,'W8$?N4^]#1[D/V:&.CTT1?C$`W#0FU5& MV'8#4@`XFI1(_QC9C;ODR74UDWR_YFB& MRQ9?^/=-P^8+W&,+;@Q6OE5U]/'N5XPYU\;B>K'0\#%5Q[?A:.*"D]?>#J66 MI/9VJ&&W0WD2QT]_E]+>&]7+HRIP;R0N^#,:Q_9:J#Z7.Z^1E"6)5.$S_HUI M.XJY5,#[*3W^U,@#Z*E"6:^46-6;EK2X@/-OV\)5:P6A%81F"D+QH*\\2"OL M^X89]LEN)<[_N1KI/F;`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`@*!\2B9_3",A]_OL\C]:470+GC`4F$BH.DK;O"(N#;>JYDF\X&,56D1399P\#N1+FOD\:5-CGZ5 M.:EIA"W)?\"H2FS^4@W$K+2#0+V.)2=T7JK(9?&6K1>5&^X]';+!M?([SN6Y MNBCTOS-D=5#?*BRJ/C'%<"D=P5R&XG&V8KJ.[8"^Q^/?)4""=J"I9[IA9]Q_ M!:,,2L&R/HX^959ISTQARR6;\XY(#B97F1MRWQO+CN[]*9[FQK`HZ99"IR7HCV;4RS;D_JS532FER9NJU M;;MKKA+?F]9[5;/^1]5==FU_609S7V]5!QZ6DXGL&QD0>3#?LK\R??%V^V"I MAKUDEFG=,^M9PU14^#9S["_^+SYJZJ.F:X[6=M#-P*&&^6*IFS_]P/_[@Y\G M-O)X]#0)KQZ9*EG^J(LEI=:&5FYS)BMONWLLN)-/X`W8W,8=/-.G=4Z&Z=/1 MWGW?@&/6ZO7X8K\`_#N%5EW/`G6;_?KE$:^H/B0*'JK&.?:\[[/T4 MX*_0IO2ZTUE:5CLRR$GRL1_DZI5@9HVG:TNF7&SA^-C@07F#;NJ,"A?P\ M[`Z2?9O,A[63G[*2#X#R\,@6.&"%&39=J-UCK.P+A_AZ[FC/8%QS52G^2ZSX M+_IB<(FO@/%76PRX\#"?HG+8-8R]P`G&HO8'@UYO MJKQ;;W1S"RH9X5`6KH7]*G$W\0F'CCYK?O1A>/110B<$!1%4-%O9P$:A\[E0 M5%M9FC@@T/ZEBI-+G`V.6>)5'I"/?>[Y+2 M#\Q:*Q?_\/VUED>"Y+E^>K+8DSP1'7%?P-4"NR]OIX^X,+E_Q3CAZ+&9\2!] M;.9+(`%`=92_N?I6Z7.WJ6)_L52CR4D(;1/C%L/7@&'U[F!:7.0) MO-49+88MAG7&L"X^QGO36C)L1*68%DZITZS2E4>VJ,?9E(*UQ&J)U1+KY,2J MCW,6"4^_6N7EQMO#=4>7D3.M/,P3S3D?NNG%I=UB\LW[+HHVS!(5= M;G%(IW21U@[LD[#^H#-N[<`1H1EU>\4'\[PV+NWVZF\[SX=%*[$#?@JI]ZLC M9`PV+>URU*9=MFF7;=IEFW;9IEVV:9=MVF6;=MFF7:9)NVS0K(TV[;+N^6YM MVF4:*@W:M,NJ1;T"\I:DW]N\RQ-!WF+88MC`"YTV[[+EMQ;#5X)A77R,-N^R M7CS<$JLE5DNL^BG:(^1=%A_P>"Z9#&W>Y9&A:?,N\\3VAO6GV1FQ:/$VXG7Q MN0\E7K:&0!J"WK`S+;U#8+UPK)>4C;JE<]_Y+]HOK@QA# M<*S,R[C6H'G[;YZNH^?7WG]+&69BW-&DBSZA-1R[^[S-',N:K05X$;A,QPO+%;D>G)PJ*GP\%M?OW9RV2+88MAG=R@-K^^ MQ;#%L`D8UL7'://KZ\7#+;%:8K7$JI^B;?L:'R^#JAZ!K]>4LW;"`%ICN;3? MG=:?9N?#HJD[:>0T!1E\ZS27O2DP*JN_<1IP,C!5HDTL7T#S+W4\\W(4ZC:$ MO&@5MBV>+9Z5XYM`)1\\K/W7L MOTBGFCI8MABV`0,Z^)CM'GE]>+AEE@ML5IBU4_1MGW;LWVR6(OF.@2^ZI4C M5'DJWJD":(WETD%WF'8F8\NB):2KC2MNW%Z_Q/):Y5Z>45IK-OO29K8V+;,U M@S4[M\UM"!]EL)WGMD/G+WX56>J:9)9'_J<@%!Y1'V.6?O1(<<26_^_6&]W< M,L:_\6(PRUYI&\QI?W?_Y>NM9L]UTW8M9F=M]E]:"W]S25GW<)9V7%O^"]%7 MC:V@X&CRJZT8IG'YS&R,;3*!%+P$`-/.\81^6R3J*SD[^C\RW7SY)9913L2? M*%AM5GZ;E5^O+&Q*9;B\/6[.;0H1>J]JEG*:[-B,4<9(7MYT]E-J5OWL*\)\ M/5=KD,$X2VZ6F\8EF7;&F0]\)\WT/*:;6`Z)NY.T;4]/D&+:YF*="/(F85B] M$D^+R_^0MFZ9[8PQK(MB\Q)`2MZS5WK=W!*KD0HW["*W+=]*<:2/*B7G>NV9 MWJW.)&&M+8R.!@TAF,V\A@&QG,?71H(X/GCV%]#JIM9/#L,:R+8FLC@S5@W%=*K/HH MW`.1P;9H)X\C?50I:2.#F>2LY,A@8F0J+ITQ>_)A-)'Q,W-N5'OUU3*?M05; MO-U^L]GB@_%EPRS5T8RG:[^!;\JT1<4U-/[0M_O;'Y0%FVMK5;?_],/E\(<_ M3V:S7J_GHY)^^7(!'P4`'Z4!?#29E`3X!V-N,=5FMXS_%UYR5LP"O3EW+8L9 MSD=-?=3T\F@.#P0AS[)^V;"G(/MW6_O%T'1P*2V7_:#\?!B$Z_D<'@7BS\TU M>U"_,_NKNN6!VU*H=W6`?(GKEPQZ9I[M5PHX^`V.?.':6(B/E06.:5FEZ?GQH(P(K%@8O.UE'_4.&*!-\1&O?WI;'T/U9 M&GL96;D\>',0]M"^%P#XCLV9]HQZJ"3B'C)*T57+@3,[4?N]5%3-!*G4[/Y+ MY0C^])#"VEVX+&`S$W8Z."1>AX&5BM?S7(0&?LL,MM2Q:,V MO`4*U-F60J"P:DE:J@A()9RT_F*:BQ=-U\&O^6`XJO&DH3>*QN/#&MP?:PVV M.BD^.DM7WS4/7YFEF8NH(:F(-3(O#L.@'<_][^W=(<=FN^&"69TJC3%UTF'R"921?U/`Z!<7YN6H_V;?E].E&,VBICRPPN7!6QV:SH8Y@86M0'2W790E>))VIPS MMK`1ED^J0QFD7Y;?#%0)EC9WV`(^=.?]`P?UP!*FK3DVJ(]RM.K,TU/E078\ M?$LP]$&@PIX%WB0X`-&[/UQM4\#>1XSN5=0?2[M\R9"70+N$>P"^Y^7?GUSV MKZ9I[B%BUB\7\AQ1BDG%D+_7#+"#Y=-\,.VG`3QF^7(!ST[R*W05"D&.^NN. M;=0MBM"7Y5O5^/VCJ1HV2-:-NM$<5?^(CD1)L:')E:>*TRQ:!I#9W=I)/Q>0 M<@^\=^PORX^:P>`_-W!H+RMJ,1J%MSQQN4)P9?<99E?YP'JW7+(YT/?=]_D* MSF/L3G78%P.YF`AMKU#!/X/J-\JZSAA-PZ?S+!"4#7WV\VQ$5Q4!/OZI:U`A MEK4%;4')_B&HKV$;.9TGA]VN:204G&JY,F%,X9;W>J>$<92&CH.KX>RT,*;0 MF?WQM"H82SW\1TG;2P%UNJ-U4>!S1(=G:7@W;6`@D"*@+4JA[M7.35!PB1P0 M9%>6.S<1^R'@D:K2"#".7H?ZW\^Z=G9[/$F]=O`8#\8:V6-!(=&J`FQ9UBOA M!(?UKA9;,H9!3A7[J+15QSK=L">^4ID#[HT'XSJ,B:$](E.QJ8=([!4D"'P7`;P`1S7`Q MALV3BTS#YJ\&?*E;^,%VM'E)+OE./FA>>"I&+4?&T6YF:%FX>;E?XNJUK$2Y M:7@W=I;)!4=V6;@:]K/!$;G2OUFIUE-NHAQT:%,O5C1](7ZEW4B?S51KCH?! M6_;,=)/N1\K,_QE-(L&^/0L6ABY[*<24'UBT!!AS1%HC<;>L,%J@V+]:9EGY MBH/^-`*/OT#&M7/0(G(KN6?M&],&MQ43K?"JY)Y9S]JF7E)09;IS)$Q: MKQAD.=(F=N(`:2$3SAT^[IFV.]!5AEM28MD@SI>,6ZX@9)F)%G&),D#&GRJ3 M2K-Q]"0>6"'S\OE(D6UYXJW21&O0[UTE,?`!>2I-B`:S:=PF),*`22&VH%%9 M"4/3JV%X)R*+Y(`A1W3@:I@%!A*<*H@1ISI*@B6[8S?,#$OPS\1$I=&E/TIF M$KE27FBRZXY>Q.E-`\WA\^?)(H3#V33C4;F,(-GQ")*G7"EZHW,,BNR+.I45 M_HNDC1U8L@0(\Z2V%0$Q1YSGW7&X5%IX3TR: M'&*W6W-[+-K`4Z;T@?GG2CV"1\H,$EJS(#(#T'V0WE4M>V%`)PD7\"/YNSTHSR?%8I*T,A>M[330*<8 M%F%5B[V.N+9E"U_9EIO(T>_MT?7[`2@;^!QIRZ7!'K\]'XS0CO[-U`SG?YCA MN!;[JEH.MJ:Z8PO&U@7*W@\68U0#60E)1KSG@M\G*7?:;'\VBL1YHY_.N72: MJ/QLT,^TM"Q=*@W[0?14G;1"04C2W#E.KG)!$F@14PH[#&*"'F7"D";Z/\X! M@RR6X%42?J4JO9R!'H]F[4#EPI:!65%MGA`MIZ6P_,6>%2=KR M!;M$^`(`T0>;L`/`_W!35]N6^94H!*7\V?#ZC=WL2%W8=(^E7B"D5!2>$J1/HR M9`6E1!$:]F8[^CA^B:*PI(E13F+IDD:J`RT$"DO3.')FB_MZ`0A2-<@9YX`@ MOE-U)M3[PWYTY<2>TX<73-.B?!;ILYINP1)"9\/>*%%][PE;98`AC2(81%DM M!0SD5)9,C)BKRVI@R9=2E@J6P%&\9.HDG_FK!"Q-.=2@$&`)-KD$DHTB!X^# M*Y4%6@K^NAH5!,UV+&/)OF35&7GG&5/`?R`)M@$CK.D5F9 M^H)9-@\,YI>906\X3=)ML4N5!%JJ;,A(=6U6T#YIAFG![V,OR#,9W.DP[)5& MOYQSY321Z8CC=VCE7:H4SG;,=M-U-0N3JAR`CHIFFIK*?D0]58,FN-;NVM55 MARWVI2O&YB!D.G5-(T?TC`M7`W>JJKR=XV(1N.^8HX(3OWBG6@9LBQWX'!AM M;:X5.-@.=NHM#ZU5&G2ISKKC@M!=+^#4`WRNZMB?YH,A##8:2-,@\2AR_`T; MJ<-KE09=&D,5:9*4';K`GXKU:X.3VFRGV4KHTSF73G5(S+CT_4K;;+"AI;'X MJVHL])+KY:XBSFWR'B=6?RH4^@T1R&7509_J&LOK/C:!>`A"+%U MZOU*M=@C]O9"0PI6E'<@P9$<3XQ:D&S]1[[R7J'7+ZJU^+*ATQF?ZXW9)M\W MC%IEF_BK+ZYC.\#IP.A_9S@>%)YY9I;ZQ.[8&L"!W\L+3E?5\;:E#_Z2F%>; M;M/^)8=N@DJ:?J+AMC_\^6O_'X-/5[>\+6P-<6L@Z6.X\5]SUW;,=?P.#)JQ M`U)4I&.>,%[):Z_9[UWV1Q+QOVGJ/;B<3W]SC7^N3/>?*XVC_Z^YZ.WSKYO/ M_SB84A9-8XX"$F06O,$#G&QM(=*"<O@S_OEG?/`'\7FY@&[.0]^%?ZN.:`QB7O=YE3_Y>5Q^9#MJ%__Y?\)8?#LOWZ7YUGQY4]^EA=9\>5??I M<76?GE3WZ6EUGYY5]^FK+)^6XGYMA9=0K;G\#/QX0-;%$S\OP7)>RB_*UY?@ M#T2`$`N9_-?X,'@*/R@T/_Y//_23H0R!"%;/=*TYRZ*0HL`%2.2!\7VMP^^- M)U!YQN6W^Q_^_%Y]M+0YG\`CG6-%LQ55600J;Q13EMYT_^OG$-12OX9_BPH6 M_O)?/R.8VB_XO_#/_Q]02P,$%`````@`ADEP1]5++=7;%@``+2`L``00E#@``!#D! M``#M75ESXSB2?M^(_0]<3VQL3\2J?-715=.U$[)$5VE&%M6B7,>^3-`49+.+ M(M4@Z6-^_0`@)5,$"20EDH`[IAY!>'17__O/__#(/]^^:]> MS[CTD+_X8`Q#MS<*EN%?C(FS0A^,3RA`V(E#_!?CB^,G])OPV\5L3'Y-'_?! M>/WJC6/T>H#.OJ!@$>+KV6C;V5T MY41].'\5XMOCLY.3T^-O5V/;O4,KI^<%%!\7'6VH:"]E=*?OW[\_9G_=-.5: M/MY@?_.,\^,-.]N>R5\]0?L<)Y'W(6+LC4/7B9EY21]C5+:@O_4VS7KTJ][I M6>_\]-5CM#C:*)]I$(<^FJ&E0?\G!K-]:ISA2XQD=4S_>$P`2E8HB/O!P@QB M+WZB:.$58Y8(P'J[PVCY\2C&<8]B?_+^_(0^\4\0TOAI349+Y*W6/M''\9Y, M#L)@@8((+/1L2!K]`XC/;"?M]G="1V2Y+J(1RSJKO07Y`(:?Z>$+]RJ%S5 M/7:%EQ/=7?KA0WXH'0R6H,]FQ++PK1-X_V2V3TS_PHD\\MPI&?*$`TB`@'?0 M#,,3]-!WW3`AP2BXG>(P(!_=5%\23@&4S;"8/26:(1=Y]\Z-CXAB^C[!D?K; MRQ`/P^0F7B;^IJ&$\;W[:T:<<>@$N6=?XG!%M$<<9OPT1/?(#]=4A^2KWY`K ME66_SIH19!3Z/;]G0J/,"1",`1@LOE@VJLK:-^3*Y#&PR5K>5#[,`3/*V-&])O<1.CWA#S0I-F: M3,7EK;NJHJ:DO`-XY/H==27`G`:NP]G?[491O062YFZN]P-422*P#>FR\ M"@,Q7-F^O?H#S)>8L/%:!#8&J]JW4)?`+*Z:HI4:!3JZJVE:J5=`;`EIVJE= M0'R)B=HI$F","8D:+QC@(["LO^B M\=*PE_L,C/<@XA:*1F!4$)"TQQ38IT-H6ZENP=F"@*B5^A;&F)BH3<:V\.S' M(D_>3CD.4Z.$JE769`%:1M;ZJF?-L;Q'3^U,>`"A%U.URAI4I5#RQN=G:H2^ M4H*V&`(7KW+*AE>@:R?.SD3`="BA:8TF6,8A(6F/JK#Y39ZTS=5Z?J?/6F8*:/H2TE:T?=?F$48M8 M=1W?37SF24DI^&.'`CW&*%B@Q:8?RO&!A[/(U[2/[!C=J=$S-E3YCTZP,-(N MC)T^6F.]N2-5._*=$:&VIR#(YX$U&9H3VQS23[8U'@W[<_++17_:?K6N[/QG:_VN8WP;F=&Y,KJ\NS)EA79)F_9EI_WESAFZC#C]T M=U3@TT-\(=XUH4P#[*3>THENV'&]).K=.L[ZF-K6,?+C:/,-L[;>R6EV:N]/ MV=?_2"=8!@G&N0U(OG.#?/;8?V3M"LV.U3%LWX4XGB.\*MG]S?-=WKK(?L[\ M^M@U0KQ`^./1UMT[V-TQ.OZ`9-;B.$I6J8'W/&(I&_HE#E2#LN'%DX2D.;[&S$K@^*#T,OM=*X:NG"^V@W"P/ M/A&SJP9LMQ4,EC=*82F32SOE3S%:.]YFV8%DM+F%):G?`Q'#H'JK%*H:6M`. M07KBN!JB]*\P#-XIQ2`OAW9*YG8(3,)XZN#86@Z]:!U&CO\)A\D:6"G`^X$! M][/:-&\OW6@*\20,7!B(^98*V1ZB)2)<+.;.8\:7*(J6M]:CXN-57S`TD:C: MF5/Z1HLK%-^%"U`Q7DF@1ZDG14C\I-")!16.VB&B*347AS!T:FFT*,L!.1] M8I&UPVCW[3)5!80N>;>PK-NK:E.3H0KE>`%6,_:<&\_WZ"9TZ3Q"65NEK.C!4J[\8T@7":F=4FS6X;&-6QV%[U$`>C(Q981WSHMO\Z8U]` MHKKRK(.26&Q=@=KNIH4#54:BNMZL"U2UV-H!M?/2@Y`>;9`'I&H2U64F/"K) MQ-8.J(&S]F+'9Y6Q=>-[M^GKG*5HR>A4EYU@R&`*T`ZWG'R0\K.BN5(/D6Z2 M8$.&'NZFHT7D'4J;:Y2O`F:A!!)K9V`5XP)B;`!2C3)9*6Y@36B'86ZMKJ:_ MD%-JE.766;,4D^D&()L5K0F=B$:CC!5V%,0(HTC@ M+IKJ7V6J$JY68<`$V7E?;DEFPK54/0";A;>8N50H1CLC[R\6'I75\:>.MQ@% M6V46D49KCSM<)_1,X0!6FQ.__9=-UE18-""Y&R>ZPD<%X16 M=9+:*NYPY6F'>XY5EN95W*XU0;&US+W&OW1VMUY'JC/@=CW!?FK5SCQX)=7) M7W0,ZA6`-6P-NN%XY04A9D+)LE"^I7XANP+#*B&U0R-7]_2#19TQ)J=4/>*@ MLE67@B^FJJTCGZ"A4,Q?CHM2CLGOVKX/H?R:U9V7(YRW^7($XZ<=#O[<];LC M]KZ2=4=%KV$JLN?DORMS0M1#-&!-S5E_/B(-#*(CTO)J.C,_$[+1%],83V3C?"]YVZ9KL9&0*)\Y@`$ MD%1F[5"R[[SUFM0N)#A])N'<9^_0D\`DHE%>S\/\FU1J[8`:A%%L+9DSIAEG M9EXVR25%T^O5-'J(`N:_G.FNHZ<H8NRC$HX%A5SM8J%KERT7!V!YO&0]Q:%U$TR*U\F7 M!%2^J3(;L?4H M*5#%=JH=`!27#HB265SMX)F$0;B1+UT^DPTE`HO3]GNGJM)1]KJ'J MX"F%@'OC9ZFD&B9J=`)@#P.3T:F.JG4!@^E!.]?PO)Q*SW*E]U\EA/OG!=@+ MM`PQRIW:-1])0D?T[P4.?AH1'49U=VNW^M"7IWV.C`O MSG$>C(&>=7[WJOPC>K-FCYVT]3S]AVV#^WV[,&S=#%6TL5FX55Q*J+^;:M!T M@&K4+VM.YVOSN]A*7S.Z;:/:(?#\UA[$?Z@]X;OBEEZR"#CW4:\7U2.[I@W` ME*(=LH1!?HMIR?S(;C/5X[.4:_Z-OT7\M%;^8:G9'EVI'F`0$/?6D"0&:K!7 M/K__N]:6[S?[;/G6=8]WB>0;G]EL[=+X@_Z=3M78"](*R"_/X8L2^$M2\WFW M0?J^#O=ICIT@)GX_-7G4T3<-7V/.J8OE6]<_)@BVA"J=I9RO9&Z*^8:&\8 M/@A&?EE;U3LM#T:U6@':846$7"1N_-7!I`B.GZ1;XZK:J[Y`H(D8*U!$@[C% M.&9@G+P_/V%0S&?SYVLW=G96LK)D\UU:J90@0^AKD*N^-F!_H.K)J>EXHR>= M'CR?GD`A'#O!K4?\>V'+=O7H@U&KON_NX+%81TGZ(>QX`4W5K8`>U;.6F\M, M!:A64L"0;.]>],.1E"A#._38/,F%PR875M2[2"J7JO8PY-[KBYQ8$=KAMKF` M8+L1+XL-%RA`PN._4D+@[,&)OE`"=:,=IL6"9Q3PI9%P`Q.`&HBNQI-#=;3T M`B!FJWC/G`NF^""T0'@UGC.":^BE@/LLN^3^8"@]$&2-IX'J:>H%`+V9`1$N M-TC(@+!J/0\$T,L+0'.*$2F[%IL\(DL?2'66NU.^#LRP_H#X:SRG=)@F7X!A M%&XAIDL9W(VW^V1HXOZ`AJ'C'-:!DK\DPRCXSFQ?;2F'?056J#Y373@=I/2/II;:DF[IU/(-!R' M+D(+=B;HRHD33$^%+:\#NI"`/3=&"^*(9]M?Z-VR0[0.(R^N>%,X>4"3_6NZ M7V7:C?4*)5QZ]*VTAT6\TCZ4 MON9NG8U3:SGV`D2WU))J57Q78"6)ID%,`!SWWCN).IKT4:4YRY8#:TFOM&?W MV]/+9W+WII=9'2&%46H:5P`0@44$(=7MIGT+WSI!MNV3,'SA1%Y$/2.*B#"[ MRZT[F]9_-GH&/<'NAU&"$?G%FGWJ3T;_SVX)8I<$7?3M$=NJ/IV9MCF9L[^T MN"-_@AZR"0QZW@:'`?GHIKOQRT5X7Q1A8GXU^H.!=3V9CR:?"-_6A'P>I)ON M6^2<7RNC4R^"79FE\IR>%.7)9+&-F3DP1U_Z%V.3(=,?CZVO[`*L2VMF#*WK MB_GE]7C;O$5)V;AX%I.&XDT0SKW-DWSU&W*KQ#PMBCFV^I,=&2]GUA5%;VK. MYM^-H?G%'%M3"B+]\F_FH%41RV;7=_@_*_(_FGPAO%FSD=FJD;%YW<_(7Q"# MHOE/.7?GG!'9-KTC[;,Y'C)SL?MCLV7UI05;A?I>EZG/GK<]1I_YR@RV$M\W MU0QNC+)=I,NF\7;H+\U;=EA[QPWNT<1,#SS-S.%HWJX7 MIE.?W)MM=_CCPAYQFK-K,H%M:_]V:P_(7Z0 M<=H?M\C@-O,ISAGG.3SCPM1%?_+WS(E/^]^I!V_UW-YJY:7^A=VV?K&>5LE<04]KJ3>?];BTR5O@"*&24F MZ?S*]G+.<=]]O,T3>7V$\19GL[RX7AXI/9GTT(=\0_$&-A!WU;Y)'=IFNM MV=NXROGC@I0]MP9_)UIF-Z2VR-JEX^$OCI\@:YF5I8X_"JB!I`YMO<;AHT>* M730@L>*):)JU+I>""V67_=',^-(?7YLTWEZ.)J1$&/7'9#!0"\DY4QYIP+B;!BVOAITVV;=Q'+A9OO;@'<$8T+GU#1TD[;%*QVV2V2 MDXN[>Q;?70A.<+4!&GLC*T(_>4KT=%[$JKTB[X+92G(GZE16H7_!:K M50'#KP$U:RKQ40B<;'Q@(JL M"PT42S.1;%RDY`NT+EC.5VHB=KE`N5.O=3(,I#GT$,6.YU<(P`=.8!*=]:J% M:!,:'^@]A^4R[^BH0.@ZZW=">7FXO\>2WCZRBPV M]#=<+G&(\-U8?:Z`$N'ZALLY=BJH#O#B&3TMYU2T"/NLW--674EQ019F/J`% M6@7VD2W:PH00+>(JX_VYZA8:.;3L[LC<*WB7`,!E%&(ANH$B-XW0RWT6HL&G M#?DY!?(K[<=P6$?=A(S\'(.0=2[Z"MZY(%O)^[.E=#KE(]0\%VC+YGPZT'T% MT^6)S5LNL@JXIOF-^JL-LNT8U=NZN88*=Z6/P^`V/1AT$Z=GB&C,S6_.GF(O M<+TU79B=$*3G#\B_1U=A$-\)]N0?V*WJW>T54!:VL#>B.^V.9-22ZCMR\/PA M;,@0MKVIWCK?`OX%3?T!8"=/%YP\W[<_U<>RVH(^KZV7#_YEF.`&L4^[4_V* MXI:@S^OJ#X!\KHQJ`GG6G>H7';>%?+[D?,'(]Y_5&-B M$^CZ;IO*;>.@29.WW*RA:C#G1>PFOY[/$[+K:7,]ONPG@)NV?E[(H/XCRS>]8Q MN^?E['(QO(+=\X[9E0P^_F1-.=O=C+O=LT`@"7[FPGGQ;%"U$%F907_<.!$B MW_P+4$L#!!0````(`(9)<$<:#\'!9BH```X!`P`4`!P`=')T+3(P,34P.3,P M7V1E9BYX;6Q55`D``SOD258[Y$E6=7@+``$$)0X```0Y`0``[%U;<^.VDG[? MJOT/7)_:.MFJ]=BRQW,[R9[2A1XKD45%E"5'!%&0Q0Q$*2'JL_/H%2-TH M`B!(D2(T81XFDHP&O^X/MP8:S1___3)WM&>(/1NY/YTU7EV>:="UT,1VGWXZ M>S#/FV:[VSW3/!^X$^`@%_YTYJ*S?__??_Z'1O[[\;_.S[5;&SJ3#UH'6>== M=XK^I?7!''[0/D(78N`C_"_M$W`"^@OZW!KVR-?H<1^TUZ]N@'9^+E'9)^A. M$'X8=C>5S7Q_\>'BXMNW;Z]<]`R^(?S5>V4AN>I,%&`+;NJBL+01MI$/K9EF MPH5V?:E=739NM,;EKZ]>ID2%#O!)0?K;?U]U&@WZS_6H(_.K;[]0/]YQ%X4".\N-Z'%\_^Z6Q'U6_7KQ!^NKBZO&Q< M?+[OF=8,SL&Y[5)^+'BVEJ*UL.0:[]^_OPC_NBZ:*/GRB)WU,ZXOUG`V-9._ M3OR-P&[AFXOHC[M%;4'5.Z`]^X,7:M)#%O##EIB*2..6H-_.U\7.Z4_GC:OS MZ\:K%V]RMN8I-#9&#AS"J4;_3]K6YJG^JBF0]C2_H'^\(%P&<^CZ37>BN[[M M+RFQ>!Z")0J$M[YPB#TNE@L@1U%J.6@9^`:_\5MGW2]%O`L\ES!Z3+$P0R$X1\!<4` M[L-O3,.CT$W)UGWV(T)]8C`Z:_[,!GZ*`%M2'YZ0]HI>J2 MK[)B%.FZSZ1NA.W4M0*C9$%-P_/(9'M'5MB$-A/0JL34\\H79Q'/E^D\C))% M0UBU`SEV>"(%C8IDJ8,CVZ<-?\F2!?4ZVX5T!L!P8OMIG8I5MK"Q#`=PHK\L MZ$0E,5*Q2A<#Y3>`,7#]9?B0U"4OIW0Q4%K`_1J.9`.PI,-8"A9>\:)6)O.Y M'77-,EBQKT:)TC M\)(ZTNV5*^;Q'=NS0K))7]UX/F$+P&3=MB"K4M(.AF2,Q8'E!Y@NEXBKF+93 M<%"EQ2BF`^R2BKT!Q*$_D`*95[P8,*:/K*_&(O0J4X"PBA8#XA;8.-RR,Z:W MMDO6BS9PNBXE(>KVBP5&+_:^1+\$KD6QY1[=U\F5+\%2E80IER M?!R"I?Y>I="GD159>SDI>"+Q8J?E4O!8HO<*RE M6P?ZP'8.7[OMU7-D^'TZ-/KV+[S67*^EQ(NP6F4G!4$(N6!DA[3961+\6ZE5PL"H5+\6SE@8J$R M@6WHR0F;LRSEJ*F?#0Y)ZL52IT&1-*BM> M^/Y,AJF/*5`6(&GG-5VRX!/HS(N<%+DJ][CDV"^D;@74E*6LV(>4L[TGQUR* M5*G09*TM*U[\;J2<#042I4%*6S&(1$H#=94=U%7IH*ZS@[HN'91LTY<1+27T M(RM..6D15("M-5I6X=W'-R&L&:D"6\$C/)_8]>=CY!,V!G1%T4OH(B,,GG<\AO>*4$6YN1K##=\\:$[ M@9,UBU MG(7,$?G?O=XGUB$&,`;ZL#GJD@(:,1$I>3\8ZG=$K/M)U[I]\EW7+K0?>H9Y M]`:4Y>9FS!`W>0RAJN:"NYTQI=_D43IL_G=&KZ,/S7]J^J\/W=&7]47[M:X. MLF(*.O2F/\+,R2F<5*;`>PQGEL`[?P)@<4$7H!?0\;WU+^&2]/RRL;K:_X_5 MS^,-?GK$T"4?-P0[X!$ZX;/'J\*LLA<*0!_M7G(1P%Z5VX>\;5E-O`:_FIDE MES_11)46T';E&-L5HGFK/E>V04(-=`Q,@9QK"I*W^=-:X MW&)Q$&GAU!L)&"I7P5+4D^BH@MQP\_O%EFEK;+%".60Z,FFVLW",>09SBA1*3=-;26!$:',DHP"/GZO+DV1DW&#H41=#:<3ET+#R4 MP5!)'HG7U9)(C_Z0&^Y;W:\\>AZ!B:+CPKF+;RUP>!'W$I2.6&%\7(F^! M<+=O3J-38R<=#,=)M@KE.68/UX[7&-[F;`R),)31<#2FT<;8?@RBVZ%HY?VUED,8KE8'`/M+&DM]2TQ& M=*$QM0Q&24TY*E*7PP/TX;'VKOK58#1;=Z((R[#=A4EQ=J.F]!>(+9M,!^OV MN9HK5OY#N.;YIUVVS-^,[5X"$>))_$9DOG&%'Q'XY!L MCYYQ!AB2+\;P8[/?_3V,J@B#*EI-LQNJ-1CJ)E$Q_$MYBLCD^HUI\'Y?@[[^ MF]9LMXV'_JC;_TA@&WWRN1WQ4Q[P_+E^=]5I7.ZKLU+%U(9Z6^]^:K9Z>LA+ MLT=:6!@M=&L,M8[QT!K=/O0VQT:S'U/Q=FC<4^X&^G#T M1>OHG_2>,:`4TA]_UMME:LA*(AR#?[4/O]O_1*`9PZY>9@OCIA2.@;M.M"#3 MI-%D=WJO$[85L]G3RS7>?K[A&+[7+..9HY*[IS#U<`S?#1_?ND&62C,K,7$, MX)O$F#VZTXZHU)'7V;^XAB\Q&1'!LOA M`YF_]<\#.JN7:#Q>4N,8OL14]EMS.&SVR?@7`FWVRL/'372\"_`J,3FUFOU? M5F/WH/F%#MQE!ANFYSR.H4U,,FWC_KX;#32K>-%PB:#WVZ5V:&Y2Y!C:Q)S2 M>C!I[S$U4_]8\N#(2I<<`Y>84Z(A)PHT+7/0WL^B'$/%F$G"P-=1\W.)8?^' M94N.*9"8:CI=,VJ4=%3:1#>O&NN0+,`'Q`&AJUKR<31\:(\>AN$:M]@TXGV=MNGS@$W6:/=`3:/%8CW8"L6CYW[XF+2ES3X?`+ M;3&A3(E\<'(VQ[1)3'?F0\O4?WV@"RV=KJ>K=)<3V9IWH5\G)D(YMUG[85UM MI5L!>\D,8YHE)DU9S:)*2]3KT+3.,343LVU.-_L(>A^2]SFFJCL%-=4B/`#`64B.ZYA&B1GQ`/_K"`9(R9(=4RTQ/R;=L2,@%J30 MCJ%-3(\Q[VP+5('+=[WZ=F=]N[,$ENA815_8+K[,&2^E]MU-ED:JW5Y:8TR[ M!;A?KIK+F4R+LHVN^"7,?'97^=IE9FY4OEX9SMN[DMJ-%8%051?Z.+V! M$9HFP,T=N?(.7_`[+I\38MT9]*SPU5BIM::M^X3:F0'J:CF:GJKW/K* M5*3.-Q=B;V:',X)N&H.MJY]M#,M>ZPFUAYS*<6?':H*OL[^,++81E#QWD#Q^ M7-5:;Q'56T3?[1;1SE@1+ICOH3^C=^#61Y')7R%,WU(ZK%:UMZ"*L)AJDRP/ MLUPB*[Y<1?G&BF"(E+,7H$0WK\YD18R:00CZ$WI3#4 M`N[35_15FI-D^:KR9N1F@:,"S^YO2['[/7#`TK.!.7%;,RG+LR3&[T[,]EPE M>-9_5[3U*8I?`@*C%\P7`9:ROT!F_/YT&$A3@\?!^T(YH(=@<%?@^=3EVGY$YB,S_ M\I9/"HP;I^([IRK!M7ZQ#O,:1WN&W*<_;?=)VOPLB7'C5+SD="VX!!3K(9MW MW8S.L4ABW#@5QSA="RX!Q7K%@PC*!+F0+,+(C(.^N7#RN,Q.3)Z:QHU3<:/S M:\V0#]P_;E1[(DN7'C5/SHGDZ<$V?VW,NZR21GJ9M0XH@IH&VX$D0 MZ"%=Q;A1D4M\.1XVP66*)%44JIVXM)TCMV(=3U?'TWW_\71#"!S=HPILDWB(8^7X$FK' MP:5IJEJ,&PMO6AR42*::V+94JZ>3I'C,6K$\J1RK5AB7*E_[;`<80]=:B@?! M>"FU!SZ61L*[$KFM[D'KU1-ZOK!63Z16?[WY1BW^>L?BZ]_'9'6[PBCJ.NOB MS-+5#&Y,RR()N*4.956QH/+0E9.I\@>JG&2U^U\$Y)"_'CL^5J:Y(R;*,@>D M`KR7CQ`]8;"8V19P)%\RGQ11>X)(U971]JLE)^KMNW#35EP"D8HN?:0:'=G(?^M'"Q&\^>CX&EL\? MAJ2KJ"H037IK,ILF$N<^ZA#Z$2//6VF1F:I!.CCR2WU0;.P>P"SW_'KEPV8$+Y-F^8`YFE3YM`KD:\>AZJV*?C"E] MV"A[VG1*:\BC]UTU88^YXN'$(9`WB;>#'!(8MQL/J7'!8B5TK:S3JBJLS3V!.)F_J^#V$+(5'R9*?:!708I$.0 M8DBQVNY3]/YQ/G$<`>69$N%6<_D<(@Y?4]>=+X"-J9;M&DM(VQP)Q+IF,?B-'^12]H3W3P1Y("Y:>P?=7?[G_3^R!AV M]:.DLTGB;+"!7LD`U1IEYAP*W\=)7]=)FH<)'"@73'"=2"YDFOK(U.[T7B=, M(V0V>WH=+5!'"_R=H@5ZB+[.]AE.$IVJM0Q_&A$$XEW2#%6HO6N:V1:J>5I\ M!63>2B8G7:G9J9*D]@=?,E4^KRINQQZ!>Y?"%=1`E?:VP3Q:]-#EF&$K) MW99<2:8(5K3YFZDGHJP*J3DNUQ$H^:U>1Z#4$2AJ3DS?6P3*_9>A@!SRUQ.( M0%FA5',#/3'C;>;"6V#C3\`)X'9_0K#IEZ6:JMY*)[_5EUD;B3G^V!M\48)R MR4LMKUD;:.:(7EJI+ZO4VT]_J^VG.BA/X>VD.BBO#LI39[E]HD%YY@RZ3]MX MJY3H/&;ITPC3XT(O>G!C6OKW66#.`I%U=TN<0HQ>`B_/CA5'Y]6;6Z>WK5)O M;JG`@LJS[?>VN55?K\HVG_:AO]W88$^HL2*5O>DTW4UF0SW*JF3[T%L(FT\8 MADB;%X:;4-+$;-77Q7Z_L'\SG`2V.ZLPD=!L6.9L#=^:WK M#J%#;#`9@#!I0QMY@@L7A]2J,,>%:<=K"]7F.MPFYZ!OX+2L8!Z$\#MP@:%E MAR\>;0.,E[;[%(W*QK0'7-;PN*HR;XWJMX'#-./Q7VT:Q%;@$:T]KVG]&=A> M:.CMBW*-Z2?DAS=9?(A)"X]*8>;DN*HP7WWJX79L;X$\X/#[8=::%*;V((UX/+^OE.<.?"2NI>?C(&RO$-MH8EL#L.3X MS2LYH9CZ#$K`Y_K7U9Z64>2=:&_,G"'LDV%^3G_C^N0[&O/E3H.Q-/QH#&EX/ET\674IRH-.Y>F:J/;:-S6B+2J'1>*+*YW M;F?VH8`P&6GUJ9/7@DMBM1?)U^O>+60^9; M5XL<8_HS(LI_(DJPHS]7>X!R\@HSD4,/+CO5[K@D;[`@GVX6D<%ZI-Z=)+>BF_LW_'C>=6;Z^!U^!<(M$S36\;QU M/&\=SUO'\];QO'4\;QW/RUO`WP,D3@>Y4^`$HG;WT!8]:A67I_04WCK-@,P= M80JUZ&W0$QIS^_=3"'O>0\LS82%!SYM80KH'BL-0PNOU%VKGZ]U(PNCG<;O/ MBB.,_MCNC]\H;N$X4IYUWQ3:0`?0)7UC>"]JI/$RXW>*FY&-F'L468(Y'\Q. MNCTWA2K+^)?9H''(W$._^LY#?>>!-1#7=Q[49D%ECZ2^\U#RI*#.G8?Z58O9 MIH?LKUJL]ARS?M5B_:I%M2:7O\6K%F7BJKN4#.#0!&Z0WIEPUKC8^U"2P@I3DE4)[H[U*<0JI;Y.*UL]"M-Z@#X\AE6Y_[<3?9IM MF/34YTL`FWN8H5P<64J"R#?9`LKJ5)%U:%D=6E:'EGTO04MU:-DIL*3R7EL= M6E;.(NU[#"U[J[XM69!Y!GU;56A9HRK/(5]L64.XFYK[QFM1\4\-U>/(.)"Y M%BTCHBS=GFMH)]#)DX"YMLS=Q^O@)_;\7P<_E;6FKH.?ZN"G.OCINPQ^VHRL MID6F+FPCR;V8>'&U)P:ACJK%/*TQ/KC>`EKVU(:35.^>+U+Q'@S3X$@6O*K[ M+P4RI/)<4@B+=9Q36D"0ZKD@#E#K*/M%T>G])MD@3=S#=B89!16VO@BPFDN) MG@T>;::QQC$68,T_!$R\"IH+JPC[VB;YUD*-X^2=>8>^E43X19&HD6`0MR"37U()WWZ7[*! MV%A;DH_:!MUD)40V^V1YG[ZMP7!JW]S.S8`WTX5W^EUXZ8-"WX%)G"$I`7+6 MXL[WPMQA:[C+4RK+(O)7:RH)PC(6*0-Y:K>^/C`G=&OI#'V2?^#LX$"12%=.@]!=^JE.,3'[O=Y-H/`O]?YK\[6_H?;GU1(`WH M+OW4K9@;T+=`I]M=\;JF;J&[]%.W8FX@W6:Z-[JL_]UQ:F>2T1:?58MH9JB% M*:>9%A.^GI7YQ/<=;4,=$6BE+Q^:I M78ZX8E:6#:3;FX%L]PXL;"#;&+2`^C5B(-L&LHTBY:WK7+FF,MZBD^;.+N'= M1V4*F>G/P]ARNKN/FA4R@S/9?4.>HELOC(+X&&5I/S^3!4MJ4NM<,(SN2I"9 M*W4;]+HMSXU"MAO)8YN"V)F<;R@_'\KNP[F+T2M2E0=(?;_I*5;0*#Z(R7(' MN!*"E"Y_.:Y26,/A],&^&=A_3NS1+#-[NT5DTG=6`/&BMX1P9RTD^,,QP=^M MZ=0:S7^DE%MW^@@^U'$`TC\JD_Y>$FJ3BVO'^_O.=[QPXKRQ_(-0[A?'Q%]; MHS\&=V-K-!M,K!_6]9UM8&&FCG7Z=:S\VUV<9N2MQ9ULA+G#%B[F*1TY&R*K MG9T@SDI65M_F#ND1]19V#L&\1%/1 M2_K8^.KDX]P#LR0GXP1VOY=2%>="7:WN-30&<0$J3G.R,^-WI\8F"*4+:[6- M\E>.G/DDXWR*BL1*!S"!E_10,UG*D>:/?6_%!OLEM'^AK,N>%\[R'B@&HAIG MZG=/+]NSW].9U\1A)8EO]">SL&SR4ZXPY5OU1IGE.%+((VI0]&1-EBNR3"<> MS%AEB$ M;$/3D8]`[O!0$,@G#W\MD3PWHJST:FH,K36[TS'*C9S;"`<&\##/"`:6L M,:NX_WE>B+046Y)#P[*+=#;M%\% M"])[F$DE>5BCJ_I16I9YBENM=!QP#@P?%B0PAXO]'TSF%UF40_KQXST7XY#^ M\_Z'MNX_52GG*86D^ZN!N^F`NS61^S9P-P-WP^FP&+A;R^\"G'"WBM*]_S$5 M2)?^M_-7;07Q[LD$W[-Z`]I)'"Q>G)"\%Q#LGXMUO&0GG_C>*B+!YOU?XI=Q MA5OA?F-7E@TVP$LI1F21^DP`W/OK)VW MT'7$J8/C5;KZ$>H\>[Z8&TCH->_$S MSDCPZBX$>"U6ZN,MU74JADRF,+'@ MGM*H7*E727W3IY@)0234XCK-]4A0H@"E2.N14^*L[9#M:_*#!?,K'R\1RE]$ M*Z2!RT8-^HOS%+B+).Q3V2S`Y8^?$(I72C`DXT^-RGCH!UN?P3(L;_G@T:B% M74F6(CD++Z&O99S"5J`:#I_T;BP)OO=PVGQZSCR\N?!6/U*MXT[VP%3CC(J. M2+WS0T'0REG<`XU`1(/>C%:%I"`S6`?I__&+/4LG&-YHGG"R#<@B'01'-U-K MXP>1^Y\D!2VX"+].I,2#'JG>.I[SEH34<]]:_!.[`9D$/GVHH[?)VO$BRHA- M/]UFPW1.^4[Y'OC56)872*N:9AL"908):O-*O=Y@D)JF\F`J#Z;R@,7'-I4' M4WDXF\J#]APDPK2-@%2<.Y:U7B>)C+U)R93`7X^RP"&GN/$J1X/9LS2',7=^ M[B:#7Q./RC-*IZ#$KK?:93M\3Y3&*7FG1^P!426&<#YY4_)*O)@(M+=?@5XK M.4(5DFU=QJ`9BQ%VN7TZCCK'\]_MZ>!V-!S?VUV,J2\2*HF3"V<66[]V2W=C(ATUR#+PZ:1S)H*`A)N?8]UY$X)FW&ZZSQ@ MB1>1'5T5CCRXN9VE8Z;800WCB3VUYK?CT6[\U'1JSR;CT7-YQO MI_TA\;O)O])9^?SUZ)4G(!M9/L)V`H]:3C@AP>S%"81)B:O".6ZV-1W1B&@V MH+'38/:[->TD-0'0+(G^"G.D!<2;H,X$=6<0U)F1RUT+VXQ<1BEKS*'7B8Q< MOJ>RW,0;F5)RRW0-T^29N"\A$]QT].XZNW/AI6+/+M,5^"J(O4`FTG`W\4NO M'?J:'_H;%I2EX3K[-+3BZ,4/W/_(\H$ZO<$L\A=_C[?L_ZR4$=H_Z8O1#L*JFF8IC M0EH3TIJ0UH2T)J0U(:V^D!9M:'5,)-4"`3:1KA<)ZH%89QZC>' MWXF[>HG(TGHE@;,BW_PUC:W6S+<6'MA;^E;:AKNH^DO5.,+Y?/%XF;KAWU\" MHG@@L^H=>JE6D!&%F!&)-EF3P():)CMBNIP6LU?V4GL%!D#'`DVDSS\4^:HP M!)=Q9ZJZ::&W;'6]QE=U;C1-VX)*U;VN?'#&V'5Y_4H71N&M-R$T M'EQ^#82#,%OX,F-Z2A)22!7HFVFNT>1I53:=MH*7V7,4$$^D-E=]=KL,@[J4:4OUS7:200A(L"8:&6I M08;[&;?AAJ7\VY:,MSDBSLV`&Y:U[L#K M\3%JD75NQMZZ+$';[W?Z,Q,UZ+%R10*,/5>6&FBY53-D<#WP2<[14^G88$J8 MHNCGF0/560O9-5FY'OM<4$G40]"I&"L"*8+&>ZE_V^U4+!\E6W"WQ)R*A6N6 M(&C="-)S!7%41&UG7E5C;G-^8Q;?.8%G\13HD2KX9'S2_V0TDP&]I5R[7N@N MDC;Y3E+5^:\\1>MM34Z--Z4VVU0'=T](S:R.5E2_]E1,K3-9@>;6;`]GZ8X+ M:[4*R,J)B))9-77[4S*?1F4"FDG5I%0KNY(T^5;.JC112!JX71D`(CZL<5YT!QJ M+_C4%D[5`JB],+!9`YLUL%D#F]4.WS2P60.;10J;Y89J-VY`%G1IF([9O/46 ME!/WE0C!L/1"^74H\;#*E#>])_'CY'BS<8*W\7/J#%D+2@>5#@F3E/E'Z@") MB`6BW5KWQ`V&K<\:SE=-@YGH\T#"-F8(.F&P"-(7!@9[$G97%@.K&>EX?AC8 MMNRF60!LOY&%!@#;C\VJ'OH501>?0;_VW@;+05]/IH/(0%][8I]-X%[[#ADT MP%>\YML5ZA5Y6L:@7D_=D!N$O/8;]F<@KSVW='UXUW[G.0W>M7_&W`C8M6HV MS(!=,8)=F[94!"($+1"X3\4"48*X$30= M&A`W)DO5C.#.)$\U([A'3L`>L-=W$&4.&_U9$1M]N(W!2!N,-$*,--?SL#?; MM?]&2/I8_.N1('QQ$VR?/9N,W\T^O'YC'P+(:'JG2C=""IZNR@ZH1XT:`]&] MY9G4!+RNJ8W*.FT-OHU2K2AQW7I5WR$Z?$\?<^-$:/#BNJ[1W[6?HZ)2\LQT MLHGN7669O(OK'B_[*W"`&TCBEWH+`$DA3SR*);,$J2M1)!1\G>@7MNQ0]MPB M/>-7BH+D"#K/![K!*V5EC?+57%X?[;Q.FU')O?/3W<0;F5)RRQYY9M3!"`^> MB?L2,ALOJS4C]J.F#)GXNHI=2+&=X^?C;IT62NW05SU^ M0#M1IUV6F_:7<71OY"NX[;5LY+_GA(U(P"].CU3S]!+\EE"1)_#=@W"_*/O< M]T!K`KHAS:`Z#>X;"9E+D]2ER8+^.O?91^4;T#^,?.\UN5D[P)D6"$5L7I@% M!MFUWHZ$0U*-!*_N@O`?S`,GB:#"N1\YZ^S_AWX8C?SH!XFF9.&O/.:69?=> M>`/KY.L1&VSW8@#3G`A??.H.G?RI;7L`DBH%^(VQ6TE`]H@`5=B\#+2CN^O1 M=;:V6TH^D$5C!!/J\(O::U5LCL:>6#HB64%6CP`KV.J[3+VGO+/7*]08W0^; MUB<:,(><$5NG3;KQ4TC^B2F3]BO]H=2G^^F70I_NP_7,_M^#/9H/[&_LIVG5 M-:VZO6C5;49+-TRZ;$=A3_Q3S,2L=L*1]$+M9P/E.%CE`]OJ7Z0R)L`#4=!,U6U$\]TN"PB[1_ MP,P/Z8]551L*@K%EH?J0"OK738?9%*6O/WG#4Y>"0G<&E"+9?3_ M4$L#!!0````(`(9)<$#@[>#?__/YYV/GG`4>V'P'U^\^_KM%P@' MF]#U@H?_^.+CZGRRFL[G7Z`X<0+7\<,`_\<70?C%?_[?__?_0>3__OW_.S]' M5Q[VW>_19;@YGP?;\-_0K;/#WZ,/.,"1DX31OZ$?'3^E?PG_=K&\)O\S^]SW MZ(]??^N@\W.-PG[$@1M&'Y?SLK#')-E__^;-Y\^?OP[")^=S&'V*O]Z$>L6M MPC3:X+(L"@NM(R],\.81K?`>O7^+OGG[[EOT[NU_??V\)29<.@D1I'_[W]]< MOGM'_^/]^MVWWW_[]ONW?];\:.(D:5Q^].WSV_S_,O5_][W@T_?T/^Z=&"/2 M+D'\_7/L_<<7%5,_O_\ZC![>?//V[;LW?[NY7FT>\L%\+44[R^3[RBV^\?U/`*4LFOWH*^0J2V/L^9O"NPXV3,'JU?@9) M)>C_.B_$SNF?SM]]<_[^W=?/L?M%4?FL!J/0QTN\1^HQ]Z]R?ZH7_)_WSMW&/_"T0E"26E=GU7 M*RM7>F,:[!TFQ'9G03_436U+\$G?B9(C#*CJ&S=A'2:.WPM\5=,X[%ON9KFHPLN%]-5S3KL'WZQVORKQIP_)R0(0F[!71:EL+!L4\QOYN7798>;FKE M^M19AE&]1I(H.:=#S]OOWK]EYJZ7ZU]GS_L(Q_$:Q\DTC/9AQ)SL91CMG""Y MP;M[7);"3/B/+[2UWC1!4OU)5"!UHDV+N;G$FTU(QH)];G!R6/HSH,G@GN'@X3_*\8T$)H\>W&C MPH8IT@1KAS2>4GJ(\JSS?4`CFIVA;Y'H%UKHWX_M*4+'2R<*:S)16&+?<^X] MGP!8X>C)V^"XS?OJJYIRP5V-*?RPKIYU^1AX=,+N^*L70O==+&6;OJHIMG4UIF";KAX(MG4$VV0; M44=5_3-$2D!E$2@O8V3:S=(HW&,GF/EXDT1AX&U8*$-<;H3EP:6&DK'84MN` M,K1LU0!!+VV87&"9*Z*#9AYD,EWTY6*/\U!S@YT8NXC\ZS9\8F6B=V>(8/MV M'+85#GH>)#@*&`;'OTOP=>*VCJ4*'=.#:"O\YN@I50#!-%V4\O&RIHF(ZM>( M*(]"H=)!7CG1S(F3%O:HQ4T11P=TP1F5+`BZ:`!L,N4PJGU)E!#5^FIMP8Z\;QG9?84`+Q.=_LT:J>64L$@N32`5^BED(9"L':( M"HHQ191IUFCV[NU;(<\*3AYDQZ'8':FEQ/%GE-;[R(MQ"\-:Y$T13`MVP2^E M,`AZZ2!LLBO700>E*J_^_"<0[HMYY57ZS\S.`-V_=&1;OV*,Q=9'&%F& MW#W*`,':(X!S`?HZ]WIY8HRQCU`B)X M-2]0%0##`Q$JS@M496"0X2+U?'J[<1*XQ3_GNWU$CSGA(!$?INRH:Y(\GUN3;BO%* M2],D&3N84J6BAAH8(NICY7="E)ICWE@HMND^KJ0S*5[$U/Q)!JZ8-35_MTX% M!2@^"L[W1S^NT"^9))"8Z([4Q*,3XVFXVWG959KGC9]2/WD=!@]DOK\[_*3R M0=W+,>J1^II9\T]="[%.T6.1<[XK+P<=I,]0612B99W3PBJ_C^G/_N(YJT<< M//PE#?[[,4S_^]&3^C6YJ"G_U@:V\',R.>MDT@#7Y,M?Z)$0*H^(`J(:Y#\\ M8"Z0YN-@@>`''#Y$SO[1VSB^ZG:J7-[HU=,VV+5[I3)AZZS21=BD5E5LA%6& M&&^^?@B?WFS2*,+!YH72Z8_E_Z)4^F.%2L7??YW>_MRPK_Z3"8*(P%`N5/]N MO=D%8)HM_'/J!&AYF!"VO@B(5,M+P=8-#LO M`:+-I;":#5X5!#:H++'CSV+JPY2;3;R8T4UI"4<6N$6/D(J:)T(.NB:;*C(&QHFBN1N>!*X'P/'9YI8 M?MJM1=X4/[1@%QQ1"H/@B0Y";GXJUAF7+G_Q"(0?4D>YV%V7,+C&+8)66=JN M_@RBV<68!`O9)&JD8N.V;7Y^4CY3J/]N;(8@@E7.#*H_@FA3$2)N)I#)C-N< M=SAP%(M*]9^-G9@7@"I/PE=^`]&4`D#GA[8F:WN%F1* MN?'#."6U<,%.\0@6`7N78IHO/4QL$JI#$:`8UQTW1\G5XF[,]<-++\(;(JKT M.B(A<^M',H"']:.F!`@.2&'QZT>9H`&OPR*20'$VKRE@-/KC@-7"OP#4J3PA M)&$`&(`[D'=+VB(,$F*?3P\WTQMW.!9GDM93,;E:J`.^NG*HDK?.I`X@F]RJ MJZ!"!P;#RFVS+&GZ--SMPT!W,U.L8V4S4P5?N)DI4@##,AV47/S!1-%!=MQS M$N'/\I3/M5_-G8O@(!W.0Y0_66]B,1[^_`.1&'D#(KV6+QI6?S2VQ<`!*O<4 MRE]`-!\'A]LU2-$UM(.MMV&"XSOGQ;GW\3J\<()/ZFMM"GFS040+['H$(1&V M3AM=A-P)%2*!J!(P-EWB^V0>Q$F4MEP%$0F:Y(\<:)4XO!08QDBA<9-3(H@. MDJ`N6U=IOT@><93_6]\%";5L.2*%"3)W)%`!0S$]G/RT1JD%@WAL68^&Q#B( MV2X^7<13DDZI879JTPJ]/K&1BH,A6CO&)LG80ENYV$_%@0V$%%++`W9U$:,7 M'07@:G<8*[^#(8D`%+?)1WDP]HMNQ6)OG$VLYZ2V@\1[PE(/HJMD>CV^W8#F M^KQI-2&^4K)J7^L/Y%2*HE?@K])YJ5,L*NEUPY&_9NW#=20K4I MF"*3'O""2&II$"32@BA*;L;E.*=IJU%6"BJ*`39*U6U4W5H3"!J]NR8%6KO! MQDE9IU0K-.ZT8),P@*9KDK[13O]EN7!\-=(".. M]H$XRN4-C&!NXOML>;:XXZR,XF3")L,W->"JBQ=+6B>)%KPF;=BQH.(B^LAW MALI\38HS'"(A8S>'I`#+RT.-)CY.RC2M_1J@4BZZC< MF[2H6"=8-YRR3*-G;)4S87EO2TU@_*.I`Z^])^Q.XA@G\0_8=Z_":.7X^.*% M_:DE!VX'?9.<[&Q6E9W:RF!XVA5QD[%4'[$"4%8"HD6<;\/H/":%T'=(V-_1 MV)ERI_R!7_F"O4K8W&7L-L"'F]@R2>LTTH+'W\'F#UJC;X"Y-Q84EG>-"ICQ MQ4O+1K*&GDEWIFU&U8VU*EGG75>D30HR/50JEC2,1]^Q%O06^6JK2MBBGY*L MLLHEK?-%"YZ6GWH_=F81#N2[+O1X!X`>[[3I\0XV/=YUI\>[<>GQWX_IZC&5 M$J+^LRD*B$`5C5[]#40S"P`U&S83,9%GXN/J4MJ6G(39;!,Q`PV[Q-8/76+7X%U+@-2&UMN[P!LQTWO97L/M$? M3&[''8!4M^.FM]9;F8/"#;6/7C#.7MP1Q[7"W2X,V&EIY8JK0,[H82T9S-I9 MK::0=4JT(>.#,2J'F"`,?DQ@-V9$P5D,J+>/)8)FSW[IP)@THPH\XB+TG/`\VX4Z=^;B# MOE%?UM6LFE_350;#RJZ(543-%DIK):"L"!B,76U(X!]YX5V$G[PPC?V7)=Z' MD2P9K[Z:T5N$FD;4KA*VZ(!AHR;0)@D+M3-4*)+!]P7@/GB9!J9`K).4IRYK M)1F/"*XP"4]5$`ZK%.AD5`)V?2,N3)BXOZ5QTGIT1ZEA-GQKA5Z/X:3B8.C4 MCI&?%%`QSSDED M35)-";=*,*$@&%JIT#7)5,BB7'C M*>VH:VIWJ[,YQ<:7MJ)U3O5!*YCB,WUT*`"5)1BZ>WH9;K)T68$["Q*6(V(; M1CN61LTD$INNI&./[/V(GDSD`N:HH!;6`+,LCD M0/"B!1QWT"L31YD\H@I6G4,6K/R$??^O0?@Y6&$G#@/LSN,XY=9,-.3-AI,M ML.MAI408!(ET$'+)'.)B8NH@JGG^B:JB0A=ERO]ICU0_AGX:)$[T,$#W15/Y421B1N>PRI! M-Z:R0EE`[%$"E)+H#W3A-==`F0K*2[+()L;F*1E''\)(O@+2D#++'2'$.F5J M(H"8(L(E6?E@HJB0M>A>#H?O5X\.J9)%FL2)$[B$MO(>H50R[&HT#&@X'(4& M(#)IP)2MJE4N2IRA3!E5M&TNOV0Q?3;COR)_$XUD"EG3RS!2N,VE&$X0!)/: MT$F79/*I5[XRPU3LLX9.!/4X4Y&TPQ@.JI@OI1A`MC2QM7&%3=,'9\H`AW87 MVWS;F_2`,/84>\_=5*TH?%$@X_+_> MOWW/G-O_>O_N/0QJLBO'AUJ(6XFI4C">:U,)G$NR*90&0\E6B.*TF@<>`G%V M%1-HOF+JNME-'1+5Q8OH+@H?(FP.QB4/TRIHXF&`9V@LOGIG:" MJE=$M!+1/L^Q3@;D)^R'66IU\L??,"D3G:.8#MF(#MDPR$N#C("4_4)ZGZ26 MZB(FB2@"5Z5;]7F^94+2L1#S*V%=#>27R'1+`$/A7K"Y)=CL*8E'4@ISM_0I"4C$U>&E M1=JULLH&:9(P(M)OC=M?.<6R2-^\6BAC.!2,$VTG]P9;8\63`\TP`I?ZYR7SY7B0LU0&1C"\'$I&OLQ+BRP<965R35T:)C]DE* M#?CU9R@5"F`(IX-RF"5]GSY2"6=%O[*H=YBMJ+;@>%GCVYHRN-R.9E,0#-U4 MZ,3[F)"6%R[STR.:M)&+FYT=JD'79XAB63#\:0'8I!#-*!MY&YK'#^+Q'ST: MV:6/#FVLTD5S2;.5*]FJ9A`&YW!7-I46VN"%G`T0.2!K^<5Z<@UJ^?':<^YI M\D<]HP81B,*8Y-WSDO=$%`[PA[4]C&X74Q8-&Q];HD&.8HX4D33N\S:3#D MB5+L\@Y4;K),WC"%U+`;+!(+0R*2$J&`2U2^/.L&BDO9XVAKYUF32R)Y"UR2 MPQ9PB1>&QB4I0GZ?C`K2[7P,S#>QI>[6-;U:H8',;%2)A M,'QJ0RA+3\F2>X4!C9;NB1+RV<8%*(+E;]BR[9?%O>\]L,S\+5ZK39NL'.2S'388K-..M6P'67K1E>6PJG7U43NHJI^L]0]J MX&BC?<:V1<<2F?1.VRH5P#@J'92J<[<`%Z#R6X9LW+\B;4B'?&EL()0U&VTI MX-8C+8$@'!XIT#7Y<\&%4^RD$1OOZD,@#$9)!O/6O5<-/0#!EGIWME4)#`-U MD?+)8:HA%FPF5LZY"QVW].!#FYJE&P=*(R2W#X0Z8%BH"51Y*P%QQQ@LRD=H.M ML::%*V`9HCP`!>YP"\V2[F5WM"8!>PW<"QYPL)%S0ZEA-%!OAUX+T>7B8,:M M=HQ<6+ZXN9FO;]C=WMM+-%WW'V:W4S`,R^X,MJQ@-87,W\]4K5'5)<"P M10B+>PWAOS[.US_#H`)[B^$Q]%T!KR>;EPF#88ZK1"YX6LY M7YRO9],?T/QV/5O>3M;SQ>WD^@\KM/IALIS]L+B^G"U7?T`9W8"L<58>#_G1 M\=/FVX9R,=/#F`AD<^RJRH#AD008-TIE;['$V5LL08CV3H2>J,(9>O?MV=NW M;^G_HSA[I,5)D\O2Q.C?+^G1XS`4Y1"U! M*U+7>'=/IG+OWYXARHHS)OF7-,#EGV!P<^*Z+"F_X]\YGCL/\O6U2H7*#GYH M*!H]5Z-M2.V`3:L6&(YK0^5N#1/Q#*%-"PSOM*$*C@T6@BC*"T$X+P4&"RL0 MV=(;Z4S["#_B(/:><'94[3J,:7Z:Q7;M/,MZ9M=2#)\W[&-BXQ1BER+`,+UC(<7]+0>6;X:-L8KR?TH#E+MLOFR1)Y-VG M27;JCBXNTJ2_H4^@/,R#!).6T9\;]2O<[CSJF`I1S[GZE`QK47%0F\3KU.O( M"\_7>/.(F'C@9(%.%FSGG_X#2W62#/H\9_\^=>,%9&Y`JT+9.W@QDSR7@:PR MMBD#QGM+@'''F^@6QX%NR,O%8="$[SO:G\VB2H2P%@!M$^J+D)D/I5(QCT+=^8F!QF7Y(Z$8M:><5#`%;XFD=% M#@RU%.`$>0N5;WG`H!#WQONDW`!HWW;@-2QMWLB@2_9QFN)@Z-6.4;V[V@E4S:Z%*8&G)M/4PL"H9,:GQ\"E4F"(\X'\+0 M53S+(A:U19DF6!E?"CF09&F`:S+EQ@G2+2%2&H$9M>CN41#ZXDHFEW[T36DO@+4I@7&Z6A#Y5>#8I;"@G$3'.NH`>T69U*6^%2% M*"$/%8'(E`HN&2UVY50+N_2-)3>E;RS%1!$25PJ^WSCT_%5`=XOI#_++NVHE M\TQJ,X`GEDP#&,]:8,IHES0F9BC"@8LC./L@U#;UI*PA8YY3BJE730`88]03 MK((@+LR)5F;"8H\C)VF=MBLUC$^[U-"YV9=8W"B7GG!T'\98%7&W0X4\)9,' M=9VC0"CA=K30#]0;& M!QP08#YQAA-WYP4T)",PGW".4M9OVK2,.A\]$VH.2:T"AF5Z.#F?E6FQA!%. M30\&YU:87;124ZPI9'216@BPMD9=DP##%R&L)CUR(1A<6.(8D\IZ)!2_/#P% MKJ9&BX[9W`T:\.MI&Q0*8'BD@U+P?#+386ZG\JP[#)ZQ-UWGN[WC1134])%$ M=-+,@#)AXT_F2@%S3^ARDF"XI(3'G48LY9!/`^]P2U>L2>R4O)RA/1%-&+WH M/6Y`Y.*"0=V@T7((KA5ZPYJQR>")LP*$9=0-Z^6Y0^H0^G1"EAXS)3!SZ\(@ MOL#;,,*51]$NR3_BQ-M(ZN6H$LT?M#[*=/XP=J_BP'C(XVV0'.I^@[ZDI7Z% M:!.@0W$P.L%M&)3],P.<]^F6!0T-/9.$UC:C2MM6)3#DU$4J3D1_(&+AK[^" M0;XB)XAZIL%)F?640HAU[U<3,4.:[S+2!/B!9K12#=9B>+RSRJ2`C=&,P%+V MJS:K%$K&MP1;#>!V!:4:8%R2%DRQ/_*8)'OT!P;+NA(,"+#D1VKKM@/FA!WK8[#&CZ%RQH[SI5,;-0;,*7L8 M,/S#@+$Y#!@A-V`$DB2BY?NBB?-\;#].HH1USK??O7_+NN9ZNM]): MDBRBZ:F8Z"9=P%.RZ\A;GZ)V`"F>H![."4TVB?<$Z+$]<0>:![$=[H7SB=7S)AF>_0U5%8YY\;+'6.\#PMG#O@+$L MJ<3!EB]!4/>:TL_%H>^Y+,W^;[1D])05/:0/'B.6NO3B?&S![F$X*QX5T,J> MU+4H>W%0-V/E48Y>.6#ZPQ'@!0D*2N7JU/7+VS#!Z-V_@EQY4EL\0*7!Y?2Q M7#Y)#DNXFR_`O"D63%E@[58)?0BMX;GM[*8`-4%20U4!DW3D@57)=O@5UI2. MP\6]S#!;H_GM='$S8VMWB]4*B&^K13%'+'/T*,=HG-O7S%I4V[40,/ZN+_(F MC:]Q''_/G%GN]9Q*62@)$9GY21<0`!)>I[HL$K65A+"\H`@:YP@)=YJ;&),& MB60O(.6Y8E>'AY!@4"JS9[)C3P#4>]<2[^D27O`P(U%!\D(C#3^,TZCUKMN1 M99J/((\TGP\I>Q8(QN<.807W_$16VA$])@;R#G3[(GCOU7-H>R/]]CF`\5@# M:O^M!WCSHTZ+'*J^/<0BBKI\J(L%6M72>U5,53BTO!]#&V9B*0).B/L-&$\H MQC5NA`MDRZQX\/H.1PSX=R#1*@15&"DWL%E/6B@##XGZXY;QV MK0HGL?Z50>U#BT8[_I4!C0'M3=@@Y] MJ=&%)%'F:74BX3#:9<@%$,QH!S%@2*M"=U30DC'SB#`4)2!G*P0%+!2Z*Q^ MDS^GQXJK/J>'6($PF$VZ9<1>:'/\;,*;/VI:6_HH?`)V[YP7]OI;%)%*P.K7 MC(\OV'`8,U!%-.*9(TL%TUL&,X4_>4:&$>\)([S=X@U;$&-/4)(8!E!>"8FS MR,=`W4=/.Y<"8!AH,U%C()`5`8;<_7!SRXVE[\^=?DHZ`@UNR%"P)P6)0O<\ MJH=!3.M;,"-]S?#CP6-66>/=X3$^!:83CFN?X+7CP]>&W"50 M+M1".*X)9Q='`$JTA7/(@\#6#F'X2M6MW*LP(@-*,$VC"`>;ES6)@6+"1$K< MP&7_RV<$FKB_I7%"@Z/LT!JDSWBO<1GP+3<\:UK]D)\Q+1 M)B\2)8=2X!T8&7@<,3-:G7348B!:@76\=ASCU"%*>;0D^Q[XOC9.WSJIOC1" MWP'75WI&]$???-C4.X=?/W=U>I"QI`E-P10JBIBLDBZC5GNX^93[L2RYAKC:FU*&5Z?VF+AC ME]1FSMFS:D>X=)7!C!Q=$?,#RF$;7BN/.H3=C??0KAP)L,DW.6!T_VFZ M2WWVMI]PN;AR?I5X178PA##J$F?_+9M,'5>FT?GL$.;79KS'%`C&G0QA!9?N M_%`2%EBGV9WHZGB7JY#)[@B-4)L##"7 MDZ)W*:8R7QYA8I$,LT<1U@EZ'&Y^#:=2$CN]DY6%]LY+L8BS/90"PV.SH3H+ M/"_3B.X^L%[XH^.GF/VVR`[3S9YQM/'(\%_TUCPV:'DV=:C2S4[\!ZT2;MIZ M?-'6.\XX]JC"R)C$D7D99\@99%XL=/85B[)YE=`,@1_1533ETKL94GAQ/2WK M_.L,59M:VG-JB$M@9J.6'G]O2;JE5K&PA*,`+-Q,$\M9];@>0\@T&PBZJA)@6 M^J70`[(W1:(3BNXN"I\\%[L7+Q_)F#`/RBSXAR3X;8^"]BC(<(;"GH8VCVOI<.CL=PCVC_,IH\_=CUA9 MU1XTQG?`]+$1C>-R*AX^15=9HN)CU32W9081(D#_O*$]=TM[[C[_/KI_J;S1 M[@#KP)=X3^SRV)(G^;>/\X/9)$R.$N^?JETU/563':R+,=4.HZ,'I@-T`,O= M;:VHLIP)3D4'!A\[[>M"V,35W[$%OCW;8R]V4Q&$09]Y0-_#":.7GR(OP9?A M9QEU1()F+_C+@-8O[#>EP-!%"HU/]IH+HB\C_(2CV/'IR6@V/,9@B#/QR9A- MURNNPN@R3.^3;>I/-AN65)E$&=A[HILMG;:8CRO2:&`Z@/&U`/2(\L`0?``C M^&1%+G+Q?7(@/XT?RUXQRM8#@1RE-/[-;A?D>R-LQ^3P8AD-906+X1UT36U` M=#:GV(/05K1.P#YHN:E+IE]>*BG.2V77(YWFKY!.^WP(0_>SY_LDI"6F$J,\ MTLTF<4QF>+N]XT5T/B;ILGJJ)CUK%V.J'E1'#]K)L@Z8N1BA%$!T-DT7=(F+ M))/FY.4,[8EHPJ8K^!^IMQ_B1,Y`3'6\@*XW+(*5X^/%]BZ'+*L?J;A11K:` MKK%0(FO=16H"Y-*CT5#U/-QN3X1@Q!PWW20_.31M5?*B/A4C$S;\1IL"<..( MK$`2#+&4\#A:Y5(TE-N$Q%.^T`E.=<2%0:=+O,511*,*.MJOG>?'DE_0R+9KO`MJ';& M3H9Q61BUM,%PLS-D;D/SD>9=C.F+UI6]$!H;QFS@]3WGWO,![8OP%O-S?^W* M$JG:Y:O<5>3W`')6"%1S[=S&=%6=OJ$6E/%0NLGQ+![.466];%"W[38DA M+?ZRH05M)JR-N$E$)E;A'UAGR(`>=M29(^]6&9PR`")*#-(@8T/S1`@I1BTF M93980^5CL.YY;3+3R6=DD M<%F_Z.CZ]`JS2\8N!JM9JE,2?%?9P8HFO7/5\K8ZF^N$S)]FR2L3X'ZU"*'O MLLN&])A1MG=T?9BP=8['U87!F!CI&*PW55*5!-AW=X`OV'S,)E+%%55VU"S? M<]1)W&"9\=G.:[X*AXL:Z%)SLA*LKP77@;=,D#U0F5+%@,E;!L M%*(9*[,!I8]C5A4!8%JF-$YC^DL-A[B*I^R(`!TUC!4@]:* M4L`$Q+VAMUSE*PL8D-O"X2[\/82^CCL(+CB4,6;NKDZ/`54APM':YDZ_0?Q1Q^520K M-.L1N[Q8>B8KK12,$E(8-.A1@]$!79\-JA[RTM)L\*U4IE^Z),O*I-@LSB]S' M/BL`AE/3=^-'CP-0!^CC!N:3B#7EN$6Q)LL"]3&/->&.Q[/M%F](%YT];]C] MC"7ITHN`FL_Z:OQ(9XE/9/X82(^X=2O"Z.LJ/8RK/;#201],3-D#-)>^E17! M+NT4Y2%:(`SRBHWJ]@A(IR*,OOG1P[C:$Q\=],&0MP=HSOG.UFA^.UW. M)JL9C5$O9]F_OR)_1=/)Z@?(W)V0D2>*7LA(P5+==ZHE3M<^6R7FM-.TH0CQ M:;4NP+GI.J$AFMQ>,CZBV7]]G/\XN9[=KE=GZ&+V87Y[.[_]@!97Z&ZVG"\N M+64J'[E)`>8V[P:\0Z/.R%^UFM-@EL5TO_=9[FS'+])MSX-M&.VR5Y1:4J'K M:AO-P]C-I%IB1CU5,.-D-[Q7#UXZB'W\&01P!*N)[,[JVXVZ,;`=>5\F(V?DPL"\Y.D/P[_&9/.<:Q*JOK4H;]AO>>,;!AW*VWY87([_^_)>KZX92LD M%Y/5?,561):SU>QVS7Z!T>E6FT?LIO2\Y"W^G%]CIN^/1F%`_KG)?4O@YCLC MY2UI)N.1*B(SZ[BMRPW]$:.K+*-44&TQ9M`O@.ELHYC%[W[\A";3Z>+C[9JN M(=\M%[?DW]/9#5V(1%_.;]'ZA\7'%>F$=%GR;]/9W1K-)DNZX+RBZY-H]<-D M.6.=]/;CS07Y`^FE[&^KHY/3#]-!V4&2;-BG.=N*)!R5S%KZ0U_/LDQVMZ/, MK?:J7@6!Z3S'H.O'3A'06=+58HLO%QXOU MU<=K5(K;[3W"B0FMED,=T+/^Q2G_2_R$_9!-B*.CAGTCW^93:VS M?^"WH?2'"+6*E?>B-!V^2MXZI3N`Y#*SW/Y(B+E8SF>V22E^;8=E\_H!^^Y5 M&-&;5XHE(H6LL==TVN"6K^?(!*US20<=%P-DB:>I`B(:B*K`\%&'CK#87H?! MP[7WE*^/5LUK@:#O8?,`7$1HQ_R%V5VZHRX^D68'H&[&M<9K9>DK:PV#3IU`##8"V8 MW/[B^@?BJK.@>)QE5B_`Q=UHY2JJ6,[8(JD*9KD&*A*RWOYMR+@5S/GMC.T@ M3Y>SRSG(N#+/.)PGBU>=%))*&GY260:U\8!R4PP$>=389(\CST"E(M=)N*X_ M7O4NS>C9QN-,KIU\[%>4=?8.@U^PR;G\.+LDGO!N=KN:'3TNCO*#&Y_2O*=KCO)C^S[>W70,%IN-MYY3KL-&0'PW"PZ103="W$Z!7R M7@;6+AYW*@$,O7O!YFY)+&YNYNOLF!^[A+Q@)P!GM]/7LO2YP@^TCI9X3^^/ M!`_ZK-?2-'J&5M^4VL'8=C4PI-;'ROGOCRLZN5^AU>S#ZSFVRA:VLDN0-/>N M>E%`5\GXDF.K`=R2HU0##%.U8(H?VLDOM=*E[T(/YEIW:1[[7SG6CDO?^F78 MHZ6F>7*6MA0`E+1ZJ,7+YO-;$CJ`.3V27S7O:8#D M-]\IH=!Z\K=1EM4I$!8BI]C-GXEB]]6F842,WX>!2Z(-]AY)NLF>%:$)[U6[ M-D>7:&J9?B#3B^7\(XNSSM'A;.!VO.>K;/Y$5U#I^9'#U<7I8DF"RKO%[26] M7T7^N5Y^G*X_+MEMJ^O)[:L(5F=.%)"JHHGW5H].NQ-6R!O-]]D&NY;<4R9L MG=>Z"+FTG3S'7@,9JT=FI^&.!CFLER^Q3_-/LT,IK'XN:":)\MF>#@>D>Y5J MZ\#T$54@.T#=HT@PG608.[@,:>O%]*_$\U.W_SK6'ZX<+V+Y"P\5UMI'6G1, M]@`M^%5^*Q7`L%<'99.;5Y/Y$OTXN?XXHR2[FM].;J?SR369R-%8)%\!OKM; M+OXVOYFL9V@Z62Y_IN%)IO,:R+Q*[V/\CY3TY-F3(@M/N[C9])1JT/5\E&)9 M,,1M`K&;_]9$>])_1 M6Z&CK#B0R,&+Z?MYAX0X9(:Y2G<[)WI9;%?>0^!MO0U]5>^0L2/T/;J!5_RW MXO3?L,6;6HL8HU**A8DAR[9.[9$,XA9S*ZF<$"D M&D:_9/_9YH%UE4VZXVX&57VSGJ9U-O>"R^WP,FJ&=6K"8*0B-5,7;G8OQNRS M3OV,K#_NU*T,,,SM"9Q_X^DS.I2#Z@6!"T/6+$722$%(L_!3"$'$%3)$`%(O MV3KM1S&G9_"1E07#T1^R\=$YA^=ZK"JNO9V7'$[#N3OH7BE(RESZ&X!6.=O$@`Z4';O/-1I<%,%*KTRD<4!8+* MQ^/G;MV3$JN>F):)BD)1I514%`LTYB\Z,LLH7#Q-7K[2?+!0/[+O4:*=^+VW MZ>(HO7-QUKO&<#9P'C^+V^/\N?KHT%%H8Y3OUB"WTE'V>4<9+;49S:ZJLP*D MD#69R$P)MYJ_3"AHG5PZZ+@#TP=YH.ZRS-([S=+^*:/;[NIV'*&>46*OI]8U MRL(G'-V',;[6\G1:N!7\!$O,0TK*OMR4EV"9GFVFM3!4IF[=5?;'K)AID>'T MR8OI8C.=987W,?EZ@LDO>3)\7PV'0RC_+Y,\,#>8-1WF7V+M>-'CZL$L7/M5Z9U M]@]LB'3ZXQWZ2+[X54Y][NDI?!1F?\7/&^:Y$?D(D.S[AZJI9*+L&%(H-.UT M@593Q"R7JL&-;]L@BZ_Q.TQA_,RAK0NL"F$K.435RZ-22>N.3@L>M[A)%-B9 MA4P'Z)A>->O*V>1Y`?6=4ZN^'1>E:9;84;4HPW57>L#%1`VW:,,4322OU=FY M5\E;2F3;NNLN%P;APW00MJ6V!>K'^-RF':.L]@*L[:]H&2;=3E%JP_5EFLAE M=,4#96(6>K,BBRG[F..W>K,6>5/>3`MVXK)$M MMSS)U]&GZ19C;26E@Y'2E1.-,JS3]4C@4A;[A=I(-P2"3VS[.D\AKG'J7ZU@ M[B2_#O##Z7R5M'7N:$/DKT4%GQ#30KD:4&]'\S%W]&PB%3M>3`Y>[+%X>>L, MZP!2R+'L>,H^XQ@TPG:4)?%-MY@;=+=Y3$(]ZX2V.ZU!+GN8PU;M&U*!@;3[6`E^.I4MHZ@;0A M4LS>P%N_D6!O3<3[?=5MVR M+.Z_=C-7L2.K5Q`8=A^#7KQ=ZS$U2,F%V^*"88H%GF98&6,,4:9U2@]L")=U MN%(T*LMFUQUKI:-:\8B6#RJRJ4Q+/8(Y=OP/49CN8]+=_=3-WP+AZC#.O,$J M(2,<'?,N')_>EEL]8IS0FZ2NZU$QQ^^0P-(*$DO+&J:K6K):8@J&=6=@WW;^ M=AZ9Z[S)A\?LRI%;=2EA^?%1QDXN777;J-BF8&J\TP->C&1J:>NTU(;(90_/ ME1#10DP-Z*#2M([FFMF0/G/I^2F=''5;)^Q8FAWGWLMDL8/N5)1U-@^#OTGU M^H2;GJ2BIY$_8^_AD12!G"?B)Q\PBFGYX.@_B>-TQQ+`Q%=A5":0GL2+;740 MN20#"[U1DV!B0Q)/BU%@'5[@'[#O7KRL(R>(MS@*HQ6.GCQZU34[.;LX_*%Z MFD/_9(Y]A):._M@W7-7UK<,#Z$Z@U`FWS4&0H"<*A?=+S@$S-.=T>&FA^A;# M*B&&+C+$DTWB/74_&=._8$M9THZL"$E*M)ZE`NQX1YK"K0PR'>1D.@!O*L]V M>S]\P3BS\'.>SHVNW:QI]BK04O_8V7A+$=BX/8`_H;83DWMT?8A2$ MP3F]>D?/T^:EHY@63^;^K>.%&2;\(R5=^@8GCZ%[N$K+_Q7C6V>')\]>W,*$ MSN7]^@W<,]1'6"._IWR&J##ZA8H#>6Q#;.>A#V!2R4%"8AU)C770-_K^7%>S M:N_1Z2J#<65=$7-C=B$)@Y1\[N.69X54"B9IUPZ\RC.Y-!ABM4*49`EENV&Y MQD@/#,5X\_5#^/3&Q1YEUA_I/RBA_E@A%/G3KS."AB:6V(31/LQ6W8LY9.5/ M#?N[*)H@6'=#*-'TM:P3KC-4;LN62-+U0Z\J"X1O;&]I2OM%]$(C`#W;>2V+ M3).9H*!94P4JQR0XN23>R=@,.V+`5&3(/21-E/EX366C`VDG@VJ#JI:F42[N M<>2%+N%/E*@F'YV0NED58 M=Z#'X>9"Q?QD18PVCT[T@%V4A(-=/C9)8[J)^81I4L:CZJM:##PB\T9V9_*A MC!.C,@=LYE=+LZBMEG@#A"SR9:& M9^P4,8RQ;HD=?Q;329 M_.'EAW(E%]0N`TOG/R%=B5YW/O2+6YSDV:];UG<[Z!M]O;.K6;5G.W65P?"S M*V)N!>4Q)#%-@J,=N_=>>94!2+@O,?!#%,9Q;F*WJJEK`J"FR!0-4E;5H--1 M@%5.1!B\$T41[(+=P:H6_G4JP?;DLL6TMLA0H@Z&E]TQ<]='_P3X*@7-7SX-'DYUEG4PLD?07U4&0%2)0;K3K8,F M='**X4II"8.%]/8BCI.;,,`OEW@?QEXB"T[%HD:/LRK`UDZN"N2@Q8P*C.*` M,,GO;HX%B7L"\]&)V>F='C`0@ M_)S0F*X#,70?)P*K/_"VAHRGN1(([OY&%]"*B)\]KITG[SBT(L#V&R2Z.*E6 M%."6=\/N[6AN9"A2L!%$I.TPGBV65&L;)I(;.$4HL#B9T:,?(70TLY?(SD`"/[AA:V38["O4] M$JAC`7?.5;R@[6*\PRYQ)UDF"WCK-.4;T$OG\PV9U46>X\O3,^R MTV`IO(_)YQ+,WC%GI8URJZ+$*CV8WS!25\G4_0E]`XI+$^T:4.;JG=#"OR51 MFG*+A8MVU=_A+)8:)^UN:I4-1.]2*G)6+)JW7@Y5(@5\' M/DQJ\,;Q_?Q!Y-894%W8SF12!%@\FZQ*@NVW(I0G>#%W'FPB[,3X$F?_/0]J M@>LD<&NSH,)\^17=8PHT2\QC#:^3MV]I@&8N1YK09/_'F&9V/:<)^]GAA`&2 M?'2[RBN(?P"$F-J1Y4D$E*\HCNP3X+R'=Y-6B1/RO=DLMS1-/7T51BO'QW3_ M^=I[PFZ9P_J0052VY="M#*.7'OJ85]L0ZE(`F&&E#VHNCF)EH$=2"%O-B$DQ M["00N@\_92G%1QE9R-SLD`12X/P:OYL:082PBE&C]J-U%L@0-5N8R+"EJ4QH MM+6IK/@KC"Y'M4&NKH2)9,%000-@-P*.<;(*23' MB1Z=^)'F5L))M@6-75&4(Q`R%B]*`9:!(B5O\V")?;J;<^>PC"/3,)8=23^N2*,/'@Q@?"W-_1'E66?T M@$;(<]NC"+OIYG@/.'0R(_J$XV:3[E)FT27>1WB3O38V=:+HA3X.Q$;RQ?;: M"9J#Z/'%V4F&U,]H<;*D;F6!(?N1!O"#?2::OP3%T@`/%?3 MS3]2+UNW/.3]7VQ_#+-WOO-WLYA4Q$6-QQ9FDN['&5PE>[^2P%#]*/A\`O^R M$+0O2QDEKBWG4G?Y_;V[R-M@&E9/PR#V7"Q,S=])TU34V]&4(@C65+/.M.Y8 M.5H5VH?+FGNJ?X8V=!JUJ18!PY^*WU2APXKW3^Q^<+R`OO*\"(JWIB6=LWLQ M]M_):3>R_;D<>1G6V7PD<%'NW\@E4[\R-,BV#MGA?E@QPB6^3^9!G$0IZ\AL M7\;;W&57J26UU*)CDJU:\*O45"J`X:$.2G[B16);W\\\:GX5WF%A+!RF7>*M MD_H)NUA+[V/2OPD7KG653'.MW8`FV>0:H-C6"E.?;BA,$_(;H`U9=M(#N_$5 M:<]Y'*?TZM5B2TV4U(A*P23EVH%7Z2:7!D.U5HB"H11[^X2.H15:(9=HP.`6 MW05>DPY362V;!&[E%F#E5&^C,O143?*MBS%5YNGH@>%@!["B1`)(E,\#!A>+ M&7WK`T\B0;-G%F5`ZP>5FE)@."2%Q@^3W&7>T79_:[-N>E4YGZ4LMG\)O2#Y MD3"=/W#45=GD;G$W@ZJ[R'J:UNG4"ZYPU[FV7))=*\_+H$/G;[04])05`\-7 M<<>I;L.$[BZ1:"`'_B$*TSW;C=(]D:4LPNH1.0WCE"?D%/K627P$Z":5UR&9 M4\B9"VH^J[.=-`^\Q'-\NEUZ]&ZBH"QH6XE2<[ON(W(%@2'Y,>@56^430,2N M6,7ZZC3<$=L>,1E@GG"6#HFN@I).CKV'0'!N_G!>FT32B^W:>99YC#&^9/AU M[[&JJO$L^-"?`=.AQK--Y\8&C!YW<"H'EU"\WS1)%,>O=!3M#!)MAHA'!)D6 M&+9J0VV2CZ4JK.S^T%0K-&[J:AK;4>]F M2KFCKJ=FG6+=L?('-4IMY%;44=B):_;G1:KG?SJ5`"]=0D_\@F5QWXEC;^N1 MMG9B)+I8!'=L:W]!LB9K>P1K>3NR(FC=B>B@4U]9RG.`C3#E&R=^J.8(^DQ7IY?`D9?6>S9HG_P<$TQQ=F,>44]/S60_7&)GW`@[0]= M"C":#KJS8;7LT-K:8+C;&;*M"),,[6-DH0>:5L\ES6Y73I'7(+]D( M`BAM35/!:$=3B@!54\TZK[ICY:[69]KTA,5A3IR$U3D-K">@U(Z^NO"39V5; M!$45K-+[W_`F68>+*%]#8&7T&E'Z?0A."'!,1>F'"GV^8KU3C6Y:LP]6BP*6 M&'`6$[Y]SM^5D]130\;H?1L1O-IEFJH`&&:)4'&D"#\'2/8J'^^=/2B,N8OP MWO'I`V=/KB'>@#*(VWI)K?SO.VEMQ+6_#P1G#V@F1 MY3!%]XY/KT7!X,"U%^#%=AIAUTO(1)NMK5]B$OQY>T$F!FTMLYLG6B;4=T64 M*F`XI8>3.V5-L-`H:)MKP&5:=7_F,J7/<69WH3M4A[P(VQQL,ZZ-D#)]T.QL M`2V_/D7DX?+TQGFF*^`7840FQ<2FJ;,GOW#KR_V*L,W3-N/:>"K3!\W3%M!< M+,>4D>_MO`30P6*19?G>S#%108<" MV>4O.@1<$ISO.H5W;SE1B2GM<6E,#0T=]K%S:A\44Q?0U-N2"X=YDLXE2 MFI#WA1CNKYUG'*O/T:@4#-^9:P'>N/HFD0;#JU:(33KEDFP9.^CEA'@:[G9>3%]?U2*73,<"O]3P!103*T!CF1(E-RLIY8!0:YK&2;C# M4;ZGTN*QI-)&#_FI(=?.\XE%P5!(C8_?GLBDZ54R)C[*1MI4^=;G3 M&8+?36U="6$5>U2U'ZVWK@P1_YKV0[YUZ:1@)G[,G1'@L^>-%V,R=I*QD>9( M4CN&5BVC#TOHF5![.T*M8IU2W7`VB<:T4.(\PZ!8/G!^+/;KM0(97MI""".# M+`A>FJ)@**3&QRU-#76H8K"\H?2RT$].%#E!\L)LXU-O>^4]8U=ZQ$=?U6!> MAD[&5!(S:.E9)U0/L(+4#%2]=@AQ5Y3`@C(;1Q+#)R_.$@XNL1?$Q;EP@?D* M67-'$5O@'HXA2@1!$*D-';=85,CG!Q#/*RHP1LGL8%-&\.+^;6N=8+9)!Q30D[NL(:ZRR%-3A05`['>N_?M*B;3$>F`K^8A4LE# M.M6JB=7@B58A?UBZ4`'\_.^FF%"#430W^Z-U3]!$(DRX"F,8$8?KG6)["%,I M_9F347+LV2F[%=W$%'5Z+:1-\ES@!R\((+WR(<`^<5WV=!U[O4T6T M%V:?@+H&MQ.TK23KWFT0^-Q4K5!#9*86/61WR>GV;#8E@W6W]3G!@4NFI<(* MR$[6SO-T-9B]N19\9?-MGTI;&"1ZP M8I%:*FQJM/@N:X$`/]`CKJJQHAVJ>`Q/T#Z,VJY;C=H>V5."##^;9DH[@4`0 M7G9R-4SY:XAY*]!=S?NBJ\0Z?<7\.YWT4LKAULD%=N@=U!_)?U*HU3LJ+574 MH1P;+WAV-E/$5NU"`'GT?LB%#G\?>3L,Z+K1G8_=A^*@P0KO'0K-?UEBVOV( M@V5.M)"9ACZ]61`Y_B2Y/'ZP_AT-45%D46(8WC.U-[+R9O'4I M##:5JP8?1V9:T@G3N0)?0.CO3I305Z16AZJBK"S0=*Z:>Q2;:4&G2^8*>I[+ MW[P]52Y[3X/YYJPLV%RNF'L+^QCQ*B@]V28X&H[5C>*`$EMH=$]N MU\HZ15(G<#YR!BE#P)/32O M\HQB<,*S]RB\][T')SMP2@^8;DHU(&=,IV&01,XF21U_46*5&"Z1-9JO106W MEJU%)`C&":G0<7OAV9-L5>JPRX*$A;4+I^5U4D:TD-WS*O)/><$VW\L]H^S!4"!LJ<.^#F/INQ(B22LO MS_%0A4_''<3@,$6*C;OQ6TBB3!1]286_LN3^Y:]ZY!D6`)YU;B`31WH.$X+1 M%:OO]=&\83MZ@.N?JM!.J6$VF7(K]'KJ9*DXM,"@':KRV466VJVB8^LN0SY- M7H?LKEV$BQ$YI-K`A#A8=PM+4-^P'E<9ONH&4Q/+M?Z'HT"`?B*EC$ MD0T,:^%H)'(]F6?G2;UM9-9ICIAFF]\DV]2>;39@&TO>>U2J&,Z6T M@F_DS9#*0YMF:6#EDE;Y?OB9OAK--G[=7(F+BB*\P=X3O0,Y3D)/UB%NO'B# M?0(/AVDL]5ER4:.S,P78VMQ,(`?",;6`$X]BNZH\K'"G-3ZV%A2W1,*V1JQN M"WM]TX">RIP6W&$/+;2R)=3&)-?6AFPQM@B&H[L([[QT%Q<3K.5A@!'NX/8K MZM?W`+=\CS1%:E4CWRFX)*,)"6O3"$N68[4TS*YOM$*O>QRIN/48 M0!\CO]S!%LZ("CKHH%\*+2`GS"3[46VUT)2VPBXQ9"&SZJ+P6"7$)V%40AB5 MI\F%P2%"[WT8._Z'*$SW!*2?TE2#E/39KB9VRTU-]2I;GX*,'HWI;6CMQ$SG M4J`%7;TM:#)Z">GX9`>KIO3X]F+[(0S=>!7Z[O'UQ)<(E-@RTWLRO%D<&-=\ MO`W\:\$DS`RW*';`Q)@=C"0B,0F\0S(\*0X6'U,@4,)+#._)]T9IITAWL0E- MMC,IM'.B!T]Y4K+W6J@`6_"0QU&J@RN:>J9623N942R9:BE9YU97I/)S\[!> MA>C25TA`'V5/1[L[+_"HO8GWA/,:&*`SMGT`JE?5JYB^7E9=^@G'TWJ6<TE]%+0?+=WO(BN]$_9DT/RD\H=2C![F+FS:?7SSMKJ4)C9'SJW M:E;*(7HXA,[`S+\%?+@C2+-^BT[[7^!M&.%R01"3KD=<=!B1D<")7N8)WL6W MA"CTVGK(.EUQG.Z=H$^/^SE3_M=$I15N>\QO0>E3ANP$_`9FAT!+_S+UL84" MC=`UKV@?5Z+U.>J@9D@V;&@3(+=2%`J+LF!TB^P=:_>W-#L.$:_#_"Z*,"94 MG8+I4(CY%\B[&LB_2*Y;`AA:]X(M/B[S9?9<9_P5>C/F^>QB:!(CO,7)8DM& M)<'(IJMH*GKI9D@1A^AI6>=79ZBBNXS98>V23O#]Y,'A3Y(D\N[3)'M021P/ M*??\]0LQ?[2BJX'\B0O=$JSS^"C8W.,=.(Z_1P%E=L9HRFTVYW0JA=+GCFGF ML"`,SBMEER?18%"]3SPTV*(V7R+T&'F89>MF<6"ZQ_$VZ*](EYL]9Y*QP%;> MO/:IL]HARK0@'JK6QBR9\A0WL3C/MXZ\\'R--X^(.=.`%9?G5@P#%),8$S^& MOHNC.(L'-N77*PPX8UXVW-*S<*-%H?61@`)/".X:["E#O:J`[AVZCO8UD_'N MR%56#9)'^I1UEVO&OF:WS3+2'4+QH[NMQ'7K=MP1W3BI"?6*5DW`\-4(#>:7WG#^6)+;35SHH!X_O@.1XSF%T[L;41M)A2$-["J8?*/9))?683D>GY* MLPCC7/_0IJ1G90V5=3O:NX0S#DE;6VK7G[#W\$@,FI`ZZUVH7CE%X*!&=HWM:**R& MO\SXS=G?H>EE19Q,X[<:P+GXLK7S9DYCP@72UTGC[TE1!V]Q_TZR/\>P91QLOQG>1 MM\%+F@.BJ,A*W67RLAT+8U\WN7IAN$IK>>+-?-IZB&['7OYT;/:H1<6YP^C4 M:[S;AY$3O="LK,G+$KOD#\QR:FP1^DCJ5%?99)?J9E"U1^AI@B%T)[A\*IZ, MTH@)PZ!B^=SV)([3S)2X,?S^&/JDV_K47">1L;)'.28)VMO,*E<[%P*&MGV1 M\PS>XPV-IY]*:;@T7GKQIZL(XV)/JB-[Q>JV2:LRJHVK(EW0%%4`YN[)$M'S M+9&MY*L@TG#9670E^LY;ARJIJ]EFH\B(-A96=4"S3P!4Z@]];XO1ER]D/GE\ M;CWQA1%A)#V)(AH9LZ><7@XB^6L`D\].Y"KN^0U0IK&+)D.97UY".;9`Z]0= MT@KNUDJZVY$@EZZ;OA;(5B3!,?K('GT51ENTICBW8U#CG2M'X47&\T9'"S\^9Z]/181(\$>Y%F/P;, M.$M3"H`/NHYGY,ELDQY;!?GH1@]XC3J-%WSGE+R\M)J&['/<1UY?CY.9*`FZ MV+E#,HG'@?O:IN\5W]/89:R=ZAC?\ZF_?DJ=M&.5CC1,()X2J2U'N-.2RQC.(4A$8!R#,-7;2?G,-SG3V>]<'";I>N(OY/N M7QAEU0-T!'%23J!7!0_J!SHA.+DEG#&L5RS&OA*W<.S"EX7)PY&80#D-$]5O M=.7W5;D4`Y6AMV)\C+,!3.\3F#&_[F5G+=-;YLRUQ;'?R[A862"T,`)J?_V4 MQKJ.53K2RK?]\GC_:%BX2CZ^(Y"?P;YOKY#[SKYQB7>.%[#\W0$[EYLZ M/CUV?E$L&7MBI:B[4,`O#NFNQ;WN_**%X&"=C`9U]QV.M2=J=D7%HP!V4K?KH-UTZ5:^9DBH;'F[_P->^%<9 MJF`HN]!C&*4XKV*X5XR]M=ZA$UF#[QQ)+R?P M/U.@MEG!ZSXD(C&VRYHLH'6*(]:O*PLX]3IIOEYLXH/VET"'K+@AMUCD7P/: M3<>TM=LBY&A!HN6%QBP5\#R@S["SL^+L-=#UHQ/D]7@;!D\X)L/E.+>0NW__ M)!8B^U;K(*-RUX^_JH7*GL9SKR^$P7DF)CV=\3J2SK365WW5R7AS-3__.KJ_ MN%+-]/[ZMZ$]GV+8[A-)DC9:I?S(?)RUWMW\_.OHW>)*-=.[Z]^&LJ1KR>YF M[\Z$?C>=NUSJLM:_!0A>1Q>75JV97LY]WOI*KSV;I0N\)YM/[K1FCZ]IC;>W M\>KY8V,QZ7R&+L2Q(JE`]7V&MBO8\#JWAB&O4DKKM_I,I5N MO?18P2HO(A;G:EGAY[1T1(O_?:QP*Q,B`?!5G?&]#H?5LUELK*'!U=&^YCF$6SI)VK^"A8[?YXJJ?KWT66Q%IL9I\:V/ M[$W2Q39#,RD?)&57KNE3I)=>A#>DL+BHL`VI+.\)TSO8HD/U1Q9H[`;&((:7 M]RB.*LWZ4#*8"<<\>5L6C[+R4?F!UD=P;8X'KRV)-+#<$.8-?QT9I/N<4&\= M$B47FB2OH0/`] M1V+(;+?WPQ>,,QL_!SB*'[T]C<-FJ[O%I1=O_#"F"P,7+_2/DV0T_GY=\YB473MFH: M9"E(]A'KKG9LR[AI*1-#3BEWXIW,R(VH4[[W-/[M)OMWF$;I6%VN*!4+F@_9 M60E;"S:=0S8A#SJ7`B!B'0"\-#Q%+BM)(SN$\?ZOWX_AQ)>:.+F!BS;>.9NR MHDU%@>:+(?^&^4)#=BXA2Y&#-^2?ZY#^J7MNZ7?EEHQHJ@81Y:F\Z#!B$PWU MTL,($*T[;-CUTG0^9;YC)U_\WE1R'">DA#,4%$7`"*C+63>.GKP-%CO;TFQ6 MJ_$Z3!R_^OLTC)/;,/D9)TN\"1\".E^H#J(2SV[HVR;#;Z/561W-C7S8NC>P M86VSCW\,G%T8)50:Q9)@`T;?/G9*T^XWQTDLU/GSIS3![EJI0TZ]=;\-II\; M-EA\7#CKY?GIC%._^:FN&+LO0!X+ZA6X`8OO11Z'Z+6[C.,>E2Q/Q13S`EP< MBME3K3.4'X&$YV-`3+N&/K\P`L"3.$8S6L,,F>ET.'2P?!*D*NF\;@'((XT: M#NIEX`>`YQ7$.OK5;G8.!#4A/Y0:X"XPT?L73U2`'F*O39:*P`;49AC@S?`3 MV7P[VC[QOGBV+7ZB7`'R:L/[5^.FVFU4.Z)0_ZS%Z40PS7?$\GMV1J(5S6^? M4F32J3K'\_N2#[^:KMS%6M70@&+ZE6S-Q,*)[\EF$Z4T"069$;$E(7:@Y!8G MBVWQMWFP"7?4?J[)&0 M=K&](7R,/,>/25Q\Y3V3^#B.<<*=V-?5@]B0NJ";[3A-24R_0S.?=?6O[;16 M&A'GDT81#C8O:^(+8I]9.]MNQ&P6JLW?H#-29=7O?N414?K<.KLO<3Q+UZ6V*=I^.^<*'FY#IV` M6/A`>!G@F!N)>A0!JSE[XX?8G-$^C`AL,IY^#!R?32"Q>X.;!SE:A8$U43M2 M@(VA&R6<1GAP@G&!#/$B*-QT-MY27ZW=*"+ETV@H!7)XC:?*8"/V9^T:H)I) M&R[$MHGIOJP7D,G<8H^SIY2);R9^FM34/F1KI4M,LS)LDNQ6$[%`&A`>61RP M5AW"EF:3'UFJ'8J4496LNS8EH#6D&!Z\[CA+HW"/G8!`V"11&'B;-:'"E*") ML+CNVS5`M84V7(!M\[PG-1(SO'D42VR\#*.=$R22QFE7@=4ZVGCA-<^5!M&.)-;.\\XGCTGD1-&)(QPHI=Y@GQ?Z?K;QS?9)WC5; M:]=SX&WA..8L=?O<1T.!?7O:X>J$;I"!I>:UWC!\6-TJL46*UVC`G-9NU7F(7FOW&"=.ODJ_GB@48@`JKAY/C@ M>3@2=!_BO&9%UWX$5<4B9``KE_SLQ(]L;DT?%6FD#I*(P*IH*3YXU7VW7OTP MGP=N&.#8<]Z]?1M^#K![_\+^FN`H8$8Z_EV"KQ/)X:`^98!JL",,`-BB=-G` M\6<4^#[R8KQR@XM'6=.IA&&UD092B(T1/GDQL>@JC);8"X@)"18-&U)!8(V@ M1@FO`99XGUWM66POG.`3#>GH!8+\Y.8U=F+,C2\Z.J":I0/@9@OIJ-IXR:3# M\',RP\Q)#B>]K]&)GC$:I$!8;3J0-:^HX?E79K.T#5Z^]UE\@2CM=! MLV$JX?6QLWF[-XSC<6G8^L%7Q3==:P$2"_X;:J"(,K!5\`A!SRH2N]1'_H1" MH!I*A1!@I=.\UUPETS_"JM0*(H"5&'EKO'G\:^KXSG6ZVZ>1:BE(+0VKVG6@ M@FR/D.(F$^V'3^&G:2B=TLHEH;6#&B;<-I@^AL'#/UBRR=96$,F";`<%4+@M MH;W.TZH`LDU.;\5'B'S]Z'@$IZO17=KTX#>3'#3T[PFQ=HM``O";()I##AM4%Y?/K*B69.G*BB M8)4LJ';0``JO)6A>NUW*DCE=XGV$-QXS;Q$LJ:5^*N`AQW6>$@:MMA5*"HO890$&;U M:_B/6@M8=R(5-"U5#[/"=:K9UJL;=%O[,?1=7$G(YJ/7/P)NYQ*<3IMQ#73GP'"=D\#5:YTV'4!]4ANJPO,B)W#SMK/5:1P?QTO\ MA(,4-_*22$0`-8$,&7\ZGXF0<,)XGH\"ZB)YQ!%]=7ZQS=,7T>R1#):HSA7B M@.I?!R7WI@O5052)/M14JJ%9\"V9%^K.H=>32@!I'`R2W M&I6W"E-BOJE00U3/4MNP8Z]W4;CUA.ZI\C.@VA>A:E8WDT&9D"VW5/2__(4> MX22'$P)4SW)L_&-2A:LI1-$OEWCKI'Z"KFFA?[?4!HU'DD0MT!`!5/\R9'Q& MITRNJ'Q+=4UF+&'!@RQMH*+6I<*`ZK\=8[,EJAHH4T%?YDI?6>L"HV5Z%'>G MT3X'B!HFK.2[><8G^M6O$&UD=/@P.GP9W;-/%_QC'S]#M<\C]OTS8(L,>)0KB-;3!"@?+O"%LTB!;]3,U MNI$OT6DR^=89K"57@>\N:F4H)S?P)P!Q;"S+^%46Q3A9I=:I>35%!79DTFFP MXO@6!N4\LLO&V25DX3Y`Y7=`9V>$L+C=,B9$NA03L[60&8;N9\^GN6=)3R7P M/-+L[&S/?+=WO*B9T*J+'J`>TPDNMR::*[/5YX,Z8OKH4("]P"VBR9PN%\E?("U`V/:P4`*OQRH5A^8%!/4WX MC2@#W*DA#POI5L\E\B;>19BX!_<2;W$483=?TR1NB.'NTKHZ)8%N[4X&:+9^ M7F:Q@L\\=,8(8#R8;#81&>4KZYIWSDOSP=D>ZJ!;O!VU9C-7EV117@:8IF5\ M.QP*;3F=V44?=.-JP.[DP@]%(?OG0,F$:.K$CRPIJHO=BY>/,>7Q8:S:)-Z3 MM(WUM0&U<`_0W#8>"8=I&:@H!-V_H"]I.:29OZH.TF59L-HW2Z+>MWT%VO#; M5P6Z8_N61=EOWS+W;;S87GL!CHOW/D3-*14&U'KM&*7I?V.ZM,-TZ#\RK=>4 MKMG^LD]GJ">0JKG%;5QY@1-L^GI*@3:@OM8#=$=/619EWU-2E(QJ\2,]]/WD M^-1E3$@-1-$+0<@EO.RD"*!S]L/++9_3QJ2S2_:/2@%GR*%-G96!6"&VULHW MC]A-?;S8-IXS3=9L3TCT-E1774"]M#-D;OT]+X".BF41Y05+]`LK!M%R$"O( MUEG,@Z&5A9(N32I5`]F:[6A5#5E=_('8A->5M^>NG$T^R]5LR!9ED,VIBUG5 MJ+2,0^R*#L5`;.%\T:NRAM&EK[9I@VQC;="J1LX+J2[^P&G>B>^'GTG(AJ_" MZ#),[Y-MZA/`84HB@,,FDJAI]30!Q4D=`7-Y(0IUM`TC5!2`BA(J6VZ6FG+F M1&0JG-R$`7XIWMH6-9Q(#E#O4\)K-DHNC)@T*L1M'E>^#8,(T_7>\HZ`J`TD MHH":H0VA^%AR52'?W+"VG9$'OG3FPLX2+G&,HR?9YH5,&E"3:(`4O>W.5%"I M@PHE"TMEC0G-YH6]-^DS7+/M%O,O+[5K`!AA.@*5-I)4U78?(F.;X_O*.W,B M28A]1PQ0WF\R>4LWZ2BQM+L*]![2O6-`Z0]*])+S+KHZ`/I(9ZC:[511MI08 MDTRLM3M0FSR0?J0-DYO!M"A:&F7NHM!--\E/#GVI*WEAT^7Z0SIJ20#-H@FP MV2"Y."KD4:X`JB$$=&F>F=%O*XW"`#C$X6S0;?%B=7[S@BK%LELIS8-%MA), MA<'#&D>[2WR?W#A)&K&%K.KN_1V9]&V\O>//@Y^Q$UUY3T)B]"H($"F.P\_E MIR*EG2>D.$3+.T.'$L]0_:!#62H]64;+1;1@RS>S=UXBNTC1$`'4@C)DTIO6 MN:"ENJYFNIX$[F1'[Z?]LY8BNUKO"G%`;:"#LMD>59TSNMCG8[:@07>OJP6P M-`;[S-.2_VFSBY0GA//YXP4.\-9+1+>YI7VH0QF`&K@W='$O/!R4+H_$?YF7 M]M69^*:ZM1-Z++>:L#V+WP"U$P=)DL_/5G6RSX'Z(PW9=7U(4I&10)+KN7`JBE MC@#/!1!Y48B55;WS+\X^<68Y468'TS^0L3!RZ#7@B;OS`B].Z-^?5!G7ABO] M--FB:]3Q+,J_E`6JM6]9W%=889;'0IS>192A4EL)`!VZ8^5.\.AH6PLQ"7_( MY(8]7D_SR-(S]8U+_]-')WJ01:':Z@":\AC4?"Q;*8/E14[MX M.8C<9T&"#.!>F47Q#D=> M*,_"-.9'`8VOYFP=D[`5%-E['P<<+*T&0W*B%)X]XVCCQ?2(\7@^E/O(*Z*H MW+8Q*5GYZHG[T,IH\!/V'AX3[$Z>2$CS@',;\5WD;82+#88^_3H'?"V+C84! M!1J4PRD(CA$#=*+<;AV^3#/^*$"OR&D/4P_68X[7VF\JHYOI'J+YZ5?4%[I: M;"RL`QN6".&=E,ZC?`T:@\4CWJ]>/3I";>QNRO%78'6&VV/7CKR$P[VWS"(S.WZ"M@,DS1"0$ MSH'O):)3G7FVUOD'>HYZG$6\CM^&YJ5-FFR/X1F@TUW;:ZWQ'UG_M4/P^K=_ M%P27F&R/X!F@5TSP)$T6QL$7+^OX$:_.D#$/=S4E`%& M%#&BD*7!?_5/U^1?Y,_%G\A_4'3D+_\_4$L#!!0````(`(9)<$?5&./N'4H` M`)I`!0`4`!P`=')T+3(P,34P.3,P7W!R92YX;6Q55`D``SOD258[Y$E6=7@+ M``$$)0X```0Y`0``[7WM<^,VTN?WJ[K_09>GKFZ?JIO,>"9ODV?WGI(E>48; M6=)*\B39+RF:@B4F%*GPQ6/GKS^`U`LE@D"#)(2FA_LAZ[$!$-V_;J#1:'3_ M_;^?-F[GD02AXWO_^.KJZS=?=8AG^TO'6_WCJ[OYJ^Z\-QQ^U0DCRUM:KN^1 M?WSE^5_]]__[G_^C0__W]__UZE7GQB'N\L=.W[=?#;T'_[\Z8VM#?NQ\(!X) MK,@/_JOSR7)C]AO_E^O9B/XS_=R/G6^^_M;JO'H%&.P3\99^<#<;'@9;1]'V MQ]>O/W_^_+7G/UJ?_>"/\&O;APTW]^/`)H>QV+0ZB\#Q(V*O.W.R[;Q[TWG[ MYNK;SM6;?WW]]$!)Z%L1;+:Z^_?';-S^^^1[XTU'ZQ>OWWSYNKU M+[>CN;TF&^N5XS%\;/+5OA<;A=?OZOW[]Z^3O^Z;YEH^W0?N_AOO7N^GO5OMDK]JM75V]?O;OZ^BEEYQDS_>6Q`O) MDOX0^JZSI(*XO+9M":18UNN;MJY']/("+:$$"9WX>1ALF7+*Y6WD`IAS]]L`[*F M'9Q',J0+^(:,_+`4]F6_<2&R-5&*@[A$JM:^NZ0[Y.#/F*XK5>DJ'O%2>%GA M^L;U/V=5J3)8@C'K(6L2K"S/^2N1?2KZUU;HT.].JM8SQ=U7PAFQB?-HW;N$,J;K4AS9>GOC!WT_ MOH\>8G??4#+QTN/50\[(M[S,MV\"?T.Y1Q?,Z+E/'HGK;QD/Z:]^)[:4EG*# MU4/(T'ND8_N!([45."UK$HTPI)OM1VHV4]CF%AM*#'U1^_HX$D80Y>&TK'L* M.SF`H5/4I:95D9HZ083M`0)9.)%,J7MO:UK(@)LO!TY9M M5("5BM>ZGJG\;`6!Y47/R4>D)F]!ZWJFNR3#8; M)U7-Q'A-]C?BV7)%`O2LB5]QR$0TG),59+$I:EZC6+T2Y3UO6M>BQ,1?6 MDW2E.VM7S^?[3F@G8%-=/9Q\$@D(J-VVI58IE8,976.#V([B@)E+]*@H\Q14 M&K0>P@96X-&!PRD)DO.`9,I%S>N9S#SR[3\FV^14*9D(KVD]D[BQG"#QPTT> M;AR/VHN.Y0X]!D*J]MMMX#\Y&WKDZ-$%\YER(VDMF6_%46OB;WP?DC]C^L$! ML]9D+.:WOM0I:DJ/=X`567V@2Q&P8!M7]>F?#F/HO`6BI>*H]9V]P*V@YHT"UN[B/EO,*:%K" M/GK.+J!YB3OI.23`)B;L5/N!`:Z!O/8FK7?0S.L86H\E#YJ^N%/]5CUH4L4= M+F6Z]4ED.6YUV^ULG`M/?\R6QLAYE![:2P]HR!J%P5-U6!-W`3#**HUID"RH M0-8S>.W&-PRG?(C:CX:O,C\#]WM09PV'1N"N(.BB;U+@-1W25\OI%FPM"#II.=_")B;N MI'-B!WC*33'?7<]Q',9&22^M4Y-MT+)NVF\]%76YQ$AZ'!Y`Z,6]M$X-RE)H M]]K],PI;'[>#K@F!#Z_RGC7?0"L;.9)^)GU<,/1K&1L!F5#(ZOV('O<>##E) M+ZU3@W(;VKU^;R2,AX(>VJ8DLQA$7;1-ZJWZI-YJG]0[]4F]TSXIJ.A#NFH) M_5"=)ZRW:*K;C#N9G@7_..E"GB+B+9Z8ZOR2NZD-A?K_S'UTOBO*:S_X;]P,CXYM6;J]T;NO^@O_HM MG<.,K!SV:2]B[Q8Y$Z=-^2W/)YH5AVY@=_Q@20(*UWY,*[!/A"#_[&_7XO4V M>6CUREX[[D%^'@)_H\C)'==\"1U9YM(97!R!'B4D8*%C2_+T$WD609!K"L3@ M"AT(!42;0&%/QX(.RV?^:0L@S]\BXCF/1).LIG:AXU,*ENRAM9CG9TV!S'^' MD/E@"UW%^)%0C% MOK@U$(-O$6$@(]WP"Q"8[Q`!`V*" M.70^^6Y,&1@\WS@N"4(1*KFF0#2^1X=&`=$&[=)4>V=DZP?L-B#-:"(T3PMZ M`#'Y`1TF8A:8@R81D1Y=25=^(#PPG#4$`O$>'1!<@@VJAK_9^%[BZDE3@TSB M*$F:1&5$J"#"?N##'#IX(/PP>=Y(+9#4`+^AORM8Q03-H=A@.FE+J3#Q;SSM^&XL_@XN9MWQ_WY_^T,?ND-IHO. M^.[V>C#K3&YHL^YL,/_/4H[=K.`^6.%](@1Q^&IE65LFO=^^)FX4[G^3^(`S M8KS[]6\'FC(/0*=^Z$@\P;ONL-Z5];(\>6DHG)R0\W:F_,)*?#W5S@)*ZE\E MJZ*Q,TBAH.2:&_,7BSG,@Z&`5!QHL)Q4QSF');&W,6ET!`1"\.1/*/;\8DVA$G6(B$O8PYEDL@!*$?!U))`-UQ MFB$$)U$?8Z[G$BC):<>!46:*(]];,,LG`23`-_%5@;P8H'[6_,.UT" M.S6>X,!Q_Q+KF0I:,5JGK8SYJ$M@PJ,/!^>G`=E:SOYY!SV,9Q[P2)<[4&=C M?NL2."EP`P=\N1>"8S^:6@$]MO6=<.N'EOLA\..MW,!0',>8#[R,R5&*1YCP M!<*GBHX&'WAI>(JY3R?_0.@?EZ.4[,(9)M.+_,ARDY8(QZ`","0*+!)UP9<@H7N`A.KR\%FY%CW3NNP])&R1T/W,90 MU,SZ'`1TXECH,A,$!YV(^D!AT>9Z$'&\$!O402BC;/XMJ:.5WQH*BS:O`X#9 MY^@44XT#EWV@P"[U$SA$XKP]%!MM+@9E;,24HT&'987+TR8$J*@+%"-M7H4R M&(GI1P73(=42'"9>%RA,VIP)96$JIA\'3"?Y\'V6]4Z^$15W@<*DS:6@OAO) MZ,K>NB#8W;'(J--D<$C./G M^YF`=!SH%*S@$)\LH"L4M4OX*<"H@5F"`\%,6`>76E!82T%/*'Z7<&B4B7,1 M,@0'?,E%FB)PHCY0R"[AYU"[36P`6(HX583H$FX.^%X&1*?I]B0(33B&E_"! MP)%[*7@!RHQS[!51)RB>EW"6R.P3:(UUTZME&M0H/Y:=MX-B<0D_""AN$^?! M*\D@L_9=RJP0"H6H#Q06;0Z0"LD(Y+S`@5DF]\])?7/^:G;:$OS\5Q\^4B;G M5S(>M3BPZ"Z7B6A1(;.=H\L M]Q44NK8=;V*7)>*AAT3'=H0QZ_*^4`2UN3>4$81S!`>"F?DE9T0J:I3):^*% MSB-)K_-&?LA>LDP>Z'E?>)VI-A`46VVN#W7M+,1"@^2H9-N?&A8J'-O:(L%O5RMNDGQUO' M\X.$!S*)R;>$8J_-;Z.,?1&U6'5>17_A>&CSP=2@BR]%K[)'9F^I@JR\)Q1G M;;X999RAW*@5]<8EN)PFO%^3R+$M]\"2DVR7[W1FN^S\[60&;?9+?6:\Z_J? MF5S<^$'?C^^CA]C-9P"3QR2J#6,Z/V.5Y)EE&(9C5S_D..HN?X^E+_CYK4UG M>ZR`G(A\'`#E\HMWXVA-S<2_CBN_T-V8[V0Z-60%N`#,0(I:4E]$!;%]!]-I M(NM$ZY0)2)$2US,H(JU,-0.-)\_Z,(.5,T!AS1[(#BS[F)(&W2H%4M;WDYG@X^TV_#3H#,T'ZB3VZJ%'4PZ(BR7)9F@&W?,TM`"#.ZB#H;3M4O0./=&B,G& ML9IF)_G!]Y?B3%W\UL8/`A)&%\-R3C$.3!9TY?1\UU\]STGPZ-B'Z18#(^AB MW-A70D=*.PZ(YFMGNZ4[+-VK/M*]EKGRI1B)^A@W\=542$H]#I22>[HSTHKQ MX;9ZWVW1L]]=RDW MZR!]3:>`5S/QX-S`H7R9^;))@J!*&YI.`Z_`Z4*(LB1CPF-/S:WE>/10S?S2 M[`_"6&MQ/]/)X"NB)6,()O"D9M]9,],IW2M"@]?.2^>W`*D2!5V,)YY7.Q](B<>Q?WX@'IVG2V6UN]PXGL/F&#F/ M9#=K@=K).AK//"]'P%>C"!-N%I)#ED]Z4?I6_5S@1@9N#` M;O^V26K0Y!H:3VX/Y_2YWG%)5E^1WZ%;P/*2[4*CZ?EOK1XW7 M!BB_$6B'HNG2*DJ%(,P8(>UHO%I!I4U%SI+FFQ-R]:@WR82N[QDON*!O?6IF M+HHHB!*9>_/^W9M$XA:S1;K23$[9Q$@7G"%I-WDOXW4HZ)&U/*T-_T@>++K5+/S2PQEO!)&C;)1FI,XU/ID^D"0 M$93"T`7@2]'OE*+N)LF1JCAR$%3QJ`2AD$A:3C0.=GXJS6$5EVJ?UEK2#CM5AJ60)DC&I";E2E=*C?EDF'VN8_U4@$![Z]55@F M/@N2:$O3!TUG^E3-SJ65[SCV!TVWZ!IS8^@%1>&>'6G8](T?T*W,2ZM/V,\+ M:IF$E$+&$&^9_,M-T3I40$BCT$N'6U?ZH.G,I9>5)\VXX1#.FEEZL7W*?++6 MRPJC)IR:'JD@8(LV<:U5/+5=::,1S^9%-0F(*24PYC/=HA$&+>L.NC-\XH#@ M5RD\.;Y_5^;XGE3<^S@9]0>S^?_I#/YU-US\BJ/GJB[T=*JNQDN MQ&]3SMO)=#ZG"%HT7PF>7(G54XJRB5`Q`$+UF"3/;@&@9-HB`^9$K(H0R$P_ MF^($`PJI*+$UW_?8\M=]Z6L!L,H75YWM2T?[8,'(44XS#\N\ME4H;/6LQQZ M/6OK4'-3!HZDFVDO;!F@0)S``=J,1%2GR7(?WB%#JZB]:>=F&9C$M./`IVO; M\29VV1FIR*,J53#X$*:]@J64395#.(#E^P9D6(I[F?::E8$/P@<]O4O#$Y:@;#-M@ MLW7]9T*NB4<>G"@I&'&(3F-K#5WR$SP$)S3X$&C64AG@RFS!L9IJBL;0=@D` MQJ/&A`5HWI'U4@N+&E39">1[[EW5`.T>E[A*NN=*12`YDN MOB<'L"QEF%;:Q)Q+#8)^'+"[RD3./EEN3)*_3;8);8,G$M@.W33V\KC;4>1% M4^KZ@.F*?VH634B!RZ0)6>%:YO7/]S./06:S\.+6]9 M\-+D^U(O3;KSCYV;T>3G>:?SM^&XL_@XN9MWQWVCSTPR$1$'\I7B5#B]S";( M8!.B9[9'ATK&]?,=Q7OH'5*,=FUJM3N1`TG05&8LH))K5W$!FODL&B4YAF-C MU>1WT%>:I3R_F_'`XW@.#EER%]OW;,X6Q'ED(9^JUP#51C5],53?WEL#<[5X$NDD@IC1=%+L+W%I M'FLI,/.`[TQ4Z&[Z1J.OT@`H[@0*V_6R8.Y1)WL]Q='XK.IY*.4!SQ M^[.`/,(!Z+F]EB%X%U``2M@$'L/XY5^-1R)5SF%%/&_+JV#-ZVW\BK`$.#)T MB[F$%=?DU<%QNK(DDY*^4$QUYA*L&],B#C7?,BZ@];C,L2.!ND3D^D.E0F>- M#RU24<"IER@9>^>>H[9$G'2#RH'.PAUURP&'+UB7^FE`Z.E^N3<]]]5GO?3E MF;JRP\:#@JZS&D?=H*MP\B4N!GLS9VH]LRV1W:FE;L.18]T[;F(9ES$/Q>-! M)4EG/1!=!B.$DUC7E8/+>'>4)7MJ%$6@:!`H[CIK]6K`7S*; MI,Z,2BX6HE'`H2P-$A4YUYHO*W"'2QT1C'`YP>](5.=;4M;R(TL&>Y&S%M_\J8T"EX=*A=0K24(+JLAO'^W3C\,B*O3XQOW5D M)?_TWEM%7%0&@-9 MGEV/;2D<"RH[^K-"5+8M`3S#L3[,R':W%4X>1HY'V-M(*K:B0!5!%RB"EXX2 MA,!QGF!0PA>3]@#W6'&8\>3AVO+^8'DM6$*AG>-EQ-PI!0E`8#VAV%XZ_$\! M6S"MYB&^](I>QTJN\'H*KXR4H/IE[/Z#AP=B4[48/-EK5B9T1D5XXC$F)/H1 MKIF%^TAM7V$Q5K51H/)R:4^DNKR4X1X."X`_1^5\8$JC0'&_=(RC.NYEN(<9 M]R[E2Q`\4Q8D&9%4`<]UAR)]:0=B74@7\.MEI.V\A(@HY,MY=VF_HB8A>6$I MDN+MUMT7(]^=FH?>@Q]L4OSD&6:@`T#%Y-+N1'4Q4>09C@UC_P*2%480A2QD M6T$AN[0[4!TR'O58<,F$T8BA.6L(1>?2CW;+H,/E@9;[6Q:-0B>=*7U;X%?A M-H3R'+&+K(@T3$J137,R>4C\.LLD-+58/01=H*#5[_N2\-J'4E"(S:53\TV" ME>7MYD@MI6LK=$)VFW;\PF&R)WGX?NB\ZO2=T';],`X(_<=D]J$['OZ[NQA. MQIWNN-^Y[LZ'2?:]Z6PP'XP7R5]*Y=LK4/N(A`M_IR>6>TPG*#!Q$OCD_0PJ M2A:/8[;$%)PL*I,'#@5'0!94#*[I-/\HUJ_ZOV0J!1\05:Z.ZN(W`M4>D\^[ MB&Z65CGP/?JCG4Z[O-%&-]?`:@1+G'_&R9QF" M_$9=V:#WF#XJ7L]&B2[=GN9G,.OW)W?7BYFYT M:-XJO43IDQO,=(Z!M3P\P\H\V57:I$L.UT05KL0Y!)J:S/\X6Q::M@]*ZY-' MXOI).!K]U>_$+E+3JW,U'4VZXQ,=O9E-;ME&/!W,%K]V^H-/@]%DRO9C]LM_ M#GHO6D6YLV1\![-=I')TL+)C-4K?*M")1MEX+YU/-.GMN28-QY^HEDQFP\%+ MUI":LX@J[57B7HU2$1!%:)0A?>/]D;A+:@^R<&B^2KS+V8#S^8!:@!\'HWYB M[?ZP M#S$NN4NA=!ISJ`C`?*8HX(%5-6)]?EX&8A4!'1]Q'0B=:^GW.V38<#])Z<;-!?[CXTO8CQK(] MQV1^,G[3INTZ0HH1"/$N,=,NI5O!9I.+Q.CV>K.[0;\S^&7**B/6:%>=S4=R MH"]J;#(,"9#A3&D3*#V@R>.]&,7S(*9J+$.@1?O\],F\+9>O1;G8AY^[LUEW MO/@U5:?NZ`7O!EKJ(RBI$:1OHS87!;K0Z,GA`>YY]K^LHKS-11)<=\<_[>XI MI]U?V25EJRK2<]A]I*0?A1V:J!02ZA%H0L_?;)R#0Z[G)W%"A%)98(.]S=W; M]R:WM\/439R$U?0F20C=8-Q[V8ZNFAZZ%?-?26U4QVFB-I7C%0(ENXY#=D8/ MYV15?`'S-G>/?WTW9\?T>6<^^-!>PX#B4%,&S\B6/4?P5DHJ!.K<1+U1X`H" M94G\;F>U#D_T)'>YG[J1? MN_FI^X_APQAV)\-PY'F+53F%0-L.SQ?YNL8)"F!:UEET?VDW(^CK6,70,E&O M)FX_$#X@T`0VN\2DC,ERE\8[>1K5\P/ZE:WO+>G6F:3GC>TT>2]+P,E7FUP4 M0'\X3\]%S%O-H@".CP=[D]EL,)].QGWV\(C^N)C=]19WL^09TJC[DM\1'40C$8O!U;@T>FQS$;S->457^-R<0B#[FQ,56C>H3W3;87M. MZT10"83N^1MFQ"?`S8C+'?.YJ@=&E!FZB2M7$302*=V,Y M09)%*_-`?NBQ'33EPW8;^$_.AE+%3\QVHJ.Y4(:;[G#6^=0=W0U86,[-<-P= M]X;=$3UP,8-PYUZ?3F>37X:WW<6@T^O.9K\R&S'ITRJU1*D/X!V9#E%92;P MN(?1+'NGDX)XTHN[&/;MR3#)9Z+[+13G`TAMU_K8? M]C_KVWPXDZ/-Q@J>)P]S9^4Y#X[-ZIX\7#*KECI"S M63ZG_P7H*+0_M`JHCCU.ASB<:;@:&W%DF!/D?5$4`O61P)4^FRD.95G;B'U@ MD:06X>\"N;`>Z"Z0#HID#T@GHV\'.!\?19_H^N6L,%&7!H00+#C*^;I$ MZT\N^*EDUBX-"U)).J5/1JH-6M^%VS%1G.SSDDNV4@.9?1U2!["96[<*K$2@ MT&JID@3*G(O08C'S:JF]-.AQ"?+$.EQI0!2FPUXD$V?BOB+9(1_WD38E`Z'$ MH`87@1JDHG#?+\U>!(M!)NV82-6Y66-VR<&N#""NJ,0KOV4_AUE) MOP6=7V32(P6VU6Q^&XD'9Z*;+(>B"-"T!Z%#F8G>&/9NUPJ2IHH M'<*D#T&*5Z&:`3G3<&4[R\,C4C=ICB<]'O[\])12/J'4NGSV(O4-4#X&GO1. MZMXY$'L:KGMG.:%$NB?-#*5!][C3$^N>I`L*W3M+AW2X[E770.A(!O40A*'H M(*G`*@0'Q_/L40*5^@:00TI+#`UOAK*X&'$?%&K%$BJIJQ"OE]'($P@ZA?I2 MS`,LDV-/W MV/6ELA,:.EP3DR=5XAP"I2R9;$.@O[D(N@H)9#3LK%4(%N^_]8R,8A6@I&S] MT'(_!'Z\#:D@N_%REWTO1V&8ROGA$>^UY;+HT?F:D(@%I2Z7#FMFN6K/EXU, MQJ!=4*=<%I^_+HTK@A4NEQA%L';E0@+SJ7@T+$G\&8H7&UD?%,O(^239NQ6; MRD[?<6-FI"J?I14'-*C.,$P+%;44YQ`H6S;#CTC1M&L3YTXEG/+\(6-[W-Y;CR9F^ M;X>#[3R!*6#Z?N)'Z\#H#\CX=V88#R0"YVU=-PSC36I; MW/C!(4U8-YP\9(^M?;KTLB<9$:&LC\+>_LR[\*\)JX%^_;P(+"]\(($?S$GP MZ+"W;FD@Z>3XBVS4C5(\DOE)FDYA56@[%4I=VH)N]D\WENY/>QHCX8'`S-5`Z&Q"[>3(+GX'F?TN(W"U4;=0F(5N)4!QNIZ(YRMQ0LGY( M8*Q!P,\+04@(K^C6XM]@/C'V4:,HC'I^L/73&^2^'VPL+Q+Y34`=31\J8"*8 M<:0HL$.+%VM!3<,%-0UGQ-V_2$C/N"0$8`+O;=K`5P9&E3%:T/EI,6>A%:E< MD.7RWKKSG$=ZTK#<^7/(]E\1.O#>IOV-RNBH,D8+.H.8)8>@YSV7V%'@>XZ= MJ#$E-R#"E0S0#XC(-V@0@3-#ZSJ6^/4\*PTWFD9D%"TA"YB@&Q");]$@`6:% M%B`.>GAC!0,KC.08B'L`V?\=&O9#&'`Y%5BL6;(:%AM81A.XO8&(?(\&$57& M:$7GVO)6?_A_@/'@M00+Z_1\=W M$0-T<9Y]]Z>8?G@4;[9Q`.*]L`_X;(>)_0`N:`&`N?(CRQVP)6\;."&1\U_2 M!DYS*-?Q'9P+:=?+<9:;G&[M<)[S.D"YCN=` M#*!?*]][:]];_>EX*S#C^3V@G,=S\(5P0`OKYQ^'BJ==<0\HZ_&<="$^AZA5A6U./S/'EG>/ZM#4FXD*%1X3L55.*9UX5HXEO>[XX&7+5Y[*!SX MCL3%U..(5>)?=1VC;4C``D^ME2#X06&(IL0\*G.E21%'8Y8AB\42'R9_$GJ4 M2U2J&'K4.8S?!B%E2`F)_?7*?WR])`ZCXAOV`YO\-YG)TU_]1@]3:;QWYK)R M%U";^16'"-H9VM?T)2X\,$F!J/I7U0J0)2M-CQ$9/+-]`HQ7OJ/IB]VJ8!6Q M`L&2J5RY2QBSR4LY6Z[V7*4@3JXQ!B_S?FJ40?H9M%Y$6!U!%:SXP/X&'Z_# MD3NS8=1X4SH[[990M5K26061^4HX,)I_#ARV?SP(PA*5!S*9,5"SB.38A>/D M`IL\R];V2(),V?JR8&=',EF^6C/:>89I\0ZD);GL]"F8FS!N\/!`[&CB@19P M5B53;0AC(5BE,%.GKWFZ654C?WMK,(Q+OR8R\FK9G`?>TG25%);/%EP>4VAE MYY++ITFP%:O"MA;VRWX!544[VU=0QM_*X'T%-2.6.PC9_(YU&<4OG(I[-`B1 M8B)PO$SBS4_V*DG4!PHA4KS&DK'$B`E.1TXIDS8&V>:'OW MA=0=O?_7N4]Z_WMFAN_F)%*'?7-N:QSLYPG.GOG"Z=&2632:@C9 MZ%M*)8XE/3O)=;WGF11J3*-VU(GEHA\(0 M38E14N8*:C`_!'X8[B:N#.-I9]/+F3HP(&!Y',(!*<^=G51@.4Y>#JW2(*9C M8JI"7()C>*'>WUQ,`[)QXDVXKQF?H:7<38]P0-,;K`X14."D^I70^_0JQB,K MEM#!?*R&E($5=G/SZ1TT;0)Y[N!8%XJG._8]N[J5QAO%=-Z(&BRU8N:@AC4Q M18YS+V>O9?N;SD%1"B&XU99G%0YX664;$D:WOD>>^V3KATXDV*KYK4TGJZ@! M.A$;7O(^6T&#SWJ;SI>A3W^Y;$(0NEXJHD;\\N?;7)'Y*J$U59\!<3URC.K2 M1(OC<&H:&L--2.-"=6J%M8WFP7I1-6JC>7`@TD;SM-$\;31/&\W31O.TT3RX M/!)M-$\;S=-&\[31/,V,YM%WU?#RHWE>4`!(U8LA2:2'VA/`1Q+<^R%!ZX$V+F;+?,1&?<%9INX'6=9"CPH4 MW5^YS<4ZX)LL/OK^$`'36OI%I MF<3$(P/HD^7&"3MGE+/!H\A*$/5I5BXF`$%E[?GZ@L6XN^UARH6YI/B[+:1? MLS(O`8EZ*>>R`ZUC(G"IG+8R9IW7HI090FN&S[SI?L6WW=]";/?.56N]@[6E MN_P]3G.]0S:VD]:-MMTY=+^,A+#'TPFQ+=<=/&V)%PI/ZHR\;+Y8?D;3'4[%1$]?+!* M?,GSO\*0S5U/:4?348$JXGJ&'Y`I..Z*VF=![;.@+^U9T.VO,P'/D[\VZ5E0 MAAP<:TINR3PLIC>6$[#[6'(\/0H"U]2&,;UCP,/5RK`'29#:S@4"36W8#2)D/L M;F@?M!8^:#7L/F@?M)IXT#I?$V]U?*(H>=E:T-JX8:;VQ%5(LY;;TW^OX_DZ M%C'WM(7QAQD*#.71AN.4TGH^6L_'E^;Y:!.BJ%TRD^AXWBBX3SYM8GRODSHA M\G/6R,#C9VX(Z:X"DLRMNV%/\_C\%/?`_UI<2H)&;O>L<,TJOY,H?>5X].R< MA5]QVN%_I%TP\8M([YUG^ZY+[(@L*:8RR3UOC?^1M'#ZF(RV>;S96,'SY"'C M!TK>]2[6EI?YW=";$9<]TIE:22J^GA\*/'?51C5NCD,=SW4P#X<8'+,M=KUE MU[;C39Q,N$\H\VTG87W/"H)GQUNE"^_D861YO/5P-V3Y$4UGPP?#7Y5I.*"_ MCD-*9QAV[3]C)W38I*C"*IG%@KZV03`/')FQW[_E>Z%#&)6SD[[/@SJ;3W(.V7456X-#! M],KEED1K?WG<-]CZXOQ%EA_HB6WDA^'$ZSOAU@\MMUC[U$<"HOK>N-Z591(. MB-GEVM`+HR!.A#.)5W?LJ?5<]9-T`Q^/C:,'HA\/5'WR8,5N-%_[0417 M\DUR-UITS,Z0*.H'!8LF#VRVQ4B)^D!1 M,I]!3TXY#H18.,Z"2E#F1$0-YDSB*.$K?5AO*&KFD^*I<`,'?GM;]CA'49?/+%*6;ZUG?4R>?BG[WC1)SIK?E#?SGT'[0\%P:!719$B M3"J2#VKW(^;LHP2\@M+)]O=F&4[;AE&TX91M.J3.<\M;RQ:4L3AH8#R11B/'C4*:G M)HC."BOZ3MI(*ZSS6Y%PGKE_,RT\C\+8TR-W,DXO"SM#'F;8QY&V.>G?27'&->=^Q;6P4;4<7-M@JV MA"`4"8L@,9!#SXDOZ%S7Q,O M=!Y)6N"-Q6'=^`%Q5AXGF^LQ\^>84`H7UI/@1DS'Q_`_>M%)/299.JI#[J[M MN1N)WQA`^AIW5:FO"S)&Z(D?YJ]$$V_&N.7N9\(_[H([-^+9CB(K<.@1\()= M6E]8=1SC;LR:(Q!>7-5AWKH".MB<-&_@BQP.N;@C2B2IO[Y3"RUI4X2W029M MD`EB[TL;9((8DS;(I`TR:8-,FA!DHN^MZ9<39*+Q)9/1*)-+QT)>D*A]1*#6/.!S.GC8&HHV!:&,@VA@(+6>^N4W7O<#Q@>>]T^8XQ%SMK'=* M`8[0A_V<[KQP2VSGP2%+Z3FON`LR5'@2=@Y.,3%MT$,;]%#==$]]U[&?KXE''ISH^GD:^,O8 MCG9&^^%I/J7]5V(%DP>6\D+@KJ]K_,;$$-3+4!Q",MDF>0"\U8@5YP[3F)")!4!D#?XA"":(P`=JSM@Y=E])9IU)ZZWC.)M[L4D&%_9A(XQ34 M1FE,E$(9YNCQ,EHVJ]$]([9KA6%B@"W\?&12@0L2VAE_6($*-9BT3+PZ9.VN MP=.6>"&9>'M"YO'][\2.%OXDV(7+)&.475[+??6ZR@.;S$<:4F7Y3,77#QT!B6?-3!](:X+R/.THCQZ*XL5B26J`[4T_1QLGZL5#C6_/!IT'I:!G%M9TT]RR=LM;RT?#>6=RT^G-!OWA`HDE>A^I&9C\]ABN$9L52BUAJ/@" ML0VAUGC^;F@(=;HDW5AVXH^7!.IPVC8(!=[T<41+G\Y,=H'.;XT#B&)Q$H*! M[,[\T7``9E^?ZNQ)RUNTMC&:_/FIGV_'+DXXS37+IP+".WUA.(Y:?-3/MR M`2SGT86#Y>S8M_?^'+8D$MJ!LRTH=G@(E))T-&U5*H1\@5B`%Z]L$%H_#JC) MD%:&4P.O>!33:UHE)&7,P0OK;M6X]H/`_\SL0&M+_\(-&!+07SR*Z76S$JPR MYN"%=1=Z5A'6XE%,'RHKP2IC#M(+$TG>F??0FY.J&6?:.Y3V#J6]0VGO4-H[ ME/8.10<09N]0BK)NLOH?X;':Z"Z3E[>27H^DF2JAW4T?:(%^8V6&X#"5VX0, M;4*&-B%#=M)M0H;6N=DZ-UOG9NO<;)V;&)V;S$LQ],(HB,]?PJ?![,XCH=)H M,ZZO!"X8Q6$:X]XLQ1X$6*Y>A1V,&?Q5D)*0KR7V=D16ELN2C<5+[OMUVN:LB3&C MNQ1K\_/')/")4M*I#9YL)R1T.:4+*_,O2@5?VM&8!5VIV`:,'3BPVZVK=Q$S M%QVX+9#O8,Q.KF%;*2(?!T:[/&X_LX`++WI.YFRYO4-^(BEFX`&,96BJ@J$B M>[1L0'N+,@[LM1728]@MG7Q`J6`+P8WS1):BY`+PWL82)97=ME09HRDIA__H M,'OQQ@]FQ/'"_H'/G#B``-&4@^'B24^X$"[\R'+Y..W^!`4#B0?@ M.'$TSLLS6T/HO+PZ=U[^W)W-NN/%KZD7LSMJG9<5+6%5P[>93DLQ[:67H6UR M"TMG$43F\R_Q:>PNEPY#)KRAC+R.0Q;5'G;M/V-JV(B#(\J.UT@7:37FX;`# M![MUF$]+&C$P].R`94[MD_3_B^$O-UHCO:Y5&(<#^H)C?-[^@N-?8K MTVO>F,5D(?SVMJ&^YV)R:C$3!M[R#&(O1H#W+OO1WGQ55HWW_V;[_A,3HBM]6\=HV"`7>]'&\_SR=V=C:$-D; MT.(>.``I%BLA*%E"4.3X2A;=W2Z]\-F^'7,>RHG(;;Z/ M=4\>VQ2.[\*NB<5>=7ZB_V62G'U%)D=:8:CFO,)=8U%?U, M0N8ZT$^&:^1KODJL>UF^%0GYW0=Z3JQ5>,Y&;-9CP\KD8EI`DDN3),]%5/!. M<=.38U*H8P+NN!`06V=R5.! MH_3HG*S.IR>+8Q1T089,D;2=@U1,D([B%@O'\GYW/%$!B[,FQN.F9$*234#` MHTY+!H[D2][=7,K(3!OCH4ZJG,S15^>I^U#A@-46"9("!^_V_V#\?I>M;Y#^ M^K=;;G6#](^W\-H&^H).H!S.S!F3/^-++)GRKBV9TI9,*>1Y6S*E$G-O?YT) MF)O\U=B:78*Y&7)P+-C[A'U'Q]#@R7;CI>.MF(<](L'F^"?QJEYB*!QK#VCI M+T%=YM*]*0C+3D^E!L.!.)3Y#Y%L9NSFJPL#<^:*( M>AS+*O.L,Q=Z;+F3>]=96>(D"07-C9^>V07"P4]U="S_8W@S,EO;=S<@'IF1,0B@>-T+RW\I'A#0*:!3\4O>IZZEA>Q`>M9ZN5#8_R19GPYFOV1-9U373=Q;.R%1X9!47OCYU@` M$F):<>"13#!U:BRLI\'3EG@AN28>>7"B])%Q['BKG?O#]T0.'N61C&N3DBNN M!).:?Z:=D4?BQ40`^[%%8YQYYT35#-.E3ZH9Z11&Q_UP?C:=+#X.9IWAN#>Y MU5(6*#\Q\?%3U-Z@#@R]1Q(F(:WIW,:^Y^_=P<5Z(>X%U!4=*6#DJ)RI"X1^ M')O9/E5SUUMFJ!1AQ&]O,@5K"7A$1.,`9F+;\=;R[.?=TBNP(G(M3>9(50:C MB%`ME]5IF?O)P^#)7K/4"RQ#^<032S[M!^AF,BI5W-ID MKD\EK9(1C$.90%M\F65-2[I-]:U$N(B]C(.*Y#;M/>C$@B.=7H8X=J.9^@@` M#WMD_=J#3YT^`AA*U0Y`#77U=%W7_TQ-5\+9FJHN[&?O7=-0=MY7CX:&>#H4KM-P/@1\SP4MS)'#QE7K$RHQET+U< M.L-X>9XUW_92H+WGARQ%_@??7X9S_PA")<')#]K(*F0UL!&':T.!$-HDI`:F M3[HMZ/@%O!?`7I$\](5V;55$,3E=3-90:FJQ:J+?L M+C>.QY[K)H>:'8'U:*SL&XTL,U8_D]'=+927G M>9&#U^3!#\C!54&HO%.F4$`HOX+G)*AM['M,+^A$W>0]:AK]<<5?(_1^L5GE MQ[2SP[S47=RV47H"7G7<1A9.JX>9.(S>Y/*BN_P]3F_#*#]VM[GD5O-6`=HB>(4)0^1-0 M^<#E(:R=QPT/T*IT`2FY\'^KXR922PZ%%WHGV=R\":7UN\V8@.95_JC-F(`6 MFS9C@F84<*5KOG@.46.)AK7G$#7G;ZOS\C`_J.D(7'ABN>JLPR$#AU!AZYDM MV6E5,GD]D%S[QCS"%Q.,(!IS8`4>E99P2H+YFI(NC+-\=WZZ&71G8WI\2^U\M/M M^-H*'3N1TRK;P-E`C0R0*\DN'-JJXGTOA;K2D,T*DZM.+R9).#>UDWD6HUS0 MO)%A;4+2F[^>_TRJ09:[7/+=(&#I?A*^"K>#RF,W,NBL/J;BV"`* M=*/ON#'];4Y%E!>2XH$:&7I6DET-CUXH<-A)XA*^4?#$&;;A!&V[0A"OM M$;IP@QG;6L6A!9DF#>)Y9M8X0@:2"4ES^V<;X>!V3D)XC-Y/&44IA5O'.)$=?MH#9WO@;`^<+^/`J`^<-Y83?++3[U)>NLSJI2MF,2PEAC*M+6#SOS2;\*(\<\(_;@)"]D_2U<'ECV!:'2MA M*F(*7BC9*Q.;2N*"!!LU"$][FG;=58*.QP2/`O-&CZV-Y(A^VJI!G#^=.(Z#^GY.LM?DY^UPL)TG,`5,K^GY M>%W+#=UML_L3!,C5=0V(5*P@ M1K4CB,P_!ZC*G@^T810.O6E"5%+709_(*63Q34H+2V;WFW.N0OD4-\&F3;V6Q+G%@Q%KA-FE4_O;6[$-AK.++ M950MAF6^-&T#17:W13%_EVZ1Y7S*Y'MFK`);B$@KKB?:?'8C?A+^?)%U5SP! MD^]KL8JV(GI?R,$_5#IC:A+[.B=AM&*&,=FO'T8D'H2JA.]I,RW"BO,P6AD$ MK127`K,]&4H/T6:LF8K3,EH M/[G9'FI3$X(*>3,\ZJ:YB>Y4>U%&O)4LVI>>#%2VF^=\-P,K9KDNF4`DLYU- MN,_0:I-U`Q.$RK^6!*B7E7]C\"/2B7I.,D-*I^.%CIT\"+O(X?/\D^#8T<;) MK4Z(3-\EU1O17AQ]*!70*B#"/PL5TF8XSR_#,YU/)Y0C%KNK59"X$D$"5=_P M4,%IADNY7MZ8=PUK6<6D#G,U630V&ZCH-L,+;)25K?6HYY,*EQ5OORC'K9!C M&)RU.+Q>F1/A*9NN),*LZ9M066Y>P+Y6D&H7901Y3HYZ>I+GY'M@GI.W;9X3 M;1MAFL5VZ%$:XH2<2;0FP6)M>3L(Q[[W2$)JFVH+05>?@JDWW972LEP:(=-> M%>R"?7KJ-R'7YS-H9(7H2P/4_.)S^CCV*5D&3(KT^0R:5;;ZXNPQ[S7"+M([ M/X59J>9,HI'UNPW`U'`_40/-8P4_$JZZXA?ET`OS&^EEVUEH06*8]2FJA^RK M1L4>,+M&5NG&P;KV,*E^5D&I+\I3;&1!U7]CG]5_0/P MJOI=>U7=EN1H2W)VA4VG[CP2 M8:$-VA'2#W>M#2`1]1P*^&']\69C!<^3A]1XZ=KTVT[DD#!Y/4CI_5XTP8+@ M_(ICFL8,5FFC%L8U_*"'(".RX8H%]4A!6V.CK;%QJ7()&"6V+;!13X$-/2\@ MM$A,6UU#WXL[?S$XH M1;AJ,0W,4MP6Q!#(^)=SX]!6P_BB3'25L,6$WQCV MF!4"L")('W05Y&\6/!VJNDA5GY+9R@2H5ORZ\$4DYO4`Y/>'(9ID]^TR6_:Y#?H M4K!H27[#U=K!9NOZSX2D:\UGCP3AVDFR:0SFT\EQ+0FOG]DO"U+>T)%*#=0$ M2,K25C5Q3AUP%:;+42<*24:=LFA4Q51G7I[]5)@E)J0';6 M4/F_#+=S$L)C]'[*%5?L>CA]:STYFW@CX_59,V,9EWA\Y'*:2Q>.9>0LO$3& M^H+FQE((@2$0THD#BM).R_1U^>3A/.9(@SNY^%/XT^3IH_U%2-&ERH=6*Q): M?^S)Q>0'6OZS32QF;"N'"T$="')(\.C8A*_!A[DG MK`D7?F2YV;_W_#`:^]&O))H1VU]YS&#+KL_%2]Z%/F\L0:'J"GI1.'!(8%53 M3ZZBNO.TP6=@S&=[:?M;%907+8K&'[Q7G9>QK(-(Q+;\JW?3PHS"]-$7IU;G M'(W5,"PEY$B8AD[@M>Y9\'#XBVVC56/B-6341+)HPW'CB._%XROC^Y#\&=/A M!H_T/Z`0RQ_>Y$(L[Z[G@W_=#<:+SN`3^V]=498U*>@ID:)@S+UH%/;`$/S7 MK#!,*4L+?+!M`.8+#,"L!X4^>:!S6B9F@7,?,^;!"A)*.S8('RDM.,H6"J8I MJV0(Z(H#+Z`\P@&\1`E$C;%_VN(`P,+4H%B_]DX?N9TOO=._^*TB#L'#]-*U M2=$%%TQ;TF#I.L]_0?_5OZ`'!/CYAH=(:()#R;&Q^PO[#_,0[[E^4>V0'K,3Y MVAX/X#+L_T9Y^^8**8U&B<[N,;4<=SKN;SM;^O[ZIME\?'Q\0YT'].BXW[PW MIE.N.\,)7!-O^V)L*1.7.#XVEXJ!U\KEN7)QWKI26N>_OGF:@PA=Y`,A*_N? MBVZKQ?Y<3EI7-U?G-^?O2][41W[@;6]Z_G0>_2O7_(YXYK9Q\_O=VGG_-"9? MEP'].>BAKZ:GHU7W^VQT_735NWZ'OST]K%J/,T2_SS;>\N'/3>MS9].:O+^_ M>)R?]\-;?O#,)5XA!91.O8]G"4@?+]\X[J)Y<7[>:GZ]&QB<[BPDO'FR"?V6 M1]ZZOKYN\MJ85*!\FKEVW/5EDU7/D(>W/4,MD=`3ZOF(FBEZR]\V2!)?-:ERV8O+`:RP06F^;S)$WXUU' M%:S)E=#$=6SLY;;A-3F-J$-IL,I'Q_+=IK]9XR80-8`*N\3&#% M^=SQFASN)N/)EMZ/IA+,QQ4G/;^^9);$QBM,_9[CKKIXC@(;-/<]0#:9$VR= M*3YR%]AG@]U;(Q/OZ2V>,8A2!R86V).HA)6MUP1F#A3\QP$THX:]%, M;RD-)6Z>_(FHI81]*8G./C2SW20Z#SQLZ?2O_/?:Q1YTPQL-H"!J&)$4-#*1 M;0;V86UVK.0VB0IBM(_"O^-0"U/H$GYXCDTL,+Q6&]ELVAM+C'VO3R=+)_`` M,T][,O':'P:K&7;UN;%$`$2HI.=W(]?D!:B/&70A#_I= M=0(7;76@#CN:8MQJVL10?NH/E<6LC M;:Q.^D"@P(@`RKO16+N%9OU[3>D/X5I3FLI/`]UXM1/YFGN>WH]3]=4QJG[5 M[<&ZY59YZ=@6A)#:]P`W7:7_RVZLB M4[DRWQ\U/57C5ND-]"^&DEZEZSDW=7>!*/DGYPN6 MQ#;R""ACE)`PU%\).KFR?F:1$?%,V_$"%\.%/OZD#ON_\U61+XIMU>AS%8'Y M-$!=O*:62AGB1]4TG0!B1[H8N0Z%GV8X44)MR`CD:KC.JF&H?5'43D>?#B?] MX2?`7A_"[TXX86J)?H2L-\8F)@]H9F,8\*H-MHD%&#W'[3K!S)\'=DP8ZN3P M9E)-M/!1T\?*UU]VI[TIH,M>2UU.'`0 M36BBYSHKF";@_/N;+G[`MK-FDP6*_H'-6($'MI%KKY75WD!7ARG5]<;Z'9MN M$!E,?E.ZVKTVT$=LUK'"SUJGIIKKTP<0Q7%)O.>3+)!C?I'%O#^\!SSU<5^K M)Y:JYV'?N\6V!>;'0#:.+)50+,?U4K!$AL$V.6ZU09?;'$,=:+4$F(U-ST\L MS,D".:AO\P:K,:GOLKN#+K*Z*0L@U,C1O2I&-[:Y=34*NK_$;F@"(M<^42!' M]9W@PT]NM7%D#FH))G2,6?#J8HOXD1N1*I(#^E[P$OI#+0Q3QUJW/ZDEIN`? MNP&VM*=>I0CFN0K`)SO!XJG45[>N([1#4<[!^0:Z+J+_A6,;)E&RA M'%@A?/RBCL?J$!Q8CK`ZJ"6P;42_\>AAA#8L=`B1%4JET%X(\5Y;'?X2A0TC M]3<6,]02W(ZS6I'0I>(Y&[[G@:E)=DGA8@(YY$*0UM'O[OJA#Q;E:?BNB#;L MU-5;:`<>6\\\`R\2;JY0*L=9",S:4X,M=(9B:)_JZ_%RQRM,1B4\L:A`CJ@0 MDH6>6)AMJB68(6P3]!3'#/&E',B<,(PG[";JUUK"R+#@%A2;/;?/JD;D>CS5CI`^[ M;"L;?D[&T\X$!&8;VP.UGLD$#;D4H/9&V.7ITE!70JE<"T+DIZGC(<`*K@F8 M'9X@K26XAN^8W_0U/U$2`ILJD8,J1'_&1._\`F.:'Q2I)9X]1%Q^&%J?]PA% MX,0ANT^9Q0C]N_7:=9[("OFX`W'+!D8PIPZA/[:Q7$M"+-E3^V/E7AU,-1:H M]_I#%=Q#=0`K![,WD?,X&HWUK_T[=:(I'0B1?F,FB+>II5J-8.;A[P&(H['- M_&BF9`KE:A`B3V/:-K1?IVQ'3V/;_+4$=G]:?N389!E$*V62^FCHXG9]4W+&-Y7H4PN@C3P34 M6[%L2ZYTEC^IU&,:RA4J1/%LM^^P,P+UUF7B;$!24V*Q7`^YN=CHX,`KP-G4 M:Q;I@GHYY.42M/4&/Y&837D%0K$<:FG6MMX(#Y*YVI2MSZF0H[POE5MOH#/I MVXROE%,E!WMO?K?>:&=RNDFT\ZOD:.]-^M8;[6R>-PEW09T4[[B-\7.XLJ8QG]2#7FQ"G M/B,'5V\U9]-N2046U,E5(X2N8F*NWH@G\W%)M'/*Y4@+$6LJ6U=OD/=O5'>Q MCXA=>E\[)I>K1(QL2VYL1]V_*DN*_I#%"CYYP`=J;==.KCXA9#Y0?-\=<@(Y(J0/9K\BK\D,RY8^B(".?YE M<^.U-_X%\!9.!`FE7"/"1H-<(W6?&XD3"HW$[_0>D)Q&K@]QYR!YI`$N68<* MXCW6?)X,DB<9TG%B7HT<=R&X%PXYO&*=030;P4E)Y.B+07@!^G6W/YDC)=EM MK[PZ*?+O\M[%E3EO4NN!GSE5D@*\H$X.N!#UBD=.7@$70-U.>RGT"2JY$H2@ MN%`).X-34WUDS_FD9D!1I1Q](1S..P54ZTE0@&M+BOJ>G:!W0O`K@;VN&T*2 M-V[D>SV'-)"K1XB-I:_L>/6("D[,I>U30:5<$T),G'-FKM[F*1_6S-382R77 M@A`)%VNA[G,@<5I1W(E(E\LQ%U]EG3K&6.M!+X*9/44B(9##+H2_N;#7?91O M7WQ3M!E:5"T%_[T0`>_>D_,*_;/.\*9LT?.ZD*M0B*F?=8JWUE;N66K*S,@7 MZDNN>R&4?PG=UWV^9P]LIV9R4:5<3T+0GW>15RV/<=L:_UP,^!LU4(])Y=KO="\)Z/=%TWN'(0O2C$^F(/UO+7 MO.VPOGC%.H+BLA#KRSU8"Z%Y`=:7KUCG+YQ2"CGVXAO:\K&O^WJ9?NU=@1KV M$$DU\;,0K&??E??OK0SVAWU_?HSG"O]N_8T/]1_//+):LY>SAV5+%\\_GOFN MWXB_/OYWD.S-T\J.*5C/DL_6!7%/HY?&2]]&ZOKYNU-DM(J_-^')EJO"9T[40E<4^J$XSTN`KD= MUUH8%C\JXD3=A5(V[78$6-UD7CLO7FR;-V MG!["Q`Z&PYB(VQW!1+*W*WYE^:5O'S=@][TZZ(X>-M\LG`<81@0Z:KUMG+>` MZ<(;Y[9A/QJ[QF7O/T?>C`L0>(T%0FO6UU69^^O=,9HYCY&@N M4H.//]CJ;AC8EX<,VF2[^**QZ^0X7@+7Q=3<'#R#4@VW5\5S"=OA!Y.9GSD9 M3_X^Q/[NB/P99Y-]839=2&R;':)A2PU[W39C@-R`P2>.->'+4F@Z_;AJAFQF M2#^>67C&OHP5KEUAW#.'ER` MRTX]8D8O%@_A^"-NM!=B*PB3`W\PQBPB['M>@*UNF'[@+'%QO62XJ#UAUR0@ MO[I8N'B!?%R`Y0MV6%7,GCE<>HX[QW!?`$2E[*PR":78CJ!]$)_N_A75"`10 M:T3B8]\@5.*9D\L8MGU$U32"84I_`":%/0\>'JX+8%IMDXE>&\\=%V]3_QAF MEN\BQ[4(C3CPA@YE64AP],']7(!6,>C>;\7(_.!['#]HS.C+BS\&6B:PZL,( MGP4^?WV?,XGVO!PJK/^6>*0F1_["TJ M.AOC@50>HG]E:0W,!WP^^[O/7$:FNR1Q565E(W2V?^69%:P\>N`S$\K./'S! M9+'T8?5_`/$7>`R.,&%)769]7&3Z[/6EV%VU\8)05IY:_$[&P@%Z26H@+GV) MY2!\^<&F$T4"$Q#<"[>9M/D@K.::MU>V9XETFJFC@DO%2T:!:RYA M<(X@PL4=Y"UAN'G$PC%3H83ER:NI0M4T@Q7;_H0P`*]=;!+.KT[';*/;CM]K MLQ6W-'DUQ>V!N8"I-L:FC3R/S`FV)H[P:/I6W/+DU12W?!Q\D]/1E!166*GM:.ESA]?@&:ZX]`?K@;(\!?)VF/G,&F?R#J(S MB-,0Q4[@I463U%=4HIU7T<-XZU6J*[;>)D,%"4TU33[SA?7Y'.9[Z#5@:[OH MYM54=%+MH)_"0+)MF#C8`BV(JA'JJZF6T&'?#B(60,>RY%>=/*3FX3[;H&/; M`Q.G@]8$V&R#=\[CD1$"3YP]:@[KZ@(&$WN<1XY M]9'Z]7BG+[$9>0_KFD% M9([BEC@G%NWS\]1&7)9V,P]I4-'59&=3^A2LBHFQQ=,\$++QH:G/IY3)X1+F MT<`H'F\OF&/0Q6O'(S[+_XA6Z@5ZK"AJ8[P.4Q;Z?/N&&S;#0\=B@%$BEU22 MMJK;:,]-Y-R#=KF:V>S@2G98T>'YG=;0X2,KX=M4DK73.\K9[`,SOP06'@_9 M^ORS0ZA_#_2!BY.16.D6%8W00(=@5<"Y\WQ8:-=.*$C7<5?`RQU>S;"[W?@H M17KL@F0Y;)"\P+8NW&F"S24$*03-B$W\C8'=!V)B+U>J`^A/+=HO$X.MBR'T MV+)F:$HA[G)AN!D;CYU228MV`/VI1=,"YIHCJK$M`->AQ.3##$AFE.+D`OS9(D(V%A8!>M<:&_-HE'LZ38A_1J86(AXH1_'/I!)+)D$=0&>;93@`8 M&QG[N215$:"S=.CB.W?X"R4HH#FU",9M?^^BO8?FU"*,)IQ!"V($,):M\W/G MD6)KMBDCVI%M3RUR/*@F!-%_$"H9=KD4IV8_7MBF1IKIG/)3L_H9EM\EIHO/ M`?T=#.CO2Y)F65)_:M;O$`WF*-H[S@*=5W5JAEE@`_S$X6AF0!=4GIKI+O&V M2<,TQ[DUIV:WAV8N"9]0S,=91G!JYN-M&/:XSQ2LLLV>M<09R[>/Z-1"@,6@ MB]L`B88D4WQJ1J.E(S,-,X6G9G*$*>/4BGEJ<49XP?'?F#1(,]V])#)=^(OTJ+LI:JH M&)>EQ+BLC!@[YST[1W-K3LUN1WPP]R+K`TDH*LC^Y5[VJS-8$"7[/S%UC4H18NB7[%(1Y]Y96_; M6+S04PS1"4%F4>*W.V2EVT]7-/D^^8A2,F1&L M5LC=Z'.#+"B9$Q.!C0MM.#LV[-B$?;TM_C\K_,OV^>^$&#]]_*)X97NL&EKB MRL^>9-QW0#MO/CVOFZKAH:C)E/^U;M*;*J2HG5>9+ MH`52[:&JFE1'/I*6*_O+]%4UA++?JLJ7?1]5U:1*/NR;+Y&,HFK2'.1H9;_6 M\2ROK;BSJF&T[TO&^RS9OXZDXC=L<_?-"BBJ)DV.5:6+HEV-DL15DS'GLT8R M`Q0````(`(9)<$=Y"1+P'N$` M`)[O#``0`!@```````$```"D@0````!T&UL550%``,[ MY$E6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`ADEP1]5++=7;%@``+2&UL550%``,[ MY$E6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`ADEP1QH/P<%F*@``#@$# M`!0`&````````0```*2!D?@``'1R="TR,#$U,#DS,%]D968N>&UL550%``,[ MY$E6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`ADEP1R'&$!AO:0``[Q(& M`!0`&````````0```*2!12,!`'1R="TR,#$U,#DS,%]L86(N>&UL550%``,[ MY$E6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`ADEP1]48X^X=2@``FD`% M`!0`&````````0```*2!`HT!`'1R="TR,#$U,#DS,%]P&UL550%``,[ MY$E6=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`ADEP1_F9.X!P%0``^NL` M`!``&````````0```*2!;=`L``00E#@``!#D!``!02P4&``````8`!@`4`@``)^T!```` ` end XML 14 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
Beginning $ 313 $ 438
Additions charged to expenses 84
Recovered/write-Off (180)
Currency translation effect $ (10) (29)
Ending $ 303 $ 313

EXCEL 15 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`+%)<$?G]9[`0P(``"DO```3````6T-O;G1E;G1?5'EP97-= M+GAM;,W:W6[3,!0'\%>I`&3N$W4)+9LK^O>'CO=$%0% M;;!*_YNFZ;'/.]_O;H;5P2H;JZ_[&T(?6L7'X^!DGM=&>^'OC&I=Q/9 M3^U)UJ7;;/K&MJZY'_.6.N72]EV.5XL[$])G,^84Y#"0.7#\I'6)D[!QO/U3]&GBO?VHVY']*K"C_=NSK885X3N]X_E?ITR%EB_FU= MY6A\4873C7_KK!_+T/RT_6U'.?_':SFYB?MQN`WFH3\IL+_8F,JQ'DT_G1O5 M@PN[[\[MWO(QL>6J6MLN?<@+0^K//"5Y\5V.1I)3_U?MYR>E<<&^J&!9>,&7 MHC/!ME]3R/,]_V[\NN!R?92YSM__-/0Y&,E\N"`2K^J#@?3!0?H0('U(D#X4 M2!\:I(\KD#[>@_1!5RB-H(A*44BE**92%%0IBJH4A56*XBI%@96BR,I09&4H MLC(461F*K`Q%5H8B*T.1E:'(RE!D92BRQW8OG*\M"_V/Z'D4X$G1H>)%]2-F`Q+M*;V"^GH`A3&^.R6: ME((C-Z."N[_8_`)02P,$%`````@`L4EP1\`AU&6!`@``[2\``!H```!X;"]? M%>=-"%@;.Q80D8_JO/`L6G/C?K+^GTZ7+#\.8^OGN?I@N79E_3H=Z[+;OW2'5TC16 M3[=SJN>G/V>O7G>;:GK=N6KUM9L.J6RJ[\/TGH\IE5Q?O]S#O,!\^V-,_[/\ ML-^?MNEEV'Z[I+[\HZ+^M4!5+P?)AQ.>B1$N0:(&/#24)8<[1V@&O'\=H!L!U';`?(=ARS'4#; M<=1V@&W'<=L!N!U';@?H=AR['<#;M='#-D=O`7H+1V\! M>@M';P%Z"T=O`7H+1V\!>@M';P%Z"T=O`7H+1V\%>BM';P5Z*T=O!7HK::\$ M;99P]%:@MW+T5J"W5'+T#T#MP]`Y`[\#1.P"]`T?O M`/0.'+T-Z&TAM'+T-Z&TAMI+,FZ+`)1V\#>AM' M;P-Z&T=O`WH;1^\(](X*=77S[O_FUVG_@RI_SK9__P)4$L#!!0````(`+%) M<$>]>LB?W0,``!$2```0````9&]C4')O<',O87!P+GAM;+U86Y.:,!C]*QF? MVH<6U[7M=L+1@*\K?2T@B5^=IMJ)"/F;/ M5CJ?QQ%STNC/BB7"ZK3;'RWV(E@R8[-WZ[W15K^GO,#U>AE'5,1ITA_%49;R M="X`>HG8LF<=`W*&M$Q8]">+Q6N_76#*4SF&1'3);.FK/Z=+S@K483+'V.EJ M39-7JWCRXN0WGZS#U*&"E5G5A<+Z@F9L)IU6K.\G<\SCJ\QSJ;CV@B;/;%;& MGB[N:C%E&5>9WG3>M^5G7X+=?&&;T5F_Y6/G5;AMIC-Q\LU%UG_*L_60^+&/+X[C;OVOG"#FJ(JU]9OUMV2IYJYDP%DO&_?F89N(_E2+/:5>( MNW:KE/W.!*#)#*!$R'8$;E*XDIM7+LE^9/O809@@!\@1\3W7@:%\&$`/8AN! M*SBWEW!(*+]&"%_!^7`%Y^,5G$]:CA\\0.S^A*'K8P"QRIZX!/A#,`X005H. M1D\`VK8_P:&+'R30QW)LJ_Q#HF5LT00$R$;N%`X\E#N#GN<_07W5/!_B"F$8 M^"/E;(R"\(=^1UT\E3'X@8MJXB`$R2@>D>>`H1\``CU]BLH0">L3.JSO(JIS MZ8>/*`"%8WV>+D9YP>T`.6Y85[]@(K<2?1^K#=8;>H)!`+$L38Z&GA8T@/@K M*$H[AC]476M::31RB_SSC9(-I?8:8;LNS\&$J$0((.BAOFY%-5PL[=<57BV! M$'[7+CLN*4)1U5!U/S2N[0>!EH-@@&7L,F'IFCS"0.^9A+[]5=I4!O7!#Z$; M@"GT)DAMU]#%\IAPH2?3(6$P&>FM3@8$?9NH1D&J-R\7X6W["L[-Y3*\[=3* ML%Z%SCD9@C24HS3+YTK5A%^GW;![U'/V]7A'].^"+ M!T5?T#J/\/4$L#!!0````(`+%) M<$0>%M8\Z'$4]=_3Y9U+0,NNW&K:[^/7\=))1P3 MUL.3MPX\*@A7>]V8P(2;9QM$QP@)8@.:ATFL,#&YLEYSC*%?$\?%EJ^!3(MB M1C0@EQPY.0!S-Q"SNI*""0\_Q4@QXM_--@DE!H`$-!@.A$TJR^L5LC6U- M149]747'#0^XL%*M%,C;;BS[G8J=$;P.1SG(H7WZ^Z>'E"%97[D/:JAJVW;2 MEJDN#DS)V^+Q.9U-KDQ`;@1$55`,.P?S[-3YM;R[7SYD];2@USFE.9TMBQM& M2U;2]\-D9_Y&P[H?XM\Z/AE,VT6%#5RXVZ21:;GI,X$D!.&50V7-1;B$^29. ML+#[^`2!EX-Z8;IL6^A:ZV6HT_T:H\/+B2M;6]\=4S^BLU=5?P%02P,$%``` M``@`L4EP1YE&UL[5I; M<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B-;'EDD81_OTV23;J;/`0LZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O=5H1I;*$8 M1V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF(M/+Y;,7\VMX^9<_I M.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9KQ]'22(""R7V4!;I)]J/3%0@R M#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2`Y9>*?IUE!K9';O= M05SP6.XYB1'^QL4$UFG2&98T1G*=D`4.`#?$T4Q0?*]!MHK@PI+27)#6SRFU M4!H(FLB!]4>"(<7K;YH]5Z%82=J$^!!&&N*<<^9ST6S[ M!Z5&T?95O-RCEU@5`9<8WS2J-2S%UGB5P/&MG#P=$Q+-E`L&08:7)"82J3E^ M34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1>$[2 MM!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V>7L-) MP>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH'C(* M!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+`.7\N?<^E[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I4_5*E=?EK[DHN#Q; MY.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2D&_#^>G%>!KB.=D$N7V8 M5VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL)"Q& MMV"XU_$L%.!D8"V@!X.O40+R4E5@,5O&`RN0HGQ,C$7H<.>77%_CT9+CVZ9E MM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;053L_^6:W(GPP13A8+ M$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LYJ7IE M,6>F\M\M#`DL6XA9$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3:G>,U_HL@6V$5#)D MU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07/4;S MHYG@'K.'YA,L0Z1^P7V*BH`1JV*^NJ]/ M^26<.[1[\8$@F_S6VZ3VW>`,?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1BK::Q MK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4#6CV#30,9FV M-J/D3@H\W/[O#;#"Q([A[8N_`5!+`P04````"`"Q27!'!`0:Y3D"``#G"``` M#0```'AL+W-T>6QEAJ&T8A,-C*H/G0 M;T6V94>@%T^6,Z>_?B?)L>-`2)=U9?FBTZ.[YYX[*V?'C=ER^K"FU*!.<-DD M>&U,_3D(FGQ-!6EFJJ823DJE!3&PU570U)J2HK%!@@?S,%P$@C")TUBV8BE, M@W+52I/@^0`A'W^G"IK@I\OW/UME;M\AOUY\N+@(GZYN#_%+=W"%D>?X6B0X M6ESCX.6DL_`X+YP=4"\L==#7D,:EDM-2+)#&S3/:$`[^D77/%5<:&>@5:'"( M)()ZCSO"6::9!4LB&-]Z>&X!U][>3S"IM,OM,QSFF85C)EUE"0[[W\O392.[ M6VQYC/-I>0"D<4V,H5HN88-Z>[6MH3BI)/4BG=\)[TJ3;32_W@MP"^3-E"ZH M'C)'>`>E,:>E@0#-JK5=C:JM=&6,$F`4C%1*$FXI=Q&]`;0YY?S!7N;'JT> M6JI^=XH^.D*?QF3'BM9*LV?PM_<@!X!JC#94&Y;O([\TJ5>T,_T%#KKRF,)S M2_Z7FEZ_:Z,:N(%OW9ZSDSOHOA49U4LW%_]VO.D/`* MS;&OGO]6VN(OI07]B-N;HY,I.J`H:QDW3.XT$/O>N[>Z^63"C1,4.(MN')[N MU)`,OCHF68"LH"5IN?G!-LJXPP2/]C5W]G.=%_55-5)63;.Y&@SJ^2I=)_4_ MY28MQ'_+LEHGC3BMO@W*Y3*;IY-ROEVG13/0AD-K4*5YTF1E4:^R3:WL:?4Y MM'I3I9KD\,8>F,I"PEZ[>5VQ>+M(=+%YE]>/^#X4MTF6R MS9M8!/ORW)&B:H:F63N&O.TA2Y]K!,H++)DWV8\T3IY&RE!AR;8I;[*\2:M) MTJ2W5;G=9,4WP5+8,JOJ)I+=;>]<9T6VSG[+N,59O2J?[\HJ^UT639)'\ZK, M\[:5_*-M))Y0_[DB8FRR>>?&)GD*Y4B,%&LH@#^R.GO*\JSY-5+:XSR5/1F\ MZDJ;_L,1*]KDO`PQ2XH%XT4C*,PM=H,G4B-C$#>[B_;!U54F#BIWH>Y2A:!Q MX$^X'_$)$T=1X+D3)Q8GUX[G^&/.`*0!2'LO2`>0#B#];%`4BY\I]P%D`,AX M+\@$D`D@\[T@"T`6@*SW@FP`V0"RCT%!>.OX[G].[`8^ M<0!=`.CB&.3S1^:,Q\',CUW_5K0.?'$\EHF.(\!<`N;R&+-'1"SD8^X^.-<> M;\-R/"]X='#,U"'Z.#Q&>8'C=S@W83"5@=WS,/Z*0JH=M0FW7?]!=",(78Y= M45%DE3#9B2(NNG+'O0F["4(6.1YF5$5_54)@^=@H?IU!%6U5"5T/S5YZ^RIN MM%0E-`WB.QZR7?38#J54"2L]U^>M.^.03]P8FZ*&*N&A&/=P)@SF7^ZEUYW' MHGDJH=ZC$X:.+X:TA3@>MD7=5,*W:\?_S':FW#M?I298J%`QC5!L'$RG[FZ` M6DO%RRCMY_ZXFW$-!=,(P:YGD&JF7 M;,%BYPNV0KLTPJZ)&^VZ*8=+VG6H'>,@#!&%GFF$9]P)?9$ND7H1?W3GA)WP MT3:-L"V*@_%G$8%\?"=?Z)I&N';CN"%[<+P9EZ[>N+Z85US'$QF,XG`V112J MIQ'J1;/KB/\[DZ\:ER4"VZ)Z&J%>;^G5ASC/H8O/`PL7TR;J;/8O18&05%4B/XD[4:'2YOFU MF,I1YW.*<+L?A4M\$]TV*;>QKO_-@F:55BRI:_')+(&(0K=-PNVC"D]U#:TV M*:M/0/9)1Q1:;=+?5*]F"R(@"X6V"*&/IPN*@E9;A-4G*;M^(0KMM@B[J:F' M"@G5M@BU>SC=]\U"LRURGZ#GELH]LVX78_ M"I?.-KIM$VY3JPB5#1H-0V(36-Z+YD-BIMO_79 M=X!H'4AGUXN0^01$[T#09YOZ^*,A+QXB"GVV"9]??T>>+HL7*/3%<+_1V_[= M[NTNTF56I`NY\UVWCYDG^5QNAXN?=D=$,TRY*R+/I^5"/%ON8RMLN]MT\EM6"G5 M/T>1+"O64OG$>];IE3,7+55Z*"Z1[`6C)TMJFPC'<1:UM.["(K=S+Z+(^54U M=<=>1""O;4O%OSUK^'T;HO`Q\5I?*F4FHB*/)MZI;EDG:]X%@IVWX0X]'U!F M(!;QNV9W.>L'9O-'SM_,X.=I&\9F#ZQAI3(FJ&YN[,":QEC2RG]'HQ^:ACCO M/ZQ_M^[J[1^I9`?>_*E/JM*[CHU@RCR6Q'GT6GL#T!*0G,WIBZ:ES`#XB@P524"#UZ"M'8$!T%I$. M"()CO*"2@2J9I[)V5'S$!A98@0(KCX[<2`$@"Z&R!B76/M^)E3T`60B6#2BQ M\?F)(P%`4EC"W`]02L6^AP;V'CJO@8 M'"^HP"F,B&\!N2H`!B^HP)F._$3&Q+F+1LP\%TF*2)PNA0"<\\A/>NS&V2=, M-F"65."<1WY*8R_0,L\A'"/W:HEFY:)EXF++J`Q*?NW44!>FV:E4[[`M-Q_P M(N_IA?VBXE)W,CARI8N6+3MGSA73FXF?M,N5?DQ,@X:=E>FN=%\,Y748*-X_ M7@O3DZ7X#U!+`P04````"`"Q27!'/`-=P=,$```H&@``&````'AL+W=O6?/W><^P.#7M]VY3U_WLQWYWZ![GF[X_ M/F19][RI]U7WI3G6A^&7EZ;=5_UPV[YFW;&MJ_44M-]E1JF0[:OM8;Y<3,^^ MMLM%\];OMH?Z:SOKWO;[JOV[K'?-Z7&NYQ\/OFU?-_WX(%LNLFO<>KNO#]VV M.E<_]V,1U?#U M7J_JW6XL::CYKTNA_]8Y!MY>?Y3^R]3/\O3U,WZ?S+U%=PGB`N028 M:X!VGP;82X`5`=G9V=2NGZN^6B[:YC1KSX-QK,8QUP]VZ+GG\>'844.;NN&W M4;%QW(NDO)68LZ2>\6**.)5D@WU7TT8:L+7!.&"&BF'ON)%`G`9U8X21@KWLY,D03$U,DISYR]"$:6Q*)%S8^ ME=RYB-1%Q/@@7$1HJ38P48E(N\0,*:B3`IW(=5_`X)LH-"NBN9E$=SY&FC(` M*702)8$45!.M9!!JB@2$=`*%&IT4THG&I6F#+Z09)O,^,6,UIZ)&+#J5*(%S M42,8G<21)F242W3%1-XFO'`R:D2CDTPB&EB"GVONG7`X:J2CDTS2'E>8RZ/T M0E0^.483R*C1';Z5`]S=AIDI\Q* M2F/)>"NY$IC*)_N7T],@];RDI\&TT138O425YZF^X00U2%"YYDJ#N:,)`=R@ MRJJ8R"`,)ZA!@GI)4!/0C0%\U=FS5X(2*7\L+Y:9"? M7O+31,(("2PF*E+KD=/3(#V]I*=!+D:3RRT)5R5R7\OI:172(;$>+>>=1=[) M)+"T)`F,,-!$970J<[6<=M:`&[G2RHOF;D(5LG.)R*7V>S:Q%T=N!LE-BT0T ML`DF(FL3[VS+J6F1FD%2TR(/Y5YYQ32I$>+$M$C,((EI"3&]D4D>40UOT00Q M+2>F16(&24Q+DDD5%70-2TVM3LT93DV+U`R2FD0#.>?GFGLGG)DV`AE"@KJ6 MD\XBZ8(DG2U8WT;HV_^2W1](<=8YS!2#S!0=IH!6%3)1I*J8>`\XSDV'W)2O MF](1(GK(JIC*I-Z0CG/3(3=SR4V'2-2Y#M(-JH:L*G5TR,GID)PY'!Z27#)J MX#B5%3'5.XFS3*1G+NGIR%&EBV"'J'*;)D/U^WYCXSS3=\&PO=V]R:W-H965T&UL MC93;CILP$(9?!?$`:\"<&A&DAJIJ+RJM]J*]=L`$M#:FMA.V;U_;$$J,U=U< MQ*?_G_EFD%U,C+^*#F/IO5$RB*/?23D>`!!UARD23VS$@SII&:=(JB6_`#%R MC!ICH@1$09`"BOK!+PNS]\S+@ETEZ0?\S#UQI13Q/R=,V'3T0_^^\=)?.JDW M0%F`U=?T%`^B9X/'<7OT/X>'*M,*(_C9XTELYIYF/S/VJA??FZ,?:`1,<"UU M!*2&&ZXP(3J02OQ[B?DOI39NY_?H7TVUBOZ,!*X8^=4WLE.P@>\UN$57(E_8 M]`TO)20Z8,V(,/]>?162T;O%]RAZF\=^,.,TG^3!8G,;HL40K88P_J\!+@9H M&S/K")FR6`DF9'``%IE M.#0A='/$3HYXSY%;'/$N1YI;#:_VFBR-W1R)DR/94*+)_L@S_NZF0=LKN2( M+O@'XI=^$-Z9276[S?UL&9-8Q0R>5-<[]>BN"X);J:>9FO/Y'9H7DHWW5W5] MVLN_4$L#!!0````(`+%)<$?F@XR:Y00``-`9```8````>&PO=V]R:W-H965T M&ULA9E;;^,V$(7_BN%WQYPA=0L<`[&*HGTHL-B']EFQF=A8 MR7(E)=[^^^KB.,[,8?8EMN0SY"$Y_#2A5N>Z^='NO>]F/ZORV#[,]UUWNE\N MV^W>5T5[5Y_\L?_EN6ZJHNLOFY=E>VI\L1N#JG+)QL3+JC@.];LU[5 MKUUY./IOS:Q]K:JB^6_CR_K\,*?Y^XWOAY=]-]Q8KE?+:]SN4/EC>ZB/L\8_ M/\P?Z3YWR2`9%7\?_+F]^3X;S#_5]8_AXL_=P]P,'GSIM]W01-%_O/G_ MC"$:&MS693O^G6U?VZZNWD/FLZKX.7T>CN/G>?HE-91=A(+)]%-)]'427(S79,3+7(Q MI=A)#)W$VDDBG,2JDRP1\Y9KC;V9VT\^$N@CT3Y2X2/1?<@,TQ(7R+`4NDBU MBTRX2%47269EAFA1:K*`DPPZR52N9P;'#_1"&]ZHL60D=[Q1/IF,&'&.5&D2 M&`T%\$/:C>(/Z7Z2*)5NM*K??5G`#435([%V8Z4;UFL8R?T'1-:%U@E#C>RO M,_^B^3+UD29`1\)X),!'F?WD5"]1$BDO6A5S%@?<8$229F3FI!O-/Z9$98Q6 M49(%>$T8DQ3K_1C@&V'`D29<)IE/FE\4QVIV@2JQ`>H3!AUITF62^Z0I1@E) M,T!D`W4#8=11IKVH'9"I9ZZ+I95,TS^PRHR9R8"9<@<`C95/0];$I$"V,.8E M:UZ2,=(*J4FA-)'X9@U,RD)+Q!B8K(%)1CY-6,.0Y?3E0+2@$*@8(Y-U(4B& M`TU@UK%F'1GY"&"-L85Z!"!1'!H/1AUKU)&1K&/`.B-1!T0N@%W&H&-=$)*1 M53+K M$"GV?JWY;`7#SK(>#05X:0/_J>JBCDC6N]:BF9?#T2(.+0Y&G06H(XDZJREF M$YDJ0+1(`]6NQ:BS`'4D46=!P482=4`4A28&H\X"U)%$G=44XT@^U("H?ZB% MWV01D7:@)#"@+`$424%:SAV.)2R#J<1E::HPH"Q"E]X"NV19J1VL-A8%X\X!W+$Z4TS%3.Z':"JX1IYT!EQQ)5#ISX13*M7%(\\'+2+^QNZSZ=7#1_-K%>GXL7_530O MAV,[>ZJ[KJ[&@_CGNNY\;]+<]:NW]\7N>E'ZYV[XFO3?F^F%PW31U:?W]R?7 MESCK_P%02P,$%`````@`L4EP1R.S%@LD`@``:@8``!@```!X;"]W;W)K,"B:=_7QZ.XV*R"7`YY]QS`=]4(^.?HL58!E^4]&(;ME(.FR@238LI$D]L MP+W:.3%.D51+?H[$P#$Z&A(E$8CC/**HZ\.Z,K%W7E?L(DG7XW<>B`NEB/_= M8<+&;9B$M\!'=VZE#D1U%O-.-J=,IYH M?@*8"&`FS'G\!#@1X)V0FDJM,U/7*Y*HKC@;`V[O8D#ZRI,-5"?7Z*`^*%63 M4'L:45?7.@%E%5VUT(39+3'`8F9$I-3G%,"78@=6=/!_@OT:44)_!N@M`B[X M<"KBV2^0>@72A4!J!6#LG(+%]`93&`PL"J>0->9;&?N-9%XCF<=(XAC)%DDR MFR1)0>986:.2_(&5W&LE]UAQ+FZ7>ZS$J?-^]FO4HT,IO$X*CQ/H."G63D#F MOK,U*$D>/+32ZZ3T.$D=)^7Z#13/N>/$`X*NDVCQ#5/,SZ:WB:!AEU[:[V2. MSNWS!>@>X,1WJJW:+GB7J:L!G?%/Q,]=+X(#DZK#F!YQ8DQB93%^4B^H58U_ M7A!\DGI:J#FWO=`N)!MNG7W^>ZG_`5!+`P04````"`"Q27!'/5O9UJD#```. M$@``&````'AL+W=O68*0=O(''[]@5,;%AKV?*^,:=O'?@EHQ^6QZK^ MU>RU;JW?15XVSXM]VQZ>;+O9['61-H_509?=E5U5%VG;'=9O=G.H=;H=@HK< M%HQY=I%FY6*U',Y]JU?+ZKW-LU)_JZWFO2C2^L]:Y]7Q><$7GR>^9V_[MC]A MKY;V.6Z;%;ILLJJT:KU[7OS#GQ+N]L+X' MG>M-VZ=(N\V'?M%YWF?J*O\W)KW4[`.G^Y_9X^%VN_9?TT:_5/G/;-ONNV[9 MPMKJ7?J>M]^KX[]ZO`?9)]Q4>3/\6IOWIJV*SY"%5:2_3]NL'+;'TQ6?C6%T M@!@#Q#F`.S<#G#'`.0<(=3/`'0/<Q"=,V72WKZFC5IPEU2/MYRY]4-_J;_F0_V-VX--VUGE@M/U;< MD4O[HT\T,NLI(T;&FS,O%*/F3$@Q_IR)*":8,S'!N&S.))CQ+VGL3I*S+H+4 M14SBW;$&![JH`I]DF$&JF)'0C$0>NN,')8%R,0&)`#SL$@_I\L"99+0RBE1&$S&@%9(R!J@,5NC1DD MNAD)S4AD1F(SDMQ$9I+T[H\R&XP0!4RB]0B9EE4"FA("3/Z(HI>#? ME6I,02.44+F8FBS3)TT%:'SZ\OYT]`J[]02P,$%`````@`L4EP1^4=H2JN!``` M,1@``!@```!X;"]W;W)KM MQ2$E48%C()91M`\%%OO0/BLV$QLK6:ZDQ-M_7]WB6#.'NWV)+?G,Z'!$?KQD M?:WJ[\W1N7;QHRS.S>/RV+:7A]6JV1]=F3=?JHL[=[^\5'69M]UE_;IJ+K7+ M#T-06:PH#.-5F9_.R\UZN/>UWJRKM[8XG=W7>M&\E65>_[MU175]7*KEQXUO MI]=CV]]8;=:K6]SA5+IS8_QL_3 M>?B\CK_8<`K#`30%T"W@]APG=18\I0\@F8CT-H8)XAA@EBV-F(MV<9W+J-! M8ZQAK96:F#0VDD`C"3!BF9%$&F$VI"+%)BPT88&)E)FP\KU&;"AE5MCP].$4 MVDBEC9AW0:G1$7.1"A>^D=!3%7$E!$84!TLH!P,;U-E,,UKQ]7/E09P25E+^ M9H!&U&32W+M5OJ)`RCTI`D4A;H7$8S@+01[MD#\7JT<.N! MB,+,5`":L>%.C'0B7@_0W)%U[@4C40$FQK["8B@J0,4XYLV1R`L2T1XI2GSS MF<)@5)*,?'QME>2>XDP"FD"%Y/&"^:@D((VHBX2?LMR+U`3&9P4S4B%(\IE+ M200&D1B(0&249_(B3$J2I-3<#$D(!AP<&1+YJ$T8E20QJ&(^E9(2SS$I]R(U M`6G?DA#3DB3E(@X&(H`H848257F<8%J2I*7`-OT/6((\/FX3IB4A6O+)C"0) M8\O'$FCJ0;OC7?3J)9;5+1<:0H2*S/#::G!O2TG)X:T#,12SR@HI13=O/-5!-#X)FZ#"6K`YMRR_.M[NWD[!GX9#<'9_JQZR\2S[ M,\UF?_U:78HP$``+$#```8```` M>&PO=V]R:W-H965T&UL=5-=;]L@%/TKB!]0'))N2>18:EI- MV\.DJ@_;,[&O;53@NH#C[M\/L.-:G?<"W,LYYY[+1SZ@?74M@"?O6AEWHJWW MW9$Q5[:@A;O##DS8J=%JX4-H&^8Z"Z)*)*T8S[(O3`MI:)&GW+,M M+7&]UL+^.8/"X40W])9XD4WK8X(5.9MYE=1@G$1#+-0G^K`YGG<1D0"_)`QN ML2;1^P7Q-08_JA/-H@504/JH(,)TA4=0*@J%PF^3YD?)2%RN;^K?4K?!_44X M>$3U6U:^#68S2BJH1:_\"P[?86KA/@J6J%P:2=D[C_I&H42+]W&6)LW#N+,] M3+1U`I\(?";LLV1\+)1L/@DOBMSB0.QXM)V(-[@Y\G`094S&OH-%%_8BHLBO MQ6:_S]DU"DV8\Q+#1\R,8$%]+L'72ISY/W2^3M^N.MPNZ-O)X6%=8+DX4F)O_'AX;[J9&]!"L9'?WE+3A_\R!@MK'Y=>PMN.3&@./W>V#S+^T^`M02P,$%``` M``@`L4EP1ZAU=4*A`0``L0,``!@```!X;"]W;W)KN>%`J:U[4-S>X0#:W[1H%'?>-!VU@P'> M1)*2E.7Y%ZJXT%E51M^+J4H4?X1C>M]LGE&&FCY*-TK3C]@+N$^ M"-8H;5Q)/5J'ZDK)B.+O:1\*@U.Q*36 M#CQ,L#@PWX@Z.$/=/D7K[P*B*B]5\5B4]!*$9LQIC6$)LR"H5U]"L*T0)_:) MSK;IN\T,=ROZ+D5_>-P6V&\*[%<"^[E$=E/B%F9W$X2N>JK`=/'I6%+CJ%UJ MWN)=7N<3BS/Y@%?EP#OXQ4TGM"5G='ZR<38MH@.?2GYWGY'>_Y_%D-"Z&UL;5/+3N,P%/T5RQ^`4S=EH$HC448( M%B,A%C-K-[E)+/P(MM/`W^-'&J).-K;O]3GGONQBU.;==@`.?4JA[`%WSO5[ M0FS5@63V1O>@_$VCC63.FZ8EMC?`ZDB2@M`LNR62<87+(OI>35GHP0FNX-4@ M.TC)S-<1A!X/>(,OCC?>=BXX2%F0F5=S"C)?Z@+.0`@BH7%!@?CO#(P@1A'S@CTGS)V0@+L\7]:=8K<_^Q"P\ M:O&/UZ[SR688U="P0;@W/3[#5,(N"%9:V+BB:K!.RPL%(\D^T\Y5W,=T^D94P1GJ]BE:?Q<097$N-_=Y M0/4Y!%T+<:3_T>DZ?;N:X79!WZ;H=_?K`OFJ0+X0R*<2 M=U3GE0RG.XO'V3^I>4W4$L#!!0````( M`+%)<$=67B0KH0$``+$#```9````>&PO=V]R:W-H965TT[ZX%\.13*^..M/6^.S#FRA:T<'?8@0DW-5HM?#!MPUQG052) MI!7C6?:-:2$-+?+D>[5%CKU7TL"K):[76MB_)U`X'.F&7AUOLFE]=+`B9S.O MDAJ,DVB(A?I(GS:'TRXB$N"WA,$MSB3F?D9\C\;/ZDBSF`(H*'U4$&&[P#,H M%85"X(])\RMD)"[/5_675&W(_BP+//)MHZ@4\$?D-@8Z"4YG?A19%;'(@=6]N) M.,'-@8=&E-$9ZPXING`7$45^*3:/#SF[1*$)1$GOCQ^;- MWOEU/O$TDR]XD7>B@5_"-M(X4M.'_S(:"VL?C0SC; M\4F-AL?N^D'F7UK\`U!+`P04````"`"Q27!'#L1G#Z,!``"Q`P``&0```'AL M+W=O6B?67MLHP#C`EZG?U_`EUBI7[@,YYPYPT`QHGUU'8`G;UH9=Z:=]_V) M,5=UH(6[PQY,.&G0:N'#UK;,]19$G4A:,9YEGY@6TM"R2+%G6Q8X>"4-/%OB M!JV%_7L!A>.9YG0)O,BV\S'`RH*MO%IJ,$ZB(1::,WW,3Y=C1"3`+PFCVZQ) M]'Y%?(V;'_699M$"**A\5!!ANL$3*!6%0N(_L^9[RDC]4"C1XFV:I4GS.)U\7FC[ M!#X3^$IXR)+Q*5&R^55X41861V*GJ^U%[&!^XN$BJAB,=0>++IQ%1%G!#$3D]JVGCLEP^R_M+R'U!+`P04```` M"`"Q27!'%OF!XJ$!``"Q`P``&0```'AL+W=O$R^RZWU,L*ID M*Z^1&HR3:(B%]DP?\].EB(@$^"%A%&5%B=B MYZ,=1+S!_,3#0=0Q&?L.%EW8BXBJO%4\.Y3L%H46S&6+X0F3KP@6U-<2?*_$ MA?]#Y_OTPZ[#PX9^6!P6^P+%KD"Q$2C^T^(>YOA7$;8Y4PVV2T_'D1I'X^?# M6[/KZWSDZ4[>X54YB`Z^"]M)X\@5?;C9=#&UL;5/;;N,@$/T5Y`\H#G&;;.18:KJJ MVH>5JCYTGXD]ME&!<0''W;\O8,>UNGX!9CCGS!DN^8#FW;8`CGPJJ>TQ:9WK M#I3:L@7%[0UVH/U.C49QYT/34-L9X%4D*4E9FMY1Q85.BCSF7DR18^^DT/!B MB.V5XN;?"20.QV237!.OHFE=2-`BIS.O$@JT%:B)@?J8W&\.IRP@(N!-P&`7 M:Q*\GQ'?0_!<'9,T6``)I0L*W$\7>``I@Y`O_#%I?I<,Q.7ZJOX8N_7NS]S" M`\J_HG*M-YLFI(*:]]*]XO`$4PNW0;!$:>-(RMXZ5%=*0A3_'&>AXSR,.[ML MHJT3V$1@,V&?1N-CH6CS-W>\R`T.Q(Q'V_%P@YL#\P=1AF3HVUNT?B\@BOQ2 ML/0NIY<@-&%.2PR+F,V,H%Y]+L'62IS8?W2V3M^N.MPNZ-NQ^O[7ND"V*I`M M!+*IQ=V/%M6B?67MLHX#'!;Q._[Y< MO(ZU\0LPPSEG;E!,:-YL!^#(NU:]/=+.N>'`F*TZT,+>X0"]OVG0:.&\:5IF M!P.BCB2M&,^R+TP+V=.RB+X74Q8X.B5[>#'$CEH+\^\$"JG5\2K;S@4' M*PNV\&JIH;<2>V*@.=*G_'#:!T0$_)8PV=69A-S/B&_!^%D?:192``65"PK" M;Q=X!J6"D`_\=];\"!F(Z_-5_7NLUF=_%A:>4?V1M>M\LADE-31B5.X5IQ\P MEW`?!"M4-JZD&JU#?:50HL5[VF4?]RG=/&0S;9O`9P*_(;`4**;Y33A1%@8G M8E)K!Q$FF!^X;T05G*%NGZ+U=P%1%I>29X\%NP2A&7-:8WC$Y`N">?4E!-\* M<>*?Z'R;OMO,<+>B[U+TA\=M@?VFP'XEL$_Q\^RFQ"W,;9%LU5,-IHU/QY(* MQ]ZEYBW>Y74^\3B3#WA9#**%7\*TLK?DC,Y/-LZF073@4\GN[BGI_/]9#`6- M"\>O_FS2DTJ&P^'Z099?6OX'4$L#!!0````(`+%)<$&PO=V]R:W-H965T8`_:[S1H%'<^-"VUO0%>1Y*2E*7I#ZJXT$E9Q-RS*0L< MG!0:G@VQ@U+<_#N!Q/&89,DU\2+:SH4$+0NZ\&JA0%N!FAAHCLE==CCE`1$! M?P2,=K4FP?L9\34$O^ICD@8+(*%R08'[Z0+W(&40\H7?9LV/DH&X7E_5'V.W MWOV96[A'^5?4KO-FTX34T/!!NA<;C![,#\050A&?KV%JW? M"XBRN)0L8P6]!*$9DEU>YQV+=_(!+XN>M_";FU9H M2\[H_,W&NVD0'7@KZ6_P%02P,$ M%`````@`L4EP1QE%E76F`0``L0,``!D```!X;"]W;W)K&UL;5/;;N,@$/T5Y`\H-DF:-G(L-5VM=A]6JOK0/A-[;*,"XP4TQ:9WK#I3:L@7%[0UVH/U.C49QYT/3 M4-L9X%4D*4E9FMY2Q85.BCSFGDR18^^DT/!DB.V5XN;C!!*'8Y(EU\2S:%H7 M$K3(Z-(RMXZ5%=*0A1_'V>AXSR,._O[B;9.8!.!S82[-!H?"T6;O[CC M16YP(&8\VHZ'&\P.S!]$&9*A;V_1^KV`*/)+P;)=3B]!:,*Y^76"[*K!="&RG%F^_M;B&V7\K0A=GJL`T M\>E84F*OW7AX[A+3^ M_\R!A-J%Y=ZOS?BDQL!A=_T@\R\M/@%02P,$%`````@`L4EP1V`[#GZB`0`` ML0,``!D```!X;"]W;W)K&UL=5/;;MP@$/T5Q`<$ MF]TTZIW]?P%['2MT78(9SSISA4HQH7UT' MX,F[5L8=:>=]?V#,51UHX6ZP!Q-V&K1:^!#:EKG>@J@322O&L^P+TT(:6A8I M]VS+`@>OI(%G2]R@M;!_3J!P/-*<7A,OLNU\3+"R8`NOEAJ,DVB(A>9('_+# M:1\1"?!+PNA6:Q*]GQ%?8_"C/M(L6@`%E8\*(DP7>`2EHE`H_#9K?I2,Q/7Z MJOXM=1OV[8#:CI(9&#,J_X/@=YA9NHV"%RJ615(/SJ*\42K1X MGV9ITCS..WPXUB97X![.>?<+\@'M.^N!?#D0ROC#K3UOMLSYLH6M'!WV($)-S5: M+7PP;<-<9T%4B:05XUGVC6DA#2WRY'NQ18Z]5]+`BR6NUUK8SR,H'`YT0R^. M5]FT/CI8D;.95TD-QDDTQ$)]H(^;_7$7$0GP)F%PBS.)N9\0WZ/QISK0+*8` M"DH?%438SO`$2D6A$/C?I'D-&8G+\T7]5ZHV9'\2#IY0_965;T.R&245U*)7 M_A6'WS"5X2Y/V8;QYR";:.H%/!'Y#8&.@E.9/ MX4616QR('5O;B3C!S9Z'1I31&>L.*;IP%Q%%?BXXW^3L'(4FS'&)X0ES1;"@ M/H?@:R&._#\Z7Z=O5S/<+NC;,?K#CW6!W:K`;B&PFTKD-R6N8;8W0=BBIQIL MDYZ.(R7VQH_-F[WSZWSD:297>)%WHH%G81MI'#FA#Y--LZD1/814LKM[2MKP M?V9#0>WC\7LXV_%)C8;'[O)!YE]:?`%02P,$%`````@`L4EP1X&UL;5/;;N,@$/T5Y`\H M#G&ZW+.FZ:AMC/`JTA2DK(TO:6*"YT4>?2] MF"+'WDFAX<40VRO%S?\C2!P.R2:Y.%Y%T[K@H$5.9UXE%&@K4!,#]2&YW^R/ M64!$P)N`P2[.).1^0GP/QI_JD*0A!9!0NJ#`_7:&!Y`R"/G`'Y/F=\A`7)XO MZD^Q6I_]B5MX0/E/5*[UR:8)J:#FO72O.#S#5,(N")8H;5Q)V5N'ZD))B.*? MXRYTW(?QYBZ=:.L$-A'8%8&.@6*:C]SQ(CY!UO MX"\WC="6G-#YR<;9U(@.?"KIS2XAK?\_LR&A=N'XRY_-^*1&PV%W^2#S+RV^ M`%!+`P04````"`"Q27!'EP90;Z$!``"Q`P``&0```'AL+W=O?<+\@'M&^N!?#D0ROCCK3UOCLPYLH6M'!WV($)-S5: M+7PP;<-<9T%4B:05XUGVC6DA#2WRY'NQ18Z]5]+`BR6NUUK8?R=0.!SIAEX= MK[)I?72P(F M^5<L.*;IP%Q%%?BDX?\C9)0I-F-,2PQ-F,R-8 M4)]#\+40)_Z%SM?IV]4,MPOZ=HR^_[XNL%L5V"T$=E.)^YL2US"W0=BBIQIL MDYZ.(R7VQH_-F[WSZWSD:2:?\"+O1`._A6VD<>2,/DPVS:9&]!!2R>[N*6G# M_YD-!;6/QX=PMN.3&@V/W?6#S+^T^`]02P,$%`````@`L4EP1U"+.(RB`0`` ML0,``!D```!X;"]W;W)K&UL;5/;;MP@$/T5Q`<$ MF]VTZIW]?P%['VOH%F.&<,V>X%"/:-]/*AE7%'VGG?'QAS50=:N#OLP82=!JT6/H2V9:ZW(.I$THKQ+/O"M)"&ED7* MO=BRP,$K:>#%$C=H+>S?$R@]95"B18? MTRQ-FL=IYR&;:=L$/A/X#8%-A9+-[\*+LK`X$CL=;2_B#>8''@ZBBLG8=[#H MPEY$E,6EY+NL8)Y6]-U4_>'; MML!^4V"_$MC/+>8W+6YA;EVRU9EJL&UZ.HY4.!@_'=Z275[G(T]W\@DOBUZT M\$O85AI'SNC#S::[:1`]!"O9W3TE7?@_2Z"@\7'Y-:SM]*2FP&-__2#++RW_ M`5!+`P04````"`"Q27!']>_^6*(!``"Q`P``&0```'AL+W=O;`?@R)N2VAZ3SKG^0*FM.E#2DI2EZ0^JN-!)6<3-(JL$Z5%=*0A1_FV:AXSQ..]GM3-LFL)G`%L)=&HU/ MA:+-1^YX61@$MV>9WW+-[)![PL>M["'VY:H2TYH_,W&^^F073@K:0W^X1T M_O\L@83&A>6M7YOI24V!P_[Z099?6KX#4$L#!!0````(`+%)<$&PO=V]R:W-H965T7+KR6LJFBMJ'2E$>VF?6'MLHP#B`U^G?%[#7L5KW!9CAG#,W*$:T;ZX# M\.1#*^..M/.^/S#FJ@ZT<#?8@PDW#5HM?#!MRUQO0=2)I!7C67;'M)"&ED7R MO=BRP,$K:>#%$C=H+>SO$R@-[?:193`$45#XJB+!=X`F4BD(A\/NL^1DR$M?G MJ_ISJC9D?Q8.GE#]DK7O0K(9)34T8E#^%<=O,)=P&P4K5"ZMI!J<1WVE4*+% MQ[1+D_9QNLFSF;9-X#.!+X2'1&!3H)3F5^%%65@7Y7L$L4FC&G-88GS&Y!L*"^A.!;(4[\'SK?IN>;&>8K>CY% M?_BR+;#?%-BO!/;_*7$+<_]7$+;JJ0;;IJ?C2(6#\5/S%N_R.A]YFLDGO"QZ MT<(/85MI'#FC#Y--LVD0/814LIM;2KKP?Q9#0>/C\3Z<[?2D)L-C?_T@RR\M M_P!02P,$%`````@`L4EP1S5G#E*C`0``L0,``!D```!X;"]W;W)K&UL;5/;;N,@$/T5Y`\H#G&[:>18:EI5[<-*51]VGXD]ME&! M<0''W;]?P(YKI7X!9CCGS`WR`+.FZ:AMC/`JTA2DK(TO:.*"YT4>?2]F2+'WDFAX[)U?YP.+,_F&%WG'&_C-32.T)2=T?K)Q-C6B`Y]*>G.; MD-;_G]F04+MP_.7/9GQ2H^&PNWR0^9<6_P%02P,$%`````@`L4EP1STW=W^A M`0``L0,``!D```!X;"]W;W)K&UL;5/;CML@$/T5 MQ`-9]HEI(0TM MB^1[M66!@U?2P*LE;M!:V+\G4#@>Z8Y>'6^R[7QTL+)@"Z^6&HR3:(B%YDB? M=X=3'A$)\$O"Z%9G$G,_([Y'XT=]I%E,`114/BJ(L%W@!92*0B'PGUGS%C(2 MU^>K^K=4;-T\Y3-M&T"GPG\CL"F0"G-K\*+LK`X$CNUMA=Q@KL##XVHHC/6 M'5)TX2XBRN)2\GQ7L$L4FC&G-88GS`W!@OH2@F^%./'_Z'R;OM_,<+^B[Z?H M3U^V!?)-@7PED,\E\KL2MS#[NR!LU5,-MDU/QY$*!^.GYBW>Y74^\S23&[PL M>M'"3V%;:1PYHP^33;-I$#V$5+*'1TJZ\'\60T'CX_%S.-OI24V&Q_[Z099? M6OX#4$L#!!0````(`+%)<$?"RF-#I0$``+$#```9````>&PO=V]R:W-H965T M0/*`YQFF[D6&JZJMJ'E:H^=)^)/;91 M@7$!Q]V_+V#'M;I^`68XY\P9+OF`YMVV`(Y\*JGM,6F=ZPZ4VK(%Q>T-=J#] M3HU&<>=#TU#;&>!5)"E)69K>4L6%3HH\YEY,D6/OI-#P8HCME>+FWPDD#L=D MDUP3KZ)I74C0(J;)J2" MFO?2O>+P!%,+NR!8HK1Q)&5O':HK)2&*?XZST'$>QIW]?J*M$]A$8#/A+HW& MQT+1YF_N>)$;'(@9C[;CX08W!^8/H@S)T+>W:/U>0!3YI6!9EM-+$)HPIR6& M1WIR=7^<]BW?R#2_RCC?PAYM&:$O.Z/S-QKNI$1UX M*^G-+B&M_S]S(*%V8;GW:S,^J3%PV%T_R/Q+BR]02P,$%`````@`L4EP1\,< M)A:A`0``L0,``!D```!X;"]W;W)K&UL;5/;;N,@ M$/T5Y`\H#G';;.18:EI5[<-*51]VGXD]ME&!<0''W;]?P(YKI7X!9CCGS`WR M`+.FZ:AMC/`JTA2DK(TO:.* M"YT4>?2]F2+'WDFAX^W&YLW>^74^L#B3 M;WB1=[R!W]PT0EMR0N&PO=V]R:W-H M965T)W\?0![':MU7H`9SCESADL^H'UQ+8`G;UH9=Z2M]]V!,5>VH(6[ MP0Y,V*G1:N%#:!OF.@NB2B2M&,^R;TP+:6B1I]R3+7+LO9(&GBQQO=;"OI]` MX7"D&WI-/,NF]3'!BIS-O$IJ,$ZB(1;J([W;'$Z[B$B`/Q(&MUB3Z/V,^!*# MW]619M$"*"A]5!!ANL`]*!6%0N'72?.S9"0NUU?UGZG;X/XL'-RC^BLKWP:S M&245U*)7_AF'7S"UL(^")2J71E+VSJ.^4BC1XFV+2=B#>X.?!P$&5,QKZ#11?V(J+(+P7?9SF[1*$) M,)L9@0+ZG,)OE;BQ/^C\W7Z=M7A=D'?3@Z_J+];%=@M!'9?M+B&^=2G3DDK;7]GE)3MJ"XN<$>.C=3HU;)11T1F!'--2' MY&&S/V8>$0!_!(QFU2<^^PGQTP]>JT.2^@@@H;1>@;OF#(\@I1=RQE^SYH^E M)Z[[%_7GL%J7_L0-/*+\*RK;NK!I0BJH^2#M!XXO,"\A)"Q1FO`EY6`LJ@LE M(8I_3ZWH0CM.,UDZT^($-A/80K@/!#H9A9A/W/(BUS@2/6UMS_T);O;,;43I MBW[=+J)Q"9=N&PO=V]R:W-H965T9T:N2`M<%'-M_7T#'FM87X%[..?=4_T3M.F\V34@-#1^D>\;Q#\PM[(-@A=+&D52#=:BNE(0H_C;-0L=Y MG';RNYFV36`S@2V$NS0:GPI%F[^XXV5A<"1F.MJ>AQO,#LP?1!62H6]OT?J] M@"B+2\GV/PMZ"4(SYK3&L(C)%@3UZDL)ME7BQ+[1V39]M^EPMZ+O)OIMNBV0 M;PKD*X%\%LB^M+B%^>J2KLY4@6GCT[&DPD&[Z?"6[/(Z[UF\DT]X6?2\A4=N M6J$M.:/S-QOOID%TX*VD-_N$=/[_+(&$QH7E#[\VTY.:`H?]]8,LO[3\`%!+ M`P04````"`"Q27!'M^`U1*,!``"Q`P``&0```'AL+W=OM.E-JR!<7M'7:@_4Z-1G'G M0]-0VQG@520I25F:'JGB0B=%'G//ILBQ=U)H>#;$]DIQ\_\"$H=SLDOFQ(MH M6A<2M,CIPJN$`FT%:F*@/BZOW,(CRG^B)$;'(@9C[;CX09W)^8/H@S)T+>W:/U>0!3YK6#'?4YO06C"7-88%C&[!4&] M^E*";96XL&]TMDW?;SK\@3_<-$);38WHP%M)[PX):?W_ M60()M0O+'WYMQBZ2-<]V!,5LTH(2]P0ZTWZG0*.%\:&IF.P.BC"0E&4^2'5.BU33/8N[% MY!GV3K8:7@RQO5+"_#N!Q.%(4WI-O+9UXT*"Y1F;>66K0-L6-3%0'>E]>CAM M`R("WEH8[&)-@OOW`B+/+CG?[3-V"4(3YK3$\(A)9P3SZG,)OE;BQ/^C\W7Z9M7A9D'?3`[O MU@6VJP+;A/3L:3`7KOQ\.;L_#KO>;R3;WB> M=:*&/\+4K;;DC,[?;+R;"M&!MY+&PO=V]R:W-H965T M2G3DFK;7]@5)3MJ"X><`>.C=3 MHU;1--:7Z!%3A=>)11T1F!'--3'Y&ES..T\(@!^"QC-JD]\]C/BNQ_\K(Y) MZB.`A-)Z!>Z:"SR#E%[(&7_,FC=+3USWK^HO8;4N_9D;>$;Y1U2V=6'3A%10 M\T':-QQ_P+R$D+!$:<*7E(.QJ*Z4A"C^.;6B"^TXS6393(L3V$Q@"^%;&H)/ M1B'F=VYYD6LP!,+!W^#%WG/&_C%=2,Z M0\YHW?4)%Z!&M."BI`\N2^L>Z3*04%O?W;N^GN[M-+#87U_A\BLH_@%02P,$ M%`````@`L4EP1QT3BCFE`0``L0,``!D```!X;"]W;W)K&UL;5/;;N,@$/T5Q`<4AZ1)-W(L-5U5NP\K57W8?2;VV$8%Q@4<=_]^ M`3NNU?4+,,,Y9\YPR0>T;ZX%\.1#*^-.M/6^.S+FRA:T<'?8@0D[-5HM?`AM MPUQG052)I!7C6;9G6DA#BSSE7FR18^^5-/!BB>NU%O;O&10.)[JAM\2K;%H? M$ZS(V+XAO,?A9G6@6+8""TD<% M$:8K/(%242@4?I\T/TM&XG)]4W].W0;W%^'@"=4?6?DVF,THJ:`6O?*O./R` MJ87[*%BB\\ZAN%$BT^QEF:-`_CSGX[T=8)?"+PF?"0)>-CH63SN_"B MR"T.Q(Y'VXEX@YLC#P=1QF3L.UAT82\BBOQ:\,,^9]JP3;I MZ3A28F_\>'AS=GZ=CSS=R2>\R#O1P"]A&VD4M.'_ MS(&"VL?E(:SM^*3&P&-W^R#S+RW^`5!+`P04````"`"Q27!'IDDBRY)=Y$V[F0H&5!%UXM%&@K4!,#S2EYS([G M/"`BX+>`T:[6)'B_(+Z'X+D^)6FP`!(J%Q2XGZ[P!%(&(5_X[ZSY63(0U^N; M^L_8K7=_X1:>4/X1M>N\V30A-31\D.X-QU\PMW`?!"N4-HZD&JQ#=:,D1/&/ M:18ZSN.TL]_/M&T"FPEL(1S2:'PJ%&W^X(Z7A<&1F.EH>QYN,#LR?Q!52(:^ MO47K]P*B+*XE.Z0%O0:A&7->8UC$9`N">O6E!-LJ<6;?Z&R;OMMTN%O1=Q,] MVVT+Y)L"^4H@CP+YPY<.OT/8X6N/='6D"DP;7XXE%0[:36>W9)?'^_SQ)(:%Q8[OW:3"]J"ASVM_^Q M?-+R/U!+`P04````"`"Q27!'<%62:Z4!``"P`P``&0```'AL+W=OL_,U#X@(^"U@M)LU"=YOB*\A^%E? MDC18``F5"PK<3W=X`BF#D"_\=]9\+QF(V_6B_CUVZ]W?N(4GE']$[3IO-DU( M#0T?I'O!\0?,+1R#8(72QI%4@W6H%DI"%'^;9J'C/$X[;*'M$]A,8"OAE$;C M4Z%H\QMWO"P,CL1,1]OS<(/9F?F#J$(R].TM6K\7$&5Q+]F)%?0>A&;,=8MA M$9.M".K5UQ)LK\25?:*S??IAU^%A0S_,#@_[`OFN0+X1R*/`,?O0X6<(.^4? M:M#-D2HP;7PYEE0X:#>=W9I='^&PO=V]R:W-H965T=R?&7-F"%NX!.S!AIT:KA0^A;9CK+(@JD;1B/,L. M3`MI:)&GW(LM+'&]UL+^NX#"X4PW])YXE4WK8X(5.9MYE=1@G$1# M+-1G^K0Y7781D0"_)0QNL2;1^Q7Q+08_JS/-H@504/JH(,)T@V=0*@J%PG\G MS8^2D;A#B(,B9CW\&B"WL14>2W@A_W.;M%H0ES66)XPFQF!`OJ^/'LYNS M\^-\XNE*/N!%WHD&?@G;2./(%7VXV'0U-:*'8"5[V%/2AN\S!PIJ'Y>/86W' M%S4&'KO[_Y@_:?$?4$L#!!0````(`+%)<$?"J'%OI`$``+$#```9````>&PO M=V]R:W-H965TD;1HYEIJN5KL/ ME:H^[#X3>VRC`N,%'+=_7\".:W7]`LQPSIDS7/(![9MK`3QYU\JX(VV][PZ, MN;(%+=P-=F#"3HU6"Q]"VS#761!5(FG%>);=,2VDH46>:10N@H/11083I`D^@5!0*A?]-FE\E(W&YOJK_3-T&]V?AX`G5 M7UGY-IC-**F@%KWRKSC\@JF%VRA8HG)I)&7O/.HKA1(MWL=9FC0/XPZ_FVCK M!#X1^$S89\GX6"C9_"&\*'*+`['CT78BWN#FP,-!E#$9^PX67=B+B"*_%'R_ MS]DE"DV8TQ+#$V8S(UA0GTOPM1(G_A^=K].WJPZW"_IV),-=@F/1U'2NR-'P]OSLZO\Y&G._F"%WDG&G@6MI'&D3/Z M<+/I;FI$#\%*=G-+21O^SQPHJ'UU'9_4&'CLKA]D_J7%)U!+`P04```` M"`"Q27!'W41@(Z\!```6!```&0```'AL+W=O?BQ'-N^T`'/E44MMCUCG7'RBU50>*VSOL0?N9!HWBS@]-2VUO@->1 MI"1E>7Y/%1S5E@8.30L.K(790BIN_)Y`X'K--=BV\B;9SH4#+@BZ\ M6BC05J`F!IIC]K0YG/8!$0&_!8QVU2$;Y1]2N\V'SC-30\$&Z-QQ_P+R$F+!" M:>.75(-UJ*Z4C"C^.;5"QW:<9MCC3$L3V$Q@"^$QC\$GHQCS.W>\+`R.Q$Q; MV_-P@IL#\QM1A6)8MX]H_5Q`E,6E9-]802]!:,:;DSH MZN`4F#;>3TLJ'+2;3FBI+D_@B<6#_X*71<];^,5-*[0E9W3^^L0+T"`Z\%'R M.Y^E\X]T&4AH7.@^^+Z9[NTT<-A?7^'R*RC_`5!+`P04````"`"Q27!'(1Z^ MU:8!``"Q`P``&0```'AL+W=O6B?67MLHP#C`EZG?U_`7L=*_`+,<,Z9,UR* M$>V;ZP`\>=?*N&/6>=\?*'55!UJX&^S!A)T&K18^A+:EKK<@ZD32BG+&OE$M MI,G*(N5>;%G@X)4T\&*)&[06]M\)%([';)==$Z^R[7Q,T+*@"Z^6&HR3:(B% MYI@][@ZG?40DP&\)HUNM2?1^1GR+P<_ZF+%H`114/BJ(,%W@"92*0J'PWUGS MHV0DKM=7]>^IV^#^+!P\H?HC:]\%LRPC-31B4/X5QQ\PMW`;!2M4+HVD&IQ' M?:5D1(OW:98FS>.TP^]FVC:!SP2^$.Y9,CX52C:?A1=E87$D=CK:7L0;W!UX M.(@J)F/?P:(+>Q%1%I>2/]P7]!*%9LQIC>$)LUL0-*@O)?A6B1/_0N?;]'S3 M8;ZBY[/#AVV!_:;`?B6PGP1R]JG%KYB+V!GO0?J=!H[CSH6FI[0WP.I*4I"Q-[ZCB0B=E$7-OIBQP<%)H>#/$#DIQ M\^\($L=#LDLNB7?1=BXD:%G0A5<+!=H*U,1`=OMC'A`1\$?`:%=K$KR? M$#]"\%H?DC18``F5"PK<3V=X!"F#D"_\.6M>2P;B>GU1?X[=>O=['ZF;1/8 M3&`+X5<:C4^%HLTG[GA9&!R)F8ZVY^$&=WOF#Z(*R="WMVC]7D"4Q;G,TEU! MST%HQAS7&!8Q5P3UZDL)ME7BR'[0V38]VW28K>C91,_R;8%\4R!?">1SB^Q; MBUN8[%L1NCI3!::-3\>2"@?MIL-;LLOK?&#Q3J[PLNAY"[^Y:86VY(3.WVR\ MFP;1@;>2WMPFI//_9PDD-"XL[_W:3$]J"ASVEP^R_-+R/U!+`P04````"`"Q M27!'"<%%Q*0!``"Q`P``&0```'AL+W=OL.E-JR!<7M#7:@_4Z-1G'G0]-0VQG@520I M25F:[JGB0B=%'G//ILBQ=U)H>#;$]DIQ\W$"B<,QV237Q(MH6A<2M,CIS*N$ M`FT%:F*@/B9WF\,I"X@(^"=@L(LU"=[/B*\A^%,=DS18``FE"PK<3Q>X!RF# MD"_\-FE^E0S$Y?JJ_AB[]>[/W,(]RO^B^)MDY@$X'-A%]I-#X6BC8?N.-%;G`@9CS: MCH<;W!R8/X@R)$/?WJ+U>P%1Y)=BFV8YO02A"7-:8EC$;&8$]>IS";96XL1^ MT-DZ?;OJ<+N@;R>'NW6!;%4@6PADD\#^6XMKF-MO1>CB3!68)CX=2TKLM1L/ M;\[.K_..Q3OY@A=YQQOXRTTCM"5G=/YFX]W4B`Z\E?1FEY#6_Y\YD%"[L+SU M:S,^J3%PV%T_R/Q+BT]02P,$%`````@`L4EP1_RG8#VD`0``L0,``!D```!X M;"]W;W)K&UL;5-=3^0@%/TKI#]`6J:Z[J33Q-$8 M]V$3XX/[S+2W+1&X%>C4_?<"[=1&^P+X4]:+_3H%'<^="TU/8&>!U)2E*6IC=4<:&3LHBY9U,6.#@I-#P; M8@>EN/E_!(GC(XO6[P5$69S+ M77I;T',0FC''-89%3+8@J%=?2K"M$D?V@\ZVZ;M-A[L5?3<[_+TMD&\*Y"N! M?!+(TF\M;F&^-TE79ZK`M/'I6%+AH-UT>$MV>9UW+-[)%[PL>M["7VY:H2TY MH?,W&^^F073@K:17UPGI_/]9`@F-"\M??FVF)S4%#OO+!UE^:?D)4$L#!!0` M```(`+%)<$&PO=V]R:W-H965T,#%&4[%XS>OQ)02S@V'W[!72L MF9Z+O1$X?'\@D$]2O>D6P`0?@O?Z%+;&#$="=-F"8/I!#M#;F5HJP8P=JH;H M00&K/$EP0J,H)8)U?5CDOO:BBER.AG<]O*A`CT(P]?<,7$ZG,`YOA=>N:8TK MD"(G*Z_J!/2ZDWV@H#Z%C_'QG#F$!_SN8-*;?N"R7Z1\:9)%UH.($N!+H2LL@'GXU\S._, ML")7<@K4O+4#)$/K(%?3#5=KX.+-/8F^;M02VG`1HD>[&]I[7NU#CC4 MQG4/MJ_F*SP/C!QN#]+Z*A;_`%!+`P04````"`"Q27!'KJH>1:0"``#9#0`` M&0```'AL+W=O_,F4.2;VKG@^[?3:F4 MC3Z:NC6;N+2V6R>)V9>JD>9)=ZIU3XZZ;Z1UE_TI,5VOY&$L:NJ$I^D\:635 MQD4^WGOMBUR?;5VUZK6/S+EI9/]OJVH];&(6WVZ\5:?2^AM)D2?WND/5J-94 MNHUZ==S$SVR]%3,O&16_*S68A_/(A]]I_>XO?AXV<>HSJ%KMK;>0[G!1+ZJN MO9/K_/=J^MG3%SZ>W]R_CZ_KXN^D42^Z_E,=;.G2IG%T4$=YKNV;'GZHZSN, M"?>Z-N/?:'\V5C>WDCAJY,=TK-KQ.$Q/ENFU#!?P:P&_%[!L##XU&F-^DU86 M>:^'J)\^VT[ZKY"MN?L@]OZF?V\7T;AG7E'DET)PGB<7;W35;!\U?-1\*A+G M?F_!80O^4)Y=6PAL(*"!``;9EXQ(,\--,M@D`P9S;#"#!K.`E$A#I)S#)G-@ ML,`&"VBP"$B)-$3*)6RR!`9+;+""!JN`E$A#I/1LV`.,2_JBU5&PO=V]R:W-H965T*SGQ'?_>!G?4Q2'P$D5-8K<-=%QHGH>6L'[D]P=V!N M(RI?].MV$8V;\XBRN)3[+"OHQ0LMF-,6PP)FMR*H4U\M6,SBQ/ZCLSA]'TVX MW]#W2\(\+I!%!;*-0+8(W-\L,89YB)OD49,\(O#MQB2&>;PQH9N#4Z#;<#\- MJ7#L[7Q":W5]`D\L'/P7O"P&WL(OKEO1&W)&ZZY/N``-H@47);US63KW2->! MA,;Z[H/KZ_G>S@.+P_45KK^"\A]02P,$%`````@`L4EP1P$734&UL=95+CYLP$,>_"N*^RSO0 MB"`M6:W:0Z75'MJS0R8!K8VI[83MMZ\?A%#C7.+7?V9^,S:3]7I=Y[ M9U5)+P)W/;PSCU\(0>QO#9B..S_R;QL?W;D5:B.HRF"V.W8$>M[1WF-PVODO MT79?*(46_.I@Y(NYI]@/E'ZJQ8_CS@\5`F!HA/*`Y'"%/6"L',G`?R:?]Y#* M<#F_>7_3V4KZ`^*PI_AW=Q2MA`U][P@G=,'B@X[?84HA4PX;BKG^]9H+%Y3< M3'R/H"\S=KT>1W-2A).9VR">#.+98([C-D@F@^1NL-&9&C*=URL2J"H9'3UF M[F)`ZLJC;2(KUZA-52B9$Y=G2E&5URK)PC*X*D>3IEYJ8JV)_E?L'8HLG36! M))@Q8A=&':\:W*C MB1(KD;4F31YDDCE!,@>(5:W:I;$XL@5'IB7%@RO;.#$VCA!6KK5+8V%L5AA/ M41&Z07(G2.X(DEH@^:KH3Y'US/?YFB1^\$(*)TCA`+'2K8OU"PGM%^+0+%Z1 M`0D6'S@!=M:-CWL-O?3"?,GS[MQ;7V+=(.[RJAS0&7XB=NYZ[AVHD&U&-XH3 MI0(D2O@L7TDKN_^\P'`2:IK+.3,-T2P$'6[M??Z/J?X!4$L#!!0````(`+%) M<$<+AUV/OP(``$0,```9````>&PO=V]R:W-H965T.&GB]'&'O*05SUEEU?2XLK^BY19[2M(H?N7TQ@=C2\'O&'M7-S\.*]M5 M#+2@>Z%2$'FYT@TM"I5)SORG2_HYIPHXAME>2CO>95<[VU;V*W"X,#` M^P#D/PSPN@#OV0"_"_"-`*==2E.(+1$D36IVL^KVVSL3M4G0TI>EWJN'JK*R M"%R^4XHTN:9>$";.527J-.NA!C<:K"LV@"+6)=NQ)/9ZB2,9>U`,@N)!O->! M1G`"#TS@#1+X70(#<@UIC'6TDJJ11(WD2X!@#A_D\($Y%G""`$P0/%^)$$P0 MC@E"UZA$.%JFAXU2;!YK-)`(!(D`$&2`1(-)@K;>8Y(9D882@R@Q@(+A!`LP MP>+Y;T4U(LB*[OP.W70B;:EA/#'/A.71<\"*"S8@P4"[?;!MXA!HCWUS/ M8Y$.`QL;`:X-`Q,&\"U`,Z/2<6!_(\#@X:BE0EW`A'FHT5'@3H$"`&5J4\*] M`H7_L:]AER/(YF:_0=&H\O)LXIHEF5'I.+#3$61UL^MT(LUF$,^<3`>".P=: M`$`3EL9PZ\#N\Y;&<%?`Z`E+=Z+A>H-Q5>94.L[$SSW484Q38SRV*\0S)].! MX"Z#H2YCVAH2F;9^K&E1G,'Q[4Q.]">I3WG%K1T3\B38G.6.C`DJ\[DOTN29 M/-+W-P4]"C6,Y+AN#[GMC6#G^YF]_^.0_@-02P,$%`````@`L4EP1\'>2$21 M`@``N0D``!D```!X;"]W;W)K&ULC5;;DJ(P$/T5 MB@\8"%>UD"K%VMI]V*JI>=A]CAB%&B!.$G7V[S<)B!#:RXLDX9SNTQT\27*A M[),7A`CKNZX:OK0+(8X+Q^%Y06K,W^B1-/+-GK(:"SEE!X69K0DZC*AKPSBY_J&K-_:U+1R])&]G7AHSP40BTX:>+TO%U9 MDX:7M+$8V2_M%5IL4*0@&O&G)!<^&%M*_);23S7YM5O:KM)`*I(+%0++QYED MI*I4))GYJPMZRZF(P_$U^@]=KI2_Q9QDM/I;[D0AU;JVM2-[?*K$![W\)%T- MH0J8TXKK7RL_<4'K*\6V:OS=/LM&/R_MFYG;T6""UQ&\GM#G@0E^1_!OA.@A M(>@(P8T0Z-:TI>A&;+#`:<+HQ6+M[AVQ^DC0(I"MSM6BZJQL`I?O%")-SJD? MS1/GK`)UF/40XVD,&B,R`!$&/<:1"GH9'B1C[4T">$8*`#$;0S93R,R'1?A@ M+_P!/VA[$;M&+P!,:,AH(8V&Q!H2(EA&`,H(@!1S.$`(!@B!.HP=6X<3D;YG M%)(]QHR$1*"0:"K$-?9U#6!,'0\A(QDQ*",&^F'*B%^O=08FF4V31!X<8`X& MF`,J?4/E?*`R;+]P%!C=FD\J&6)&0I0C0I[@/M^WK`,-M42S.VGN6`]Z_G_+ M.M!+:4!K62$/V)GX3@C8&!#D#.8_"OD3I?)TG=3S!#66`QL$`ASB;E-@BT"0 M1YA?&YH:0`A4%$XJ"N]7!!L%>L$IL@XTE!,@&PO=V]R:W-H965T83XZ^B)40Z[ST= MQ,EMI1R/"(FJ)3T6#VPD@SII&.^Q5$M^06+D!-?&U%,4>%Z">MP-;I&;O6=> MY.PJ:3>09^Z(:]]C_N>)4#:=7-^];[QTEU;J#53D:/7574\&T;'!X:0YN8_^ MLK%C_KD>AJ!4%))'0&KX49*0JD.I!*_+3'_I=3& M[?P>_9NI5M&?L2`EH[^[6K8*UG.=FC3X2N4+F[Z3I818!ZP8%>;7J:Y"LOYN M<9T>O\]C-YAQFD^B=+'!AF`Q!*O!C_YK"!=#:!G03&;J^HHE+G+.)H?/;S%B M_>3^,50W5^E-?5&J)J'.M*+(;T681CFZZ4"+YFFK"8PF^*@H`46V2I`"6"D" MD"+8^$/C][,#'"`$`X2;`-%21FR5,6L&HTF-YF"76NXUOA=^4DH$DD0`26*1 M1)LLL=$D!_M*`8WOPR`Q"!(#(*D%$N^2!`??`MEKPNB3&TE`D`0`R2R09)?D M2Y)9#U@"HC2)8)041$GW*+']M:=`%OM.`,WF`3^`9"!(!MS)P0+)]M]BX-DD M@,B/[.\$;;K!B"_D)^:7;A#.F4G56$QK:!B31`7T'M1[MZK?KPM*&JFGJ9KS MN07."\G&>T-?_U6*OU!+`P04````"`"Q27!'L%KDB"$"``!P!@``&0```'AL M+W=OP] MC]N]-U;D]")PU\,; M<_B%$,3^E8#I>'!W[FWCO6M:H3:\(O=FWJDCT/..]@Z#\\%]WNVK3"$TX'<' M(U_,':7]2.F'6OP\'5Q?20`,M5`1D!RN4`'&*I!,_'>*>4^IB,OY+?J+KE:J M/R(.%<5_NI-HI5C?=4YP1A9NQB0NO+=/I3. MU6I3&25KXO),(8K\6H29GWM7%6C"E$M,H#&[KXC*@HBC&>-)!;.,P":C##8! M@E4*"R*S9PBMA88+?F@D9D_V`)$U0+0($!FGXI4/I<'T&I-J3)I$JT*VF"SZ MQJO8*B2V"%FY5=HP*QWQ0D>L(4EJEY%8923;%-G:CV13Z\/:LRK9Z'C8^:%= M26I5DEJ*7;E>IMLLB_=CE%@PW]U,9A62682L;"^SC25)MKZ:+6;YC(P0;_&% M$V"-[GSFE%^93GG?GYOHK! MJ*P!```V!```&0```'AL+W=OJ`^EF&J4%M2[51V(Z#;0.),%)$D5W M1%`F<9&'VJLN]QY"T`A\IZ!>J&,Y3`N1=R"W^, MFG^7],1Y?%%_#MTZ]P=JH%3\-ZMMZ\Q&&-70T!.W;ZK_`6,+MUZP4MR$+ZI. MQBIQH6`DZ.E(2!<$,C@+?3U12XMC)NSB.*_%RDVR0G9R\T8A[GF"1@%HAR!;&=(,09 MF%PDJRZ2&3\;7:0+%P-&!LPF8):0\AIR_XV-=-5&NF(C6Q?(5@6R_^@CNS*9 MWMTO&EG!;.*%$3([XHX>X87J(Y,&'91UMR6<=Z.4!:<7W=QBU+I'/"4<&NO# MC8OU<*^'Q*KN\DJG7T7Q!U!+`P04````"`"Q27!':-IV_9P#``"8$0``&0`` M`'AL+W=O MLS0O[V;'JCK=NFZY/;U/WM59'%57Q8'MSP5,MZU05GJ$F.!F\5) M/ELNVGO?B^5"G:LTR>7WPBG/6187?U[&9^]W?B1'(Y5<\-=+MPA;I=D M,B\3E3N%W-_-[OGMDQ"-I%7\3.2EO#IWFH=_5NIW<_%U=S=CS3/(5&ZK)D5< M'U[D6J9IDZEV_M,G??=L`J_/W[(_MLVM'_\Y+N5:I;^2776LGY;-G)WT M^J$N3[)O@]\DW*JT;'^=[;FL5/86,G.R^+4[)GE[O'3_^&$?A@.H#Z`A8/#! M`:(/$.\!WHEB+R%^Y+DZC7K*XUU&N" M0>/6^0<30B8K`@G"L:L)6PP-F&3\?NOC`)=!<_"L7_Q.7`+H$ MP$6;)9O`<(F8I<=#:!("$VV:;4+#A`A[1-`C`A[:--U$QJ"$$<!TX8<(X(U]GC)N*^W0@SSDW( M/69TGDGY!T:8Z$9E3@7R;$:X,9%8&CX6ZD3!;-+>V M"!<&,@N#QXR/)?.]']F[#M<%,NN"Q^:6%)AX0J]UC?@U!6:Y#(2E+A,FGDSB M/(P#`+$V:S\P7[GS>(P#0+ M0+/1^X+_QY04F&:!:-;JTTK0QT;=4@&H?%WT.$7T](EHW"[+4@`4#R[T=L'/ M"LW'O5K[9;(XM!L!I;-5Y[SJUBG#W6&SX9Z:M:-V?\5OU]V6P7N:Y>(4'^2W MN#@D>>D\JZI>F;9KR[U2E:R?D=W4->,HX]UPDV# M#)LQRW]02P,$%`````@`L4EP1XX7M1>G`P``01,``!D```!X;"]W;W)K&ULC9A;*M4XGT5>UH^S;=/L'ERW M7FU5D=;W>J?*]I^-KHJT:2^K-[?>52I=]XV*W"7/"]TBSZX6<[UO M\JQ4SY53[XLBK?X^J5P?'F=B=KKQDKUMF^Z&NYB[YW;KK%!EG>G2J=3FJ+W?Q8_TX\SH/*E>KI@N1MHGZ-_Z=%O[KVFMECK_G:V;;>O6FSEKM4GW>?.B#]_5,8>@"[C2 M>=W_.JM]W>CBU&3F%.GG<,S*_G@8_@FB8S/<@(X-Z-Q`^),-Y+&!-!JX@[,^ MKZ]IDR[FE3XXU3`8N[0;<_$@VYY;=3>[CFISJMO_.L5B_K'PA3]W/[I`1\W3 MI89Z#8T52Z"(SQ*W-7!V0=`%7;3WCRX"P\6@*7M-U&MB:=C@DL1B0T(;$M@( M<0`?!O!!@,C(P[\P&0QY)$:/+Z@ANAVPA<.D+5/LL(V)>0S\V$YH6C!F=`5U=@.!H$`)""RA,`H$(`%),V,>)W?\1'B(EOG8A0(S@*?V.LJ M8D\A+S*YA%3B(JVQ'0P6`\16(D")* M3#?79&-#F%6$6,4639)/*QG%PC2$9*'MW428?`3(QZ8?<:8E,C&G'U(%H6WZ M8?(1(I]M58K)1[>L@HA#+>0=/"T:F\'LHUO81YQJP,RT:&P&DX]N(1\!IDEA M[AVPRC;6F'R$5E;,#F=:.\E9;2)59.D=BLT"1`&ML+()%MXDG+%@U1SZP"R7$&S`"1U0PFGD3$,Z>=Y"R[B\R2 M1"+;VU]BWDFTYV-F`CZ[V38:B:P;:4Q.B=:,K`*XB%?`I&:PXEY\[-BE;^IG M6KUE9>V\ZJ;11?_E8Z-UH]IXWGV;VU:EZ_-%KC9-=QJUY]7PA6>X:/3N],'J M_-5L\0]02P,$%`````@`L4EP1YT4662"`P``AA```!D```!X;"]W;W)K&ULC9C?;ILP%,9?!?$``Q_,GT1)I";1M%U,JGJQ7=/$ M25`!9T":[NV'@5"P/]+<%##?.?Y\;'ZQN[C*XJT\"5%9'UF:ETO[5%7GN>.4 MNY/(XO*;/(N\?G.01197]6-Q=,IS(>)]$Y2E#KENX&1QDMNK1=/V7*P6\E*E M22Z>"ZN\9%E<_%N+5%Z7-K-O#2_)\52I!F>U5!I&)7J11Q?7D7&Y&F*E/=\]\NZ6>? M*G!X?\O^O1EN;?\U+L5&IG^2?76JW;JVM1>'^))6+_+Z0W1C\%7"G4S+YJ^U MNY25S&XAMI7%'^TUR9OKM7T3A%T8#J`N@/J`OA\.U2)AJ<:567K(I3U.Z58+=Y7W',7SKM* MU&G60PTU&C96;('"Y[W&J1WT-@C96).1@,9=;$Q%Y&DN0)((F_!@+;Q!/.]J MH8UTW6KR1A,V&D]W:DJXAVUP:(,#&UH?:S[HPV^'&F@V@"3$-GQHPS=ML``G M"&""`"0(M7$$1JVB&=>F];YF9"2$1D)04&WMK)%FHI,(=A*!!+[6"=)HT[9% MFHEYFT$CLP=6\FK&$AFV(;B*B*+"^9_XGMD$W!B#RRA3C1H0N9(*#&3_V2#15-P_3Q0/@,.K6 MB49;4_U0`C0S?3TY@]-:)HIC<^PMK9V\Y%5[E.E;^Z/U$ZG3GM:^9O-->T#^ M3+-:G..C^!47QR0OK5=9U6?)YC1XD+(2M47W6[WF3R+>]P^I.%3J-JSOB_:8 MW#Y4\GP[]??_>EC]!U!+`P04````"`"Q27!'9I0-^?,!``#4!0``&0```'AL M+W=OC%$DK;'^&-Z.&.K<(+O M/9W4IA]9]HL0;W;PM3G&B46@C-;:1B"FN=,S9!?O1-[HSL$D<-;0E-Z9?Q?2%+BGD-F`MF'+?J+XI+?C#$D>"-KOD<[Z)![*7 MP#2,D0?4;4$L#!!0````(`+%)<$?/,4'J M%`,``)D.```9````>&PO=V]R:W-H965T&E^)PE+HA MR+-@C-L5%:_;0M1>P_=+_XD\KNE<2SK%[X)?VIM[3YO?"/&J'W[NEGZH/?"2 M;Z5.P=3EC:]Y6>I,JN>_0]*//G7@[?TU^_=NN,K^AK5\+E=O0]W9\ MS\ZE?!&7'WP80Z(3;D79=K_>]MQ*45U#?*]B[_VUJ+OKI7^3SH(CC0Z"8^ M'@;J2!##!#%(L#!FJM?4G6;6:9(X,J9S;8MF,:782@*M)+:5)#2L)%8O41)% MAA5;E)*48"LIM)("*XX$,YA@!A(8:[]"&G,H]S43(W-H9`X2Q(81I$D,(_(`HM2;WOFCZ M+XW!0@$.4L?Z4(P#BG!@UC(4N?K!S*``!U8M#Z+;RB`T,51KJ)H[MC_%:*$` M+58U4YL:R`Y2.>U@N%``E]3UQ8:90!$3K*\V)'(M)`8'14PP"P")4O.?^1/1 MU`RF"T5,<'"=8B;0KWQH()$%J$]$O9G@YB10\>;0G9!:;RO.M>P_^2[Z6^G:G[ MIC\Y]0]2G*X'P?$TFO\'4$L#!!0````(`+%)<$?9TH\[Y0$``#8%```9```` M>&PO=V]R:W-H965TL'WX+N<<7_*1BS?9`BCO@Q(F]WZK M5+\+`EFV0+%\X#TP_:?F@F*EEZ()9"\`5Y9$21`BE`04=\POU5%@LN/,$U#O_:?-[I@:A`7\ MZF"4J[EG/W6?-J:8CK^47]FZU6 M9W_"$HZ<_.XJU>IDD>]54..!J%<^?H>YA*T1+#F1]NN5@U2<7BB^1_''-';, MCN/T)T,SS4T(9T*X$#;)/PG13(BNA-A6.F5FZWK&"A>YX*,GIKWHL=GRS2[2 MG2M-T#1*UR3U/X,H\G,1)VD>G(W0C#FL,:'%;!9$H-47B]!E<0COZ.%G@Z,# MD;D=(F<1T8H?3T7$CS<>$X993#H5$6:/;I?8Z1+?NR39C8L+\X7)UFFRO1=( MTB*?0GO,KO,A[W,!/+)J.2>_$E;XM]KS7G"O0N:`'W;)6/V++@D"MS#35 M']YI9:GLO@+4$L#!!0````(`+%)<$?*FR(IA0(``*@)```9```` M>&PO=V]R:W-H965T-IW: MA976_3:*U*GB+5-/HN>=>7,1LF7:3.4U4KWD[#P:M4V$XSB-6E9W85F,:\^R M+,1--W7'GV6@;FW+Y)\];\2P"U%X7WBIKY6V"U%91`^[<]WR3M6B"R2_[,+/ M:'M`U$I&Q<^:#VHQ#BS\48A7._E^WH6Q9>`-/VGK@IG'&S_PIK&>3.3?L]./ MF-9P.;Y[_SJF:_"/3/&#:'[59UT9VC@,SOS";HU^$<,W/N>06(MN?`[3FY3.9K`!G@WPPP#]WX#,!L0QB":R,:\O3+.RD&(( MY+09/;-[CK;$5.YD%VVA3$[*O+.*LG@K:4:*Z,TZFC7[I0:/&OROX@`H\HU1OH$=$-`!63B@J`^)($PQ@)B)$`&$Z,?>+%H,[>'P`)@C%2$",%,)R:[U,O M!DZ1PP%H*(5!,A`D`T!R!R3S@J#8+0B@(2L5R4&0'`#9.""Y'P3%#@B@P2MG M9@.";'R0W`FRWP`5<4$@S0J([:A0$XH!%.1VH1CX"[A_$T!$2;P"L](1$0"# M71@$G`NW,)`(KQQB!#=&A`$8KS]COS+$@P%$=*6Q(;C)(K_+DL3MLHAX<3XA M[SA#*KRZ47"C17ZGS=V#A*C7SW&:>K7Q523.W?82+;ZI/;OR'TQ>ZTX%1Z'- MYWG\P%Z$T-QXC)],WZS,M>DQ:?A%VV%FQG*Z2$P3+?K[O>AQ.2O_`E!+`P04 M````"`"Q27!']UB(UQL"``!L!@``&0```'AL+W=OVK-#G(#6QM1VPO;;UP]" M6#.]Q*__S/S&8R;5R,6[;`E1P0>CO=R%K5+#%B'9M(1A^<0'TNN3,Q<,*[T4 M%R0'0?#)&C&*DB@J$,-=']:5W7L5=<6OBG8]>16!O#*&Q=\]H7S_]FL]7T1RS)@=/?W4FU&C8*@Q,Y MXRM5;WS\3J843*9P0;)9)#,!G,< MV""=#-*'06$S=60VKZ]8X;H2?`R$J\6`3JL MS"IT,XXFS7ZI2:PF_JPX`(K\X05I@ADC@3#VR@@6SC(K(,T]^YA[S2]U6Q_O\ M!U/_`U!+`P04````"`"Q27!'0=DMK:4!``"Q`P``&0```'AL+W=OL.E-JR!<7M#7:@ M_4Z-1G'G0]-0VQG@520I25F:WE'%A4Z*/.9>39%C[Z30\&J([97BYM\))`[' M9)-<$V^B:5U(T"*G,Z\2"K05J(F!^IC<;PZG+"`BX(^`P2[6)'@_([Z'X*4Z M)FFP`!)*%Q2XGR[P`%(&(5_X8]+\*AF(R_55_2EVZ]V?N84'E']%Y5IO-DU( M!37OI7O#X1FF%FZ#8(G2QI&4O76HKI2$*/XYSD+'>1AWMON)MDY@$X'-A-TN M&A\+19N/W/$B-S@0,QYMQ\,-;@[,'T09DJ%O;]'ZO8`H\DN1[7IS";96XL1^T-DZ?;OJ<+N@;\?J^U_K`MFJ0+80R*86]]]:7,-\ M+T(79ZK`-/'I6%)BK]UX>'-V?IWW+-[)%[S(.][`;VX:H2TYH_,W&^^F1G3@ MK:0WMPEI_?^9`PFU"\N=7YOQ28V!P^[Z0>9?6OP'4$L#!!0````(`+%)<$=_ M#0%(*0(``'8'```9````>&PO=V]R:W-H965T*)=;157\Z,-T2J([\@T7%*3L:H MJ9'O>3%J2-6Z>6;NGGF>L:NLJY8^Y4-;05%6L=3L\[]RO>%MA(C.)W17LQVSL:_L#8JS[\/.U<3S/0FAZE=D'4 M\D8+6M?:DXK\=W3Z$5,;SOXVV@*G?4E[I0*B>AOFE%GKWE8>IEZ$T[&C7[ MN<8W&O]>40"*S21!"F"B\$$*?V8?CA38HA@TK=$D1O,EP!9J`8G"&$8)0)0` M0+'2W0>S*)'1X,T"92GR<;I2E1!$"0&4`'80@0XBP$%HY1(M*H8WD24JEB+? MQRNYQ"!*#*!$%@JDB2V2SS5W(`D(D@`.$@LD6:8;QPD<90-&V0!15NJ5@@[2 M!UJ70IA6O9::P%^IEQYWT(3P'F@=*$KM*;$419ZW`K,RKO`#[1M%=TD'=OO0 M;$)VY$)_$7ZI6N$D_K_E^H1G`XU/4N]3=2>#\_"<)"L MN[URTU.;_P=02P,$%`````@`L4EP1[;+2Q`K`@``-0<``!D```!X;"]W;W)K M&ULC97;CILP$(9?!?$`BVW.$4%JJ*KVHM)J+]IK M)W$"6L#4=L+V[6L;0EDS6_4&'_CGG\\&CXN1BU=9,Z:\MZ[MY=ZOE1IV02!/ M->NH?.(#Z_6;"Q<=57HHKH$NH^+W@;5\W/O8?TR\--=:F8F@+((E[MQTK)<-[SW!+GO_$]Y5&!F)5?QH MV"A7?<_`'SE_-8-OY[V/#`-KV4D9"ZJ;.ZM8VQHGG?G7;/HWIPE<]Q_N7^QR M-?Z12E;Q]F=S5K6F1;YW9A=Z:]4+'[^R>0VQ,3SQ5MJG=[I)Q;M'B.]U]&UJ MF]ZVX_0F3N8P.(#,`60)P-$_`\(Y('0"@HG,KNLS5;0L!!\],7V,@9IOCG>A MWKF3F30;I=40&*;)$$&F"A("`%6<6' M-AYG.6P0@@:A->BM03P!()PXE&M1:D5AE,!9(C!+!&5)G=V*MEDP:0`*+(T51;#:CZQS,0[Y-@I+062\@(GD* MHYB:")41!,"$;AU!FZ-!L+LO%:2*H\C!"58%;J!7]IV*:]-+[\B5KI6VVETX M5TP[HB?]D]?Z#EL&+;LHTTUU7TQ5?1HH/CPNJ>6F+/\`4$L#!!0````(`+%) M<$?*:-3+``(``(P&```9````>&PO=V]R:W-H965TMT$4UXV;I6;NA6Y]XK2^5U!,H2]'( M*VH*C:A9XW`H#^X7?W_R#<0@?M;0B4G?T>;/C+WIP??BX'K:`Q#(I9;`JKG! M"0C12BKR^R#Z-Z8F3OMW]6>3KK)_Q@).C/RJ"UDIMY[K%%#B*Y&OK/L&0PZQ M%LP9$>;KY%3>J-43D*M:426WK+8BU)TTT(#YCC%!`83 M?$:<+(CM"$'*P.@BL+H()OQH(K0+Q_ST>XX5'/XYG>2QUPI6]VEA];"P^5DXKL0HD#R223!*)^QLQNU:G MIZ$&PO=V]R:W-H965TS7XVFQ1*E(G M4:OG8:16/\P\4XFSJ%G20"H]_WZ`D`7?8T0]5%C.M8_MZP\;%M>B_%4=M:Z= M/UF:5^^S8UV?YZY;;8\Z2ZHOQ5GGS9U]469)W9R6![*?D[Y6+\=.:_ZC*'ZU)W_MWF=>ZT&G>ENW M123-SZ=>ZS1M2VIJ_MT7^JRS#7P]OI?^K6MN8_\CJ?2Z2/\][>ICX]:;.3N] M3RYI_;.X?M=]&SJ'VR*MNO_.]E+5178/F3E9\N?V>\J[W^OMCB_[,!Q`?0`] M`[S1`-D'R$?`PQ@.4'V`>@:HKFMN3>DZ8I/4R7)1%E>GO(W>.6F31,Q5T]7; M]F+;LTTG5,V]5K%U2$]%9J\`5?/G8S,!-!,P,\(/#3,!JT9%AN$- MUP1D&9\0&@E!K_B&D9"/CV\:X1H5A-A(!(U$P$B`"XAA`?&$I(_YR`EE#B\0 M>A+3O18-^528*@.@M$)'%C85I8D+J]Z+7BOS7BGH[7"4\)6V] M`P'X5="$[.]%`S]FT@$-V:Q@4@J$2C/_A>2-#DTKHYJA%4Q*@5!I*P(C3B#& MF7-``'R%D33;PU7*GG<8IV#?M M<)F(5&A9!`C,.\&!!R9!Q$?!8T/%17X06\Q@=@H$3S8-.!A)LGG`14I9GM.$ MX4D(GI;,(TP\0L0S)P)QEL6A.=9`)"/+HYXP[HCCCD\#XB@3YAH(:-ZD91H0 MYATAWIG3@,#:4#$S7*1BVT!CXA$G'I\"0"39((UJAE8P.0F1TYP`0,2M^*Q; M;".$H4D(FI;93)AUA%C'LC]D1B7;AX!5G65U29ARA)9U+/9:GM<2`1'PRT6\?T7\OB4(P/=4$,*Z@R%QZN2\OM3-='KJO`Y6S+2YY?8MZ7'U\@5A1 M^U+9.]T;>?5:]7)R3@_X[*0^GO'(^BKHNLNY% M^[XH:MVTR_O2M.NHD]WC)-7[NCT,F^/R]@7B=E(7Y_L'E<=7G>7_4$L#!!0` M```(`+%)<$='($<`X0$```@%```9````>&PO=V]R:W-H965T61`F*@B!#%/?,+W(;>Q5%SD=%>@:OPI,CI5C\*X'PZ>R'_CWPUK>=,@%4 MY&CEU3T%)GO./`'-V7\)3Y?,("S@=P^3W,P]X_W*^;M9_*S/?F`L`(%*&06L MAQM<@!`CI!/_730?*0UQ.[^K?[?5:O=7+.'"R9^^5ITV&_A>#0T>B7KCTP]8 M2DB-8,6)M%^O&J7B]$[Q/8H_YK%G=ISFG2Q>:&Y"M!"BE;#F<1/BA1`_"(FM M='9FZ_J&%2YRP2=/S/]BP.:7AZ=8GUQE@N:@=$U2[QE$D=^*-$IR=#-""Z;< M8B*+"5<$TNIKBLB5HHP.].AS@LL1\25V9XB=1<0;?C(7$7YU"R1.@>0@$`<[ MDZ4#D^[JF"',0IX7'VX;J=-&>JPC2MT"F5,@!]K< M,`JBM9TGO8J/3,U_<8VNS?T2F1NZBY>ZZ><>?<@4^8!;^(5%VS/I7;G2]]_> MX(9S!=IA\*3/JM//TKH@T"@S?=9S,7?JO%!\N+\[Z^-7_`=02P,$%`````@` ML4EP1SZ1!BM+`@``;P<``!D```!X;"]W;W)K&UL M=95-DZ,@$(;_BN5]1L7/I(Q5DVQ-S1ZV:FH.NV>B)%H#X@*)L_]^`8UQ@%P4 M\.WNIUMHRI&R3]XB)+PO@GN^\ULAAFT0\+I%!/)G.J!>?CE11J"04W8.^,`0 M;+01P0$(PRP@L.O]JM1K[ZPJZ47@KD?OS.,70B#[MT>8CCL_\F\+']VY%6HA MJ,I@L6LZ@GK>T=YCZ+3S7Z+M(0J51"M^=VCDJ[&GX(^4?JK)SV;GAXH!850+ MY0+*UQ4=$,;*DXS\=W9ZCZD,U^.;]U>=KL0_0HX.%/_I&M%*VM#W&G2"%RP^ MZ/B&YAQ2Y;"FF.NG5U^XH.1FXGL$?DWOKM?O+9 M(+X;)#K3B4SG]0,*6)6,CAZ;?L8`U3^/MK&L7*T65:%D3EQ^4XJJO%8IR,K@ MJAS-FOU:`[0F6A2!]+Z$`*X0>V"9@^\!#K:BB-T18F<2\2_+)S8-*I4Z,U(&Q,3!2*T9L4*P5J:'X!I$Y(3(; M(@X-B,P*`1*#PB')W!BY$R-W8$0&1F[5(BI,CMSB>(I"-TCA!"GL_YZ;]7!H MS+U1V!R/-L?&R;%Q%,0X2/N-59`G&ULA53;CILP$/T5BP]8$PS=5420EE2K]J'2:A_:9P>&B]87 MUG;"]N_K"R$T4/4%V^-SSIPQ'N>C5.^Z`S#HDS.A#U%GS+#'6%<=<*H?Y`#" M[C12<6KL4K58#PIH[4FQ$5N8^]JB*79\-Z`:\*Z3/G5/TN@PY"]U(@!M[MCYE#>,#/'D:]F"/G_23ENUM\ MKP]1["P`@\HX!6J'"QR!,2=D$W],FK>4CKB<7]5??+76_8EJ.$KVJZ]-9\W& M$:JAH6=FWN3X#:82O,-*,NV_J#IK(_F5$B%./\/8"S^.82=[FFC;A&0B)#-A MSK--(!.!W`BIKS0X\W5]I886N9(C4N%?#-3]\MV>V).K7-`=E*U)VSV'*/)+ MD1&2XXL3FC#E$I-XS&Y&8*L^ITBV4I3)BI[\G>"X1CR1[0QDLPBRX).0@:3; M`NFF0+H02*=32.].88TAV5T=`2(\Y#'(_..DLDT;V8:-NQSE&K.RD?W?!E[< M#PZJ]7VC427/PH1_,$?GUGQ.W/VZBY>V94.'W62*?*`M_*"J[85&)VGL[?7W MKY'2@'48/UB+G7U4Y@6#QKCIHYVKT&=A8>1P?37FIZOX`U!+`P04````"`"Q M27!'E`9;_LJT'O88JZH#1M23&(";DT9(1K39RA:K00*I'8E1 MG,1QCAGI>506SOQ/F44XP.\>)K6PD$<_I>H1TM8ATP4_G(G;K`MFJ0+80R&:!Y[LN>`QW MF)W#Y+N[.AXAW[+\+@^\F`P#V;H;JU`E1JY]]<$;'L5+8B=[YS^:Q^+O]DVF M+`;2PB\BVYXK=!;:W!LW^48(#2;%^&D;HT<1BY[-P]VAY1HB1:\:12%I?=*-=C_)D$.L'.:TXOK7R6]P_C!:K,X<;4.Y M<[E:5!LE<^+RG5)DZ6<6AYO4^U2.!LUAJ@FT!HT*3WH?0P2V$(<`F`?S`$>H M6(?V"*$UB7!B'_:`ZXW=061U$$T<1#U`9&P"E(2QD<:B9$816REB8!]'OH$! M-0!C43+#2*P8B04#&1A0`S`6)3.,E15C!0XUC@*[@[75P1H`;!(C#2@!:2Q* M9A0;*\4&4JP,"B@!%(N2&84J6K9[[D,.<,^A!H`L:^8D3RH.@I<-D$`-)%G4 MS$FLA6F/`LL_/311H`BB+&KF*/8*AD(+BEF"!E&C12LM^H9\DP6*@N0)B[T8 M(EC'XB@V6:))F/@9"Q0]9;&71&2KB>8M'D0S%G!$4(.>5!-D+XL(%C2$`A,E M@4<$4*`&10:*-_E^UX1==5_#G9S>&M%_(\?5L7?:!^K[;ZP?5$^E^X*'FRQM M\97\QNQ:-MPY42&["]T?7"@51"+Z+W*W"MGUC9.*7(0:KN28]7U0/Q&TO;=U M8V^9_0=02P,$%`````@`L4EP1^YE`5SV`0``?P4``!D```!X;"]W;W)K&ULA53;CILP$/T5Q`>L";>D$4%:$E7M0Z75/K3/#@P7 MK2_4=L+V[VL;0K+@;5_P[9PS9P9[LH&+-]D"*.^=$B8/?JM4OT=(EBU0+)]X M#TR?U%Q0K/12-$CV`G!E292@,`A21'''_#RS>R\BS_A%D8[!B_#DA5(L_A1` M^'#P-_YMX[5K6F4V4)ZAF5=U%)CL./,$U`?_>;,_I09A`3\[&.3#W#/>SYR_ MF<7WZN`'Q@(0*)51P'JXPA$(,4(Z\.])\Q[2$!_G-_6O-EOM_HPE'#GYU56J MU68#WZN@QA>B7OGP#:84$B-8Q>_CV#$[#N/)+IAH;D(X M$<*9,,=Q$Z*)$-T)\3\)\42(%P0TIF(+<<(*YYG@@R?&G]=C7?,DWF;H:H0F3/&("2UF,R.05I]#A*X01;BBAQ\#'->(7?01 M>T0,_GO+<+?)<8Z)DX72$,`O96DCL=A$[7<1K%XM:%/$J0OAE M%RRJX0!MMX';2>)TDCB2KERFRQ#HX9Y2$(U]\-(K^86I\4?/ MNW-/>0[-/5_L%YO]<6P-=YD\ZW$#/[!H.B:],U?Z%=EW4'.N0#L,GG096MT- MYP6!6IGI5L_%V"#&A>+]K=W-/3?_"U!+`P04````"`"Q27!'E5KX?WD"``"8 M"```&0```'AL+W=OP+F M*R0B2`E5U1XJK?;0GAWB!+2`J>V$[;^O;1)"[$E[`=N\-_-FQIHA&RC[X!4A MPOELFXYOW4J(?N-YO*Q(B_F2]J237TZ4M5C(+3M[O&<$'S6I;;S`]Q.OQ77G MYID^>V-Y1B^BJ3ORQAQ^:5O,_NQ)0X>MB]S[P7M]KH0Z\/+,FWC'NB4=KVGG M,'+:NCNT*5"@(!KQLR8#GZT=)?Y`Z8?:?#]N75]I(`TIA3*!Y>M*"M(TRI+T M_/MF].%3$>?KN_6O.EPI_X`Y*6CSJSZ*2JKU7>=(3OC2B'P@0@T$,T,1&,68M_(PHCI M-&8UAI%$1B`V9H%FAIZ4Q*"2&%""#"7QS$L\>HD-(38$1;",!)21`#*,JNT3 M.R&Q<74*&[-`80(K68%*5I82%)BE6&UL MC93=;ILP&(9O!7$!F/"7-")(*]/4'DRJ>K`=._`1K-J8V4[H[GZV(8P0M^H) M_GO?E^#/'*@$8R M6]=WK'"1"SYX8OP6/3:??+./]L8MG"=(`,T7DI(@6_F2BV*XH1DUG-:G5)`]I&(8K%(Z+\:?=1PHWE^OGOG^*_X!4$L#!!0````(`+%)<$=$REZ_(`(``%0' M```9````>&PO=V]R:W-H965TL^8T0'W;Q<[OT`^L!&!3:2E`S'&$-C%DE$_EO+WJ. M:8F7\Y/Z=Y>NL;^A"M:"_:FVNC1N`]_;PHX>F'X7[0_HYQ^=F-5N['M3J))3\,)44^(!D*8/B3$/2$>$4CGS.7UC6J:9U*TGNR* MT5!;\W`1FYLK[*:]*).3,F<6D6?'/)F&&3E:H1ZSNL1$#G-&$*,^A(BP$*OH MAAY=!UC?(F8Q'B%&DX@O^),^B5&,%8:Y$V2"!IG<"B0S7"!!!1+$P63D$L,D MH]O",%/8ZZ,V,Z#_:S!$Y7#0&DP\O(%Z-K,GY:%8< MY-XU<>45XE#KKB$,N\-#\1K99C?:7]D'Q#7!LTR>-70/OZC<5[7R-D*;5NJ: MX4X(#<9C\&)^J-(\<<."P4[;:6KFLFOZW4*+YO2�]I_A]02P,$%`````@` ML4EP1Z97*U0K`P``[0X``!D```!X;"]W;W)K&UL MC9?!CILP$(9?!?$``=LAP(H@;5)5[:'2:@_MV4FLU.7)\^K]612\7LB+*/6=HZP*KO1E M=?+J2R7XH0DJ%:Z:=*TO51I(J\JSTKQ4CGUM2AX]6\C'W<(2M$66>R="IQ7+O/Y&E+F9$TBM^9N-6#<\?`[Z1\,Q<_ M#VO7-PPB%WMENN#Z\"ZV(L]-3SKSWZ[3SYPF<'A^[_U[,UR-O^.UV,K\3W90 M9TWKN\Y!'/DU5Z_R]D-T8PA,AWN9U\V_L[_62A;W$-&OO1'X7 MA@?0+H#V`70Y&\"Z`/89T(!Y+5DSKF]<\32IY,VIVI=QX>:=DR>FG]S>-)H' MI<=4ZWM&D2;O:1#2Q'LW'76:S5!#&PWI%9[NO4]!L10;"L*M!%NHB!B>@:&# M8(/X93<(9@VBU92-)F@'P7S]LU`>RD8X2Q1GB>`L+1RH88&%,BL9800H1H!@ M6#DV4`,P9B4CC!6*L4(P5A8&U`",6B8:+EPE_9.)B*+"=P<-LEB.]&MOVC(O"F M,-%J`@8W7X*X;V3[#"J*;!A,%$_`X!9,$`^.P6K"1,2&P41T`@8W8((Y,)@U M4`37T]!_P^YS,(&"FR]!W-=>*1M$!%%F->.M&NZ]%/'>V)Z\B`B@S&O&*+CW M4L1[8WO_@H@@RM>]E^+>2Q'OC>T]#"*"*!3,%3:UE\:]ER+>&]L+&A%!%`:G MK;UE\`951"&J4U-=U7DO5[M3[UKZ">Z:F"K':-[JR:^NPSV[2Y,)/XA>O M3EE9.SNI=(W35"E'*970B/Y"^]]9UY[]12Z.RIR&^KQJJ['V0LG+O;CL*]ST M/U!+`P04````"`"Q27!'U6S.OG,"```C"0``&0```'AL+W=OVZ8C>[NBM-\Y#BDKV`*R03WL MV)<+PBV@;(JO#NDQ!&=AU#:.[[J1TX*ZL_-,K+W@/$,WVM0=?,$6N;4MP/\* MV*!A;WOV8^&UOE:4+SAYYDQVY[J%':E19V%XV=L';W?T`BX1BM\U',AL;''X M$T)O?/+SO+==S@`;6%+N`K#7'1YATW!/+/+?T>DS)C>OXMT&?X)$'A$ MS9_Z3"M&Z]K6&5[`K:&O:/@!QQQ"[K!$#1%/J[P1BMJ'B6VUX%V^ZTZ\!_DE M3D8SLX$_&OB3P13';!",!L'38"LRE60BKV^`@CS#:+"P_!D]X/_*Y438-Z[(LWL>IDGFW+FC45/,-;[0>)/"8=ZG$+XI1.%KYOXRP%%7)($Y M0F!,(IC9!Q(P2_@^0:42$7113K*JF:)8BZ. M7F!`B564X"O'Y3.5Q'%FO:>%^"IZ,K%*=.NHK._3ZM3W#S[O7\#HJ<] MW>19#Z[P%\#7NB/6"5'6&45ONR!$(8-T-ZSP5>S&,DT:>*%\&+,QECU<3BCJ M'U>2Z5Z4_P=02P,$%`````@`L4EP1VB.>9HW`P``=P\``!D```!X;"]W;W)K M&ULC9?=;ILP&(9O!7$!!9N?0$60FDS3=C"IZL%V M3!,G006<@=-T=S\;"`7[A>:D`?)\]F/JO/`E5UZ_-2?&A/51%E6SMD]"G!\= MI]F=6)DU#_S,*OG-@==E)N1I?72:<\VR?5M4%@YUW=`IL[RRTZ2]]ERG";^( M(J_8HV^'X^#;Z]W:Y4O\U:]B6%W_RO3A)6]>V]NR070KQPJ\_6+^&UG#'BZ;]:^TN MC>#EK<2VRNRC^\RK]O/:?1.Y?1DNH'T!'0IHL%C@]06>5N!T9NVZOF4B2Y.: M7ZVZ^V><,_4_)X^>O',[=5'=*+FF1GZGB#1Y3T,W2IQW-5#/;,8,;1DR$(X< M?9B"HBDVU"BGTPFV)A%Y>`8/+L(;U7O](F(\@`\'\$<#^.T`P_3`=B"CDI% M%"0N$#*2Q!U-%753/83:UMYBBL[HS.0:`3JQKF-"QK999J8J,/^>"#55(E=7 M,2%399&9JN"@)!Y0(;J*"9DJB\Q4!4-0`*B?Z@A]#,HY[@ M&"8@AV/CUV1"0`9!5'E6W64LK8^\JRH5O:QKD\/CE-MCS)/JIDZR:)YLU=EGM3-8WEP MJE,IDUT;E&<.N6[HY$E:V/&R+7LNXZ4ZUUE:R.?2JLYYGI1_US)3EY4M[&O! M2WHXUKK`B9?.$+=+**%1EKB5RHOUJ=$ M#Q+QX#==O=6%NF>;3JB:=YJ(E^]Q*(*E\ZX3]V/DB2.A"+$*#S;4NTG@]PDBHZ$=4[1,U#*^H903"RS"AR)\(&*. M$P0P00`2+(Q6!#<:@XYQ]1^N)X3UA+P>YOJ-`^?\.\LA89\AY#/F@@@@9GGW MF;$4["^$_,5<%`'$I=QEQE*PM]!7-E4`XE+N,F,IV%D(.8NY$)#/QH(7!FS, M;!`G@NDQ@_V%@+^PA8`"9O'>+#2W#IB:,`#"7D5?\2H$";9=1]#4%,>&1FAG MQZ9XQ#Q>F+L9Q`13QQ/LC`2<<H4T5ZUL.<7-U;@YNN2P/[0FXLK;J M7-3=R64H.\F=2'M*BLEY5W1PKVX/A7JE: M-AK=63/0CC+9#0^9W-?Z-FKNR^[$W#W4ZG3]`6#X%2+^!U!+`P04````"`"Q M27!'8]HB0*0!``#$`P``&0```'AL+W=OU%IM1?M-;'',5I@7"#Q]NT+V'&MR+XP M,)PYW^`QY8#FPW8`CGPJJ>V)=L[U1\9LW8'B=H,]:+_3HE'<^:6Y,ML;X$U, M4I*E2;)CB@M-JS+&WDQ5XLU)H>'-$'M3BIN_9Y`XG.B6/@+OXMJY$&!5R>:\ M1BC05J`F!MH3_;(]GO.@B()?`@:[F)-0^P7Q(RQ^-">:A!)`0NV"`_?#'5Y! MRF#DP7\FS__(D+B\?A.TQ'*()A MC=+&-ZEOUJ%ZI%"B^.D(Z):1S0K:/A8^@6.97[GA5&AR( M&3]MST,'M\?4?X@Z!,.Y?8G6[P5%5=ZK75:4[!Z,)LUYJ4DGS6[6,.\_0])5 M2+HPR">#_1-DU.BH*:*F2/RSCLE6,=D*YO"$R1:8_8C)UQGY*B-?8;P\,?(% MXQ`UZ6;W\D1ABP[U_`H_N;D*;+Z,`;)IN"DLY?J7DAH75ANO=S M,_YEX\)A_[@S\\6M_@%02P,$%`````@`LDEP1PP_6-Z4;0``"E*MOM M=MB5DDA@#VNOO>;A-UFVDA^7BSC[]U\^K%:/7[]]F\T>PF60-9/',(9O[I)T M&:S@S_3^;?:8AL$\>PC#U7+QMM-J#=XN@RC^I5S'T5_6X5&RCE?__LM!K_7+ MW_XFBW[[F]5OCY/9>AG&*QG$_'8:/C9EMU67G5:[7_SR//G0E*U#_Y=F/6/O>HJ/ MJR>NPOLH6Z4!O'<>+,/B4]=7)Q>-Z\G1M_+D_'IR=3Z^/KDX'Y]6#'8$TZ?! M`J:=AQ_E[\/GRC5>/S^6YFJW&G^H?.$R3*,$]S67Q\&J]*X&F_C%+WRP&<,8 M9-DZ3/^?\BEO&NB[9`&H&*3/L+*%YVWS[*\R.-S' M)%U%\;VN7QJU-06/`>/BXM^`_M;6_3&7K? M/;HX/YZ<3R?'$GZ;7IR>'(^OX8]WX]/Q^=%$3K^=3*ZGLG9R+J^_O;B9CL^/ MIW4Y^>/1Y/):GM^RU-,GV`DVFL MPG0IYW!*651^Y#H-YJ$,9C,DA1*HB9PG MZ]O5W7IA7TCNY)MNJTO+>=-M=XOC7ZP>`$?LL*4%G"9![,XK[])D*1]3H-,I M8,T\_!`NDD$CUO\X>@UGX[[\$LIZ%Z8?PE[^5 MI9L2?X`1DS0*,[51&/Q#E"'QQHTFMUFR"%AQ;KRJ"+I[+[2[/@,4*@+8#)E5>21^%%%-Q&BPAQ:!,> M;X+Y74^9EWUZ<'D^NIK^2DS_02N!#:SB%=K_>:K7P/R4'RV"]`HH=_36<_UIVZ_UVM][J]_67$0L0U=RR3D\"`PTK&>@E$.(&L%^%D9Y+LUZN%P$2 M@31<@:R/-RA(8YBV3)Z=AQ4Y!SDG#1_@OD4?0GD/KS=0BLX6+/P'\S^O*V@H MG_8U"#*-ZW#V`,(RT*"87H//"1P/R6(>IMFOB&*N2L+4.6(*Z!!ILE@@D"(< M`4B:'U7X[+:B$2&+_]G7E8YJEP'B^$.XBD`HVUU:0A$V)/(/U_1]%(-`$J%( MB)0;0?X?XUM49&:K_UTZOY&T(5"?4N[A&F:UB M-/C.V2,,_@[._\XCQMK9%W;VF9T]*5W`8(R:!^..'F<72\0PPSRO"3(BK M(9'1_!:'7,,J8[AIT9S8[)\3F%0BR86[N&E>(`]J+_"6`\C:>0)4NSTJ'88Z M@[?ZX`@<S2?#!, M$9'&A?&JQ`IM>+'21=E$QCK&RT?,2O+A[HBW$PZ.`Z+?GZNW0>7MAWB:Y;M/-*V)&Q8[VF+\P;06&?_[$.X"- M5_`9!UF<_8ULMD;E#VO-5J]T";\/H_L'7&#P`39]#Q=N3;H$:GM*W&(=Q%4\ M:'ME4@,[17D_O+L+9X2O)*D!.+T,Z=Q,I&989Z@Z)J0]`,Q\9Z6.\47RWNL( M>$85;U[I\IQ;PJ@O2_&1]\".HOM8Z>6S9^EH69N(1GX3AN3S;OQD.J_2 MJ;O[]C4H=WXQN);7)&`[H89/G]\'(XS9OL0WYO-(K94T[I-8'FW7N*^TQCW9 M0>-FR<*'EA[-V#V/DXKS>!>"?!WS-5^@8@AJ&[$_-#:X5OF2?N-Y\SQIDEJA MC!Q;!I@Z]*)2_+3WPF.J]]@8RN<5&Q4C(WJCC%W*1H8?@9QW#X",`?4WK3&# M18;I+`+"59AWW3KIQK=W(]WC MZ;?R_>G%]U.9MZ3L3K?;G8V>9?(8O5\D3SDU:J.@/K96+$29-(3+-8L`?^(R MX<8'\&/R1]WA-.1-@87(VV='UPLJ9SL.X7[/(H7LD"#.N_MRO$"O75>K3*Z1P5=DIE24/S6?YV_ M3Z-5V$CN[O96H;\/4G3:T^9F":SQ&3?GKF&CZ;H2"DE@W&[X'?A2K!W:_,K,,4L#.<9O[$, MV*3%^FM:X5:B363;_;":E=)EVPL;\JL"21\F0/O$';]<=T;;.(Z!)`FJ@`.[ M@*0`166:W0.*=,W@P)G0)/$!8-E&A]B5?KK@IF)_^"8'U+FF4#=J@[NL=F*D M?>=V3#[.Z`]YY0D(4::!J\EX2@+X\81_/X!/B=278(CDGVRT^`N*9]^-3Y$W MU.6[R3-)W.`EW*L^5O^! MDY][SMB/LO`CAV:@R;Q*[-K^GO53^GP>]#Y)0,A$//I6SJ>W-TF]N/IF?'[R M)S*8$S3?C:,>Q+<\8V](^[(^`#H&2 M0*!=!$]TB?!W6A,?ZR("8,=1T)0P@>;2L(6'*)TW'@,`E\C"902\'JW?L!)M MXD;HW:[3&+UJQMS]F$;+((T6H)D]I,GZ_D$BQ5L$M[A$HO&XRBGHU@]P*BLY MSG#F$Q1?F=K5:1G,;'`9/)FX"V:*S^#[N(6;.,(]TTXR6+P%F`P660)D-0-- M,:MKRS7\YICSF3K`4G\D5B9OTP08?DI7&,!BL$(0L7[.X`0S0P9Q^J7KPZ#! M-%Q0O\\!#!9`L"%T6P#M2),XFI&TDL2(%P0`'/0N2@$F?UD#U-E0P,Q"]3YSK!)AS&R":L<@G MIPH+=AEKLD92`]],['GSOC`F,BR.<;R^!1Y7ER=IB#`3583A$@_D=#5O\FL& M\,*NLO8>(Q/A:ATX3_];\?E*RJ./[0!.(/_R.[@;/R8_VI-U!JFI+YVW*MZI M]0Z_DLE3S%+9]GTB]O3;.[SB6?F!NT*-F0=R.@>5\-T##%[K]_=9S('$YR]# M(.Q\XZ=X6O=):O'>G?'W:_A0GJZ7C^O4G14'\;Q9(XAY5J.?L$,NW7W,EW_%?1,`FT]CU+T19UO>.X-%(?@2/+O%/!> M/^1Y_^@AB>__`@A;QD3SE7YM^NU))0+9&?<[;3YL>V,NKR5/,P>:C:?A#)P_ MN0VK.1`PJ'@7K()EW0[E;OLZ"N(_1[$'TNH;M6?]Z;;]"`L)Y)"HCA&/1`ZP MCAO!>DY<%#D**E/TF_6ZW1DA)C-"##"##Z&\#<,8F#U(WBGS1!PYG5-8Q5.T M>I#W['T&00"^P8"=N=8%<6I`61@7I,V,1#W2BZ.E,U_D2)]XU6A,9#E1#,QJ MS0*?0#D+'I,8*TZ/C=-5-`,]L=U"[GD5WJ^5=6S:^&-3CA>P$1`*HKMHAO(? M3=N8::E!*YO$S!VY4MH=`V]9PAIA-P)CB0RLX#$&\#I^`4@E6OHI-#568APR M5CD'9AFD6?GDQ#YCSQ,9)V1Q6*Q1(0<8,!SS`+Y+DE5,PFN*PD_*6+7Q%$7A M%'&!%!OC6X>1<9+'*%8Z!5R?X#[D$%!S2C:0LO<>NS50[""K3_#*LB&08*U4#1$IX2J7^% MS\=K.@&,A105ZPT+47C-LBK\O1P?'5W<4!@BJ%(7Y_#[$5L^]WJX(L)L,KY" M[7B*.BZ[.4AY*P6>E70QO&,Z+X0$W+$E5U/T`P;I/),WCW/22T!%&T]O/OWM M0.`V&^V>'$^/Y#4@]TP.6H.O)=O7V.J"@&*K`:(#IHSP^\X+,!+H"?`*'87R M*.+3L*C8P3#$B[?AD) M.>$67(+BT$WT_R"M>7Q<1*P5R"BCJP4/+*/5*M1\;,X.!D'0A6<4>-33YEH! M1M.%#W)T7_MK,X_Y9CR^I,,0840D!5E0BMA!?NF80BCYU.0,"&ZR M)!1-F$$BP;E/\%@Q24$K6TG5*(:JZG>)L,<-`VFA3,OKF!(P5@])%CKO(XX: M_`EE-H,3P#$X\,H"NA8V[YN(A-DZ)8G$#@$K8'.0^>@@!R[Q%*&0L(:C!?8: M*L)=.C3-))VK9`\`;H$*?(2?YI5Z\<[W\G0.,/G`7`45(TUE0O&!3+W6;Z'4KU_(/OW]&[@[A'"H&I-?^X`V2&2:R=SC\\7)S7 M""RZ[9YYM_4U*'<@KT9WSQHX9Q9NR%<`'F\^X!8=<1D2%Q\8T:F0FTA"L`+M=LAG4]:7W MXR2R*W=`(-T.DN91!(6 M4M(0@MT(2G57N"%9@B2CA1&,G'?S0I7,"U7B2PI5LB14:5IH#WGH7.11!RXR MQOP")R&S/GN.3,HBJNE'0-B1WTSTN=.=/0H6,XHHHKM&&9?R.[IF-DZQAH/! MNB8FH19DK:>':/8`2UXF'UAQA]=0>G3TUU`XS(!44;['#Q'L,9T]/-/A M1G:UM'H>WWD+B%DA\2UA%@U?.]O9:PO2V<)5@!RRKNZ9NRI\!2TS M"CN=Q0D+42*=?`7Q-C@W05/KPC'IA08K_WHV$:)AG@Z)%](AZ:=#_3W)D/@\ M,B0_EPR)5R!#GZG;B9>3H4WG/'!H46<`M&BBU"T8\5L0VH`,X$4TP="7<(CH MN<0YSH#UP9^G"G$O@W2EG6+'(([.L3J$Z]_.RR&=05D.82Q+84\4+R%FBL;A ML3^8U>3CC->X&NLE7CTEC=D";J7BMTJ\-YD9*0=X88H)2?)::D]=;R3GC9`J MJ^T7@9SK/3FV58V%MV281$\@!O8`@J8*[4C658E,CPR@;0=2OGC[W:V]>?SV M.R#V9L5V=PZ$T"S"^:FYVZEILM?,9^^J^/DNUS8>+UYVN3HNHV_#Y1K;!Q5N M'+DF>#&.@\4SZ$J$`WB"6HL"23\E5A>D]R%9L5$$9CG<&<"J57=D*+@/'`M; MML94N,PPFD=[7U&NYD^%=3[/K`L[8YS*T'H=Z1A&R2HW,;#:#&W]*T1SS!7E MR,,$V,6]?K_P`$8XY1]@2T*ZN@_NP\9M,/L1%J,F?,ZY,PZV`?TS).CL,_R*;G?!>1\HA MCE%'P\,*%4TRY@N*<8QL9W. M"OM_!OEK'F(H(HUMS<_99PGS(G?1]5`5]&>+5F?];APBZ)HNR:B!OBF<,/P( MF&[TWPCC-9K6!M;I]!L=LL%09)E-(6_(2>Y%1.*;>)VA_>($!RD8@&`@Y+U* M:,Y$T0B`;E$8&W"!6"GPY[HFQ'65G47":UA8,-IC/`[(IKSDEQ<4LCXMW$7,,$C6G*5>(#P0ST3X?/T$*)J*\@+B]#"8+L5P`2W214J9'";K%=\ MI>^#6(D0.&Q@Q],)G50G1=[32F=JI413$AW?*3'0C/W.[`$6CCK=!-J'Z@`2 MV/K&@`6._K#*`Q,@1@&#B_;2N$N79/?6*T9#EXKY]"R^#IB#%!YOB):^9E$* M[!*!--/AG_D-WP8H""(Z6S\N?#!#`0RQ'9.>S!G;-=Z&LV`-A!F4(N2:(/=D M#\K,J%&1X+%Q@,=!*KI?76>1%.7W4-B3CQL`<):)LR5Y9/>%W?D M5MQATW`.><2.R).DFW!'YG#'O64FFMAL#DE@"8>%&PA"LI`36<+%)^"H=#*$ MMC:Y\CV@X7J&"\$H2%5-@+19%!O4R23Q2N4(N*8C\GWB<)S\2Q9Q)U')62CJ M'//@>0.9MO$4&_@>`::LHRIOB>8**O;C)6;HPDC;>.*@*7(2=M[W;IB,Z])Q M(K;*WIV\P?$>\IN4:%B6*(0%X_I@JR!ZS MD>NT!\Y1S8"FS#DS?;[,KYV:G545-#BYW]X<6..Q M\@V1L']DXMF)ZBI[^_/&J]`:294W0X(\YK^E44`X9#&KJE3!$Z-M_,`I.RX+ MXTO*A@#,+UBQP3N8SS'$G-SFZW06:@O`W3K3SM,H=MRM[F705,_E&RYONQ-5 MZW0<\U9ST4R6[>!/YJ&Z)"*DO6Y(^I6$2%=84@T?N-(SF3U$=RLG,P\#(JVQ MR(J5@($5*\.C026D,*:Q.:F[L@S^C"$=.>FL*(4X:Z#`,@="=$%`@/T8+(F@ MFTC$7&::GN8^3.[3X/$!JTG`V=7-%Y@$EG=EDI-:+8YKR+#)4EC[OR=2P06V MT>"01`3$3')N!>*;5<=*C(BD&,T8K3QA60+($EK!)X4_%W=I^#*+"G573JB; M@D.4-Z)+B"KV57&:M#U'E&`OC]JCW9H6_`%)&IC_65'4H'A"+M%$ZY>ZYSFQ MCOCI/`F9\OYEC3D1;**L@J.Y0[B!*+?,''0=2/J!F,0DM8@5UMS*.$+$+WPJ MD8I#/2N+L/@H%\[C4J\\(S>B02&-AUPVCB$M+U9P@@.E0RHS#,#`X M"(.D?&_644H%B'DE"2_GI:DJS.',T/Q"0F^C`KHY)F\>S0D7OHS/6)7:#"GA M/`;!?Z:#M)@+`WH;JY>U/*!^L+"%)44IM/>+.[]+V<`G M'-@Z/CV]^)X*+[Z_N)+'%S?OKM_?G.JPV5)([0N'>=U@6W]%YG$Y55R'/C&? MUL%=CME;SM%/2XR4(\3A\F/:.5HS41=9`#_`)$2K8#@A[89**0KIV-@Q3F9% M(8PFZUC;@$UXO+&GV+C(*!;::5[03\_L`EA0YG!/_`-)6:8G46H=FTSMGK-/ M_]?!'@S_CQ2^3\,8K4G.!E&F#I\R7^H](FC@+(#56$$6"V4`EM$=A8HZ];D5 M&4Y0)(IHU;6$:WY.2J-KNKNE\#@< M-]$NRB2`PUL^LIM(C43,P*P![["X"T"`5.J&\QV0KJ<4"1O*X0`-#%;,5ODE M-+$D%/*QN)Q-\0$3T:CVL',JM^$B"C^$<['#3I19WY=I4"QS2TG`@/%_61LK M.N=84N@";<<(D&S%F-FD]=)21&DI7U.^`URVN_!OKSL2MEX! M3$&ASZBJ:;GET]_EJ">NN#H%?/>68,S5+N"[6GO4D@?BR%/721/76AN>D+7. M(3RG2K#`]*VN6D2IBM/%^#Q'YMY?79QA#@'0JNL?Y/'DN\GIQ2451H8/?S0+["J4KKP5DK'J"B=D^O%-$:E4%LB/7%WDDNR!S:74!0EZ(!80$"HTK?L:3")=&K&,RHLVFUKESO(]+/0!`45 M=X1(_NFG.%I\^EME#>BFP)+Q6`TU2I\IR8(_4$5]:E=G[P[RGY`N=LQ)5@?" MZ8Q0F#X3OXL`"M^N@TC6+AF$:`K^82U_!X"D+^4X/H!-/>.68#5=V:%:U]U. M7W`YL?R5CVS)U!H_"9@-#P-JGY?WG^U6_+X!VXOOJ[:PCN6?@!G"/Y'\(907 ML`<%_H&DXMQRU.ZIQ9I0;-@EAFPT=($-%6`"6,%QI9&O`X"L]?668,C/VY*7 MHOT,-R"?M?39R"\-\HN?`?GSB_T7WO\SXOU%+,^!5;(21LMMU0G?.;>&BTFA MBGX6+A-8]GR]E./[-&1I`_4\Y_2T01#T.CN=2:NN??K)/*H<6+P_)2-0"N6F M]1KD:`!NB#QNZ*`NNF\J;UL>44(!W3_`Q+6IH.A418JQEI(Q5%AXZSP$0F6\ M&MH3S9:N0!#`S55U#)T@/EPYYY"W@K9;E$?%XQ*E223<'$9G-C4]PGX_4N`] M2,!O`&F93.!\`A<"@DOXA.(DJI@A7D=>@KH=>(3=)A]A9,0OCC%ZQ`)(7#E; MU>_2(;*Y[@>\:>JO0[/C4$J[%JS68*S=RJE"3.Y&O^IN(/7+,"EI6*2E::DR.U<<[L91U3M%O(%6>H@AB7 MC%NIR.^Y!@C"R-Y=Z=Q=5.`-XG0PF^2.,Z&X*A5::%2.K4X#<.XY<):$!%+> M4H?K%N!F*=O-3B'=*3K:O!NEY?F[/E3NJD0BM?1<`.ZSQ=A5HKR$:.-X,A7T M;@EYL$W2'U1R>8X]`DH+@]+Y[YA`:K+@S!H8ML/;R#S0EMZ&6R8?UYNBDUW11ENDE&3(Y)6$]"[AT/4RO+E^YP8A<'6XDCXYE MKK(VS/'0;$U*41)2BKC![5ILI#GD#;4E;NTCP')XH8C:8I MC!G?71!3H?`HKX?D/62":^.KK#0.N(00N`HS;!VG:'#)\GIR_AUH^!=7GH9) MSE=?PD(JG5*9)BO4D#6C)7EM-E?!$]:G1/?J(I-OY.&P!_^VZZWN2'R?I#]R M#&MR3R6X!H<=.6BWQ7ML&H+J#2=Y=P[;LML;*6%Y:WN\&O;&`V%X..AM,^T, MV_@@S'H@<%&`'[2X=J^]ITDKMRA17M16>Q8N]HT<]7K;[5F#H;C)L()\0_G) MV*1?Z]-FVJWNMEUW1OA@K^<:M!!FO(J2Z9X:RLEO)Z?'9*2?CD\GI6N'A_!:MG%;*L?P5"%W'+VM"KBQ-*&P^N(U'K(F)8P'@+@AV080+8G#-N[ M.I/=8=O'"PY'==J0IXFD-36D;%A0,?(Q^V[5F?KA.::4(H]16ALN'+:,0^," M!X=>^9#E&CM4NV=2;YR("W0C'V M66-02J)`MHYR]?QU288\0\%HVV6RLJ-G6,)4K\^P?=?V'ZF9'04DPFI='Z+X)(X%',&Y!-(D\E\R:V&<`]))FFZ-KH5R>U]3),X`SMW5-WY MW&`A4UR*S:)5\0FOG^%UG222]G%FGSB14IN MT8NM:DNP(1L]LQ$_K'SV"@6[>7 MEXI"NW`%``JVK5('S^S!RU5`X-IP)_<%6/$2"S8M,:M9*N`X9A![[3BD0.EP M=.U2+/NJ->)B]`J!NLZH)3"P#X�)7#CM8E,78YY+KE`*#N M0']NSD)GX>8@CJ'CL><*&3N*UVHEU$ES6!'B`V[`=Q/U/'D:6]CQ9D-2U9&* MUR2SZK[.-7(9JREA8UT=C.TCHS:8ZG"O`OVE$\?P.`Y_A`]C#7HG,(CBV0.W MD,)>E$+\?'R'CBNE#.YZ_HA<2`F"U!/->(V;XZ`GA;"!ZB!2?)@G M]6V*TXTT2NERB)P%,">=Q"U0]II-.!\7E)ZH&X:AM$3UWIMFK>-B!<'WZR1'B/OU-6T-<&JYJAK-9 M\8'K`0F.\/%/D+E;[B"BW[27^]NC;0H4J-F'Y'!UH0@RJX=6%A M)`DD`$BLD(SY.[8FF6N(-^&P;`%"5:<@:`J5[:T6QUJ("@1#/05]-/(>-A7` M$D-;SI.FY)BFVR1-03>8_]J00`T3Z]CA9R)-==(H0\/,AV2!D4,XZ4-TS\D^ M012I%1\-1[W0I.Z4917QB#KNBP$=KOC.3J+<:-6I#. M__2PEM.'=2%VRC[DJF1!NKVBWUVQH);`G>6N=`74E7O!A5:R'= MUG!_JK'_LHG2YY;+@G%^!VZH)IZ1H)L0Y`#:QNHNF,(R$Q M=P_B-0*#:>.[LLMKU.O+<_>\CG*[M1="&R\TW5+*KU&@Q`]A\98LK;\1*[NB M%*Z=O(6[L>%).)H$,^4"CCW@H&2\2BHA[CZBZC*!0+L/9^^8NV6OW!I%\I*A MWPC_Q`_A'L99F#/'^"Y;;8-Q72CCNM^G67>51QP/Z;ZSR,A2;3)B)=A!$S3[ M1;(RM1-6U((94T;PZW:]-^HU^WV%9D*A69`5KITNG>)WM0,V/3$XZ631NU:` ME-O2(CB0&(UTB)E*H^D5+`W8R3"A9OSYZ838%TZ-,BS+:%#+4=8>:4.M5SV`%W MAD6%A(\&S68C6M=R" MC/DP-$"9=989O=V1;"@@G?-#=,%(H0N**OJUPQI4>^A+&49^'*N>?RJE] MKAQM8\>$C4<$0FU\(I\3GNM3#3W&VKT#+X35(SC[^6IY$G+06_D]_XU9*TWD@?BFS3) MB@A1G`\DL/;P$&_2L"?<)KASMSMF4GZQUJVC3HE=3PX'*A31BWNT)\:\PWKW M<(2L3QIHT/E$C%IW<$BAG]VMX#;7>VN`\VM0C[U#FWV$([_7 M?76B?]&,SZ89[?WH1;O3W9=>#-J$O_T=$%C3B_Z@!?2BWVOM2"^V'N\KDHO1 M;A#3S^Y)+EKFJK^87*B8E]%^Y.**U^)LG9Y(4!NQ`6"([$H?U4K?G%*U[^XB M+D105+Y(+19\9QN MQ.90NI@==50=3<>'H0Y._2U);<'&*7`X()BBO0,AQT22="I3)(V@[MBS4/-# M)Y^J`7I=]9`.^U1SR/9`F>49DEKLYPA3#F3>,JHIJL,CI(PQLU1W.1U]A07B M`#)D4>5\;IZZ[_(`O;!2]*8P2^7G`9$>5$P#>_SS#J5(9_#7]1^%]=;:]7:K M5S#X8.(G>ZD6S_H5QAW1'=4'O?X!E4ZAJC"<&ZH*&.*I4E&5.>JF?.DHW7N% M-(%+ZJ.+T7Q>7L^@W]VP&I%;C835]#NM`S(.K>_7H'ZW+11]V]UV//W<\2"L ME2D*R9RTFO8:6Q)`MB^^Y#KP=:X6288T M'6GZIM-1X?:TCITB7MFZLN2:8'#'WG0.';/-TO3VQ2)>V/K5L?LWRV0MSW;+ MH:VM$GD+H_N'E3)L^.W!HHKN.59B.Z?3!76GO)D\<+S MM+>-=%%4T$4T?3&%R\*RP;9$)[E*0MYF;R/779MJ1\VS0@\S3R88B11!Y.F9)LQAK(ZT$:\2&8:<*BDW>> MDI2"N,HF%U4>:%Z*[8(OA+6_ELVH-)]#W[`^!=EQ.9:$;F&T6N!4H6D7EX6. M$O!K0Z;-(/B66OXC>3714"3,JKFJGC:$/26\",>Z9:U0.CT)9)W42&=;LIFP MIA]9D@NKKPLS`4A:2$YB*IUAKYXV=ZF3#ZD@N'7/G1A:[-C=524%HF>FB`(5 M-8D-UEEX"W6^,7N+N1&T$[Q8]+/-@C1]MB8N%0VYB17J",LX41'R=E%FJ=4T MVL*BF*B@JC,X!%LXEV0W2IVD.E&*5G9I4QA100&!DC445Y[<._W0TE3Q?GVZ M&SG%!U4"E0WN?4H\M)S:>""AQ8UWV^WFX6&>IV.`KI)VR6"'PSJ^!TY0?!=& MJOOU;&77Z]0-H1W/#'%(22EG!D-#@YZPC$RT0"`<:LG%>:A&(5V%M0I4=A>% M=-TSFI(_/7R$(,'U^,BA@U93CK5]QRID77AR0WJCGY&W%`)'`R*<;1@@F[2C2SI4P'4'(>2PWP$?55&(`&T$I,HI)7Z MPLW9#Z%/$;\DIB+P95W7N<1?L!@94YE\5AB6NM.;Z9G-,#EPG['$C(L^:094 M**;HY;IV@CI+O$))PD\%*3G6$G%>00D_AK,U55%WUT[R)`^=]PWD!T"R&(4J MC)QE7*&4;$2:#@49J)A.78Z\7A04&25Y0T7(JF`DUF*T_&OFHM">/+:W6U^9 MYJ29;4[%Q:Y8@#$0&[X`VB[?>6UP\]B'.F%N+W"K&FTY6'3:/S_X17[*P5=R M&_0-!`=:SR;XF:IA>!(8MS,/[X+U0@7:Z_POQ7-M"(!:,=:!RAU/G\0$KA1J M@AILCAU.H"J"!4ILX8I/ZOYG9EEQI7,8G:$KNP%=J)1K]5)CX:U"@E]?'K1W MUY;;@WIKU/9JRPX.EDT3[#5W%.>]ID5#XV!P>"#,M$KG=C(_.Y^I*`^*BK([ ML*,HFR!7K0<,=M.6+59H^N;(005QC.4A8A/:I%14CMPB?%L4%<[YW:R`MZUO M?2>9CE-SW[1[HD+G)OF\I'=[+*G_$.EAUV>;L\#DQBPP\7I98)A>M&^"E_B, M!"_Y&@E>8O7B!"^?(+AZV#_!2[PPP4N^5H*7<*,)]TGPDJ^2X"6\"5YRNEXN M48*^)N$^?^W+O?5<&=6X^'#W;[H=\0+R0*_VNE5F.3^).':](2;_==?%`AZ* M-YW!?L2,:5EGJ-!ZAT46@T$NKK^=7$E.F2TEP(8JN?P(^YW6Y5'P&*VXKQ+U M@4"MBN'%ZK'RY]C:U_(_QK<9-1[^W[OE;?,XZK[NEKC-3J*;.%C/,6/K(.\^ M$L?[5R?"A.I!KZ]_;A["$BFDZ&S]"DT%\4X+=&X!B($YSYDJU\V<%OO,K%0) M8[CV+?AON#D+NH^N]X;@&X&+&_:[]'/4\53U.SF?3#%`Y^AJ7K+Q'] MFJHP*DP2DLRETG+H*7J?7LF@9+4!XH;JJJL"*#@!; M8K49U=JBBH442_K/30Y980O"M'MPX[;S<.OD/OTFR#=-@#+^_5>=X@5+.O];M>9J*8% MHP,YG<=-^>X!U(F-0P^:71IZT!SRT.A@IG_=8:^C(/YS%&,L**R:[&X;1^VI M!=/H#;J6G?ZA^3DN!X?L?-32:;WQ/^&HA_5>IX,5'NJ@:;WR41\.<(+#US[I MT:'Y>:'-06USSG8R-9=2`K$56$G3O`WB'U4/$6DJ/=MZ;+K=!:Y&GQ,^O2$# M`A,W8&5U6\$FLJ4ZE)L:9R4:K/JI<"8H1E0'\FZ1!"IARR&T*D#*5`;/?8F" M7KO;^DI3>36\<(=717C+VT'A"Q/EUH_D).*/*?,9GK]/5?P7QNKFJM`C%0<] MS,`X_PT'SE,V7`0:\1P9A'Q(6,\RN=T[8'4P4TGBM!I.9,)V;"2V4808GI_: MBRK#A!^I0L'"/.C;KS5N=7J.A*%ROM)D\\)A-PJRJ,YJGQ/G5S>08 MF/WEY'Q:CA,&[$O1[C-1HNRNQY!EX-S1B@H?M`Z%WK8K&MHJ0N2"V"PH]MJP MK!:F?SBU@M*P03D[JD5&#^/?.AVAI.0BI#O=%HS3W5(;>D#15/CL@1$E._7! MH$7,M34JU]/Y?GQU-3Z__D$2PHQ/MWW_12H\73N\,V<@(RNMCN-72$*RDBI+ MK]-3!?O`$1^>]&E27:=@J8DB#!(J]8^KG>MD]:9_^@"=&PTR7IDA25](D_EZ M1M[3>(WF!,P:QRCRJ)#RK=?-Q,6,P9O(*?).DVJ6>M&EHI_G7.HL-[;(5=,/ MR,>MYN&JZ#/R444KNTL[H*V"0=>%!&?U[M(48H]#=&:#SM[<<*]%_EZ[!:7: M5*%\T/+7DT(8Y!N\M#MP'7M\.55/E;=8TS],,2NFUJ:26H/^MMI2_)A;6>JP MKU931/1WX_/?2ZYU?CG^`0N=;W_BBUR&=\A@,*LI,^4+7X7L4FJ5'G$>ZA(D M<]>2&4LT@]Y';!5T_89:DA'4,XB(&I*^G!VTKK0B-G8:KP1ROUNX1SFIHR"J M@)"U5)[9VA!E,;?&CJBNL7-`^8[8_&59U_V&V'*O=/R,]7IJK(?N3Y2"S")6 M#RDYO-VEBK)<3G=CIO*>C3U7MR\N:<)OD`(/FZC+]WM`CCOMT4;@4RSPG&.! M&>Z6Y2/'`*W5I.WI&)P96V_L&3@IK2JZ`SU1$8A&*;55&G25U.`VE^&VD1APP0ND#<`X+]A`G@#YUHX:',"5 MM]$%<8@VT1YUU28.N[R)3JN;7WOG<+CCVON]LA1T='%V=L(EQHA4'UV<7P,% MGYP?>5+L-C[\15+M_/HMJ[?&Z(QZA28++@R0:+M>`<17>R<08AR:H47Q*+Y+ M`\X67:>ADE=*99#;_;ZWK$BOOBW2/7Z-J)NB.Q\KL_DV;_%0.,E`FZT0&P`I M74"*5P"D'/A5_.V5I'W@NUM"C*ZQZ%/W94L!4M5O$6L$*8+E'13%1$!`X( MZ]KDY7+5DRC3#KA;+0YC)(G6^*,%U;=!NS1"!4?!6%;'R%=G'0)]9H5R>L!M MV3M/&D="/^LZ.(1$L]EAYXY29#Y>#Z0=Z(JSIS$YIB3(`N%)3] M&A\3VF:E"LM9MVJ-'=RFQYFF`,H^01U]TR2.9F3V(MDG"Y<1%@A:HW,:PZJQ M4MU!7059Z]IQ^+95.M';FB-`:E[[`0]/>&>7@"SZ7I-3_B,PG<5U<+"*15>: M+BQD3N&BMVLM[WP`Y$S6F3#*,->-HM<'$%V98\K65.&!OHI, M^?J*OB=TF#!KN84N$+H:$0:!B7)<"I]X@686BX^_Z;?K^9$V5_?.D6VX.2E6 M2L[S0#T:1DPIK1"$5?-]K1!*Q33\71$:\/]./]=7A`_H0TBM MU!0$<&] M`:IFG9+>Z5#RZ848]Y7G5F[.HU#,BBD>66?=@N_4--#6S(HHH`'X()67RL=0 M.AH'0E5ICAA@S?J(W M;=67U1>9@&-[`RDRD4MSZO7WBZ?05:1UUU^)CM3%<]ZT0;F5;%^E>`0K/PC[ MOK$9^48`!)H!WW_,A6W4T>:G]&`2,;CE-!"O.TX.0<*B1V7`JFJKO\)BIIFS M>F&?2PN8KF/'W)-P334.6;-M$[7+6C6/U(\H'DY,GDE12C*(8/6'G]`0A%L8U9@@>2C=NU?6NMJR?0E<;RN+D12JQ,=RE]''O:_E. M2S)3->&)G?!KT`)Q[#-&6$PAOC"P8L3'R)VF#F\19[G+1/.B:1QC-$`Y['7( M&ST`G1-^4F^`(94\1>MY;RAK^,T!>O_08=T9XM?7Z@9.=459&A0K3W3E<(2! ME;W#ONRUNK+358/U:(;^<`":;;TW;,O^X%#V>CUQ[-Y@&N=PV`>M5PY[AUAL M_]/?U6I&5&H!EM([[%$5?N%FEO`*.K+6Z<$CZ%5OX6+UV[TN%]^`;T:MH?KF M?7";ZI`T>I^FDYV!FM=L[]\XCI^_[K?5U_8^_J]@^?AK,T2MC:L<=-1C-[%% M13U,#9J`AO7#+AW0X2&UNZSW1OAG;X1'U.GW>%]OT$EZB(;F M6KN+.W^#BDNWBR,,.M2A2MK2)?@BL#14*]2,=ZI\4JN.UR# MVT>H69=P*.%B$<1ALL[TY+4NG&]G:+U M-:6+A5H:EXDJ`LFV*72&0#:JWB*3DT^,VE5VJI=+.B%VR>OQ'W;6+1-JS^@OO0WC\(X4`@JF0:\/!@S0ILH>LKJN`.N6?;;D< MS/!]P.;-L1*UD:>L.0)A84*%2'32;<3)]@'D,J8`",YSZ;1:/00%[?%.;250 M:DND6R^CL)S?'SH\R&6?8'98P-VX+1IZW9]1II.>XWA-$<78_%LK3=9@5%"6 M3!DZ%Y3L1G#2'7EDG)N7HP2=F'""]4-W!V73QO')E$W$&(^!)=G&UR<7Y\IT M?'4UF5Y>G!^?G'\CX=?KJYNCZYLK_.OR='S^BD-]J1IPCN7G))[#742DLJQ4 MZ_>>[S"&:$/X#F,]_IE&)M'!,G)3T%^)I2#DK^_N*$FWQ-*5!<_V_WY$_22+ M/@I'1\ELGS>NAPYLC-M^H<<#'K)5'_EEMUZ)X_0/M`X?<$#?6@N?Z))"-8ZJ M75;OQ\!'=;(KA[-:DMMI]1N8R7/)I;.,?OS>V."F)N#DV)%UQ(6-I\JU!.WT M@3UA5U`T'3JE#5J%[B1[;5-+S!8KT"J$4@30'5,&-5<"UC/DKL!PC;2ZIE@X MSZ?OJ,+E2NG62V&6XI<)Z\4>!KJU/<>CQ(G%.N&@#Y6[O'7KCB@BE9O%BSL M'E1^OYL3C-GPC/F\V,S0#^3,10Q]X)9RZ*ZO%/6C>9&*8L%+BC(V MV=-R^1H^*\>&;!%3\;YZ?)$S%F`R#\+`?(AFP]Y^UI&_R%T-,<^MQJ_A`+258,6F"3=W#&NY MNTU!C%1,D5?MCJB=[KR&.LV*B`BBUALU0B]W%4P17A65AZEENAJ!);(VIE*[ MNK>0<.S*/+.YUQ4@HM3VI5:ERF)>69+:_L07%LH`>Y-'9#H.D\34S4F0HD`5E/L7M`$0<%:3K-9D`&!?06PP[45>.;1`NL+R,GE MU$TGBE+MIW2X)9GVD(H*W(_18'E2@,1UJN!`*VBAVP(Q2"U=Z5C#=65M]-9C*R&W\YK:C5; M(UF#?WN;9R],6B4Z[#HM,L<7[!4/Q,OCJN9YPQM\8[;X?>&JR7A-R*]*\.GC MR7(7O:&N6Q>3&_A?<:Q(D(FGR/NP,CF"+9Z;P=T;38'4>)M#'WP__:>!!\S4 M::M9BSQJ>GUQ]'MY<8EVA5(,1N[++\&[+HBKD'?C9;) M.EL\"\WT\"U\7TZ6CXOD&2@64^X+]@Y>HE))[3L^_91_#+]!%5B;`^A;.]<$ MA#DL&@$J:$Q'A\\+=R3[K!XJ#&8/ME*2*?+PP2J$N>NXRU5%#UI-.5YIUE'WG`6!/U\-A;N1P=(X60R+1B+GU3>IE&.,X"9V4M3`O7P8`4C]L:KU@= MX/1NM5Z&`>9T9^NE6@")839=74M'>GWWU/Y,RZDF6XDC!S%4[-TBF/W8F,[@ MM$B7YG*(L!U*)$_FX<(FMUMQKRC-8>"$7E*=_\#'XL2V8Z%0&RR]MY>(-M&O M?TC0HT&QD,-VL]>C\/YVJ]<\A%^'P/G:[B?B*LI^;-SA-/ETT583DT7AP59S M./JJ\*>=#4X9%%@2,4$3;8),1O_`@Z`N]%7%_N+*(A5YX<99"2=_RME"&0$M MYLCD%CF.B6'0@3Y8NB/\'U->.M?V53,O,:?G-K3WD](_XH+:QG0'Y$$JWHJ53YVK M;G-R>7=S+D4Z]YV9T/.I\4FFQ#FI=>0R^$AI$S@V(J*G*Q3[9*H\)B#11.G'376`L.;!HUY1/J M3=N$<+>5KG\>04O7,4G\+6VD=GO@L]L',L,*5^M%Z'I_75CDD,H=U'V(8S(9 MNSC$4<..775S%3&O]HU`4XP!,3N,,U4(0548#9M26?\6(`H5;^7:CWM\%X(T M!U:ACMY6MJ\^;L0HC"W@@J#D8^(3=\R@H.!]10^1AA97(:6I4")N@P5!6[\# M:_%U#N21XO#C2AEJ`7BS,&3+1!Q'E())49NEFZ`;D\'.&TR09PY,A>YRY;C& MHSC/;6&L>:C)%=%?M+0BWVM@W0P5=(D,EP1H;?P#)-6["&MM85)@+MPE'BR=<%(SZN"/ZJR27,AXQ:<+N0:E]2QRKPI4LB:"+1N&OIGANZ5BQ^XAF,\Y) M$A'PG'K1#:+K8)-W2BLQL$2L6#CLHS`8*F[*-\BAQ)M MOOM-T`@*C$Z9*,*&+#= M[M3[&P1/[VX*LB27&FRV!H8?E[0X9]>"KC'?UU;7#2?A13F"*.;<;-B1FK@_ M=*J49=N<#(+)3@4X>Y\+SE:W/NR_"CB=*N*[@G/4?P5P=EO[@A.0?@P"%%>[ M-(J?+M!IZJIO)K%[-)^)7.^,ZS._4"=C[-1C!:^)AO`E=6@I?7]EKN>1B_ M442MP?\3$T-P]"?OD_0NI'#&Q!:0UU\6IO3`J#1QMT,33QP5J.)-11'>2+K2 M=$DQLN`+'G'OO\\1]XJ0[O`1M[L_]QE[9NYVJ2C"UD/N&3J%AXQ_(NG`BC'Y M4V:]-UBM?89-AV=I.3.K>K*MW% MH<+K=G-PZ)Z.^(Y?R!\)_I4?S7=9W#'_*X'7^UF!ASD0V%K\-8%7&',G?Q/Q M-:]%GTUR>>N)!J5C>Q,>VUO9X._R;&W*F[^2^5Z4#7$ZQJ@\"M8@;-D:A'E> MCI\0U5U071>]_*),G;>$82R(0.L,%_DJ2J.9*3%PKPU".:N9WV+F3N;6E-^2 M.5Q(/=>!CB4]37KUM#P&%/6N_&7:)L]KW:!*1__\EP.SMIT'E=ZQMW049IT"#?/I`=]#?:-??61_H-@<]4:D/;+"7L&8P M[&G-X%VRTCUO-`V,C+1C:`O9DO-`IC7>3'F@4PZ M_,?'O)[&O'[[GPKU]E;,"\/^,VOFFC*C\C1`#8B2KOL_N]KFF7G88X5QNVY> M]>H7/>;_5MJY)H,$L0[0HT&72B#\_-IY:68J_@\D9@?UO/+=4B3C^_')E?QN M?'HSP:C#]R?GX_.CD_&I/#G'U$A5ON_R\NKBCR=GX^N)/!I?7?V`V9+TSNN. M]OJUJHKNA@$76Z,$=FJQ1]JI&_V0 M3VV_?98+;'-9JD[@OJ.&I8B`APA0.IT]/!?\_[E>4J-.Z^N"D$V5?>\PB.PV M7#UAX,LISIN)-F<)[6].TVQ->R1/-& MK+VD>X)HFT<6DJL]7:LPC%.J#^I45Z)H0-,"RFTAJIK^Z@6*KEY@L27O7@MT MBT-A\W&CDZ\J@2(^=\ZM0"FTQU"3=\LGDM/V-[67<9]M7\S)!XH\V5`4Q;8I[/O:JVA)T)>NTR<+EK"R M/L*Z:,6R%JP=3`!5<6,<3*,+/^%INOVT1=%XY@:/;!9"..($C6JF\+]6 MIXU$R)WQL'XX&=6%CPP^\@G>S&-E:'8Q8@.^.(<$F M;MG6$.WW\C7R\K._Z:#]TR8Q.`&/.IP78VGEIEC:JV_&YR=_LJ43WHVG M)]0OZQ*8+>`J?U.[3!8P3)B5V.]%>A_$NBS]&&[$.PI+NKC+Y]WK]TN5+'7E M./?IXD-X$GB#"9!DH;5EM;`T))IZYDY]+KRTGD*;PF:X40TUU<"W2!NL21/C MH"A;0J5JL^A`I;@7*BR M&Z>K:`;$JDW9=`Y.3QM_Y.IX3A:[*F`WLP5D3/]9%A""F;7C\HYM/3/!=ZA8 MRVP=OP"D9`.V0GZA8+NJ3NB[B(FCL05`K:%9U4IT*_D,J+.VL*DAYA"Q]-!=F)JJS-MQ+G?H9!_A3!Z= M!.O2W5]EMA`.QD.*BO6&Q<)#12)T'C[I-E6XM\LTB>'W&:_)2[%LEE`4NZ]. M42.DH,N;QSF),U1FY.;3WPXH[*0!JIW5`0:MP=>2&U0&1KV8F.!CT]5/GS"N%SGI7X%%/NR%CJN*S2XLKBSU78#)I M$D1'4G.SDCOAEJ9^/YZ^H\P&U9`<1OH04H.8S.`.%6IAR48Y19B63V&QM#2, MTB9K#><6.)L?PJ6=H6M%U9K5;>)WBL&*9N2OY4C6(HG7Y7>5D-I+5VOXY5 M_@*F!MKW*=]=XJC.$%AYE+('S4<'.7!QF'>V M?L2JX/-0$=/2H6G&Y5PE>P!P"[0$>V5?J1?O?%\G92X3['NG"FXW,H4-\GX= MD8Q3.$[,^3+KRV3&I19!S]+/Y^@J*"HK/5^CZU_9I[\?)5;2:6!;1C+'7W(Y M;/V9L>`Q?]6E6YBPA!\5_\P!QA:'MI!+L"X]55M456#U/72P0N2P0M?8-6U% M6<:@>GF\(M,+1?=34QB@7O3A3*']]Z4I_?P-TAA(.AN"S*`6?^Z11.BGCU)669PR94DLV<-G#/'V)=@6U+4[+&]>O[PNW3X?$U5VW%4IYFT9@]4F4,=`179 MY#&4QKI(GG1>O6H:AMG[6`P>-#+,LR'EL4FE@.VG2J6,E'!@DC)UL295L4.7 MQ,+ZEBB5@OR2L@%+5TJJ1QGP M/ZR2:'05A+K20QQ#B(MV5-*04T[F2NO2@#"66N9"IT&V:IS$C?<8!M&X6%-; M#*89JR!:Y%[$O)J-9]R"0RXCHL)C4RW*R$PDM3LE\[9*-@-=5*L")ZEXNC,@ MNNDLDN91!(6VVJSN?J2T9G*'JK-*G MY$2?.]W9HV`Q0XT]I+M&_>'9[40&&RHC)&LXV(ICUN`*PH`'.O<:>Z7HMBL. MSZ,R%C#H?9)BR`MCABB8AJPG(5@LG$*\F5-YWWD\RHJ7A@++PA6S'/64-3,] M(DND_&$\LGF$U>]$X=:0&,%[\&UA&?P8FI[/\P)XBXLV?#E<1,P*F6]9GPSH M<'8[+]T"]GQ^X'JG>,_<5>$K5-PU5%T:/!"E0U!7$&^#,0DYRR`KGZ.FMU?%%[I<'AXO M7G:Y.BZC;\/E&ML'%6XU]1KN9/A>U'K!N9J`HG5%MU1@Y'Y7LQ MS?3(`IUKTTH^4<>3B^5_<@^0.S;W`%L2TM5]<(_YZ[,?83%JPN>[4M]_&G5B,51?M`UCAO'"+]Q.)79`H$WK5#8S(/_4AHHI=RF8G MO-<1`89V6OBQQ!YB3).,^6))U/I#V%`WS7H>J`L@JD3H/33DV(;J6T#R!X+C MRLE8GG*?,:4[S0K[?P;YR_%,6O-S]EG"O,A==--$S$]_MFAUUA?&42:NZ9*, M&N@OHOYQ'P'3C?X+%W*9-:T-K-/A^N*J6J,M)MZ0D]R+B,0W\3I#^\4)#E(P M`,%`R'N5T(P%8_)&`%O8004<8?E<7;Q*];KB@N+Y!8CH@>?K:NHH)\JXVM(Q9?0>+K@:Y&M'_%)CO?0 M@53*2A]@PT=:YG45%(3+R<6>U,3CT*.E]LK!C^ZE]SWJB`UJO+]*C$: M]I&6A6F3?^3U:$ZJZ9]0E4"`_0G2Q-:_49O4\\!,;74^]-_RF\2%('(J,<7S. MN`MLUX*67"4>(/Q0ST3X/#V$J-J*E:[7@I7,L=0?;I-Z#LG@%CNGTI6VX1LX M;&#'T\5'N?+_?:*B]VFE1%,24S1&UV/07EGAJ-.Z*A42V/K&(`*.R+#*`Q,@ M1@&#B_;2N$OGEJQZQ8+J0H2F(7!^\76LEPP4'F^(EKZHP^<2@30+E1B9W[#I M<.B$@L`',Q3`9ASJ9/U.=HTZZ@^4HF)E/0PK0US"1`Q;RH>-!UQ?R`28T##]0P7@O6=<$.Z-DJT-">3 MQ.1"2>YRIB/R?7+K90SU(HNXHJ;H4G<6BCK'/'C>0*9MC,,&OD>`*>NHRENB MN8**QWB)&;HPTC:>.&B*G(2=][T;)N.Z=)PHJK)W)]\\U$L]5)>/E2,T"PZ3 M(_$=\9J6:PSU+88$X/F?)]J-/W*=]L`Y=FEZ4[0`61>R^5!T!ZV2 M,U/FG)D^7^;7\LH8.E3]@UE*CZ46ZTPU57V]N>-5Z$U MTH7)2)`'VHSM"0B'+&95E=5^8K2-'Q!.\;W+POB2LB$@:((,KTKCSN=I2)V3 MLF2=SD)M`;A;9]IYBF7,C;O5O0Q.!2.+"@YONZOL'.(XYJWFXI9^Q$Z^^J&Z M)"*DO6Y(^I6$R'F`U+L#KO1,9@_1';%$.Y6PQJ)<'D_%RO!H4`DIC&EL3J99 M.O9RRTMG12G$60,%>SD0H@L"`NS'8/FH^KQQ=*#9)-L'>9K[,+E/@\<'+((. M9UL"P!9`FMX)/"GXN%-'R9186Z*R?4547]>KXGCF)?%:=)VW-$"?;R MJ#W:K6G!'Y"D@77\*WH&%$_()9IH_5+W/"?6$3\UG4ZX\@&;**O@:.X0;B#* M+3,'70>2?B`F,4DM8I5BT6".$/$+GTJDLCVSO.T"?)0+YW&I5YZ1&]&@D-)O MN@@J0UI>K.#@*G0OSH/4A#=F'(:!P4$8).5[LXY2*E9(\TD27LY+4U68PYFA M^86$WD8%='-,GBX$\&5\QMQ<""_Y8R[>4W-A0&]C];*6!]0/%IY*#2;"ZJ.G!%NM7K M@9S.XZ9\]P"#U_K]?19S(/'YRQ!NX[WJVPX3WB>I;23KSOA[(*>!/%TO']>I M.RL.XGFSQI5]RJLQ36K-$`?BDFSS"Y25PY1;@]H)A@/_!/CY'KMU]S)=_Q5D M.P)M/8]2](5J7YE[0S4PS+]3P/M"^TOW_:,'X,M_`80M8Z+Y2K\V_?:D$H'L MC/N=-A^VO3&7UY*GT7T8G8'S)[=A-0<"!A7O@E6PK-NAW&U?1T'\YRCV0%I] MH_9GIQ??C\Z.)?']Q)8\O;MY=O[\Y ME>;Q*L(_UIE&MD&Y(C)5PGTGN)\@&`BTM-^0(VRCJ#@=OY1.J MF(WD[@Z[M+='V#F+S7$SY215.5R*H7-CP5KG$)Z;L$D&)F]UU1**X#F]&)^[ M!_?^ZN(,^#.V.K[^01Y/OIN<7EQBMCU^^+O)T89SP_1J]\S>HYBJ%7N0SVQV M]:7.KJXX,A9&,I4&O%?"]LX=^HIMW72ZOKR^/OH#RD'DKZZ:6WB3Q3%R#V_( MAOH[UQ1YKBP(J;+XY!(R20(EV9FZ^ZJTRS.XKZL@?19CU=&;O&&&1J@9SS!& M#\Y9AX6`WCD+3>!:<4>8'?KIISA:?/H;F5!]=3Z:@HYU@C4GGBD1B#\8KLW4'^$[(7''-RWH&8VJ3OPO29^!V0E?MOUT$D:PHCT%WQPUK^#@!)7\*] M/X!-/>.6J/%/AY)?NYV^ZIN9O\Z1;09:XR?A)L##VJQ)ET`6X,!S6X\!L^Z;:9-\,64 M:6,-T*O#R(5:7V\)AOR\+7D;&_X,-R"?[?;9R"\-\HN?`?GSB_T7WO\SXGVI ML,LYUDJXN#J95/,UG56!:_$RK&U2@D8L<14\2=W/%EM&'G+-I'H+I(+OD_1' MCLI)[DD7'1QVY*#=%N^QHQ9>!DY;ZQRV9;`D">&^;X#!LXX,PZX'`1<%1TN+:O7*I'T>HVK:"E\+*E9V&U#9TU.MM MD9T^_5T.AN(FPS).#64)9*-%K4^;:X,'WI<7O+4*05%1H-EQ"57"(G(C6%`WXBZ,[?.;+N^1R)NU#$75PZ)"MEY[HY$B!Q M1N0]`20\"Q(@C[\#:M7B;IHC((_]?D^.#GN[#X0C6:Y!HPVXRZ/LU@=`'/NC MUAZCX7#OU_(TDN/'5+9&:JA>O04\8P#$Q7M#0/WHP>50'=SS"%&' MR+:&<&EG*DR0PD0!PV:Z;7+YQ5JW/AS17>T?#A2Q]^(>[8DQ[[#>/1P!I>H- M1[N=<>416_X->DP^7JP"J&R1<8[\.)QI3@CT&[;2[O=V`IE^=C]HP20'3+J= M);,+[=-/8P[G>`@7[`S/@D4(XDY.T($Q!H?$7+M;P6VN]U81\C6HQ]["HX]P MY/=:E"S%STTS+$+]CR4:[?T(1KO3W9=@#-J$P/T=,%@3C/Z@!02CWVO](Q*, MT6X@T\_N23!:YK*_F&`H27&T'\$H^6&NOYUN!R=G1HHE8Z+>R`<:S+^G&(")T'Q3:;?JKM'B!C;[A9 M+NTCH6^(:RJJC(L;]KOT<]3Q6/5.SB?D:3NZFAR?7%>;[*B*W\6=/.(J?GNH M-QM+F#NA4'.3E%DH&2A,6%PA4>3VV6U7H*LB-@4'Y[!#F*H[4,:[*ME'BKIJ M)(5E$K`:)^JB M[>8A-=WM-P=?`?*_`0K>H]*IW7J_V]WF'MHX]*#9I:$'S2$/C1>2_MUBSM\X M:D\MF$9O$&IU^H?FY[C,3G<^:C=D\7_"40_KO0[V.!K4VX/V*Q\U2,4PP>%K MG_3HT/ST^'>N;B;'F`9J6,-P(#0=M(.8WEF@#(VUW#L7W08I5&I_14P;_'0H-!9=/6*,/ M3K*%:_3:L"R0S'*&E31L4-M8%:/50\FKT^$*+.B]HBF-(:33;<$XW2V.H@&Q M<7SVP/"53GTPH&+/]=:H;.[X?GQU-3Z__D$23HQ/*U'!0(6@@?6SO48.\YB) MFW@-D293],U$#AAY_?1BF/Q,$`=2[92]@&L#DL*4-@BH34B?^:^75>U MBKE7\GA]C_V\.ZU.#].D@M34UD$FH#(U<%A4,!]3[,M->E]MB&3-=6:)7!GJ MW*X.**$,*:>1;Z,Q3R*[4=!>K'.[")6#VFROG_(+56461SY MG6>Z;.0Z6A!ZZ`S*4BWC-W@'ATT4[4#EZ]0[[=%&X+O5,!GN;J'0##CI>J7) MR%.2_DAI$L%C1(J!/@/'F8(AQ2M.RM`A5/F3,:%V+`3L<38$OG:SW_I*UGK- MMN)"AU]5]!CP'->+S\A==$_%;<8N5*FC^VRM2GOZ*'/UB76[<%X=8#+=SD`1 MB97IC*UUKFX/B0,Z5;C>M],Y^[9<])I$^W:+2'(;5*U2??PUE=`&/*"V]AH4 M.]WYBG=E+?R8*V(58BB7QS,L;(L2)F6_M*%C! M&?$VNL!<:1/M45=MXK#+F^BTNOFU=PZ'.ZZ]WROSU'Q9T2&%9@#P@9_DQ!H*;A=1;_6&P`;;Z$9IMTCGZ0SQZVO5Y-T$1G(; MD?IPU)5#0!9X%OAE#[AEIZL&Z]$,_>$`3J'>`R6G/SB4/1#,CJ.,X[[Q_M`X MA\,^G)`<]@[1"_3I[VHU([)OPE)ZASUR#XFK$&/72))2*^B`#-2#1U`Q:^%B M]=L@')+%&[X9M8;JF_?!;:I-//0^30>77\UKMO=OW#^#O^ZWU=%]OY*C>.D09J=;NXL[AT6Z]V\41!AT*4QH,*\PU)^='%V?5T@K+ MHQRGX^H0:W_>%`7;`9YR!B<14VI5L=;4@-M?>H704S1;OM6; M(VVS(HGBM;%#5PE]0QIM`RY:1MD>6<`GT5`VU24H`E',C7,,!=2J@/A&%>XA M77"._(4RC3#@'M^8JNJ%^/N)#;K@FJ#;S($-8[ZCU[>"B-=(J%-C_07PT<"6 MX_P`<9&6*V3=!?#V18X@P-B8&K^&`]!6BEDU%$.3Q`TJ7IHP"`S"D][3[HC: MZ&T<=94K-VI4X8(A.D7X5YFJ.`&8%_N0+.:8;52='%2`>H>"*D"[1>)6/+S/ M7D'%K<^M09V[\B&\'@B0U1TR=T.)&_-&9JJ&R6*]<,;?&.V^'WQ]H`V?:MKQMKC MR75/A-7>TEJ[:*OC?T&L@S4CK=7)27>%%H0C[.5L!E>CHNV7#3O+1]BR#[X8 M>*;@`3.!_L&SEK*&KB^.?@_,%3EKM1C^WM9;+-&-(-/5)#SE^G>F$Q.=NO4A M01L3F;*'[6:O1PISN]5K'L*O0P!_V_U$7$79CXT[G";7R@C.J]NB!UO-X>BK MPI]VMD5T!WR%DNP.L'E\B_^!![O-3K\B0.E7W@[B^7/;S:%D^USNWJFEB;L=FGA[^]-VNZ/N8:_9&L";Y'-H[-G]]+..^+]5 M\],"I#M\Q.V?O<>M9^8NYT+MT/NTW>K6AWT^9/RS.6*'CI]RV"YR$Z[M`&(] M%L'XL)F6O`:I^%>SY'\U2_[GHA?_[,V2=RV.<$P])3P&CZT5"RK+'A2_:+=` MD6A]5=)7=BQK4'QO[UH&I:UM*V!@+96S4,?_GBX-^P2C&@FOK#$A%.>!(AUR5EK`I2<]G MD*=2!V^YT,'%W5UIL]515R7>09S=5^0@!Y!=JASL#8\-*;^E!7F2>(U'<<-[ MG!Q,^1Q5E@F[BETFM9G#I:D*&;Y5\U4G"5<^Z5^8R1+^__[?GS:G"6LWV^Y+ M(;=#\?$?UEBOXNR=_#]R![BZ3^\*FL]`.XKSV3'`=V$[+VO8"[!NA1L6LBP+MGUG&L4(*U4(%5X_CNR.A))6+OWVWR([M/ M2J>G8D>OSJK3K#_OAK1S_I?BMV?!LXF$[95$BMFJ*5L=^K+K_;+=\[\)>JUY ML_3E&(.N6FW_EV?8&;E;\26)$55O_@[%X(>0^V-;8E5%J?)97*6+$8*^"UX(=>(=F(V5U$^.&5;?SL$P6R\3; M>Q"ZU7M@(G[=>JA_3K"-*E*D=5IZGT-3*A]78"J^]:>']?1A78E88XTVEH%3 MY\^ZG)66N_M9;5G$!C`3ACZ29]EU1F/SHFJ:DROML#]/*F19^@AC^>(G&^2* M4B[JYM5\"@^6HD4&]'U)L-+_7>C3R?7BFD@7XE(O?>FTV[X,9R6RI>W5S73HK44#E=U?Z MC=VZ5WKS7"!O#&3T(@3)H99:S7U.7MX#7H+&4.&XQ M@7EOV*"Y2)NJ%CH-TB2&5E(??FYALD7+?)K"C3BO]65S`ETXX\0%_J`TBDIX MO5,OEF"3S^VL%A7*=8!^VVX>^DV4NRT[^$CY%OYU]YN##6.[UEFTM^Y\)/N/ ML`W``XQ_>IUI-@)DT!QNF$<9,?>'P[87MVV_MQ$'=AE]XZZKKFZ>!?F*O*K^ M(4`5RK/N>NTGID!ZM/$>=+WJP>G%$490I2LJ1%B2(=;W38DI?K_X!7IUJRQ$ M'HML(7]Z;V)6F?1L;+#&*`$FO=*/NF4 M:X\LY@]%R?74,_VQ`FP*VJ#6#V9($B!X'DRTT!ED[.J)5DVY4R+TWK`N)%Q6 M:^\;,RY+2\,G*.^VBB*;C.N-0]CTU^+70Q\?(C,IYQ`G:?GL<4&92@0G9%:_ M9U6TOEV>8N!C`!M.8A^;I$V,]-L7-F1(EH[UXNSL1!G].,T)TY^^F9P??:YF M8UC\S;1:$E09TFX*)^(W%6!T")?-[\'M)"J_;*&2L^_2P/1,]E-LS6]WT!KI MT7C#FK@B33%6.::6YQ,DCW3KI?[3+^*D#;,;Q MW,T6W6L^;#=6D7=2\JE78\-+KB!I*3J1>8NZK'-.]T8^YO8*N]3;&XQI&[-* M*]4L_]>>1-.2J.K-./4/Y,L=W0E8+SD;G<1;`$Q)Q/&[&W?Q,ZI%7H__^)E( M1`=V'7QTVOQM",]0SV/NF9+`2K?[<[)L]Q=5)+D]O=1_ MZN5,4Q]%WR/?M*QEO$;6Z<]Q;B_!P`WYPOIDZCMF0'O37;TH]59GOF'QESC" M+GP[W9,OF%]:7,%_17ZIWX[_:I`H"_L_>^IE21'\C,3+$G1>D%;9T%O=`Y7S MM\PBWD9RJYW:#Z6NLN+OCBLUS[4/O<[N=VVNLN-WV+D!_V](+'7@? M,_>L,OEIPP7;^1W_S=KY]4W'OQ_@=YZR@BMT-HL"^;1N[_6JH+><*;Z==E<^ MD9^ZL.V=WME,MS=FQV]C5B\=IP"5EPY3AMY+1]H%RO*E@U?@7-=((KOF[7Z> M;#)]49ZG=T75)$M363]5TE1V:*CLM*$7P3K$41H/;B:#&`ZI[+K:I1!"U^$H'5IV,02L,N+G(7\N*DD;N>[[: ME5Q!%^?P4^>2'CASF!UZONIH2.$;5G'8'7V(?L:KSWK+8S=QL$0?&Q:^S2H@ MZJ=&&PO&F`TV]`9#+9"I:%)%/;:\7@F?LK'O-N.OG##08>3C"?H>+B5DST$BV/(O'[G%JO MZ($=9I,U@:_9YL-.\C<2(/%FTV#*$D)HB,]ZA)BW6;;Z[?\/4$L!`A0#%``` M``@`L4EP1^?UGL!#`@``*2\``!,``````````````(`!`````%M#;VYT96YT M7U1Y<&5S72YX;6Q02P$"%`,4````"`"Q27!'2'4%[L4````K`@``"P`````` M````````@`%T`@``7W)E;',O+G)E;'-02P$"%`,4````"`"Q27!'P"'498$" M``#M+P``&@``````````````@`%B`P``>&PO7W)E;',O=V]R:V)O;VLN>&UL M+G)E;'-02P$"%`,4````"`"Q27!'O7K(G]T#```1$@``$``````````````` M@`$;!@``9&]C4')O<',O87!P+GAM;%!+`0(4`Q0````(`+%)<$97)PC$`8``)PG```3``````````````"``9,+``!X;"]T M:&5M92]T:&5M93$N>&UL4$L!`A0#%`````@`L4EP1P0$&N4Y`@``YP@```T` M`````````````(`!U!$``'AL+W-T>6QE&PO=V]R:V)O;VLN>&UL M4$L!`A0#%`````@`L4EP1\]5D\EG`@``O@@``!@``````````````(`!$1H` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP M1^:#C)KE!```T!D``!@``````````````(`!WR,``'AL+W=O&PO=V]R:W-H M965T&UL4$L!`A0#%`````@`L4EP1^4=H2JN!```,1@``!@` M`````````````(`!,R\``'AL+W=O_U:78HP$``+$#```8``````````````"``1&PO=V]R:W-H965T&UL M4$L!`A0#%`````@`L4EP1T9U-J:A`0``L0,``!D``````````````(`!QS<` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` ML4EP1Q;Y@>*A`0``L0,``!D``````````````(`!43T``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1RV1KRFB`0`` ML0,``!D``````````````(`!WD(``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1VDM`0:A`0``L0,``!D````````` M`````(`!;4@``'AL+W=O&PO=V]R:W-H M965T7!E!OH0$``+$#```9 M``````````````"``1Y,``!X;"]W;W)K&UL4$L! M`A0#%`````@`L4EP1U"+.(RB`0``L0,``!D``````````````(`!]DT``'AL M+W=O_^6*(! M``"Q`P``&0``````````````@`'/3P``>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP M1S5G#E*C`0``L0,``!D``````````````(`!@5,``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1\,<)A:A`0``L0,` M`!D``````````````(`!#UD``'AL+W=O&PO=V]R:W-H965T\VR24 MK@$``!8$```9``````````````"``;]<``!X;"]W;W)K&UL4$L!`A0#%`````@`L4EP1R[X&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`L4EP1\7B[9*Q`0``%@0``!D``````````````(`!-60``'AL+W=O M&PO=V]R:W-H965TES(`WI@$``+`#```9``````````````"``?EG M``!X;"]W;W)K&UL4$L!`A0#%`````@`L4EP1W!5 MDFNE`0``L`,``!D``````````````(`!UFD``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1]U$8".O`0``%@0``!D` M`````````````(`!:F\``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1PG!1<2D`0``L0,``!D``````````````(`! M!W4``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`L4EP1ZZJ'D6D`@``V0T``!D``````````````(`!Q7H``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1PN'78^_ M`@``1`P``!D``````````````(`!VX$``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1[!:Y(@A`@``<`8``!D````` M`````````(`!W8D``'AL+W=OK!J*P!```V!```&0``````````````@`$UC```>&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`L4EP1XX7M1>G`P``01,``!D``````````````(`!ZY$` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` ML4EP1\\Q0>H4`P``F0X``!D``````````````(`!K)L``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1_=8B-<;`@`` M;`8``!D``````````````(`!SZ,``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1[;+2Q`K`@``-0<``!D````````` M`````(`!7:H``'AL+W=O&PO=V]R:W-H M965T&UL4$L! M`A0#%`````@`L4EP1T<@1P#A`0``"`4``!D``````````````(`!S;,``'AL M+W=O&PO=V]R:W-H965TX``!X;"]W;W)K&UL4$L!`A0#%`````@`L4EP M1Y0&6_['`0``0`0``!D``````````````(`!=KH``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1Y5:^']Y`@``F`@` M`!D``````````````(`!&PO=V]R:W-H965T&UL4$L!`A0#%`````@`L4EP1Z97*U0K`P``[0X``!D````````````` M`(`!A\@``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`L4EP1_;>#69]`P``D1```!D``````````````(`!`=(``'AL+W=O M&PO=V]R:W-H965TE&T```G.`0`4``````````````"``9#7 L``!X;"]S:&%R9613=')I;F=S+GAM;%!+!08`````60!9`&$8``!610$````` ` end XML 16 R70.htm IDEA: XBRL DOCUMENT v3.3.0.814
INCOME TAX (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Income Tax Disclosure [Abstract]    
Income tax expense $ 67 $ (46)
XML 17 R55.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENT PROPERTIES (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Reclassified as Assets held for sale $ 83 $ 98
MaoYe [Member]    
Investment Amount 894 894
MaoYe [Member] | Yuan RMB    
Investment Amount 5,554 5,554
Jiang Huai [Member]    
Investment Amount 580 580
Jiang Huai [Member] | Yuan RMB    
Investment Amount 3,600 3,600
Fu Li [Member]    
Investment Amount 648 648
Fu Li [Member] | Yuan RMB    
Investment Amount 4,025 4,025
China [Member]    
Currency translation (48) 1
Gross investment in rental property 2,074 2,123
Accumulated depreciation on rental property (596) (583)
Net investment in property $ 1,478 $ 1,540
China [Member] | Yuan RMB    
Currency translation
Gross investment in rental property $ 13,179 $ 13,179
Accumulated depreciation on rental property (3,781) (3,619)
Net investment in property 9,398 9,560
Penang-Malaysia RM [Member]    
Investment Amount 681 681
Gross investment in rental property 681 681
Accumulated depreciation on rental property (312) (310)
Reclassified as Assets held for sale $ (369) $ (371)
Net investment in property
Penang-Malaysia [Member]    
Investment Amount $ 154 $ 181
Gross investment in rental property 154 181
Accumulated depreciation on rental property (71) (83)
Reclassified as Assets held for sale $ (83) $ (98)
Net investment in property
XML 18 R78.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Details 3) - 2007 Directors Equity Incentive Plan [Member] - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Summary of option activities under the 2007 Directors Equity Incentive Plan    
Outstanding at beginning of period 365,000 315,000
Granted, Options
Exercised, Options
Forfeited or expired, Options
Options outstanding 365,000 315,000
Exercisable at end of period 365,000 315,000
Outstanding at beginning of period, Weighted- Average Exercise Price $ 3.64 $ 3.62
Granted, Weighted- Average Exercise Price
Exercised, Weighted- Average Exercise Price
Forfeited or expired, Weighted- Average Exercise Price
Outstanding at end of period, Weighted- Average Exercise Price $ 3.64 $ 3.62
Exercisable at end of period, Weighted- Average Exercise Price $ 3.64 $ 3.62
Outstanding at beginning of period, Weighted - Average Remaining Contractual Term (Years) 1 year 11 months 26 days 2 years 7 months 17 days
Outstanding at end of period, Weighted - Average Remaining Contractual Term (Years) 1 year 8 months 26 days 2 years 4 months 13 days
Exercisable at end of period, Weighted - Average Remaining Contractual Term (Years) 1 year 8 months 26 days 2 years 4 months 13 days
Aggregate Intrinsic Value    
Outstanding at beginning of period $ 53 $ 24
Granted, Aggregate Intrinsic Value
Exercised, Aggregate Intrinsic Value
Forfeited or expired, Aggregate Intrinsic Value
Outstanding at end of period $ 13 $ 151
Exercisable at end of period, Aggregate Intrinsic Value $ 13 $ 151
XML 19 R46.htm IDEA: XBRL DOCUMENT v3.3.0.814
ORGANIZATION AND BASIS OF PRESENTATION (Details)
Sep. 30, 2015
Express Test Corporation (Dormant)  
Ownership 100.00%
Trio-Tech Reliability Services (Dormant)  
Ownership 100.00%
KTS Incorporated, dba Universal Systems (Dormant)  
Ownership 100.00%
European Electronic Test Centre (Operation ceased on November 1, 2005)  
Ownership 100.00%
Trio-Tech International Pte. Ltd  
Ownership 100.00%
Universal (Far East) Pte. Ltd  
Ownership 100.00%
Trio-Tech International (Thailand) Co. Ltd  
Ownership 100.00%
Trio-Tech (Bangkok) Co. Ltd. (49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)  
Ownership 100.00%
Trio-Tech (Malaysia) Sdn. Bhd. (55% owned by Trio-Tech International Pte. Ltd.)  
Ownership 55.00%
Trio-Tech (Kuala Lumpur) Sdn. Bhd. (100% owned by Trio-Tech Malaysia Sdn. Bhd.)  
Ownership 55.00%
Prestal Enterprise Sdn. Bhd. (76% owned by Trio-Tech International Pte. Ltd.)  
Ownership 76.00%
Trio-Tech (Suzhou) Co. Ltd.  
Ownership 100.00%
Trio-Tech (Shanghai) Co. Ltd.  
Ownership 100.00%
Trio-Tech (Chongqing) Co. Ltd. SHI International Pte. Ltd.  
Ownership 100.00%
SHI International Pte. Ltd. (55% owned by Trio-Tech International Pte. Ltd.)  
Ownership 55.00%
PT SHI Indonesia (100% owned by SHI International Pte. Ltd)  
Ownership 55.00%
Trio-Tech (Tianjin) Co. Ltd.  
Ownership 100.00%
XML 20 R33.htm IDEA: XBRL DOCUMENT v3.3.0.814
LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Tables)
 3 Months Ended
Sep. 30, 2015
Loan Receivable From Property Development Projects Tables  
Companys loans receivable from property development projects

The following table presents TTCQ’s loan receivable from property development projects in China as of September 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at September 30, 2015.

 

 

Loan Expiry

Date

  

Loan Amount

(RMB)

    

Loan Amount

(U.S. Dollars)

  
Short-term loan receivables              
JiangHuai (Project – Yu Jin Jiang An) May 31,2013     2,000       325  
Less: allowance for impairment       (2,000 )     (325 )
Net loan receivables from property development projects       -       -  
                   
Long-term loan receivables                  
Jun Zhou Zhi Ye Oct 31, 2016     5,000       814  
Less: transfer – down-payment for  purchase of investment properties       (5,000 )     (814 )
Net loan receivables from property development projects       -       -  

 

The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at June 30, 2015.

 

 

Loan Expiry

Date

  

Loan Amount

(RMB)

    

Loan Amount

(U.S. Dollars)

  
Short-term loan receivables              
JiangHuai (Project – Yu Jin Jiang An) May 31,2013     2,000       325  
Less: allowance for impairment       (2,000 )     (325 )
Net loan receivables from property development projects       -       -  
                   
Long-term loan receivables                  
Jun Zhou Zhi Ye Oct 31, 2016     5,000       814  
Less: transfer – down-payment for  purchase of investment properties       (5,000 )     (814 )
Net loan receivables from property development projects       -       -  
XML 21 R79.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Dec. 08, 2013
Stock-based compensation expense $ 4 $ 9  
Employee 2007 [Member]      
Shares authorized 600,000    
Options granted  
Exercised during period  
Stock-based compensation expense $ 4 $ 9  
Weighted average contractual term, nonvested 1 year 2 months 9 days 2 years 2 months 9 days  
Unamortized stock-based compensation $ 27  
Vested stock options 112,500 103,750  
Weighted-average exercise price, vested options $ 4.06 $ 4.14  
Weighted average contractual term 1 year 11 days 1 year 10 months 6 days  
Fair value of stock options, vested $ 457 $ 430  
Employee 2007 [Member] | Maximum Member      
Weighted average contractual term 10 years    
Employee 2007 [Member] | Weighted Average [Member]      
Weighted average contractual term 5 years    
Director 2007 [Member]      
Shares authorized 500,000   400,000
Options granted  
Exercised during period  
Stock-based compensation expense  
Vested stock options 365,000 315,000  
Weighted-average exercise price, vested options $ 3.64 $ 3.62  
Weighted average contractual term 1 year 8 months 26 days 2 years 4 months 13 days  
Fair value of stock options, vested $ 13 $ 151  
Director 2007 [Member] | Weighted Average [Member]      
Weighted average contractual term 5 years    
XML 22 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 23 R73.htm IDEA: XBRL DOCUMENT v3.3.0.814
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Notes to Financial Statements    
Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax $ 264 $ (150)
(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax (5) 14
Net income / (loss) attributable to Trio-Tech International common shareholders $ 259 $ (136)
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International $ 0.08 $ (0.04)
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International
Basic and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International $ .08 $ (.04)
Weighted average number of common shares outstanding - basic 3,513 3,513
Dilutive effect of stock options 8
Number of shares used to compute earnings per share - diluted 3,521 3,513
XML 24 R57.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER ASSETS - Other assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Down payment for purchase of investment properties $ 1,645 $ 1,645
Down payment for purchase of property, plant and equipment 20 31
Deposit for rental and utilities 140 $ 147
Currency translation effect (52)
Ending balance $ 1,753 $ 1,823
XML 25 R76.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Details 1) - 2007 Employee Plan [Member] - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Outstanding at beginning of period 130,000 130,000
Granted, Options
Exercised, Options
Forfeited or expired, Options
Options outstanding 130,000 130,000
Exercisable at end of period 112,500 103,750
Outstanding at beginning of period, Weighted- Average Exercise Price $ 3.93 $ 3.93
Granted, Weighted- Average Exercise Price
Exercised, Weighted- Average Exercise Price
Forfeited or expired, Weighted- Average Exercise Price
Outstanding at end of period, Weighted- Average Exercise Price $ 3.93 $ 3.93
Exercisable at end of period, Weighted- Average Exercise Price $ 4.06 $ 4.14
Outstanding at beginning of period, Weighted - Average Remaining Contractual Term (Years) 1 year 6 months 25 days 2 years 6 months 25 days
Outstanding at end of period, Weighted - Average Remaining Contractual Term (Years) 1 year 3 months 25 days 2 years 3 months 19 days
Exercisable at end of period, Weighted - Average Remaining Contractual Term (Years) 1 year 11 days 1 year 10 months 6 days
Outstanding at beginning of period $ 13
Granted, Aggregate Intrinsic Value
Exercised, Aggregate Intrinsic Value
Forfeited or expired, Aggregate Intrinsic Value
Outstanding at end of period $ 31
Exercisable at end of period, Aggregate Intrinsic Value $ 10
XML 26 R77.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Details 2) - $ / shares
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Notes to Financial Statements    
Non-vested at beginning of period, Options 17,500 26,250
Granted, Options
Vested, Options
Forfeited, Options
Non-vested at end of period, Options 17,500 26,250
Non-vested at beginning of period, Weighted-Average Grant-Date Fair Value $ 1.69 $ 1.69
Granted, Options, Weighted-Average Grant-Date Fair Value
Vested, Options, Weighted-Average Grant-Date Fair Value
Forfeited, Options, Weighted-Average Grant-Date Fair Value
Non-vested at end of period, Options , Weighted-Average Grant-Date Fair Value $ 1.69 $ 1.69
XML 27 R71.htm IDEA: XBRL DOCUMENT v3.3.0.814
DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Notes to Financial Statements    
Revenue
Cost of sales
Gross margin
Operating expenses    
General and administrative
Selling
Impairment loss of property, plant and equipment
Total
Income from discontinued operation
Other (charges) / income $ (10) $ 26
Net (loss) / income from discontinued operation (10) 26
Less: net (income) / loss attributable to the non-controlling interest (5) 12
(Loss) / income from discontinued operations, net of tax $ (5) $ 14
XML 28 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The Company’s Indonesia operation and the Indonesia operation’s immediate holding company, which comprise the fabrication services segment, suffered continued operating losses in the past six fiscal years, and the cash flow was minimal for the past six years.  The Company established a restructuring plan to close the fabrication services operation, and in accordance with ASC Topic 205-20, Presentation of Financial Statement Discontinued Operations (“ASC Topic 250-20”), the Company presented the operation results from fabrication services as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component and that the Company would have no significant continuing involvement in the operations of the discontinued component. In accordance with the restructuring plan, the Company is negotiating with its suppliers to settle the outstanding balance of accounts payable of $60 and there is no accounts receivable since all the amounts due have been collected. The Company’s fabrication operation in Indonesia is in the process of winding down the operations.

 

In January 2010, the Company established a restructuring plan to close the Testing operation in Shanghai, China.  Based on the restructuring plan and in accordance with ASC Topic 205-20, the Company presented the operation results from Shanghai as a discontinued operation, as the Company believed that no continued cash flow would be generated by the discontinued component (Shanghai subsidiary) and that the Company would have no significant continuing involvement in the operations of the discontinued component. The Shanghai operation has no outstanding accounts payable and no accounts receivable.

 

The discontinued operations in Shanghai and in Indonesia did not incur general and administrative expenses for the three months ended September 30, 2015, and incurred general and administrative expenses and selling expenses of $4 for the same period in the last fiscal year. The Company anticipates that it may incur additional costs and expenses at the time of winding down the business of the subsidiary through which the facilities operated.

 

Loss / income from discontinued operations for the three months ended September 30, 2015 and 2014 were as follows:

 

   

Three Months Ended

September 30,

  
    2015     2014  
Revenue   $ -     $ -  
Cost of sales     -       -  
Gross margin     -       -  
Operating expenses                
General and administrative     -       -  
Selling     -       -  
Impairment loss of property, plant and equipment     -       -  
       Total      -       -  
Income from discontinued operation     -       -  
Other (charges) / income     (10 )     26  
Net (loss) / income from discontinued operation     (10 )     26  
Less: net (income) / loss attributable to the non-controlling interest     (5 )     12  
(Loss) / income from discontinued operation, net of tax   $ (5 )     14  

 

The Company does not provide a separate cash flow statement for the discontinued operation, as the impact of this discontinued operation was immaterial.

 
XML 29 R50.htm IDEA: XBRL DOCUMENT v3.3.0.814
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Sep. 30, 2014
Allowance for doubtful deemed interest receivables   $ 51
Jiang Huai [Member]      
Short-term Loan income receivable $ 325 $ 325  
Other income  
Impairment charge $ 325    
Jun Zhou Zhi Ye [Member]      
Long-term Loan income receivable 814 $ 814  
Other income   68  
Allowance for doubtful deemed interest receivables   68  
Yuan RMB | Jiang Huai [Member]      
Short-term Loan income receivable 2,000 2,000  
Yuan RMB | Jun Zhou Zhi Ye [Member]      
Long-term Loan income receivable $ 5,000 5,000  
Other income   $ 417  
XML 30 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER INCOME (Tables)
 3 Months Ended
Sep. 30, 2015
Other Income and Expenses [Abstract]  
Other income
   

Three Months Ended

September 30,

  
    2015     2014  
Investment income deemed interest income   $ -       51  
Interest income     3       3  
Other rental income     24       26  
Exchange gain / (loss)     184       (10 )
Allowance for doubtful deemed interest receivables     -       (51 )
Other miscellaneous income     (3 )     27  
Total   $ 208     $ 46  
XML 31 R75.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Details)
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Expected life (years) 2 years 6 months  
MinimumMember    
Expected volatility 71.44% 70.01%
Risk-free interest rate 0.30% 0.30%
Expected life (years)   2 years 6 months
Maximum Member    
Expected volatility 104.94% 104.94%
Risk-free interest rate 0.78% 0.78%
Expected life (years)   3 years 3 months
XML 32 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
LINES OF CREDIT (Tables)
 3 Months Ended
Sep. 30, 2015
Lines Of Credit Tables  
Lines of credit

As of September 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

 

Entity with Type of Interest   Expiration     Credit     Unused  
Facility Facility Rate   Date     Limitation     Credit  
Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.9% to 5.6%     -     $ 5,437     $ 3,533  
Trio-Tech (Malaysia) Sdn. Bhd. Lines of Credit Ranging from 6.3% to 6.7%     -     $ 371     $ 371  
Trio-Tech (Tianjin) Co., Ltd. Lines of Credit Ranging from 4.9% to 6.3%     -     $ 1,259     $ 1,259  

 

As of June 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

 

Entity with Type of Interest   Expiration     Credit     Unused  
Facility Facility Rate   Date     Limitation     Credit  
Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.9% to 5.6%     -     $ 7,422     $ 6,161  
Trio-Tech (Malaysia) Sdn. Bhd. Lines of Credit Ranging from 6.3% to 6.7%     -     $ 396     $ 79  
Trio-Tech (Tianjin) Co., Ltd. Lines of Credit Ranging from 4.9% to 6.3%     -     $ 1,289     $ 1,289  

 
XML 33 R52.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVENTORIES (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
Beginning $ 764 $ 844
Additions charged to expenses 67
Usage - disposition $ (51) (103)
Currency translation effect (28) (44)
Ending $ 685 $ 764
XML 34 R67.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS SEGMENTS (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
RealEstate [Member]    
Other income $ 51
Inter Segment [Member]    
Net revenue $ 115 $ 45
XML 35 R61.htm IDEA: XBRL DOCUMENT v3.3.0.814
WARRANTY ACCRUAL (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
Beginning $ 103 $ 60
Additions charged to cost and expenses 12 114
Utilization / reversal (15) (65)
Currency translation effect (5) (6)
Ending $ 95 $ 103
XML 36 R47.htm IDEA: XBRL DOCUMENT v3.3.0.814
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)
 3 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Date of incorporation Jan. 01, 1958
State of incorporation California
XML 37 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
NEW ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
NEW ACCOUNTING PRONOUNCEMENTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The amendments in Accounting Standards Updates (“ASU”) 2015-14 ASC Topic 606: Deferral of the Effective Date (“ASC Topic 606”) defers the effective date of update 2014-09 for all entities by one year. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

FASB has issued converged standards on revenue recognition. Specifically, the Board has issued ASU. 2014-09 (“ASU 2014-09”), ASC Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition, (“ASC Topic 605”) and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (“ASC Topic 360”) and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.

 

The amendments in ASU 2015-11 ASC Topic 330: Simplifying the Measurement of Inventory (“ASC Topic 330”) specify that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using Last-In-First-Out or the retail inventory method. The amendments in ASU 2015-011 are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

  

FASB amended ASU 2015-07 ASC Topic 820: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

The amendments in ASU 2015-06 ASC Topic 260: Effects on Historical Earnings Per Unit of Master Limited Partnership Dropdown Transactions (“ASC Topic 260”) specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings or (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. The amendments in ASU 2015-06 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. While early adoption is permitted, the Company has not elected to early adopt. The amendments should be applied retrospectively for all financial statements presented. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

The amendments in ASU 2015-02 ASC Topic 810: Amendments to the Consolidation Analysis are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments in ASU 2015-02 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While early adoption is permitted, including adoption in an interim period, the Company has not elected to early adopt. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The company has not yet determined the effects on the Company’s consolidated financial position or results of operations on the adoption of this update.

 

The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, (“ASC Topic 225”) requires that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.  The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

FASB amended ASU 2014-15 Subtopic 205-40, Presentation of Financial Statements – Going Concern (“ASC Topic 205”) to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. While early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

 The FASB has issued ASU No. 2014-08, ASC Topic 205 Presentation of Financial Statements (“ASC Topic 205”) and ASC Topic 360 Property, Plant, and Equipment (“ASC Topic 360”): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in the ASU 2014-08 are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this update did not have a significant effect on the Company’s consolidated financial position or results of operations.

 

Other new pronouncements issued but not yet effective until September 30, 2015 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.
XML 38 R62.htm IDEA: XBRL DOCUMENT v3.3.0.814
WARRANTY ACCRUAL (Details Narratives)
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Product warranty term The Company provides a one-year warranty for products manufactured by it.
XML 39 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Tables)
 3 Months Ended
Sep. 30, 2015
Discontinued Operation And Corresponding Restructuring Plan Tables  
Loss / income from discontinued operations
   

Three Months Ended

September 30,

  
    2015     2014  
Revenue   $ -     $ -  
Cost of sales     -       -  
Gross margin     -       -  
Operating expenses                
General and administrative     -       -  
Selling     -       -  
Impairment loss of property, plant and equipment     -       -  
       Total      -       -  
Income from discontinued operation     -       -  
Other (charges) / income     (10 )     26  
Net (loss) / income from discontinued operation     (10 )     26  
Less: net (income) / loss attributable to the non-controlling interest     (5 )     12  
(Loss) / income from discontinued operation, net of tax   $ (5 )     14  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
SUBSEQUENT EVENT
 3 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

On October 5, 2015, the Company granted options to purchase 50,000 shares of its Common Stock to directors pursuant to the 2007 Directors Plan with an exercise price equal to the fair market value of Common Stock (as defined under the 2007 Directors Plan in conformity with Regulation 409A or the Internal Revenue Code of 1986, as amended) at the date of grant. The fair value of the options granted to purchase 50,000 shares of the Company’s Common Stock was approximately $54 based on the fair value of $2.69 per share determined by the Black Scholes option pricing model.
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

In accordance with the ASC Topic 825, the following presents assets and liabilities measured and carried at fair value and classified by level of the following fair value measurement hierarchy in accordance to ASC Topic 820:

 

There were no transfers between Levels 1 and 2 during the three months ended September 30, 2015 and 2014.

 

Term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments.

 

Loans receivable from property development projects (Level 3) – The carrying amount approximates fair value because of the short-term nature.

 

Restricted term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments.

 

Lines of credit (Level 3) – The carrying value of the lines of credit approximates fair value due to the short-term nature of the obligations.

 

Bank loans payable (Level 3) – The carrying value of the Company’s bank loan payables approximates its fair value as the interest rates associated with long-term debt is adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.
XML 42 R56.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENT PROPERTIES (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Jun. 30, 2015
Rental income $ 32 $ 43  
Depreciation expenses 26 27  
MaoYe [Member]      
Investment Amount $ 894   $ 894
Rental agreement term 5 years    
Rental increase 5.00%   8.00%
Rental income $ 22 $ 29  
MaoYe [Member] | Yuan RMB      
Investment Amount 5,554   $ 5,554
Monthly rental 38,520   38,645
Jiang Huai [Member]      
Investment Amount 580   580
Jiang Huai [Member] | Yuan RMB      
Investment Amount $ 3,600   3,600
Rental income  
Fu Li [Member]      
Investment Amount $ 648   648
Rental increase 6.00%    
Rental income $ 10   14
Fu Li [Member] | Yuan RMB      
Investment Amount 4,025   4,025
Monthly rental 13,669   16,081
Penang-Malaysia RM [Member]      
Investment Amount 681   681
Factory reclassified to investment property 369    
Penang [Member]      
Investment Amount 154   181
Factory reclassified to investment property $ 83   $ 98
XML 43 R44.htm IDEA: XBRL DOCUMENT v3.3.0.814
EARNINGS PER SHARE (Tables)
 3 Months Ended
Sep. 30, 2015
Earnings Per Share Tables  
Reconciliation of the weighted average shares
   

Three Months Ended

September 30,

  
     2015      2014  
    (Unaudited)     (Unaudited)  
Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax   $ 264     $ (150 ) 
(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax     (5 )     14  
Net income / (loss) attributable to Trio-Tech International common shareholders   $ 259     $ (136 )
                 
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International     0.08       (0.04 ) 
                 
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International     -       -  
Basic and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International   $ 0.08      $ (0.04 ) 
                 
Weighted average number of common shares outstanding - basic     3,513       3,513  
Dilutive effect of stock options     8       -  
Number of shares used to compute earnings per share – diluted     3,521       3,513  
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 3 Months Ended
Sep. 30, 2015
Organization And Basis Of Presentation Policies  
Basis of Presentation

The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars.  The accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included.  Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the fiscal year ended June 30, 2015.
New Accounting Pronouncements

The amendments in Accounting Standards Updates (“ASU”) 2015-14 ASC Topic 606: Deferral of the Effective Date (“ASC Topic 606”) defers the effective date of update 2014-09 for all entities by one year. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

FASB has issued converged standards on revenue recognition. Specifically, the Board has issued ASU. 2014-09 (“ASU 2014-09”), ASC Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition, (“ASC Topic 605”) and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (“ASC Topic 360”) and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.

 

The amendments in ASU 2015-11 ASC Topic 330: Simplifying the Measurement of Inventory (“ASC Topic 330”) specify that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using Last-In-First-Out or the retail inventory method. The amendments in ASU 2015-011 are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

FASB amended ASU 2015-07 ASC Topic 820: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. While early adoption is permitted, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

The amendments in ASU 2015-06 ASC Topic 260: Effects on Historical Earnings Per Unit of Master Limited Partnership Dropdown Transactions (“ASC Topic 260”) specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings or (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. The amendments in ASU 2015-06 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. While early adoption is permitted, the Company has not elected to early adopt. The amendments should be applied retrospectively for all financial statements presented. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

The amendments in ASU 2015-02 ASC Topic 810: Amendments to the Consolidation Analysis are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The amendments in ASU 2015-02 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. While early adoption is permitted, including adoption in an interim period, the Company has not elected to early adopt. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The company has not yet determined the effects on the Company’s consolidated financial position or results of operations on the adoption of this update.

 

The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, (“ASC Topic 225”) requires that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.  The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

FASB amended ASU 2014-15 Subtopic 205-40, Presentation of Financial Statements – Going Concern (“ASC Topic 205”) to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments in ASU 2014-15 are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. While early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued, the Company has not elected to early adopt. The adoption of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

 

 The FASB has issued ASU No. 2014-08, ASC Topic 205 Presentation of Financial Statements (“ASC Topic 205”) and ASC Topic 360 Property, Plant, and Equipment (“ASC Topic 360”): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in the ASU 2014-08 are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this update did not have a significant effect on the Company’s consolidated financial position or results of operations.

 

Other new pronouncements issued but not yet effective until September 30, 2015 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 3 Months Ended
Sep. 30, 2015
Organization And Basis Of Presentation Tables  
Subsidiaries
  Ownership Location
     
Express Test Corporation (Dormant) 100% Van Nuys, California
Trio-Tech Reliability Services (Dormant) 100% Van Nuys, California
KTS Incorporated, dba Universal Systems (Dormant) 100% Van Nuys, California
European Electronic Test Centre (Dormant) 100% Dublin, Ireland
Trio-Tech International Pte. Ltd. 100% Singapore
Universal (Far East) Pte. Ltd.  * 100% Singapore
Trio-Tech International (Thailand) Co. Ltd. * 100% Bangkok, Thailand
Trio-Tech (Bangkok) Co. Ltd. 100% Bangkok, Thailand
(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)    

Trio-Tech (Malaysia) Sdn. Bhd.

(55% owned by Trio-Tech International Pte. Ltd.)

 55% Penang and Selangor, Malaysia
Trio-Tech (Kuala Lumpur) Sdn. Bhd. 55% Selangor, Malaysia
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)    
Prestal Enterprise Sdn. Bhd. 76% Selangor, Malaysia
(76% owned by Trio-Tech International Pte. Ltd.)    
Trio-Tech (Suzhou) Co., Ltd. * 100% Suzhou, China
Trio-Tech (Shanghai) Co., Ltd. * (Dormant) 100% Shanghai, China
Trio-Tech (Chongqing) Co. Ltd. * 100% Chongqing, China

SHI International Pte. Ltd. (Dormant)

(55% owned by Trio-Tech International Pte. Ltd)

 55% Singapore

PT SHI Indonesia (Dormant)

(100% owned by SHI International Pte. Ltd.)

55%

 

Batam, Indonesia

 

Trio-Tech (Tianjin) Co., Ltd. * 100% Tianjin, China
XML 46 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
ORGANIZATION AND BASIS OF PRESENTATION
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
ORGANIZATION AND BASIS OF PRESENTATION

Trio-Tech International (“the Company” or “TTI” hereafter) was incorporated in fiscal year 1958 under the laws of the State of California.  TTI provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia. In addition, TTI operates testing facilities in the United States.  The Company also designs, develops, manufactures and markets a broad range of equipment and systems used in the manufacturing and testing of semiconductor devices and electronic components. In the first quarter of fiscal year 2016, TTI conducted business in four business segments: Manufacturing, Testing Services, Distribution and Real Estate. TTI has subsidiaries in the U.S., Singapore, Malaysia, Thailand and China as follows:

 

  Ownership Location
     
Express Test Corporation (Dormant) 100% Van Nuys, California
Trio-Tech Reliability Services (Dormant) 100% Van Nuys, California
KTS Incorporated, dba Universal Systems (Dormant) 100% Van Nuys, California
European Electronic Test Centre (Dormant) 100% Dublin, Ireland
Trio-Tech International Pte. Ltd. 100% Singapore
Universal (Far East) Pte. Ltd.  * 100% Singapore
Trio-Tech International (Thailand) Co. Ltd. * 100% Bangkok, Thailand
Trio-Tech (Bangkok) Co. Ltd. 100% Bangkok, Thailand
(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)    

Trio-Tech (Malaysia) Sdn. Bhd.

(55% owned by Trio-Tech International Pte. Ltd.)

 55% Penang and Selangor, Malaysia
Trio-Tech (Kuala Lumpur) Sdn. Bhd. 55% Selangor, Malaysia
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)    
Prestal Enterprise Sdn. Bhd. 76% Selangor, Malaysia
(76% owned by Trio-Tech International Pte. Ltd.)    
Trio-Tech (Suzhou) Co., Ltd. * 100% Suzhou, China
Trio-Tech (Shanghai) Co., Ltd. * (Dormant) 100% Shanghai, China
Trio-Tech (Chongqing) Co. Ltd. * 100% Chongqing, China

SHI International Pte. Ltd. (Dormant)

(55% owned by Trio-Tech International Pte. Ltd)

 55% Singapore

PT SHI Indonesia (Dormant)

(100% owned by SHI International Pte. Ltd.)

55%

 

Batam, Indonesia

 

Trio-Tech (Tianjin) Co., Ltd. * 100% Tianjin, China

  * 100% owned by Trio-Tech International Pte. Ltd.

 

The accompanying un-audited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars.  The accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included.  Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report for the fiscal year ended June 30, 2015.
XML 47 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)
 3 Months Ended
Sep. 30, 2015
Accounts Receivable And Allowance For Doubtful Accounts Tables  
Changes in the allowance for doubtful accounts
   

Sept. 30,

2015

(Unaudited)

    

June 30,

2015

  
Beginning   $ 313     $ 438  
Additions charged to expenses     -       84  
Recovered / write-off     -       (180 )
Currency translation effect     (10 )     (29 )
Ending   $ 303     $ 313  
XML 48 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
BANK LOANS PAYABLE (Tables)
 3 Months Ended
Sep. 30, 2015
Bank Loans Payable Tables  
Bank loans payable
   

Sept. 30, 2015

(Unaudited)

     June 30, 2015  
Note payable denominated in Malaysian ringgit to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank’s prime rate (7.3% at September 30, 2015 and June 30, 2015) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,667.     1,854       2,218  
                 
Note payable denominated in U.S. dollars to a financial institution for working capital plans in Singapore and its subsidiaries, maturing in December 2015, bearing interest at the bank’s prime rate plus 1.50% (4.1% to 6.9% at September 30, 2015 and June 30, 2015) with monthly payments of principal plus interest through December 2014. This note payable is secured by plant and equipment with a carrying value of $337.      266       326  
                 
      Current portion     (310 )     (346 )
      Long term portion of bank loans payable   $ 1,810     $ 2,198  
Future minimum payments

Future minimum payments (excluding interest) as at September 30, 2015 were as follows: 

 

2017   $ 310  
2018     248  
2019     158  
2020     166  
2021     175  
Thereafter     1,063  
Total obligations and commitments   $ 2,120  

 

Future minimum payments (excluding interest) as at June 30, 2015 were as follows: 

 

2016   $ 346  
2017     322  
2018     183  
2019     193  
2020     203  
Thereafter     1,297  
Total obligations and commitments   $ 2,544  

 

 
XML 49 R53.htm IDEA: XBRL DOCUMENT v3.3.0.814
ASSETS HELD FOR SALE (Details Narrative) - Property, Plant and Equipment [Member] - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Assets held for sale, net bok value $ 83 $ 98
Ringgit RM    
Assets held for sale, net bok value $ 369 $ 371
XML 50 R72.htm IDEA: XBRL DOCUMENT v3.3.0.814
DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Jun. 30, 2015
General and administrative expenses, discontinued operations $ 4  
Accounts payable $ 2,980   $ 2,770
Fabrication Services [Member]      
Accounts payable $ 60    
XML 51 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 4,001 $ 3,711
Short-term deposits 92 101
Trade accounts receivable, less allowance for doubtful accounts of $303 and $313 7,644 7,875
Other receivables $ 351 $ 389
Loans receivable from property development projects - short term
Inventories, less provision for obsolete inventory of $685 and $764 $ 1,201 $ 1,141
Prepaid expenses and other current assets 287 244
Assets held for sale 83 98
Total current assets 13,659 13,559
NON-CURRENT ASSETS    
Deferred tax asset $ 433 $ 453
Investments
Investment properties, net $ 1,478 $ 1,540
Property, plant and equipment, net $ 11,188 $ 12,522
Loans receivable from property development projects - long term
Other assets $ 1,753 $ 1,823
Restricted term deposits 1,969 2,140
Total non-current assets 16,821 18,478
TOTAL ASSETS 30,480 32,037
CURRENT LIABILITIES:    
Lines of credit 1,905 1,578
Accounts payable 2,980 2,770
Accrued expenses 2,660 3,084
Income taxes payable 250 296
Current portion of bank loans payable 310 346
Current portion of capital leases 169 197
Total current liabilities 8,274 8,271
NON-CURRENT LIABILITIES:    
Bank loans payable, net of current portion 1,810 2,198
Capital leases, net of current portion 394 475
Deferred tax liabilities 292 333
Other non-current liabilities 32 38
Total non-current liabilities 2,528 3,044
TOTAL LIABILITIES $ 10,802 $ 11,315
COMMITMENT AND CONTINGENCIES
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:    
Common stock, no par value, 15,000,000 shares authorized; 3,513,055 shares issued and outstanding as at September 30, 2015, and June 30, 2015 $ 10,882 $ 10,882
Paid-in capital 3,091 3,087
Accumulated retained earnings 2,505 2,246
Accumulated other comprehensive gain-translation adjustments 1,716 2,771
Total Trio-Tech International shareholders' equity 18,194 18,986
Non-controlling interest 1,484 1,736
TOTAL EQUITY 19,678 20,722
TOTAL LIABILITIES AND EQUITY $ 30,480 $ 32,037
XML 52 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS (Tables)
 3 Months Ended
Sep. 30, 2015
Fair value weighted average assumptions
   

Three Months Ended

September 30,

    2015   2014
         
Expected volatility     71.44%  to  104.94%   70.01%  to  104.94%
Risk-free interest rate     0.30%  to  0.78%   0.30%  to  0.78%
Expected life (years)     2.50   2.50 to 3.25
Company's non-vested employee stock options

A of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2015 is presented below:

 

    Options    

Weighted Average Grant-Date

 Fair Value

  
Non-vested at July 1, 2015     17,500     $ 1.69  
Granted     -       -  
Vested     -       -  
Forfeited     -       -  
Non-vested at September 30, 2015     17,500     $ 1.69  

 

A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2014 is presented below:

 

    Options    

Weighted Average Grant-Date

 Fair Value

  
Non-vested at July 1, 2014     26,250     $ 1.69  
Granted     -       -  
Vested     -       -  
Forfeited     -       -  
Non-vested at September 30, 2014     26,250     $ 1.69  

 
2007 Employee Plan [Member]  
Option activities

A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2015 is presented as follows:

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
Outstanding at July 1, 2015     130,000     $ 3.93       1.57     $ -  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2015     130,000     $ 3.93       1.32     $ -  
Exercisable at September 30, 2015     112,500     $ 4.06       1.03     $ -  

 

A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
Outstanding at July 1, 2014     130,000     $ 3.93       2.57     $ 13  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2014     130,000     $ 3.93       2.33     $ 31  
Exercisable at September 30, 2014     103,750     $ 4.14       1.85     $ 10  

 
2007 Directors Equity Incentive Plan [Member]  
Option activities

A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2015 is presented as follows: 

 

    Options    

Weighted Average

Exercise

Price

    

Weighted

Average

Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
                                 
Outstanding at July 1, 2015     365,000     $ 3.64       1.99     $ 53  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2015     365,000     $ 3.64       1.74     $ 13  
Exercisable at September 30, 2015     365,000     $ 3.64       1.74     $ 13  

 

A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows: 

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
                                 
Outstanding at July 1, 2014     315,000     $ 3.62       2.63     $ 24  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2014     315,000     $ 3.62       2.37     $ 151  
Exercisable at September 30, 2014     315,000     $ 3.62       2.37     $ 151  

 

 
XML 53 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Accumulated Retained Earnings
Accumulated Other Comprehensive Income
Noncontrolling Interest
Total
Beginning Balance, Amount at Jun. 30, 2014 $ 10,882 $ 2,972 $ 1,725 $ 3,522 $ 1,732 $ 20,833
Beginning Balance, No. of Shares at Jun. 30, 2014 3,513          
Stock option expenses $ 106 106
Net income $ 521 $ 303 824
Translation adjustment $ (751) $ (299) (1,050)
Contributions to capital payable to forgiveness $ 9 $ 9
Stock options exercised, amount          
Stock options exercised, No. of Shares
Ending Balance, Amount at Jun. 30, 2015 $ 10,882 $ 3,087 $ 2,246 $ 2,771 $ 1,736 $ 20,722
Ending Balance, No. of Shares at Jun. 30, 2015 3,513          
Stock option expenses $ 4 4
Net income $ 259 $ 118 377
Translation adjustment $ (1,055) (370) (1,425)
Ending Balance, Amount at Sep. 30, 2015 $ 10,882 $ 3,091 $ 2,505 $ 1,716 $ 1,484 $ 19,678
Ending Balance, No. of Shares at Sep. 30, 2015 3,513          
XML 54 R59.htm IDEA: XBRL DOCUMENT v3.3.0.814
LINES OF CREDIT (Details Narrative) - Accounts Receivable Financing Facility [Member] - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Credit limitation   $ 1,289
Effective interest rate   130.00%
LOC start date Aug. 24, 2015  
Yuan RMB    
Credit limitation   $ 8,000
XML 55 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENT PROPERTIES (Tables)
 3 Months Ended
Sep. 30, 2015
Investment Properties Tables  
Companys investment in the property based on the exchange rate

The following table presents the Company’s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.

 

  Investment Date  

Investment

Amount (RMB)

    

Investment Amount

 (U.S. Dollars)

  
Purchase of rental property – Property I - MaoYe Jan 04, 2008     5,554       894  
Purchase of rental property – Property II - JiangHuai Jan 06, 2010     3,600       580  
Purchase of rental property – Property III - Fu Li Apr 08, 2010     4,025       648  
Currency translation       -       (48 )
Gross investment in rental property       13,179       2,074  
Accumulated depreciation on rental property       (3,781 )     (596 )
Net investment in property – China       9,398       1,478  

 

 

 

Investment Date

  

Investment

Amount (RM)

    

Investment Amount (U.S. Dollars)

  
Reclassification of rental property – Penang Property I Dec 31, 2012     681       154  
Gross investment in rental property       681       154  
Accumulated depreciation on rental property       (312 )     (71 )
Reclassified as “Assets held for sale” June 30, 2015     (369 )     (83 )
Net investment in property – Malaysia       -       -  

 

The following table presents the Company’s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.

 

 

 

Investment Date

  

Investment

Amount (RMB)

    

Investment Amount

 (U.S. Dollars)

  
Purchase of rental property – Property I - MaoYe Jan 04, 2008     5,554       894  
Purchase of rental property – Property II - JiangHuai Jan 06, 2010     3,600       580  
Purchase of rental property – Property III - Fu Li Apr 08, 2010     4,025       648  
Currency translation       -       1  
Gross investment in rental property       13,179       2,123  
Accumulated depreciation on rental property       (3,619 )     (583 )
Net investment in property – China       9,560       1,540  

 

 

 

Investment Date

  

Investment

Amount (RM)

    

Investment Amount (U.S. Dollars)

  
Reclassification of rental property – Penang Property I Dec 31, 2012     681       181  
Gross investment in rental property       681       181  
Accumulated depreciation on rental property       (310 )     (83 )
Reclassified as “Assets held for sale” June 30, 2015     (371 )     (98 )
Net investment in property – Malaysia       -       -  
XML 56 R65.htm IDEA: XBRL DOCUMENT v3.3.0.814
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Malaysia US [Member]    
Capital commitments for the purchase of equipment and other related infrastructure costs   $ 9
Tianjin [Member] | Yuan RMB    
Capital commitments for the purchase of equipment and other related infrastructure costs $ 155
TianjnUS [Member]    
Capital commitments for the purchase of equipment and other related infrastructure costs 24
Malaysia [Member]    
Capital commitments for the purchase of equipment and other related infrastructure costs 1  
Malaysia [Member] | Ringgit RM    
Capital commitments for the purchase of equipment and other related infrastructure costs $ 6 $ 33
XML 57 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS SEGMENTS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
BUSINESS SEGMENTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

In fiscal year 2016, the Company operates in four segments; the testing service industry (which performs structural and electronic tests of semiconductor devices), the designing and manufacturing of equipment (which equipment tests the structural integrity of integrated circuits and other products), distribution of various products from other manufacturers in Singapore and Southeast Asia and the real estate segment in China.

 

The real estate segment did not record other income for the first quarter of fiscal 2016, as compared to other income of $51, for the first quarter of fiscal year 2015, based on the average exchange rate for the respective periods published by the Monetary Authority of Singapore. Due to the short-term nature of the investment, the amount was classified as a loan receivable based on ASC Topic 310-10-25 Receivables, hence the investment income was also classified under other income, which is not part of the below table.

 

The revenue allocated to individual countries was based on where the customers were located. The allocation of the cost of equipment, the current year investment in new equipment and depreciation expense have been made on the basis of the primary purpose for which the equipment was acquired.

 

All inter-segment revenue was from the manufacturing segment to the testing and distribution segments. Total inter-segment revenue was $115 for the three months ending September 30, 2015, as compared to $45 for the same period in the last fiscal year.  Corporate assets mainly consisted of cash and prepaid expenses. Corporate expenses mainly consisted of stock option expenses, salaries, insurance, professional expenses and directors' fees. Corporate expenses are allocated to the four segments. The following segment information table includes segment operating income or loss after including the corporate expenses allocated to the segments, which gets eliminated in the consolidation.

 

The following segment information is un-audited for the three months ended September 30, 2015 and September 30, 2014:

 

Business Segment Information:

 

   Three Months
 Ended
 Sept. 30,		  Net
 Revenue		  Operating
 Income / (Loss)		  Total
 Assets		  Depr.
 And
 Amort.		  Capital
 Expenditures
Manufacturing   2015   $3,140   $242   $5,618   $54   $17 
    2014    3,047    (618)   10,437    27    17 
                               
Testing Services   2015    3,783    78    20,495    403    237 
    2014    4,618    576    18,471    569    444 
                               
Distribution   2015    975    19    749    —      —   
    2014    385    (36)   494    —      6 
                               
Real Estate   2015    32    (24)   3,530    27    —   
    2014    43    (48)   3,807    27    —   
                               
Fabrication   2015    —      —      26    —      —   
Services *   2014    —      —      51    —      —   
                               
Corporate &   2015    —      (16)   62    —      —   
Unallocated   2014    —      (8)   75    —      —   
                               
Total Company   2015   $7,930   $299   $30,480   $484   $254 
    2014   $8,093   $(134)  $33,335   $623   $467 

 

* Fabrication Services is a discontinued operation (Note 18).
XML 58 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER ASSETS (Tables)
 3 Months Ended
Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other assets
   

Sept. 30, 2015

(Unaudited)

     June 30, 2015  
Down-payment for  purchase of investment properties   $ 1,645     $ 1,645  
Down-payment for  purchase of property, plant and equipment     20       31  
Deposits for rental and utilities     140       147  
Currency translation effect     (52 )     -  
Total   $ 1,753     $ 1,823  
XML 59 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
INCOME TAX
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
INCOME TAX

The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740 Income Tax. The Company had an income tax expense of $67 for the three months ended September 30, 2015 as compared to an income tax benefit of $46 for the same period in the last fiscal year. The increase in income tax expenses was mainly due to the tax expenses in Tianjin operations in China, which were partially offset by the deferred tax for the timing differences recorded by the Singapore and Malaysia operations for the three months ended September 30, 2015 as compared to the same period in the last fiscal year. The income tax expenses include with-holding tax held by related companies that were not recoverable from inland revenue board in Singapore.

 

The Company accrues penalties and interest related to unrecognized tax benefits when necessary as a component of penalties and interest expenses, respectively.  The Company had not accrued any penalties or interest expenses relating to unrecognized benefits at September 30, 2015 and June 30, 2015.

 

The major tax jurisdictions in which the Company files income tax returns are the United States, China, Singapore, Malaysia and Thailand.  The statute of limitations, in general, is open for years 2004 to 2015 for tax authorities in those jurisdictions to audit or examine income tax returns.  The Company is under annual review by the government of Singapore.  However, the Company is not currently under tax examination in any other jurisdiction.

 
XML 60 R68.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Other Income Details    
Investment income deemed interest income $ 51
Interest income $ 3 3
Other rental income 24 26
Exchange gain / (loss) $ 184 (10)
Allowance for doubtful deemed interest receivables (51)
Other miscellaneous income $ (3) 27
Total $ 208 $ 46
XML 61 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 62 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Jun. 30, 2015
Cash Flow from Operating Activities      
Net income / (loss) $ 377 $ (80) $ 824
Adjustments to reconcile net income / (loss) to net cash flow provided by operating activities      
Depreciation and amortization 484 623  
Stock compensation 4 9  
Inventory (reversal) / provision $ (51) 8  
Bad debt provision / (reversal) 55  
Accrued interest expense, net accrued interest income $ 33 24  
Impairment loss of property, plant and equipment $ 15  
Write-off of property, plant and equipment $ 2  
Warranty (recovery) / expense, net (3) $ 6  
Deferred tax provision (5) (77)  
Changes in operating assets and liabilities      
Trade accounts receivable (75) 728  
Other receivables 11 (102)  
Other assets 18 (42)  
Inventories (52) (413)  
Prepaid expenses and other current assets (62) (55)  
Accounts payable and accrued expenses 49 (234)  
Income taxes payable (39) $ 1  
Other non-current liabilities (3)  
Net Cash Provided by Operating Activities 688 $ 466  
Cash Flow from Investing Activities      
Proceeds from maturing of unrestricted term deposits and short-term deposits 38  
Additions to property, plant and equipment (254) $ (467)  
Proceeds from disposal of plant, property, and equipment 19  
Net Cash used in Investing Activities (197) $ (467)  
Cash Flow from Financing Activities      
Proceeds from / (repayments on) lines of credit 440 (689)  
Repayment of bank loans and capital leases (169) (261)  
Net cash Used in Financing Activities 271 (950)  
Effect of Changes in Exchange Rate (472) 171  
NET INCREASE / (DECREASE) IN CASH 290 (781)  
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,711 2,938 2,938
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,001 2,157 $ 3,711
Supplementary Information of Cash Flows      
Cash paid during the period for Interest 53 66  
Cash paid during the period for Income taxes $ 91 $ 18  
Non-Cash Transactions      
Capital lease of property, plant and equipment  
XML 63 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 303 $ 313
Provision for obsolete inventory $ 685 $ 764
Common stock, Authorized 15,000,000 15,000,000
Common stock, Issued 3,513,055 3,513,055
Common stock, outstanding 3,513,055 3,513,055
XML 64 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
LINES OF CREDIT
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
LINES OF CREDIT (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

Carrying value of the Company’s lines of credit approximates its fair value because the interest rates associated with the lines of credit are adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities.

 

As of September 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

 

Entity with Type of Interest   Expiration     Credit     Unused  
Facility Facility Rate   Date     Limitation     Credit  
Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.9% to 5.6%   -     $ 5,437     $ 3,533  
Trio-Tech (Malaysia) Sdn. Bhd. Lines of Credit Ranging from 6.3% to 6.7%   -     $ 371     $ 371  
Trio-Tech (Tianjin) Co., Ltd. Lines of Credit Ranging from 4.9% to 6.3%   -     $ 1,259     $ 1,259  

 

As of June 30, 2015, the Company had certain lines of credit that are collateralized by restricted deposits.

 

Entity with Type of Interest   Expiration     Credit     Unused  
Facility Facility Rate   Date     Limitation     Credit  
Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.9% to 5.6%   -     $ 7,422     $ 6,161  
Trio-Tech (Malaysia) Sdn. Bhd. Lines of Credit Ranging from 6.3% to 6.7%   -     $ 396     $ 79  
Trio-Tech (Tianjin) Co., Ltd. Lines of Credit Ranging from 4.9% to 6.3%   -     $ 1,289     $ 1,289  

 

On April 10, 2015, Trio-Tech Tianjin signed an agreement with a bank for an Accounts Receivable Financing facility for RMB 8,000, or approximately $1,289, interest is charged at the bank’s lending rate plus a floating interest rate. The effective interest rate is 130% of the bank’s lending rate. The financing facility was set up to facilitate the growing testing operations in our Tianjin operations in China. The immediate holding company, Trio-Tech International Pte. Ltd., acted as the guarantor for this bank facility. The bank account for this facility was set up on August 24, 2015 and has not been put to use as of the date of these financial statements.

 

 
XML 65 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
 3 Months Ended
Sep. 30, 2015
Nov. 09, 2015
Document And Entity Information    
Entity Registrant Name TRIO-TECH INTERNATIONAL  
Entity Central Index Key 0000732026  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   3,513,055
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2016  
XML 66 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED EXPENSES
 3 Months Ended
Sep. 30, 2015
Accrued Expenses  
ACCRUED EXPENSES

Accrued expenses consisted of the following:

 

     

 

Sept. 30, 2015

(Unaudited)

   June 30, 2015  
Payroll and related costs   $ 1,257     $ 1,513  
Commissions     66       52  
Customer deposits     43       41  
Legal and audit     261       244  
Sales tax     103       131  
Utilities     110       129  
Warranty     100       109  
Accrued purchase of materials and property, plant and equipment     241       430  
Provision for re-instatement     410       422  
Other accrued expenses     230       243  
Currency translation effect     (161 )     (230 )
Total   $ 2,660     $ 3,084  
XML 67 R80.htm IDEA: XBRL DOCUMENT v3.3.0.814
SUBSEQUENT EVENT (Details Narrative) - Director 2007 [Member]
$ / shares in Units, $ in Thousands
Oct. 05, 2015
USD ($)
$ / shares
shares
Option grant 50,000
Fair value of options granted | $ $ 54
Option grant share price | $ / shares $ 2.69
XML 68 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Revenue    
Manufacturing $ 3,140 $ 3,047
Testing services 3,783 4,618
Distribution 975 385
Others 32 43
Total 7,930 8,093
Cost of Sales    
Cost of manufactured products sold 2,109 2,873
Cost of testing services rendered 2,758 3,049
Cost of distribution 853 340
Others 32 34
Total 5,752 6,296
Gross Margin 2,178 1,797
Operating Expenses    
General and administrative 1,662 1,738
Selling 171 131
Research and development $ 46 47
Impairment loss of property, plant and equipment 15
Total operating expenses $ 1,879 1,931
Income / (Loss) from Operations 299 (134)
Other Income / (Expenses)    
Interest expenses (53) (64)
Other income, net 208 46
Total other income / (expenses) 155 (18)
Income / (Loss) from Continuing Operations before Income Taxes 454 (152)
Income Tax (Expenses) / Benefits (67) 46
Income / (loss) from continuing operations before non-controlling interest, net of tax $ 387 $ (106)
Other Operating Activities    
Equity in earnings of unconsolidated joint venture, net of tax
Discontinued Operations (Note 18)    
(Loss) / income from discontinued operations, net of tax $ (10) $ 26
NET INCOME / (LOSS) 377 (80)
Less: net income attributable to the non-controlling interest 118 56
Net Income / (Loss) Attributable to Trio-Tech International Common Shareholder 259 (136)
Amounts Attributable to Trio-Tech International Common Shareholders:    
Income / (loss) from continuing operations, net of tax 264 (150)
(Loss) / income from discontinued operations, net of tax (5) 14
Net Income / (Loss) Attributable to Trio-Tech International Common Shareholders $ 259 $ (136)
Basic and Diluted Earnings / (Loss) per Share:    
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International $ 0.08 $ (0.04)
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International
Basic and Diluted Earnings / (Loss) per Share from Net Income / (Loss) Attributable to Trio-Tech International $ .08 $ (.04)
Weighted average number of common shares outstanding Basic 3,513 3,513
Dilutive effect of stock options 8
Number of shares used to compute earnings per share diluted 3,521 3,513
XML 69 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVENTORIES
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
INVENTORIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

 

Inventories consisted of the following:

 

   Sept. 30,
 2015
 (Unaudited)		  June 30,
 2015
           
Raw materials  $974   $1,038 
Work in progress   692    611 
Finished goods   291    348 
Less: provision for obsolete inventory   (685)   (764)
Currency translation effect   (71)   (92)
   $1,201   $1,141 

 

The following table represents the changes in provision for obsolete inventory:

 

   Sept. 30,
 2015
(Unaudited)		  June 30,
 2015
           
Beginning  $764   $844 
Additions charged to expenses   —      67 
Usage - disposition   (51)   (103)
Currency translation effect   (28)   (44)
Ending  $685   $764 

 
XML 70 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The following table presents TTCQ’s loan receivable from property development projects in China as of September 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at September 30, 2015.

 

 

Loan Expiry

Date

  

Loan Amount

(RMB)

    

Loan Amount

(U.S. Dollars)

  
Short-term loan receivables              
JiangHuai (Project – Yu Jin Jiang An) May 31,2013     2,000       325  
Less: allowance for impairment       (2,000 )     (325 )
Net loan receivables from property development projects       -       -  
                   
Long-term loan receivables                  
Jun Zhou Zhi Ye Oct 31, 2016     5,000       814  
Less: transfer – down-payment for  purchase of investment properties       (5,000 )     (814 )
Net loan receivables from property development projects       -       -  

 

The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2015. The exchange rate is based on the date published by the Monetary Authority of Singapore as of March 31, 2015, since the net loan receivable was “nil” as at June 30, 2015.

 

 

Loan Expiry

Date

  

Loan Amount

(RMB)

    

Loan Amount

(U.S. Dollars)

  
Short-term loan receivables              
JiangHuai (Project – Yu Jin Jiang An) May 31,2013     2,000       325  
Less: allowance for impairment       (2,000 )     (325 )
Net loan receivables from property development projects       -       -  
                   
Long-term loan receivables                  
Jun Zhou Zhi Ye Oct 31, 2016     5,000       814  
Less: transfer – down-payment for  purchase of investment properties       (5,000 )     (814 )
Net loan receivables from property development projects       -       -  

 

On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310 Receivables (“ASC Topic 310”), amounting to RMB 2,000, or approximately $325. The loan was renewed, but expired on May 31, 2013. TTCQ is in the legal process of recovering the outstanding amount of $325. TTCQ did not generate other income from JiangHuai for the three months ended September, 2015 and the twelve months ended June 30, 2015. Based on TTI’s financial policy, an impairment of $325 on the investment in JiangHuai was provided for during the second quarter of fiscal 2014.

 

On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310, amounting to RMB 5,000, or approximately $814 based on the exchange rate as at March 31, 2015 published by the Monetary Authority of Singapore. The amount was unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expired on October 31, 2012 and was again renewed in November 2012 and expired in November 2013. On November 1, 2013 the loan was transferred by JiaSheng to, and is now payable by, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (“Jun Zhou Zhi Ye”), and the transferred agreement expires on October 31, 2016. Hence the loan receivable was reclassified as a long-term receivable. The book value of the loan receivable approximates its fair value. TTCQ did not generate other income from this investment for the three months ended September 30, 2015. However, for the twelve months ended June 30, 2015, TTCQ recorded other income of RMB 417, or approximately $68. In fiscal year 2015, an allowance for doubtful deemed interest receivables from Jun Zhou Zhi Ye of $68 was made on the other income. In the second quarter of fiscal year 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project.
XML 71 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER INCOME
 3 Months Ended
Sep. 30, 2015
Other Income and Expenses [Abstract]  
OTHER INCOME

Other income consisted of the following:

 

   

Three Months Ended

September 30,

  
    2015     2014  
Investment income deemed interest income   $ -       51  
Interest income     3       3  
Other rental income     24       26  
Exchange gain / (loss)     184       (10 )
Allowance for doubtful deemed interest receivables     -       (51 )
Other miscellaneous income     (3 )     27  
Total   $ 208     $ 46  

 

Other income included nil and $51 from investment income which was deemed to be interest income since the investment was deemed and classified as a loan based on ASC Topic 310-10-25 Receivables, for the first quarter of fiscal year 2016 and fiscal year 2015, respectively. Allowance for doubtful deemed interest receivables were nil and $51, respectively, for the three months ended September 30, 2015 and 2014.
XML 72 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
WARRANTY ACCRUAL
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
WARRANTY ACCRUAL (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

 

The Company provides for the estimated costs that may be incurred under its warranty program at the time the sale is recorded.  The Company provides a one-year warranty for products manufactured by it.  The Company estimates the warranty costs based on the historical rates of warranty returns.  The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.

 

   

Sept. 30,

2015

(Unaudited)

    

June 30,

2015

  
Beginning   $ 103     $ 60  
Additions charged to cost and expenses     12       114  
Utilization / reversal     (15 )     (65 )
Currency translation effect     (5 )     (6 )
Ending   $ 95     $ 103  

 

 
XML 73 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENT PROPERTIES
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
INVESTMENT PROPERTIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The following table presents the Company’s investment in properties in China and Malaysia as of September 30, 2015. The exchange rate is based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore.

 

  Investment Date  

Investment

Amount (RMB)

    

Investment Amount

(U.S. Dollars)

  
Purchase of rental property – Property I - MaoYe Jan 04, 2008     5,554       894  
Purchase of rental property – Property II - JiangHuai Jan 06, 2010     3,600       580  
Purchase of rental property – Property III - Fu Li Apr 08, 2010     4,025       648  
Currency translation       -       (48 )
Gross investment in rental property       13,179       2,074  
Accumulated depreciation on rental property       (3,781 )     (596 )
Net investment in property – China       9,398       1,478  

 

 

 

Investment Date

  

Investment

Amount

(RM)

    

Investment Amount

(U.S. Dollars)

  
Reclassification of rental property – Penang Property I Dec 31, 2012     681       154  
Gross investment in rental property       681       154  
Accumulated depreciation on rental property       (312 )     (71 )
Reclassified as “Assets held for sale” June 30, 2015     (369 )     (83 )
Net investment in property – Malaysia       -       -  

 

The following table presents the Company’s investment in properties in China and Malaysia as of June 30, 2015. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.

 

 

 

Investment Date

  

Investment

Amount

(RMB)

    

Investment Amount

(U.S. Dollars)

  
Purchase of rental property – Property I - MaoYe Jan 04, 2008     5,554       894  
Purchase of rental property – Property II - JiangHuai Jan 06, 2010     3,600       580  
Purchase of rental property – Property III - Fu Li Apr 08, 2010     4,025       648  
Currency translation       -       1  
Gross investment in rental property       13,179       2,123  
Accumulated depreciation on rental property       (3,619 )     (583 )
Net investment in property – China       9,560       1,540  

 

 

 

Investment Date

  

Investment

Amount

(RM)

    

Investment Amount

(U.S. Dollars)

  
Reclassification of rental property – Penang Property I Dec 31, 2012     681       181  
Gross investment in rental property       681       181  
Accumulated depreciation on rental property       (310 )     (83 )
Reclassified as “Assets held for sale” June 30, 2015     (371 )     (98 )
Net investment in property – Malaysia       -       -  

 

Rental Property I – Mao Ye

 

In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”), for a total cash purchase price of RMB 5,554, or approximately $894 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented this property to a third party on July 13, 2008. The term of the rental agreement was five years. The rental agreement was renewed on July 16, 2014 for a further period of five years. The rental agreement provides for a rent increase of 8% every year after July 15, 2015. The renewed agreement expires on July 15, 2018, however as at the date of this report, this rental agreement (1,104 square meters at a monthly rental of RMB 38,645) has been terminated. TTCQ has identified a new tenant and signed a new rental agreement (653 square meters at a monthly rental of RMB 38,520) on August 1, 2015. This rental agreement provides for a rent increase of 5% every year on January 31, commencing the year 2017 till the rental agreement expires on July 31, 2020.

 

Property purchased from MaoYe generated a rental income of $22 during the three months ended September 30, 2015 as compared to $29 for the same period in last fiscal year.

 

Rental Property II - JiangHuai

 

In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”), for a total purchase price of RMB 3,600, or approximately $580 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. TTCQ rented all of these commercial units to a third party until the agreement expired in January 2012. TTCQ then rented three of the eight commercial units to another party during the fourth quarter of fiscal year 2013 under a rental agreement that expired on March 31, 2014. Currently all the units are vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties; however TTCQ has the vacant possession with the exception of two units, which is in the process of clarification. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. In August 2014, TTCQ performed a valuation on one of the commercial units and its market value was higher than the carrying amount. As of the date of this report, there was no other valuation performed.

  

Property purchased from JiangHuai did not generate any rental income during the three months ended September 30, 2015 or 2014.

 

Other Properties III – Fu Li

 

In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. Although TTCQ currently rents its office premises from a third party, it intends to use the office space as its office premises. The total purchase price committed and paid was RMB 4,025, or approximately $648 based on the exchange rate as of September 30, 2015 published by the Monetary Authority of Singapore. The development was completed and the property was handed over during April 2013 and the title deed was received during the third quarter of fiscal 2014.

 

The two commercial properties were leased to third parties under two separate rental agreements, one of which expired in April 2014 and the other expired in August 2014.

 

For the unit for which the agreement expired in April 2014, a new tenant was identified and a new agreement was executed, which expires on April 30, 2017. The new agreement carries an increase in rent by 20% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 10% for the subsequent years until April 2017.

 

For the unit for which the agreement expired in August 2014, a new tenant was identified and a new agreement was executed, which expires on August 9, 2016. The new agreement carries an increase in rental of approximately 21% in the first year, as compared to the expired rental agreement. Thereafter the rent increases by approximately 6% for the subsequent years until August 2016. The tenant of this unit had defaulted on payment of the quarterly rental due in August 2015. In early October 2015, TTCQ had issued a legal letter to this tenant on the outstanding amounts and the tenant has not responded. As of the date of this report, this rental agreement (161 square meters at a monthly rental of RMB 16,081) has been terminated and a new rental agreement with a new tenant (161 square meters at a monthly rental of RMB 13,669) has been signed on October 21, 2015. This rental agreement provides for a rent increase of 6% every year on October 21, commencing from the year 2016 till the rental agreement expires on October 20, 2017.

 

Properties purchased from Fu Li were rented to a third party effective fourth quarter of fiscal year 2012 and generated a rental income of $10 for the three months ended September 30, 2015, and $14 for the same period in the last fiscal year.

 

Penang Property I

 

During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, TTM was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the PDC. In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.

  

Summary

 

Total rental income for all investment properties in China was $32 for the three months ended September 30, 2015, and was $43 for the same period in the last fiscal year.

 

Depreciation expenses for all investment properties in China were $26 for the three months ended September 30, 2015 and $27 for same period in the last fiscal year.

 
XML 74 R60.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
Payroll and related costs $ 1,257 $ 1,513
Commissions 66 52
Customer deposits 43 41
Legal and audit 261 244
Sales tax 103 131
Utilities 110 129
Warranty 100 109
Accrued purchase of materials and property, plant and equipment 241 430
Provision for re-instatement 410 422
Other accrued expenses 230 243
Currency translation effect (161) (230)
Total $ 2,660 $ 3,084
XML 75 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
ASSETS HELD FOR SALE
 3 Months Ended
Sep. 30, 2015
Assets Held For Sale  
ASSETS HELD FOR SALE

During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, Trio-Tech Malaysia (“TTM”) was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by the Penang Development Corporation (“PDC”). In accordance to ASC Topic 360, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98, to assets held for sale since there was an intention to sell the factory building. As of September 30, 2015 the net book value was RM 369, or approximately $83. On September 14, 2015, application to sell the property was rejected by PDC. The rejection was based on the business activity of the purchaser not suitable to the industry that is being promoted on the said property. However management is actively looking for a suitable buyer.
XML 76 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVESTMENTS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
INVESTMENT (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

Investments were nil as at September 30, 2015 and June 30, 2015.

 

During the second quarter of fiscal year 2011, the Company entered into a joint-venture agreement with JiaSheng to develop real estate projects in China. The Company invested RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for a 10% interest in the newly formed joint venture, which was incorporated as a limited liability company, Chong Qing Jun Zhou Zhi Ye Co. Ltd. (the “joint venture”), in China. The agreement stipulated that the Company would nominate two of the five members of the Board of Directors of the joint venture and had the ability to assign two members of management to the joint venture.  The agreement also stipulated that the Company would receive a fee of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, for the services rendered in connection with obtaining priority to bid in certain real estate projects from the local government. Upon signing of the agreement, JiaSheng paid the Company RMB 5,000 in cash, or approximately $803 based on the exchange rate published by the Monetary Authority of Singapore as of March 31, 2014. The remaining RMB 5,000, which was not recorded as a receivable as the Company considered the collectability uncertain, would be paid over 72 months commencing in 36 months from the date of the agreement when the joint venture secured a property development project stated inside the joint venture agreement. The Company considered the RMB 5,000, or approximately $803 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore, received in cash from JiaSheng, the controlling venturer in the joint venture, as a partial return of the Company’s initial investment of RMB 10,000, or approximately $1,606 based on the exchange rate as of March 31, 2014 published by the Monetary Authority of Singapore. Therefore, the RMB 5,000 received in cash was offset against the initial investment of RMB 10,000, resulting in a net investment of RMB 5,000 as of March 31, 2014. The Company further reduced its investments by RMB 137, or approximately $22, towards the losses from operations incurred by the joint-venture, resulting in a net investment of RMB 4,863, or approximately $781 based on exchange rates published by the Monetary Authority of Singapore as of March 31, 2014.

 

“Investments” in the real estate segment was the cost of an investment in a joint venture in which we had a 10% interest. During the second quarter of fiscal year 2014, TTCQ disposed of its 10% interest in the joint venture. The joint venture had to raise funds for the development of the project. As a joint-venture partner, TTCQ was required to stand guarantee for the funds to be borrowed; considering the amount of borrowing, the risk involved was higher than the investment made and hence TTCQ decided to dispose of the 10% interest in the joint venture investment. On October 2, 2013, TTCQ entered into a share transfer agreement with Zhu Shu. Based on the agreement the purchase price was to be paid by (1) RMB 10,000 worth of commercial property in Chongqing China, or approximately $1,634 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by non-monetary consideration and (2) the remaining RMB 8,000, or approximately $1,307 based on exchange rates published by the Monetary Authority of Singapore as of October 2, 2013, by cash consideration. The consideration consists of (1) commercial units measuring 668 square meters to be delivered in June 2016 and (2) sixteen quarterly equal installments of RMB 500 per quarter commencing from January 2014. Based on ASC Topic 845 Non-monetary Consideration, the Company deferred the recognition of the gain on disposal of the 10% interest in joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. The recorded value of the disposed investment amounting to $783, based on exchange rates published by the Monetary Authority of Singapore as of June 30, 2014, is classified as “other assets” under non-current assets, because it is considered a down payment for the purchase of the commercial property in Chongqing. The first three installment amounts of RMB 500 each due in January 2014, April 2014 and July 2014 were all outstanding until the date of disposal of the investment in the joint venture. Out of the outstanding RMB 8,000, TTCQ had received RMB 100 during May 2014. However, the transferee, Jun Zhou Zhi Ye, has not registered the share transfer (10% interest in the joint venture) with the relevant authorities in China as of the date of this report.

 

On October 14, 2014, TTCQ and Jun Zhou Zhi Ye entered into a memorandum of understanding. Based on the memorandum of understanding, both parties have agreed to register a sales and purchase agreement upon Jun Zhou Zhi Ye obtaining the license to sell the commercial property (the Singapore Themed Resort Project) located in Chongqing, China. The proposed agreement is for the sale of shop lots with a total area of 1,484.55 square meters as consideration for all the outstanding amounts owed to TTCQ by Jun Zhou Zhi Ye as follows:

 

a)   Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 4, plus the interest receivable on long term loan receivable of RMB 1,250;

 

b)   Commercial units measuring 668 square meters, as mentioned above; and

 

c)   RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.

 

The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in the Singapore Themed Resort Project, which is expected to be no later than December 31, 2016. However, should there be further delays in the project completion, based on the discussion with the developers it is estimated to be completed by June 30, 2017. The consideration does not include the remaining outstanding amount of RMB 2,000, or approximately $325, which will be paid in cash.

 
XML 77 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER ASSETS
 3 Months Ended
Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS

 

Other assets consisted of the following:

 

   

Sept. 30, 2015

(Unaudited)

     June 30, 2015  
Down-payment for  purchase of investment properties   $ 1,645     $ 1,645  
Down-payment for  purchase of property, plant and equipment     20       31  
Deposits for rental and utilities     140       147  
Currency translation effect     (52 )     -  
Total   $ 1,753     $ 1,823  

 
XML 78 R64.htm IDEA: XBRL DOCUMENT v3.3.0.814
BANK LOANS PAYABLE (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
2016   $ 346
2017 $ 310 322
2018 248 183
2019 158 193
2020 166 203
2020 175  
Thereafter 1,063 1,297
Total obligations and commitments $ 2,120 $ 2,544
XML 79 R66.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS SEGMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Net revenue $ 7,930 $ 8,093
Operating Income (Loss) 299 (134)
Total assets 30,480 33,335
Depreciation and amortization 484 623
Capital expenditures 254 467
Manufacturing [Member]    
Net revenue 3,140 3,047
Operating Income (Loss) 242 (618)
Total assets 5,618 10,437
Depreciation and amortization 54 27
Capital expenditures 17 17
Testing Services [Member]    
Net revenue 3,783 4,618
Operating Income (Loss) 78 576
Total assets 20,495 18,471
Depreciation and amortization 403 569
Capital expenditures 237 444
Distribution [Member]    
Net revenue 975 385
Operating Income (Loss) 19 (36)
Total assets $ 749 $ 494
Depreciation and amortization
Capital expenditures $ 6
RealEstate [Member]    
Net revenue $ 32 43
Operating Income (Loss) (24) (48)
Total assets 3,530 3,807
Depreciation and amortization $ 27 $ 27
Capital expenditures
Fabrication Services [Member]    
Net revenue [1]
Operating Income (Loss) [1]
Total assets [1] $ 26 $ 51
Depreciation and amortization [1]
Capital expenditures [1]
CorporateAndUnallocated [Member]    
Net revenue
Operating Income (Loss) $ (16) $ (8)
Total assets $ 62 $ 75
Depreciation and amortization
Capital expenditures
[1] Fabrication Services is a discontinued operation.
XML 80 R63.htm IDEA: XBRL DOCUMENT v3.3.0.814
BANK LOANS PAYABLE (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Current portion $ (310) $ (346)
Long term portion of bank loans payable 1,810 2,198
Bank Note [Member]    
Bank loan payable $ 1,854 $ 2,218
Bank prime rate 7.30% 7.30%
Loan collatoral $ 2,667  
NotesPayableOtherPayablesMember    
Bank loan payable $ 266 $ 326
Bank prime rate 4.10% 6.90%
Loan collatoral $ 337  
XML 81 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVENTORIES (Tables)
 3 Months Ended
Sep. 30, 2015
Inventories Tables  
Inventories
   Sept. 30,
2015 (Unaudited)		  June 30,
2015
           
Raw materials  $974   $1,038 
Work in progress   692    611 
Finished goods   291    348 
Less: provision for obsolete inventory   (685)   (764)
Currency translation effect   (71)   (92)
   $1,201   $1,141 
Changes in provision for obsolete inventory
   Sept. 30,
 2015
(Unaudited)		  June 30,
 2015
           
Beginning  $764   $844 
Additions charged to expenses   —      67 
Usage - disposition   (51)   (103)
Currency translation effect   (28)   (44)
Ending  $685   $764 
XML 82 R51.htm IDEA: XBRL DOCUMENT v3.3.0.814
INVENTORIES (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Notes to Financial Statements    
Raw materials $ 974 $ 1,038
Work in progress 692 611
Finished goods 291 348
Less: provision for obsolete inventory (685) (764)
Currency translation effect (71) (92)
Inventory net $ 1,201 $ 1,141
XML 83 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
COMMITMENTS AND CONTINGENCIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

Trio-Tech (Tianjin) Co. Ltd. in China has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RMB 155, or approximately $24, based on the exchange rate as on September 30, 2015 published by the Monetary Authority of Singapore as compared to nil capital commitments as at June 30, 2015.

 

Trio-Tech (Malaysia) Sdn. Bhd. has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RM 6, or approximately $1, based on the exchange rate as at September 30, 2015 as compared to the capital commitment as at June 30, 2015 amounting to RM 33, or approximately $9 for the purchase of equipment and other related expenses.

 

Deposits with banks in China are not insured by the local government or agency, and are consequently exposed to risk of loss. The Company believes the probability of a bank failure, causing loss to the Company, is remote.

 

The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations.  In the opinion of management, resolution of these matters will not have a material adverse effect on the Company’s financial statements.

 

 
XML 84 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
EARNINGS PER SHARE
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
EARNINGS PER SHARE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

The Company adopted ASC Topic 260, Earnings Per Share. Basic Earnings Per Share (“EPS”) is computed by dividing net income available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period.  Diluted EPS give effect to all dilutive potential common shares outstanding during a period.  In computing diluted EPS, the average price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options.

 

Stock options to purchase 495,000 of Common Stock at exercise prices ranging from $2.26 to $3.20 per share were outstanding as of September 30, 2015, and were excluded in the computation of diluted EPS because their effect would have been anti-dilutive.

 

Stock options to purchase 445,000 of Common Stock at exercise prices ranging from $2.07 to $4.35 per share were outstanding as of September 30, 2014.

 

The following table is a reconciliation of the weighted average shares used in the computation of basic and diluted EPS for the years presented herein: 

 

   

Three Months Ended

September 30,

  
     2015      2014  
    (Unaudited)     (Unaudited)  
Income / (loss) attributable to Trio-Tech International common shareholders from continuing operations, net of tax   $ 264     $ (150 ) 
(Loss) / income attributable to Trio-Tech International common shareholders from discontinued operations, net of tax     (5 )     14  
Net income / (loss) attributable to Trio-Tech International common shareholders   $ 259     $ (136 )
                 
Basic and diluted earnings / (loss) per share from continuing operations attributable to Trio-Tech International     0.08       (0.04 ) 
                 
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International     -       -  
Basic and diluted earnings / (loss) per share from net loss attributable to Trio-Tech International   $ 0.08      $ (0.04 ) 
                 
Weighted average number of common shares outstanding - basic     3,513       3,513  
Dilutive effect of stock options     8       -  
Number of shares used to compute earnings per share – diluted     3,521       3,513  

 

 
XML 85 R49.htm IDEA: XBRL DOCUMENT v3.3.0.814
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Jun. 30, 2015
Sep. 30, 2014
Short-term loan receivables      
Less: allowance for doubtful receivables   $ (51)
Jiang Huai [Member]      
Short-term loan receivables      
Short-term $ 325 $ 325  
Less: allowance for impairment (325) (325)  
Jun Zhou Zhi Ye [Member]      
Short-term loan receivables      
Less: allowance for doubtful receivables   (68)  
Long-term loan receivables      
Long-term 814 814  
Less: transfer – down-payment for purchase of property $ (814) $ (814)  
Long-term loan receivables, net  
Yuan RMB | Jiang Huai [Member]      
Short-term loan receivables      
Short-term $ 2,000 $ 2,000  
Less: allowance for impairment (2,000) (2,000)  
Yuan RMB | Jun Zhou Zhi Ye [Member]      
Long-term loan receivables      
Long-term 5,000 5,000  
Less: transfer – down-payment for purchase of property $ (5,000) $ (5,000)  
Long-term loan receivables, net  
XML 86 R41.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS SEGMENTS (Tables)
 3 Months Ended
Sep. 30, 2015
Business Segments Tables  
BUSINESS SEGMENTS
   Three Months
 Ended
 Sept. 30,		  Net
 Revenue		  Operating
 Income / (Loss)		  Total
 Assets		  Depr.
 And
 Amort.		  Capital
 Expenditures
Manufacturing   2015   $3,140   $242   $5,618   $54   $17 
    2014    3,047    (618)   10,437    27    17 
                               
Testing Services   2015    3,783    78    20,495    403    237 
    2014    4,618    576    18,471    569    444 
                               
Distribution   2015    975    19    749    —      —   
    2014    385    (36)   494    —      6 
                               
Real Estate   2015    32    (24)   3,530    27    —   
    2014    43    (48)   3,807    27    —   
                               
Fabrication   2015    —      —      26    —      —   
Services *   2014    —      —      51    —      —   
                               
Corporate &   2015    —      (16)   62    —      —   
Unallocated   2014    —      (8)   75    —      —   
                               
Total Company   2015   $7,930   $299   $30,480   $484   $254 
    2014   $8,093   $(134)  $33,335   $623   $467 
XML 87 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Comprehensive Income / (Loss) Attributable to Trio-Tech International Common Shareholders:    
Net income / (loss) $ 377 $ (80)
Foreign currency translation, net of tax (1,425) 160
Comprehensive (Loss) / Income (1,048) 80
Less: comprehensive (loss) / income attributable to the non-controlling interest (252) 113
Comprehensive Loss Attributable to Trio-Tech International Common Shareholders $ (796) $ (33)
XML 88 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

Accounts receivable consists of customer obligations due under normal trade terms. Although management generally does not require collateral, letters of credit may be required from the customers in certain circumstances. Management periodically performs credit evaluations of customers’ financial conditions.

 

Senior management reviews accounts receivable on a periodical basis to determine if any receivables will potentially be uncollectible. Management includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts.  After all attempts to collect a receivable have failed, the receivable is written off against the allowance.  Based on the information available, management believed the allowance for doubtful accounts as of September 30, 2015 and June 30, 2015 was adequate.  

 

The following table represents the changes in the allowance for doubtful accounts:

 

   Sept. 30,
 2015
(Unaudited)		  June 30,
 2015
Beginning  $313   $438 
Additions charged to expenses   —      84 
Recovered / write-off   —      (180)
Currency translation effect   (10)   (29)
Ending  $303   $313 
XML 89 R58.htm IDEA: XBRL DOCUMENT v3.3.0.814
LINES OF CREDIT (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
TrioTech Intl Credit Facility [Member]    
Credit limitation $ 5,437 $ 7,422
Unused credit $ 3,533 $ 6,161
TrioTech Intl Credit Facility [Member] | MinimumMember    
Type of facility Lines of Credit Lines of Credit
Interest rate 1.90% 1.90%
TrioTech Intl Credit Facility [Member] | Maximum Member    
Interest rate 5.60% 5.60%
TrioTech Malaysia Sdn Bhd Credit Facility [Member]    
Type of facility Lines of Credit  
Credit limitation $ 371 $ 396
Unused credit $ 371 $ 79
TrioTech Malaysia Sdn Bhd Credit Facility [Member] | MinimumMember    
Type of facility   Lines of Credit
Interest rate 6.30% 6.30%
TrioTech Malaysia Sdn Bhd Credit Facility [Member] | Maximum Member    
Interest rate 6.70% 6.70%
TrioTech Tianjin Credit Facility [Member]    
Type of facility Lines of Credit  
Credit limitation $ 1,259 $ 1,289
Unused credit $ 1,259 $ 1,289
TrioTech Tianjin Credit Facility [Member] | MinimumMember    
Type of facility   Lines of Credit
Interest rate 4.90% 4.90%
TrioTech Tianjin Credit Facility [Member] | Maximum Member    
Interest rate 6.30% 6.30%
XML 90 R69.htm IDEA: XBRL DOCUMENT v3.3.0.814
OTHER INCOME (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Other Income and Expenses [Abstract]    
Other investment income $ 51
Allowance for doubtful interest receivables $ 51
XML 91 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCK OPTIONS
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
STOCK OPTIONS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

On September 24, 2007, the Company’s Board of Directors unanimously adopted the 2007 Employee Stock Option Plan (the “2007 Employee Plan”) and the 2007 Directors Equity Incentive Plan (the “2007 Directors Plan”) each of which was approved by the shareholders on December 3, 2007. Each of those plans was amended by the Board in 2010 to increase the number of shares covered thereby, which amendments were approved by the shareholders on December 14, 2010. At present, the 2007 Employee Plan provides for awards of up to 600,000 shares of the Company’s Common Stock to its employees, consultants and advisors. The Board also amended the 2007 Directors Plan in November 2013 to further increase the number of shares covered thereby from 400,000 shares to 500,000 shares, which amendment was approved by the shareholders on December 9, 2013. At present, the 2007 Directors Plan provides for awards of up to 500,000 shares of the Company’s Common Stock to the members of the Company’s Board of Directors in the form of non-qualified options and restricted stock. These two plans are administered by the Board, which also establishes the terms of the awards.

 

Assumptions

 

The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends: 

 

   

Three Months Ended

September 30,

    2015   2014
         
Expected volatility     71.44%  to  104.94%   70.01%  to  104.94%
Risk-free interest rate     0.30%  to  0.78%   0.30%  to  0.78%
Expected life (years)     2.50   2.50 to 3.25

 

The expected volatilities are based on the historical volatility of the Company’s stock. The observation is made on a weekly basis. The observation period covered is consistent with the expected life of options. The expected life of the options granted to employees has been determined utilizing the “simplified” method as prescribed by ASC Topic 718, which, among other provisions, allowed companies without access to adequate historical data about employee exercise behavior to use a simplified approach for estimating the expected life of a "plain vanilla" option grant. The simplified rule for estimating the expected life of such an option was the average of the time to vesting and the full term of the option. The risk-free rate is consistent with the expected life of the stock options and is based on the United States Treasury yield curve in effect at the time of grant.

 

2007 Employee Stock Option Plan

 

The Company’s 2007 Employee Plan permits the grant of stock options to its employees covering up to an aggregate of 600,000 shares of Common Stock. Under the 2007 Employee Plan, all options must be granted with an exercise price of not less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreements. The options may be exercisable (a) immediately as of the effective date of the stock option agreement granting the option, or (b) in accordance with a schedule related to the date of the grant of the option, the date of first employment, or such other date as may be set by the Compensation Committee. Generally, options granted under the 2007 Employee Plan are exercisable within five years after the date of grant, and vest over the period as follows: 25% vesting on the grant date and the remaining balance vesting in equal installments on the next three succeeding anniversaries of the grant date. The share-based compensation will be recognized in terms of the grade method on a straight-line basis for each separately vesting portion of the award. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2007 Employee Plan). 

 

The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2015. There were no options exercised during the three months ended September 30, 2015. The Company recognized stock-based compensation expenses of $4 in the three months ended September 30, 2015 under the 2007 Employee Plan. There was no balance of unamortized stock-based compensation based on fair value on the grant date related to options granted under the 2007. No stock options were exercised during the three months ended September 30, 2015. The weighted-average remaining contractual term for non-vested options was 1.19years.

 

The Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2014. There were no options exercised during the three months ended September 30, 2014. The Company recognized stock-based compensation expenses of $9 in the three months ended September 30, 2014 under the 2007 Employee Plan. The balance of unamortized stock-based compensation of $27 based on fair value on the grant date related to options granted under the 2007 Employee Plan is expected to be recognized over a period of two years. No stock options were exercised during the three months ended September 30, 2014. The weighted-average remaining contractual term for non-vested options was 2.19 years.

 

As of September 30, 2015, there were vested employee stock options covering a total of 112,500 shares of Common Stock. The weighted-average exercise price was $4.06 and the weighted average contractual term was 1.03 years. The total fair value of vested employee stock option was $457 and remains outstanding as of September 30, 2015.

 

As of September 30, 2014, there were vested employee stock options covering a total of 103,750 shares of Common Stock. The weighted-average exercise price was $4.14 and the weighted average contractual term was 1.85 years. The total fair value of vested employee stock option was $430 and remains outstanding as of September 30, 2014.

 

A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2015 is presented as follows:

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
Outstanding at July 1, 2015     130,000     $ 3.93       1.57     $ -  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2015     130,000     $ 3.93       1.32     $ -  
Exercisable at September 30, 2015     112,500     $ 4.06       1.03     $ -  

 

A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2014 is presented as follows:

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
Outstanding at July 1, 2014     130,000     $ 3.93       2.57     $ 13  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2014     130,000     $ 3.93       2.33     $ 31  
Exercisable at September 30, 2014     103,750     $ 4.14       1.85     $ 10  

 

A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2015 is presented below:

 

    Options    

Weighted Average Grant-Date

Fair Value

  
Non-vested at July 1, 2015     17,500     $ 1.69  
Granted     -       -  
Vested     -       -  
Forfeited     -       -  
Non-vested at September 30, 2015     17,500     $ 1.69  

 

A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2014 is presented below:

 

    Options    

Weighted Average Grant-Date

Fair Value

  
Non-vested at July 1, 2014     26,250     $ 1.69  
Granted     -       -  
Vested     -       -  
Forfeited     -       -  
Non-vested at September 30, 2014     26,250     $ 1.69  

 

2007 Directors Equity Incentive Plan

 

The 2007 Directors Plan permits the grant of options covering up to an aggregate of 500,000 shares of Common Stock to its directors in the form of non-qualified options and restricted stock. The exercise price of the non-qualified options is 100% of the fair value of the underlying shares on the grant date. The options have five-year contractual terms and are generally exercisable immediately as of the grant date.

 

During the first quarter of fiscal year 2016, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2015. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2015.

 

During the first quarter of fiscal year 2015, the Company did not grant any options pursuant to the 2007 Directors Plan. There were no stock options exercised during the three month period ended September 30, 2014. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2014.

 

As of September 30, 2015, there were vested stock options granted under the 2007 Directors Plan covering a total of 365,000 shares of Common Stock. The weighted-average exercise price was $3.64 and the weighted average remaining contractual term was 1.74 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2015 were $13. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2015.

 

As of September 30, 2014, there were vested stock options granted under the 2007 Directors Plan covering a total of 315,000 shares of Common Stock. The weighted-average exercise price was $3.62 and the weighted average remaining contractual term was 2.37 years. Both the aggregate intrinsic value of such stock options outstanding and the aggregate intrinsic value of such options exercisable as of September 30, 2014 were $151. As all of the stock options granted under the 2007 Directors Plan vest immediately at the date of grant, there were no unvested stock options granted under the 2007 Directors Plan as of September 30, 2014.

 

A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2015 is presented as follows: 

 

    Options    

Weighted Average

Exercise

Price

    

Weighted

Average

Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
                                 
Outstanding at July 1, 2015     365,000     $ 3.64       1.99     $ 53  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2015     365,000     $ 3.64       1.74     $ 13  
Exercisable at September 30, 2015     365,000     $ 3.64       1.74     $ 13  

 

A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2014 is presented as follows: 

 

    Options    

Weighted Average

Exercise

Price

    

Weighted Average Remaining

Contractual

Term (Years)

    

Aggregate

Intrinsic

Value

  
                                 
Outstanding at July 1, 2014     315,000     $ 3.62       2.63     $ 24  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited or expired     -       -       -       -  
Outstanding at September 30, 2014     315,000     $ 3.62       2.37     $ 151  
Exercisable at September 30, 2014     315,000     $ 3.62       2.37     $ 151  

 

 
XML 92 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.0.814 html 198 334 1 true 60 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://triotech.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) Sheet http://triotech.com/role/CondensedConsolidatedBalanceSheetsInThousandsExceptNumberOfShares CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical) Sheet http://triotech.com/role/CondensedConsolidatedBalanceSheetsInThousandsExceptNumberOfSharesParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) Sheet http://triotech.com/role/CondensedConsolidatedStatementsOfOperationsAndComprehensiveIncomeLoss CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) Sheet http://triotech.com/role/CondensedConsolidatedStatementsOfComprehensiveIncomeLoss CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) Statements 5 false false R6.htm 00000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Sheet http://triotech.com/role/CondensedConsolidatedStatementsOfShareholdersEquity CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Statements 6 false false R7.htm 00000007 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) Sheet http://triotech.com/role/CondensedConsolidatedStatementsOfCashFlowsInThousands CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) Statements 7 false false R8.htm 00000008 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION Sheet http://triotech.com/role/OrganizationAndBasisOfPresentation ORGANIZATION AND BASIS OF PRESENTATION Notes 8 false false R9.htm 00000009 - Disclosure - NEW ACCOUNTING PRONOUNCEMENTS Sheet http://triotech.com/role/NewAccountingPronouncements NEW ACCOUNTING PRONOUNCEMENTS Notes 9 false false R10.htm 00000010 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Sheet http://triotech.com/role/AccountsReceivableAndAllowanceForDoubtfulAccounts ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Notes 10 false false R11.htm 00000011 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS Sheet http://triotech.com/role/LoansReceivableFromPropertyDevelopmentProjects LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS Notes 11 false false R12.htm 00000012 - Disclosure - INVENTORIES Sheet http://triotech.com/role/Inventories INVENTORIES Notes 12 false false R13.htm 00000013 - Disclosure - ASSETS HELD FOR SALE Sheet http://triotech.com/role/AssetsHeldForSale ASSETS HELD FOR SALE Notes 13 false false R14.htm 00000014 - Disclosure - INVESTMENTS Sheet http://triotech.com/role/Investments INVESTMENTS Notes 14 false false R15.htm 00000015 - Disclosure - INVESTMENT PROPERTIES Sheet http://triotech.com/role/InvestmentProperties INVESTMENT PROPERTIES Notes 15 false false R16.htm 00000016 - Disclosure - OTHER ASSETS Sheet http://triotech.com/role/OtherAssets OTHER ASSETS Notes 16 false false R17.htm 00000017 - Disclosure - LINES OF CREDIT Sheet http://triotech.com/role/LinesOfCredit LINES OF CREDIT Notes 17 false false R18.htm 00000018 - Disclosure - ACCRUED EXPENSES Sheet http://triotech.com/role/AccruedExpenses ACCRUED EXPENSES Notes 18 false false R19.htm 00000019 - Disclosure - WARRANTY ACCRUAL Sheet http://triotech.com/role/WarrantyAccrual WARRANTY ACCRUAL Notes 19 false false R20.htm 00000020 - Disclosure - BANK LOANS PAYABLE Sheet http://triotech.com/role/BankLoansPayable BANK LOANS PAYABLE Notes 20 false false R21.htm 00000021 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://triotech.com/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES Notes 21 false false R22.htm 00000022 - Disclosure - BUSINESS SEGMENTS Sheet http://triotech.com/role/BusinessSegments BUSINESS SEGMENTS Notes 22 false false R23.htm 00000023 - Disclosure - OTHER INCOME Sheet http://triotech.com/role/OtherIncome OTHER INCOME Notes 23 false false R24.htm 00000024 - Disclosure - INCOME TAX Sheet http://triotech.com/role/IncomeTax INCOME TAX Notes 24 false false R25.htm 00000025 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN Sheet http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlan DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN Notes 25 false false R26.htm 00000026 - Disclosure - EARNINGS PER SHARE Sheet http://triotech.com/role/EarningsPerShare EARNINGS PER SHARE Notes 26 false false R27.htm 00000027 - Disclosure - STOCK OPTIONS Sheet http://triotech.com/role/StockOptions STOCK OPTIONS Notes 27 false false R28.htm 00000028 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE Sheet http://triotech.com/role/FairValueOfFinancialInstrumentsApproximateCarryingValue FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE Notes 28 false false R29.htm 00000029 - Disclosure - SUBSEQUENT EVENT Sheet http://triotech.com/role/SubsequentEvent SUBSEQUENT EVENT Notes 29 false false R30.htm 00000030 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Policies) Sheet http://triotech.com/role/OrganizationAndBasisOfPresentationPolicies ORGANIZATION AND BASIS OF PRESENTATION (Policies) Policies 30 false false R31.htm 00000031 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Tables) Sheet http://triotech.com/role/OrganizationAndBasisOfPresentationTables ORGANIZATION AND BASIS OF PRESENTATION (Tables) Tables http://triotech.com/role/OrganizationAndBasisOfPresentation 31 false false R32.htm 00000032 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) Sheet http://triotech.com/role/AccountsReceivableAndAllowanceForDoubtfulAccountsTables ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) Tables http://triotech.com/role/AccountsReceivableAndAllowanceForDoubtfulAccounts 32 false false R33.htm 00000033 - Disclosure - LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Tables) Sheet http://triotech.com/role/LoanReceivableFromPropertyDevelopmentProjectsTables LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Tables) Tables 33 false false R34.htm 00000034 - Disclosure - INVENTORIES (Tables) Sheet http://triotech.com/role/InventoriesTables INVENTORIES (Tables) Tables http://triotech.com/role/Inventories 34 false false R35.htm 00000035 - Disclosure - INVESTMENT PROPERTIES (Tables) Sheet http://triotech.com/role/InvestmentPropertiesTables INVESTMENT PROPERTIES (Tables) Tables http://triotech.com/role/InvestmentProperties 35 false false R36.htm 00000036 - Disclosure - OTHER ASSETS (Tables) Sheet http://triotech.com/role/OtherAssetsTables OTHER ASSETS (Tables) Tables http://triotech.com/role/OtherAssets 36 false false R37.htm 00000037 - Disclosure - LINES OF CREDIT (Tables) Sheet http://triotech.com/role/LinesOfCreditTables LINES OF CREDIT (Tables) Tables http://triotech.com/role/LinesOfCredit 37 false false R38.htm 00000038 - Disclosure - ACCRUED EXPENSES (Tables) Sheet http://triotech.com/role/AccruedExpensesTables ACCRUED EXPENSES (Tables) Tables http://triotech.com/role/AccruedExpenses 38 false false R39.htm 00000039 - Disclosure - WARRANTY ACCRUAL (Tables) Sheet http://triotech.com/role/WarrantyAccrualTables WARRANTY ACCRUAL (Tables) Tables http://triotech.com/role/WarrantyAccrual 39 false false R40.htm 00000040 - Disclosure - BANK LOANS PAYABLE (Tables) Sheet http://triotech.com/role/BankLoansPayableTables BANK LOANS PAYABLE (Tables) Tables http://triotech.com/role/BankLoansPayable 40 false false R41.htm 00000041 - Disclosure - BUSINESS SEGMENTS (Tables) Sheet http://triotech.com/role/BusinessSegmentsTables BUSINESS SEGMENTS (Tables) Tables http://triotech.com/role/BusinessSegments 41 false false R42.htm 00000042 - Disclosure - OTHER INCOME (Tables) Sheet http://triotech.com/role/OtherIncomeTables OTHER INCOME (Tables) Tables http://triotech.com/role/OtherIncome 42 false false R43.htm 00000043 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Tables) Sheet http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlanTables DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Tables) Tables http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlan 43 false false R44.htm 00000044 - Disclosure - EARNINGS PER SHARE (Tables) Sheet http://triotech.com/role/EarningsPerShareTables EARNINGS PER SHARE (Tables) Tables http://triotech.com/role/EarningsPerShare 44 false false R45.htm 00000045 - Disclosure - STOCK OPTIONS (Tables) Sheet http://triotech.com/role/StockOptionsTables STOCK OPTIONS (Tables) Tables http://triotech.com/role/StockOptions 45 false false R46.htm 00000046 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details) Sheet http://triotech.com/role/OrganizationAndBasisOfPresentationDetails ORGANIZATION AND BASIS OF PRESENTATION (Details) Details http://triotech.com/role/OrganizationAndBasisOfPresentationTables 46 false false R47.htm 00000047 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) Sheet http://triotech.com/role/OrganizationAndBasisOfPresentationDetailsNarrative ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) Details http://triotech.com/role/OrganizationAndBasisOfPresentationTables 47 false false R48.htm 00000048 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) Sheet http://triotech.com/role/AccountsReceivableAndAllowanceForDoubtfulAccountsDetails ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) Details http://triotech.com/role/AccountsReceivableAndAllowanceForDoubtfulAccountsTables 48 false false R49.htm 00000049 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details) Sheet http://triotech.com/role/LoansReceivableFromPropertyDevelopmentProjectsDetails LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details) Details http://triotech.com/role/LoansReceivableFromPropertyDevelopmentProjects 49 false false R50.htm 00000050 - Disclosure - LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details Narrative) Sheet http://triotech.com/role/LoansReceivableFromPropertyDevelopmentProjectsDetailsNarrative LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details Narrative) Details http://triotech.com/role/LoansReceivableFromPropertyDevelopmentProjects 50 false false R51.htm 00000051 - Disclosure - INVENTORIES (Details) Sheet http://triotech.com/role/InventoriesDetails INVENTORIES (Details) Details http://triotech.com/role/InventoriesTables 51 false false R52.htm 00000052 - Disclosure - INVENTORIES (Details 1) Sheet http://triotech.com/role/InventoriesDetails1 INVENTORIES (Details 1) Details http://triotech.com/role/InventoriesTables 52 false false R53.htm 00000053 - Disclosure - ASSETS HELD FOR SALE (Details Narrative) Sheet http://triotech.com/role/AssetsHeldForSaleDetailsNarrative ASSETS HELD FOR SALE (Details Narrative) Details http://triotech.com/role/AssetsHeldForSale 53 false false R54.htm 00000054 - Disclosure - INVESTMENTS (Details Narrative) Sheet http://triotech.com/role/InvestmentsDetailsNarrative INVESTMENTS (Details Narrative) Details http://triotech.com/role/InvestmentPropertiesTables 54 false false R55.htm 00000055 - Disclosure - INVESTMENT PROPERTIES (Details) Sheet http://triotech.com/role/InvestmentPropertiesDetails INVESTMENT PROPERTIES (Details) Details http://triotech.com/role/InvestmentPropertiesTables 55 false false R56.htm 00000056 - Disclosure - INVESTMENT PROPERTIES (Details Narrative) Sheet http://triotech.com/role/InvestmentPropertiesDetailsNarrative INVESTMENT PROPERTIES (Details Narrative) Details http://triotech.com/role/InvestmentPropertiesTables 56 false false R57.htm 00000057 - Disclosure - OTHER ASSETS - Other assets (Details) Sheet http://triotech.com/role/OtherAssets-OtherAssetsDetails OTHER ASSETS - Other assets (Details) Details 57 false false R58.htm 00000058 - Disclosure - LINES OF CREDIT (Details) Sheet http://triotech.com/role/LinesOfCreditDetails LINES OF CREDIT (Details) Details http://triotech.com/role/LinesOfCreditTables 58 false false R59.htm 00000059 - Disclosure - LINES OF CREDIT (Details Narrative) Sheet http://triotech.com/role/LinesOfCreditDetailsNarrative LINES OF CREDIT (Details Narrative) Details http://triotech.com/role/LinesOfCreditTables 59 false false R60.htm 00000060 - Disclosure - ACCRUED EXPENSES (Details) Sheet http://triotech.com/role/AccruedExpensesDetails ACCRUED EXPENSES (Details) Details http://triotech.com/role/AccruedExpensesTables 60 false false R61.htm 00000061 - Disclosure - WARRANTY ACCRUAL (Details) Sheet http://triotech.com/role/WarrantyAccrualDetails WARRANTY ACCRUAL (Details) Details http://triotech.com/role/WarrantyAccrualTables 61 false false R62.htm 00000062 - Disclosure - WARRANTY ACCRUAL (Details Narratives) Sheet http://triotech.com/role/WarrantyAccrualDetailsNarratives WARRANTY ACCRUAL (Details Narratives) Details http://triotech.com/role/WarrantyAccrualTables 62 false false R63.htm 00000063 - Disclosure - BANK LOANS PAYABLE (Details) Sheet http://triotech.com/role/BankLoansPayableDetails BANK LOANS PAYABLE (Details) Details http://triotech.com/role/BankLoansPayableTables 63 false false R64.htm 00000064 - Disclosure - BANK LOANS PAYABLE (Details 1) Sheet http://triotech.com/role/BankLoansPayableDetails1 BANK LOANS PAYABLE (Details 1) Details http://triotech.com/role/BankLoansPayableTables 64 false false R65.htm 00000065 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) Sheet http://triotech.com/role/CommitmentsAndContingenciesDetailsNarrative COMMITMENTS AND CONTINGENCIES (Details Narrative) Details http://triotech.com/role/CommitmentsAndContingencies 65 false false R66.htm 00000066 - Disclosure - BUSINESS SEGMENTS (Details) Sheet http://triotech.com/role/BusinessSegmentsDetails BUSINESS SEGMENTS (Details) Details http://triotech.com/role/BusinessSegmentsTables 66 false false R67.htm 00000067 - Disclosure - BUSINESS SEGMENTS (Details Narrative) Sheet http://triotech.com/role/BusinessSegmentsDetailsNarrative BUSINESS SEGMENTS (Details Narrative) Details http://triotech.com/role/BusinessSegmentsTables 67 false false R68.htm 00000068 - Disclosure - OTHER INCOME (Details) Sheet http://triotech.com/role/OtherIncomeDetails OTHER INCOME (Details) Details http://triotech.com/role/OtherIncomeTables 68 false false R69.htm 00000069 - Disclosure - OTHER INCOME (Details Narrative) Sheet http://triotech.com/role/OtherIncomeDetailsNarrative OTHER INCOME (Details Narrative) Details http://triotech.com/role/OtherIncomeTables 69 false false R70.htm 00000070 - Disclosure - INCOME TAX (Details Narrative) Sheet http://triotech.com/role/IncomeTaxDetailsNarrative INCOME TAX (Details Narrative) Details http://triotech.com/role/IncomeTax 70 false false R71.htm 00000071 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details) Sheet http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlanDetails DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details) Details http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlanTables 71 false false R72.htm 00000072 - Disclosure - DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details Narrative) Sheet http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlanDetailsNarrative DISCONTINUED OPERATION AND CORRESPONDING RESTRUCTURING PLAN (Details Narrative) Details http://triotech.com/role/DiscontinuedOperationAndCorrespondingRestructuringPlanTables 72 false false R73.htm 00000073 - Disclosure - EARNINGS PER SHARE (Details) Sheet http://triotech.com/role/EarningsPerShareDetails EARNINGS PER SHARE (Details) Details http://triotech.com/role/EarningsPerShareTables 73 false false R74.htm 00000074 - Disclosure - EARNINGS PER SHARE (Details Narrative) Sheet http://triotech.com/role/EarningsPerShareDetailsNarrative EARNINGS PER SHARE (Details Narrative) Details http://triotech.com/role/EarningsPerShareTables 74 false false R75.htm 00000075 - Disclosure - STOCK OPTIONS (Details) Sheet http://triotech.com/role/StockOptionsDetails STOCK OPTIONS (Details) Details http://triotech.com/role/StockOptionsTables 75 false false R76.htm 00000076 - Disclosure - STOCK OPTIONS (Details 1) Sheet http://triotech.com/role/StockOptionsDetails1 STOCK OPTIONS (Details 1) Details http://triotech.com/role/StockOptionsTables 76 false false R77.htm 00000077 - Disclosure - STOCK OPTIONS (Details 2) Sheet http://triotech.com/role/StockOptionsDetails2 STOCK OPTIONS (Details 2) Details http://triotech.com/role/StockOptionsTables 77 false false R78.htm 00000078 - Disclosure - STOCK OPTIONS (Details 3) Sheet http://triotech.com/role/StockOptionsDetails3 STOCK OPTIONS (Details 3) Details http://triotech.com/role/StockOptionsTables 78 false false R79.htm 00000079 - Disclosure - STOCK OPTIONS (Details Narrative) Sheet http://triotech.com/role/StockOptionsDetailsNarrative STOCK OPTIONS (Details Narrative) Details http://triotech.com/role/StockOptionsTables 79 false false R80.htm 00000080 - Disclosure - SUBSEQUENT EVENT (Details Narrative) Sheet http://triotech.com/role/SubsequentEventDetailsNarrative SUBSEQUENT EVENT (Details Narrative) Details http://triotech.com/role/SubsequentEvent 80 false false All Reports Book All Reports In ''CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES)'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical)'', column(s) 5 are contained in other reports, so were removed by flow through suppression. In ''CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)'', column(s) 7 are contained in other reports, so were removed by flow through suppression. In ''CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)'', column(s) 3 are contained in other reports, so were removed by flow through suppression. trt-20150930.xml trt-20150930_cal.xml trt-20150930_def.xml trt-20150930_lab.xml trt-20150930_pre.xml trt-20150930.xsd true true XML 93 R74.htm IDEA: XBRL DOCUMENT v3.3.0.814
EARNINGS PER SHARE (Details Narrative) - $ / shares
Sep. 30, 2015
Sep. 30, 2014
Options outstanding 495,000 445,000
MinimumMember    
Exercise Price $ 2.26 $ 2.07
Maximum Member    
Exercise Price $ 3.20 $ 4.35
XML 94 R38.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED EXPENSES (Tables)
 3 Months Ended
Sep. 30, 2015
Accrued Expenses Tables  
Accrued expenses
     

 

Sept. 30, 2015

(Unaudited)

   June 30, 2015  
Payroll and related costs   $ 1,257     $ 1,513  
Commissions     66       52  
Customer deposits     43       41  
Legal and audit     261       244  
Sales tax     103       131  
Utilities     110       129  
Warranty     100       109  
Accrued purchase of materials and property, plant and equipment     241       430  
Provision for re-instatement     410       422  
Other accrued expenses     230       243  
Currency translation effect     (161 )     (230 )
Total   $ 2,660     $ 3,084  
XML 95 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
BANK LOANS PAYABLE
 3 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
BANK LOANS PAYABLE (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES)

 Bank loans payable consisted of the following:

 

   

Sept. 30, 2015

(Unaudited)

     June 30, 2015  
Note payable denominated in Malaysian ringgit to a commercial bank for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank’s prime rate (7.3% at September 30, 2015 and June 30, 2015) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,667.     1,854       2,218  
                 
Note payable denominated in U.S. dollars to a financial institution for working capital plans in Singapore and its subsidiaries, maturing in December 2015, bearing interest at the bank’s prime rate plus 1.50% (4.1% to 6.9% at September 30, 2015 and June 30, 2015) with monthly payments of principal plus interest through December 2014. This note payable is secured by plant and equipment with a carrying value of $337.      266       326  
                 
      Current portion     (310 )     (346 )
      Long term portion of bank loans payable   $ 1,810     $ 2,198  

 

 

Future minimum payments (excluding interest) as at September 30, 2015 were as follows: 

 

2017   $ 310  
2018     248  
2019     158  
2020     166  
2021     175  
Thereafter     1,063  
Total obligations and commitments   $ 2,120  

 

Future minimum payments (excluding interest) as at June 30, 2015 were as follows: 

 

2016   $ 346  
2017     322  
2018     183  
2019     193  
2020     203  
Thereafter     1,297  
Total obligations and commitments   $ 2,544