0001144204-13-011898.txt : 20130228 0001144204-13-011898.hdr.sgml : 20130228 20130228124530 ACCESSION NUMBER: 0001144204-13-011898 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20121130 FILED AS OF DATE: 20130228 DATE AS OF CHANGE: 20130228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MultiCell Technologies, Inc. CENTRAL INDEX KEY: 0000811779 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 521412493 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10221 FILM NUMBER: 13650499 BUSINESS ADDRESS: STREET 1: 68 CUMBERLAND STREET, SUITE 301 CITY: WOONSOCKET STATE: RI ZIP: 02865 BUSINESS PHONE: (401)762-0045 MAIL ADDRESS: STREET 1: 68 CUMBERLAND STREET, SUITE 301 CITY: WOONSOCKET STATE: RI ZIP: 02865 FORMER COMPANY: FORMER CONFORMED NAME: Multicell Technologies Inc. DATE OF NAME CHANGE: 20040615 FORMER COMPANY: FORMER CONFORMED NAME: EXTEN INDUSTRIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EXTEN VENTURES INC DATE OF NAME CHANGE: 19910923 10-K 1 v333692_10k.htm FORM 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the fiscal year ended November 30, 2012

 

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the transition period from                     to                           

 

Commission File Number: 001-10221

 

MultiCell Technologies, Inc.
(Exact name of registrant as specified in its charter)

 

DELAWARE 52-1412493
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

68 Cumberland Street, Suite 301,Woonsocket, RI 02895

(Address number of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code 401-762-0045

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

 

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.01 par value per share

 

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

 

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

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No 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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

 

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

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

 

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

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. As of May 31, 2012, the aggregate market value of the voting and nonvoting common equity held by nonaffiliates of the issuer was $2,964,799.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. As of February 21, 2013, the issuer had 1,496,469,696 shares of issued and outstanding common stock, par value $0.01.

 

DOCUMENTS INCORPORATED BY REFERENCE. None.

 

 
 

 

MULTICELL TECHNOLOGIES, INC.

 

FORM 10-K

 

TABLE OF CONTENTS

 

    PAGE
PART I    
     
Item 1. BUSINESS 4
Item 1A. RISK FACTORS 15
Item 1B. UNRESOLVED STAFF COMMENTS 28
Item 2. PROPERTIES 28
Item 3. LEGAL PROCEEDINGS 28
Item 4. MINE SAFETY DISCLOSURES 28
     
PART II    
     
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 29
Item 6. SELECTED FINANCIAL DATA 30
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 35
Item 9A. CONTROLS AND PROCEDURES 35
Item 9B. OTHER INFORMATION 36
     
PART III    
     
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37
Item 11. EXECUTIVE COMPENSATION 41
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 45
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 47
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 48
     
PART IV    
   
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 49
     
  SIGNATURES 49
     
  CONSOLIDATED FINANCIAL STATEMENTS F-1 – F-24

 

2
 

 

FORWARD LOOKING STATEMENTS

 

This document contains forward-looking statements that are based upon current expectations within the meaning of the Private Securities Litigation Reform Act of 1995. It is our intent that such statements be protected by the safe harbor created thereby. Forward-looking statements involve risks and uncertainties and our actual results and the timing of events may differ significantly from the results discussed in the forward-looking statements. Examples of such forward-looking statements include, but are not limited to, statements about or relating to: the initiation, progress, timing, scope and anticipated date of completion of preclinical research, clinical trials and development of our therapeutic products, drug candidates and potential drug candidates by ourselves or our partners, including the dates of initiation and completion of patient enrollment, and numbers of patients enrolled and sites utilized for clinical trials; the size or growth of expected markets for our potential drugs; our plans or ability to commercialize drugs, with or without a partner; market acceptance of our potential drugs; increasing losses, costs, expenses and expenditures; hiring plans; the sufficiency of existing resources to fund our operations; expansion of our research and development programs and the scope and size of research and development efforts; potential competitors; our estimates of future financial performance; our estimates regarding anticipated operating losses, capital requirements and our needs for additional financing; future payments under lease obligations and equipment financing lines; expected future sources of revenue and capital; our plans to obtain limited product liability insurance; protection of our intellectual property; and increasing the number of our employees and recruiting additional key personnel.

 

Such forward-looking statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, obtaining regulatory approval, and undertaking production and marketing of our drug candidates; difficulties or delays in patient enrollment for our clinical trials; unexpected adverse side effects or inadequate therapeutic efficacy of our drug candidates that could slow or prevent product approval (including the risk that current and past results of clinical trials or preclinical studies are not indicative of future results of clinical trials); activities and decisions of, and market conditions affecting current and future strategic partners; pricing pressures; accurately forecasting operating and clinical trial costs; uncertainties of litigation and other business conditions; our ability to obtain additional financing if necessary; changing standards of care and the introduction of products by competitors or alternative therapies for the treatment of indications we target; the uncertainty of protection for our intellectual property or trade secrets, through patents or otherwise; and potential infringement of the intellectual property rights or trade secrets of third parties. In addition such statements are subject to the risks and uncertainties discussed in the “Risk Factors” section and elsewhere in this document.

 

3
 

 

PART I

 

ITEM 1. BUSINESS

 

About MultiCell Technologies, Inc.

 

MultiCell Technologies, Inc. was incorporated in Delaware on April 28, 1970 as Exten Ventures, Inc., and subsequently changed its name to Exten Industries, Inc. (“Exten”).  An agreement of merger between Exten and an entity then called MultiCell Associates, Inc. (“MTI”), was entered into on March 20, 2004, whereby MTI ceased to exist and all of its assets, property, rights and powers, as well as all debts due it, were transferred to and vested in Exten as the surviving corporation.  Effective April 1, 2004 Exten changed its name to MultiCell Technologies, Inc. (“MultiCell”).  MultiCell operates two subsidiaries, Xenogenics Corporation (“Xenogenics”) (95.3% owned, on an as-if-convertd basis), and MultiCell Immunotherapeutics, Inc. (“MCTI”), of which MultiCell holds approximately 67% of the outstanding shares (on an as-if-converted basis).  As used herein, the “Company”, “we”, “our”, and “us” refers to MultiCell, together with Xenogenics and MCTI.  Our principal offices are at 68 Cumberland Street, Suite 301, Woonsocket, RI 02895.  Our telephone number is (401) 762-0045.

 

MultiCell is a biopharmaceutical company developing novel therapeutics and discovery tools to address unmet medical needs for the treatment of neurological disorders, hepatic disease, cancer and interventional cardiology and peripheral vessel applications.

 

Our therapeutic development platform includes several patented techniques used to: (i) isolate, characterize and differentiate stem cells from human liver; (ii) control the immune response at transcriptional and translational levels through double-stranded RNA (dsRNA)-sensing molecules such as the Toll-like Receptors (TLRs), RIG-I-like receptor (RLR), and Melanoma Differentiation-Associated protein 5 (MDA-5) signaling; (iii) generate specific and potent immunity against key tumor targets through a novel immunoglobulin platform technology; and (iv) modulate the noradrenaline-adrenaline neurotransmitter pathway. Our medical device development platform is based on the design a next-generation bioabsorbable stent, the Ideal BioStent™, for interventional cardiology and peripheral vessel applications.

 

Our therapeutic development platform offers several key advantages, including selective modulation of noradrenergic neurons without influencing seratoninergic neurons to inhibit the reuptake of noradrenaline (norepinephrine) while promoting increased tyrosine hydroxylase activity for the treatment of primary multiple sclerosis-related fatigue (PMSF) affecting over 70% of all persons with multiple sclerosis (MS).

 

Unlike other immune modulating compounds, our use of novel synthetic dsRNAs is not species or sequence-specific yet enables selective control of critical immune signaling pathways, and therefore has the potential in a broader spectrum of therapeutic applications as a monotherapy or in combination with other therapies.

 

Coupling our synthetic dsRNA platform technology with our therapeutic antibody technology maximizes the potential of disease-associated epitope peptides to create a novel class of more effective anticancer therapeutics.

 

Our cellular technology offers the potential to isolate cancer stem cells from human liver in support of the development of novel therapeutics needed to effectively manage and treat patients with primary hepatocellular carcinoma.

 

Our portfolio of lead drug candidates is in various stages of discovery optimization, and preclinical and clinical development, and includes the following:

 

·MCT-125, a Phase 2 therapeutic candidate for the treatment of PMSF which has demonstrated efficacy in a 138-patient Phase IIa clinical trial;

 

·MCT-465, a preclinical synthetic dsRNA therapeutic candidate and potent immune enhancer for the treatment of solid tumor cancers such as those expressing TLR-3;

 

·MCT-475, a discovery stage antibody therapeutic candidate used in combination with dsRNA for the treatment of solid tumor cancers; and

 

·MCT-485, a discovery stage dsRNA therapeutic candidate with tumor cytolytic properties for the treatment of certain cancers.

 

The Ideal BioStent™ is the only stent incorporating salicylate, the active component in aspirin, directly into the polymer chain. As the polymer degrades, salicylate is released directly into the vessel wall, thereby providing anti-inflammatory therapy aimed at reducing stenosis and promoting blood vessel healing.

 

4
 

 

The Ideal BioStent™ also incorporates Sirolimus (rapamycin) in addition to salicylate, providing anti-restenotic therapy similar to today’s commonly used drug-eluting metal stents. Xenogenics’ bioabsorbable stent technology allows for the ability to layer different combinations of polymers and drugs, enabling the optimization of the delivery of combination drug therapies to provide superior clinical results. The Ideal BioStent™ represents a significant advance over currently available stents, including:

 

·The ability to promote positive vessel remodeling;

 

·A significant reduction in late-stent thrombosis risk;

 

·No metal artifact remaining in the patient’s body after vessel healing; and

 

·The reduced need for long-term and costly anti-platelet therapy.

 

In extensive animal testing and initial human use, the Ideal BioStent™ demonstrated equivalence in safety, short-term efficacy and structural integrity when compared with today’s leading bare metal stent (“BMS”) and drug-eluting metal stent (“DES”). Unlike other bioabsorbable stent technologies, the Ideal BioStent™ showed no stent recoil, either acute or at six month follow up, remaining well apposed to the vessel wall. Furthermore, the Ideal BioStent™ is designed to be fully absorbed at 12 months, leaving no artifact behind and allowing the vessel to heal and return to its natural state.

 

Our Therapeutic Programs

 

MultiCell is pursuing research and development targeting degenerative neurological diseases, including multiple sclerosis (MS) and cancer.

 

Until recently, the development of therapeutics that interacted with the human immune system was focused on finding protective antigens and different ways to present them to the immune system.  The emphasis was on enhancing the human response – stimulating high antibody production.  With a greater understanding of the immune system, the emphasis has shifted to modulating the immune system by optimizing its response to infection and diseases such as cancer.

 

Today, it is known that the immune system is composed of two synergistic elements:  the innate immune system and the adaptive immune system.  Stimulation of the innate immune system, humans’ early warning system, plays a critical role in triggering the adaptive immune response – the ability to produce antibodies and to stimulate a cellular immune response.  A stronger, initial innate immune response aids in the generation of a more robust and longer-lasting adaptive immune response.

 

The innate immune system was once thought to be equivalent to the wall of a castle.  Historically, scientists thought the real action of immunity and the immune system occurred once the castle wall was breached and the troops inside; the T and B cells began to produce antibodies and attack diseased cells.  The innate immune system, however, was found to be composed of a family of ten receptor molecules, the TLRs, which act as sentries to identify invaders and signal the alarm to mobilize the body’s array of immune defenses.  TLRs unleash both the innate and adaptive immune systems.

 

Our therapeutics business addresses significant unmet medical needs for the treatment of neurological disorders and cancer through modulation of the innate and adaptive immune response.  Our therapeutic development platform is designed to augment current therapeutic strategies via:

 

·Modulation of the noradrenaline-adrenaline neurotransmitter pathway for the treatment of PMSF affecting over 70% of all persons with MS;

 

·Triggering the adaptive immune response thru Toll-like Receptor 3 (TLR3) signaling of the innate immune system using dsRNA to treat cancer;

 

·Triggering cytolysis via activation of stromal macrophages and release of TNF-alpha, IL-6 and other pro-inflammatory cytokines;

 

·Enhancement of antigen presentation to the immune system by targeting antigen delivery for processing via the Fc receptor for the treatment of autoimmune disease and cancer. An Fc receptor is a protein found on the surface of certain cells including B lymphocytes, natural killer cells, macrophages, neutrophils, and mast cells, which contributes to the protective functions of the immune system; and

 

·In vivo generation and expansion of specific immune system cells targeted against an autoimmune response, or infectious agents, or tumors. 
5
 

 

Our therapeutic development platform has several advantages over those of our competitors:

 

·Modulation of noradrenergic neurons without effecting seratoninergic neurons to inhibit the reuptake of noradrenaline (norepinephrine);

 

·Our therapeutic antibody technology, Epitope-based T-cell Immunotherapy, can effectively deliver epitopes to the immune system, and can produce positive clinical outcomes in cases where tolerization is the targeted response;

 

·Unlike DNA-based immunostimulatory CpG motifs or antisense and small interfering RNA (siRNA) technologies, our use of dsRNA signaling thru TLR3 is not species or sequence-specific, and therefore has the potential to have application in a broader spectrum of therapeutic applications. SiRNA, sometimes known as short interfering RNA or silencing RNA, is a class of dsRNA molecures 20-25 base pairs in length;

 

·Coupling TLR3 signaling with our therapeutic antibody technology allows for the delivery of disease-associated epitope peptides in concert with TLR3 signaling, creating more effective anticancer therapeutics; and

 

·Using very small dsRNA to trigger direct cytotoxic activity (cytolysis) via activation of stromal macrophages and release of TNF-alpha, IL-6 and other pro-inflammatory cytokines.

 

Our portfolio of lead drug candidates is in various stages of preclinical and clinical development and includes:

 

·MCT-125, a Phase IIb therapeutic candidate for the treatment of PMSF with demonstrated efficacy in 138 patients;

 

·MCT-465, a preclinical adjuvant therapeutic candidate for the treatment of TLR3+ cancers; and

 

·MCT-475, a preclinical therapeutic candidate for the treatment of TLR3+ breast cancer; and

 

·MCT-485, a preclinical therapeutic candidate that appears to have direct cytotoxic activity (cytolysis) via activation of stromal macrophages and release of TNF-alpha, IL-6 and other pro-inflammatory cytokines.

 

Multiple Sclerosis Therapeutic Program

 

Multiple Sclerosis, or MS, is an autoimmune disease in which immune cells attack and destroy the myelin sheath, which insulates neurons in the brain and spinal cord.  When the myelin is destroyed, nerve messages are sent more slowly and less efficiently.  Scar tissue then forms over the affected areas, disrupting nerve communication.  MS symptoms occur when the brain and spinal cord nerves cease to communicate properly with other parts of the body.

 

Approximately 350,000 individuals have been diagnosed with MS in the United States and more than one million persons worldwide are afflicted with MS.  Initial symptoms typically manifest themselves between the ages of 20 and 40; symptoms rarely begin before 15 or after 60 years of age.  Women are almost twice as likely to get MS as men, especially in their early years.  People of northern European heritage are more likely to be affected than people of other racial backgrounds, and MS rates are higher in the United States, Canada, and Northern Europe than in other parts of the world.  MS is very rare among Asians, North and South American Indians, and Eskimos.

 

MCT-125 for the treatment of fatigue in patients with multiple sclerosis

 

Fatigue is the most common symptom in MS.  Overall, greater than 75% of persons with MS report having fatigue, and 50% to 60% report it as the worst symptom of their disease.  Fatigue can severely affect an individual's quality of life and functioning, even if the level of disability appears to be insignificant to the outside observer.  Many MS care providers are unaware that fatigue is also a major reason for unemployment, especially for those individuals with otherwise minor disability.  Moreover, fatigue in MS has a severe effect on patients’ ability to feel as if they have control over their illness.  Perhaps the most dramatic evidence that fatigue is a distinct symptom of MS comes from the clinical characteristics that have been recognized by clinicians for years.  These characteristics include the sensitivity of MS fatigue patients to heat as well as the fact that in about 30% of MS patients, fatigue predates other symptoms of MS.  In addition, clinical observation has shown that MS fatigue exhibits relapsing-remitting characteristics.  Many individuals appear to have “fatigue relapses”. 

 

Individuals can suffer from weeks of extraordinary fatigue for no apparent reason, then report feeling not fatigued for a period of time followed by a relapse of feeling fatigued; these episodes may or may not be associated with the typical symptoms of an MS relapse.  All of these characteristics suggest that fatigue is not a secondary effect of MS, but is a primary part of the disease itself.

 

6
 

 

In December 2005, MultiCell exclusively licensed the drug candidate LAX-202 from Amarin Neuroscience Limited (“Amarin”) for the treatment of fatigue in patients suffering from MS.  MultiCell renamed LAX-202 to MCT-125, and intends to further evaluate MCT-125 in a Phase IIb/III clinical trial.  In a 138-patient, multi-center, double-blind placebo controlled Phase II clinical trial conducted in the United Kingdom by Amarin, LAX-202 demonstrated efficacy in significantly reducing the levels of fatigue in MS patients enrolled in the study.  LAX-202 proved to be effective within four weeks of the first daily oral dosing, and showed efficacy in MS patients who were moderately as well as severely affected.  LAX-202 demonstrated efficacy in all MS patient sub-populations including relapsing-remitting, secondary progressive and primary progressive.  Patients enrolled in the Phase II trial conducted by Amarin also reported few if any side effects following daily oral dosing of LAX-202.  MultiCell intends to proceed with the anticipated Phase IIb/III trial of MCT-125 using the data generated by Amarin for LAX-202 following discussions with regulatory authorities.

 

The license agreement with Amarin provides that MultiCell will pay future royalty milestone payments to Amarin in accordance with the following:

 

·$500,000 upon the first filing of a new drug application with the U.S. Food and Drug Administration (“FDA”) or a reasonably similar filing with any regulatory authority for an Active Agent Product (as further defined below);

 

·$1,000,000 upon the first FDA approval for sale in the U.S. for an Active Agent Product;

 

·$1,500,000 within 12 calendar months after the first sale in the U.S. for an Active Agent Product; and

 

·$1,000,000 within 12 calendar months after the first sale in the European Economic Area for an Active Agent Product.

 

As defined in the license agreement with Amarin, an “Active Agent Product” means any preventative or therapeutic product which is composed of, or incorporates an Active Agent or an intermediate thereof or is developed utilizing the licensed technology. An “Active Agent” means (a) a pharmaceutical composition comprising a tricyclic antidepressant and at least one noradrenaline precursor selected from tyrosine or phenylalanine, with or without the addition of vitamin B12, covered, either ultimately or presently, by (i) an enforceable claim of any patent within the licensed patent rights, or (ii) by licensed technical information; or (b) any chemical compound other than a chemical compound described in (a) above comprising a pharmaceutical composition comprising tricyclic antidepressants or monoamine oxidase inhibitors or selective serotonin uptake inhibitors in combination with one or more amino acids, with or without the addition of vitamin B12, covered, either ultimately or presently, by (i) an enforceable claim of any patent within licensed patent rights or (ii) by licensed technical information.

 

None of these milestones were achieved as of November 30, 2012.

 

MCT-465, MCT-475 and MCT-485 for the treatment of cancer

 

Worldwide, breast cancer is the second most common type of cancer after lung cancer.  In 2008, breast cancer caused over 450,000 deaths worldwide, and the number of cases worldwide has significantly increased, partly due to modern lifestyles in the Western world.  North American women have the highest incidence of breast cancer in the world.  Among US women, breast cancer is the most common cancer and the second-most common cause of cancer death after lung cancer.  In 2012, breast cancer is expected to cause over 40,000 deaths in the U.S. which is about 7% of deaths related to cancer in general. An estimated 458,400 breast cancer deaths occurred in women worldwide during 2008.

 

MCT-465, MCT-475, and MCT 485 are in preclinical development, and are being investigated as prospective treatments for primary liver cancer and triple negative breast cancer.

 

The immune system is composed of two synergistic elements:  the innate immune system and the adaptive immune system.  Stimulation of the innate immune system through key receptors plays a critical role in triggering the adaptive immune response stimulating T and B cells to produce antibodies.  In cancer, this integrated defense system does not work well, resulting in suboptimal activation of innate immunity and thus, late or inefficient adaptive immunity. The innate immune system is composed of a family of ten receptor molecules, the Toll-like Receptors (TLR1-TLR10), which act as sentries to identify invaders and signal the alarm to mobilize the body’s array of immune defenses.

 

Within the tumor lesion, there may be infiltrating monocytes, dendritic cells and leukocytes in general, that have the capability to mobilize an adaptive or innate immune response but they are either silent or immune suppressive in the absence of select immune interventions. Such infiltrating non-cancerous immune cells may express TLR3, other TLRs, RIG-I and/or MDA-5. In addition, within tumor lesions, there may be cancerous cells or stromal cells or cancer stem cells which express TLR3, other TLRs, RIG-I and MDA-5 (representing RNA-sensing molecules).

7
 

 

Cancer stem cells are thought to play a role in a tumor’s resistance to therapy. While significant progress has been made in developing cancer therapies that result in cytoreduction and thus tumor regression, the control of cancer over a longer interval and especially of metastatic disease, remains a key goal. Cancer stem cells are believed to be responsible for cancer relapse by being less sensitive to conventional therapies.

 

MultiCell owns exclusive rights to two issued U.S. patents (6,872,389 and 6,129,911), one U.S. patent application (U.S. 2006/0019387A1), and several corresponding issued and pending foreign patents and patent applications related to the isolation and differentiation of liver stem cells. The role of liver stem cells in the carcinogenic process has recently led to a new hypothesis that hepatocellular carcinoma arises by maturation arrest of liver stem cells.

 

DsRNA provides a therapeutic avenue for cancer treatment through (a) activating intra-tumoral leukocytes, abrogating their immune suppressive activity and/or (b) interacting with cancerous cells and directly inducing apoptosis, or indirectly through mobilization of immune effector mechanisms.

 

MCT-465 is a high molecular weight synthetic dsRNA (polyA:polyU, of 70bps) with immune-enhancing properties. The mechanism of action of MCT-465 is pleiotropic and mediated by RNA sensors – such as TLR3, 7/8, MDA-5 and RIG-I - expressed by antigen presenting cells and select cases, by tumor cells:

 

·Induction of pro-inflammatory, immune enhancing cytokines locally and systemically;

 

·Anti-angiogenic effects through a local exposure to IL-12 / IFNg; and

 

·In select cases, direct pro-apoptotic anti-tumoral effect.

 

Prior studies with similar compounds support a strong immune enhancing effect of MCT-465, consisting in generation of Tc immunity against tumors, when administered as a companion to a vaccine. This raises the possibility that MCT-465 is an effective adjunctive therapy to any small molecule targeted therapy (such as tyrosine kinase inhibitors (TKIs)) that results in release of endogenous tumor antigen while interfering minimally with the immune competence.

 

MCT-485 is a low molecular weight synthetic dsRNA (polyA:polyU of 5bps) with direct tumor cytolytic properties. The mechanism of action of MCT-485 is distinct from that of MCT-465:

 

·Induction of tumor cell death upon direct exposure, while normal cells are minimally affected; and

 

·Production of TNF-alpha by cancer cells resulting in amplified tumor cell death and a localized immune reaction that has the potential to generalize and curb progression of metastatic cancer.

 

MCT-475 is a chimeric recombinant therapeutic antibody molecule that carries tumor-associated antigen peptide recognition in its complimentary determining region (CDR). In a mouse myeloma vaccine model, MCT-475 combined with MCT-465 demonstrated curative tumor regression resulting in 100% survival, with patients found to be tumor and disease free and used in follow-up experiments (Bot et al., 2006, J. Immunol., 176:1363).

 

Stem Cells and Cancer

 

Tumor tissues are composed of a mixture of cells with some tumor cells exhibiting stem cell-like properties (“cancer stem cells”).  Cancer stem cells are thought to play a role in a tumor’s resistance to therapy.  While significant progress has been made in developing cancer therapies that result in cytoreduction and thus tumor regression, the control of cancer over a longer interval and especially of metastatic disease, remains a key goal.  Cancer stem cells are believed to be responsible for cancer relapse by being less sensitive to conventional therapies.  Cancer stem cells may offer a unique opportunity to identify and develop a new generation of more effective anticancer agents (both small molecule therapeutics and biotherapies).

 

MultiCell owns exclusive rights to two issued U.S. patents (6,872,389 and 6,129,911), one U.S. patent application (U.S. 2006/0019387A1), and several corresponding issued and pending foreign patents and patent applications related to the isolation and differentiation of liver stem cells.  The role of liver stem cells in the carcinogenic process has recently led to a new hypothesis that hepatocellular carcinoma arises by maturation arrest of liver stem cells. 

 

Primary liver cancer begins in the cells of the liver itself.  According to the National Cancer Institute (NCI), in 2012 there was expected to be approximately 28,720 new cases of primary liver cancer and intrahepatic bile duct cancer in the United States, and it was estimated that approximately 20,550 of those cases would result in death.  Hepatocellular carcinoma, resulting from Hepatitis B and Hepatitis C infection, is the most common cancer in some parts of the world, with more than 1 million new cases diagnosed each year.  The NCI also reports that hepatocellular carcinoma is associated with cirrhosis of the liver in 50% to 80% of patients.

8
 

 

 

Primary liver cancer is rarely discovered early, and often does not respond to current treatment.  For example, Sorafenib (Nexavar®) was approved by the FDA in 2007 for use in advanced inoperable liver cancer.  Sorafenib is a targeted therapy designed to interfere with a tumor’s ability to generate new blood vessels.  However, Sorafenib has been shown to only slow liver cancer from progressing for a few months longer when compared to no treatment.

 

Ideal BioStent™

 

Purchase of Ideal BioStent™ — Foreclosure Sale Agreement

 

On September 30, 2010, Xenogenics entered into a Foreclosure Sale Agreement (“Foreclosure Sale Agreement”) with Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank (collectively, the “Sellers”).  Pursuant to the Foreclosure Sale Agreement, Xenogenics acquired all of the Sellers’ interests in certain bioabsorbable stent assets (known as “Ideal BioStent™”) and related technologies.  In consideration for the purchase of the assets, Xenogenics made cash payments to the Sellers in the aggregate amount of $400,000.

 

Xenogenics is also required to make cash payments to the Sellers as follows based on the achievement of certain milestones:

 

·$300,000 is payable upon the earlier to occur of (i) initiation of pivotal Generation 2 stent human clinical trials, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $3,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments), and (iii) a “change of control” of Xenogenics;

 

·$1,000,000 is payable upon the earlier to occur of (i) regulatory approval by any regulatory authority in a European Union member country, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics; and

 

·$3,000,000 is payable upon the earlier to occur of (i) regulatory approval by the FDA;, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics.

 

None of these milestones were achieved as of November 30, 2012, and, accordingly, none of these obligations have accrued. On September 30, 2011, Xenogenics entered into that certain Amendment No. 1 to the Foreclosure Sale Agreement which extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by twelve months. On October 23, 2012, Xenogenics entered into that certain Amendment No. 2 to the Foreclosure Sale Agreement which further extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by an additional twelve months. Xenogenics is required to use good faith reasonable efforts to achieve these milestones. Failure to achieve any of these milestones could result in all milestone payments, totaling $4.3 million, becoming immediately due and payable. If Xenogenics meets the financial hardship exception set forth in the Foreclosure Sale Agreement, Xenogenics could elect to pay all remaining milestone payments and continue commercialization efforts, or assign all intellectual property acquired by Xenogenics under the agreement to the counterparties to the agreement and cease all development and commercialization efforts.

 

Rutgers License Agreement

 

Effective September 30, 2010, Xenogenics entered into a license agreement (the “Rutgers License Agreement”) with Rutgers, The State University of New Jersey (“Rutgers”). 

 

Pursuant to the Rutgers License Agreement, Rutgers granted Xenogenics a worldwide exclusive license to exploit and commercialize certain patents and other intellectual property rights, as further described in the Rutgers License Agreement, relating to bioabsorbable stents for interventional cardiology and peripheral vascular applications. In consideration for the license and other rights granted under the Rutgers License Agreement, Xenogenics paid Rutgers a license fee of $50,000. In addition, under the Rutgers License Agreement, Xenogenics is obligated to pay Rutgers a license maintenance fee of $25,000 on the third anniversary of the Rutgers License Agreement, and $50,000 on the fourth anniversary.  Additionally, Xenogenics agreed to pay Rutgers for unpaid costs of $136,000 incurred by Rutgers prior to the effective date of the Rutgers License Agreement for preparing, filing, prosecuting, defending, and maintaining all United States patent applications and patents covered under the Rutgers License Agreement.

 

9
 

Xenogenics is also required to make cash payments to Rutgers as follows based on the achievement of certain milestones with respect to products to be commercialized using the intellectual property licensed pursuant to the Rutgers License Agreement:

 

·$50,000 is payable upon initiation of first in-human clinical trials anywhere in the world;

 

·$200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; and

 

·$300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world.

 

None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued.

 

Upon the sale of products commercialized using the technology licensed pursuant to the Rutgers License Agreement, Xenogenics is required to make royalty payments to Rutgers in an amount equal to three percent of the annual aggregate gross amounts charged for such products less deductions for expenses such as sales/use taxes, transportation charges and trade discounts. Beginning with the first year of sales of products commercialized with the licensed technology, Xenogenics will make certain minimum royalty payments to Rutgers, which payments will be applied against any royalty payments earned by Rutgers for the relevant calendar year. Further, 50% of the Rutgers milestone payments actually paid to Rutgers will be offset against any future royalty payments earned under the Rutgers License Agreement.

 

The term of the Rutgers License Agreement commences on the effective date of the agreement and terminates on the earlier of (i) the expiration of all valid patents granted with respect to the licensed technology (or products commercialized therefrom) in a country, and (ii) ten years from the date of first commercial sale in a country. However, if either party breaches the agreement, the non-breaching party may terminate the agreement upon written notice to the other party of such breach and the failure of the other party to cure the breach within 90 days of such notice. Xenogenics also has the right to terminate the agreement at anytime and for any reason upon 120 days’ advance written notice to Rutgers.

 

Patents and Proprietary Technology

 

Our success depends in part on intellectual property protection and the ability of our licensees to preserve those rights.

 

We use certain licenses granted to us under various licensing agreements. We also use trade secrets and proprietary knowledge unprotected by patents that we protect, in part, by confidentiality agreements. It is our policy to require our employees, directors, consultants, licensees, outside contractors and collaborators, scientific advisory board members and other advisors to execute confidentiality agreements upon the commencement of their relationships with us. These agreements provide that all confidential information made known to the individual in the course of the individual's relationship with us be kept as confidential and not be disclosed to third parties except in specific limited and agreed upon circumstances. We also require signed confidentiality or material transfer agreements from any company that is to receive our confidential information. In the case of employees, consultants and contractors, the agreements generally provide that all inventions conceived by the individual while rendering services to us shall be assigned to us as the exclusive property of the Company. There can be no guarantee that these agreements will not be violated or that we would have adequate remedies for any such violation or that our trade secrets or proprietary knowledge will not become known by or independently developed by competitors.

 

Any proprietary protection that we can obtain and maintain will be important to our business.

 

On September 7, 2005, MCTI, entered into an Asset Contribution Agreement (the “Asset Contribution Agreement”) with MultiCell, Alliance Pharmaceutical Corp. (“Alliance”), and Astral, Inc. (“Astral,” and together with Alliance, (“Transferors”). Pursuant to the Asset Contribution Agreement, MCTI issued 490,000 shares of common stock to Alliance in consideration for the acquisition of certain assets and the assumption of certain liabilities relating to Transferors’ business. The intellectual property acquired by MCTI includes ten United States and twenty foreign issued and pending patents and patent applications related to chimeric antibody technology, treatment of Type 1 diabetes, T-cell tolerance, Toll-like Receptor technology, dendritic cells, dsRNA technology and immunosuppression.

 

In December 2003, we acquired the exclusive worldwide rights to US Patent # 6129911, for Liver Stem Cells from Rhode Island Hospital. We agreed to pay an annual license fee of $20,000 for the first three years of the applicable license agreement and $10,000 per annum thereafter until a product is developed. Once a product is developed, if ever, the annual license fee will end and we will pay Rhode Island Hospital a five percent royalty on net sales of any product we sell covered by the patent until we pay an aggregate of $550,000 in royalties and a two percent royalty thereafter until the expiration of the patent.

 

In April, 2005, we were granted US Patent # 6872389 for the liver stem cell invention of Dr. Ron Faris, MultiCell’s former Senior Vice President and Chief Scientific Officer. This patent contains 24 claims to a method of obtaining a population of liver cell clusters from adult stem cells and is an important enhancement to our adult stem cell portfolio.

10
 

 

We have an exclusive, long-term license agreement with Rhode Island Hospital for use of the following patents owned by the hospital related to liver cell lines and Liver Assist Devices (LADs):

 

US Patent #6,017,760, Isolation and Culture of Porcine Hepatocytes, expires October 9, 2015;
US Patent #6,107,043, Immortalized Hepatocytes, expires February 8, 2019;
US Patent #6,129,911, Liver Stem Cell, expires October 10, 2017; and
US Patent # 6,872,389 Liver Stem Cell expires on July 8, 2019.

 

If we generate revenues and pay royalties, the annual license fee structure does not apply. Our agreement with Rhode Island Hospital provides that we would pay a five percent royalty until we pay Rhode Island Hospital an aggregate of $550,000. After that, the royalty percentage decreases to two percent for the life of the patents.

 

On November 3, 2003, Xenogenics was notified by the United States Patent and Trademark Office that its patent application for an “Artificial Liver Apparatus And Method”, the Sybiol® Synthetic Bio-Liver Device, would be allowed. United States patent 6,858,146 was issued in 2005. The Sybiol® trademark is registered in the United States Patent and Trademark Office, number 2,048,080.

 

Xenogenic’s Ideal BioStent™ is covered by patents owned by Rutgers and exclusively licensed to Xenogenics. The license between Xenogenics and Rutgers includes exclusive license rights and option to 23 issued patents and 61 patent applications with claims encompassing the basic design and synthesis of certain bioabsorbable polymers and their use in combination with drugs in medical devices. 

 

The patent estate acquired by Xenogenics as part of its acquisition of the Ideal BioStent™ includes one issued U.S. patent and four patent applications.  This patent estate covers the composition and synthesis of the Ideal BioStent™ proprietary bioabsorbable polymers, admixing of drugs and bioabsorbable polymers for therapeutic applications, and the use of these bioabsorbable polymers in stents and other medical devices.

 

Government Regulation

 

The FDA and comparable regulatory agencies in state and local jurisdictions and in foreign countries impose substantial requirements upon the clinical development, manufacture, marketing and distribution of drugs. These agencies and other federal, state and local entities regulate research and development activities and the testing, manufacture, quality control, safety, effectiveness, labeling, storage, record keeping, approval, advertising and promotion of our drug candidates and drugs.

 

In the United States, the FDA regulates drugs under the Federal Food, Drug and Cosmetic Act and implementing regulations. The process required by the FDA before our drug candidates may be marketed in the United States generally involves the following:

 

•completion of extensive preclinical laboratory tests, preclinical animal studies and formulation studies, all performed in accordance with the FDA’s good laboratory practice, or GLP, regulations;

 

•submission to the FDA of an investigational new drug (“IND”) application which must become effective before clinical trials may begin;

 

•performance of adequate and well-controlled clinical trials to establish the safety and efficacy of the drug candidate for each proposed indication;

 

•submission of a new drug application (“ NDA”) to the FDA;

 

•satisfactory completion of an FDA preapproval inspection of the manufacturing facilities at which the product is produced to assess compliance with current GMP, or cGMP, regulations; and

 

•FDA review and approval of the NDA prior to any commercial marketing, sale or shipment of the drug.

 

This testing and approval process requires substantial time, effort and financial resources, and we cannot be certain that any approvals for our drug candidates will be granted on a timely basis, if at all.

 

11
 

Preclinical tests include laboratory evaluation of product chemistry, formulation and stability, as well as studies to evaluate toxicity in animals. The results of preclinical tests, together with manufacturing information and analytical data, are submitted as part of an IND application to the FDA. The IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day time period, raises concerns or questions about the conduct of the clinical trial, including concerns that human research subjects will be exposed to unreasonable health risks. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. Our submission of an IND, or those of our collaborators, may not result in FDA authorization to commence a clinical trial. A separate submission to an existing IND must also be made for each successive clinical trial conducted during product development. Further, an independent institutional review board, or IRB, for each medical center proposing to conduct the clinical trial must review and approve the plan for any clinical trial before it commences at that center and it must monitor the clinical trial until completed. The FDA, the IRB or the clinical trial sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects or patients are being exposed to an unacceptable health risk. Clinical testing also must satisfy extensive Good Clinical Practice, or GCP, regulations and regulations for informed consent.

 

Clinical Trials: For purposes of an NDA submission and approval, clinical trials are typically conducted in the following three sequential phases, which may overlap:

 

·Phase I: The clinical trials are initially conducted in a limited population to test the drug candidate for safety, dose tolerance, absorption, metabolism, distribution and excretion in healthy humans or, on occasion, in patients, such as cancer patients. In some cases, particularly in cancer trials, a sponsor may decide to run what is referred to as a “Phase Ib” evaluation, which is a second, safety-focused Phase I clinical trial typically designed to evaluate the impact of the drug candidate in combination with currently approved drugs.

 

•Phase II: These clinical trials are generally conducted in a limited patient population to identify possible adverse effects and safety risks, to determine the efficacy of the drug candidate for specific targeted indications and to determine dose tolerance and optimal dosage. Multiple Phase II clinical trials may be conducted by the sponsor to obtain information prior to beginning larger and more expensive Phase III clinical trials. In some cases, a sponsor may decide to run what is referred to as a “Phase IIb” evaluation, which is a second, confirmatory Phase II clinical trial that could, if positive and accepted by the FDA, serve as a pivotal clinical trial in the approval of a drug candidate.

 

•Phase III: These clinical trials are commonly referred to as pivotal clinical trials. If the Phase II clinical trials demonstrate that a dose range of the drug candidate is effective and has an acceptable safety profile, Phase III clinical trials are then undertaken in large patient populations to further evaluate dosage, to provide substantial evidence of clinical efficacy and to further test for safety in an expanded and diverse patient population at multiple, geographically dispersed clinical trial sites.

 

In some cases, the FDA may condition approval of an NDA for a drug candidate on the sponsor’s agreement to conduct additional clinical trials to further assess the drug’s safety and effectiveness after NDA approval. Such post-approval trials are typically referred to as Phase IV clinical trials.

 

New Drug Application. The results of drug candidate development, preclinical testing and clinical trials are submitted to the FDA as part of an NDA. The NDA also must contain extensive manufacturing information. Once the submission has been accepted for filing, by law the FDA has 180 days to review the application and respond to the applicant. The review process is often significantly extended by FDA requests for additional information or clarification. The FDA may refer the NDA to an advisory committee for review, evaluation and recommendation as to whether the application should be approved. The FDA is not bound by the recommendation of an advisory committee, but it generally follows such recommendations. The FDA may deny approval of an NDA if the applicable regulatory criteria are not satisfied, or it may require additional clinical data or an additional pivotal Phase III clinical trial. Even if such data are submitted, the FDA may ultimately decide that the NDA does not satisfy the criteria for approval. Data from clinical trials are not always conclusive and the FDA may interpret data differently than we or our collaborators do. Once issued, the FDA may withdraw a drug approval if ongoing regulatory requirements are not met or if safety problems occur after the drug reaches the market. In addition, the FDA may require further testing, including Phase IV clinical trials, and surveillance programs to monitor the effect of approved drugs which have been commercialized. The FDA has the power to prevent or limit further marketing of a drug based on the results of these post-marketing programs. Drugs may be marketed only for the approved indications and in accordance with the provisions of the approved label. Further, if there are any modifications to a drug, including changes in indications, labeling or manufacturing processes or facilities, we may be required to submit and obtain FDA approval of a new NDA or NDA supplement, which may require us to develop additional data or conduct additional preclinical studies and clinical trials.

 

Fast Track Designation. The FDA’s fast track program is intended to facilitate the development and to expedite the review of drugs that are intended for the treatment of a serious or life-threatening condition for which there is no effective treatment and which demonstrate the potential to address unmet medical needs for the condition. Under the fast track program, the sponsor of a new drug candidate may request the FDA to designate the drug candidate for a specific indication as a fast track drug concurrent with or after the filing of the IND for the drug candidate. The FDA must determine if the drug candidate qualifies for fast track designation within 60 days of receipt of the sponsor’s request.

 

12
 

 

If fast track designation is obtained, the FDA may initiate review of sections of an NDA before the application is complete. This rolling review is available if the applicant provides and the FDA approves a schedule for the submission of the remaining information and the applicant pays applicable user fees. However, the time period specified in the Prescription Drug User Fees Act, which governs the time period goals the FDA has committed to reviewing an application, does not begin until the complete application is submitted. Additionally, the fast track designation may be withdrawn by the FDA if the FDA believes that the designation is no longer supported by data emerging in the clinical trial process.

 

In some cases, a fast track designated drug candidate may also qualify for one or more of the following programs:

 

•Priority Review. Under FDA policies, a drug candidate is eligible for priority review, or review within a six-month time frame from the time a complete NDA is accepted for filing, if the drug candidate provides a significant improvement compared to marketed drugs in the treatment, diagnosis or prevention of a disease. A fast track designated drug candidate would ordinarily meet the FDA’s criteria for priority review. We cannot guarantee any of our drug candidates will receive a priority review designation, or if a priority designation is received, that review or approval will be faster than conventional FDA procedures, or that FDA will ultimately grant drug approval.

 

•Accelerated Approval. Under the FDA’s accelerated approval regulations, the FDA is authorized to approve drug candidates that have been studied for their safety and effectiveness in treating serious or life-threatening illnesses, and that provide meaningful therapeutic benefit to patients over existing treatments based upon either a surrogate endpoint that is reasonably likely to predict clinical benefit or on the basis of an effect on a clinical endpoint other than patient survival. In clinical trials, surrogate endpoints are alternative measurements of the symptoms of a disease or condition that are substituted for measurements of observable clinical symptoms. A drug candidate approved on this basis is subject to rigorous post-marketing compliance requirements, including the completion of Phase IV or post-approval clinical trials to validate the surrogate endpoint or confirm the effect on the clinical endpoint. Failure to conduct required post-approval studies, or to validate a surrogate endpoint or confirm a clinical benefit during post-marketing studies, will allow the FDA to withdraw the drug from the market on an expedited basis. All promotional materials for drug candidates approved under accelerated regulations are subject to prior review by the FDA.

 

When appropriate, we and our collaborators intend to seek fast track designation or accelerated approval for our drug candidates. We cannot predict whether any of our drug candidates will obtain a fast track or accelerated approval designation, or the ultimate impact, if any, of the fast track or the accelerated approval process on the timing or likelihood of FDA approval of any of our drug candidates.

 

Satisfaction of FDA regulations and requirements or similar requirements of state, local and foreign regulatory agencies typically takes several years and the actual time required may vary substantially based upon the type, complexity and novelty of the product or disease. Typically, if a drug candidate is intended to treat a chronic disease, as is the case with some of our drug candidates, safety and efficacy data must be gathered over an extended period of time. Government regulation may delay or prevent marketing of drug candidates for a considerable period of time and impose costly procedures upon our activities. The FDA or any other regulatory agency may not grant approvals for new indications for our drug candidates on a timely basis, if at all. Even if a drug candidate receives regulatory approval, the approval may be significantly limited to specific disease states, patient populations and dosages. Further, even after regulatory approval is obtained, later discovery of previously unknown problems with a drug may result in restrictions on the drug or even complete withdrawal of the drug from the market. Delays in obtaining, or failures to obtain, regulatory approvals for any of our drug candidates would harm our business. In addition, we cannot predict what adverse governmental regulations may arise from future United States or foreign governmental action.

 

Other regulatory requirements. Any drugs manufactured or distributed by us or our collaborators pursuant to FDA approvals are subject to continuing regulation by the FDA, including recordkeeping requirements and reporting of adverse experiences associated with the drug. Drug manufacturers and their subcontractors are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with ongoing regulatory requirements, including cGMPs, which impose certain procedural and documentation requirements upon us and our third-party manufacturers. Failure to comply with the statutory and regulatory requirements can subject a manufacturer to possible legal or regulatory action, such as warning letters, suspension of manufacturing, seizure of product, injunctive action or possible civil penalties. We cannot be certain that we or our present or future third-party manufacturers or suppliers will be able to comply with the cGMP regulations and other ongoing FDA regulatory requirements. If our present or future third-party manufacturers or suppliers are not able to comply with these requirements, the FDA may halt our clinical trials, require us to recall a drug from distribution, or withdraw approval of the NDA for that drug.

 

The FDA closely regulates the post-approval marketing and promotion of drugs, including standards and regulations for direct-to-consumer advertising, off-label promotion, industry-sponsored scientific and educational activities and promotional activities involving the Internet. A company can make only those claims relating to safety and efficacy that are approved by the FDA. Failure to comply with these requirements can result in adverse publicity, warning letters, corrective advertising and potential civil and criminal penalties. Physicians may prescribe legally available drugs for uses that are not described in the drug’s labeling and that differ from those tested by us and approved by the FDA. Such off-label uses are common across medical specialties. Physicians may believe that such off-label uses are the best treatment for many patients in varied circumstances. The FDA does not regulate the behavior of physicians in their choice of treatments. The FDA does, however, impose stringent restrictions on manufacturers’ communications regarding off-label use.

13
 

 

Need for Government Approval

 

The use of immortalized hepatocytes for drug discovery purposes does not require FDA approval. However, some of our products will be subject to regulation in the United States by the FDA and by comparable regulatory authorities in foreign jurisdictions. The Sybiol synthetic bio-liver device will be classified as a “biologic” regulated under the Public Health Service Act and the Food, Drug and Cosmetic Act. The use of human immortalized liver cells for this application will also be regulated by the FDA. Development of therapeutic products of human use is a multi-step process. The process required by the FDA before our drug candidates may be marketed in the United States generally involves the following:

     
  • completion of extensive preclinical laboratory tests, preclinical animal studies and formulation studies all performed in accordance with the FDA’s good laboratory practice, or GLP, regulations;
     
  • submission to the FDA of an IND application which must become effective before clinical trials may begin;
     
  • performance of adequate and well-controlled clinical trials to establish the safety and efficacy of the product candidate for each proposed indication;
     
  • submission of an NDA, to the FDA;
     
  • satisfactory completion of an FDA preapproval inspection of the manufacturing facilities at which the product is produced to assess compliance with current GMP, or cGMP, regulations; and
     
  • FDA review and approval of the NDA prior to any commercial marketing, sale or shipment of the drug.

 

The testing and approval process requires substantial time, effort and financial resources, and we cannot be certain that any approvals for our drug candidates will be granted on a timely basis, if at all.

 

Research and Development

 

In fiscal years 2012 and 2011, we spent $427,994 and $556,363, respectively, on research and development. Research and development cost increases related to increases in legal fees for intellectual property counsel and license fees paid under the Rutgers License Agreement.

 

Historically, our research and development has also been funded to some extent by the National Institute of Health (“NIH”) grants, Small Business Innovative Research (“SBIR”) grants, and other similar grants.

 

We received grant awards in 2010 under the U.S. government’s Qualifying Therapeutic Discovery Project (“QTDP”) program for three of its drug development programs: MCT-125, MCT-465, and MCT-475. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a tax credit or grant equal to 50% of qualified investment for fiscal years ending November 30, 2010 and 2011. To be eligible, a therapeutic development project must: (i) have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly. On October 29, 2010, we received notification from the Department of Treasury that we had been awarded a total cash grant of $733,437. Of the total grant, $430,335 relates to qualifying expenses incurred during the fiscal year ended November 30, 2010 and the remainder of $303,102 was received and recognized during the fiscal year ended November 30, 2011. We did not receive any grant revenue for the fiscal year ended November 30, 2012.

 

Competition

 

We compete in the segments of the pharmaceutical and biotechnology markets that are highly competitive. We face significant competition from most pharmaceutical companies as well as biotechnology companies that are researching and selling products similar to ours. Many of our competitors have significantly greater financial, manufacturing, marketing and drug development resources than we do. Large pharmaceutical companies in particular have extensive experience in clinical testing and in obtaining regulatory approvals for drugs. These companies also have significantly greater research capabilities than we do. In addition, many universities and private and public research institutes are active in research, some in direct competition with us. We believe that our ability to successfully compete will depend on, among other things:

14
 

 

·our drug candidates’ efficacy, safety and reliability;
·the speed at which we develop our drug candidates;
·the completion of clinical development and laboratory testing and obtaining regulatory approvals for drug candidates;
·the timing and scope of regulatory approvals for our drug candidates;
·our ability to manufacture and sell commercial quantities of a drug to the market;
·acceptance of our drugs by physicians and other health care providers;
·the willingness of third party payors to provide reimbursement for the use of our drugs;
·our ability to protect our intellectual property and avoid infringing the intellectual property of others;
·the quality and breadth of our technology;
·the skills of our employees’ and our ability to recruit and retain skilled employees;
·our cash flows under existing and potential future arrangements with licensees, partners and other parties; and
·the availability of substantial capital resources to fund development and commercialization activities.

 

Our competitors may develop drug candidates and market drugs that are less expensive and more effective than our future drugs, or that may render our drugs obsolete. Our competitors may also commercialize competing drugs before we or our partners can launch any drugs developed from our drug candidates.

 

Other companies that are early-stage are currently developing alternative treatments and products that could compete with our drugs. These organizations also compete with us to attract qualified personnel and potential parties for acquisitions, joint ventures or other strategic alliances.

 

Employees

 

As of November 30, 2012, we had two employees, both of whom are full-time employees.

 

 

ITEM 1A. RISK FACTORS

 

Risks Related To Our Business

 

Our drug candidates, bioabsorbable stent assets and cellular systems technologies are in the early stages of clinical testing and we have a history of significant losses and may not achieve or sustain profitability.

 

Our drug candidates are in the early stages of clinical testing and we must conduct significant additional clinical trials before we can seek the regulatory approvals necessary to begin commercial sales of our drugs. Similarly, some of MultiCell’s cellular systems technologies and Xenogenics’ bioabsorbable stent assets are in early stages of development and require further development before they may be commercially viable. We have incurred a substantial accumulated deficit since our inception in 1970. As of November 30, 2012, our accumulated deficit was $42,254,594. Our losses have primarily resulted from significant costs associated with the research and development relating to our cellular systems technologies and other operating costs. We expect to incur increasing losses for at least several years, as we continue our research activities, conduct development of, and seek regulatory approvals for, our drug candidates, commercialize any approved drugs and as we continue to advance our cellular systems technologies business. If our drug candidates fail in clinical trials or do not gain regulatory approval, or if our drugs, bioabsorbable stent assets and cellular systems technologies do not achieve market acceptance, we will not achieve or maintain profitability. If we fail to become and remain profitable, or if we are unable to fund our continuing losses, you could lose all or part of your investment.

 

We will need substantial additional capital to fund continued business operations and we cannot be sure that additional financing will be available.

 

Our independent auditors have added an explanatory paragraph to their audit opinion issued in connection with the financial statements for the fiscal year ended November 30, 2012, relative to our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our ability to obtain additional funding will determine our ability to continue as a going concern. Since March 2008, we have operated on working capital provided by La Jolla Cove Investors (LJCI). Under terms of the Debenture Purchase Agreement entered into with LJCI, LJCI can convert a portion of the convertible debenture by simultaneously exercising a warrant at $1.09 per share. As of November 30, 2012 there were 5,602,629 shares remaining on the stock purchase warrant and a balance of $56,026 remaining on the convertible debenture. If LJCI were to exercise all of its remaining warrants, we would receive approximately $6.1 million. The agreement limits LJCI’s investment to an aggregate ownership that does not exceed 9.99% of the outstanding shares of the Company. We expect that LJCI will continue to exercise the warrants and convert the debenture through February 28, 2014, the amended date that the debenture is due and the warrants expire, subject to the limitations of the agreement and availability of our authorized common stock.

15
 

 

Our business strategy of focusing on our therapeutic programs and technologies makes evaluation of our business prospects difficult.

 

Our business strategy of focusing on therapeutic programs and technologies is unproven, and we cannot accurately predict our product development success. Moreover, we have limited experience developing therapeutics, and we cannot be sure that any product that we develop will be commercially successful. As a result of these factors, it is difficult to predict and evaluate our future business prospects.

 

We are subject to a variety of general business risks.

 

We will be subject to the risks inherent in the ownership and operation of a research and development biotechnology venture such as regulatory setbacks and delays, fluctuations in expenses, competition from other biotechnology ventures and pharmaceutical companies, the general strength of regional and national economies, and governmental regulation. Our products may fail to advance due to inadequate therapeutic efficacy, adverse effects, inability to finance clinical trials or other regulatory or commercial setbacks. Because certain costs of the Company will not generally decrease with decreases in financing capital or revenues, the cost of operating the Company may exceed the income there from. No representation or warranty can be made that we will be profitable or will be able to generate sufficient working capital.

 

Difficulties encountered during challenging and changing economic conditions could adversely affect our results of operations.

 

Our future business and operating results will depend to a significant extent on economic conditions in general.  World-wide efforts to cut capital spending, general economic uncertainty and a weakening global economy could have a material adverse effect on us in a variety of ways, including a scarcity of financing needed to fund our current and planned operations, and the reluctance or inability of potential partners to consummate strategic partnerships due to their own financial hardships.  If we are unable to effectively manage during the current challenging and changing economic conditions, our business, financial condition, and results of operations could be materially adversely affected.

 

If we do not obtain adequate financing to fund our future research and development and operations, we may not be able to successfully implement our business plan.

 

We have in the past increased, and subject to available financing, plan to increase further, our operating expenses in order to fund higher levels of research and development, undertake and complete the regulatory approval process, and increase our administrative resources in anticipation of future growth. We plan to increase our administrative resources to support the hiring of additional employees that will enable us to expand our research and product development capacity. We intend to finance our operations with revenues from royalties generated from the licensing of our technology, by selling securities to investors, through the issuance of debt instruments and through strategic alliances.

 

We will need additional financing in the future in order to fund continued research and development and to respond to competitive pressures. We anticipate that our future cash requirements may be fulfilled by potential direct product sales, the sale of additional securities, debt financing and/or the sale or licensing of our technologies. We cannot guarantee, however, that enough future funds will be generated from operations or from the aforementioned or other potential sources. Although we have raised gross proceeds of $934,130 and $1,210,990 during the fiscal years ended November 30, 2012 and 2011, respectively, from the exercise of stock warrants, we do not have any binding commitment with regard to future financing. If adequate funds are not available or are not available on acceptable terms, we may be unable to pursue our therapeutic programs, fund expansion of our cellular technologies business, develop new or enhance existing products and services or respond to competitive pressures, any of which could have a material adverse effect on our business, results of operations and financial condition.

 

We have never generated, and may never generate, revenues from commercial sales of our drug and/or therapeutic candidates and we may not have drugs and/or therapeutic products to market for at least several years, if ever.

 

We currently have no drugs or therapeutic products approved by the FDA or similar regulatory authorities that are available for commercial sale anywhere in the world, and we cannot guarantee that we will ever have marketable drugs or therapeutic products available for sale anywhere in the world. We must demonstrate that our drug or therapeutic product candidates satisfy rigorous standards of safety and efficacy to the FDA and other regulatory authorities in the United States and abroad. We and our partners will need to conduct significant additional research and preclinical and clinical testing before we or our partners can file applications with the FDA or other regulatory authorities for approval of our drug candidates and therapeutic products. In addition, to compete effectively, our drugs and therapeutic products must be easy to use, cost-effective and economical to manufacture on a commercial scale, compared to other therapies available for the treatment of the same conditions. We may not achieve any of these objectives. We cannot be certain that the clinical development of our drug candidates in preclinical testing or clinical development will be successful, that they will receive the regulatory approvals required to commercialize them, or that any of our other research programs will yield a drug candidate suitable for entry into clinical trials. We do not expect any of our drug and therapeutic products candidates to be commercially available for several years, if at all. The development of one or more of these drug candidates may be discontinued at any stage of our clinical trials programs and we may not generate revenue from any of drug candidates.

16
 

 

 

Clinical trials may fail to demonstrate the desired safety and efficacy of our drug and / or therapeutic candidates, which could prevent or significantly delay completion of clinical development and regulatory approval.

 

Prior to receiving approval to commercialize any of our drug and therapeutic candidates, we must demonstrate with substantial evidence from well-controlled clinical trials, and to the satisfaction of the FDA and other regulatory authorities in the United States and abroad, that such drug candidate is both sufficiently safe and effective. Before we can commence clinical trials, we must demonstrate through preclinical studies satisfactory product chemistry, formulation, stability and toxicity levels in order to file an IND (or the foreign equivalent of an IND) to commence clinical trials. In clinical trials we will need to demonstrate efficacy for the treatment of specific indications and monitor safety throughout the clinical development process. Long-term safety and efficacy have not yet been demonstrated in clinical trials for any of our drug and therapeutic candidates, and satisfactory chemistry, formulation, stability and toxicity levels have not yet been demonstrated for our drug candidates or compounds that are currently the subject of preclinical studies. If our preclinical studies, clinical trials or future clinical trials are unsuccessful, our business and reputation will be harmed.

 

All of our drug and therapeutic candidates are prone to the risks of failure inherent in drug development. Preclinical studies may not yield results that would satisfactorily support the filing of an IND or comparable regulatory filing abroad with respect to our drug candidates, and, even if these applications would be or have been filed with respect to our drug and therapeutic candidates, the results of preclinical studies do not necessarily predict the results of clinical trials. Similarly, early-stage clinical trials do not predict the results of later-stage clinical trials, including the safety and efficacy profiles of any particular drug and therapeutic candidate. In addition, there can be no assurance that the design of our clinical trials is focused on appropriate disease types, patient populations, dosing regimens or other variables which will result in obtaining the desired efficacy data to support regulatory approval to commercialize the drug and / or therapeutic. Even if we believe the data collected from clinical trials of our drug and therapeutic candidates are promising, such data may not be sufficient to support approval by the FDA or any other United States or foreign regulatory authority. Preclinical and clinical data can be interpreted in different ways. Accordingly, FDA officials or officials from foreign regulatory authorities could interpret the data in different ways than we or our partners do, which could delay, limit or prevent regulatory approval.

 

Administering any of our drug candidates and therapeutic products, or potential drug candidates that are the subject of preclinical studies to animals may produce undesirable side effects, also known as adverse effects. Toxicities and adverse effects that we have observed in preclinical studies for some compounds in a particular research and development program may occur in preclinical studies or clinical trials of other compounds from the same program. Such toxicities or adverse effects could delay or prevent the filing of an IND or comparable regulatory filing abroad with respect to such drug candidates or potential drug candidates or cause us to cease clinical trials with respect to any drug candidate. In clinical trials, administering any of our drug candidates to humans may produce adverse effects. These adverse effects could interrupt, delay or halt clinical trials of our drug candidates and could result in the FDA or other regulatory authorities denying approval of our drug candidates for any or all targeted indications. The FDA, other regulatory authorities, our partners or we may suspend or terminate clinical trials at any time. Even if one or more of our drug candidates were approved for sale, the occurrence of even a limited number of toxicities or adverse effects when used in large populations may cause the FDA to impose restrictions on, or prevent, the further marketing of such drugs. Indications of potential adverse effects or toxicities which may occur in clinical trials and which we believe are not significant during the course of such trials may later turn out to actually constitute serious adverse effects or toxicities when a drug has been used in large populations or for extended periods of time. Any failure or significant delay in completing preclinical studies or clinical trials for our drug candidates, or in receiving and maintaining regulatory approval for the sale of any drugs resulting from our drug candidates, may severely harm our reputation and business.

 

Clinical trials are expensive, time consuming and subject to delay.

 

Clinical trials are very expensive and difficult to design and implement, in part because they are subject to rigorous requirements. The clinical trial process is also time consuming. According to industry sources, the entire drug development and testing process takes on average 12 to 15 years. According to industry studies, the fully capitalized resource cost of new drug development averages approximately $800 million; however, individual trials and individual drug candidates may incur a range of costs above or below this average. We estimate that clinical trials of our most advanced drug candidates will continue for several years, but may take significantly longer to complete. The commencement and completion of our clinical trials could be delayed or prevented by several factors, including, but not limited to:

 

  · delays in obtaining regulatory approvals to commence a clinical trial;
     
  · delays in identifying and reaching agreement on acceptable terms with prospective clinical trial sites;
     
  · slower than expected rates of patient recruitment and enrollment, including as a result of the introduction of alternative therapies or drugs by others;

 

17
 

 

  · lack of effectiveness during clinical trials;
     
  · unforeseen safety issues;
     
  · adequate supply of clinical trial material;
     
  · uncertain dosing issues;
     
  · introduction of new therapies or changes in standards of practice or regulatory guidance that render our clinical trial endpoints or the targeting of our proposed indications obsolete;
     
  · inability to monitor patients adequately during or after treatment; and
     
  · inability or unwillingness of medical investigators to follow our clinical protocols.

 

We do not know whether planned clinical trials will begin on time, will need to be restructured or will be completed on schedule, if at all. Significant delays in clinical trials will impede our ability to commercialize our drug candidates and generate revenue and could significantly increase our development costs, any of which could significantly and negatively impact our results of operations and harm our business.

 

If we fail to enter into and maintain successful strategic alliances for certain of our therapeutic products or drug candidates, we may have to reduce or delay our drug candidate development or increase our expenditures.

 

Our strategy for developing, manufacturing and commercializing certain of our therapeutic products or drug candidates involves entering into and successfully maintaining strategic alliances with pharmaceutical companies or other industry participants to advance our programs and reduce our expenditures on each program. However, we may not be able to maintain our current strategic alliances or negotiate additional strategic alliances on acceptable terms, if at all. If we are not able to maintain our existing strategic alliances or establish and maintain additional strategic alliances, we may have to limit the size or scope of, or delay, one or more of our drug development programs or research programs or undertake and fund these programs ourselves or otherwise reevaluate or exit a particular business. To the extent that we are required to increase our expenditures to fund research and development programs or our therapeutic programs or cellular systems technologies on our own, we will need to obtain additional capital, which may not be available on acceptable terms, or at all.

 

Our proprietary rights may not adequately protect our technologies and drug candidates.

 

Our commercial success will depend in part on our obtaining and maintaining patent protection and trade secret protection of our technologies and drug candidates as well as successfully defending these patents against third-party challenges. We will only be able to protect our technologies and drug candidates from unauthorized use by third parties to the extent that valid and enforceable patents or trade secrets cover them. Furthermore, the degree of future protection of our proprietary rights is uncertain because legal means afford only limited protection and may not adequately protect our rights or permit us to gain or keep our competitive advantage.

 

The patent positions of life sciences companies can be highly uncertain and involve complex legal and factual questions for which important legal principles remain unresolved. No consistent policy regarding the breadth of claims allowed in such companies’ patents has emerged to date in the United States. The patent situation outside the United States is even more uncertain. Changes in either the patent laws or in interpretations of patent laws in the United States or other countries may diminish the value of our intellectual property. Accordingly, we cannot predict the breadth of claims that may be allowed or enforced in our patents or in third-party patents. For example:

 

  · we or our licensors might not have been the first to make the inventions covered by each of our pending patent applications and issued patents;
     
  · we or our licensors might not have been the first to file patent applications for these inventions;
     
  · others may independently develop similar or alternative technologies or duplicate any of our technologies;
     
  · it is possible that none of our pending patent applications or the pending patent applications of our licensors will result in issued patents;

 

18
 

 

  · our issued patents and issued patents of our licensors may not provide a basis for commercially viable drugs, or may not provide us with any competitive advantages, or may be challenged and invalidated by third parties; and
     
  · we may not develop additional proprietary technologies or drug candidates that are patentable.

 

We also rely on trade secrets to protect our technology, especially where we believe patent protection is not appropriate or obtainable. However, trade secrets are difficult to protect. While we use reasonable efforts to protect our trade secrets, our or our strategic partners’ employees, consultants, contractors or scientific and other advisors may unintentionally or willfully disclose our proprietary information to competitors. If we were to enforce a claim that a third party had illegally obtained and was using our trade secrets, our enforcement efforts would be expensive and time consuming, and the outcome would be unpredictable. In addition, courts outside the United States are sometimes less willing to protect trade secrets. Moreover, if our competitors independently develop equivalent knowledge, methods and know-how, it will be more difficult for us to enforce our rights and our business could be harmed.

 

If we are not able to defend the patent or trade secret protection position of our technologies and drug candidates, then we will not be able to exclude competitors from developing or marketing competing drugs, and we may not generate enough revenue from product sales to justify the cost of development of our drugs and to achieve or maintain profitability.

 

If we are sued for infringing intellectual property rights of third parties, such litigation will be costly and time consuming, and an unfavorable outcome would have a significant adverse effect on our business.

 

Our ability to commercialize drugs depends on our ability to sell such drugs without infringing the patents or other proprietary rights of third parties. Numerous U.S. and foreign issued patents and pending patent applications, which are owned by third parties, exist in the areas that we are exploring. In addition, because patent applications can take several years to issue, there may be currently pending applications, unknown to us, which may later result in issued patents that our drug candidates may infringe. There could also be existing patents of which we are not aware that our drug candidates may inadvertently infringe.

 

Future products of ours may be impacted by patents of companies engaged in competitive programs with significantly greater resources. Further development of these products could be impacted by these patents and result in the expenditure of significant legal fees.

 

If a third party claims that our actions infringe on their patents or other proprietary rights, we could face a number of issues that could seriously harm our competitive position, including, but not limited to:

 

  · infringement and other intellectual property claims that, with or without merit, can be costly and time consuming to litigate and can delay the regulatory approval process and divert management’s attention from our core business strategy;
     
  · substantial damages for past infringement which we may have to pay if a court determines that our drugs or technologies infringe upon a competitor’s patent or other proprietary rights;
     
  · a court prohibiting us from selling or licensing our drugs or technologies unless the holder licenses the patent or other proprietary rights to us, which it is not required to do; and
     
  · if a license is available from a holder, we may have to pay substantial royalties or grant cross licenses to our patents or other proprietary rights.

 

We may become involved in disputes with our strategic partners over intellectual property ownership, and publications by our research collaborators and scientific advisors could impair our ability to obtain patent protection or protect our proprietary information, which, in either case, would have a significant impact on our business.

 

Inventions discovered under our strategic alliance agreements become jointly owned by our strategic partners and us in some cases, and the exclusive property of one of us in other cases. Under some circumstances, it may be difficult to determine who owns a particular invention, or whether it is jointly owned, and disputes could arise regarding ownership of those inventions. These disputes could be costly and time consuming, and an unfavorable outcome would have a significant adverse effect on our business if we were not able to protect or license rights to these inventions. In addition, our research collaborators and scientific advisors have contractual rights to publish our data and other proprietary information, subject to our prior review. Publications by our research collaborators and scientific advisors containing such information, either with our permission or in contravention of the terms of their agreements with us, may impair our ability to obtain patent protection or protect our proprietary information, which could significantly harm our business.

 

19
 

The license agreement between MultiCell’s subsidiary, Xenogenics, and Rutgers requires us to use good faith reasonable efforts to achieve certain development milestones. To the extent we fail to do so, the agreement could be terminated by Rutgers.

 

The Rutgers License Agreement requires us to use good faith reasonable efforts to achieve the following development milestones with respect to the licensed intellectual property:

 

  · raise at least $5 million in equity funding by March 31, 2011, which, despite our good faith efforts, we were not able to raise;
     
  · restart manufacturing and produce a device by September 30, 2011, which, despite our good faith efforts, we were not able to do;
     
  · initiate an animal study by March 31, 2012, which, despite our good faith efforts, we were not able to do;
     
  · make a regulatory submission to support a human use clinical trial by September 30, 2012, which, despite our good faith efforts, we were not able to do;
     
  · initiate a human use clinical trial by September 30, 2013; and
     
  · make a submission or equivalent for marketing approval for use in humans by September 30, 2014, in at least one of Canada, the European Union Member States, Japan or the United States.

 

Termination of the Rutgers License Agreement could have a material negative impact on our results of operations, financial condition and cash flows.

 

The Foreclosure Sale Agreement related to the purchase of Ideal BioStent™ between MultiCell’s subsidiary, Xenogenics, Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank requires us to use good faith reasonable efforts to achieve certain development milestones. To the extent we fail to do so, milestone payments of up to $4.3 million could become immediately due.

 

The Foreclosure Sale Agreement requires that we achieve the following development milestones for the second generation of the Ideal BioStent assets:

 

  · restart manufacturing and produce a device by September 30, 2013;
     
  · initiate an animal study by March 31, 2014;
     
  · make a regulatory submission to support a human use clinical trial by September 30, 2014; and
     
  · initiate a human use clinical trial by September 30, 2015.

 

We are required to use good faith reasonable efforts to achieve these milestones. Failure to achieve any of these milestones could result in all milestone payments, totaling $4.3 million, becoming immediately due and payable. If Xenogenics meets the financial hardship exception provided for in the Foreclosure Sale Agreement, it could elect to pay all remaining milestone payments and continue commercialization efforts, or assign all intellectual property under the agreement to the counterparties to the agreement and cease all development and commercialization efforts. The failure to achieve any of the milestones could have a material negative impact on our results of operations, financial condition and cash flows.

 

To the extent we elect to fund the development of a drug candidate or the commercialization of a drug at our expense, we will need substantial additional funding.

 

The discovery, development and commercialization of drugs is costly. As a result, to the extent we elect to fund the development of a drug candidate or the commercialization of a drug at our expense, we will need to raise additional capital to:

 

  · expand our research and development and technologies;
     
  · fund clinical trials and seek regulatory approvals;
     
  · build or access manufacturing and commercialization capabilities;

 

20
 

 

  · implement additional internal systems and infrastructure;
     
  · maintain, defend and expand the scope of our intellectual property; and
     
  · hire and support additional management and scientific personnel.

 

Our future funding requirements will depend on many factors, including, but not limited to:

 

  · the rate of progress and cost of our clinical trials and other research and development activities;
     
  · the costs and timing of seeking and obtaining regulatory approvals;
     
  · the costs associated with establishing manufacturing and commercialization capabilities;
     
  · the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;
     
  · the costs of acquiring or investing in businesses, products and technologies;
     
  · the effect of competing technological and market developments; and
     
  · the payment and other terms and timing of any strategic alliance, licensing or other arrangements that we may establish.

 

Until we can generate a sufficient amount of product revenue to finance our cash requirements, which we may never do, we expect to finance future cash needs primarily through public or private equity offerings, debt financings and strategic alliances. We cannot be certain that additional funding will be available on acceptable terms, or at all. If we are not able to secure additional funding when needed, we may have to delay, reduce the scope of or eliminate one or more of our clinical trials or research and development programs or future commercialization initiatives.

 

We have limited capacity to carry out our own clinical trials in connection with the development of our drug candidates and potential drug candidates, and to the extent we elect to develop a drug candidate without a strategic partner we will need to expand our development capacity, and we will require additional funding.

 

The development of drug candidates is complicated, and requires resources and experience for which we currently have limited resources. To the extent we conduct clinical trials for a drug candidate without support from a strategic partner we will need to develop additional skills, technical expertise and resources necessary to carry out such development efforts on our own or through the use of other third parties, such as contract research organizations (“CROs”).

 

If we utilize CROs, we will not have control over many aspects of their activities, and will not be able to fully control the amount or timing of resources that they devote to our programs. These third parties also may not assign as high a priority to our programs or pursue them as diligently as we would if we were undertaking such programs ourselves, and therefore may not complete their respective activities on schedule. CROs may also have relationships with our competitors and potential competitors, and may prioritize those relationships ahead of their relationships with us. Typically we would prefer to qualify more than one vendor for each function performed outside of our control, which could be time consuming and costly. The failure of CROs to carry out development efforts on our behalf according to our requirements and FDA or other regulatory agencies’ standards, or our failure to properly coordinate and manage such efforts, could increase the cost of our operations and delay or prevent the development, approval and commercialization of our drug candidates.

 

If we fail to develop additional skills, technical expertise and resources necessary to carry out the development of our drug candidates, or if we fail to effectively manage our CROs carrying out such development, the commercialization of our drug candidates will be delayed or prevented.

 

We currently have no marketing or sales staff, and if we are unable to enter into or maintain strategic alliances with marketing partners or if we are unable to develop our own sales and marketing capabilities, we may not be successful in commercializing our potential drugs or therapeutic products.

 

We currently have no internal sales, marketing or distribution capabilities. To commercialize our products or drugs that we determine not to market on our own, we will depend on strategic alliances with third parties, which have established distribution systems and direct sales forces. If we are unable to enter into such arrangements on acceptable terms, we may not be able to successfully commercialize such products or drugs. If we decide to commercialize products or drugs on our own, we will need to establish our own specialized sales force and marketing organization with technical expertise and with supporting distribution capabilities. Developing such an organization is expensive and time consuming and could delay a product launch. In addition, we may not be able to develop this capacity efficiently, or at all, which could make us unable to commercialize our products and drugs.

 

21
 

 

To the extent that we are not successful in commercializing any products or drugs ourselves or through a strategic alliance, our product revenues will suffer, we will incur significant additional losses and the price of our common stock will be negatively affected.

 

We have no manufacturing capacity and depend on our partners or contract manufacturers to produce our products and clinical trial drug supplies for each of our drug candidates and potential drug candidates, and anticipate continued reliance on contract manufacturers for the development and commercialization of our potential products and drugs.

 

We do not currently operate manufacturing facilities for clinical or commercial production of our drug candidates or potential drug candidates that are under development. We have no experience in drug formulation or manufacturing, and we lack the resources and the capabilities to manufacture any of our drug candidates on a clinical or commercial scale. We anticipate reliance on a limited number of contract manufacturers. Any performance failure on the part of our contract manufacturers could delay clinical development or regulatory approval of our drug candidates or commercialization of our drugs, producing additional losses and depriving us of potential product revenues.

 

Our products and drug candidates require precise, high quality manufacturing. Our failure or our contract manufacturer’s failure to achieve and maintain high manufacturing standards, including the incidence of manufacturing errors, could result in patient injury or death, product recalls or withdrawals, delays or failures in product testing or delivery, cost overruns or other problems that could seriously hurt our business. Contract manufacturers often encounter difficulties involving production yields, quality control and quality assurance, as well as shortages of qualified personnel. These manufacturers are subject to ongoing periodic unannounced inspection by the FDA, the U.S. Drug Enforcement Agency and other regulatory agencies to ensure strict compliance with current good manufacturing practices and other applicable government regulations and corresponding foreign standards; however, we do not have control over contract manufacturers’ compliance with these regulations and standards. If one of our contract manufacturers fails to maintain compliance, the production of our drug candidates could be interrupted, resulting in delays, additional costs and potentially lost revenues. Additionally, our contract manufacturer must pass a preapproval inspection before we can obtain marketing approval for any of our drug candidates in development.

 

If the FDA or other regulatory agencies approve any of our products or our drug candidates for commercial sale, we will need to manufacture them in larger quantities. Significant scale-up of manufacturing may require additional validation studies, which the FDA must review and approve. If we are unable to successfully increase the manufacturing capacity for a product or drug candidate, the regulatory approval or commercial launch of any related products or drugs may be delayed or there may be a shortage in supply. Even if any contract manufacturer makes improvements in the manufacturing process for our products and drug candidates, we may not own, or may have to share, the intellectual property rights to such improvements.

 

In addition, our contract manufacturers may not perform as agreed or may not remain in the contract manufacturing business for the time required to successfully produce, store and distribute our products and drug candidates. In the event of a natural disaster, business failure, strike or other difficulty, we may be unable to replace such contract manufacturer in a timely manner and the production of our products or drug candidates would be interrupted, resulting in delays and additional costs.

 

Switching manufacturers may be difficult because the number of potential manufacturers is limited and the FDA must approve any replacement manufacturer prior to manufacturing our products or drug candidates. Such approval would require new testing and compliance inspections. In addition, a new manufacturer would have to be educated in, or develop substantially equivalent processes for, production of our drug candidates after receipt of FDA approval. It may be difficult or impossible for us to find a replacement manufacturer on acceptable terms quickly, or at all.

 

We expect to expand our development, clinical research and marketing capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.

 

Subject to available financing, we expect to have significant growth in expenditures, the number of our employees and the scope of our operations, in particular with respect to those drug candidates that we elect to develop or commercialize independently or together with a partner. To manage our anticipated future growth, we must continue to implement and improve our managerial, operational and financial systems, expand our facilities and continue to recruit and train additional qualified personnel. Due to our limited resources, we may not be able to effectively manage the expansion of our operations or recruit and train additional qualified personnel. The physical expansion of our operations may lead to significant costs and may divert our management and business development resources. Any inability to manage growth could delay the execution of our business plans or disrupt our operations.

22
 

 

The failure to attract and retain skilled personnel could impair our drug development and commercialization efforts.

 

Our performance is substantially dependent on the performance of our senior management and key scientific and technical personnel. The employment of these individuals and our other personnel is terminable at will with short or no notice. The loss of the services of any member of our senior management, scientific or technical staff may significantly delay or prevent the achievement of drug development and other business objectives by diverting management’s attention to transition matters and identification of suitable replacements, and could have a material adverse effect on our business, operating results and financial condition. We also rely on consultants and advisors to assist us in formulating our research and development strategy. All of our consultants and advisors are either self-employed or employed by other organizations, and they may have conflicts of interest or other commitments, such as consulting or advisory contracts with other organizations, that may affect their ability to contribute to us. In addition, we believe that we will need to recruit additional executive management and scientific and technical personnel. There is currently intense competition for skilled executives and employees with relevant scientific and technical expertise, and this competition is likely to continue. Our inability to attract and retain sufficient scientific, technical and managerial personnel could limit or delay our product development efforts, which would adversely affect the development of our products and drug candidates and commercialization of our products and potential drugs and growth of our business.

 

Risks Related to Our Industry

 

Our competitors may develop products and drugs that are less expensive, safer, or more effective than ours, which may diminish or eliminate the commercial success of any drugs that we may commercialize.

 

We compete with companies that are also developing alternative products and drug candidates. Our competitors may:

 

  · develop products and drug candidates and market products and drugs that are less expensive or more effective than our future drugs;
     
  · commercialize competing products and drugs before we or our partners can launch any products and drugs developed from our drug candidates;
     
  · obtain proprietary rights that could prevent us from commercializing our products;
     
  · initiate or withstand substantial price competition more successfully than we can;
     
  · have greater success in recruiting skilled scientific workers from the limited pool of available talent;
     
  · more effectively negotiate third-party licenses and strategic alliances;
     
  · take advantage of acquisition or other opportunities more readily than we can;
     
  · develop products and drug candidates and market products and drugs that increase the levels of safety or efficacy or alter other product and drug candidate profile aspects that our products and drug candidates need to show in order to obtain regulatory approval; and
     
  · introduce technologies or market products and drugs that render the market opportunity for our potential products and drugs obsolete.

 

We will compete for market share against large pharmaceutical and biotechnology companies and smaller companies that are collaborating with larger pharmaceutical companies, new companies, academic institutions, government agencies and other public and private research organizations. Many of these competitors, either alone or together with their partners, may develop new products and drug candidates that will compete with ours, as these competitors may, and in certain cases do, operate larger research and development programs or have substantially greater financial resources than we do. Our competitors may also have significantly greater experience in:

 

  · developing products and drug candidates;
     
  · undertaking preclinical testing and clinical trials;
     
  · building relationships with key customers and opinion-leading physicians;

 

23
 

 

  · obtaining and maintaining FDA and other regulatory approvals;
     
  · formulating and manufacturing; and
     
  · launching, marketing and selling products and drugs.

 

If our competitors market products and drugs that are less expensive, safer or more efficacious than our potential products and drugs, or that reach the market sooner than our potential products and drugs, we may not achieve commercial success. In addition, the life sciences industry is characterized by rapid technological change. Because our research approach integrates many technologies, it may be difficult for us to stay abreast of the rapid changes in each technology. If we fail to stay at the forefront of technological change we may be unable to compete effectively. Our competitors may render our technologies obsolete by advances in existing technological approaches or the development of new or different approaches, potentially eliminating the advantages in our drug discovery process that we believe we derive from our research approach and proprietary technologies.

 

The regulatory approval process is expensive, time consuming and uncertain and may prevent us from obtaining approvals for the commercialization of some or all of our products and drug candidates.

 

The research, testing, manufacturing, selling and marketing of drug candidates are subject to extensive regulation by the FDA and other regulatory authorities in the United States and other countries, which regulations differ from country to country. We may not market our potential drugs in the United States until we receive approval of an NDA from the FDA. Obtaining an NDA can be a lengthy, expensive and uncertain process. In addition, failure to comply with the FDA and other applicable foreign and United States regulatory requirements may subject us to administrative or judicially imposed sanctions. These include warning letters, civil and criminal penalties, injunctions, product seizure or detention, product recalls, total or partial suspension of production, and refusal to approve pending NDAs, or supplements to approved NDAs.

 

Regulatory approval of an NDA or NDA supplement is never guaranteed, and the approval process typically takes several years and is extremely expensive. The FDA also has substantial discretion in the drug approval process. Despite the time and expense exerted, failure can occur at any stage, and we could encounter problems that cause us to abandon clinical trials or to repeat or perform additional preclinical testing and clinical trials. The number and focus of preclinical studies and clinical trials that will be required for FDA approval varies depending on the drug candidate, the disease or condition that the drug candidate is designed to address, and the regulations applicable to any particular drug candidate. The FDA can delay, limit or deny approval of a drug candidate for many reasons, including:

 

· a drug candidate may not be safe or effective;
     
  · FDA officials may not find the data from preclinical testing and clinical trials sufficient;
     
  · the FDA might not approve our or our contract manufacturer’s processes or facilities; or
     
  · the FDA may change its approval policies or adopt new regulations.

 

The use of immortalized hepatocytes for drug discovery purposes does not require FDA approval.

 

The Sybiol® synthetic bio-liver device will be classified as a “biologic” regulated under the Public Health Service Act and the Food, Drug and Cosmetic Act. The use of human immortalized liver cells for this application will also be regulated by the FDA. We have not yet begun the regulatory approval process for our Sybiol® biosynthetic liver device with the FDA. We may, when adequate funding and resources are available, begin the approval process. If we are able to validate the device design, then we currently plan to find a partner to take the project forward. Before human studies may begin, the cells provided for the system will be subjected to the same scrutiny as the Sybiol device. We will need to demonstrate sufficient process controls to meet strict standards for a complex medical system. This means the cell production facility will need to meet the same Good Manufacturing Practice, or GMP, standards as those pertaining to a pharmaceutical company.

 

If we receive regulatory approval, we will also be subject to ongoing FDA obligations and continued regulatory review, such as continued safety reporting requirements, and we may also be subject to additional FDA post-marketing obligations, all of which may result in significant expense and limit our ability to commercialize our potential drugs.

 

Any regulatory approvals that we or our partners receive for our drug candidates may also be subject to limitations on the indicated uses for which the drug may be marketed or contain requirements for potentially costly post-marketing follow-up studies. In addition, if the FDA approves any of our drug candidates, the labeling, packaging, adverse event reporting, storage, advertising, promotion and record-keeping for the drug will be subject to extensive regulatory requirements. The subsequent discovery of previously unknown problems with the drug, including adverse events of unanticipated severity or frequency, may result in restrictions on the marketing of the drug, and could include withdrawal of the drug from the market.

24
 

 

 

The FDA’s policies may change and additional government regulations may be enacted that could prevent or delay regulatory approval of our drug candidates. We cannot predict the likelihood, nature or extent of adverse government regulation that may arise from future legislation or administrative action, either in the United States or abroad. If we are not able to maintain regulatory compliance, we might not be permitted to market our drugs and our business could suffer.

 

If physicians and patients do not accept our drugs, we may be unable to generate significant revenue, if any.

 

Even if our drug candidates obtain regulatory approval, resulting drugs, if any, may not gain market acceptance among physicians, healthcare payors, patients and the medical community. Even if the clinical safety and efficacy of drugs developed from our drug candidates are established for purposes of approval, physicians may elect not to recommend these drugs for a variety of reasons including, but not limited to:

 

  · timing of market introduction of competitive drugs;
     
  · clinical safety and efficacy of alternative drugs or treatments;
     
  · cost-effectiveness;
     
  · availability of reimbursement from health maintenance organizations and other third-party payors;
     
  · convenience and ease of administration;
     
  · prevalence and severity of adverse side effects;
     
  · other potential disadvantages relative to alternative treatment methods; and
     
  · insufficient marketing and distribution support.

 

If our drugs fail to achieve market acceptance, we may not be able to generate significant revenue and our business would suffer.

 

The coverage and reimbursement status of newly-approved drugs is uncertain and failure to obtain adequate coverage and reimbursement could limit our ability to market any drugs we may develop and decrease our ability to generate revenue.

 

There is significant uncertainty related to the coverage and reimbursement of newly-approved drugs. The commercial success of our potential drugs in both domestic and international markets is substantially dependent on whether third-party coverage and reimbursement is available for the ordering of our potential drugs by the medical profession for use by their patients. Medicare, Medicaid, health maintenance organizations and other third-party payors are increasingly attempting to contain healthcare costs by limiting both coverage and the level of reimbursement of new drugs, and, as a result, they may not cover or provide adequate payment for our potential drugs. They may not view our potential drugs as cost-effective and reimbursement may not be available to consumers or may not be sufficient to allow our potential drugs to be marketed on a competitive basis. Likewise, legislative or regulatory efforts to control or reduce healthcare costs or reform government healthcare programs could result in lower prices or rejection of coverage for our potential drugs. Changes in coverage and reimbursement policies or healthcare cost containment initiatives that limit or restrict reimbursement for our drugs may cause our revenue to decline.

 

We may be subject to costly product liability claims and may not be able to obtain adequate insurance.

 

If we conduct clinical trials in humans, we face the risk that the use of our drug candidates will result in adverse effects. We cannot predict the possible harms or side effects that may result from our clinical trials. We may not have sufficient resources to pay for any liabilities resulting from a claim excluded from, or beyond the limit of, our insurance coverage.

 

In addition, once we have commercially launched drugs based on our drug candidates, we will face exposure to product liability claims. This risk exists even with respect to those drugs that are approved for commercial sale by the FDA and manufactured in facilities licensed and regulated by the FDA. We intend to secure limited product liability insurance coverage, but may not be able to obtain such insurance on acceptable terms with adequate coverage, or at reasonable costs. There is also a risk that third parties that we have agreed to indemnify could incur liability. Even if we were ultimately successful in product liability litigation, the litigation would consume substantial amounts of our financial and managerial resources and may create adverse publicity, all of which would impair our ability to generate sales of the affected product as well as our other potential drugs. Moreover, product recalls may be issued at our discretion or at the direction of the FDA, other governmental agencies or other companies having regulatory control for drug sales. If product recalls occur, such recalls are generally expensive and often have an adverse effect on the image of the drugs being recalled as well as the reputation of the drug’s developer or manufacturer.

 

25
 

 

 

We may be subject to damages resulting from claims that our employees or we have wrongfully used or disclosed alleged trade secrets of their former employers.

 

Many of our employees and consultants were previously employed at universities or other biotechnology or pharmaceutical companies, including our competitors or potential competitors. Although no such claims against us are currently pending, we may be subject to claims that these employees or consultants or we have inadvertently or otherwise used or disclosed trade secrets or other proprietary information of their former employers. Litigation may be necessary to defend against these claims. If we fail in defending such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. A loss of key research personnel or their work product could hamper or prevent our ability to commercialize certain potential drugs, which could severely harm our business. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management.

 

Our partners may use hazardous chemicals and radioactive and biological materials in connection with our business. Any claims relating to improper handling, storage or disposal of these materials could be time consuming and costly.

 

Our partners may use hazardous materials in connection with our strategic alliances. To our knowledge, their work is performed in accordance with applicable biosafety regulations. In the event of a lawsuit or investigation, however, we could be held responsible for any injury caused to persons or property by exposure to, or release of, these hazardous materials used by these parties. Further, we may be required to indemnify our partners against all damages and other liabilities arising out of our development activities or drugs produced in connection with these strategic alliances.

 

Risks Related To Our Common Stock

 

We expect that our stock price will fluctuate significantly, and you may not be able to resell your shares at or above your investment price.

 

The market price of our common stock, as well as the market prices of securities of companies in the life sciences and biotechnology sectors generally, have been highly volatile and are likely to continue to be highly volatile. While the reasons for the volatility of the market price of our common stock and its trading volume are sometimes unknown, in general the market price of our common stock may be significantly impacted by many factors, including, but not limited to:

 

  ·

results from, and any delays in, the clinical trials programs for our products and drug candidates;

 

  ·

delays in or discontinuation of the development of any of our products and drug candidates;

 

  ·

failure or delays in entering additional drug candidates into clinical trials;

 

  ·

failure or discontinuation of any of our research programs;

 

  ·

failure to achieve milestones required by our current licensing or other agreements;

 

  ·

delays or other developments in establishing new strategic alliances;

 

  ·

announcements concerning our existing or future strategic alliances;

 

  ·

issuance of new or changed securities analysts’ reports or recommendations;

 

  ·

market conditions in the pharmaceutical and biotechnology sectors;

 

  ·

actual or anticipated fluctuations in our quarterly financial and operating results;

 

  ·

the exercise of outstanding options and warrants, the conversion of outstanding convertible preferred stock and debt and the issuance of additional options, warrants, preferred stock and convertible debt;

 

  · developments or disputes concerning our intellectual property or other proprietary rights;

 

26
 

 

  ·

introduction of technological innovations or new commercial products by us or our competitors;

 

  ·

issues in manufacturing our drug candidates or drugs;

 

  ·

market acceptance of our products and drugs;

 

  ·

third-party healthcare reimbursement policies;

 

  ·

FDA or other United States or foreign regulatory actions affecting us or our industry;

 

  ·

litigation or public concern about the safety of our products, drug candidates or drugs;

 

  ·

additions or departures of key personnel; and

 

  · volatility in the stock prices of other companies in our industry.

 

These and other external factors may cause the market price and demand for our common stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. In addition, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management.

 

Our common stock is subject to penny stock regulation, which may affect its liquidity.

 

Our common stock is subject to regulations of the Securities and Exchange Commission (the “Commission”) relating to the market for penny stocks. Penny stock, as defined by the Penny Stock Reform Act, is any equity security not traded on a national securities exchange or quoted on the NASDAQ National Market or SmallCap Market that has a market price of less than $5.00 per share. The penny stock regulations generally require that a disclosure schedule explaining the penny stock market and the risks associated therewith be delivered to purchasers of penny stocks and impose various sales practice requirements on broker-dealers who sell penny stocks to persons other than established customers and accredited investors. The broker-dealer must make a suitability determination for each purchaser and receive the purchaser's written agreement prior to the sale. In addition, the broker-dealer must make certain mandated disclosures, including the actual sale or purchase price and actual bid offer quotations, as well as the compensation to be received by the broker-dealer and certain associated persons. The regulations applicable to penny stocks may severely affect the market liquidity for our common stock and could limit your ability to sell your securities in the secondary market.

 

It is anticipated that dividends will not be paid in the foreseeable future.

 

We do not intend to pay dividends on our common stock in the foreseeable future. There can be no assurance that the operation of the Company will result in sufficient revenues to enable us to operate at profitable levels or to generate positive cash flows. Further, dividend policy is subject to the discretion of our Board of Directors (the “Board”) and will depend on, among other things, our earnings, financial condition, capital requirements and other factors.

 

Our common stock is thinly traded and there may not be an active, liquid trading market for our common stock.

 

There is no guarantee that an active trading market for our common stock will be maintained on the OTC Bulletin Board or that the volume of trading will be sufficient to allow for timely trades. Investors may not be able to sell their shares quickly or at the latest market price if trading in our stock is not active or if trading volume is limited. In addition, if trading volume in our common stock is limited, trades of relatively small numbers of shares may have a disproportionate effect on the market price of our common stock.

 

We have convertible securities outstanding that can be converted into more shares of common stock than we have currently authorized.

 

We have warrants to purchase common stock, stock options, convertible debentures and convertible preferred stock outstanding that if converted and/or exercised, according to their terms can result in the requirement that we issue more shares than we have currently authorized under our Certificate of Incorporation. This could result in our default under such agreements and may force us to amend the Certificate of Incorporation to authorize more shares or seek other remedies. While we intend to redeem and remove certain agreements in order to reduce the number of convertible securities outstanding, there is no guarantee that we will be successful.

 

27
 

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

Not applicable to a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.

 

ITEM 2. PROPERTIES

 

On March 26, 2008, we entered into a lease agreement at 68 Cumberland Street, Suite 301, Woonsocket RI  02895.  The leased property includes office and storage space totaling 1,075 square feet. The lease was a one-year lease commencing on May 1, 2008 through April 30, 2009.  We have renewed the lease for additional one-year terms through April 30, 2013. We pay $900 per month in rent for the leased property and expect to renew the lease when it expires on April 30, 2013. The leased facilities are fully utilized and adequate for our current operations.

 

ITEM 3. LEGAL PROCEEDINGS

 

None.

 

Item 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

28
 

PART II

 

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

 

Our common stock is traded on the OTC Bulletin Board under the symbol MCET.OB. Our stock is considered a penny stock and is, therefore, subject to the Securities Enforcement Remedies and Penny Stock Reform Act of 1990. Penny stock is defined as any equity security not traded on a national stock exchange or quoted on the NASDAQ National Market or SmallCap Market and that has a market price of less than $5.00 per share. Additional disclosure is required in connection with any trades involving a stock defined as a penny stock (subject to certain exceptions); including the delivery, prior to any such transaction, of a disclosure schedule explaining the penny stock market and the associated risks. Broker-dealers who recommend such low-priced securities to persons other than established customers and accredited investors are required to satisfy special sales practice requirements, including a requirement that they make an individualized written suitability determination for the purchase and receive the purchaser's written consent prior to the transaction.

 

The table below gives the range of high and low closing prices of our common stock for the fiscal years ended November 30, 2012 and November 30, 2011 based on high and low closing prices per share of common stock for the quarters indicated.

 

Fiscal Year Ended November 30, 2012
   High   Low 
First quarter  $0.0068   $0.0044 
Second quarter  $0.0049   $0.0025 
Third quarter  $0.0034   $0.0013 
Fourth quarter  $0.0018   $0.0011 

 

Fiscal Year Ended November 30, 2011
   High   Low 
First quarter  $0.0140   $0.0038 
Second quarter  $0.0210   $0.0043 
Third quarter  $0.0125   $0.0062 
Fourth quarter  $0.0080   $0.0048 

 

No cash dividends have been paid on our common stock for the 2012 and 2011 fiscal years and no change of this policy is under consideration by the Board.

 

The payment of cash dividends in the future will be determined by the Board in light of conditions then existing, including our earnings, financial requirements, and opportunities for reinvesting earnings, business conditions, and other factors. There are otherwise no restrictions on the payment of dividends. The number of shareholders of record of our common stock on February 21, 2013 was approximately 597, not including any persons who hold their stock in “street name”.

 

We did not repurchase any of our shares of common stock during the fourth quarter of the fiscal year covered by this report.

 

See the “Equity Compensation Plan Information” table in Item 12 of this Annual Report on Form 10-K.

 

Recent Sales of Unregistered Securities

 

Stock Issuances

 

On October 19, 2012, we entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with Monarch Pointe Fund, Ltd. – in liquidation (“Monarch Pointe”). In connection with the Settlement Agreement, Monarch Pointe converted 7,891 shares of our Series B preferred stock, converted 5,734 shares of our Series I preferred stock, and settled an obligation for the payment of $289,948 of accrued dividends on our Series B preferred stock. Pursuant to the Settlement Agreement, we issued 56,429,250 shares of our common stock to Monarch Pointe. No cash proceeds were received as a result of the Settlement Agreement. The securities were issued in a transaction pursuant to Regulation D under the Securities Act of 1933, as amended.

 

On September 12, 2012, we issued 45,185,222 shares of our common stock to LJCI pursuant to its conversion of $370 of convertible debentures. We also issued 37,000 shares of our common stock to LJCI pursuant to its exercise of warrants. Proceeds from the exercise were $40,330, or $1.09 per share. The securities were issued in a transaction pursuant to Regulation D under the Securities Act of 1933, as amended.

 

On September 26, 2012, we issued 50,554,000 shares of our common stock to LJCI pursuant to its conversion of $460 of convertible debentures. We also issued 46,000 shares of our common stock to LJCI pursuant to its exercise of warrants. Proceeds from the exercise were $50,140, or $1.09 per share. The securities were issued in a transaction pursuant to Regulation D under the Securities Act of 1933, as amended.

 

29
 

 

On October 23, 2012, we issued 49,455,000 shares of our common stock to LJCI pursuant to their conversion of $450 of convertible debentures. We also issued 45,000 shares of our common stock to LJCI pursuant to their exercise of warrants. Proceeds from the exercise were $49,050, or $1.09 per share. The securities were issued in a transaction pursuant to Regulation D under the Securities Act of 1933, as amended.

 

ITEM 6. SELECTED FINANCIAL DATA

 

Not applicable to a “smaller reporting company” as defined in Item 10(f)(1) of SEC Regulation S-K.

 

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

 

The Management’s Discussion and Analysis for the fiscal years ended November 30, 2012 and 2011 is presented below.

 

Overview

 

Following the formation of MCTI during September 2005 and the recent in-licensing of drug candidates, we are pursuing research and development of therapeutics. Historically, we have specialized in developing primary liver cell immortalization technologies to produce cell-based assay systems for use in drug discovery. We seek to become an integrated biopharmaceutical company that will use its immune system modulation technologies to discover, develop and commercialize new therapeutics itself and with strategic partners.

 

On October 9, 2007, MultiCell executed an exclusive license and purchase agreement (the “Corning Agreement”) with Corning Incorporated (“Corning”) of Corning, New York. Under the terms of the Corning Agreement, Corning has the right to develop, use, manufacture, and sell MultiCell’s Fa2N-4 cell lines and related cell culture media for use as a drug discovery assay tool, including biomarker identification for the development of drug development assay tools, and for the performance of absorption, distribution, metabolism, elimination and toxicity assays (ADME/Tox assays). Corning paid MultiCell a non-refundable license fee, purchased certain inventory and equipment related to MultiCell’s Fa2N-4 cell line business, hired certain MultiCell scientific personnel, and paid for access to MultiCell’s laboratories during the transfer of the Fa2N-4 cell lines to Corning. MultiCell retained and continues to support all of its existing licensees. MultiCell retained the right to use the Fa2N-4 cells for use in applications not related to drug discovery or ADME/Tox assays. MultiCell also retained rights to use the Fa2N-4 cell lines and other cell lines to further develop its Sybiol® liver assist device, to identify drug targets and for other applications related to our internal drug development programs.

 

Plan of Operation

 

We have operated and will continue to operate by minimizing expenses. Our largest expenses relate to personnel and meeting the legal and reporting requirements of being a public company. By utilizing consultants whenever possible, and asking employees to manage multiple responsibilities, operating costs are kept low. With our strategic shift in focus on therapeutic programs and technologies, however, we expect our future cash expenditures to increase significantly as we advance our therapeutic programs into clinical trials.

 

We intend to add scientific and support personnel gradually. We want to add specialists for our key research areas. These strategic additions will help us expand our product offerings leading us to additional revenues and profits. Of course as revenues increase, administrative personnel will be necessary to meet the added workload. Other expenses, such as sales and customer service, will increase commensurate with increased revenues. Our current research and development efforts focus on development of future products and redesign of existing products. Due to the ongoing nature of this research, we are unable to ascertain with certainty the total estimated completion dates and costs associated with this research. As with any research efforts, there is uncertainty and risk associated with whether these efforts will produce results in a timely manner so as to enhance our market position. Company sponsored research and development costs related to future products and redesign of present products are expensed as incurred. For the fiscal years ended November 30, 2012 and 2011, research and development costs were $427,994 and $556,363, respectively. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with our intellectual property, and materials and supplies.

 

The Application of Critical Accounting Policies

 

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

30
 

 

Research and Development – Company-sponsored research and development costs related to future products and redesign of present products are expensed as incurred.

 

Acquired In-Process Research and Development – We recognize as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, we will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.

 

Revenue Recognition – In the fiscal years covered by this Annual Report on Form 10-K, our revenues have been generated from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of our ongoing operations. We recognize revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where we receive payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12-month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.

 

Stock-Based Compensation –We account for stock based compensation in accordance with GAAP, which requires all share-based payments to employees, including grants of employee stock options, be recognized in the financial statements based on their fair values over the period during which an employee is required to provide service in exchange for the award (the vesting period), net of estimated forfeitures. The estimation of fair value of stock options requires management to make estimates for certain assumptions regarding risk-free interest rates, expected life of the options, expected volatility of the price of our common stock, and the expected dividend yield of our common stock.

 

Long-Lived Assets - Long-lived assets that do not have indefinite lives, such as property and equipment, license agreements, and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment losses are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses for assets to be held and used are then measured based on the excess, if any, of the carrying amounts of the assets over their fair values. Long-lived assets to be disposed of in a manner that meets certain criteria are stated at the lower of their carrying amounts or fair values less costs to sell and are no longer depreciated.

 

Results of Operations

 

The following discussion is included to describe our consolidated financial position and results of operations. The consolidated financial statements and notes thereto contain detailed information that should be referred to in conjunction with this discussion.

 

Fiscal Year Ended November 30, 2012 compared to Fiscal Year Ended November 30, 2011

 

Revenue. Total revenue for the fiscal years ended November 30, 2012 and November 30, 2011 was $49,318. All of the revenue for the fiscal years ended November 30, 2012 and 2011 is from the amortization of deferred license revenue under agreements with Corning and Pfizer.

 

Operating Expenses. Total operating expenses for selling, general and administrative expenses, research and development expenses, and stock-based compensation for the fiscal year ended November 30, 2012, were $1,624,181, compared to the total corresponding operating expenses for the fiscal year ended November 30, 2011, of $2,361,177, representing a decrease of $736,996. This decrease was principally due to a decrease in stock-based compensation of $665,159 principally related to the recently issued Xenogenics options, discussed in the Notes to our Consolidated Financial Statements filed herewith; a decrease in legal, consulting, and other professional fees of $34,899; a decrease of expenses for the purchase of research materials and supplies of $40,313; and a decrease in costs under a sponsored research agreement of $38,852. These decreases were offset by increases of $10,330 in employee compensation and related expenses; an increase in state franchise taxes and other filing fees of $21,356; and increases in various other expenses of $10,541.

 

Other income/(expense). Other income (expense) amounted to net income of $216,263 for the fiscal year ended November 30, 2012 as compared to net income of $359,781 for the fiscal year ended November 30, 2011. Other income (expense) for the fiscal year ended November 30, 2012, primarily consists of (i) interest expense of $8,137, (ii) a gain from the change in fair value of derivative liability of $88,663, and (iii) a gain on the extinguishment of certain liabilities in the amount of $133,540. Other income (expense) for the fiscal year ended November 30, 2011 primarily consists of (i) proceeds from a grant awarded under the U.S. governments’ Qualifying Therapeutic Discovery Project (QTDP) program in the amount of $303,102, (ii) interest expense of $23,588, (iii) a loss from the change in fair value of derivative liability of $81,073, and (iv) a gain on the extinguishment of certain liabilities in the amount of $159,552.

 

31
 

 

The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provides a tax credit or grant equal to eligible costs and expenses for the fiscal years ending November 30, 2011 and 2010. To be eligible, a therapeutic development project must: (i) have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases; (ii) reduce long-term health care costs; (iii) represent a significant advance in finding a cure for cancer; (iv) advance U.S. competitiveness in the fields of life, biological, and medical sciences; or (v) create or sustain well-paying jobs, either directly or indirectly. We received a total grant of $733,437, of which $430,335 pertained to the fiscal year ended November 30, 2010 and $303,102 pertained to the fiscal year ended November 30, 2011. There was no grant revenue for the fiscal year ended November 30, 2012.

 

Interest expense principally consists of interest on the Debentures as discussed below in the subsection entitled “Liquidity and Capital Resources”), including amortization of discount through February 28, 2012, the original due date of the Debentures.

 

The change in fair value of derivative liability is the result of our adoption on December 1, 2009 of new accounting guidance related to the embedded conversion feature in our Series B convertible preferred stock. The valuation of the derivative liability is dependent upon a number of factors beyond our control. As such, the amount of other income or expense that we report related to the change in the fair value of the derivative liability is somewhat unpredictable, but may be significant, and will continue to be reported until the holders of the Series B convertible preferred stock have converted all of their shares into shares of our common stock.

 

During the fiscal years ended November 30, 2012 and 2011, our management determined that certain recorded accounts payable totaling $133,540 and $159,552, respectively, had been extinguished with the passage of time for collection under the laws related to the statute of limitations. Accordingly, we removed these accounts from our records and recorded a corresponding gain on the extinguishment of the liabilities.

 

Net Loss. Net loss for the fiscal year ended November 30, 2012 was $1,358,600, as compared to a net loss of $1,952,078 for the fiscal year ended November 30, 2011, representing a decrease in the net loss of $593,478. The primary reasons for the decrease in net loss are the (i) the decrease in operating expenses, (ii) the decrease in the amount of grant revenue recognized, and (iii) the difference in the amount of gain or loss related to the change in fair value of the derivative liability, all as described above.

 

Preferred stock dividends. In connection with the issuance of our Series B preferred stock and warrants, commencing on the date of issuance of the Series B preferred stock until the date a registration statement registering the common shares underlying the preferred stock and warrants issued is declared effective by the Commission, we were required to pay on each outstanding share of Series B preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying (A) $100 per share by (B) the higher of (i) the Wall Street Journal Prime Rate plus one percent (1%), or (ii) nine percent (9%). In no event was the dividend rate to be greater than 12% per annum. The dividend was payable monthly in arrears in cash on the last day of each month based on the number of shares of our Series B preferred stock outstanding as of the first (1st) day of such month. In the event we have not paid the Series B preferred dividends when due, the conversion price of the Series B preferred shares was reduced to eighty-five percent (85%) of the otherwise applicable conversion price. We did not pay the required monthly Series B preferred dividends since November 30, 2006, which, in part, has caused the conversion price to be reduced. Subsequent to November 30, 2010, we received an opinion of outside counsel providing for the removal of the restrictive legend on the Series B preferred stock, which in turn terminated the requirement to accrue the related dividends. Accordingly, no dividends have been accrued since November 30, 2010.

 

Liquidity and Capital Resources

 

Since our inception, we have financed our operations primarily through the issuance of debt or equity instruments. The following is a summary of our key liquidity measures at November 30, 2012 and November 30, 2011:

 

   November 30, 2012   November 30, 2011 
Cash and cash equivalents  $199,472   $405,327 
           
Current assets  $210,765   $719,027 
Current liabilities   (1,255,495)   (1,705,670)
           
Working capital deficiency  $(1,044,730)  $(986,643)

 

32
 

 

We will have to raise additional capital in order to initiate Phase IIb clinical trials for MCT-125, our therapeutic product for the treatment of fatigue in multiple sclerosis patients, conduct further research on MCT-465 and MCT-485 for the treatment of primary liver cancer, and initiate clinical trials for Xenogenic’s bioabsorbable, drug eluting stent, the Ideal BioStent™. Management is evaluating several sources of financing for its clinical trial program. Additionally, with our strategic shift in focus to therapeutic programs and technologies, we expect our future cash requirements to increase significantly as we advance our therapeutic programs into clinical trials. Until we are successful in raising additional funds, we may have to prioritize our therapeutic programs and delays may be necessary in some of our development programs.

 

Commencing in March 2008, we have operated on working capital provided by LJCI in connection with its exercise of warrants issued to it by the Company (which LJCI must exercise whenever it wants to convert amounts owing under the convertible debenture it holds), all as discussed in more detail below. The warrants are exercisable at $1.09 per share. As of February 21, 2013 there were 5,482,629 shares remaining under the stock purchase warrant. Should LJCI continue to exercise all of its remaining warrants approximately $6.0 million of cash would be provided to the Company. However, the Debenture Purchase Agreement limits LJCI’s stock ownership in the Company to 9.99% of our outstanding shares. In August 2011, we and LJCI amended the debenture and the warrant agreement to extend the maturity date of the debenture and the expiration date of the warrants to February 28, 2014. We expect that LJCI will continue to exercise the warrants and convert the debenture over the next year, subject to the limitations of the agreement and availability of our authorized common stock, but cannot assure that LJCI will do so. We are investigating the possible sale or license of certain assets that we did not already license to Corning in October 2007. We are presently pursuing discussions with companies operating in the stem cell research market and the general life science research market.

 

On July 14, 2006, we completed a private placement of Series B convertible preferred stock. A total of 17,000 Series B convertible preferred shares (the “Series B Shares”) were sold to accredited investors at a price of $100 per share. The Series B Shares are convertible at any time into shares of our common stock at a conversion price determined by dividing the purchase price per share of $100 by $0.32 per share (the “Conversion Price”). The Conversion Price was reduced to 85% of the then-applicable Conversion Price as a result of an event of default in the payment of preferred dividends. The Conversion Price is also subject to equitable adjustment in the event of any stock splits, stock dividends, recapitalizations and the like. In addition, the Conversion Price is subject to weighted average anti-dilution adjustments in the event we sell shares of our common stock or other securities convertible into or exercisable for shares of our common stock at a per share price, exercise price or conversion price lower than the Conversion Price then in effect in any transaction (other than in connection with an acquisition of the securities, assets or business of another company, joint venture and employee stock options). As a result of these adjustments, the Conversion Price has been reduced to $0.0215 per share as of November 30, 2012. The number of shares of our common stock issuable to each investor upon conversion of the Series B preferred stock held by such investor is limited to 9.99% of the number of shares of our common stock outstanding on the date of conversion. The Series B Shares do not have voting rights. Commencing on the date of issuance of the Series B preferred stock until the date a registration statement registering the common shares underlying the preferred stock and warrants issued was declared effective by the Commission, we paid on each outstanding share of Series B preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of (a) the Wall Street Journal Prime Rate plus 1%, or (b) 9%. In no event was the dividend rate greater than 12% per annum. Subsequent to November 30, 2010, we received an opinion of outside counsel providing for the removal of the restrictive legend on the Series B preferred stock, which in turn terminated the requirement to accrue the related dividends. During the fiscal year ended November 30, 2007, we paid $73,800 and redeemed 738 shares of our Series B preferred stock. During the fiscal year ended November 30, 2010, 4,923 shares of our Series B preferred stock were converted into 7,991,883 shares of our common stock.

 

In October 2012, we entered into the Settlement Agreement with Monarch Pointe, a Series B preferred stockholder. Pursuant to the Settlement Agreement, Monarch Pointe converted 7,891 shares of our Series B preferred stock into shares our common stock. The carrying value of the converted Series B preferred stock was $769,690, consisting of the original proceeds from the issuance of preferred stock of $789,100 ($100 per share) less allocated issuance costs of $19,410. On the date of the Settlement Agreement, the conversion price of our Series B preferred stock was $0.0223. Accordingly, the conversion resulted in the issuance of 35,385,650 shares of our common stock. We had recorded accrued preferred dividends in the aggregate amount of $289,948. As part of the Settlement Agreement, we and Monarch Pointe agreed to settle the payment of accrued dividends by issuing 18,750,000 shares of our common stock to the Monarch Pointe. Additionally, pursuant to the Settlement Agreement, Monarch Pointe (who also held all of our Series I preferred stock) converted 5,734 shares of our Series I preferred stock into shares of our common stock. The carrying value of the converted Series I preferred stock was $573,400 ($100 per share). The conversion price of the Series I preferred stock was $0.25. Accordingly, the conversion resulted in the issuance of 2,293,600 shares of our common stock. At November 30, 2012, there were 3,448 shares of our Series B preferred stock and no shares of our Series I preferred stock outstanding.

 

The Series B Shares were formerly redeemable under certain circumstances, but those redemption provisions expired on July 14, 2008, two years after the closing date of the placement of the Series B Shares.

 

In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of our Series B preferred stock shall be entitled to be paid second in priority to the Series I preferred stockholders out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series B preferred stock held plus any declared but unpaid dividends. After such payment has been made in full, such holders of our Series B preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.

 

33
 

 

We entered into a Securities Purchase Agreement with LJCI on February 28, 2007 (the “Securities Purchase Agreement”) pursuant to which we agreed to sell convertible debentures in the principal amount of $100,000 and maturing on February 28, 2012 (the “Debentures”). In addition, we issued to LJCI a warrant to purchase up to 10 million shares of our common stock (the “LJCI Warrant”) at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. In August 2011, the Company and LJCI amended the debenture and the warrant agreements to extend the maturity date of the debenture and the expiration date of the warrants to February 28, 2014.

 

The Debentures are convertible at the option of LJCI at any time up to maturity at a conversion price equal to the lesser of the fixed conversion price of $1.00, or 80% of the average of the lowest three daily volume weighted average trading prices per share of our common stock during the 20 trading days immediately preceding the conversion date. The Debentures accrue interest at 4.75% per year payable in cash or our common stock. Through November 30, 2012, interest is being paid in cash on a monthly basis. If paid in stock, the stock will be valued at the rate equal to the conversion price of the Debentures in effect at the time of payment.

 

For the Debentures, upon receipt of a conversion notice from the holder, the Company may elect to immediately redeem that portion of the Debentures that the holder elected to convert in such conversion notice, plus accrued and unpaid interest. Since February 28, 2008, the Company, at its sole discretion, has had the right, without limitation or penalty, to redeem the outstanding principal amount of the Debentures not yet converted by the holder into shares of its common stock, plus accrued and unpaid interest thereon.

 

Cash provided by (used in) operating, investing and financing activities for the fiscal years ended November 30, 2012 and November 30, 2011 is as follows:

 

   November 30, 2012   November 30, 2011 
Operating activities  $(889,555)  $(1,239,120)
Investing activities   1,500    (265,000)
Financing activities   682,200    1,275,070 
Net decrease in cash and cash equivalents  $(205,855)  $(229,050)

 

Operating Activities

 

For the fiscal year ended November 30, 2012, the most significant differences between our net loss and net cash used in operating activities are due to net non-cash charges to operations of $107,626 principally consisting of stock-based compensation, and reductions in non-cash working capital totaling $361,419. For the fiscal year ended November 30, 2011, the most significant differences between our net loss and net cash used in operating activities are due to net non-cash charges to operations of $934,096 principally consisting of stock-based compensation, and increases in non-cash working capital totaling $221,138.

 

Investing Activities

 

During the fiscal year ended November 30, 2012, we sold surplus equipment for $1,500. Net cash used in investing activities in the fiscal year ended November 30, 2011 was related to payments for in-process research and development under arrangements entered into during the last quarter of 2010.

 

Financing Activities

 

During the fiscal year ended November 30, 2012, principal cash flows from financing activities related to LJCI converting $8,570 of the Debentures into shares of our common stock and exercising warrants to purchase 857,000 shares of our common stock at a price of $1.09 per share, resulting in total proceeds of $934,130. Additionally, LJCI decreased its advances by $251,930 towards the future exercise of warrants. During the year ended November 30, 2011, principal cash flows from financing activities related to LJCI converting $11,110 of the Debentures into shares of our common stock and exercising warrants to purchase 1,111,000 shares of our common stock at a price of $1.09 per share, resulting in total proceeds of $1,210,990. Additionally, LJCI increased its advances by $64,080 towards the future exercise of warrants.

 

Through November 30, 2012, a significant portion of our financing has been provided through private placements of preferred and common stock, the exercise of stock options and warrants and issuance of convertible debentures. We have in the past increased, and if funding permits plan to increase further, our operating expenses in order to fund higher levels of product development, undertake and complete the regulatory approval process, and increase our administrative resources in anticipation of future growth. In addition, acquisitions such as MCTI increase operating expenses and therefore negatively impact, in the short term, the liquidity position of the Company.

 

34
 

 

Commencing in March 2008, the Company has operated on working capital provided by LJCI. Under terms of the Debenture Purchase Agreement LJCI can convert a portion of the convertible debenture by simultaneously exercising a warrant at $1.09 per share. As of February 21, 2013, there are 5,482,629 shares remaining under the stock purchase warrant and a balance of $54,826 remaining on the convertible debenture. Should LJCI continue to exercise all of its remaining warrants approximately $6.0 million of cash would be provided to the Company. The Debenture Purchase Agreement limits LJCI’s investment to an aggregate ownership that does not exceed 9.99% of the outstanding shares of the Company. In August 2011, the Company and LJCI amended the debenture and the warrant agreement to extend the maturity date of the debenture and the expiration date of the warrants to February 28, 2014. We expect that LJCI will continue to exercise the warrants and convert the debenture over the next year, subject to the limitations of the agreement and availability of authorized common stock of the Company, but cannot assure that LJCI will do so. We anticipate that our future cash requirements may be fulfilled by potential direct product sales, the sale of additional equity securities, debt financing and/or the sale or licensing of our technologies. We also anticipate the need for additional financing in the future in order to fund continued research and development and to respond to competitive pressures. We cannot guarantee, however, that enough future funds will be generated from operations or from the aforementioned or other potential sources. If adequate funds are not available or are not available on acceptable terms, we may be unable to fund expansion, develop new or enhance existing products and services or respond to competitive pressures, any of which could have a material adverse effect on our business, results of operations and financial condition.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable to a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The full text of the Company's audited consolidated financial statements for the fiscal years ended November 30, 2012 and 2011 begins on page F-1 of this Annual Report.

 

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

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

DISCLOSURE CONTROLS AND PROCEDURES

 

We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable assurance of achieving the desired control objectives, and we necessarily are required to apply our judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

 

Our management, including our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2012 and concluded that the disclosure controls and procedures were not effective, because certain deficiencies involving internal controls constituted material weaknesses as discussed below. The material weaknesses identified did not result in the restatement of any previously reported financial statements or any other related financial disclosure, nor does management believe that it had any effect on the accuracy of the Company’s financial statements for the current reporting period.

 

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with GAAP. Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

35
 

 

Our management, including our principal executive officer and principal accounting officer, conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on its evaluation, our management concluded that there are material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. As of November 30, 2012 and 2011, the following material weaknesses existed:

 

1.   Entity-Level Controls: We did not maintain effective entity-level controls as defined by the framework issued by COSO. Specifically, we did not effectively segregate certain accounting duties due to the small size of our accounting staff, and did not maintain a sufficient number of adequately-trained personnel necessary to anticipate and identify risks critical to financial reporting.

 

2.   Information Technology: We did not maintain effective controls over the segregation of duties and access to financial reporting systems. Specifically, key financial reporting systems were not appropriately configured to ensure that certain transactions were properly processed with segregated duties among personnel and to ensure that unauthorized individuals did not have access to add or change key financial data.

 

Due to these material weaknesses, management has concluded that our internal control over financial reporting was not effective as of November 30, 2012 and 2011.

 

In order to mitigate these material weaknesses to the fullest extent possible, all financial reports are reviewed by the Chief Financial Officer, who has limited system access.  In addition, regular meetings are held with the Board and the Audit Committee of the Board.  If at any time we determine a new control can be implemented to mitigate these risks at a reasonable cost, it is implemented as soon as possible.

 

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Commission that permit the Company to provide only management’s report in this annual report.

 

This report shall not be deemed to be filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

 

There were no changes in our internal control over financial reporting that occurred during the quarter ended November 30, 2012 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

 

Item 9B. OTHER INFORMATION

 

None.

 

36
 

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 

The Directors and Executive Officers of the Company

 

Our executive officers, key employees and directors are listed in the below table. There are no family relationships among any of our executive officers, key employees and directors. There currently are no legal proceedings, and during the past ten years there have been no legal proceedings, that are material to the evaluation of the ability or integrity of any of our directors or director nominees.

 

Name   Age   Position   Director since the
below date (1)
W. Gerald Newmin   75   Chairman, Chief Executive Officer, Chief Financial Officer, Secretary and Director    December 1, 1995(2)
             
Stephen Chang   57   Director    June 16, 2004
             
Edward Sigmond    54   Director   May 17, 2000
             
Thomas A. Page    79   Director   September 11, 2003
             
D. Scott Lukeman    57   Director   September 5, 2012
             
Grant Miller    56   Director   October 19, 2012
             
Anthony E. Altig(3)   57   Director   September 15, 2005

 

(1) Each director serves until the next annual meeting of stockholders.
   
(2) Elected as Chief Executive Officer, Chief Financial Officer, Secretary and Director on December 21, 2007.
   
(3) Resigned as a member of the board of directors effective October 19, 2012.

 

W. Gerald “Jerry” Newmin joined MultiCell as a director in June 1995. He currently serves as the Chairman, Chief Executive Officer, President, Chief Financial Officer and Secretary of MultiCell. Mr. Newmin served as Chief Executive Officer of MultiCell from June 1995 to May 2006, and was appointed to serve again as Chief Executive Officer on December 21, 2007. Mr. Newmin is Chairman, Chief Executive Officer, Secretary and a director of Xenogenics, a partially-owned subsidiary of MultiCell and Chief Executive Officer, Secretary and a director of MCTI, a partially-owned subsidiary of MultiCell. He has managed NYSE and American Stock Exchange Fortune 500 companies. He has been President of HealthAmerica Corporation, then the nation’s largest publicly-held HMO management company. He was Chief Executive Officer and President of The International Silver Company, a diversified multi-national manufacturing company that he restructured. He was Chief Operating Officer of numerous Whittaker Corporation operating units, including Production Steel Company, Whittaker Textiles, Bertram Yacht, Trojan Yacht, Columbia Yacht, Narmco Materials and Anson Automotive. He was instrumental in Whittaker’s entry into the US and international health care markets. He was Western Regional Vice President of American Medicorp, Inc, where he managed 23 acute care hospitals in the Western United States. He retired as Chairman and Chief Executive Officer of SYS Technologies, Inc., a high-growth defense technology company in 2003. Mr. Newmin has a Bachelor’s degree in Accounting from Michigan State University. As our Chief Executive Officer, Mr. Newmin is specially qualified to serve on the Board because of his detailed knowledge of our operations and market.

 

Stephen Chang, Ph.D. has served as a director of MultiCell since June 2004, became President of MultiCell in February 2005, and became Chief Executive Officer in May 2006.  Dr. Chang resigned as Chief Executive Officer and President on December 21, 2007.  On December 21, 2007, Dr. Chang also resigned as President and Chief Executive Officer of MCTI, a subsidiary of MultiCell.  In 2008, Dr. Chang became Chief Scientific Officer and Founder of Stemgent, Inc.  In 2010, Dr. Chang joined the New York Stem Cell Foundation as its Vice-President of Research and Development. Dr. Chang is also President of CURES, a coalition of patient advocates, biotechnology companies, pharmaceutical companies and venture capitalists dedicated to ensuring the safety, research and development of innovative life saving medications. Dr. Chang was Chief Science Officer and Vice President of Canji Inc./Schering Plough Research Institute in San Diego, California from 1998 to 2004.  Dr. Chang earned his doctoral degree in Biological Chemistry, Molecular Biology and Biochemistry from the University of California, Irvine.  Prior to that he received a bachelor of science in Zoology, Microbiology, and Cell and Molecular Biology from the University of Michigan and a USPHS Postdoctoral Fellowship at the Baylor College of Medicine. Dr. Chang’s scientific background gives him a perspective that is helpful to the Board for understanding our market potential.

 

37
 

 

Edward Sigmond has served as a director of MultiCell since May 2000. He founded The Great American Food Chain, a public restaurant holding company with the mission to incubate and develop successful restaurant concepts, where he currently serves as Chief Executive Officer and Chairman of the Board. Mr. Sigmond is a partner in Sigmond and Johnson, Inc., a Dallas-based investment banking firm specializing in working with public micro cap companies through the early stages of development. Mr. Sigmond owns Kestrel Holdings, Inc., a real estate and equity investment company focusing on the restaurant and bar market in the Dallas area. He is a member of the board of directors of Na Zdravi Ventures, a.s., a Hooters of America franchisee for the Czech Republic and Slovak Republic. He is also an owner and the managing partner of The Elbow Room, a popular Dallas restaurant and bar founded in 1998. Mr. Sigmond has held other executive sales, marketing and operations management positions over his 25 years of working experience. These include founder and president of American Machine and Bearing and Specialty Food Products. He was Assistant to the President of Alpha Aviation and Vice President/Regional Manager of Geodata Corporation. Mr. Sigmond’s extensive business background makes him a valuable addition to the Board.

 

Thomas A. Page has served as a director of MultiCell since September 2003. Mr. Page is Director Emeritus and former Chairman of the board of directors and Chief Executive Officer of Enova Corporation and San Diego Gas and Electric Company (now part of Sempra Energy). Prior to the formation of Sempra Energy Corporation as a holding company in 1996, at various times Mr. Page was San Diego Gas and Electric Company’s Chairman, President and Chief Executive Officer and held one or more of these positions until his retirement in 1998. Mr. Page joined San Diego Gas and Electric Company in 1978 as Executive Vice President and Chief Operating Officer. In 1981, he was elected President and Chief Executive Officer and added the chairmanship in 1983. Mr. Page has been active in numerous industrial, community and governmental associations and has funded medical research. He is a director of the Coronado First Bank and is an advisory director of Sorrento Ventures. Mr. Page earned a Bachelor of Science degree in civil engineering, a masters degree in industrial administration and was awarded an honorary doctorate in management, all from Purdue University. He has been licensed as an engineer and as a certified public accountant. Mr. Page’s extensive business background makes him a valuable addition to the Board.

 

D. Scott Lukeman joined MultiCell as a member of the Board in September 2012. Dr. Lukeman is a proven manager, strategist, scientist, developer, analyst, marketer and innovator, with a unique combination of technical, sales and marketing, business, and financial know-how. Dr. Lukeman received a Ph.D. in Pharmacology/Cellular and Molecular Biology from the University of Miami in 1985, after earning a B.A. in Natural Sciences from New College of Florida. He has worked for over 25 years with diverse technologies and businesses as an international executive and strategic consultant. From 1985 to 1987, he was a Post-Doctoral Fellow, specializing in nephrology research, at the University of California-San Diego. From 1988 to 1990, as a Senior Scientist at Telios Pharmaceuticals, he invented and developed an anti-clotting technology that was licensed by Genentech and other companies. From 1991 to 1993, as Cardiovascular Area Leader for Italfarmco, he managed preclinical / clinical development of cardiovascular drug candidates and spearheaded in-licenses of other cardiovascular compounds and devices. From 1994 to 1995, as Director of Pharmacology for Cypros Pharmaceutical Corp., he managed the discovery and preclinical development of neurological drug candidates. Since 1996, he has provided strategic and management consulting and other, high-level expertise to Commtech Venture Group, MICRA Scientific, Helix BioPharma, Inavisis International, Yet2.com, Phoenix PharmaLabs, The Dunn Group, and other developing businesses. His expertise includes strategic planning, business and technology development, marketing, licensing, fund-raising, technology and market assessments, competitive intelligence, and technical and business writing. His technical knowledge spans multiple life-science disciplines, including pharmaceuticals (esp. drug discovery), biotechnology, medical devices and diagnostics, and food and herbal products and makes him a valuable addition to the Board.

 

Grant Miller received his B.A. from Loma Linda University in Riverside, California and an MBA; Finance from the University of San Diego, in San Diego, California. Mr. Miller currently serves as Chief Financial & Operating Officer of Encore Semi, LLC and has previously served as Chief Financial & Operating Officer of Sandel Avionics, Inc., Chief Financial Officer of Rapid Bridge, LLC, General Manager & Division Controller of Scubapro, Chief Financial Officer of USA Broadband, Inc., Chief Financial Officer & Senior Vice President Operations of Alitum, and held several positions with WorldXchange and Time Warner Cable, including International Director of Development in Spain and Portugal, Regional Vice President Finance, Corporate Mergers & Acquisitions Analyst, Manager, Finance and Information Systems and Financial Analysis. Mr. Miller’s extensive business background makes him a valuable addition to the Board.

 

CORPORATE GOVERNANCE

 

General

 

We believe that good corporate governance is important to ensure that the Company is managed for the long-term benefit of our stockholders. This section describes key corporate governance practices that we have adopted.

 

38
 

 

Board of Directors Meetings and Attendance

 

The Board has responsibility for establishing broad corporate policies and reviewing our overall performance rather than day-to-day operations. The primary responsibility of the Board is to oversee the management of the Company and, in doing so, serve the best interests of the Company and its stockholders. The Board selects, evaluates and provides for the succession of executive officers and, subject to stockholder election, directors. It reviews and approves corporate objectives and strategies, and evaluates significant policies and proposed major commitments of corporate resources. The Board also participates in decisions that have a potential major economic impact on the Company. Management keeps the directors informed of Company activity through regular communication, including written reports and presentations at Board and committee meetings.

 

We have no formal policy regarding director attendance at the annual meeting of stockholders. The Board held seven meetings in 2012, six of which were telephonic. All board members were present, either by person or on the telephone in the case of the telephonic meetings, at all meetings except for Mr. Sigmond and Mr. Chang who each missed one meeting.

 

Board Committees

 

Our Board has established an Audit Committee and a Nominating, Corporate Governance and Compensation Committee (the “Nominating Committee”). The members of each committee are appointed by the Board, upon recommendation of the Nominating Committee, and serve one-year terms. Each of these committees operates under a charter that has been approved by the Board. The charter for each committee is available on the Company’s website. The Audit Committee met four times during 2012. The Nominating Committee met one time during 2012.

 

Audit Committee

 

The Audit Committee of the Board oversees the Company’s corporate accounting and financial reporting process. For this purpose, the Audit Committee performs several functions. The Audit Committee evaluates the performance of and assesses the qualifications of the independent registered public accounting firm; determines and approves the engagement of the independent registered public accounting firm; determines whether to retain or terminate the existing independent registered public accounting firm or to appoint and engage a new independent registered public accounting firm; reviews and approves the retention of the independent registered public accounting firm to perform any proposed permissible non-audit services; monitors the rotation of partners of the independent registered public accounting firm on the Company’s audit engagement team as required by law; confers with management and the independent registered public accounting firm regarding the effectiveness of internal controls over financial reporting; establishes procedures, as required under applicable law, for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and the confidential and anonymous submission by employees of concerns regarding questionable accounting or auditing matters; reviews the financial statements to be included in the Company’s Annual Report on Form 10-K; and discusses with management and the independent registered public accounting firm the results of the annual audit and the results of the Company’s quarterly financial statements. Three directors comprise the Audit Committee: Grant Miller (Chairman), Edward Sigmond and Thomas Page. Mr. Altig was a member of the Audit Committee until his resignation on October 19, 2012. Upon Mr. Altig’s resignation, Mr. Miller was appointed as the chairman of the Audit Committee.

 

The Board annually reviews the NASDAQ listing standards definition of independence for Audit Committee members and has determined that all members of the Company’s Audit Committee are independent (as independence is currently defined in Rule 10A-3 of the Exchange Act). The Board has determined that Grant Miller, Thomas Page and Anthony Altig each qualify as “audit committee financial experts”, as defined in applicable Commission rules. The Board made a qualitative assessment of Grant Miller’s, Thomas Page’s and Anthony Altig’s level of knowledge and experience based on a number of factors, including their formal education and experience as financial experts and their prior experience as certified public accountants, as further set forth in the subsection above entitled “The Directors and Executive Officers of the Company”. The Audit Committee met four times during the fiscal year ended November 30, 2012.

 

Nominating, Corporate Governance and Compensation Committee

 

The Nominating Committee provides assistance to the corporate directors in fulfilling their responsibility to the stockholders, potential stockholders, and investment community to ensure that the Company's officers, key executives, and Board members are compensated in accordance with the Company's total compensation objectives and executive compensation policy. The Nominating Committee advises, recommends, and approves compensation policies, strategies, and pay levels necessary to support organizational objectives. The Nominating Committee maintains free and open means of communication between the Board and the Chief Executive Officer of the Company.

 

The Nominating Committee responsibilities include:

 

·Assisting the Company in defining an executive total compensation policy that (i) supports the Company's overall business strategy and objectives, (ii) attracts and retains key executives, (iii) links total compensation with business objectives and organizational performance in good and bad times, and (iv) provides competitive total compensation opportunities at a reasonable cost while enhancing stockholder value creation.

 

39
 

 

·Acts on behalf of the Board in setting executive compensation policy, administering compensation plans approved by the Board and stockholders, and making decisions or developing recommendations for the Board with respect to the compensation of key Company executives.

 

·Reviews and recommends to the full Board for approval the annual base salary levels, annual incentive opportunity levels, long-term incentive opportunity levels, executive prerequisites, employment agreements (if and when appropriate), change in control provisions/agreements (if and when appropriate), benefits, and supplemental benefits of the Chief Executive Officer.

 

·Evaluates annually Chief Executive Officer’s compensation levels and payouts against (i) pre-established performance goals and objectives, and (ii) an appropriate peer group.

 

·Keeps abreast of current developments in executive compensation outside the Company.

 

·Meets regularly and/or as needed to consider the nomination and screening of Board member candidates, evaluate the performance of the Board and its members, as well as termination of membership of Board members in accordance with corporate policy, conflicts of interest, for cause or other appropriate reasons.

 

·Submits the minutes of all meetings of the Nominating Committee to, or discuss the matters discussed at each committee meeting with, the Board.

 

·Administers the stock incentive plans.

 

The members of the Nominating Committee are Edward Sigmond, Chairman, Scott Lukeman and Thomas Page. Mr. Altig was a member of the Nominating Committee until his resignation on October 19, 2012. Upon Mr. Altig’s resignation, Mr. Lukeman was appointed to the Nominating Committee. The Nominating Committee met once during the fiscal year ended November 30, 2012.

 

Director Candidates

 

The process followed by the Nominating Committee to identify and evaluate director candidates includes requests to Board members and others for recommendations, meetings from time to time to evaluate biographical information and background material relating to potential candidates and interviews of selected candidates by members of the Nominating Committee and the Board.

 

In considering whether to recommend any particular candidate for inclusion in the Board’s slate of recommended director nominees, the Nominating Committee applies certain criteria, including:

 

·The candidate’s honesty, integrity and commitment to high ethical standards,

 

·Demonstrated financial and business expertise and experience,

 

·Understanding of the Company, its business and its industry,

 

·Actual or potential conflicts of interest, and

 

·The ability to act in the interests of all stockholders.

 

The Nominating Committee does not assign specific weights to particular criteria and no particular criterion is a prerequisite for each prospective nominee. We believe that the backgrounds and qualifications of our directors, considered as a group, should provide a significant breadth of experience, knowledge and abilities that will allow our Board to fulfill its responsibilities.

 

The Nominating Committee will consider director candidates recommended by stockholders or groups of stockholders who have owned more than five percent of our common stock for at least a year as of the date the recommendation is made. Stockholders may recommend individuals to the Nominating Committee for consideration as potential director candidates by submitting their names, together with appropriate biographical information and background materials and a statement as to whether the stockholder or group of stockholders making the recommendation has beneficially owned more than five percent of our common stock for at least a year as of the date such recommendation is made, to the Nominating Committee, c/o Corporate Secretary, MultiCell Technology, Inc., 86 Cumberland Street, Suite 301, Woonsocket, Rhode Island 02895. Assuming that appropriate biographical and background material have been provided on a timely basis, the Committee will evaluate stockholder-recommended candidates by following substantially the same process, and applying substantially the same criteria, as it follows for candidates submitted by others. There have been no material changes to the procedures by which the stockholders may recommend nominees to the Board since the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2011.

 

40
 

 

Communicating with the Directors

 

The Board will give appropriate attention to written communications that are submitted by stockholders, and will respond if and as appropriate. The chair of the Audit Committee is primarily responsible for monitoring communications from stockholders and for providing copies or summaries to the other directors as he considers appropriate.

 

Communications are forwarded to all directors if they relate to important substantive matters and include suggestions or comments that the chair of the Audit Committee considers to be important for the directors to know. In general, communications relating to corporate governance and corporate strategy are more likely to be forwarded than communications relating to ordinary business affairs, personal grievances and matters as to which we tend to receive repetitive or duplicative communications.

 

Stockholders who wish to send communications on any topic to the Board should address such communications to the Board of Directors, c/o Corporate Secretary, MultiCell Technologies, Inc., 68 Cumberland Street, Suite 301, Woonsocket, RI 02895. You should indicate on your correspondence that you are a MultiCell Technologies, Inc. stockholder.

 

Anyone may express concerns regarding questionable accounting or auditing matters or complaints regarding accounting, internal accounting controls or auditing matters to the Audit Committee by calling (401) 762-0045. Messages to the Audit Committee will be received by the chairman of the Audit Committee and our Corporate Secretary. You may report your concern anonymously or confidentially.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Under Section 16(a) of the Exchange Act, directors, officers and beneficial owners of ten percent or more of our common stock (the “Reporting Persons”) are required to report to the Commission on a timely basis the initiation of their status as a Reporting Person and any changes regarding their beneficial ownership of our common stock. The Company believes that, during 2012, the Reporting Persons complied with all Section 16(a) filing requirements and the Company does not know of any failure of any Reporting Person to file on a timely basis reports required by Section 16(a) of the Exchange Act.

 

Code of Ethics

 

We have adopted a code of business conduct and ethics that applies to our directors, officers (including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions) as well as our employees. A copy of our code of business conduct and ethics is available on our website at www.multicelltech.com under “Investor Information—Corporate Governance." We intend to post on our website all disclosures that are required by applicable law, the rules of the Commission or OTC Bulletin Board listing standards concerning any amendment to, or waiver from, the provisions of our code of business conduct and ethics.

 

ITEM 11. EXECUTIVE COMPENSATION

 

COMPENSATION DISCUSSION AND ANALYSIS

 

Overview of Executive Compensation Objectives and Philosophy

 

Our executive compensation plan’s objectives are to attract and retain highly competent executives and to compensate them based upon a pay-for-performance philosophy. With the intent to increase short-term and long-term stockholder value, we have designed our executive compensation plan to reward:

 

·Individual performance as measured against personal goals and objectives that contain quantitative components wherever possible; such personal goals depend on the position occupied by our executive officers and can include achieving technological advances, broadening of our products and services offerings, or building a strong team; and

 

·Demonstration of leadership, team building skills and high ethical standards. We design our overall compensation to align the long-term interests of our executives with those of our stockholders. Our compensation plan is designed to encourage success of our executives as a team, rather than only as individual contributors, by attaining overall corporate success.

 

41
 

 

Elements of Executive Compensation

 

Executive compensation consists of the following elements:

 

·Base salary; and

 

·Long-Term Incentives.

 

Base Salary. The base salary for each executive is initially established through negotiation at the time the executive is hired, taking into account his or her scope of responsibilities, qualifications, experience, prior salary and competitive salary information within our industry. Year-to-year adjustments to each executive officer’s base salary are determined by an assessment of her or his sustained performance against individual goals, including leadership skills and the achievement of high ethical standards, the individual’s impact on the Company’s business and financial results, current salary in relation to the salary range designated for the job, experience, demonstrated potential for advancement, and an assessment against base salaries paid to executives for comparable jobs in the marketplace. Generally, we believe that executive base salaries should be targeted near the median of the range of salaries for executives in similar positions with similar responsibilities at comparable companies.

 

Long-Term Incentive Program. Our long-term incentives consist of stock option awards. The objective of these awards is to align the longer-term interests of our stockholders and our executive officers and to complement incentives tied to annual performance. We have historically elected to use stock options as our primary long-term equity incentive vehicle. We have not adopted stock ownership guidelines.

 

Why We Chose to Pay Each of the Executive Compensation Elements and How We Determine the Amount of Each Element

 

Base Salary. Base salary is paid to attract and retain our executives and to provide them with a level of predictable base compensation. Because base salary, in the first instance, is set at the time the executive is hired, it is largely market-driven and influenced by the type of position occupied, the level of responsibility, experience and training of each executive, and the base salary at his or her prior employment. Annual adjustments to base salary, if any, are influenced by the individual’s achievement of individual goals and the Company’s achievement of its financial goals.

 

The base salary we paid to our executive in 2012 and 2011 is reflected in the summary compensation table below.

 

Long-Term Incentives. We grant stock options to our executives and directors as part of our executive compensation package program to directly link their interests to those of our stockholders, since stock options will only produce value to executives if the price of our stock appreciates. We believe that our compensation program must include long-term incentives such as stock options if we wish to hire and retain high-level executive talent. We also believe that stock options help to provide a balance to the overall executive compensation program as base salary and bonus awards focus only on short-term compensation. In addition, the vesting period of stock options encourages executive retention and the preservation of stockholder value. We base the number of stock options granted on the type and responsibility level of the executive’s position, the executive’s performance in the prior year and the executive’s potential for continued sustained contributions to our long-term success and the long-term interests of our stockholders. The number of stock options is also dependent on the number of options available in the option pool and the number of options already granted and vested to each individual executive.

 

The Level of Salary and Bonus in Proportion to Total Compensation

 

Because of the congruence of interests by our executives and our stockholders in sustained, long-term growth of the value of our stock, we seek to keep cash compensation in line with market conditions and, if justified by the Company’s financial performance, place emphasis on the use of options as a means of obtaining significantly better than average compensation.

 

Summary Compensation Table

 

Name and Principal Position(1)  Year   Salary
($)		   Stock
Awards
($)		   Option
Awards
($)		   All Other
Compensation
($)		   Total
($)		 
W. Gerald Newmin, (2)   2012   $180,000   $0   $3,000(3)  $2,750(4)  $185,750 
Chairman of the Board, Chief ExecutiveOfficer, President, Chief Financial Officer, Treasurer, Secretary and Director   2011   $180,000   $0   $8,700(5)  $3,250(6)  $191,950 

  

42
 

 

(1) During fiscal years ended November 30 2012 and 2011, the listed person was the only principal executive officer of the Company and the only person that earned more than $100,000 during either of such fiscal years.

 

(2) Appointed as President and Chief Executive Officer on December 21, 2007.

 

(3) In June 2012, Mr. Newmin was granted an option to acquire 1,000,000 shares of our common stock at an exercise price of $0.0032 per share. The option vests quarterly over one year and expires five years after the grant date. The weighted average assumptions used in determining the fair value of the option under the Black-Scholes model for expected volatility, dividends, expected term, and risk-free interest rate were 170%; 0%; 5 years; and 0.62%; respectively.

 

(4) This amount represents fees earned in consideration for attending meetings of the Board during the fiscal year ended November 30, 2012. Mr. Newmin earned $1,000 for each meeting of the Board attended in person and $250 for each meeting attended by teleconference during the fiscal year ended November 30, 2012. The Company’s policy for director fees earned in the fiscal year ended November 30, 2012 is to pay such fees in cash.

 

(5) In July 2011, Mr. Newmin was granted an option to acquire 1,000,000 shares of our common stock at an exercise price of $0.0092 per share. The option vests quarterly over one year and expires five years after the grant date. The weighted average assumptions used in determining the fair value of the option under the Black-Scholes model for expected volatility, dividends, expected term, and risk-free interest rate were 170%; 0%; 5 years; and 1.49%; respectively.

 

(6) This amount represents fees earned in consideration for attending meetings of our Board during the fiscal year ended November 30, 2011. Mr. Newmin earned $1,000 for each meeting of the Board attended in person and $250 for each meeting attended by teleconference during the fiscal year ended November 30, 2011. The Company’s policy for director fees earned in the fiscal year ended November 30, 2011 is to pay such fees in cash.

 

Contracts, Termination of Employment and Change-in-Control Arrangements

 

Employment Agreement with W. Gerald Newmin. Mr. Newmin does not have a written employment agreement with the Company. Mr. Newmin’s base salary is $15,000 per month.

 

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

 

The following table shows for the fiscal year ended November 30, 2012, certain information regarding options granted to, exercised by, and held at year-end by, the Named Executive Officers:

 

   Option Awards  Stock Awards 
Name  Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable		   Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable		   Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options (#)		   Option
Exercise
Price ($)		   Option
Expiration
Date		  Number
of Shares
or Units
of Stock
That
Have Not
Vested (#)		   Market
Value of
Shares or
Units of
Stock
That
Have Not
Vested ($)		   Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other
Rights That
Have Not
Vested (#)		   Equity
Incentive
Plan
Awards:
Market or
Payout
Value of
Unearned
Shares,
Units or
Other
Rights That
Have Not
Vested ($)		 
W. Gerald Newmin   500,000    500,000    0   $0.0032   6/1/17   0    0    0    0 
W. Gerald Newmin   1,000,000    0    0   $0.0092   7/11/16   0    0    0    0 
W. Gerald Newmin   1,000,000    0    0   $0.008   6/28/15   0    0    0    0 
W. Gerald Newmin   1,000,000    0    0   $0.011   6/25/14   0    0    0    0 
W. Gerald Newmin   333,553    0    0   $0.019   9/23/14   0    0    0    0 

 

43
 

 

NON-EMPLOYEE DIRECTOR COMPENSATION

 

The following table details the total compensation of our non-employee directors for the fiscal year ended November 30, 2012.

 

 

Name  Fees Earned or
Paid in Cash ($)		   Stock Awards ($)   Option Awards
($)(4)		   Total ($) 
                 
Anthony F. Altig  $5,250   $0   $3,000(1)  $8,250 
                     
Stephen Chang  $2,250   $0   $3,000(1)  $5,250 
                     
Thomas A. Page  $4,250   $0   $3,000(1)  $7,250 
                     
Edward Sigmond  $4,250   $0   $3,000(1)  $7,250 
                     
D. Scott Lukeman  $500   $0   $1,300(2)  $1,800 
                     
Grant Miller  $250   $0   $1,400(3)  $1,650 

 

(1) In June 2012, each director was granted an option to acquire 1,000,000 shares of our common stock at an exercise price of $0.0032 per share. Each option vests quarterly over one year and expires five years after the grant date. The weighted average assumptions used in determining the fair value of the option under the Black-Scholes model for expected volatility, dividends, expected term, and risk-free interest rate were 170%; 0%; 5 years; and 0.62%; respectively.

 

(2) In September 2012, Mr. Lukeman was granted an option to acquire 1,000,000 shares of our common stock at an exercise price of $0.0014 per share. The option vests monthly over three years and expires five years after the grant date. The weighted average assumptions used in determining the fair value of the option under the Black-Scholes model for expected volatility, dividends, expected term, and risk-free interest rate were 172%; 0%; 5 years; and 0.62%; respectively.

 

(3) In October 2012, Mr. Miller was granted an option to acquire 1,000,000 shares of our common stock at an exercise price of $0.0015 per share. The option vests monthly over three years and expires five years after the grant date. The weighted average assumptions used in determining the fair value of the option under the Black-Scholes model for expected volatility, dividends, expected term, and risk-free interest rate were 173%; 0%; 5 years; and 0.77%; respectively.

 

(4) As of November 30, 2012, the following non-employee directors held options to purchase the following numbers of shares of our common stock: Mr. Altig, 4,975,000; Mr. Chang, 4,256,578; Mr. Page, 4,555,921; Mr. Sigmond, 4,307,895; Mr. Lukeman, 1,000,000; and Mr. Miller, 1,000,000. Options exercisable within 60 days of February 21, 2013, are included in the table below in Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, under the subtitle of “Beneficial Ownership of Directors, Officer and 5% Shareholders”.

 

Director Compensation Arrangements

 

Each director of the Company earns fees of $1,000 for each board meeting attended and $250 for each teleconference of the board. The Chairman of the Audit Committee and the Chairman of the Nominating, Corporate Governance and Compensation Committee earn $500 for each Committee meeting, whether attended in person or by teleconference. Each member of the Nominating, Corporate Governance and Compensation Committee and each member of the Audit Committee earns $250 per Committee meeting, whether attended in person or by teleconference. The members of the Board of Directors are also eligible for reimbursement for their expenses incurred in attending Board meetings in accordance with Company policy.

 

Each director of the Company was also granted an option on June 1, 2012 to purchase 1,000,000 shares of our common stock. The options have an exercise price of $0.0032, vest quarterly over one year from the grant date, and expire five years after the grant date. The options granted are pursuant to our 2004 Equity Incentive Plan. None of the options granted are incentive stock options, as defined in the Internal Revenue Code.

 

Each newly-appointed director of the Company was also granted an option on the date of their appointment to purchase 1,000,000 shares of our common stock. The options have an exercise price equal to the closing price of our common stock on the date of grant, vest monthly over three years from the grant date, and expire five years after the grant date. The options granted are pursuant to our 2004 Equity Incentive Plan. None of the options granted are incentive stock options, as defined in the Internal Revenue Code.

 

44
 

 

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

 

Beneficial Ownership of Directors, Officers and 5% Stockholders

 

The following table sets forth, as of February 21, 2013, certain information as to shares of our common stock owned by (i) each person known to beneficially own more than five percent of our outstanding common stock or preferred stock, (ii) each of our directors, and executive officers named in our summary compensation table, and (iii) all of our executive officers and directors as a group. Unless otherwise indicated, the address of each named beneficial owner is the same as that of our principal executive offices located at 86 Cumberland Street, Suite 301, Woonsocket, Rhode Island, 02895.

 

Name and Address of Beneficial Owner (1)  Number of
Shares of
Common Stock
Beneficially
Owned (2)		   Percent of
Common Stock
Beneficially
Owned		   Number of
Shares of
Preferred Stock
Beneficially
Owned		   Percent of
Preferred Stock
Beneficially
Owned		 
Mercator Momentum Fund III (3)   17,773,196    1.17%   3,448    100.00%
La Jolla Cove Investors, Inc. (4)   166,089,682    9.99%   –    – 
W. Gerald Newmin (5)   11,266,307   *    –    – 
Thomas A. Page (6)   6,417,500   *    –    – 
Stephen Chang, Ph.D. (7)   5,358,812   *    –    – 
Edward Sigmond (8)   5,251,378   *    –    – 
Anthony Altig (9)   2,405,139   *    –    – 
D. Scott Lukeman (10)   194,444   *    –    – 
Grant Miller (11)   166,667   *    –    – 
All executive officers and directors as a group (seven persons)   31,060,247    2.05%   –    – 

 

*

Represents less than 1% of the issued and outstanding shares of the applicable class of equity securities of the Company as of February 21, 2013.

 

(1)

Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Pursuant to the rules of the Commission, shares of our common stock that each named person and group has the right to acquire within 60 days pursuant to options, warrants, or other rights, are deemed outstanding for purposes of computing shares beneficially owned by the percentage ownership of each such person and group. Applicable percentages are based on 1,496,469,696 shares of our common stock and 3,448 shares of our Series B preferred stock outstanding on February 21, 2013, and are calculated as required by rules promulgated by the Commission.

 

(2)

Unless otherwise noted, all shares listed are owned of record and the record owner has sole voting and investment power, subject to community property laws where applicable.

 

(3)

Includes 17,773,196 shares of our common stock issuable to Mercator Momentum Fund III upon conversion of 3,448 shares of Series B Preferred Stock. The last known address of Mercator Momentum Fund III is P.O. Box 4571, 2nd Floor, Palm Grove House, Wickhams Cay, Road Town, Tortola, British Virgin Islands.

 

(4) Represents the maximum possible amount of shares of the Company’s commons stock (i) held by LJCI, (ii) issuable to LJCI upon the exercise of a common stock warrant it holds, and (iii) issuable to LJCI upon the conversion of the Debenture, all as of February 21, 2013. Pursuant to the terms of the warrant and Debenture, LJCI may not acquire shares of our common stock to the extent such acquisition would cause LJCI to own more than 9.99% of our outstanding common stock immediately after such acquisition. Provided the aforementioned 9.99% cap is complied with, LJCI may in the future exercise or convert into, as applicable, a significant amount of additional shares of our common stock (e.g. as of February 21, 2013, there are a total of 5,482,629 shares remaining under the stock purchase warrant and a balance of $54,826 remaining on the Debenture, which is convertible pursuant to the formula set forth in the Debenture listed in the Exhibits section of this Annual Report on Form 10-K).

 

45
 

 

(5)

Includes (i) 5,853,689 shares of our common stock of which 3,920,914 shares are held by Newmin Corbett Trust U/A 5/10/02, W. G. Newmin and Barbara L. Corbett TTEES, for which Mr. Newmin and his spouse serve as trustees; 1,399,210 shares of our common stock are held by Cay J Associates, Ltd., a Partnership, for which Mr. Newmin and his spouse serve as partners; 502,011 shares of our common stock are held by FMTC Custodian W. G. Newmin IRA, for which Mr. Newmin is the beneficiary; and 31,554 shares of our common stock are held by W. Gerald Newmin IRA, for which Mr. Newmin is the beneficiary, (ii) 1,109,065 shares of our common stock issuable to Mr. Newmin upon the exercise of warrants within 60 days of February 21, 2013, (iii) 4,083,553 shares of our common stock issuable to Mr. Newmin under options exercisable within 60 days of February 21, 2013, and (iv) warrants to purchase 220,000 shares of our common stock issuable upon exercise of warrants owned by Mr. Newmin’s spouse. Mr. Newmin disclaims beneficial ownership of the aforementioned stock warrants beneficially owned by Mr. Newmin’s spouse, except to the extent of his pecuniary interest therein.

 

(6)

Includes (i) 1,635,676 shares of our common stock, (ii) 475,903 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013, and (iii) 4,305,921 shares of our common stock issuable under options exercisable within 60 days of February 21, 2013.

 

(7)

Includes (i) 988,163 shares of our common stock, (ii) 364,071 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013 and (iii) 4,006,578 shares of our common stock issuable under options exercisable within 60 days of February 21, 2013.

 

(8)

Includes (i) 1,031,906 shares of our common stock, (ii) 161,577 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013 and (iii) 4,057,895 shares of our common stock issuable under options exercisable within 60 days of February 21, 2013.

 

(9)

Includes (i) 2,232,209 shares of our common stock and (ii) 172,930 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013.

 

(10)

Includes 194,444 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013.

 

(11) Includes 166,667 shares of our common stock issuable upon the exercise of common stock warrants within 60 days of February 21, 2013.

 

EQUITY COMPENSATION PLAN INFORMATION

 

The following table summarizes the securities authorized for issuance under equity compensation plans as of November 30, 2012.

 

Plan Category  Number of Securities
to be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights		   Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights		   Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
column (a)		 
   (a)   (b)   (c) 
Equity compensation plans approved by shareholders (1)    26,068,947   $0.0084    46,405,266 
                
Equity compensation plans not approved by shareholders (2)   400,000   $0.2000      
                
    26,468,947   $0.0113      

 

(1) Pursuant to our Amended and Restated 2004 Equity Incentive Plan (the “2004 Plan”), from 2005 through our fiscal year end 2013, the number of shares of our common stock authorized for issuance under the 2004 Plan is automatically increased on the first day of each year by the lesser of the following amounts: (a) 2.0% of our outstanding shares of common stock on the day preceding the first day of such fiscal year or (b) 1,500,000 shares of our common stock. Additionally, on each of June 25, 2009 and on August 26, 2010, at special meetings of stockholders, our stockholders approved amendments to the 2004 Plan to increase the number of shares of our common stock authorized under the 2004 Plan. At each meeting, the number of authorized shares was increased by 25,000,000 shares. Furthermore, on July 11, 2011, at the annual meeting of stockholders, our stockholders approved an amendment to increase the number of shares reserved under the 2004 Plan to a total of 70,974,213 shares. The numbers of shares set forth in this row include all of such previous increases.

 

46
 

 

(2) Represents warrants issued to service providers as compensation for services provided.

  

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

 

Except as described below, none of the following parties has, in the fiscal year ending November 30, 2012, had any material interest, direct or indirect, in any transaction with us or in any presently proposed transaction that has or will materially affect us, other than as noted in this section:

 

·Any of our directors or officers,

 

·Any person proposed as a nominee for election as a director,

 

·Any person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to our outstanding shares of common stock,

 

·Any of our promoters, and

 

·Any relative or spouse of any of the foregoing persons who has the same house as such person.

 

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

Since December 1, 2011, there has not been, nor is there currently proposed, any transaction or series of similar transactions to which we were or are a party in which the amount involved exceeds the lesser of (1) $120,000 and (2) one percent of the average of our total assets at year end for the last three completed fiscal years, in which any director, executive officer or beneficial holder of more than 5% of any class of our voting securities or members of such person’s immediate family had or will have a direct or indirect material interest, other than the transactions described below. All future transactions between us and any of our directors, executive officers or related parties will be subject to the review and approval of our Audit Committee.

 

La Jolla Cove Investors, Inc.

 

We entered into a Securities Purchase Agreement with LJCI on February 28, 2007, pursuant to which we agreed to sell a convertible debenture in the principal amount of $100,000 and maturing on February 28, 2012 (the “Debenture”). The Debenture accrues interest at 4.75% per year, payable at each conversion date, in cash or shares of our common stock at the option of LJCI. The proceeds from the Debenture were deposited on March 5, 2007. In connection with the Debenture, we issued LJCI a warrant to purchase up to 10 million shares of our common stock (the “LJCI Warrant”) at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. On August 16, 2011, we and LJCI amended the Debenture to extend the maturity date to February 28, 2014, and amended the LJCI Warrant to extend its expiration date to February 28, 2014. Pursuant to the terms of the LJCI Warrant, upon the conversion of any portion of the principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the Debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share.

 

The Debenture is convertible at the option of LJCI at any time up to maturity into the number of shares determined by the dollar amount of the Debenture being converted multiplied by 110, minus the product of the Conversion Price multiplied by 100 times the dollar amount of the Debenture being converted, with the entire result divided by the Conversion Price. The Conversion Price is equal to the lesser of $1.00 or 80% of the average of the three lowest volume-weighted average prices during the twenty trading days prior to the election to convert. During the year ended November 30, 2012, LJCI converted $8,570 of the Debenture into 469,130,793 shares of our common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 857,000 shares of our common stock. Proceeds from the exercise of the warrants were $934,130. As of November 30, 2012, the balance of the Debenture was $56,026 and there were remaining warrants to purchase 5,602,629 shares of our common stock at $1.09 per share. During the period from December 1, 2012 through February 21, 2013, LJCI has converted an additional $1,200 of the Debenture into 146,546,667 shares of our common stock. Simultaneously with these additional conversions, LJCI exercised additional warrants to purchase 120,000 shares of our common stock. Proceeds from the additional exercise of warrants were $130,800. As of February 21, 2013, the balance of the Debenture is $54,826 and there are remaining warrants to purchase 5,482,629 shares of our common stock at $1.09 per share.

 

47
 

 

Board Determination of Independence

 

We comply with the standards of “independence” prescribed by rules set forth by the National Association of Securities Dealers (“NASD”). Accordingly, a director will only qualify as an “independent director” if, in the opinion of our Board, that person does not have a material relationship with the Company which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. A director who is or, at any time during the past three years, was employed by the Company or by any parent or subsidiary of the Company, shall not be considered independent. Accordingly, Anthony Altig, Thomas Page, Edward Sigmond, D. Scott Lukeman, and Grant Miller meet the definition of “independent director” under Rule 4200(A)(15) of the NASD Manual; Dr. Chang and Mr. Newmin do not.

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

The following table summarizes the fees of Hansen, Barnett and Maxwell, our independent auditor, billed to us for each of the last two fiscal years for audit services and billed to us in each of the last two years for other services:

 

Fee Category  2012   2011 
           
Audit Fees(1)  $37,910   $38,206 
Audit-Related Fees(2)  $0   $0 
Tax Fees(3)  $6,112   $13,678 
All Other Fees(4)  $0   $0 

 

 

(1)          Audit fees consist of aggregate fees billed for professional services rendered for the audit of the Company’s annual financial statements and review of the interim financial statements included in quarterly reports or services that are normally provided by the independent auditor in connection with statutory and regulatory filings or engagements for the fiscal years ended November 30, 2012 and 2011.

 

(2)          Audit-related fees consist of aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “Audit Fees.” These fees include review of registration statements and participation at meetings of the audit committee.

 

(3)          Tax fees consist of aggregate fees billed for professional services for tax compliance, tax advice and tax planning. For the fiscal years ended November 30, 2012 and 2011, “Tax Fees” consist of compliance services for the preparation of state and federal income tax returns for MultiCell, MCTI, and Xenogenics.

 

(4)          All other fees consist of aggregate fees billed for products and services provided by the independent auditor, other than those disclosed above. These fees include services related to certain accounting research and assistance with a regulatory matter.

 

Our policy is to pre-approve all audit and permissible non-audit services provided by the independent auditors. These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. The independent auditors and management are required to periodically report to the audit committee regarding the extent of services provided by the independent auditors in accordance with this pre-approval, and the fees for the services performed to date. To the extent that additional services are necessary beyond those specifically budgeted for, the audit committee and management pre-approve such services on a case-by-case basis. All services provided by the independent auditors were approved by the Audit Committee.

 

48
 

 

PART IV

 

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

Please see the Exhibit Index which follows the signature page to this annual report on Form 10-K and which is incorporated by reference herein.

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15D 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,

 

 

  MULTICELL TECHNOLOGIES, INC.
  (Registrant)

 

  By /s W. Gerald Newmin
    W. Gerald Newmin

  Chairman, CEO, CFO, President, Treasurer and Secretary
  Dated February 28, 2013

  

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ W. Gerald Newmin   Chairman ,CEO, CFO, President,   February 28, 2013
W. Gerald Newmin   Treasurer and Secretary    
         
/s/ Stephen Chang   Director   February 28, 2013
Stephen Chang        
         
/s/ Edward Sigmond   Director   February 28, 2013
Edward Sigmond        
         
/s/ Thomas A. Page   Director   February 28, 2013
Thomas A. Page        
         
/s/ D. Scott Lukeman   Director   February 28, 2013
D. Scott Lukeman        
         
/s/ Grant Miller   Director   February 28, 2013
Grant Miller        

 

49
 

 

EXHIBIT INDEX

 

Exhibit

No.

   Description of Exhibit
2.1 (1)   Asset Contribution Agreement dated September 7, 2005 by and among Multicell Technologies, Inc., Astral Therapeutics, Inc., Alliance Pharmaceutical Corp., and Astral, Inc.
3.1 (2)   Certificate of Incorporation, as filed on April 28, 1970.
3.2 (2)   Certificate of Amendment, as filed on October 27, 1986.
3.3 (2)   Certificate of Amendment, as filed on August 24, 1989.
3.4 (2)   Certificate of Amendment, as filed on July 31, 1991.
3.5 (2)   Certificate of Amendment, as filed on August 14, 1991.
3.6 (2)   Certificate of Amendment, as filed on June 13, 2000.
3.7 (3)   Certificate of Amendment, as filed May 18, 2005.
3.8 (21)   Certificate of Correction, as filed June 2, 2005.
3.9 (12)   Certificate of Amendment, as filed September 1, 2010.
3.10 (14)   Certificate of Amendment, as filed July 13, 2011.
3.11 (18)   Certificate of Amendment, as filed August 29, 2012.
3.12*   Certificate of Incorporation, as amended as of February 28, 2013.
3.13 (2)   Bylaws, as amended May 18, 2005.
3.14 (2)   Specimen Stock Certificate.
4.1 (4)   Certificate of Designations of Preferences and Rights of Series I Convertible Preferred Stock, as filed on July 13, 2004.
4.2 (5)   Certificate of Designation of Series B Convertible Preferred Stock, as filed on July 14, 2006.
4.3 (6)   Securities Purchase Agreement between Multicell Technologies, Inc. and La Jolla Cove Investors, Inc. dated February 28, 2007.
4.4 (6)   4 ¾ % Convertible Debenture for $100,000 issued by Multicell Technologies, Inc. to La Jolla Cove Investors, Inc.
4.5 (6)   Warrant to Purchase Common Stock dated February 28, 2007.
4.6 (6)   Letter dated February 28, 2007 to Multicell Technologies, Inc. from La Jolla Cove Investors, Inc.
4.7 (7)   Form of Warrant to Purchase Common Stock (Cashless Exercise) dated July 14, 2006 issued by Multicell Technologies, Inc. to Monarch Pointe Fund, Ltd., Mercator Momentum Fund III, L.P., Asset Managers International Ltd. and Pentagon Special Purpose Fund Ltd.
4.8 (7)   Form of Warrant to Purchase Common Stock (Cash Exercise), dated July 14, 2006, issued by Multicell Technologies, Inc. to Monarch Pointe Fund, Ltd., Mercator Momentum Fund III, L.P., Asset Managers International Ltd. and Pentagon Special Purpose Fund Ltd.
4.9 (7)   Form of Shares of Series B Convertible Preferred Stock and Common Stock Warrants Subscription Agreement dated July 14, 2006 by and between Multicell Technologies, Inc. and Monarch Pointe Fund, Ltd., Mercator Momentum Fund III, L.P., Asset Managers International Ltd. and Pentagon Special Purpose Fund Ltd.
10.1 (8)   Letter Agreement between Amarin Neuroscience Limited and the Company dated October 26, 2006.
10.2 (9)   Letter Agreement between Amarin Neuroscience Limited and the Company dated June 28, 2006.
10.3 (10)   Worldwide Exclusive License Agreement dated as of December 31, 2005 between Multicell Technologies, Inc. and Amarin Neuroscience Limited dated December 31, 2005.
10.4 (11)   License Agreement between Corning Incorporated and the Company dated October 9, 2007.
10.5 (12)   Amended and Restated 2004 Equity Incentive Plan
10.6 (13)   Exclusive License Agreement, dated September 30, 2010, between Xenogenics Corporation and Rutgers, The State University of New Jersey
10.7 (13)   Foreclosure Sale Agreement, dated as of September 30, 2010, among Xenogenics Corporation, Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank
10.8 (15)   Addendum to Convertible Debenture and Equity Investment Agreement, by and between MultiCell Technologies, Inc. and La Jolla Cove Investors, dated as of August 16, 2011.
10.9 (16)   Sponsored Research Agreement, dated as of July 5, 2011, by and between MultiCell Technologies, Inc., and University Health Network. +
10.10 (17)   Amendment to Foreclosure Sale Agreement, dated as of September 30, 2010, by and among Xenogenics Corporation, Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank, dated as of September 30, 2011.

 

50
 

 

10.11 (19)   Settlement Agreement and Mutual Release, dated as of October 19, 2012, by and between MultiCell Technologies, Inc. and Monarch Pointe Fund, Ltd. – in liquidation, represented by Stuart Mackellar, managing partner of Zolfo Cooper (BVI) Limited, in his capacity as the liquidator of Monarch Pointe Fund, Ltd.
10.12 (20)   Amendment to Foreclosure Sale Agreement, dated as of September 30, 2010, by and among Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. Silicon Valley Bank, and Xenogenics Corporation, dated as of October 23, 2012.
21.1*   List of Subsidiaries
23.1*   Consent of Hansen, Barnett & Maxwell, P.C.
31.1*   Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1*   Certification of Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 INS   XBRL Instance Document**
101 SCH   XBRL Schema Document**
101 CAL   XBRL Calculation Linkbase Document**
101 LAB   XBRL Labels Linkbase Document**
101 PRE   XBRL Presentation Linkbase Document**
101 DEF   XBRL Definition Linkbase Document**
     
* Filed herewith.

 

** The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

 

+ Portions of this exhibit have been omitted pursuant to a request for confidential treatment and the non-public information has been filed separately with the Commission.

 

(1) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on September 8, 2005.

(2) Incorporated by reference from an exhibit to our Post-Effective Amendment No. 1 to our Registration Statement on Form SB-2 filed on May 6, 2005.

(3) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on May 18, 2005.

(4) Incorporated by reference from an exhibit to our Form SB-2 Registration Statement filed on August 12, 2004.

(5) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on July 19, 2006.

(6) Incorporated by reference from an exhibit to our Current Report on Form 8-K/A filed on March 7, 2007.

(7) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on July 20, 2006.

(8) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on November 1, 2006.

(9) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on July 5, 2006.

(10) Incorporated by reference from an exhibit to our Post-Effective Amendment No. 1 to our Registration Statement on Form SB-2 filed on January 12, 2006.

(11) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on October 10, 2007.

(12) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on September 1, 2010.

(13) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on September 30, 2010.

(14) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on July 13, 2011.

(15) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on August 19, 2011.

(16) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on July 11, 2011.

(17) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on October 6, 2011.

(18) Incorporated by reference from an exhibit to our Quarterly Report on Form 10-Q filed on October 15, 2012.

(19) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on October 24, 2012.

(20) Incorporated by reference from an exhibit to our Current Report on Form 8-K filed on October 25, 2012.

(21) Incorporated by reference from an exhibit to our Post-Effective Amendment no. 2 to our Registration Statement on Form SB-2 filed on September 27, 2005.

 

51
 

 

 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
   
Report of Independent Registered Public Accounting Firm F-2
   
Consolidated Balance Sheets – November 30, 2012 and 2011 F-3
   
Consolidated Statements of Operations for the Years Ended November 30, 2012 and 2011 F-4
   
Consolidated Statements of Equity (Deficiency) for the Years Ended November 30, 2011 and 2012 F-5
   
Consolidated Statements of Cash Flows for the Years Ended November 30, 2012 and 2011 F-6
   
Notes to Consolidated Financial Statements F-7

 

F-1
 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and the Stockholders

MultiCell Technologies, Inc.

Woonsocket, Rhode Island

 

We have audited the accompanying consolidated balance sheets of MultiCell Technologies, Inc. and subsidiaries (the Company) as of November 30, 2012 and 2011, and the related consolidated statements of operations, equity (deficiency), and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

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

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of MultiCell Technologies, Inc. and subsidiaries as of November 30, 2012 and 2011, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company suffered losses from operations and had negative cash flows from operating activities during the years ended November 30, 2012 and 2011 and as of November 30, 2012, the Company had a working capital deficit and a stockholders’ deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management's plans concerning these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

HANSEN, BARNETT & MAXWELL, P.C.

 

Salt Lake City, Utah

February 28, 2013

 

 

F-2
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

   

November 30,

2012

    

November 30,

2011

  
ASSETS                
                 
Current assets                
Cash and cash equivalents   $ 199,472     $ 405,327  
Grant receivable     -       303,102  
Other current assets     11,293       10,598  
Total current assets     210,765       719,027  
                 
Property and equipment, net of accumulated depreciation of $40,561 and $66,467 at November 30, 2012 and 2011, respectively     -       -  
                 
Other assets     280       1,685  
                 
Total assets   $ 211,045     $ 720,712  
                 
LIABILITIES AND EQUITY (DEFICIENCY)                
                 
Current liabilities                
Accounts payable and accrued expenses   $ 1,106,177     $ 1,304,422  
Payable to related party     50,000       50,000  
Advance from debenture holder     50,000       301,930  
Current portion of deferred revenue     49,318       49,318  
Total current liabilities     1,255,495       1,705,670  
                 
Non-current liabilities                
Convertible debentures, net of discount     56,026       59,596  
Deferred revenue, net of current portion     498,741       548,059  
Derivative liability related to Series B convertible preferred stock     19,245       160,986  
Total non-current liabilities     574,012       768,641  
                 
Total liabilities     1,829,507       2,474,311  
                 
Commitments and contingencies     -       -  
                 
Equity (Deficiency) MultiCell Technologies, Inc. equity (deficiency)                
Undesignated preferred stock, $0.01 par value; 963,000 shares authorized     -       -  
Series B convertible preferred stock, 17,000 shares designated; 3,448 and 11,339 shares issued and outstanding at November 30, 2012 and 2011, respectively; liquidation value of $470,316 and $1,377,735 at November 30, 2012 and 2011, respectively     461,835       1,349,844  
Series I convertible preferred stock, 20,000 shares designated; zero and 5,734 shares issued and outstanding at November 30, 2012 and 2011, respectively; liquidation value of zero and $573,400 at November 30, 2012 and 2011, respectively     -       573,400  
Common stock, $0.01 par value; 3,000,000,000 shares authorized; 1,349,803,029 and 823,385,986 shares issued and outstanding at November 30, 2012 and 2011, respectively     13,498,030       8,233,860  
Additional paid-in capital     27,755,595       30,064,619  
Accumulated deficit     (42,254,594 )     (40,998,344 )
Total MultiCell Technologies, Inc. stockholders' equity (deficiency)     (539,134 )     (776,621 )
Noncontrolling interests     (1,079,328 )     (976,978 )
Total equity (deficiency)     (1,618,462 )     (1,753,599 )
                 
Total liabilities and equity (deficiency)   $ 211,045     $ 720,712  

  

See accompanying notes to consolidated financial statements.

 

F-3
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

  

    For the Years Ended  
    November 30,  
    2012     2011  
             
Revenue   $ 49,318     $ 49,318  
                 
Operating expenses                
Selling, general and administrative     869,858       812,239  
Research and development     427,994       556,363  
Stock-based compensation     326,329       991,488  
Depreciation     -       1,087  
                 
Total operating expenses     1,624,181       2,361,177  
                 
Loss from operations     (1,574,863 )     (2,311,859 )
                 
Other income (expense)                
Grant revenue     -       303,102  
Interest expense     (8,137 )     (23,588 )
Change in fair value of derivative liability     88,663       (81,073 )
Gain on extinguishment of liabilities     133,540       159,552  
Gain on disposition of equipment     1,500       -  
Interest income     697       1,788  
                 
Total other income (expense)     216,263       359,781  
                 
Net loss     (1,358,600 )     (1,952,078 )
                 
Less net loss attributable to the noncontrolling interests     (102,350 )     (151,420 )
                 
Net loss attributable to MultiCell Technologies, Inc.   $ (1,256,250 )   $ (1,800,658 )
                 
Basic and Diluted Loss Per Common Share   $ (0.0012 )   $ (0.0026 )
                 
Basic and Diluted Weighted-Average Common Shares Outstanding     1,035,175,041       692,921,670  

 

See accompanying notes to consolidated financial statements.

 

F-4
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY)

For the Years Ended November 30, 2011 and 2012

 

    Preferred Stock                 Additional                 Total  
    Series B     Series I     Common Stock     Paid in     Accumulated     Noncontrolling     Equity  
    Shares     Amount     Shares     Amount     Shares     Par Value     Capital     Deficit     Interests     (Deficiency)  
                                                             
Balance at November 30, 2010     11,339     $ 1,349,844       5,734     $ 573,400       476,746,257     $ 4,767,463     $ 31,317,428     $ (39,197,686 )   $ (825,558 )   $ (2,015,109 )
                                                                                 
Issuance of common stock for conversion of 4.75% debentures     -       -       -       -       345,528,729       3,455,287       (3,444,177 )     -       -       11,110  
                                                                                 
Issuance of common stock for exercise of warrants     -       -       -       -       1,111,000       11,110       1,199,880       -       -       1,210,990  
                                                                                 
Stock-based compensation     -       -       -       -       -       -       991,488       -       -       991,488  
                                                                                 
Net loss     -       -       -       -       -       -       -       (1,800,658 )     (151,420 )     (1,952,078 )
                                                                                 
Balance at November 30, 2011     11,339       1,349,844       5,734       573,400       823,385,986       8,233,860       30,064,619       (40,998,344 )     (976,978 )     (1,753,599 )
                                                                                 
Issuance of common stock for conversion of 4.75% debentures     -       -       -       -       469,130,793       4,691,308       (4,682,738 )     -       -       8,570  
                                                                                 
Issuance of common stock for exercise of warrants     -       -       -       -       857,000       8,570       925,560       -       -       934,130  
                                                                                 
Conversion of Series B and Series I preferred stock into common stock and settlement or related accrued preferred dividends     (7,891 )     (888,009 )     (5,734 )     (573,400 )     56,429,250       564,292       1,121,825       -       -       224,708  
                                                                                 
Stock-based compensation     -       -       -       -       -       -       326,329       -       -       326,329  
                                                                                 
Net loss     -       -       -       -       -       -       -       (1,256,250 )     (102,350 )     (1,358,600 )
                                                                                 
Balance at November 30, 2012     3,448     $ 461,835       -     $ -       1,349,803,029     $ 13,498,030     $ 27,755,595     $ (42,254,594 )   $ (1,079,328 )   $ (1,618,462 )

 

See accompanying notes to consolidated financial statements.

 

F-5
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 

    For the Years Ended  
    November 30,  
    2012     2011  
Cash flows from operating activities                
Net loss   $ (1,358,600 )   $ (1,952,078 )
Adjustments to reconcile net loss to net cash used in operating activities                
Depreciation     -       1,087  
Stock-based compensation     326,329       991,488  
Interest expense from amortization of discount                
on convertible debentures     5,000       20,000  
Change in fair value of derivative liability     (88,663 )     81,073  
Gain on extinguishment of liabilities     (133,540 )     (159,552 )
Gain on disposition of equipment     (1,500 )     -  
Changes in assets and liabilities                
Grant receivable     303,102       (272,127 )
Other current assets     (695 )     (1,667 )
Accounts payable and accrued liabilities     108,330       101,973  
Deferred revenue     (49,318 )     (49,317 )
Net cash used in operating activities     (889,555 )     (1,239,120 )
                 
Cash flows from investing activities                
Payments for in-process research and development     -       (265,000 )
Proceeds from disposition of equipment     1,500       -  
Net cash provided by (used in) investing activities     1,500       (265,000 )
                 
Cash flows from financing activities                
Proceeds from the exercise of stock warrants     934,130       1,210,990  
Increase (decrease) in advance from debenture holder     (251,930 )     64,080  
Net cash provided by financing activities     682,200       1,275,070  
Net decrease in cash and cash equivalents     (205,855 )     (229,050 )
Cash and cash equivalents at beginning of year     405,327       634,377  
Cash and cash equivalents at end of year   $ 199,472     $ 405,327  
                 
Supplemental Disclosures of Cash Flow Information:                
Cash paid for interest   $ 3,245     $ 3,579  
Noncash Investing and Financing Activities:                
Issuance of common stock for conversion of 4.75% debentures     8,570       11,110  
Conversion of Series B preferred stock into common stock     769,690       -  
Conversion of Series I preferred stock into common stock     573,400       -  
Issuance of common stock in settlement of preferred dividends     30,000       -  

 

See accompanying notes to consolidated financial statements.

 

F-6
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Note 1 - Organization and Summary of Significant Accounting Policies

 

Organization – MultiCell Technologies, Inc. (“MultiCell”), has two subsidiaries, Xenogenics Corporation (“Xenogenics”), and MultiCell Immunotherapeutics, Inc. (“MCTI”). Prior to October 14, 2010, MultiCell owned 56.4% of Xenogenics. Commencing October 14, 2010, MultiCell has increased its ownership of Xenogenics to 95.3% (on an as-if-converted basis). MultiCell holds approximately 67% of the outstanding shares (on an as-if-converted basis) of MCTI. As used herein, the “Company” refers to MultiCell, together with MCT, Xenogenics, and MCTI.

 

The Company is a biopharmaceutical company developing novel therapeutics and discovery tools to address unmet medical needs for the treatment of neurological disorders, hepatic disease, cancer and interventional cardiology and peripheral vessel applications.

 

Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements of MultiCell Technologies Inc. and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which MultiCell exercises control. All significant intercompany balances and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents – The Company considers all unrestricted highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

 

Fair Value of Financial Instruments – The carrying amounts of cash and cash equivalents, grant receivable, accounts payable, accrued expenses, and advance from debenture holder approximate fair value because of the short maturity of those instruments. The fair value of convertible debentures was approximately $56,026 and $64,596 at November 30, 2012 and 2011, respectively.

 

Credit Risk – It is the Company’s practice to place its cash equivalents in high quality money market securities with major banking institutions. Periodically, the Company maintains cash balances at this institution that exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per bank. The Company considers its credit risk associated with cash and cash equivalents to be minimal. The Company does not require collateral from its customers. The Company closely monitors the extension of credit to its customers while maintaining an allowance for potential credit losses. On a periodic basis, management evaluates its accounts receivable and, if warranted, adjusts its allowance for doubtful accounts based on historical experience and current credit considerations. Typically, accounts receivable consist primarily of amounts due under contractual agreements.

 

Revenue Recognition – In the years covered by these financial statements, the Company's operating revenues have been generated primarily from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of the Company's ongoing operations. When applicable, the Company recognizes revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where the Company receives payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12 - month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.

 

Grant revenue under the Qualifying Therapeutic Discovery Project for the year ended November 30, 2011 was recognized as other income during the period in which the corresponding expenses were incurred.

 

F-7
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Property and Equipment – Property and equipment are recorded at cost. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets, generally three to ten years. As of November 30, 2012, all property and equipment is fully depreciated.

 

Intangible Assets – The Company does not amortize intangible assets with indefinite useful lives. The Company amortizes identifiable intangible assets over the estimated useful lives of the assets. The Company performs its annual intangible asset impairment tests during the fourth quarter of its fiscal year and more frequently if an event or circumstance indicates that impairment has occurred. If the assets were considered to be impaired, the impairment charge would be the amount by which the carrying value of the assets exceeds the fair value of the assets. As of November 30, 2012, all intangible assets are fully amortized or otherwise fully impaired such that there is no carrying value for intangible assets.

 

Impairment of Long-Lived Assets – The impairment of long-lived assets that do not have indefinite lives, such as equipment, patents, and license agreements, is recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts.

 

Stock Based Compensation – The Company has stockholder-approved stock incentive plans for employees, directors, officers and consultants. The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award, based on their grant-date fair value. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock, and expected dividend yield of stock.

 

Research and Development Costs – Research and development costs are expensed as incurred. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with the Company’s intellectual property, and materials and supplies.

 

Acquired In-Process Research and Development – The Company recognizes as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, the Company will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.

 

Income Taxes – Deferred income taxes are provided for the estimated tax effects of temporary differences between income for tax and financial reporting purposes. A valuation allowance is provided against deferred tax assets, where realization is uncertain. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of selling, general and administrative expense.

 

Loss Per Common Share – Basic loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average common shares outstanding during each period. Since the Company incurred losses during the years ended November 30, 2012 and 2011, the assumed effects of the exercise of outstanding stock options and warrants, and the conversion of convertible preferred stock and convertible debentures were anti-dilutive and, accordingly, diluted per common share amounts equal basic loss per share amounts and have not been separately presented in the accompanying consolidated statements of operations. The total number of common shares potentially issuable upon exercise or conversion excluded from the calculation of diluted loss per common share for the years ended November 30, 2012 and 2011 was 7,049,066,807 and 1,884,958,275, respectively.

 

F-8
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of these financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

Risks and Uncertainties – The Company is dependent on continued financing from investors and obtaining new research grants to sustain the development and other activities necessary to commercialize new products. Management is seeking additional financing in order to fund its future activities. There is no assurance, however, that such financing will be available, if and when needed, or if available, that such financing will be completed on commercially favorable terms, or that such development and other activities in connection with its planned products will be successful.

 

Accounting For Warrants Issued With Convertible Debentures – The Company accounts for the value of warrants and the intrinsic value of beneficial conversion rights arising from the issuance of convertible debentures with non-detachable conversion rights that are in-the-money at the commitment date by allocating an appropriate portion of the proceeds received from the debt instruments to the warrants or any other detachable instruments included in the exchange. The proceeds allocated to the warrants or any other detachable instruments are recorded as a discount to the debt. The intrinsic value of the beneficial conversion rights at the commitment date is recorded as additional paid-in capital and as additional discount to the debt as of that date. The discount has been amortized and charged to interest expense over the original term of the debt instrument.

 

Derivative Liability – The Company accounts for the conversion feature of its Series B preferred stock as a derivative liability. The fair value of the conversion feature is estimated using the Black-Scholes option-pricing model.

 

Recently Enacted Accounting Standards – In July 2012, the Financial Accounting Standards Board issued updated guidance on the periodic testing of indefinite-lived intangible assets, other than goodwill, for impairment. This updated guidance will allow companies the option to first assess qualitative factors to determine if it is more-likely-than-not that an indefinite-lived intangible asset might be impaired and whether it is necessary to perform the quantitative impairment test required under current accounting standards. This guidance is applicable for reporting periods beginning after September 15, 2012, with early adoption permitted, and is applicable to the Company’s fiscal year beginning December 1, 2012. The Company currently does not have any indefinite-life intangible assets other than goodwill and does not expect the adoption of this guidance will have a material effect on its consolidated financial statements.

 

Reclassifications - Certain amounts of operating expenses from the 2011 consolidated statement of operations have been reclassified in the current presentation to conform to the 2012 presentation of operating expenses. These reclassifications had no effect on the total amount of operations expenses, on the amount of net loss, or on the basic and diluted loss per common share for the year ended November 30, 2011.

 

F-9
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Note 2 - Going Concern

 

These consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of November 30, 2012, the Company has operating and liquidity concerns and, as a result of recurring losses, has incurred an accumulated deficit of $42,254,594. The Company will have to raise additional capital in order to initiate Phase IIb/III clinical trials for MCT-125, the Company’s therapeutic for the treatment of fatigue in multiple sclerosis patients, conduct further research on MCT-465 and MCT-485 for the treatment of primary liver cancer and initiate clinical trials for Xenogenic's bioabsorbable, drug eluting stent, the Ideal BioStent™. Management is evaluating several sources of financing for its clinical trial program. Additionally, with its strategic shift in focus to therapeutic programs and technologies, management expects the Company’s future cash requirements to increase significantly as it advances the Company’s therapeutic programs into clinical trials. Until the Company is successful in raising additional funds, it may have to prioritize its therapeutic programs and delays may be necessary in some of the Company’s development programs.

 

Since March 2008, the Company has operated on working capital provided by La Jolla Cove Investors (LJCI). As further described in Note 6 to these consolidated financial statements, under terms of the agreement, LJCI can convert a portion of the convertible debenture by simultaneously exercising a warrant at $1.09 per share. As of November 30, 2012, there are 5,602,629 shares remaining on the stock purchase warrant and a balance of $56,026 remaining on the convertible debenture. Should LJCI continue to exercise all of its remaining warrants, approximately $6.1 million of cash would be provided to the Company. The agreement limits LJCI’s investment to an aggregate ownership that does not exceed 9.9% of the outstanding shares of the Company. The Company expects that LJCI will continue to exercise the warrants and convert the debenture through February 28, 2014, the date that the debenture is due and the warrants expire, subject to the limitations of the LCJI Agreement and the availability of authorized common stock of the Company.

 

These factors, among others, create an uncertainty about the Company’s ability to continue as a going concern. There can be no assurance that LJCI will continue to exercise its warrants to purchase the Company’s common stock, or that the Company will be able to successfully acquire the necessary capital to continue its on-going research efforts and bring its products to the commercial market. Management’s plans to acquire future funding include the potential sale of common and/or preferred stock, the sale of warrants, and continued sales of its proprietary media, immortalized cells and primary cells to the pharmaceutical industry. Additionally, the Company continues to pursue research projects, government grants and capital investment. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Note 3– Ideal BioStent™

 

Purchase of Ideal BioStent™ — Foreclosure Sale Agreement

 

On September 30, 2010, Xenogenics entered into a Foreclosure Sale Agreement (“Foreclosure Sale Agreement”) with Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank (collectively, the “Sellers”). Pursuant to the Foreclosure Sale Agreement, Xenogenics acquired all of the Sellers’ interests in certain bioabsorbable stent assets (known as “Ideal BioStent™”) and related technologies. In consideration for the purchase of the assets, Xenogenics made cash payments to the Sellers in the aggregate amount of $400,000, payable in three tranches as follows: (i) $135,000 was paid on October 12, 2010; (ii) $135,000 was paid on November 15, 2010; and (iii) $130,000 was paid on December 31, 2010.

 

Xenogenics is also required to make cash payments to the Sellers as follows based on the achievement of certain milestones:

 

  · $300,000 is payable upon the earlier to occur of (i) initiation of pivotal Generation 2 stent human clinical trials, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $3,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments), and (iii) a “change of control” of Xenogenics;

 

F-10
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

  · $1,000,000 is payable upon the earlier to occur of (i) regulatory approval by any regulatory authority in a European Union member country, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics; and

 

  · $3,000,000 is payable upon the earlier to occur of (i) regulatory approval by the U.S. Food and Drug Administration, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics.

 

None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued. On September 30, 2011, Xenogenics entered into Amendment No. 1 to the Foreclosure Sale Agreement which extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by twelve months. On October 23, 2012, Xenogenics entered into Amendment No. 2 to the Foreclosure Sale Agreement which further extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by an additional twelve months. Xenogenics is required to use good faith reasonable efforts to achieve these milestones. Failure to achieve any of these milestones could result in all milestone payments, totaling $4.3 million, becoming immediately due and payable. If Xenogenics meets the financial hardship exception set forth in the Foreclosure Sale Agreement, Xenogenics could elect to pay all remaining milestone payments and continue commercialization efforts, or assign all intellectual property acquired by Xenogenics under the agreement to the counterparties to the agreement and cease all development and commercialization efforts.

 

Rutgers License Agreement

 

Effective September 30, 2010, Xenogenics entered into a license agreement (the “Rutgers License Agreement”) with Rutgers, The State University of New Jersey (“Rutgers”).

 

Pursuant to the Rutgers License Agreement, Rutgers granted Xenogenics a worldwide exclusive license to exploit and commercialize certain patents and other intellectual property rights, as further described in the Rutgers License Agreement, relating to bioabsorbable stents for interventional cardiology and peripheral vascular applications. In consideration for the license and other rights granted under the Rutgers License Agreement, Xenogenics paid Rutgers a license fee of $50,000. In addition, under the Rutgers License Agreement, Xenogenics is obligated to pay Rutgers a license maintenance fee of $25,000 on the third anniversary of the Rutgers License Agreement, and $50,000 on the fourth anniversary. Additionally, Xenogenics agreed to pay Rutgers for unpaid costs of $136,000 incurred by Rutgers prior to the effective date of the Rutgers License Agreement for preparing, filing, prosecuting, defending, and maintaining all United States patent applications and patents covered under the Rutgers License Agreement, of which $135,000 was paid in March 2011.

 

Xenogenics is also required to make cash payments to Rutgers as follows based on the achievement of certain milestones with respect to products to be commercialized using the intellectual property licensed pursuant to the Rutgers License Agreement:

 

  · $50,000 is payable upon initiation of first in-human clinical trials anywhere in the world;

 

  · $200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; and

 

  · $300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world.

 

F-11
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued.

 

Upon the sale of products commercialized using the technology licensed pursuant to the Rutgers License Agreement, Xenogenics is required to make royalty payments to Rutgers in an amount equal to three percent of the annual aggregate gross amounts charged for such products less deductions for expenses such as sales/use taxes, transportation charges and trade discounts. Beginning with the first year of sales of products commercialized with the licensed technology, Xenogenics will make certain minimum royalty payments to Rutgers, which payments will be applied against any royalty payments earned by Rutgers for the relevant calendar year. Further, 50% of the Rutgers milestone payments actually paid to Rutgers will be offset against any future royalty payments earned under the Rutgers License Agreement.

 

The term of the Rutgers License Agreement commences on the effective date of the agreement and terminates on the earlier of (i) the expiration of all valid patents granted with respect to the licensed technology (or products commercialized therefrom) in a country, and (ii) ten years from the date of first commercial sale in a country. However, if either party breaches the agreement, the non-breaching party may terminate the agreement upon written notice to the other party of such breach and the failure of the other party to cure the breach within 90 days of such notice. Xenogenics also has the right to terminate the agreement at anytime and for any reason upon 120 days’ advance written notice to Rutgers.

 

Note 4– Property and Equipment

 

Property and equipment are recorded at cost, less accumulated depreciation, and is comprised of the following at November 30, 2012 and 2011:

 

    2012     2011  
             
Lab Equipment   $ 14,717     $ 25,893  
Furniture and Office Equipment     25,844       40,574  
                 
      40,561       66,467  
Less: Accumulated depreciation     (40,561 )     (66,467 )
                 
Property and Equipment, Net   $ -     $ -  

 

The Company recorded depreciation expense of $0 and $1,087 for the years ended November 30, 2012 and 2011, respectively.

 

Note 5 – License Agreements

 

Rhode Island Hospital

 

In September 2001, the Company completed the purchase of its cell line business and, as a result, it acquired an exclusive license agreement with Rhode Island Hospital for the use of four patents owned by the hospital related to liver cell lines and liver assist devices. The primary patent acquired and being utilized is for immortalized hepatocytes. As of November 30, 2006, management tested the carrying value of the license agreement for impairment and concluded that it had been impaired and reduced the carrying value to zero. The Company will pay the hospital a 5% royalty on net sales derived from licenses based upon the patented technology, until it has paid a total of $550,000. As of November 30, 2012, no significant payments had been made under this license agreement. After royalties totaling $550,000 have been paid, the Company pays a 2% royalty instead of a 5% royalty for the life of the patent.

 

F-12
 

 

 

 

  

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Amarin Neuroscience Limited

 

On December 31, 2005, the Company entered into a worldwide Exclusive License Agreement (the “License Agreement”) with Amarin Neuroscience Limited (“Amarin”). Among other things, the License Agreement provides that Amarin shall grant to the Company and its affiliates an exclusive worldwide license with respect to therapeutic or commercial uses of certain technology of Amarin, including LAX-202 (to be renamed MCT-125), and the Company shall develop and seek to commercialize products based on such technology. The initial technology to be developed is Amarin’s LAX-202, which is a potential treatment for fatigue in patients diagnosed with multiple sclerosis. The agreement has a term equal to the life of the patents licensed. The License Agreement provides that the Company will pay future royalty milestone payments in accordance with the following:

 

  (a) $500,000 upon first filing of a new drug application with Food and Drug Administration (FDA) or a reasonably similar filing with any regulatory authority for Active Agent Product,

 

  (b) $1,000,000 upon first FDA approval for sale in the USA for Active Agent Product,

 

  (c) $1,500,000 within twelve calendar months after the first sale in the USA for Active Agent Product, and

 

  (d) $1,000,000 within twelve calendar months after the first sale in the European Economic Area for Active Agent Product.

 

None of these milestones have been achieved as of November 30, 2012 and, accordingly, none of these obligations have been paid or recorded. If any milestone payment is not paid when due, and if no payment is received from the Company within thirty days after the date of receipt of a written notice of such nonpayment, Amarin shall have the option to either (i) terminate this agreement or (ii) convert the license under this agreement to a worldwide non-exclusive license with the right to sublicense, which non-exclusive license shall be subject to all of the terms and obligations of the agreement. The Company shall also pay Amarin without set-off or counterclaim a royalty of nine percent on net sales of Active Agent Product sold by the Company, its affiliates, or sublicensees and their affiliates. On November 5, 2008 the License Agreement was amended whereby Amarin granted exclusive worldwide rights to the Company related to the treatment of all chronic fatique and pain in addition to the treatment of fatigue in multiple sclerosis patients.

 

Corning Incorporated

 

On October 9, 2007, the Company executed an exclusive license and purchase agreement (the “Agreement”) with Corning Incorporated (“Corning”) of Corning, New York. Under the terms of the Agreement, Corning has the right to develop, use, manufacture, and sell the Company’s Fa2N-4 cell lines and related cell culture media for use as a drug discovery assay tool, including biomarker identification for the development of drug development assay tools, and for the performance of absorption, distribution, metabolism, elimination and toxicity assays (“ADME/Tox assays”). The Company retained and will continue to support all of its existing licensees. The Company retains the right to use the Fa2N-4 cells for use in applications not related to drug discovery or ADME/Tox assays. The Company also retains rights to use the Fa2N-4 cell lines and other cell lines to further develop its Sybiol® liver assist device, to produce therapeutic proteins using the Company’s BioFactories™ technology, to identify drug targets and for other applications related to the Company’s internal drug development programs. In consideration for the license granted, Corning paid the Company $375,000 upon execution of the Agreement, and an additional $375,000 upon the completion of a transition period. In addition, Corning purchased inventory and equipment from the Company and reimbursed the Company for laboratory costs and other expenses during a transition period. The Company is recognizing the income ratably over a 17 year period. The Company recognized $44,118 in income for each of the years ended November 30, 2012 and 2011. The balance of deferred revenue from this license is $522,059 and $566,177 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through October 2024.

 

F-13
 

  

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Pfizer Inc.

 

The Company has another license agreement with Pfizer Inc., for which revenue is being deferred. During the years ended November 30, 2012 and 2011, the Company recognized $5,200 in each year and the balance of the deferred revenue from this license is $26,000 and $31,200 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through January 2018.

 

University Health Network

 

On July 5, 2011, the Company, entered into a sponsored research agreement with the University Health Network (UHN), a not-for-profit corporation incorporated under the laws of Canada. Under this agreement UHN will evaluate the Company’s product candidates, MCT-465 and MCT-485, in in vitro models for the treatment of primary liver cancer. The mechanism of action of MCT-465 and MCT-485 and their potential selective effect on liver cancer stem cells will also be evaluated. Under the terms of the agreement, the Company will retain exclusive access to the research findings and intellectual property resulting from the research activities preformed by UHN.

 

Note 6- Convertible Debentures

 

The Company entered into a Securities Purchase Agreement with La Jolla Cove Investors, Inc. (“LJCI”) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000 and maturing on February 28, 2012 (the “Debenture”). On August 16, 2011, the Company and LJCI amended the Debenture to extend the maturity date to February 28, 2014. The Debenture accrues interest at 4.75% per year, payable at each conversion date, in cash or common stock at the option of LJCI. In connection with the Debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of its common stock (the “LJCI Warrant”) at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of the LJCI Warrant, upon the conversion of any portion of the principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the Debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share. The agreement limits LJCI’s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company.

 

The Debenture is convertible at the option of LJCI at any time up to maturity into the number of shares determined by the dollar amount of the Debenture being converted multiplied by 110, minus the product of the Conversion Price multiplied by 100 times the dollar amount of the Debenture being converted, with the entire result divided by the Conversion Price. The Conversion Price is equal to the lesser of $1.00 or 80% of the average of the three lowest volume-weighted average prices during the twenty trading days prior to the election to convert. During the year ended November 30, 2011, LJCI converted $11,110 of the Debenture into 345,528,729 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 1,111,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $1,210,990. During the year ended November 30, 2012, LJCI converted $8,570 of the Debenture into 469,130,793 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 857,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $934,130. At times, LJCI makes advances to the Company prior to the exercise of warrants. At November 30, 2012 and 2011, LJCI had advanced $50,000 and $301,930, respectively, to the Company in advance of LJCI’s exercise of warrants.

 

F-14
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

As of November 30, 2012, the remainder of the Debenture in the amount of $56,026 could have been converted by LJCI into approximately 7.0 billion shares of common stock, which would require LJCI to simultaneously exercise and purchase all of the remaining 5,602,629 shares of common stock under the LJCI Warrant at $1.09 per share. For the Debenture, upon receipt of a conversion notice from the holder, the Company may elect to immediately redeem that portion of the debenture that the holder elected to convert in such conversion notice, plus accrued and unpaid interest. After February 28, 2008, the Company, at its sole discretion, has the right, without limitation or penalty, to redeem the outstanding principal amount of the Debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.

 

A discount representing the value of 10 million warrants issued in the amount of $73,727 was recorded as a reduction to the note. The discount was calculated based on the relative fair values of the convertible debenture and the warrants. The fair value of the warrants used in the above calculation was determined under the Black-Scholes option-pricing model. Additionally, based on the excess of the aggregate fair value of the common shares that would have been issued if the Debenture had been converted immediately over the proceeds allocated to the convertible debenture, the investors received a beneficial conversion feature for which the Company recorded an increase in additional paid-in-capital of $26,273 and a corresponding discount to the Debenture. These discounts, in the aggregate amount of $100,000, were amortized over the original 60-month term of the Debenture as a charge to interest expense.

 

Note 7 – Series B Redeemable Convertible Stock

 

The Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 17,000 shares as Series B convertible preferred stock. The Series B preferred stock does not have voting rights.

 

The Series B shares are convertible at any time into common stock at a conversion price determined by dividing the purchase price per share of $100 by the conversion price. The conversion price was originally $0.32 per share. Upon the occurrence of an event of default (as defined in the agreement), the conversion price of the Series B shares shall be reduced to 85% of the then applicable conversion price of such shares. The conversion price is subject to equitable adjustment in the event of any stock splits, stock dividends, recapitalizations and the like. In addition, the conversion price is subject to weighted average anti-dilution adjustments in the event the Company sells common stock or other securities convertible into or exercisable for common stock at a per share price, exercise price or conversion price lower than the conversion price then in effect in any transaction (other than in connection with an acquisition of the securities, assets or business of another company, joint venture and employee stock options). As a result of the Company issuing common stock upon conversion of convertible debentures and upon the exercise of warrants both at prices lower than the conversion price, and due to the Company not paying Series B dividends on a monthly basis, the conversion price of the Series B preferred stock has been reduced to $0.0324 per share as of November 30, 2011 and to $0.0215 per share as of November 30, 2012. The conversion of the Series B preferred stock is limited for each investor to 9.99% of the Company’s common stock outstanding on the date of conversion.

 

F-15
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with a Series B preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 7,891 shares of Series B preferred stock into common stock. The carrying value of the converted Series B preferred stock was $769,690, consisting of the original proceeds from the issuance of preferred stock of $789,100 ($100 per share) less allocated issuance costs of $19,410. On the date of the Settlement Agreement, the conversion price of the Series B preferred stock was $0.0223. Accordingly, the conversion resulted in the issuance of 35,385,650 shares of common stock. On the date that the notice was received, the fair value of the derivative liability (as discussed below) associated with the conversion feature of the converted Series B preferred stock was $53,078. On the date of conversion, the fair value of the derivative liability related to the converted Series B preferred stock has been reclassified from non-current liabilities and included in the additional paid in capital for the newly-issued common stock. As discussed below, the Company had previously recorded accrued dividends on the Series B preferred stock held by the Series B preferred stockholders. For this particular stockholder, the Company had recorded accrued preferred dividends in the aggregate amount of $289,948, of which $171,629 were recorded as a current liability in accounts payable and accrued expenses and $118,319 were recorded as permanent equity with the carrying value of the Series B preferred stock. As part of the Settlement Agreement, the Company and the Series B preferred stockholder agreed to settle the payment of accrued dividends by the Company issuing 18,750,000 shares of common stock to the Series B preferred stockholder. Due to the related party relationship between the Company and the Series B preferred stockholder, no gain or loss was recognized on the settlement of the accrued dividends.

 

Commencing on the date of issuance of the Series B preferred stock until the date a registration statement registering the common shares underlying the preferred stock and warrants issued is declared effective by the SEC, the Company was required to pay on each outstanding share of Series B preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of the Wall Street Journal Prime Rate plus 1%, or 9%. In no event was the dividend rate to be greater than 12% per annum. The dividend was payable monthly in arrears in cash on the last day of each month based on the number of shares of Series B preferred stock outstanding as of the first day of that month. In the event the Company did not pay the Series B preferred dividends when due, the conversion price of the Series B preferred shares was reduced to 85% of the otherwise applicable conversion price. The Company did not pay the required monthly Series B preferred dividends since November 30, 2006, which, in part, has caused the conversion price to be reduced. Subsequent to November 30, 2010, the Company received an opinion of outside counsel providing for the removal of the restrictive legend on the Series B preferred stock, which in turn terminated the requirement to accrue the related dividends. Accordingly, no dividends have been accrued since November 30, 2010. Total accrued but unpaid preferred dividends recorded in the accompanying consolidated balance sheet as of November 30, 2012 and November 30, 2011 are $290,724 and $580,672, respectively, of which $125,516 and $243,835, respectively, are recorded in permanent equity with the Series B preferred stock, and $165,208 and $336,837, respectively, are recorded as a current liability in accounts payable and accrued expenses.

 

Effective December 1, 2009, the Company adopted new accounting provisions for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. These provisions apply to any freestanding financial instruments or embedded features that have the characteristics of a derivative, as defined by standards for accounting for derivative instruments and hedging activities, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. The Company determined that the conversion feature to allow the holders of the Series B convertible preferred stock to acquire common shares is an embedded derivative that no longer qualified as equity under the new accounting guidance. As a result of adopting these standards, the Company has evaluated the conversion feature as though it was accounted for as a derivative liability since the issuance of the Series B convertible preferred stock in July 2006 and recorded a noncurrent derivative liability with a corresponding reduction in other components of equity on that date. The fair value of the conversion feature increased by $81,073 during the year ended November 30, 2011, which has been recorded as a loss from the change in the fair value of the derivative liability. The fair value of the conversion feature decreased by $88,663 during the year ended November 30, 2012, which has been recorded as a gain from the change in the fair value of the derivative liability.

 

 

F-16
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

The fair value of the embedded conversion feature was estimated to be $0.0012, $0.0046 and $0.0037 per share of common stock as of November 30, 2012, November 30, 2011 and November 30, 2010, respectively, and has been estimated using the Black-Scholes option-pricing model using the following assumptions:

 

    November 30,
2012		     November 30,
2011		     November 30,
2010		  
                   
Fair value of common stock   $ 0.0013     $ 0.0049     $ 0.0040  
Conversion price of preferred stock   $ 0.0215     $ 0.0324     $ 0.0525  
Risk free interest rate     1.62 %     2.08 %     2.81 %
Expected life     10 Years       10 Years       10 Years  
Dividend yield     -       -       -  
Volatility     141 %     140 %     140 %

 

In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series B preferred stock shall be entitled to be paid second in priority to the Series I preferred stock holders out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series B convertible preferred stock held plus any declared but unpaid dividends. After such payment has been made in full, such holders of Series B convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.

 

Note 8 – Series I Convertible Preferred Stock

 

The Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 20,000 shares as Series I convertible preferred stock. On July 13, 2004, the Company completed a private placement of Series I convertible preferred stock. A total of 20,000 shares were originally sold to accredited investors at a price of $100 per share.

 

The Series I shares are convertible at any time into common stock at 80% of the average trading price of the lowest three inter-day trading prices of the common stock for the ten days preceding the conversion date, but at an exercise price of no more than $1.00 and no less than $.25. The conversion of the Series I preferred stock is limited to 9.99% of the Company’s common stock outstanding on the date of conversion. In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with the Series I preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 5,734 shares of Series I preferred stock into common stock. The carrying value of the converted Series I preferred stock was $573,400 ($100 per share). The conversion price of the Series I preferred stock was $0.25. Accordingly, the conversion resulted in the issuance of 2,293,600 shares of common stock.

 

The Series I preferred stock does not have voting rights. In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series I convertible preferred stock shall be entitled to be paid first out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series I preferred stock held. After such payment has been made in full, such holders of Series I convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.

 

Note 9 – Common Stock

 

On August 10, 2012, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to three billion shares. The Amended and Restated Certificate of Incorporation was filed with the State of Delaware on August 29, 2012.

 

F-17
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

On July 11, 2011, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to 1.25 billion shares. Additionally, certain prior increases in the number of authorized shares were ratified.

 

The potential issuable common shares as of November 30, 2012 and 2011 are as follows:

 

    2012     2011  
             
Warrants     9,277,030       10,792,030  
Stock options     26,068,947       18,268,947  
Series B Convertible Preferred Stock     16,037,209       34,996,914  
Series I Convertible Preferred Stock     -       2,293,600  
LJCI Debenture     6,997,683,621       1,818,606,784  
                 
      7,049,066,807       1,884,958,275  

 

The Company does not currently have sufficient authorized shares of common stock to meet the commitments entered into under the Debenture and the related LJCI Warrants. As further discussed in Note 6, upon the conversion of any portion of the remaining $56,026 principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the remaining 5,602,629 warrant shares equal to the percentage of the dollar amount of the Debenture being converted. The agreement limits LJCI’s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company. Furthermore, the Company has the right to redeem that portion of the Debenture that the holder may elect to convert and also has the right to redeem the outstanding principal amount of the debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.

 

Note 10 – Stock Compensation Plan

 

On July 11, 2011, at the Company’s Annual Meeting of Stockholders, the stockholders approved an amendment to increase the number of shares reserved under the 2004 Equity Incentive Plan to a total of 70,974,213 shares. Additionally, an annual increase in the number of shares reserved under the plan was approved and certain prior increases in the number of shares reserved for issuance under the plan were ratified. Furthermore, on December 1, 2011, the number of shares reserved under the 2004 Plan was increased by an additional 1,500,000 shares pursuant to the provisions of the 2004 Plan. The purpose of the 2004 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of the common stock through granting of incentive stock options (ISO), non-statutory stock options, stock purchase awards, stock bonus awards, stock appreciation rights, stock unit awards and other stock awards. As amended, there are 46,405,266 shares of common stock available for future awards under the 2004 Plan at November 30, 2012.

 

Generally accepted accounting principles for stock options require the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements, is measured based on the grant date fair value of the award, and require the stock option compensation expense to be recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period), net of estimated forfeitures. The estimation of forfeitures requires significant judgment, and to the extent actual results or updated estimates differ from the current estimates, such resulting adjustment will be recorded in the period estimates are revised. No income tax benefit has been recognized for stock-based compensation arrangements and no compensation cost has been capitalized in the consolidated balance sheet.

 

 

F-18
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

A summary of the status of stock options at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:

 

                Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
                         
Outstanding at November 30, 2010     13,148,947     $ 0.0178       3.9 years     $ -  
Granted     5,250,000       0.0092                  
Exercised     -       -                  
Expired     (130,000 )     0.4631                  
                                 
Outstanding at November 30, 2011     18,268,947     $ 0.0121       3.4 years     $ -  
Granted     8,000,000       0.0028                  
Exercised     -       -                  
Expired     (200,000 )     0.1250                  
                                 
Outstanding at November 30, 2012     26,068,947     $ 0.0084       3.1 years     $ -  
                                 
Exercisable at November 30, 2012     20,680,058     $ 0.0099       2.7 years     $ -  

 

On June 1, 2012, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company’s common stock at $0.0032 per share. These options vest quarterly over one year and expire five years after grant. Additionally, between June 1, 2012 and October 19, 2012, the Board of Directors granted options to an employee and to two new directors for each to purchase one million shares of the Company’s common stock at exercise prices ranging from $0.0014 to $0.0032 per share. These options vest monthly over three years and expire five years after grant. On July 11, 2011, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company’s common stock at $.0092 per share. The options vest quarterly over one year and expire five years after grant. On July 11, 2011, the Board of Directors also granted an option to an employee to purchase 250,000 shares of the Company’s common stock at $.0092 per share. This option vests monthly over three years and expires five years after grant.

 

The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during the year ended November 30, 2012 was $0.0026. The weighted-average assumptions used for options granted during the year ended November 30, 2012 were risk-free interest rate of 0.64%, volatility of 171%, expected life of 5.0 years, and dividend yield of zero. The weighted-average fair value of stock options granted during the year ended November 30, 2011 was $0.0087. The weighted-average assumptions used for options granted during the year ended November 30, 2011 were risk-free interest rate of 1.5%, volatility of 170%, expected life of 5.0 years, and dividend yield of zero. The assumptions employed in the Black-Scholes option pricing model include the following. The expected life of stock options represents the period of time that the stock options granted are expected to be outstanding prior to exercise. The expected volatility is based on the historical price volatility of the Company’s common stock. The risk-free interest rate represents the U.S. Treasury constant maturities rate for the expected life of the related stock options. The dividend yield represents anticipated cash dividends to be paid over the expected life of the stock options.

 

For the years ended November 30, 2012 and 2011, the MultiCell reported stock-based compensation expense for services related to stock options of $37,232 and $41,040, respectively. As of November 30, 2012, there is approximately $14,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 1.76 years. The intrinsic values at November 30, 2012 are based on a closing price of $0.0013.

 

F-19
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

In October 2010, Xenogenics adopted the 2010 Stock Incentive Plan (the “2010 Plan”) which authorized the granting of stock awards to employees, directors, and consultants. As originally adopted, the 2010 Plan provided that the number of shares of Xenogenics’ common stock that could be issued pursuant to stock awards could not exceed 5,000,000 shares of common stock. On February 3, 2011, the 2010 Plan was amended such that the number of shares of Xenogenics’ common stock that could be issued pursuant to stock awards could not exceed 8,000,000 shares of common stock. The purpose of the 2010 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of Xenogenics’ common stock through granting of incentive stock options (ISO), non-statutory stock options, stock bonus awards, stock appreciation rights, and rights to acquire restricted stock. ISO’s may be granted only to employees. The exercise price of each ISO granted under the plan must equal 100% of the market price of Xenogenics’ stock on the date of the grant. A 10% stockholder shall not be granted an incentive stock option unless the exercise price of such option is at least 110% of the fair market value of Xenogenics’ common stock on the date of the grants and the option is not exercisable after the expiration of five years from the date of the grant. The Board of Directors of Xenogenics, in its discretion, shall determine the exercise price of each nonstatutory stock option. An option’s maximum term is 10 years.

 

In November 2010, Xenogenics granted an option to a prospective executive officer to purchase an aggregate of 2,500,000 shares of its common stock, exercisable at $0.246 per share of common stock and having an expiration date in November 2015. The option to acquire 500,000 of the shares vested on the grant date and the remaining 2,000,000 shares vest in the future upon the achievement of specified milestones. The fair value of these options was estimated to be $576,250, or $0.2305 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 1.23%, volatility of 165%, expected life of five years, and dividend yield of zero.

 

In March 2011, Xenogenics granted options to prospective officers and to the members of its scientific advisory board to purchase an aggregate of 3,000,000 shares of its common stock, exercisable at $0.246 per share of common stock and having a term of approximately five years. 50% of the options vested immediately and the remaining 50% were to vest upon the closing of a Qualified Financing by December 31, 2011. A Qualified Financing meant a single sale, or a related series of sales, by Xenogenics of its common stock (or common stock equivalents) in which the aggregate gross proceeds (before costs and commissions) received by Xenogenics are equal to or exceed $5,000,000. The fair value of these options was estimated to be $692,700, or $0.2309 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 2.20%, volatility of 165%, expected lives of five years, and dividend yield of zero. A Qualified Financing was not closed by December 31, 2011 and accordingly, options to acquire 1,500,000 shares of Xenogenics common stock were forfeited. As described in the following paragraph, Xenogenics granted replacement options to four of five of these individuals whose options expired on December 31, 2011. The replacement of the options to the four individuals was treated as a modification under generally accepted accounting principles. The forfeiture of the option to the fifth individual resulted in the reversal of $57,725 of previously-recognized stock-based compensation expense.

 

On February 28, 2012, Xenogenics granted replacement options to four of five of those individuals whose options expired on December 31, 2011, as described in the previous paragraph. The replacement options to purchase 1,250,000 shares of Xenogenics’ common stock are exercisable at $0.253 per share and vest monthly over one year. These replacement options have a term of five years, provided a Qualified Financing has closed by February 28, 2013. If no Qualified Financing has closed by February 28, 2013, these replacement options will expire. The fair value of these options was estimated to be $298,500, or $0.2338 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 0.84%, volatility of 170%, expected lives of five years, and dividend yield of zero.

 

Xenogenics reported stock-based compensation expense for these options of $289,097 and $950,448 for the years ended November 30, 2012 and 2011, respectively. As of November 30, 2012, there is approximately $130,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 0.47 years.

 

F-20
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Note 11 – Warrants

 

Since the Company’s inception, it has financed its operations primarily through the issuance of debt or equity instruments, which have often included the issuance of warrants to purchase the Company’s common stock.

 

As further described in Note 6 to these consolidated financial statements, the Company also entered into a Securities Purchase Agreement with La Jolla Cove Investors (LJCI) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000. In connection with this debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of our common stock at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of this warrant, upon the conversion of any portion of the principal amount of the related debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the warrant at $1.09 per share. During the year ended November 30, 2011, LJCI exercised warrants to purchase 1,111,000 shares of the Company’s common stock, resulting in proceeds to the Company of $1,210,990. During the year ended November 30, 2012, LJCI exercised warrants to purchase 857,000 shares of the Company’s common stock, resulting in proceeds to the Company of $934,130.

 

A summary of the status of warrants at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:

 

                Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Warrants     Price     Life     Value  
                         
Outstanding at November 30, 2010     22,837,991     $ 0.5915       1.7 years     $ -  
Issued     -       -                  
Exercised     (1,111,000 )     1.0900                  
Expired     (10,934,961 )     0.3579                  
                                 
Outstanding at November 30, 2011     10,792,030     $ 0.7769       3.0 years     $ -  
Issued     -       -                  
Exercised     (857,000 )     1.0900                  
Expired     (658,000 )     0.6987                  
                                 
Outstanding at November 30, 2012     9,277,030     $ 0.7535       2.2 years     $ -  

 

Note 12 – Leasing Arrangements

 

During the years ended November 30, 2012 and 2011, the Company has leased facilities in Rhode Island that have housed activities related to administration, research and development. The Company currently leases space in Rhode Island under a one-year lease that expires in April 2013. Current rent is $900 per month. Rent expense under the Company’s operating leases was $10,800 for each of the years ended November 30, 2012 and 2011, respectively.

 

F-21
 

  

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Note 13 – Qualifying Therapeutic Discovery Project Grant

 

On October 29, 2010, the Company received notification from the Department of Treasury that it had been awarded a total cash grant of $733,437 under the Qualifying Therapeutic Discovery Project (“QTDP”) program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provided a grant or tax credit equal to 50% of qualified investment for the Company’s fiscal years ending November 30, 2010 and 2011. Of the total grant, $430,335 relates to qualifying expenses incurred during the year ended November 30, 2010 and the remainder of $303,102 relates to qualifying expenses incurred during the year ending November 30, 2011. For the year ended November 30, 2011, the Company recognized $303,102 as grant revenue during the quarterly periods in which the corresponding expenses were incurred. The grant income for the year ended November 30, 2011 was collected in December 2011.

 

The funds were granted in connection with the Company’s projects MCT-465 and MCT-475 drug development programs for the treatment of cancer and MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients.

 

Note 14 – Gain on Extinguishment of Liabilities

 

During the years ended November 30, 2012 and 2011, the Company determined that recorded accounts payable and accrued liabilities totaling $133,540 and $159,552, respectively, had been extinguished with the passage of time for collection under the laws related to the statute of limitations. Accordingly, the Company removed these accounts from their records and recorded a corresponding gain on the extinguishment of the liabilities.

 

Note 15 – Income Taxes

 

The Company provides for income taxes using an asset and liability based approach. Deferred income tax assets and liabilities are recorded to reflect the tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The significant components of net deferred tax assets and liabilities were as follows at November 30, 2012 and 2011:

 

   2012   2011 
         
Operating loss carry forwards  $9,914,348   $9,522,775 
Stock-based compensation   473,598    481,606 
Ideal Bio-Stent related intellectual property   179,858    194,151 
Deferred revenue   219,223    238,951 
Other   450    450 
Valuation allowance   (10,787,477)   (10,437,933)
           
Net Deferred Tax Assets  $-   $- 

 

The valuation allowance increased by $349,544 for the year ended November 30, 2012 and increased by $527,662 during the year ended November 30, 2011.

 

As of November 30, 2012, the Company has U.S. Federal operating loss carryforwards of approximately $24.8 million. The operating losses expire, if not used, from 2018 through 2032. The utilization of the net operating losses is dependent upon the tax laws in effect at the time such losses can be utilized. A significant change of ownership control of the Company could cause the utilization of net operating losses to be limited.

 

F-22
 

  

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

A reconciliation of the expected income tax benefit at the U.S. Federal income tax rate to the income tax benefit actually recognized for the years ended November 30, 2012 and 2011 is set forth below:

 

   2012   2011 
         
Benefit at federal statutory rate (34%)  $(461,924)  $(663,707)
State income tax benefit, net of federal tax   (85,608)   (109,935)
Change in fair value of derivative liability   (30,145)   27,565 
Expiration of operating loss carry forwards   88,404    212,641 
Forfeiture of non-qualified stock options   138,540    - 
Other differences   1,189    5,774 
Change in valuation allowance   349,544    527,662 
           
Benefit from Income Taxes  $-   $- 

 

The Company and its subsidiaries file tax returns in the U.S. Federal jurisdiction and, in the states of California and Rhode Island. The Company is no longer subject to U.S. federal tax examinations for tax years before and including November 30, 2009. The Company’s subsidiaries are no longer subject to examination by State tax authorities for tax years before and including November 30, 2007. During the years ended November 30, 2012 and 2011, the Company did not recognize interest and penalties.

 

Note 16– Fair Value Measurements

 

For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs:

 

  •   Level one — Quoted market prices in active markets for identical assets or liabilities;
       
  •   Level two — Inputs other than level one inputs that are either directly or indirectly observable; and
       
  •   Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the Company and reflect those assumptions that a market participant would use.

 

Liabilities measured at fair value on a recurring basis at November 30, 2012 and 2011 are summarized as follows:

 

    November 30, 2012     November 30, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
                                                                 
Derivative liability   $ -     $ 19,245     $ -     $ 19,245     $ -     $ 160,986     $ -     $ 160,986  

 

As further described in Note 7, the fair value of the derivative liability is determined using the Black-Scholes pricing model.

 

Note 17– Payable to Related Party

 

In connection with an acquisition in September 2005, the Company assumed certain liabilities in the amount of $200,000, payable to an individual who is a current director of the Company. The liability is to be paid to this individual over time as determined by the remainder of the members of the board of directors. The balance of the liability owed to this director is $50,000 as of November 30, 2012 and 2011.

 

F-23
 

 

MULTICELL TECHNOLOGIES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

For the Years Ended November 30, 2012 and 2011

 

Note 18– Subsequent Events

 

Conversion of Debentures and Exercise of Stock Warrants

 

During the period subsequent to November 30, 2012 through the date of issuance of the consolidated financial statements, LJCI converted $1,510 of the debenture with La Jolla Cove Investors (see Note 6) into 184,404,556 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 151,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $164,590.

 

 

F-24

 

 

 EX-3.12 2 v333692_ex3-12.htm EXHIBIT 3.12

 

CERTIFICATE OF INCORPORATION
OF
MULTICELL TECHNOLOGIES, INC.

 

WE, THE UNDERSIGNED, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the provisions of the General Corporation Law of the State of Delaware, do hereby certify as follows:

 

FIRST: The name of the corporation is

 

MultiCell Technologies, Inc.

 

SECOND: Its registered office in the State of Delaware is to be located at 306 South State Street, in the City of Dover, County of Kent; and the name of the registered agent of the Corporation in the State of Delaware at such address is the United States Corporation Company.

 

THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.

 

FOURTH: The total number of shares of stock which this Corporation shall have authority to issue is 3,001,000,000 shares, of which 3,000,000,000 shares are Common Stock of $0.01 par value per share, and 1,000,000 shares are Preferred Stock of $0.01 par value per share.  The aggregate par value of all such shares having value is $30,010,000.00.

 

The Preferred Stock may be divided into such number of series as the Board of Directors may determine.  The Board of Directors is authorized to determine and alter the rights, preferences, privileges and restrictions granted to and imposed upon any wholly unissued series of Preferred Stock, and to fix the number of shares of any series of Preferred Stock and the designation of any such series of Preferred Stock.  The Board of Directors, within the limits and restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, may increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series subsequent to the issue of shares of that series.

 

FIFTH: The name and mailing address of each incorporator is as follows:

 

Name Address
M.P. ______ 306 South State St. Dover, Delaware 19901
K. B. STUBBS 306 South State St. Dover, Delaware 19901
C. S. BOWEN 306 South State St. Dover, Delaware 19901

 

SIXTH: In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized:

 

To make, alter or repeal the by-laws of the Corporation.

 

To authorize and cause to be executed mortgages and liens upon the real and personal property of the Corporation.

 

To set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and to abolish any such reserve in the manner in which it was created.

 

 
 

 

By a majority of the whole board, to designate one or more committees, each committee to consist of two or more of the directors of the Corporation. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution or in the by-laws of the Corporation, shall have and may exercise the powers of the board of directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; provided, however, the by-laws may provide that in the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member.

 

When and as authorized by the affirmative vote of the holders of a majority of the stock issued and outstanding having voting power given at a stockholders' meeting duly called upon such notice as is required by statute, or when authorized by the written consent of the holders of a majority of the voting stock issued and outstanding, to sell, lease or exchange all or substantially all of the property and assets of the Corporation, including its good will and its corporate franchises, upon such terms and conditions and for such consideration, which may consist in whole or in part of __________ property including shares or stock in, and/or other securities of, any other corporation or corporations, as its board of directors shall deem expedient and for the best interests of the Corporation.

 

SEVENTH: Any corporate action upon which a vote of stockholders is required or permitted may be taken with the written consent of stockholders having not less than a majority of all the stock entitled to vote upon the action if a meeting were held; provided that in no case shall the written consent be by holders having less than the minimum percentage of the vote required by statute for the proposed corporate action and provided that prompt notice be given to all stockholders of the taking of corporate action without a meeting and by less than unanimous written consent.

 

EIGHTH: Meetings of stockholders may be held within or without the State of Delaware, as the by-laws may provide. The books of the Corporation may be kept (subject to any provision contained in the statutes) outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the by-laws of the Corporation. Elections of directors need not be by written ballot unless the by-laws of the Corporation shall so provide.

 

NINTH: The Corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

 

TENTH:

 

Section 1

 

A Director of the Corporation shall not be personally liable to the Corporation or its Shareholders for monetary damages for breach of fiduciary duty as a Director, except for liability (i) for any breach of the Director's duty of loyalty to the Corporation or its Shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the Director derived an improper personal benefit. If the Delaware General Corporation Law is amended after approval by the Shareholders of this article to authorize corporate action further eliminating or limiting the personal liability of Directors, then the liability of a Director of the Corporation shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, so as amended.

 

 
 

 

Any repeal or modification of the foregoing paragraph by the Shareholders of the Corporation shall not adversely affect any right or protection of a Director of the Corporation existing at the time of such repeal or modification.

 

Section 2

 

(a)     Right to Indemnification. Each person who was or is made a party to, or is threatened to be made a party to, or is otherwise involved, in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact that he or she is or was a Director, Officer, or employee of the Corporation, or is or was serving at the request of the Corporation as a Director, Officer, employee, or agent of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to employee benefit plans (hereinafter an "indemnitee"), whether the basis of such proceeding is alleged action in an official capacity as a Director, Officer, employee, or agent or in any other capacity while serving as a Director, Officer, employee, or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability, and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith, and such indemnification shall continue as to an indemnitee who has ceased to be a Director, Officer, employee, or agent and shall inure to the benefit of the indemnitee's heirs, executors, and administrators; provided, however, that, except as provided in paragraph (b) hereof with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. The right to indemnification conferred in this section shall be a contract right and shall include the right to be reimbursed by the Corporation for expenses incurred in defending any such proceeding in advance of its final disposition (hereinafter an "advancement of expenses"); provided, however, that, if the Delaware General Corporation Law requires, an advancement of expenses incurred by an indemnitee in his or her capacity as a Director of Officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses under this section or otherwise (hereinafter an "undertaking").

 

 
 

 

(b)     Right of Indemnitee to Bring Suit. If a claim under paragraph (a) of this section is not paid in full by the Corporation within sixty days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty days, the indemnitee may, at any time thereafter, bring suit against the Corporation to recover the unpaid amount of the claim. If successful, in whole or in part, in any such suit or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses), it shall be a defense that the indemnitee has not met the applicable standard of conduct set forth in the Delaware General Corporation Law. In any suit brought by the Corporation to recover an advancement of expenses, pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that the indemnitee has not met the applicable standard of conduct set forth in the Delaware General Corporation Law. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its Shareholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its Shareholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such suit brought by the indemnitee, by a defense to such suit. In any suit brought by the indemnitee to enforce a right hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified or to such advancement of expenses under this section or otherwise shall be on the Corporation.

 

(c)     Non-Exclusivity of Rights. The rights to indemnification and to the advancement of expenses conferred in this section shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, this Certificate of Incorporation, By-Law, agreement, vote of Shareholders or disinterested Directors, or otherwise.

 

(d)     Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any Director, Officer, employee, or agent of the Corporation or another corporation, partnership, joint venture, trust, or other enterprise against any expense, liability, or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability, or loss under the Delaware General Corporation Law.

 

(e)     Indemnification of Agents of the Corporation. The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the advancement of expenses to any agent of the Corporation to the fullest extent of the provisions of this section with respect to the indemnification and advancement of expenses of Directors and Officers of the Corporation.

 

 
 

 

IN WITNESS WHEREOF, I have hereunto set my hand and seal this 28th day of February, 2013.

 

  MultiCell Technologies, Inc.
     
  By: /s/ W. Gerald Newmin
    W. Gerald Newmin
    Chief Executive Officer

 

 

 

 EX-21.1 3 v333692_ex21-1.htm EXHIBIT 21.1

 

Exhibit 21.1

 

List of Subsidiaries

 

Xenogenics Corporation, a Nevada corporation (95.3% owned)

 

MultiCell Immunotherapeutics, Inc., a Delaware corporation (67% owned)

 

 

 

 EX-23.1 4 v333692_ex23-1.htm EXHIBIT 23.1

 

Z:\Vineyard\Live jobs\2013\02 Feb\26 Feb\Shift III\MultiCell Technologies 10-K v333692 (final for Edgar and XBRL)\Draft\03-Production

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors

MultiCell Technologies, Inc.

 

We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 333-127553 and 333-162031) of MultiCell Technologies, Inc. of our report dated February 28, 2013 with respect to the consolidated financial statements and schedule of MultiCell Technologies, Inc., for the year ended November 30, 2012.

 

HANSEN, BARNETT & MAXWELL, P.C.

 

Salt Lake City, Utah

February 28, 2013

 

 

 

 

 

 EX-31.1 5 v333692_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, W. Gerald Newmin, certify that:

 

1. I have reviewed this annual report on Form 10-K of MultiCell Technologies, Inc.;

 

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

 

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

 

4. I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

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

 

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

 

Date: February 28, 2013 /s/ W. GERALD NEWMIN
  W. Gerald Newmin
  President, Chief Executive Officer and Director
  (Principal Executive Officer and Principal Financial Officer)

 

 

 

 EX-32.1 6 v333692_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, W. Gerald Newmin, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report on Form 10-K of MultiCell Technologies, Inc. for the year ended November 30, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of MultiCell Technologies, Inc.

 

Date: February 28, 2013 /s/ W. GERALD NEWMIN
  W. Gerald Newmin
  President, Chief Executive Officer and Director
  (Principal Executive Officer and Principal Financial Officer)

 

 

 

 GRAPHIC 7 tfooter1.jpg GRAPHIC begin 644 tfooter1.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`-P*>`P$1``(1`0,1`?_$`:(````&`@,!```````` M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+ M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7 M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8 MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R'EZ>W MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FINZ-T=M]X[8-31)T9U5M'<>7W* M^9BA9XJ7<&YJK$T^RMHXY9`OGJ:NN,D<9+1PSD:#[JZH6^0ZT)_G7_/%_F'_ M`#:WO)NZ7M'?7QZZ@I,FM3L#J?I//;BV?M?!KCZF):.NSN]<4F)SO8&YHJET M,M963K2Q5#A::EIE(0TJ>E"QA>`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`L[&P'U)]^Z]US]^Z]UPDDCB1I)72.-1=GD9411>UV9B%`N??NO=<_?N MO=<(Y(Y5+12)(H9D+1LKJ'0E74E21J5A8CZ@^_=>ZY^_=>ZX/)'$I>1TC0$` ML[!%!8A5!9B!=F(`_J3[]U[KPEC,C0B1#*JAVB#J9%1B0KLE]05B"`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`:;-]:XJ/'5M?O7=NV>PZSX*5_P`H(MX4^[<1N%]AYK$;:W=#_#H*:EAJ M8Z^BTU0JXV3Q2^Z]I'^K[>N5+\YOD'A-I9[()LC8>[X=C[=KME5.8S5=2;.C MS?:6`^/6T>VZ;=,]7-O_`"6#VW)*F26&LGED>DB#.2K>_=5\_ET2/I#Y`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`Z& MO%=J=G-\=OY=.[=T;_CGW9VAO[H6F[)W%A4_@./WC1;KZEWEGLE0Y"DGK*Y? M#DZ^GII:F-90DM5%J18U*QK[K5,FG05_*OYJ;XVU5=U;-V35T@VOCMD]Y8K! M[VVCBZ^AW9MWL#I[K#`=A9>FPN9R.Z$GWKF89,E)25%+B]NC'T$DM,K9:6J: M6D3W6P!^?3UC_GIVWN7*8"FV]UAMRBJ:7'2;N["VAN*LQN)SVT\3-W]DNFJG MK;<.=W#V'M7%;1['V%C<'-6YRL6ES6/ERE=0T-+`T%3!D*GW7M(Z%+NS<$62 M[G[FQ^^^^MW=!;7Z9Z"ZP[/V)F-N[IDP&.I:[-;U[#CWIV)N#;RN,?V=08JH MV?AL*V&RD.0QPCKGC%-]SD(9/?NM#ACUZ`R#YC=A=>;G[([4W=EL#_LOG7V$ MQ=?OS;=?_>');CV?MN?Y9?)WJ#M%TLH]^ZKBORZ([V9WKVN^!^.=7UAVW M1T^6W)\1=J[YSF1KGBW1@\GF=R]\_#O:M%NG-4-%E<8:BMS.&W-N.DI*K[A% M=:BL"78,R>ZL`,_;TV;I^9/'(5,<]-2B>FTY`:Z]I'^K[ M.A+[<[V[3WE\6NNLWATCC[8W7\HVZ/EVEL/>.4ZHQ?:=9UWW5OO9&Y]N8[LZ M6OK=P=/XG>.V^MZW*?>15%9D*]MW[AK/G= M\?\`8>QMB5':60VK59K%;UZDZE[!WCU#BNUEJ3DNDMKY:G7-U<551#S1/$U# M21O/6(C:ZT`,'RIT!G7O=G;N7Z^[VW#NSM+L+;?:?QJDVA0=:];KV5DL]02[ MMR_R%[$P.2Z_W!F8JM:/Y*TK5N,QW7D6;R,-4U4M*9XXJ3*5$KK[/6Z"OR/5 MC?=/8F4R6>^)FYL35]F]9?Q'Y4TO7N7VOGZBLV6F\<%D^O.R)*RCS^VUK9*7 M^J@WS?QFZ^]=^;`V5@X/CAF MSE<=GJG-9S92[PBK*+-[4ZSQU0F0J]N97LXXR#$T$&,A-:)O?N MO`'%.J_>Z^P_E'LQ=TT.`R_9R46SNC^R^]#MG-_(A]N[N^+G7>8[1>FV#V1O M#/#.9@_*?=^WL#M+.RS[(RF0K<=0PT<>,GR,LM=#(_NK`#SZO]_C5!_=[^\7 MW4G\,_@W\:^]^QJ_+]A]C]]]U_#?#]]Y/M_7X/'Y;^G3JX]^Z;Z]F]N[?W+1 MOC]QX+#[@Q\FDR4.;QE%E:-RA)4O2UT%1"Q4DVNO%_?NO=4O?S$OC5\^?FYU MAO[XJ?'_`&5\8/BST-O[%ML[?';_`&M73[_[:W'LP5$$U5AMA]7;#VM4[1V/ M29$QD+65N?J,A'"2T4-#4:9$\>G%*J:FI/18_@C_`,)VOB;_`"[J#._(3L>M M3Y@?('8NV8R53DZJD M!$E+'3R`EM``=>:0M@8'5HWP%^=H^9^Q=S[RR>T=J;+I=M;4Z4W=-D-L]@P; MSPB)W%U#A.V*O;.7:JPVWPNGMX5-534SU M5-@>WNH-Q8+/T$GCD:E@RC16=X'!]U['43X0_+_(_.[JK9/=&TM@;)Q_56Z> MK=O9#V#UOOW?6/V+MG?=3NOL#;.3VUD M-^[Z\:5QPZ6OP7^865^6 M])74>?Z8VUM##TW2'QF[PP.Y=E;JBWWL.>G^0&TLKO"'K#(U51MK;DF%[.ZK M;!PMDJ-(YXFH\A05:M!YUA'NO&GETI/E9W[VY\>]P=4T^V>J>HMU;,[L[WZL MZ`P59GMZ;BP.>I=V=LOGC7[ESF)QFP,YC7P&+FQUFC2J>JK#(['QV&KW7A3S MZ?LO\B-\;8^1WQ:^..^^M]E+G/D'U?WUO3>&=P.ZQT^_&CO:7Y"97Y2[>RNP]O[:H?C MU\E=W_'&A--6MFTW=2;1V;L+=L>YZZBJ,5CH<.E9!ON*G%`CU2Q-2LWF8.H7 MW7OLZ!+8?S&[2["^#6Y/F%U]\?<)N7>^%W)VU)7=,X7=M4,ON?:_2O:^[.L] MX5&V]P_W6$N7WQD-N;`J.P.ULK71XMZII MY9JO,05T31Q_::YO=>Q3Y]&H]^ZUUTQ"J2WZ0"3P3Q^>`"3[]U[K7LZ1Z=^> MW2U'VCGMM[&WSBMP;VIH<9M-Z7,[;R-/MC8-!\TNQMV;_3T.T/F'O?=7=7QZJ- MV;TWUGX/CKFMG[3V92=.])4VW>R.]FZ3V%OJG@WMA-P56YZW:=#35D>6FJZN M2KDVKDZK,PXN&I@GH%CG]U4:?Y]&@R5#\\=Q]J4>7R62[/Q776WOEIM?<&'H M-KOU?MX5O2M=@>\L)4[7W7@)\=E-V=@\YANK-IU^ MVMA9+->3>N>](\]!A]S[CPF"V;TMMS<6([8VIO?X^[I@VCFZJJW)F,=6]4XN M3![UJ<3F\6^,RL\XI(6DTI2RU7NM]M<=''^4-+\]Z3M&CK?C#F\%D^LLWLW; M:Y[![B@V12U6U-R8[>=V7NK9W\QK9<&U\;2=-8?;?:6Y.QM MH]5S?'S?/8&%Q='@XLC7YC*4>X(*#+C[2KHZFGA%2((YYGGUUL%?\'^ST..X MMM_,7+?"_M79U!G>YJ#M[:G<>SHNLMPXH]5;8[;W'TSMSL+J[<.42AJ,714N MQYJV39Z9W'Q+-!1U%;%3+#4!VE9Y]]:QJKY=`9MG:?SYZJSW?U#U/MK>N/V1 MO_M7NCL:CH,KA.HIQA(-Q?)OJ^O?<77`^XI,E4[TWCT/F-X9*/'Y6>3'C+4L M"I%2S%8I_=;JI'SZ,'\C^F.Z^[.G?B)L3-/GLYOO_2#X.X^S*;:6'Q#;7VKF MND>U]EYG>.?V7A^Q<=1TF0;,>ZT"`2>B_=S M=8?-[*;4[N^.*TO9_:W3]!UQOK:W6&Z,\>G\AD]SI@]H_$NMZ0RU9NNH&&W7 MENQZ/>6`[*:KJLC&(Y*R2F>L:0&DE7W5@5J#P_U'J;N7J_Y_Y#*.T1]UH$4_P!7IT/9VY\X^POBA\G\#GL[N/;_`,B=T;=W+C-B M8R<;#VEM7`[ACJL_35&'Z=W]M*JEW`-J;KV]#1IBLOGECR6*J*Q97F,L[L/C.H-M;`I=X M[9S.Z]C\73%M/(_S%Z3M7 M'U>Z,MVI5]?CMJ09&@R6U?CS2[9@ZTF^3?9^V`]1D<3B*'=$>*QWQ?J=O9PR M"89#^*4ZL[/+]S1/[K?;3H%=K]O?S*-__&?%]A=.Y'>O9>5WGMO8^;VKNW)X M+H#'Y1=_XG9/;S;\Q@V]2XS`XBLZASV],/M&EIW=*7*PU]56AJB.C!5/=>[* M_+H3^S>R/G3L/(=^;KR.\-Z;4V8M1VKD.E$W;MOH^FV]5Y[`]E],Y'X^]2XN MKH-OY'LCCDJ/=:[:=6N]5TN\:3KW:J]@Y M2LRV]:G&C)[EFKH\*D]!E.!'J(*1)92\K MN[>ZT>..A`]^ZUU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO= M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UX@$ M$$7!X(/((/U!'OW7ND5LSK7KKKB+*P=>;!V5L.#.Y!LKFX=F;5P6UXLSE'!5 MLEE8\'04*9#(,&(,TP>0@_7W[KW'IY3;.VXY(IH]OX..:'-U.YH94Q-`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`V5N_,;/K?XEM+*[HVK@L_DMK9'R4\W\0VY79:@ MJZK"5OFI(G\M,T4FJ)#>ZBWNO5(Z3>;Z(Z:W#_?*3(]8[(%9V))AI=_96@VW MB<7F]Z_P#)T67Q,>ZLYC:6ERV>AI*Z@B94JII5TKI_22/?NMU/2DW7UMUUON MMV[D]\;!V5O+);0KSE=IY#=>U<%N*MVQE"]/*^1VWF-Z; M#V9N_+;.R`RVTR?CMU5VCC!B<]MRCQE+5314^?EVS08;"9'=FUI-SG>>FF6>=?[V4=)B(J;<>F:ID+-9I&/U8W M]UZIZF8/IGI_;%?793;75/6VWLGDZZFRF2R.#V+M?$U^0R='DES%'D:ZKH,7 M3U%774N7454LDDDB9WJW:9B9"6]^Z]U(Q.Q M=D8'`83:F#V=M7#;6VU/1U.W-M8G;V(QV`P%3CZHUU!483#T='#CL5/0UK&: M%X(XVBE.M2&Y]^Z]TDI>A^CIXM[03],]430=EUM-DNQX9>N]H21=@9&CK),C M1Y#>T;X)Y(YF+J0Q)]^ZW4]2Z;I;IRCDV3+2=3=9TLO6@G M7KB2FV'M:"3K]:J3S5*[)>+%*VU!43>MQ0W)N??NO5/3MN_K3KGL&IV]6 M;]V!LG>]7M')C-;3JMW[5P6Y:G;&95H'7+;>GS-!6RX7)AZ6,B>F,4MXU.KT MBWNM=)W)]"]&9NNW=D\STQU/E\EV`F/CWYD,GUUL^OKM[)B:VCR6*3=U758> M6HW(F,R..IYZ<5C3"&:"-TLR*1[K=3TWM\;_`([M0X#%MT+TNV,VG7U>5VMC MFZMV.:';64KZFGK*[)8"D."^WPU?6U=)%++-3+')))$C,2R@CW7JGUZ&CW[K M77O?NO=>M;Z>_=>Z3.]=OG=FS]U;5&0?%?WFVYFMOG)QTT=9)CUS.-J<Z M]T+6'^"77FQNRNZ]\]/YA>I-M=^]!;=Z3[`ZKVAL_;U)L67-[+I-WX;9_;>+ MHJ>"DJ*#?.*VOO"3$5`+24U?CZ*D29"\"/[]U[I(_%[^7GMWX@5NP:GI7MO= MV$H\9U+L;JWMW:M3@-O3;&[VR'66UL?LW8O<&X]MT\-(NTNZJ/;F+@HLIF<+ M44D6>I8HTKZ69H*:2#W7NGKH+X39/HKX\9WXSGO3-[RV%6=;[]ZZVU69'KW: M>&W+@(.PLUNW.9;-Y#*8G3_'ZS'5&[YHZ&%TIJ6*-`9$FD9I#[KW6/XQ?`C: MOQ+S.P\GU/V7NG&4&-Z6ZZZ>[7V>V%P--LKNNIZCVUC]H[`[?S.W:*GIH]I= MRT.UL='CLEE\3)##FZ)(8ZVFE-+2/![KW0W?)/X[4OR(@Z4CJ=Z939;]*?(' MK?Y"8J?%8C'Y;^.YWK.3*38O;N53(G1!@]2L4C1^_=>ZZ^)7Q M2W+\4-FKUO0=ZYG?W7N+K^T,\E+79Z:)&ACC!B5;J6#,WNO=&6]^Z] MU[W[KW12\/\`-/H>NRG?V-R^X9]L'X[=@;9Z[W=59C'SRKGLIO"AHVVU7;'H ML0,IE]U4.8W-_$<#3)34[54V9PE=`D+"$,WNO=.*?,KXMR5DU/1]L[=R.03' M;:K8*?#8W/YFNS$>['V^-O8S;D.)PM94;ISU5)N_&:L5CA59&F.0A\T$?D6_ MNO=9_P#9R/C&P+P]M8"LA_@53N9*J@Q^?R-%-@Z/K.7N27(4U;0X>HI*I/\` M1G339>-8W:26GIYU16E@EC3W7N@YS?\`,(^-%)#M\;9W77;QJ-V8+N?+X&7% M;5W=%A8I^C=C[>[#W?CMUY:?;_EV:)MK;MQE=25%93>&IH*R.JB+P/&\GNO= M*[$?-KXU5WZ/H3 MKO$8K#Y+`Y'KZX[)V=NC.[.W=U]GL3ELKD<3G-N[QV=LBHDHEQNY:JGJLMCL5MS/U7DJ(,')3T.,_NYN_&Y..OJ&BH)\76)61S/37 ME'NO=0X?F_T#59O&QTV\,;)LW+==U6_J#=LM/N*EJ\HJ=D;1ZPQ>,V_M"IVW M'GMS#.;GWG0P4L]"L_FFJ:9(HY!4PN?=>Z1F(_F']!UVY-S8ZIRYAVS!UAM7 MN#K+=N-H-S9:+MO9&XM@[^[%JIMOXH;7HZC%9V@VYUIEJFFQM3(:K*TL'GI5 M95D5/=>Z=.TOG1UMUQT5TM\B(-N9[/\`7/>==MZEVO5U\F*V#6XJ'=6Q-R;^ MPU;N>EWY58/^$15&-VS+3,K$O]W-"%#1OY![KW2UVO\`-#X\;AP>WLG7;S79 M^1SW6^%[/J-J[MQ=?CMP;=Q69ZYQ_;#['?^)V%D8\E5X*GJZC)I M1_Y0L+P%9#[KW7&?YO\`Q3II\/2U'<.`I),_LW/]@8YZS%;GI:/^Z.UZXI##&H2.*.-!>R(BHHN; MFRJ`!<\^_=>ZYZ5/U4?U^@]^Z]UV`!P!8?T''OW7NO>_=>Z][]U[KWOW7NO> M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[ MKWOW7NH61CK9:"MBQM1!29&6EJ(Z&KJ:5JZFI*QXG6FJJBB2JH7K8:>8J[0B M>$RJ"OD2^H>Z]U5GE?DW\A]G;)AW'N_?/751)D?EYNOXV19'9_QJ[3W?5X?` M;'':JU>YH^O-G]J[IW;N[-[BGV71*(:,Q0XV.6>5EG1;Q^Z]T&Z-] M]G[%W5587+#8.`ZBR5'N'%[7S.S:G-U6_P#;.5S>5GKMLYK-YRKP2134<:PT M;RM/3`LDK._T]U[I<][;XS7672G;?8NVZ+!9+<.Q>M]Z;NP6/W/F8-O;>!4C))DC_6/=>ZK'Z-^:7?WR&W=5=4= M;;AV%%G8:#,;SINQ>R^@.T>K,DVWL#L+K?-U6V,I\?\`=?8&,WOAVR.].SZ" MGH]PU%=!1UN*IZPT4%5)`*I_=>Z,OTK\I-V]B;XV!7[M?9&U>L-_?#O;GR(F MHY::LI,KL7=/]X\1A]W468WW7[E?!9O:<"95C33#&8YHHZ?R222A_1[KW35F M?D]OP=_56%H:B"CZ#K,AUEM38/8M/U-G-T]?[^WAVA@Z@;=I?].&([#I<7CJ M#)[XJ*7#QS8[;V6I:6IM!55,,U7`%]U[H/\`;/R=[SR\O>.WWWO.@W!V'B4W3M[%8[;^XH\G18O M++DJM(/O*O&F.H]U[H=Z#O??FY>B-J9:3%WOU%FJ M+:&Z:C$].8N.FIMX;SPF[J*3>]^S*S']H.R^FNN<3N1=U[VR%;-+VIOC?\`18KL M['4W67668*3X-HZ9\J],6E576G?W7NC$Q?,?=^X?D-T#T[LFEV17[<^4?7NT M?D%U5N^MJI'GQ'26&P$68[@PVYL1%N"&LKM]UL^0Q"[4GIX%HZB#*5TLR.,% M4_<>Z]U89N#(56(VWF\M314PNP,-A>O=T]@093NS:>.INN:*AP>\<9D:7;V0J,C,RSU?V M^@^Z]T:OJGY(=F;OWOT!2;K_`+AX;;>_.N/DT.QZ.@QN72IQ_9GQL[.VKUYF ML]@-S9#N<*RGW7NL/9ORBW#ANWMMR[4RT- M5\;(MJ["SNYNW]L=75G:NRCE=T=B;IV9EL96]FX7LK;V"VQ28>/#T*SO28W< M,^/->U7610TL18^Z]TB:/Y&?(.3M#N#J"HW/U!C,GL/9FW=]9S?^_.K^T.I- MC]:X.7?];A=\Y+;LN^MS4J_(K;FUMET35!S&+J\/B*;*F".LJXXZR.&/W7NA MSZ>[FW1VOU%BX*O?_7.T.Z,S#N7,[>J,EMBO@7V$W MUA-M;_V9CZ?)14]3DE%&U:K&:1%"-[KW1$=P_/GO;9/7V1[&WQN/J';V"HNM M=Q]Y]8'*=2]BTM;\FM@P=@;HPVVMH[,H\7O_`#XVCO'(==[U^R9V_NG5=$;&,F8CPL>W]Q[YSL&W,&CP!ZG(T516-4?92P$>Z]T:'XF=I;R[BZ0PF M]>Q/[E)OL;L[1VKNJDZ\JJJLVC09/8?:&\=DQTF)JJZOR-;4QKC\!`[322_Y M0[F94CCD2-?=>Z,>Q(%QR;@#^ER0.?IP+^_=>ZKJSO\`,RZ*P4NX\$E'C^P.V-@9W<@Q>-7`8&;JBCQ$LNYJ^ MIDS"5$NT]_97.TN-VY6012C)5TNG3&JLP]U[IV@^:FV^POC5V[WOU%@,_6+U M[U'B.PJ*EW-A?":C.;BZVI>QZ?8U5BZ++QUQW;MNAR5+29:A\T)I\A,*<2EE MNV=N8KH;L6NFQE3W+CNT=BB7853OW`2]<['ZH['PV6Q> M2B[#BV57XW*;.[-@EDIXJRIK):V6.D1$DCD;W[KW3=6?S(-@M+D*C;74'<>\ MMNPIV-487=>&I>OJ+#[GH.I-G[>[`W_E,7!G^P,3F*3'8K:&YJ:>G>NI:1ZZ MKUTD2&91J]U[H16ULS6=C4W5FZL/ELOUNF4V?N[(;BV;MW%TD>,@WW/E=^P9$]@8C("7 M;E/E4@Q=6)I_%(IA/NO=+CK;Y?;![#ZI['[E;![CVQLKK+'Y;+YTY2HVEE,\ M<;A\/49JL@J=N[4W1N#,;:W51P4K0U>!S,..R]'5E8I(`6U>_=>Z9L_\P&VG M2R+N?H3N;"[@QFWMW;_W5MF=.O*BMVSU3L>DVG6;A[&_B5%OVIP6XZ"G&\:: M&/'8RJJLO+5TU9"*;53$O[KW24K_`)YX*BER-3#TAW'D]KX^D[+S:;THDZY3 M`Y'9_3>_:'KOLK>5#!7=A4F<&)Q&;RU*]#3RTB5^8IY6>F@;Q2`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`O"HW%U?V'@=Q=X83*==?''O?-I-F[<)/\`%W;'4^\>S^KI M=VTM;E^VWR(W#V)U]O#-+1U6SZ_KV3K/J'`8VEPM: M<[55^+,NY\=EBF-:DIV1TGF**)`TGNO='<]^Z]U'JH&J:6HITJ)J1YX)85JJ M8QBIIC*C()Z+W+@=N M;)PM/N;#[IH,3F\CF>N.Q\AVILCL/<5108""GW+V/@=V9FN*Y2OBJ&J:/(5= M-4QS15,ZR>Z]TN?]DBZDCJ\W6T.>[-QTN8[+PW=D*TV]))H,'W1B:3#T-3VI MAX,C05T7]Z]PTV%1Z3,?\`+RZ!HFQ$>#JNQ]MX MS";)CV-18/";VJ8\0](G56\NF&SM7!74=?45FZ9]A[[R$,E9)*0]2ZU)3SJ7 M;W7NL]+_`"_^E:-S/!N'M05K-OI)L@^\:>2KJ,?V-TGL7H+=.'G+X0T[XVJV M%UI@S"/&)J;(T"U44BO),)/=>Z1&_OY9V)V3'V?UQN7&NF"W!UCF\-N2HW#LA-K9R&`563J]H MO5S0-79.*HFR\-34)6QRQ3/&?=>Z5.)^&?0^+R&TLY/MROSNYMI;Z[0[*3<^ M?S-=6YK<>]NY<++M_L3-;ND@DHZ+.)FL6*9(J1H4H:`XZ@-+##]C2^+W7NF/ M9?PAZCV!1]>X[;.9[#HL=U=A][[>V91IN6CITQ^!WQLO&=?U&-J9J##4=7D3 MM_;&&I8L95SR/D(I81-/45$I9C[KW0%;^_EA]55?7K[1ZLW'N;9&0_A]=@GD MJJ\S8.NV[N;N+KON;?>.CQ>WX/2"OQ"4PQAURQTTCRU`F]U[ MH0]D_`O9U%C]J5G9._M][[WA@\7M7&YC(4E;C=J[;S=/LO8/:?5VVZ%=MX?& M1I18_&=>]P9;&-XI8Y:HB*IE(G16'NO="9G?B'U_G^L.C>J:C=O9M%@OCSEM MLYKKG,8W<]%3;HBK]G;2R^R-MR9W*RX2HAS*XS;FPG8&>IJ3`YH]2TG1?]_\15SRU.7@ MWXW5-$F(>L>ID@EA9Y'@::1Y&]U[ITQ_\O;X_P!#@,]M:5M]Y+;^XNN-X=7U MF+KMU>."FV_O7MC+=VY"MQ;XS'8Z?'9_&=BYJ:LQ]5&X^S01PHGBC1![KW1C M>G^H-O\`2^W\YM[;V8W1G8MR;WW=V'FZ=]9>;/[GJQ/2T&-I: M:FK\S4RU"T\,,<$#2LL2I&%1?=>Z%?W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^ MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7 MO?NO=>]^Z]U[W[KW7O?NO=%NW+\7>O\`/[?AP-#F]^;.FH^Z-Q=^8W<6S]S' M';DQG8NZI-SG.UE'75U#DZ48NM@WCD(?LY()(5AF`4`JI'NO=8]N_&;$[8W] M3=CX_M?NN7/RX_:F.W33UV\,74X?L%=F096DPE5O7'_W:C^^K5H\N\4STCT0 MG2./4-2:C[KW0O\`8W7NU>U]A;LZTWO0S93:6]L#7[DR6/FIJ_'UT)(DAJ()$EAF571@R@^_=>Z+%4?!CK2MR5;NO(=A=YUW9V0BA MQ=3W!)V5/3=E?W/BP];@WZ^I\MC<70XBCV74T>2GFEIHJ%)FR#BO$PKHXZE/ M=>Z$#;7Q8ZVVAV3MGL;;M;NW'1;/Z>H>B-N==IFXI^LL;UIC3CY*+#)MFKH* MBHJ*B&?%4\GW,U7),SQ\L5+*?=>ZP[V^*/6G8.YWS>Y,MV+)MRHJL%E*SJW' M;^SV(ZOJ=P[6HC1;8W-!MG&STT^#S.`*0U4'\,JJ&E;(TE/6RPR5<$HWA0;;VWM')9&MWIA*U=T;;VQG\ON.DP^X*>IV ME)$:')5N:E3(1T0HDKXDA\P=X8Y%]U[I@I/@KTO04OAH\IV5#68:/;M)U?F6 MWO5U&7Z-P^T\W/N';^W^H:JKI:B/;V$H:^H:.2&K3(&LH%CH:EIJ***G3W7N MC']9=;[:ZEV9C=C;47(MBL?4YC)3UV9R-5F<[F\[N3,Y#D7%OIR#_`+8@_P#$>_=>Z`';OQFZGVS3 M]34=%B*VKH.E(]\#86/S&1GRM#1578'E7/9*OIJSR1Y/*1TU54P4LT@U4T%7 M.B<2'W[KW0=;5^#'0FS((%P&/W13Y#&;QV)O':^=GW5DJK.[(_T:9/.Y+9FT MMFY"9F."V%B4W;FJ,XA%:EGH,U702ATJ&M[KW1JMP[>Q&Z]NYS:FX:&'*8#< MF&R>W\YC:CR"GR.'S-%/CLG0S>*2.40U=%4O&VEU;2W!!Y]^Z]T4"E^!_5-/ M+C,M)OCNNNWMM7'[:PO7'9%?V++4[ZZLV]M2+-TF-V_L?*'%K0PXNLQVXZVE MR7\1I8)6R5'BB,?NO=+K!_$SK;;&Z>FMS[RMI;9I] MTM4[8RV*WW545?O2KWI1Y.BK\ANK.[IRF-IJNMK:BJ\\U5`)+@M)K]U[IR[# M^+_7?96:@KLWE-^8W;LE#A<9N/K;;.\,C@NLM[4&W6J\@V*HEJ*B1*:-1[KW M0]U'2.W,IUEG.L=R9[>.ZH=R;4W%LO-[YSF7I?\`257;?W1%7TV2I?[WXK&8 MNII)4HLC)#!)!'$\"!2IUJ']^Z]TR]B_'#8O9F.V_MO-9;?&)V!A,7C,!6=9 M;3W56;;V!NK;V&JJ&JQNW]TX2@C6:MQ$/\.B@EBIYZ7[JB#4E09:9WB;W7NH MDWQ*^-\^_P"3LF;ICK>3<<^U*O9U4C[)VNV(K,77;CI=U5-15XEL0:2IR\F: MHTD^[<--8$7YO[]U[I?=3=0=?=(;3FV3UGMS&[7VW/N;=V[I,=C**CHH6S>] MMR9+=.P:OL M^FVC5MNZMWUW1V+4U=3G,K4TDNYN_P#:&`V-V=,^/DJ32M19C;NW((X:8KX: M21YI(E5YI"WNO=(:@_EN?%#';%SG75/LK--MG7BGWAN.>OJ=J_'7 MJO+E:\-]UF!%&M4\BQJ![KW0GX[XB=/X3;&]-DX"'= M&`V=V-NKN+>F^=L8?<^1I,-N7<7>-4*S>5;D*75)ICHZD7Q$,31Q8M3HA4(` MH]U[K'V!\1^MNP=QY3=\N?[)VANC,YG, MT];2#%9?:/7F+BTB/S4M3":JFE@J2LJ^Z]U%I_A=T/1438S'X++X_&_;=MT- M-046?R$5+0T/=>U,'LO>U'1H7.X]N[?HZJ@FH]T[FDV M@9(ZJ2HFBQN0JYZJCA@>HJ?-[KW4^J^`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`/ZCWLDZ:T(/S\OMZJO>-:4,9 M\P?,?R_GUQ:H"D<>F^DGD'43:UB+?[S[VI!4GBWRJ>K$-3"L6_*E/F:]="H% M[&UP";`DFWX-K#WXL!BC:J5H!6G7B!IU9"UI4T`_P\.N;S!=/T]0)`)L;"US M].`-7O:T8Z&/Y]>\X!(XOR1R;6'UN;<&WNX+#+*0/V]:);A5/$K@:LD>M M./7(RV_%[FPM?D?Z]K7_`,/=&D"M2J_F3_FZ<(-*J"?V?Y3UXR\<`FQL>#8? MU'T^ONP;.<_94]>H?,']H_S]G5IXX MY]5C?Z68J%/^WO[H'#,NEE,3$@&N:CY4Z\VI1J*M3TQJ_,5P/SZY&8@7*D"U M^;@6_P!?W8,I?11OMH:=>%2*Z6^S%?V5ZXBHN0+#^K&_&D_D6!_WFWNST6E`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`TX@>9^P"I_ M+HCYBWJ'EW9[C=[@J%BA;0&-`TAPBCU)-``,]5,YOM7>.!Z%^0_4'<.\\_@^ MV.K^Q>K]_87.Y'>E'A=S5W7G^[3;0'8;_;;L/"5K''/:VTL0U`B@:5E@N`3\4K2$<# MUBW=\UW]CRCO7)O-%[*G-VT[M8.L[R:)9;6]NX9596+"L:JUQ;8P(D0'I^[Y MW=F=M8+YHX?9/8VYZWJ'9?6G4VY]L[ECWSG)5ZZ[AR>Y\K2;DV9M/?XRYRM3 M3U6VJ;'U]9CC6SICY:H+I1:D1A#R?MFUWL_+S[M;P_OR:YNHY;?0*2V\<.I) MIDIY2,5#$#5H!R17I3SYOFZ6.UY2RR3E)[6"16( MT&,1,T>2HD;UZS=[;IRFV\=\S,)UWV#N:KZAVK\4EW[C<[2[[SM?3]:=ZPUF MXQBL5LW?YS4N6I:S.;?I:;(5.*%;,E/)'$^B,56F3W)UEM=]-RXNY6\1WIM_ M2WEA=*"?;VHS2W"XU,')0,W&.M:ZM`K*$9D!-)&`H"U.E5V9F]P[&[6FW?UMNO.[UVAM?X[=?Y3M[HO$ M[URV:K]V=>;AR>ZL7FNQMDT,F;JLC0]A;'Q^)I,A'/2M%+EJ19X&D:HE@D"# M8K*SW;;!L6[PV]KN$^XR+:W;*$$<\>G_`!:XE-%^FE!*`MB&6CG%1T:\S;EN M>T;V_,7+5Q->[%#LT#7VW0OXK/#*'_QRVA4DFX@.F1J9FBJO$`]0]A[DAK-P M;&VQO?<&ZLOU_!\+>O>SNJL3D.Q[2D*[I-S#=07?Z88VT42HMLB1@'3#* MYDU@#N9*5/FWMVZ&7<1M^]2W$NQP\HV=S8J9VC-U)+K>[F,K$`W4*Z!&:U56 MX#)Z&9,-N;O'X*81=@9SL?"[MR/5&,W5UCN'/[IJ*?L#)9K#T`S.S9]W9O;& M:>.L?=PI(8,G$:R59X*R02>OZ$%I<6>S<_ZK]+6YV\3M'*OA_H`25B)`.:1E MS(AIVF,'@.AA?66YS,?[@FO[?>CMBW-HSNS7!:*DT(N)!349U0Q3UK424 MP2*%\S786\>Y-@5&Z.F\EO/:W9OR2VS0U>P-NT6[_L,OLK:O4VWHJW#KJF!4FGQ($@+D,?8DM-KV_EK?!;[['!=;7M,YCG8C4EP MURWAJI91WF&(^,H_"U/4#H%;CS!N_-?+*[OR<;JUYBWNU$\2>,4-K#:)XADC MB8C3]1>+X$I_%;%JT"$]"+A^^U5C,) M2;JVGMK:ZY##;AQL67IL3DZO9.[3DX$:IBD\90GZ6(27/+%[LVU\R;,EN)[J MSO;:&&8IJ8JTCA6C-*TG32V.(IT;0<];3S!S+RES3]:EI9W>S7TMW$9E6-9U M2$Z9`6H&MW$BK7(-?7KG4=D;&W%WEWWN!^R:J'K[>OQ!Z^WEUO5G?.?PF`RD MM3FNS\3N7=>PJ63*T-*F4_W&85)*O'Q+4#53$']]3(XVV-:\L[0BVL7[SAWJ MYCNNP%UC!M6C2X]$`,Q4-0?'\^K;AO%E=\Z\SSF_?]TSR*FMPW=>W]C4VY*^#"_[)SL;.[NI-S]X[UV15[<+= MEXG#;N[$QTS9J.:H[!PNRYJV=):B6GEDDB4N[V\;*=KLH+KE4[A-"G[Q&\RJ MC)")59?`+1PL*?V+.,8(!X4X@CY@OKC;>=6V:"5_W3#RW:RW.NZ:!X-5R%FN M4)/^Y7@GL7!8D?G;5L[)XS-;7P.8PE>^5PF5P^+R.%RLOF,N4Q%=CZ:JQF2E M-0D4YDKJ*5)6+JK$M<@'@1"TVI= M?AD1DB0\/MZ4DT^RHK]E17^5>B/-F\[@L]E\%7;[WEO[HWM'Y4P[1P>8Z*[)Q/<>)P\77^5W!A.IG:''9'5`P6&MA\[';*O&RA4O(6B.F94(H]S%(:FGQ#21E6ZQ.2^W?;;][*\O+N_Y0 MW3F0I;W*.SO977U:`6,A%2+2[ATK%*3IMZ.#_:KTX4&\]T_Z'-G;_CWKG6^5 MN1^3=)LS*[._O'DFJYVD[HJ=O;AZJJ=A-5F@I=EX3IT/61G[0>"D@3)B8NQG M9Z6SVN+F2]VJ1(CR;%L[O%)04\5;;Q8YUD\WDN`J-G-62E!T[!>[DO*&W;[) M/<#W3GY@%O<0ZVU$M2F^W M:G:)52+3$01[S>7WW&]-AMUOM4D:^,Q=I3XS7"MZHX">,/($<.GK>N9Q.Z/DGWGU_P!R M]@9O8.UMN=*[#RW344.\,ALBC:+-KNU.R^R<%64>0Q2YK=FTLW!CJ;4\LK8R M)82L:BJ9I&H+5+'D[:-XV"%+F]N+VZ%V"FL((9(A%`XH="R(9&44[Z-GMPIO M+H;Y[C\P;!S3>26%C:[;:G;0DAC_`+>&4W-S'D!KB&;0D1SI[0!GH%=S[LKU MZT^7NYMS]H;NQ_;G5E5#CNBB,]E\%G:;%4'6^U\ATMEMO[/%9!#N&J[>W;-, MU:AD4B#Q(>V]K:IO.PV]M;6\G+UW;++=&@(\1YI5N(Y32J&VC" M::Z=`*MY]!'>=UW!>4>:MRO[JXCYRVRYDBVU0["=X(TB-@R1BA:2]DU>*:$R M*'&*$]3JQ>YLC6R=I[7V)U#O'KX;GK\W@>INY=T;`3>V#W^, M%+D:V#:.)C;&YFGR,D<4$,BP0EKM:Z>UV_9+OE=+:2%8[JPGEN$G("M=V_B% M/!U$?J,G88P,]QITYNN]\P[5[AW!@NI'V_=K:*QEME=G3;]P>&&Y%T14^##X M0NEEZL?E:VMD>DR^%Q=1&JQS&GGACCA5-85C/=K.PCWSF>\WJ]>^24_6&W:X*PW"1M) M-^/PW\-U%*EE6F>AOVA/D^G^]^E]L=W=SMF\MLWX=[^SN_LYFMZY/&;?R^X] MO;\V?2Q;FR>&K\G34>2K,7MW*UL$5=5TK5DU.K3/^X+J3[S;V>^\KWM_RW9> M#)<\P*ENBH-:1/!(1$ND?`'TG2,`TSG(LV>\FY.]P]NV3G;>XYFL.3/$N9)9 M0@DGBNE5[AT9JF3P00SD5D4%O/`85G8&&S?R*[GS(W\D/46.R?QHWO7;AE[D MW9MG*;'VQN/KK/[L>NV-LT5\=+D8-Y;EI,/39#'E+SP5C)]G(9+J8/M@MN7- MK\"UKOKV]_'I$`D6>1+@Q_J4_%!"6:-LZ6536@'12O,-G>>X>]QW-]"O+$6X M[6Z2F\$$D$4UD)=,,;,-*W$]!(M>Y6<:>-'BNS&VMM?*08')]F;KK/CYO_M& MCI\3N*3L#/G$8#Y,;>V[4RU/04>XTW3Y8NN2FI(*3D`9-[?<-ML?=`V) MW&27D'=+]O`G,Y=$W9!2;:TD4Z5M%3]58^#W&JW!JI'3E#C<3G=H_.+<GNU^YZG;%/0=I[FIJ'%)3=%[>EVYC)UBW!KI<-@MQYFNK:&C5HJ9=]]C MO[@WFT[CNT=LJSLBKHLHOIT4UPL4YPMRY MG.XD=+[DW-M?>':V[:_86_*'?^V-N=?;GPTM//F:JBBDI\SG(]P1-IE\5?23 M6"K-(`[LL6V[WS1NG)VY016\>F[C66-`);=H7>XC8$$&KI'X`X$K(H'SKS9X M_*_)>S^Y6QWDT]P)[(S6TUPSVMR+U([9HZDTTPRO]4&&%:.1IQ*5,G81W1GVW`=Q+6PY_^/KF7S+9),5_&8%;[!:I:7^'`T?\` MF&8&-CO$AWP;JUM#X0:@ATC3IH5(*T^+2>-*Z\\>IW7E@+RHW+BW<_C-'4W6 MHZR]0X8&OPAA\-::.VOGT8+V3]#'KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][] MU[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO M>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U M[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO> M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[ MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[I.;F7;!QD MAW>^`&%\M/Y1N7^'_P`+^X\@^U\G\4/VAE\H_;OSJ^G/M^W,_B4M=?C_`-"N MJGGPSTAOQ8&#_=F8?I/$4_JZ=-0<#NQ4GA\^D=E8^G_NYQG)NM%R/@I#4')_ MW5-<*7PP_9";[_7/]L8-'B#771IT\6]JHCNY53!]1X&=`77II^*E,?:1^?2" MZ'+1NF%Y]#]<$CKJ,7B>'7]'7J[B*_`3@GX<].+Q=:#;*&>78[;.\R>(S';_ M`/=?S^<>,1IZ&>N;)UN=LRD2;$&T#*@?5_`?[K MK4>9=)=01BC/Y].F_JUV_-O=HOKQ.HC\7Q>=.N&&BZY&2_W"2[%;--CH67^$?P(9)<)X8O`$^S?[O^ M%_;Z-`_S&C386M[:D2Z:WT-XXMO$:AJU/%U5:AX:M7$<:\>O6Z[$)G*?2FY\ M):Z3'7P@OZ=:`'P]/"O:1PQU@W+%U:N%Q9WG+U\=M,T'\%&ZCMYL&'$#&G_A M'\6;^'JQI"VCP\^/Z>GWJV2^34ENTY<.=9%2Q:N=1'GJ\CP-?/J\QV;P8EG% MG]/X3:-6BFDC.@DT\,+Y#%/.G2ZHTH/M:?[!J3[$4\7VHHS$:3[;QIX#`8B8 MO!X0->Z?IQ[;EUEB)=7B5R3QK7_#7I=!]*+5%MM'TOAC1III\,?#2F-%/3 M!'23>/KS[V@62397\6.-JOX4TAP?\1_A=J@UAQYNM5_#@OF\OBM%;7J_M>WI M!=&-_&\;P#*-=2U->*5KC5PI7/#I'%^Z#(AM_I!+X9TZ=%=.:Z*?Z'QJ`*<> MDHT72(@IB\_4)I;U/V?E3:'V_P"L?>_:AI#$"'MY='YMJY]K*;UJ?5]9XNM= M?QUU_P"AUQQ_AKD^716HY3$48@_=O@:7\/,)&BOZVF@I2M==,?Q=.V3CZC5= MI_Q^3K4EI!_<0Y8[:T^8^(Q_W0%.&SQZ5/_5HA/JOH/[`!,Q#]"O;IK0:-5,J--:4S3K+N).I1DJC^]K]< M?Q@T\?G_`+R?W:.2%+8^'S_Q0FK-/I_3J]-OI[W;#=0E;3ZGP=?X=>G53RT^ M=/Y=6O#RZ;J3ZWZ#]Y>$NOQ/#U^'7LU@]VCTKBO#H0J(4JTE,*$TYH_!%]J: M0H:7[P.MM5==36O&OSZ.(='A+X6GP](II^&G MEIIBGI3HNOQ$P=5MWXR=,X*MK,+656,V91TT]9M[.8K&FK3@Y-E?8C*4_WXQ)PHI/XT M:B#[45PHF$+93[SQ>+R?O"33IYM[6O\`7@TN/',A3&K571GA4?#Q^7'HFA'+ MXLRL'T?T'CC5I\/3XVKLR,"752GXB:4SUPIXNN%WC.()-D'L'[9#/XFPAWE] MB($XG(9LY]H:;3];)X[?CW247S6X!,XMP/GIIJ^P"E>/SZNHV47S/']+^]6E M[_@U^+H\A74'\/CYZ<\.I]&NQO[S5OV#;3.[]+'(?9G#_P!Y?&(X/(*[P?[E M#&4\=_)QITWXM[:F2Y,"-.9?I*]@)/AU_HUQ^SSZ=A.V_7R>!]-^\:#7IT^- M3^G3N^RN.H&[X^MONL(=]R;(^Z.1C_NTN[S@O.,N"F@X+^,$2_Q(^FWV_P"Y M]/\`#V[;#<`K-9^-X9^/1JTTSQ`P#]OSZ:OAL32(FY_2^.*%2Y0.>%`"V2.' M#Y==YB/K;^\V$_O!)LK^^=B-N?QEL#_>?29'/^X7[[_W@^AO_C[W;B_ M2$B#QC;9_B(_I9'EPK7Y5ZI<_N$WXDN_H_W@`HHWAZOZ%0>ZO'0?MIY]>$>P M?XIF_'-LD94*QW&%&$_BGB\4FL9Q@WW9C\.N_P!QQIO^+^ZR)=-;J)#6#[C^">*ZBN\_CU_;VDUZ+\Z?;LPW8F83FX#8\:NNO#M\2O MRX:ORZI;GEL1VHM!8^'W?2Z?#I_3\&G'/Q:/SZZW3#U4U;=1$HM1-X6OM*:Z>)\J&FJE.&>MW<>R M":7ZTVQNFBJ_B%-0A!X'5D1:N->WCY]-TU/TY_$'%75=7_Q/S4MS*-IC)&I( MB-&)#,7J/*`8Q#]&MIT_CW=?WL-'A_5?CT?'_P`W--*5\]=,#->DBIRQK85L M-8*5H8M1)H4UXJ:&GA_+AU*:'I]:*,5,W6K4/\6FT&<[6-)_'K1B81Z_V1EA M9=9'[YXO[3Z-V;6`UR#X)K377P/.O]#U)[>G7'+P`,_T/==U&KPZ"[_H5.)O M4#]2O4J-.J/M,X89.N_X<'7^\GB_NV*/RF9Q'_'0A%,SBKU:?N03Y+V]7MP_ MO;7%7ZCQB/T_CK3_`(5Y@?Z6O3M.73#,W^)?2"5O$H8PGB?Z)XN=)?AJU=P\ M^L]8G5W]W*`U[[!_NEY4&.-8=O?W;-0&ETFA64C%">_DMXQJOJ_Q]TA-^+J0 M0^-]=G7IU>)PSJIW?;7J]V=@.VQ_7"S_`'-K31K\/P==?TM!;LK7X`,D_#GI M;?[COX;_`,H7\)^R_P";'\._AW@_\YOLOMO^G?C_`,/:/NU>>NOYU_SUZ-L: )?*E/R_XKK__9 ` end GRAPHIC 8 tfooter2.jpg GRAPHIC begin 644 tfooter2.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`+`(2`P$1``(1`0,1`?_$`:(````&`@,!```````` M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+ M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7 M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8 MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R'EZ>W MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN]?X3MQG^21A(.S-V;B^55!\0_DE MU+M7<>P"VIMCIW)[MVK7KMJ7-[[&X* M'%8["0Y7-9#'YI8Z&:FJ*C)5."QM-%5F,-%Y%ETW'!/NJ>72`WGVW\@\%530 M;;^/<^YX(=Q5E)354>YJ2%LG@Z%=QS>;P>(1XFIR4>-HUIII9981]R?(HD,< M+^Z\*=0:'O+O[(SM!!\8,O3*E7G:*2LR6\HZ"DCEQ,&W6I7B%3MR*KK*7)SY M.K\4Z1+`Z4GH=WUHGNO4'KUS@[E^14M3D8%^-E0T2Y1XL;5U&\*?'HN-.XJC M$EJJ%\=5_=55%C*;[QWC>*&H$R"#5&#,?=>QTI-R=G]XX6#'SX?HD;L238>+ MS>0-'NY<141;RJX('K]MP4%;A:B?[''R2M>9F-0PC*B$M8'W7J=)7(]T?(^B M;(S1_&6>MCIO[ZC'8ZCWO2S565CP^+3(;7J'R+8J&CQ;9BHBDIY86BFY%JL=L^#%_?#;N4SE M3!0T;5T69CITF>&$Q%`_B61I66_NO=&%]^ZUTTY[.8G;&#S.Y<_70XO!;>Q6 M1SF:R=3K^WQV)Q-'-7Y&NG\:NXAI*.G>1[`G2IL#[]U[I)["[8ZW[0PAW%L# M>>"W/AUR.0P\M5CZQ5>FRV*AAJ6.6WCD1F M]UZE.G6+?FSY:C,TXW#CHOX!%CYLK5U,K4F+IXLG1U>0HWBS%4D.*K`U%0RR MOX)I#"B$R:.+^Z]3IRH=R[Z]3J?F=U;?P% M%39#*Y.&"DJ\GCOV[C-LYO)_P>I^\HC@]Y8O^,[8S>-RD:'% MYO"YG'7>*KHIJBGNK(7#J5'NMT/76U>W>L]\9'/XO:.]L!N&IVSBL%GH1U$WAW5U5U_ MN3:FT=Z[XP>V=P;W\(VK19::6EBS)JX\=00B29#-6 MU]-`FJ2>)7]UZAZ[W-W1UCL^OW'B]Q;LHZ#(;3Z]R/:F=I%I,G6RTVP<1-E* M?*Y^F%!0U0RB8Z7#5`GIZ7SU<>@%H@'C+>ZU3I3[8WMM?>5$F1VWEHLC1S5% M;2T\I@JZ(U%M8TN;^_=>ITG=E]Q]8=B5.5 MI=E;TPVX9JHI*BGFDH M9U1R8W`]UNA'2V_CV#T32?QG%>.G3R3R?Q&CT0)K,>N9O-IB3R#3=K#5Q]?? MNM=9I&KI M*AG2GJ:>=X[^1(9HY62TDD)UJC,5M-"Z\_VE(^H/OW7NI'OW7NO>_=>Z][]U M[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO> M_=>Z][]U[I%=DTN1KNNM_4.'KQ^X M8NIL>_\`-?)'K_.;A@V7MW=E7LK#[NRNQ.MJ;`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`NXL!GZ??$O\"WIV5O/:S; MMVGC]I4FR\1BMX9K"08U\IC'IJ[?N_8<;B8\9D5:I.(FR(:Q@D]^ZT//TZ(] MB=M]W4FW)-LIB.[=R46!Z\R\74._L?U_W-UAN+/?*O(8GK]<-G^S=J9;=FXZ MNAP^V*NAJ@ZWC_5Z=&\^4N0RF^]C]9;TZ^C[*W## M0Y?=&1H=M[6VYVA!B]WY6@QM708W&YK)]>9#$[YZ[S#C96QW]X8G6M?PY"I:01Q>ZW1>C&]D=@=I;$[-^ M0T&!P7;62FW!MGH5.K:W";`WENW9^/E;([CQ7866H\I1;3W;M?%SX"BJXZS) MP_;5=>\,:/%0ULGB@D]UH`>=.BX;4[4^>U+B=Q9W<'7VXL,N]!U'D%RT>SMR MYK(8/+56Q^B\7VW7#9;[8W!E-GXG;L39"?$TE-A\G]_E9%QT8KXL@T?DTO[K0IP'04;7[2^36Q]];9VWGYLHD7:_8^+PS M;:W3@(J6#K3:."ZUVAV#NO>VT9,E*,EN/;*878V[,370+/724.Y,MC))/&LX M27W7J"G0\][;RW9+5;5WYLBA[1R^RM\?&#O;#X%=C[6WIEJM.RM[#J'.=2SY MG;V#Q\V4VWE*C&8_+1TF1KX*:'&S-)%//3M*`_NO"GGZ]%4W-NKYF[?P65ZO MPM+V]N3(5%-VEA,SFJW8.7J8D@RVP]\0;:&R=Z8;:OCG?:F8Q6*FI:^3,8]7 MER$4WZ3Y$9/H67:F1J]PY;<.%[YVKA6WC6=>[XR%% MF>LJ7;>+W'69W?'7?2%?@M];NVPV>JI\08<#543_`'4=-/5RM3T];Y?=:%*] M`5@\7\M/+UZ:NP\?\`)#-=PR;AQN([EDV+ M7S]9T>XL'A=L=U8GL&LZ?;JGK^K[)J\;N=JVEZWI=M5-9'EZ8;1@H(.Q!NQY M*J&K"%:0:KUX::=&-R*]IT?Q9W[25>T>S5PN,W[79?I<8FI[1RW=3;-@[Q>N MV+BT<[N*H?>5+EVFS>W,)EJZEV)A<>,1/NJGVU M$]08H5AE@DFEDCD]PZV/+H(OC1M7OS;GR@P[[ERO:FZMAQX#.8"JS6ZMK=M[ M>KZO%8_K#K2#;6[-UY[>E7-UWD=I9KCJLCC*^@HLK6X.KK*2:FI\SCHL?/D,7+,A1:ZBBRU%DL M9)5TQ.J,5%//#K`UQNMU/NO=5S47\H_X*UWV[>[,GCCCI'EQM/@=L;RRU9UWM?'XN1]5)2XO#4=+2D7AC0WO[JVMJ4&!T$ MV_\`M3NC:G\R_';>P66[$R?36,HNA,7G>O\`!UN;&W*7$;VV%\FJ3>&[UP=7 MBJC9D^TMD9G#;4R>XZF*II,GC?#0"%RM7+35?NM5Q3I+XWY,?(:M/S4CWG#V M)@MK=S_&[LSY$_"K,4.&DBK]H8WK[;&=V#D-E8J?!TTM?B-X5]+C]J[UH,=D MBF6FR.?R<<431T92/W6N@VE[^[QE^`W8M9O;/=R;&^7N.3XNY7<,,60[`DVW M+L'<&_\`JC#TF].D]P8K%??979.Z.OZJO?==3'"=R8_-MEH\I#3M3TRK[K=> MEG\L.Q.[J3-?&^+I+=G<53@3\>.V-[[IRW4.[=][VJ**78W=7QKT[\HL5NG" M?<]_YK`]>U&[GH=LY;P5NZ,::P4_W$\4(/NO5Z.K\ZLW79OX1]T=M]3[T[&Q M&Y=M])[[W]U1FNK-P;NV_FLAN>79N0;9\JXK;C4^2W'(!G4`>Z\#3I,Y+);HV7\J?@UL;;&].S\EUINWJ?Y5[AWK%G=R[MW;CLWF(Z3 MIG,;`DWAN#-RY":6HQO\7S?\%CK:A76/S)"&6$"/W7J]%`Q7R2WW6_RXL#G( M^R^SYN[]G_(#JJE[)R_VV]1V#A]D9GYTTF`S%-G6.*7*'"5/2M'6I,`C!<`A MJ#IATS>_=>KFO1E]W;LWSG?E]TK@^O>TM[Y+X^?*G9N9WMG6H9]T4Z]?[@^, M.9P>0I:/8.;^VAAVOMKY%T>ZHZ/,4TKPBMI=N32T))K:F0>Z]7JSKW[K725W MWM:'?.R=X;)J:ZIQE-O#:^?VM4Y*C2GDK,?3[@Q57B9ZVDCJXIJ5ZJEBJR\8 ME1XRZC4I%P?=>ZKDK?Y8^S\1L9-L[&[%W+]YMO8_8NU^O*;><&.R^"VUDNQ, M;1'(YQGHZ*FS51D:?IVR_Y;NWZ7![ M-IM\]A9.IR.V/X+%4T6S,-@-H(ZZ^)#Y;(Y[;VYV@SU1-`E-D MZG741TE*_@%/[K6H]*O:_P#+FZGVU5[=JY\]D]Q+M_*]3904V?P&TZRDK(NI MME878^.P(I#B!0XS;F3H]OTU::6DAA%'DVGJ*=D\NA/=>+$].76G\O\`Z_ZL MW!UMN+;F^-W5%1UU6X6M5,Q1[:RDFX9MN4&X\/BJ_(5]7B9-??NO:CU,_X;^ZBI]\;S[!Q>=WK0YK>V]<'OBKQU1D< M=EMLX/)X?N'"=TU$6U\!7XR2BP:9G<.*J*6IDB`F>@RE6FK4Z,GNO:CU+Z8^ M"VQ.D]][*WUM[=69KJC8W76'ZNQN,J_=:+$]!M1_P`LWK:AQF-Q5)V%NZBI\/L/;W7N.DQ> M"V5AJS^[VTJ4P8"BR%5B<%1R9*@,\4$^1I'TTN3EC=ID!E<^_=;U'HP&5^)G M6FX\MU75YWP9G"]/=4[FZJVKM6JQ6&GPE&FY)MDRG=<,(YBDR- M+'4T.0HMO138U8I,G*U7#"5CRJ$PU8EB9U;W6]1Z%[JOX7[,ZJ[&@[(H=V9_ M<&1B&?TX[<&)VK4T-!)G)]P3O4;;GCPJ9':E3(-V9"*NDH)H7RD#PI4ZQ3I? MW6M5>DTOP2V?4;2ZRV)6]H=@Y':G35*FU^O<M=WT-1G)*[ M8<50F^-G[.DP%5A]M;YZ#W+E9LR=6\PTR^GW M7M1Z=&_E@=9C'[BPP[,["K,/GL#M';D='GZ+9>X'Q>/V5LK=FR,')2S5VW`L MN0I*+>59-'4RQM/'(L"J^B$`^Z]J/1J_C]T/2],'LC)3-CILYV-OG(;FJOX4 M9VQN*Q>D1T6*Q@JJ:FGITR^6DR&X\C$!X5S^X,B8?V3';W6B:]&+]^ZUU[W[ MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=) M7>>^=F]<[?J]V;^W3@=F;8Q[1+7[AW-E:/"X6A\[B.(UF2R$T%)3([FVIW4? MU/OW7ND-0?(;HK*Y"+%8WM[KFNR4^/HLM'04N[\%+5'%Y*.";'9%H5K=4='7 MPU43PR-994E0K<,M_=>Z&/W[KW0+2?([H"*GR57-W1U?#2X;FT<]4;GI,)N;!9> MIV5DSA=X08W*T-;+M?,KC:+,MB<^E//(V)R*XC(T]489]#B"9'MI92?=>Z0& M/^1/0V5CVU-C>XNMJZ'>67?`;2FI]Y8&2+Z]TH\#VUU=NG#[FW!MOL396=P.S)ZZFW=FL5N?#5N)VS-C(#5Y M!Z9,;W_`-'YF;;-/BNW.NJ^HWG1Y2OV MI!3;QP,DVX*/"/61Y>HQD0K]=1'C9<=4I-8?MO33*>8G"^Z]UUB^_P#H_-G: M(P_;?764;?\`7Y'%;'2AWA@*E]V9+$2PT^3H,!'%7L^2K*&HJ(HI(XP7666- M+:I$#>Z]T+I`-B0"5-U)'(-BMQ?Z'22/]8^_=>Z"_<7=_3NT<[E=L;H[0V%M M[<6"P=5N?.87,[KPF-R6$VW0XNLS=9G\S2UE;#)B\/2X;'3U;U,XCB6GA>0M MH4GW[KW3_3]B;%JZZFQ=+N_;=1DJW(TN'HZ"'-XR6MJ\K6[:?>='CJ:E2J:> M>LJ]H1ME(HT4M)CU-0MX@6]^Z]UUOGL78766)ASW8F\ML[(PM16Q8VGRFZZJTXO;%'F\I18VHSN01J=&H<135$LZI4FECP%14 M/D1''DG@II9!&3?Q12/^F-RONO=*'=?;O5VQM_90+?5)Z1<\>_=>ZQ8;N7J7<6!Q>Z<%V7L M7+;YZ39.&S=!NK"U.,RN\XJ^ID58*-":B;6I16#` MGW7NE?B-R[>W!4YVCP60I*^7`YY*"@RLF%RZ4LLK8[+1 MXS*4U0U/-HF6&HCZ<)*&AEJH:^:CI):ZG@J:6GK)*>%ZJ"EJVA>K MIH:AD,T4%4U-&9$4A7,:E@=(M[KW4K@"PL`!;^@``_W@`>_=>Z[N/Z_U_P!X M^O\`MO?NO=,-'NG;F07`M19S$U0W30RY3;7V^0I)OX_C((*>JFR6'\4S_P`2 MH(Z:LAD,L.M`DR,39@3[KW3]>WUX^@_V_`_VY]^Z]UZ__%/]O[]U[KU_^*>_ M=>ZZ)`N20`!_=>Z[]^Z]U[W[KW7O?NO=>]^Z]T1KN;Y2;]Z[WM MVYL_9W76'W_E>OZ'XIU>VMN?WE&V\UO:L^0'9?86S,]@*7)Y%'PF-S.,Q.R! M)AO.8Z:LR-2D-5+3PDSK[KW2?P_ROW_OFGZ!W#L?&;/H=K]Y=]]C],PTN^=O M;YP6\,!!L+#=R9^6MR>`KJW$5N.W'3#J9L5D,=401FFR,\CJ[Q1*DONO=!'N M_P"??9N!Z;W!V7C=C;,RN;H/DGVWTEC=LP?Q[)&3"=8U/>T%-G*N';F8S6X$ MJ,XO3T4D\C4%/]C!55,RTU5#3(\_NO=#`/FE6CNR#K*HVACDV1N+?FV-N["[ MGQ&9GW/U_N?&S](8_N/?6+R.7Q5+'1;2W=M_$5R9#$O6R#%Y_!^2:FF-335% M,GNO=(7%_.+L'>N)VG/M?9NTMGYW,?)[%=#Y?;78"[DJ,K!L_L;$UF^NF.TZ M*&AGP50E%O'K-J*LEI9(R@R$M3313D4C,_NO=/%?\U=W/E,MMBFQ?7.ULE!N MSYA8/#[LWMD,Y%LBLD^+^X-O8/#;1JZBDFI)X=[]@TF>ERA592M)C<36RPP5 M9B*CW7NHVT_GANK-;RV+MK=?362V!BNRZCX^4&V]PY&LR&9@P>[^U.M]L=F[ M\ZG[%@I,=15&Q-\[1V]N)IL/5UB#%YL457"6@JZ<4\_NO=9<#\^6S-1B8IH$K>C.P-@[M["ZK[SQU15P8Z!*;?N(VWXH(W9Z2.IA MJHQ+(8@6]U[JR5'21$DC97215='4@JR,`RLI'!5@;CW[KW28WQ-NZGV=N>;8 M./Q64WNF"RAVE09W(28K"5.XC1RC$)E\C%0Y.:CQOWQ0S.E/,XC!LC'CW[KW M5:6V>B?G[LC:(V!M[MS$5>*V;CNQ,?L#=.4WD9MP;F&>W/4;EPE1V7%GM@[Q MKIJNGP&=GP&-DI,D[8>?%4F1D^]6>:D7W7NE-GNJOY@1QVY!MSM_'FI^WIH] MO0Y?=6`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`HZOY5=B]W=;[LPNV=I9O&8;'8W&MOS*TF1RN(&V^N\3NF M@H,3'M#(8C;.ZZ\/'MB>LZ6CR.:V9G\%09R''[>J*%^TZBCQ^4ZCJZ)*O<.-K*NG,>K35U% M-'4(]&)1'#[KW0^?$KJWN?KB'M?(]XY'"YK>/8.\-L[HK<[A,^RMQY2GQZ[4VI!M?&97.[5FJZ#&JE4U'15$4,E1))&S'W7NC?\`OW7NO>_= M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW MOW7NO>_=>Z][]U[H..X=HY+?W4O:.Q<-)1PYC>?7>]=IXJ;(22Q4$.1W'MO) M8BBEK98(:B:.C2IJU,K)&[!`;*3P?=>Z);OSX_\`>-5O+Y"U>VL7BV:; MKK)X`97M_+83;5%EMA;7ZOHI:7(=?)U]F*:DSN7RO7;TXSD5=.R4-3$&ICXF M5O=>Z/SM>MW)DSO@S\C-G93*Y\0]?[JJI^N-U=1G`;U[-SV=V[''OO'[ MNH,KNSKZ+_1S3GK+K/;3[B_W';&2*N"T=;6PK71N%DJO=>Z.%UWT3VW@JWN_ M#UV4PVV]O;JS76QV[FW6V:VWM^M^0_8F^CU] M0=:R;+DJ<9G\ING8U37]N=>[RK]LS9$;;JGQ]/15WA8%3+(U-[KW0K;2Z;^0 M=+LGL?/93:_5N-[5S^.%"=@U&:Q>Y^E-\8;`[?R6,ZUZT:`];8C(;`ZRZWJL MA(]/%3TU7DZ"[XQG5N$CW'LW9E1EJ;(8G;>*DP])!4U$R2-)'3Q+ M-[KW3W/\7^\]Q[][%WME\#UCMJ+O_.]+2[QQ>(WAE5Z7P]=MG-;HW(-OG$(:GRP M28FND67]/C;W7NDGTC\3^X>N>XNM.S]V9C8NYAUKUM_LMZ(GW(R6YNK\+'EZ MO;?<]=*N(HZ/']OEX,9AI,?&C4E/A)\DD56WFCB'NO="M\TNB-^]Z[8V%C]B M2^.HVMN7<63R*XW?U?U7NMJ?<'7^Z]DQG!;_`*#:V\I,=0`[E9/R#3XIO=>Z+C0_$OY!8/IC+=9IA^H\UF=I].=F=:;/S6-W-E=K8WL'+=Q=G M[/[&RV6RF+.RLH>N<)L5=NRTU+1QMF6K))=2M3H`/?NO=&#[RZ3[BWWD\#N' M;F62OW+`-RP;5S4G9&X^L9.BIMSILZ<5U!1[!P+4W=>'QM?M@RS8_/&):IEC MB_S,TWC]U[H"-P_''Y(9;Z,YV-\?]R]G M0X'9F^,]3;QZOQE-V3FLGA*A:/:M?E,QG=MR[.Z[V'4/=>Z*A1_![O_`#.2A[`SO;^.H=W?Z:>MNQU-N_>^(W7C,U2;<.W\UE*P==[+V]NK<6[_`/_56^MM[&R\>!WU6X"JJ=BYBH MK*Z@H*#>^):/,;0GR]3C%DK_`.`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`K(*I MF2,,U2$=AK/JL2+\^_=>ZYQ8^@@B>""AHX8)`!)#%30QQ2`1B(!XT0(P$0"\ MC](M]/?NO==F@H2XD-%2%U:!E=D4*AF.G]THJ@#5>P'OW7NHL^'Q-4@BJ<7CJB,)!$(YZ*FF01TVO M[:,))$RA*?R-H'T34;6O[]U[IQ]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=> M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>] M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO==$V%_Z>]$D< M!7KW6(S*%U?CCF]E-_Z-:Q^ONH;N"O1:G&0<`\$_C\_X? MCDGW:M:T!_9U[B:#RX_+TZZ,H#!=)]5]/XNPN2OT_`'OP^&IXU\L]>_(_P"0 M?G7KRRAOQ^2..>1]03:PL>/?M2UH*X^1I^WK=/7!I7.#^SKH2@VL+W%Q;\C^ MHX%QS[TSHH!)X^N.M-V@FC8^779E`_LGZ7_WB_J^NGC\GWX'S(.GUX]5JQ%0 M,TJ`2`3\J?+KOR#^AYO:W/`_/T]U+T;3C]O^QU<@X_V/\_7C)8J+6#$`$\;/[D MW9@7QQI/$$CCI4VTLHDUDN9BND:;GQ-!4]>Z7YE`(XN""U^?TBUS]/H+^]`@ MTI6IZ\*^AX^6?^*ZZ$U[>AO5:W!YX!XXY'/X]U5PQP04I4$&M1]G6B2.(;]G M^'./SZ\TP4@%2+W//!L/Z`C_`!]N+1Q45_81ULDC@&)^0K_.M.NQ)?C2=5KV M_P!B1]?S]/==2\?=J"I%>'RZH M&JNHAA\J9Z]Y@`2586-C<6`/]"2./=&8*1D4^>/\G6P23@-3\O\`!7KH3*6* M:6U@7*VYM>U[?6U_S[T6H1PH:\>/[.M`DY"MIKQI0']IZY^0?2Q^MOS];7M] M/Z>Z>*?Z/[?]CJ]#Z'^7^?KPD!_#'_6!_P"*6][64$Y*_MK_`).M&H\C_+_/ MU[R?C2?S_7Z"UR>/\?>_$%:8I\LG]E.O&H%0/\&/MSUD]N=>KU[W[KW7O?NO M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO= M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[ MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=> M]^Z]U[W[KW11/EJ.UL]M.DV3U!%GZ#=%2F0WTFZ*&/-4^)HZGKA8-S;1=0PY,?9K?^VL;9RF)QNJAKM72JJ[VH$D5JSCRN)5",G!TU* M<'HOKXWL/>>^]U[TVML'MG8F^]S[V^-^Z-LU^:H-Q8#;VW<)2XW;7^F?#;CE MK:J/`SX6##PY"BKL>J2/7UIC:G5Y-,Z'IGV.SV^VM[V6UGLX;*_2;PU4RO(9 M)3:LC?%JJ(BK\5CJ":5!`RPYV-_<[IM,\)D5TACA6"#ZZ&45 MTZ"GC1NF0TQ4_$*AAQ&PNQ?L*W^[>SNU,%3BO^7([*ILM'N>CI-V[*S]9OU^ MD\3AL;D:N6HSFY8LI4X:?$38]$FQV/AGB>2(2+$RV6_V!+HQ2&T8,NTF%D"% M8YHUMQ>M(0!^FT8F21#VO*1(02*]%%AL_.LMB?I8=SA`7F`7(E,FJ6&:2=ML M2*K'5,CF)H9``\40,0.D@=,67ZT[7DP=%6;-VQV951OT+T+LKLWKC-'=.$Q^ MYYG.0BW/N7;.2KJNGCH^WNLLJ:.KJFBE1\IC#4T\C22^%X[Q[KRV;B>WOI;- M(1N-[-:SHB'04KX<$BTJUM<*-,>H%89%1U`0R`[N-DYN-I!>[=#N#ZMIVV"^ MLW:2,2%@IFN8')Q>VS=TP6C3Q,ZLVL(0-NU\!O\`Q_:N&&=V%NK+[L3Y$=E5 MU1ON>OW12[9PW2TN&W2W7,^+RE`M3M3+;F5K1HPK&-X?I_#A$$@HDY,H&H$GAV3L'?NU>V-^Y[ M![0W+NW8NY=GT61V32['I\-0U4V0&W]S5F0Q&?JXJ=5 MI5BH,@71C-9O65SM%[L5I!=RPP[G&\EHXT*I-LY\@K*E9(4)[Z>&H-`* M5W7:.9-NYJW*:TMKBYV2XAAOH#KD?PK]%-M]/H5@3"Y\&[EB'Z=%F&DZZ=(' M`XSM_"0]1[/W]M_LO==3TQ\HLC7U.],3C-Z[BI]U]3YOK_?&X\9EZK)BAQ]= MN.EP&[MQTN'GCEI0HJ,=`ZQ%+/[-;NXV.]:\W';Y+*`7^RH1&="^#=B>.)UC M7(1F2/Q001VR/6F:DFWV_-MB^U;7O5ON5U)LV_SZKB,2R?463VDTD)=B:RJD MDJQY_'$AXTHO*7!9K=78O8E7F>MNRL?2=K;K^-^^MJQY2BS4&/P>'VJN)._* M#<60Q^3?#;/R>/.*JS7XV6:%Z[[A45*@R,`77DUA#L]G#9SV?U-K;WL,Q4*2 MTCO*86&`9!1TT2?@"FE-(Z$$5C?[CS1N$UW9;@MEN&X;3/!K#JL<"QQ&X1A6 MD)K%)XT7XRZAJZ^N/Q?V[NS;W9F[)]R;,WK009;>W>";9K\GMK=^*I<)M.I[ M3R^]L[L;UW(P)?P03O%(JJSL6JK07`\PP*O!(U? M#=:##8@'F'9N:FYKOMPVM+R?9;F]L(KB%V95B*B,+>VA)IX<;ZDOHE`$L+%E MHXJ8G7G6N],U5]1XK>6`[%BK,?M??C?*[*Y&KW%28KL'<%+5XS([WN2?:(-Q@O5N(K*[&]2:W`N;A'C*!6##Q'><-) M$1\-L?##!#I$[9?6_96$^%&878V&W[@>[]Q[/Q,>X<1FR+18/M17J36;2QPWMMC.8_KSN!/CY6XW?+[CV+)B=V+5Q]ERX'9>.V MCF(]BM,N[J;#KA<;E:5)6C%-%GYS5V!D%5[317G^ZF:VEGM/ZS+/!IDHA#6Q M:=I5\08UK(T-2?BA!'!=/2Z;:TBWV"Z@M=Q/(LMK0O((2R'Z[ERBTDJ,MHEJNZFYMC103 M5HT:WD%*K;-W2)JJJT.!7("EV3W-2"V<+N#;A+RXEE?Z68HDGA23+=0G5^I= MP^"MK)IH[M_CIE]RYFNQV\DKZW>F MQMP9W(;VV-'75&8IL6F8W%CIX*'/FL@KI:W'2LB`R`2(@W#>-FM;.]:&.UGN M)]RW!(U`6D<$JJL,J]M=,;`M#2@!R*`GH3[1RIS'N&^[9->M>6=K:;-L\T\A M\8-+<6[2O<0'O\)C.&2.[$B.[K2AU`$)Z>@WQ-\:=K]:TG6/;\>\L9VG@MW9 M'(5^T=XU5/38C_9E(ZZHHZQ_XIC\SN&DDZOGEGJ*."R_=+VW\G4[)H MZ_#=UXBAQN]\+2]G=>9C?6-7<5#UYA\GD*NOQ^XH\^9,YAT,])6T6V(JC'^6 M):N#Q;VN\VQEO[2^GL5:Z,;V3MX1^GG2`Z#.RQT,30AH)$(T-=M'<,#X;ZG= MXVS=1^ZMQVNPW5C91E=QC"SI]7:27.EQ:H\A_7CGINQ.L MQNJ<7G:S;>&BJJ>.6DHLIB M+36I(" MBO;THWW8=XDV_F6[L[7 M[#H89`JDI*3)O-M<\H22SI`G,,5SX<1"HI:&:,K,S(!WF-XH_ M";BOC2,.A.O*-QM_N+;V]@MZ.4KC;_J)0S22(EU:S`6\:RNY,0G261IX\^)X M$`/XZG[T/_R;_4?J_P!M]?\`'V`=#>OR_/\`B_V.IGJ_H/7_`*%^SK-[=ZOU M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[ MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W M[KW7O?NO=>]^Z]UA?P\ZO\;VU?T-[Z?\/>S73GA3^7^'K6/*O`\*\*_Y_3/7 M'_)M?^Z_)_L-?T_Y*O;_`'CW4<,?#J'[UO5;3S_MO=E_H_ZOM_V>MM6AKJIBO'\O\`4.L+G1?_`!MKM_C_ M`(?7_>?>L5\J]>\SQK7Y_+A\N'#'\^N_VKCZ7TBUK_IN+?3_`!M[WFOSZVU< MUK_/C^7G_.GRZC-]GJ-[ZKF]O-];\_3_`'UO>\YX>5>'IC^7\_GU5J4S6GRK MZ_+Y_P`OEUG3PZ1HOI_'^<_VK_5<_P!?>A3\-/Y=;7X,5TYXUK\^.?L_EUS& MBZV^MFT_JM;C5_A]?>APQ2G6V^/-=7YT_/R_;^700T?]VO\`3_N3Q_QK^^'^ MAW97WVO[3^[O]VO[Z[__`(5]MI_R_P#C7\4^\\^K]GP>+3ZM?OW7C2F>'0N? ML\6_V%M7^-O^)]^2F=%/GP_GU8ZJBO&I_;3_`#>N/SZ\OBL--[ M]-IU"M-7EP_R?S_GU4\!6O#Y_P`_G]N>N1\>GU6T6_M7M:WYO[\--.VE/EP_ MS=:7B*5U?G7_`#_ZL]>&CG_B;_[Q?_'WH:<>OEZ_Y^MM\^'^S_AK^?6%OMO( M+_K]-O\`.6^GIM;T_3W<\#73_*O^?JK<GC\_GUF_:YOIO;F_U MT_XWYM[H--?Z6/\`8I_L=6;X>ZNC/V?YNHC?8<7T?X:-?TO_`,V_]Y_P_P`/ M;@UTS\N/\N/5&I4UK6OS_P!5*/IQ:_P#O/MI] M&K]3XJ'CZ5S7_56GRZV-.K%=5?GZ>7E2G&F/7/7,^+F]K6Y_5;\?7\7][[:# MT_U GRAPHIC 9 theader1.jpg GRAPHIC begin 644 theader1.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`2`!W`P$1``(1`0,1`?_$`:(````&`@,!```````` M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+ M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7 M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8 MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R'EZ>W MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN]^Z]U[W[KW7O?NO=`7U=)(_9_P`E4>21TB[, MV:D2,[,L2-T;U5(R1*Q(C5I'+$"P+$GZD^_=;/`=#I[]UKKWOW7NO>_=>Z][ M]U[KB_Z&_P""M_O1]^Z]T"GQJDDE^/'1LLLCRRR=3=?O))([222.VUL66=W< MEG=B;DDDD^_=;/$]#;[]UKKWOW7NO>_=>Z][]U[HA>:^?6T-O=Y[:^-.6Z3[ MXI.[=W*E7M[:;X3838W*80QY*HEW+2[MC[#?;DF`I:/#5B2.CL9UG%X8C"JQR,S:JCPW4KJ&GH;?D7\C M,'\9MG5'8V]=B=B[BZ_Q5.9]S[HV'C-OYR/::O6T=#229O$5VY)#2**X:2,S45F8(ZQ/'J`7X69 M2WX0>AU[D^Y5C[7[,>9-[V_<[KEZ):SSVB0RBWJRHIEC>>*72Q;XT1U6G>5& M>GOX_=WXGY$]:X;MC;6TMX;6VAN@/5[2?>M/@Z'*;AP8.B#<$&-PN=SKT&/K M)E=84JFAJ'5-?CT,C,EYQY5N.2]\EY>OKFVN-Q@Q-X!D9(W\XRSQQZF44J4! M4$TK4$!?[><]6GN/RS#S;MMG>VFSW1)M_J1$LDT0P)@D4LNE&((4.58@:M.D MJ2-GL+=#GH".K/\`F:/R9_\`$F[+_P#?%=4>_=;/`=#O[]UKHA_^.K>]AOO?F5@P_7-'B=H;9R&+[`JJS,18*A;;6<7>T>-,53DJB%66J M>EGIUF1IXX@PO+?+/L[OG-FP3\S;5N&T_NFTC+W)>:57MPJ&1O%3P"U0H-"@ M96*D(S4/4`(Y9Y"YKMN2]]VG?_W_`'\PCLUCM[=DNV:01)X$OU00AG*@ MARCH&4R*@8=3U^4+[;MYBLTUSQ M6[RK<1KDZO`N(87=:`T*:M5"%!..G[SW^V#ESF.TY:]P=KW?EV?<)`EM<7B6 M[V.N+_H;_`(*W^]'W[KW0)?&? M_LG7HO\`\1)U[_[RN+]^ZV>)^WH8,K6S8W&5^0I\97YF>BI*BJBQ.*^R_B>2 MD@B:1*&@_B5;CG6Y`KI36R)J;@-3JM>+`9Z*3TG\W> MI.\.YNP?C_B\'V)L7MCK7'G)[@VGV5MR@VY6STL552TM8^(-'G,Q'D5HCD*6 M5F4A):>JCFA:6(EQ(G-/M7S%RKRQ9\X3RV5WR]?/ICFMI&D4$@E=>J--.K2P MIQ#*RL%;'4/\C>^O)_/?.NX^WEK!N6W\W;9&7EM[V%(7*JRJQCT2RZM.M&K@ M,CJ\9=*L#;Y/)8_"XW(9C+5D&/Q>)H:O)9*OJI%BI:''T,$E565E3*UEB@IJ M>)G=CPJJ3[CJ"":ZG2VMU+W$CA549+,QHH`\R20!\^IANKJWL;62]O'6.TAC M9W=C151`69F/D%4$D^0'1-NG_G;U1W7U9V;WEM3:O9U!TUU5A-ZYO.]A;DV_ MA<9C,M%L+&OFL_3;8Q4&Y:[ZQ\F;1!J<3S1" M1(2BMK9?W5C8;C]VSF"TW.\CL+-MV75.Z22*M#9$`I$&D.H@*-*FA()%` M>L:_>+=-VV?[YW*>X;)MTVZ[DFPL%MHI8H7DU#=%8B2=DB70I,AULM0I4&I' M0L_S`>[>^\]\-^^\-N+X@;_V+@LGLZ.CRV[\KV=TWF*$V2JL7MK> M&4SE;'%PNBG@=KM?/<._\`9G?[+<>2]QL+"6T59+B2^VV1(E,T=7:."XDE M8>5$4G-30`GHWO\`+I_[(<^,/_B)]O?[U/[C?WH_Z>KOW_2PD_R=3/\`=O\` M^G%/H*C(R@1)-4,L,;,&;;[Q^V5_M]LUY?1;H[1P*RHTSB[V\K&KO1$+FBAG M(52:L0`>L7\S[?NZ>P=A]3[7^0'QV[5Z6Z*Q';VV=W]A]RXRKZ^[1K,!34%! ME\728+%8O9&[MOW3 MFR3;98;>R9;BU60LR.9':>%0XC":A&@).2SHH+=:^]-S!N_,FP;1M/N)RUNV MQ\A0[Q#/>;BCV=\T2B.6-8HTMKAO#,IETF64J%.D+'*QT]7A;,W/MK>VTML[ MOV;EJ7/;2W-@L7G-MYJBD>6ERF$R=%#5XVMA>4++IJ*256LX5U)LP#`CWBIN M=A?;7N,^V[G&T.XP3/'*C8*NK$,IIC!!X8],=9W;)NNU[[L]KO.R3)<;/=6\ M[R%D2M>B86:U\Y/;0[?S?[:P>S6Y!$FO]BFO M;5SQ$ZW]V*?[0I%(`*$H)1PZY@>\R[O[?^]-W]XO93(]MM7-%OMM]$HP;9]I ML#7RIXB23PEF)"R&`BC<;4?F#NV'NGJG!])];;AF-)W[UQNGL+CE(=8'W[FLIAMO4YD1@\.6J74$P-;'_`-MMN;E?F&7FC?(1 MXFSWL5O%%(,-N$LOAHC#S^G19[AJ'#0H#\8ZRR]Y]Z3G?E*WY&Y7N28N8=MG MO)IXCW)M$$`FDD4Y`^KE>VLTU`@K<2L`?#-*^O@E6>?^2O\`)=0%UT77?RY@ M8#Z:WZZS%=8B][6JQ_L/[,>C[T&Q'R:]V@_\`9RB_Y.L?/81UD^Y+S1%Y M1[=OZ_\`9D[?\_="3WIB^XJK^:+T[\C,!\>.Z-Q]/=-[.J^M=T[IQ6TO)+D* MS)4W8E'79S:V%EK(M MK@YEW.Y%S%$\U`JJ;9ECE<*4CD?P6[6;M)4,1W4$//UISG-]ZO9O3=ELS93SQVY+.S+>*TL$98/-$AN5.I5JX1R@;LU'*_F%?WNW]\.^P=B=;=; M=A;\WGW%MS'X#;>WL%MBK%;BS7UN)RE56;O_`(DU!'M6#'XV*3R+5M'+]P!" M$+W`C+V;_=VT>Y5GNV]WUE:;9MLS22R22C2^E70"'3J\4LQ%"E1I[JTXS=]X MH[QO_LUN&Q\J;?=\]7_,6SWUE?;3N%RTL;0RAG4$*2LD9H\9!)`+ M+1J54GR?^[E+N]A[7[7RAS#M>Y;9OVTV:PS)N^)S!#,Z1O('#A,JO9*^Y:VWV\YDVS?]WVZQNM[MS!`DLHUJ5BGCURHH9D0 MO(M*C45!8`BA."/WF-KYTWKW=Y-WSE/8-XW.RY9O%N;IX;=O#<-/:S>'!(^E M)9`D#:J'0K,JE@0P4=/F7O7M#Y.=";O^//2OQQ[GGW9VQ3XC!UNY.T=HIUIL M/8N'CS..RN4S.:SFXZ]),A74L=!H@IL?#5R-(WD4G0%D"?MGM>P\BC?>:?=+D"\]N>2> M6=\.[;LL<;37UM]%:VL8E21Y))9G&MP$HJ1*YJ=0)TA6/+\=>I5Z'Z*ZHZ=_ MB@SKRZQM#%D\ACZ-%R-;3PR$R04M37M(T2,2R1%5)N/<49?#\);V[DE"<2JLW:I/F0M`3YFIZGGVVY0_J#R%M')AE\>3;;&*%I`" M`[JO>R@Y"ERQ4'(6@/0RO^AO^"M_O1]ACH;=`E\9_P#LG7HO_P`1)U[_`.\K MB_?NMGB?MZ&FIG6EIYZETFE2GAEG:.F@EJ:B18D:1D@IH%>:HF<+9$0%G:P` M)/NR(9'"`@$D"I(`SZDX`]2<#IJ6011-*0Q"J31068T%:!14D^@`J3@=5,[$ MVGG/D9C_`)O]&]O]$=M]:[6^16^\_O+KC>.\MH/%AY<5#L/9.UMNY3)U%%55 MG]V=S83.[%ILK3T=<('D22.-2TB2H,B-VW&TY*FY5YKY;W;;KZ_V6TCAN889 MJOJ,\\LBJ"%\6)XYVB9X]0!!8T4J>L0=@V:^]R;;GOD/G'8-XVS:^9=PENK. MYN;8B/0+6V@A=V5F\&>*6TCN$CETZ@RH*LK#KA\&/C_VG\<_BIO3.]]8S=^\ MNV)-LYGK;`[0PU`FZ-Q[?X;V]YN:UDLH;:-/'GAL+>29+:UMU3BLDLLMP#4#PY8R^ MD1=I:_A;UMW]UW\"?E#\3NPOCWVMMCL/>&POD!DNO:V?#T-;M?<\V\^J)L/C M=MG/8_)55%A=Q29RD,,45888ZC[B/QN2'"CCW0WSD_>?=W8/X?+GL!S7[1]^Z]U[W[KW7 MO?NO=`1U9_S-'Y,_^)-V7_[XKJCW[K9X#H=_?NM=>]^Z]U[W[KW7O?NO=<7_ M`$-_P5O]Z/OW7N@2^,__`&3KT7_XB3KW_P!Y7%^_=;/$_;T-_OW6NO>_=>Z] M[]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z"G8>ULU@M]=W9S)4\4.-WKOC;6; MV[,E3#,]7CL;U5L#:]7--#&S24CQYK`U4820!F5`X&E@3[K9Z%;W[K77O?NO M=>]^Z]U[W[KW73"ZL!]2"/\`;CW[KW08=([9S&RNF^J]G[AIXZ3/;7Z]V?@, MU2PU$-7%3Y3$8&@H:^".JIV>"H2*I@90Z$JP%P;>_=;.3T*'OW6NO>_=>Z][ M]U[KWOW7NB[+\M/C>VW<)NS_`$P;07;>Y(^EI<%F)*JIBH\G'\BLD^(Z3>F> M6E0LO8F1C:.@N!^EFD\:J2/=;H>F>O\`FG\7,=%N-Y>X]M54^U-T[ZV/G,9A MZ;.9[/0;TZTWMMSKC>^T:/;N#Q.0SV7W-@M[;NQN/:@HZ:>JFEK(VA22,EQ[ MKVD]-U?\Y_B?C*/=V6K>YL##M[86UML;UWCN]<5NB;8VWMM;SQ6T<[M;(9+? M4&"EV?%)F\+OW#U<-.*XU1IJ^.0QA-17W7M)Z'_&]A[)S&VFVMF;OV[VQ@:K`]@]CX'J+9]364>=PM7F>R=U8`;KVQM*/$9O$X[,4 MF2W%M=TR5":BGABJZ":*HB=HIHG?W6Z'IMQWS7^+&4JC14WTGJ)4_.'XNTU!NC+#LXUV%V5L_#;^W7G<-LGL3/8#!;3W!@L!NC$Y7(9W M";1R&(B-1MG=%!D6I_,:J&@J!421I$KNONO4/2PZU^4?1_;N],AUYL#=F3S& M\L3M;$;UR>$K=B=A;:EH-K;@9TP68JJK=&U,+00P9EX912JTHEJ#3SA%8P3: M/=>H>E%M+OKJ#?>W=_[LVGOK$YG;G5N6W%A-^Y:".OAIMNU^U:%??NO4/0<-\VOB@N!J=T'O38QV]1]8]/=S56 M72LJI**GZN^0&X*C:O3.\Y98Z-M&(["W#224M`3^XTBG6B+S[]U[2WITIZ[Y M3?'O&;DGV?D>U=L46YJ3+;AP5=AJF6LBK,;EMK.Z9FCRBO2!,6T(0O"U08TK M(@9*.OB!<-J"^Z]0]"AMKMCKG>%;M M7&[9W;BLS7;WZ\I>V-J4U(TQDSG7-=-B8*3=M$)(4!Q4\V=HU4L5>\Z^GZV] MUJG2>[`^073G5>\MD;`[!WUC=K[L[%:0;1QN0I)GFE1#[K8!/#J1MGOCJ+>796[>H-L;YQ67[& MV-3356Y=M4\=>LM)#1SXVERWV.1GHXL/G)MNUN9HJ?+1T%14R8BIK:>&M6"6 M>)']UZAI7RZIFQ?\J#NRAZAV9U;1=KXG!MA>I.BTS6=K]T[F[,J&[AZ3Z*[= MZYQ>,V]#V+@LS#M[J_\`OEV9#D:-*$4DN+3'K+14]/.1[U3J^L5KTJH?Y;G= MF&[3[%[>!ZPW:G:>%[4S&[>N3OW?NQ*C%=J[Q^7&,[EPO8O5_9FV=O+GMA;_ M`,?U=A<13TV:C@D>CSNW:2\4L$TD\>^O:AP_U<.A`Q'PA^0.8PG?.R>WY-F; M_B^0,?QNJ]][PC[2W=0[.S!ZOV7\=-K]E8J7HN'95%LW'YC=\G5F:T9VC^WG MJJ6JI8I(:>(&&'W6M0Q3HP_QJ^/W;O47QGWC\6]XU&&W+70[>[K;;_;296ID MQ^Y9^UNU>YZ[:F+S6'J<5'D:;,;?V'7X&HS-4&GBFKZV>.(,L0DE]UHD%J]$ MLV3_`"Y/E+A]A;%PL/8VS]E9#KK-8GMG`8RIWGN;NC(93M_KSKOX\[#V30;E M[%[%V8NXEV9F9.M-P3!Z.-:S:^-K*''8XM3(\<6J=6U+7I6C^65O_(4FZ\'E M]UX*2BWGNK%[U797%M\KZC$X78,&:Q\E%A]H;0W5VSM?=&)Q MU*:.GASO\88KI^V9]]:U#_5^72HZ*^%GR$ZWZF[VZLW8^U,QFNX?C%M7K/\` MOQB>X-]+L:D[!PGQ4ZVZ3R3CIFKVG'@,=%D=\[2K:O\`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`>NHAQ)OC!%,P M]UXD'H[OOW5>JNLU\I>Y]IYCN7=>7AR>2R?6W;N[>O:7XV4NPUQ\]J[LBKIOO:#:TN&SAW-ELD\\V)DH9I:&&.GJ:">0^ZO0=.47R_[^W!D M*,1=2["Z\VW'V9MOK7/9+<&\-X[ASM/6;F^+V1[O:KQRXOK6/;-/08W>E70; M6/1[K6D=`C@OF3\B\)7Y'L7<6`WAOG:V,V]MNDP?4N MVL-B:?.[AE_V3K8O>^5W'N6HEZJQM6V6??NZ,GCZR7&5^-H*=\;X$H/+#+!) M[K9"_P"K[>AZV!\J.W.ROD1TOLNOV:W6FVJK'[NCWO@Q6_WLI]Z&MZTBWCM; M=V`W#3;5&&39%)E**:BI:VFRPEJ,C%54TL+A(W;W6B`!T'=+\H_E!UGB>W^U MMWXW`]J=1XGLGN'K?9&+EQM5MK>]-G>O-S]_U&WZYALS9N3C.S]V;?V?M+"4 M;U=--65N6RCUD+_;RTU/-[K=`<>?4/&?*_OZNW;5[3?'Y:/&GY$;.J\7N^/$ M>;^!]:;D[1ZYV[-U?V%0S;"HZ*BH,MM;?M=68;,T51/7/0X&KGJ'B,%Y?=>H M/Y=&%^-'RJW1V1BA_I#VI)M+';2ZH3+[?JZ?^'1EU2'W6B*=!#US\XNYZBM.T-]=- MZMYY/M'F@ MR&:VM6^9Z)JB&/W[K>D>O3Y0?.SM')T>VJC'?'DY2KW/MC%[EQ>)Q6X]X560 MKI=Q4V?E_NM#'5=8X]*?=W4\V%C7?-'(W^XN.JB:E:JD;P+[K6D=1MM?/[?& MY\OUG3T?2%-%A=[;G_@N;R<^XMXQ3X.@J=[_`!\V90UU%33=9Q09":+_`$\2 MUM2M1-1PI3[5R9CDD4:XO=>TCI%8;^8KVK1;6VM'N7H_&9S?-5\>,CVMN==N M5/8F!V_C^P<7YZB3KGP9W8%?D:2IJ*:@JZ=O$^0GI_>_4W8>4P.2R6UL9 M1;IVOCL!U9B\Q0T-/309J:+-TRQ154M330R>Z]I'5IE-,*FFIZ@(\8G@BF$< @B2Q2()8U<))%-'%-&ZZK%756!X(!X]^ZIUG]^Z]U_]D_ ` end GRAPHIC 10 tlogo.jpg GRAPHIC begin 644 tlogo.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`6@"5`P$1``(1`0,1`?_$`:(````&`@,!```````` M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+ M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7 M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8 MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R'EZ>W MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN]^Z]U[W[KW7O?NO=>]^Z]T6K9T\[?+;O^F:> M9J:'HOXO30T[2NT$,M1O+Y2K42Q0EC''+.M/&'8`%Q&H-](M[K?E^?1E??NM M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW19]^3SI\J_CG3I/,E//U=\DY)Z=99%@ MFD@R/0X@DFA#".5X!,^@L"5UM:US?W6QP/1F/?NM=>]^Z]U[W[KW7O?NO=>] M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]T679G_97OR$_P#$#_%G_P![ M3Y5^_=;\OSZ,U[]UKKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z+%O[_LK'XW?^(K M^3'_`+L>@_?NMCX3T9WW[K77O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UK(_S:.J] ML=.=X?&C']4U>[^O<)W3F\Y3VKDKGWE>TY1:[V[;]\FE%Y#!H*)/&P&UK32PH`!2@``% M```!3KI+;6!`T/T^2AC:I934ECJ))8DEB2234UZUU\3TS MLVG_`)Q_^RW551N_-=%8_'5.[L?UCGM^;RS.UJ3('IU-Y04/V60SE0:C#4.X MI//%22L\055B8-$NCWFC<\S[F_W:?Z[H+:+FQW$+74<$*2E?K3`6U*@H[1]I M<`&I+"C&O7-RSY)V2/[YY]L96NY^08D,Z6,MS<20*W[M^J"T>0DQK,=2HQ*T M`0@H-/6S2JJBJB*%1%"JH%@JJ+*H'X``]X+$DFIX]=1@`H"K@#KE[UUOHLNS M/^RO?D)_X@?XL_\`O:?*OW[K?E^?1FO?NM=('LGK'9?;FV)MG[\QE7E,%-50 M5WAH,[G]MUL%;2K*E-5TF8VSD\1EZ2HIQ.Q5HYUL3?\``]G&Q[]NG+E^-RVB M18[L*5JT<7;V8-1)9H6#`$!ED@ M>.12*FA5AUK>_P`O?IK;/:GS@^5G3W(V=A>P-\[OS5$C8C MM&+:U!D\A2-FXZ;(9"'"PM'>56CU2NX0/I*YM>\?,]]R][5\O\RW@A0]]J9653H)52Y!QF@`K2H/,[[NO)6U\X>^G-O)O.\MYO.P;+]9'; M17=S/(H\*^6W1W'B`.XCJ.X%:L6"@A2!)^=NS=P_RVNVNB.Z?B3NO=^U=I]C M[KJML[OZ*GW/G]P["SE?C9,76"GH=OYK(9(I1[CH*V:G=$]=#4K%)2/$7T@D M]I=SLO>_EW=N5_<6WMKC<+*W$L-^(HX[B-6UBK2(J]T;*K`G$BEED#`5(G]_ M-DW+[LG-NP<[>SUU>6FS[C)X'EBCD>"2WDA9T#-$]KC7&38VXN/>%3J% M-78%6(!(/$5'`_,<.LONO5^BQ;^_[*Q^-W_B*_DQ_P"['H/W[K8^$]&=]^ZU MTR;DVYAMW8'+[8W#1_Q#!YVAGQN5H?N*JD^ZHJE#'/#]S0STU9!K0VU1R(X_ M!'M58WMUMMY'?V3:+N)PR-0&C#@:,"#]A!'2'<]LLMYV^;:MR3Q+"XC*2+5E MU*V"-2E6%?52#Z'K5_[^WO/_`"\OYG.U,]M+=78E3TC+1;.K-X;6SN[]V[JQ M&$VOV!#E,3N3`4\VX,CDFJ8L4N+?,XZ":1Y8G@55;3'QGGR?M2>\WL1<6FY6 M]DO-0:80RQPQ1.\MN4>.0B-5`+ZA#(P`!#$D5;KE7[A\P2?=Q^]+9WNSW>XM MR*4MFN()9YYXXH+L/'-"&E9V8)H:XA5F)#*H!HG6TE1UE)D:.ER%!4PUE#74 MT%915=-(LU/54E5$L]/4P2H2DL,\+AE8$AE((]X"RQ20R-#,I65&*L#@@@T( M(\B#@]=78)X;F%+FW97MY%#*RFH96%58$8((((/F.M:'^8_\B\MW;\[>B_B[ MMS=6ZL%U9L[LG96RMZU6U,YE]O?WDWGN_WEW^YL9YX!+&DGAPPQ.T)*N&`$KJ9#CO M01^0ZY>_>8]S;SG?W^V'VIVN[NH.5+/<[:UNF@D>+QKFXGB2Y`="M3!&RPC) M,M@[_07U/_`*,?]#7]S*#_`$:^+Q?W8^ZRGA_X'?Q/S_Q'[_\`C'WO M\1_?^X^X\_F]>O5S[PW_`*V\Q?O[^LWU3_ORM?%HE?ATTTZ=&G3VZ=.FF*4Z MZ+?U`Y/_`*J_U)^AC_JO2G@:I*?%KKKU^)JU]^O7JU9K7JB#^>715.2[?^%6 M.HLA/B*S(9/=]!1Y:F4/4XJJK-U]:TU/DJ=2RAJB@FD65`2`60<^\MONI31V M_+7-$\J"6)$A8H>#@17)*GY,,'Y'K`+[^=O-=\Z\C6MO*T$\CW2K(N61FGL@ M''#*DU&1PZL[3XD_(Y51?^'#?D`="JMSL/I!B=(`N2^Q'9B;?4DG^I/N!C[B M\E$D_P!3=GS_`,/OO^M_65@]HO4E/646"IJ/$4Z8FFE6EB%/#$A MAA4Z02?>0_-&ZV&]?=4^OVVQAVZS:=%%O$7:-"NX:259R7.L@N=1)U$YZP_Y M'V'=>7/OWG:]YW.XW>_6VD9KJ=4260/M!90RQ@1C0I"+I`&E1@<.MF'W@SUU M"Z][]U[HLNS/^RO?D)_X@?XL_P#O:?*OW[K?E^?1FO?NM=>]^Z]UJZ?"3K7> M?9'\RWYMP;.[DWSTQ)@]Q]Q5^2S&PZ':.0R.=@J>Y4I*;"UU/O;;^Z,)_#TG M/W!;[-IM<2A'0%KY[^ZF^;9LGL;RLVY;9:;H)8;-52X:95C(LB2ZF"2)]5.W MXP*$U!H.N4OL5ROOG,OWGN>DV7>[_9&@NMS9Y+5;=WD!W,*(V6YBGBTU.LDQ M%JJ`"M2>A[^?72_R<^,U1L_YK)WK2_)VCZ;R]%01;.[UZXVA44>Q8=T97'44 M.Z-N8[:M+@MO?Q*7+QTE/+74]'196EU1R13L(_VPA[0:8-E ME5/I]TL[1%6>)(%CAUF41(9(XX9T)1UD.FJ7,_&/NZC^1_0?5_=M%BF MP:]@;:BRE9AFF-2N*R]+556)SF/AJ2D;5-+29G'3I#*55I(@K$`FPQDY[Y5E MY)YOO^5I9/%-G.55Z4UH0'C8CR)1E+"IH:BO6;'M;SU#[E^WVU<\P1>`-PM@ M[1UJ(Y%9HY4#$`LJRHX5B`64`D`FG0[^PET/^BQ;^_[*Q^-W_B*_DQ_[L>@_ M?NMCX3T9WW[K77O?NO=4@?+?X[CY1[F_F.[.QN/BR&]ME;)^*V[>N2(]58NZ M]K;0[,S[8ND<1DWW+AQ>J5B?2+95>W/.G]0;'DGH_P#-)T22OHI'GU@?[P^VX]U]V]S=FMHQ)OMA8[#<6>*N)X+:^E,: M8XSQ220T_B=3Y"C!\"?GI4O_`"^=P0UH?U2F` MZ#H/$[^:5:O)5"XNHMZHX,5-*W%S[6>[OM$@]Y(6B_0Y6WSRCX8(X!XFX M-7@**#*OD6E51T7_`'?OO!2?\#GYENF\':4`K4AI#X M#>82W:0XZ*%\YNHE^//R#_EJ[9FR#9C-XNKP64WON>8@S[J["RO=V'W9O_=5 M5(ZZY)LYNC<=5."X+)"R1W*HH$C^U',AYSY-YYOU3P[619$@B'"*W6Q>&WB' MRCBC5<<6J>)/4.>_/)@]N/-Q>/N:W-W.QXDRSS.PKD M*57@H`VF_>`776/J@7^9_P!%_+'Y.]X=39+I+X];DRNW.@),C5)NG<&Y>O,! MCMY9ZMSFWLT1MZCK]X)E)<'3Q;?AC$]1#3R2222`1A4#/F![#WG(G*FXP M[QI'A1Q7,C0QJDB?J,L.@.3(QTJ6``7NJ:#GE]ZGD+W>]TN?-GN^1 M>7+J;;>7?$(GEFLXDN97DBD/@J]R',:B)0&95+$L-(`!:ZCK+L3/;[VE/G]Q M]4[_`.KLY07@R&SMY+MF?*R5L5!!5U(P==MK<6)ZSAY6YDW#?]G;< M=SVC<=IOX\/;7/@&0L$#-X30S2QR)4E4?4FHC*KU1M%UA\QHOYEE1\Y(?B;O MZ;K"2IDP7]V)]W]41=@?W/?KA>OSF(\(W8'VBYA63[]:(U-BO['D#'7[RN;? MO;1O8Y?:EN8K,;\%U^*(;LV_C?4_4:"_T]='^AZ]/]/33'6!B]2?>>?WW M3E#<6Y4+^'X!N+`7?T_T7T?B",WFD28\7P]7_"]5>[K8`VWF9-Q8'$YR;"9O M;FB:1D.YWS;;MTVX+!/2['F6RCW?:5MPLCPW?A2&*W,#C4MNS*&KJ5M+<`",U'.#V9Y7][_; MOWHW[W)W3DS\+117.W_40BXNUNHR%>[179-.AE+)746!P%8W'S'QO MRT^;FP!\<^M/CIN7I;8NZ\[@*OL3M;O'<_7]"E+@\'E*;,0XW![2V-NO>N;R M,TV2HX)I)+H2L'ATJ)&E2.?;2?V[]J]X_KKOF]0;INUO%(MM:6,5PU7D0H6D MFGB@10%+*!GXM525TF8O>BU]W??7ET>VW+7+5WL>P7=Q$UY?;I/:)IBBD60) M%!:W%S(Q+JK%N/9H*@.76R'H+IS`?'WIGKGIC;%345V'Z]VS18&')5:)'596 MK0R565S%1#&S1P39?+5,]2T:DK&9=()`!]PES?S+>2]O]N^2MMY)VMFDL]NM5B#L`&D;+22$#`,DC.Y4 M87508'0O>PWT,NBQ;^_[*Q^-W_B*_DQ_[L>@_?NMCX3T9WW[K74>KJ#24E55 M+3U%6U-3SU"TE(B25=488VD%/2I+)#&]1,5TH&=5+$7('/N\:"218RRJ&8"I MX"II4T!-!Q-`<>734TAAA>4*SE5)TK0LU!72H)`+'@*D"OF.JJ_C]N/Y1X3Y M@?('L/L+XJ]@[:ZA^1&1ZRQ^ULU#N'K3+YK8XZ\P4VT\7E=]8+%[YJJJEQN> MQ]6]56-2?=R8^1%CT2C4ZY`\XV7(-U[;;-LNSRI=-*ACND2?ZB03. MD$C0`%HV`5->@2`DU4T!Q*]N]Q]UK#WGYCYDYCY2W*VY.YDDL4@E$UE)):_1 MQ&WCDN8H[IF5)48R2E-;0D!=+BK`.ND?Y9QZS_F*=E]]S45,G2%'$>Q>J\7% M54_VP[+WG)D(LGCI\/'.SQ4_7TTV1J*%Y(@D8KZ,PMKCD"G7-7OI^_?9:QY0 M5V/-3'Z:[<@U^FATE6#TR;@"-7`-3XP^Y\W6YO;FXZ.#;]'D=WP9BHQF-.#5)JB>GIR\TK*BE4UL= M^PO./(')'*>YV?-V[PQ2[O0>#'%<2/$BI)&3(RPE`S:ZA59J``DU-`%_O5>W M?NS[F<_;)N/M_L%S-;\OZF-Q+-9Q13RO)%*HA5[E9"D?A@,S*E68@"BAC:2. M]NU#U$^]O]E5[?'9*UT>#'4)S/5OW[Y>3%2UIRR;L&_3MS^XL5;&*9L@7%;J M=2*$B]H#_JER_P#UC&U_UAVW]QZ#)]9HNM.C6%T>#]/XGCE3J$=-%`?U>LKQ M[@]^Z]U[W[KW7O?NO=>]^Z]T679G_97OR$_\0/\6?\`WM/E7[]UOR_/HS7O MW6NO>_=>Z][]U[KWOW7NO>_=>Z][]U[HL6_O^RL?C=_XBOY,?^['H/W[K8^$ M]&=]^ZUU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[ MW[KW19=F?]E>_(3_`,0/\6?_`'M/E7[]UOR_/HS7OW6NO>_=>Z][]U[KWOW7 MNO>_=>Z][]U[HL6_O^RL?C=_XBOY,?\`NQZ#]^ZV/A/1G??NM=>]^Z]U[W[K MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]TT4^`PE+G,IN:F MQ./@W%F\;AL-E\W%2PIE,GB=NU&:J\#CJZM5!/4T>'J=QU\E-&[%87K)BH!D M:_NO=._OW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[IGJ=OX.MS>)W)5XG'U.X, M%19?'87,S4L,F2Q5!GWQDF;HZ"L9#/2TV6?#4AJ$0A9331ZKZ%M[KW3Q[]U[ MKWOW7NO>_=>Z][]U[KWOW7NO>_=>ZJ-ZV_FQ[)[)ZSB[`Q77^.FKD^%F>^6. M5VGA^SL-G\IA-RX_>5/LC!=)99J#!"7';AW/F*R%(:VH@B9'DT?:.5)&J]7T M&M/GTEM_?S?\-U[3]85&9Z'S"Q=C?"_LSY,5,[;]H8J7:7;/6E)G)JOXW9B? M^[+F3+YBLV1N2CILXJK%]WAC&:+5.@7?7M'^'H1MY?S'=W;2QWS%W='T)A\M ML7XH;;[2J\,%GILILW.T4VX8 M*S%8R:HJHJ9I88O?NO:>`\SUQ[5_F0;AZ)R70V,[)ZDZ_P`_3]X;3^1^YX]Z M]-=Z2=@];[8;IC;^!K-@XR;<^2ZOVE/F).W-X9I=N":*DCAQ&5EID8U7G(C] MUX+7H_./[7CKNA*+O$X*6.*LZAINUSME:Y99TCJ-F)N_^!+D_M42255?[<3^ M``GUZ!^GW[JM,TZK9V%_-0S.\_C;W3W53]$;;W)O3K797QVW+LW8'57>=!V' MMOL;=7R?IZ2+KOJ"7L1^O]N#9_;&#SE?2TNX<5+BJPXRFKZ&L5YHJM%7W5M. M:=+K=O\`,JI<+V+UKA=O]<[4W!U[OS9'PZWJV6K.WJ?`]K9*D^9O8&X]@[-3 MK'J*79%>.RTV/+@X\CG0F:Q\T6.F>2&.1H2DGNM!-W'U,?FW45VW\EV70PP93!_$Z;:%?*DDLL'NM4& M:UZ%+XP=_=O=V[H[\PG8?4VP.N<;TAVI7]/?Q+:7;><[%K-S;IQ6VMH[PKJT M8W*=3=>Q8C`_P'?%"(I#4U%0U4D\;0HB)+)[KQ``'3-\3/E[7?)_>OR3VP>M M9MG8OH+M#)]9)N&//5>PFZ=\;7S>V,_%4[:P-+@=_8.FV?19JMQU%49 M>EIL1N?%%JO[AYHH_=>9:4^?14M^_P`VG';'SG>FUGZ(RV2W)T_\V>G?B3BL MC_ M``5Z%7)?S&*;&S_,JL?IW+2[5^'&\-G'<.=@W0E16[WZ6_O'DMI]W=Q;=P=- MMV:HBCZ/S>S-UK58GR3RY)-O/XZB&2HCC3?6M/#Y])"?^:/C\'CNL,KO+I/- M;;I>XJ[XN978\#[NAJLC_HO^3_;O:VQ<;V)N&C?;5*<+'L'8'7-+NS,T1:5H M:?+K2M+&\#2R>ZWHX]*WICY\[O[O[-H]G;?ZKZSVWM^'K7:?:V8DWAWQ-C^S M,EM'>M?VJ,)6]>=:T75M?%O*.+`=MQ1]&9ONK[6HE&&@&Z#(F&_AVM%H; M-)YK6'C/NM:>/RZ&KY)]Q'X^=!=O=WKM]-UOU;L'<6]8]MRYA=O0YN3!T$M7 M'CI\Z^/RRX>GJ9$"R5)I:CPH2WC>VD^ZT!4TZ*;B_GKF,CU7OC,IU?M3(=P; M6^3.R_B9A-J;1[CV/150V5A\+V#'49]SMULGB M:G&5]$*2>HA3R^ZWIS\J=#M_IJ[R_P!E^_O[_LM>8_T[?WK_`-'_`/H3_O?% M_`O[P_Z2_P#1S_?3_2/_`'>\O^AG[#_?T_QK^#??_P!VOW/X=]W_`)+[]UJ@ MK\NJ[=F?R@AM?K[J7KP]@[/H,?@NBNIND.YLOLK:.6V+N7L['[#^26R>]=S9 MNCW+MG/8W/X?,[IPVSSA8:QZF6NH6K)*A)M0`.J=7UYKTU=J_P`G&N[(ZP[J MZGA[JCQ6!W3L'?\`M#I?,Y'&[FW1N[K:NS_RAS/R9VGD]P;GS^YZW.[O;"UF MY,A@J^6:I^\R6,JI!),3(X.Z=>$E"#Y]"]W]_+V[H[ZSG>4V=[@ZNI\;O'H' MO7HSK;.P=7UN/WW5;7[FFVQDMO;$[OR&(SM%B-_==](9?`5#[?6*GBR,RU[/ M)+#,*N3(^ZT&`&/7J5WA_+TW]\G>J\]L/L[6ZZWSU"]?5TT7C2N:H0(\9\I?W7@P!QZ] M'(V1UQVQ\)U'U7N?"4M_=6+>GS_`)]*C8?\KW)[&K^J=S0=C;7R6^OC\?C+@ND]Y9#: M5;6;AV[UYT#VQ\AILWLW)9VNRM7FJJG[%^-G?#[/K)(YU!R-"N1E6;]N)/=> MUU_/I`;T_E#9?/5U5N/"]PX2@W)EOC!\V_CKN*GR.U,A5[9W"_R4[MS/;O5> MZ,ACH2VK+U-VMU]3X'%XO+U_GP^=ES/9SU]1.`], MZ0%1'KD+CW5*CH5>C^E:_J7,?(K)UFX:?+KWAW[G^Y<>E#0RT,VW*',]=]:[ M(CPE3)//5)75U-4;#DJ?.JQQE:A5T70EO=>)KT17X8?RZ^S_`(N=ZCM#,=Q; M.S^RZ7K;.>S.U,EF/D]NJHSO86;Q>.[\[,Q^S,91;Q M-)12T&5DH5K8GAJ)ZC7[JS,"*=)O?G\J>JWIW1NWN?\`TKT%'DMP[R[`W73X M%MN5DF(^XW-W7TIV7M2NRJKED>KS>S-J;+W=A(9U"*R[L:0!5A9)/=>UXIUC M3^5=N"FH/E:[L#,T'8NV.S?DABN]=_4/5^&RF\ZS M$=60Y_`YK>6VWAH8(J=H=SM5NC5$/K]U[7U+W/\`RL,KN[";`P.7[GUT_4WQ MK^6OQBZ_K/X%5SY"GVAVS+28KXS9_,SSY1GK-S_&S8TE9C5J%8-DYY15*8'9 MU/NMAZ?MZ$[JWX3=H=,]K[=W-M7,]$;FVE_LO7Q]Z$W)G-X[&W$>W<%1=,;. MW=M#-Y7KK<>/RAQN-AWM'N<5$M-4)I$D;"0R!KCW52U1\Z](O97PY^86R-A? M#G"478GQGK-T_"N4X'8E5/M#M2+;V]]EU71.XNEZZ?=M.FZY,EC-UG^+Q5\9 MHY7H[J\92Q5E]UO4N>.>C;=K=4]J_([XU_(CI3L:;9.S\QV;%V9U]M#*8G'9 M#*XB'8&1EEQ>U*-XY%'CA8O&ONJ@@&O3+W-\8 MMQ;NVEBMD]0R]0=3;]<3MC-X'$ MU77&]L.:?'-#BZ>AR5))55E49YV,,2>ZV#Z]0)>G/F+_`*-:+"P_([9P[(&X ME9' M-')3R>Z]5?3H\?OW5>B?]O\`<_9,/R(ZT^,W5$VQ]M;FWMTUVYW97;W[%PF9 MW+B%QO6>X^MMG8[:6W]N87RMJ8OJFJ[(V;LG= M^Z,SB<=+]G-VI#-A1D*JGDRU-CZX1L7IU,WNMZ3Y=2Y_FEV3D=V;RVOD>E-T M=14^R.YOAYU]69+/U/7F_R:&AP%93S;E2@_B5#D M@>Z]_F";UP-)G^V_D'1Y3;?6^4QWRCS6V.O<# ML;:^;R&.BZ*^4/77QBV_@Z'?F"[,K\AELYF\[O.A:2*KP<5/4UF4G=*NFI:* M))_=;*^0X]+W?_SWS&X*KK7"=1;&W_M;@SF8QV?R51O1]D9O)8+)XBGJ(EH(J&MEM#5B$^Z]I]>'2I^2_P`E M?DSUW\D=I=,]%[`VCV:NXNMMH;_@VQ7;2W<^8J4D[[V5UMV"U-A M;?P776YZS-P5V0QD]JO&?;JE4U0D2^ZT`*5/2*[*_F#UV]_G;-\,]^;)H:R'>,E-B=QS9;;V5FHJ^66&EBCEH MZCR./N($]UL+Z_ZL5Z2V<^?^\,AO7K*6KVIGM@[>W'O?K M_MJG^=FY?B%W%A*IA6:DRD\=/X_XE1_?(5I)?5Z]HQ_J M]*]'^Z6^06([PDW97;?V5O;";,P59DZ?;W86XJ;!T^T]^Q8+>N^>OL_+MR:@ MSF0R=+487<.P*MZBFR--15"4%70U&G_*2D7NJD4Z)_U7_,AQ&Z%[=H]X;'KX MMS8+OSKOK?I+:FU:>LILEVIU[WW1RU'0>\9ZO>TFW\5AZSOMQUM=@=J4;;>[ MRWO3]*2[>Z.W%2R;Q,^%WE657?N!I/NY1_!15Q5Z_>:*,R2>ZUIZ;&_F.=81 M95\)/UWV?'E,;FZ/:^Z:=8-G2IMGD=O?^91287`=HOM?H/L.NW?L"7<*X;#;GSW7N$PV M^(-@_*"C^+/8TV,SF*W;N!\3_`=Z50J*,9"GIFR5)(CQ@6D">Z\%]>'2XWQ_ M,3ZVV#F.Y]OYCKGLNMS/2>SZK>>>H,$^P,JV8HL)NK8.S]U8[#U<6]TQL&;P M.6['H"*6OGHYJB%)G"K:(3>Z\%KTWO\`/RH.[<)CH.@NQI=M0==?+[=G81IL MAM3+[\VKN;XB]A;/Z]W)M+`[,P&;RJ[[DW+E-S#["7&UE"1EC4K3^Z] MIQ^S^?1N.B>Y=L]_]7;<[7V?H&W]RR9N*B5,KALSI?!9_)[>J@U9@J_(42R- M5XMRT$CQUE*3X:J&GJ4E@C]UHBAIT+WOW6NO>_=>Z][]U[JK;^9C^CXZ?\R1 M_P"/]WA_Q_/_`#.3_CRZK_F3'_9O?\]W_P!F[[]U=//CT43N;_@/\QO^R$?^ M9+=??\!_^96?\>OTE_S,'_IO_P".O_9F_P!V_?AUL>7'H4^]?^RD.Q/^R:/^ M/B_ES?\`'P?\?M_S.*E_YF'_`-_1_P"?<_\`5Q^Q][ZT/A\_/H#'_P"/$D_[ M(8_YDS_,A_X^O_F7O_916V/U_P#9J_\`/Q?^_@_P_P!U/6_/S\O\'6/L?_CZ M?BY_V1__`,`^I/\`C\O^9F_]E90_\?=_V?'_`#PW_?R?XK[V>/7AP/'JRVN_ M[>6X#_F5?_9)>8_7_P`SR_YF-2_\!O\`OT/_`"L?]7OP>_=5_#^?54V3_P"/ MU^5W_9"G_%_P?_%@_P"/D_[>+TG_``(_Z:?^>=_[_5]_[]U8\//_`%#I6[J_ MX]C'?]D*?]DW=&?K_P`W_P!EUG_B^_\`-O\`U'_?W?N_?CU[S\^/^3HTW67_ M`!Z'\Q3_`+)M_P"!W>W_`!XG_'M?\?)V1_Q]G_3!_P`]I_V>'\;]^\NJMY<> MBN=S?\77$_\`9'7_`&0[\-?^/M_X_P`_YGACO^9=?]F[_P`^I_[/#[CW[JPX M>?'_`%?[/2QR?_'R?(/_`+(._P"9$]9_7_BR_P#'F;`_X_'_`+_#_P`Z+_JT M?P+WKU^SKPX>?'I#=L?\>]\4/^R$_P#/[L_X^S_B]?\`99?6O_%U_P"S]_Y7 MO^_U>#WORZ\/S_U#_5^74']=:'Y_ZA_J_+I&;X_P"/R^37_9!__'G=M?\`%U_\/OXY?\S3 M_P"K?_SV7_9[?8^_'AU8>7'H5MS?\!\/_P!D>?\`'_\`\R+_`(NW_%T_XN>Q M_P#BY_[5_P`_)_[.[^&>]]:\O/R_U?YNK@OB5_S)/%?\>9_Q]O9/_'E_I_YF @'N;_`(_3_OZO_/6?]G%]Y[]U5N/1E??NJ]>]^Z]U_]D_ ` end EX-101.INS 11 mcet-20121130.xml XBRL INSTANCE DOCUMENT 0000811779 us-gaap:DirectorMember 2005-09-30 0000811779 mcet:LaJollaCoveInvestorsMember 2007-02-01 2007-02-28 0000811779 mcet:LaJollaCoveInvestorsMember 2006-12-01 2007-11-30 0000811779 mcet:ForeclosureSaleAgreementMember mcet:MilestonesOneMember 2010-09-30 0000811779 mcet:ForeclosureSaleAgreementMember mcet:MilestonesTwoMember 2010-09-30 0000811779 mcet:ForeclosureSaleAgreementMember mcet:MilestonesThreeMember 2010-09-30 0000811779 mcet:RutgersLicenseAgreementMember 2010-09-01 2010-09-30 0000811779 mcet:ForeclosureSaleAgreementMember 2010-10-12 0000811779 mcet:XenogenicsCorporationMember 2010-10-14 0000811779 mcet:QualifyingTherapeuticDiscoveryProjectMember 2010-10-10 2010-10-29 0000811779 mcet:ForeclosureSaleAgreementMember 2010-11-15 0000811779 2009-12-01 2010-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2009-12-01 2010-11-30 0000811779 mcet:QualifyingTherapeuticDiscoveryProjectMember 2009-12-01 2010-11-30 0000811779 us-gaap:ExecutiveOfficerMember mcet:XenogenicsCorporationMember 2009-12-01 2010-11-30 0000811779 2010-11-30 0000811779 us-gaap:ExecutiveOfficerMember mcet:XenogenicsCorporationMember 2010-11-30 0000811779 mcet:ForeclosureSaleAgreementMember 2010-12-31 0000811779 mcet:XenogenicsCorporationMember 2011-02-03 0000811779 mcet:OfficersAndMembersOfScientificAdvisoryBoardMember mcet:XenogenicsCorporationMember 2011-03-31 0000811779 mcet:XenogenicsCorporationMember 2011-03-01 2011-03-31 0000811779 mcet:OfficersAndMembersOfScientificAdvisoryBoardMember mcet:XenogenicsCorporationMember 2011-03-01 2011-03-31 0000811779 2011-07-11 0000811779 mcet:EquityIncentivePlan2004Member 2011-07-11 0000811779 us-gaap:DirectorMember 2011-06-20 2011-07-11 0000811779 mcet:EmployeeMember 2011-06-20 2011-07-11 0000811779 2010-12-01 2011-11-30 0000811779 mcet:SeriesIConvertiblePreferredStockMember 2010-12-01 2011-11-30 0000811779 mcet:PfizerIncorporatedMember 2010-12-01 2011-11-30 0000811779 mcet:LaJollaCoveInvestorsDebentureMember 2010-12-01 2011-11-30 0000811779 us-gaap:StockOptionMember 2010-12-01 2011-11-30 0000811779 us-gaap:RetainedEarningsMember 2010-12-01 2011-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2010-12-01 2011-11-30 0000811779 us-gaap:CommonStockMember 2010-12-01 2011-11-30 0000811779 mcet:LaJollaCoveInvestorsMember 2010-12-01 2011-11-30 0000811779 mcet:QualifyingTherapeuticDiscoveryProjectMember 2010-12-01 2011-11-30 0000811779 us-gaap:AdditionalPaidInCapitalMember 2010-12-01 2011-11-30 0000811779 us-gaap:DirectorMember 2010-12-01 2011-11-30 0000811779 us-gaap:WarrantMember 2010-12-01 2011-11-30 0000811779 us-gaap:NoncontrollingInterestMember 2010-12-01 2011-11-30 0000811779 mcet:OfficersAndMembersOfScientificAdvisoryBoardMember mcet:XenogenicsCorporationMember 2010-12-01 2011-11-30 0000811779 mcet:CorningIncorporatedMember 2010-12-01 2011-11-30 0000811779 2011-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2011-11-30 0000811779 mcet:SeriesIConvertiblePreferredStockMember 2011-11-30 0000811779 us-gaap:FairValueInputsLevel1Member 2011-11-30 0000811779 us-gaap:FairValueInputsLevel2Member 2011-11-30 0000811779 us-gaap:FairValueInputsLevel3Member 2011-11-30 0000811779 mcet:LabEquipmentMember 2011-11-30 0000811779 mcet:FurnitureAndOfficeEquipmentMember 2011-11-30 0000811779 mcet:CorningIncorporatedMember 2011-11-30 0000811779 mcet:PfizerIncorporatedMember 2011-11-30 0000811779 us-gaap:DirectorMember 2011-11-30 0000811779 mcet:EquityIncentivePlan2004Member 2011-12-02 0000811779 mcet:ReplacementOptionsMember 2012-02-28 0000811779 mcet:ReplacementOptionsMember 2012-02-15 2012-02-28 0000811779 2012-05-31 0000811779 us-gaap:DirectorMember 2012-05-15 2012-06-01 0000811779 2012-08-10 0000811779 us-gaap:DirectorMember 2012-10-01 2012-10-19 0000811779 mcet:EmployeeMember 2012-10-01 2012-10-19 0000811779 us-gaap:DirectorMember us-gaap:MinimumMember 2012-10-01 2012-10-19 0000811779 us-gaap:DirectorMember us-gaap:MaximumMember 2012-10-01 2012-10-19 0000811779 mcet:EmployeeMember us-gaap:MinimumMember 2012-10-01 2012-10-19 0000811779 mcet:EmployeeMember us-gaap:MaximumMember 2012-10-01 2012-10-19 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2012-10-31 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2012-10-01 2012-10-31 0000811779 2011-12-01 2012-11-30 0000811779 mcet:SeriesIConvertiblePreferredStockMember 2011-12-01 2012-11-30 0000811779 mcet:PfizerIncorporatedMember 2011-12-01 2012-11-30 0000811779 mcet:LaJollaCoveInvestorsDebentureMember 2011-12-01 2012-11-30 0000811779 mcet:AmarinNeuroscienceLimitedMember mcet:MilestonesFourMember 2011-12-01 2012-11-30 0000811779 us-gaap:StockOptionMember 2011-12-01 2012-11-30 0000811779 us-gaap:RetainedEarningsMember 2011-12-01 2012-11-30 0000811779 mcet:RutgersLicenseAgreementMember 2011-12-01 2012-11-30 0000811779 mcet:XenogenicsCorporationMember 2011-12-01 2012-11-30 0000811779 mcet:AmarinNeuroscienceLimitedMember mcet:MilestonesOneMember 2011-12-01 2012-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2011-12-01 2012-11-30 0000811779 us-gaap:CommonStockMember 2011-12-01 2012-11-30 0000811779 mcet:LaJollaCoveInvestorsMember 2011-12-01 2012-11-30 0000811779 mcet:SubmissionOfApplicationForMarketApprovalMember 2011-12-01 2012-11-30 0000811779 mcet:UsFederalMember 2011-12-01 2012-11-30 0000811779 mcet:AmarinNeuroscienceLimitedMember mcet:MilestonesTwoMember 2011-12-01 2012-11-30 0000811779 mcet:LaJollaCoveInvestorsMember 2011-12-01 2012-11-30 0000811779 mcet:InitiationOfFirstInHumanClinicalTrialsMember 2011-12-01 2012-11-30 0000811779 mcet:RhodeIslandHospitalMember 2011-12-01 2012-11-30 0000811779 mcet:AmarinNeuroscienceLimitedMember mcet:MilestonesThreeMember 2011-12-01 2012-11-30 0000811779 us-gaap:AdditionalPaidInCapitalMember 2011-12-01 2012-11-30 0000811779 us-gaap:DirectorMember 2011-12-01 2012-11-30 0000811779 us-gaap:WarrantMember 2011-12-01 2012-11-30 0000811779 us-gaap:NoncontrollingInterestMember 2011-12-01 2012-11-30 0000811779 mcet:OfficersAndMembersOfScientificAdvisoryBoardMember mcet:XenogenicsCorporationMember 2011-12-01 2012-11-30 0000811779 mcet:ForeclosureSaleAgreementMember 2011-12-01 2012-11-30 0000811779 mcet:CorningIncorporatedMember 2011-12-01 2012-11-30 0000811779 mcet:InitiationOfPivotalHumanClinicalTrialsMember 2011-12-01 2012-11-30 0000811779 2012-11-30 0000811779 mcet:EquityIncentivePlan2004Member 2012-11-30 0000811779 us-gaap:DirectorMember 2012-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2012-11-30 0000811779 mcet:SeriesIConvertiblePreferredStockMember 2012-11-30 0000811779 us-gaap:FairValueInputsLevel1Member 2012-11-30 0000811779 us-gaap:FairValueInputsLevel2Member 2012-11-30 0000811779 us-gaap:FairValueInputsLevel3Member 2012-11-30 0000811779 us-gaap:BoardOfDirectorsChairmanMember 2012-11-30 0000811779 mcet:LaJollaCoveInvestorsMember 2012-11-30 0000811779 mcet:LabEquipmentMember 2012-11-30 0000811779 mcet:FurnitureAndOfficeEquipmentMember 2012-11-30 0000811779 mcet:CorningIncorporatedMember 2012-11-30 0000811779 mcet:UsFederalMember 2012-11-30 0000811779 mcet:OfficersAndMembersOfScientificAdvisoryBoardMember mcet:XenogenicsCorporationMember 2012-11-30 0000811779 2013-02-21 0000811779 us-gaap:RetainedEarningsMember 2010-11-30 0000811779 us-gaap:RetainedEarningsMember 2011-11-30 0000811779 us-gaap:CommonStockMember 2010-11-30 0000811779 us-gaap:CommonStockMember 2011-11-30 0000811779 mcet:SeriesBConvertiblePreferredStockMember 2010-11-30 0000811779 us-gaap:AdditionalPaidInCapitalMember 2010-11-30 0000811779 us-gaap:AdditionalPaidInCapitalMember 2011-11-30 0000811779 us-gaap:NoncontrollingInterestMember 2010-11-30 0000811779 us-gaap:NoncontrollingInterestMember 2011-11-30 0000811779 mcet:SeriesIConvertiblePreferredStockMember 2010-11-30 0000811779 us-gaap:RetainedEarningsMember 2012-11-30 0000811779 us-gaap:CommonStockMember 2012-11-30 0000811779 us-gaap:AdditionalPaidInCapitalMember 2012-11-30 0000811779 us-gaap:NoncontrollingInterestMember 2012-11-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure MultiCell Technologies, Inc. 0000811779 --11-30 Smaller Reporting Company mcet 1496469696 10-K false 2012-11-30 FY 2012 634377 405327 199472 303102 0 10598 11293 719027 210765 0 0 1685 280 720712 211045 1304422 1106177 50000 50000 301930 50000 49318 49318 1705670 1255495 59596 56026 548059 498741 160986 19245 768641 574012 2474311 1829507 0 0 0 1349844 573400 0 461835 0 8233860 13498030 30064619 27755595 -40998344 -42254594 -776621 -539134 -976978 -1079328 -2015109 -1753599 1349844 573400 -1618462 461835 0 -39197686 -40998344 4767463 8233860 1349844 31317428 30064619 -825558 -976978 573400 -42254594 13498030 27755595 -1079328 720712 211045 66467 40561 0.01 0.01 963000 17000 963000 17000 20000 1000000 11339 5734 3448 0 11339 5734 3448 0 0.01 0.01 1250000000 3000000000 3000000000 3000000000 823385986 35385650 1349803029 823385986 1349803029 1377735 573400 470316 0 49318 49318 812239 869858 556363 427994 991488 326329 1087 0 2361177 1624181 -2311859 -1574863 303102 0 23588 8137 -81073 88663 0 1500 1788 697 359781 216263 -1952078 0 -1800658 0 0 0 -151420 -1358600 0 -1256250 0 0 0 -102350 -151420 -102350 -1800658 -1256250 -0.0026 -0.0012 692921670 1035175041 11339 5734 3448 0 476746257 823385986 11339 5734 1349803029 11110 0 0 0 3455287 -3444177 0 8570 0 0 0 4691308 -4682738 0 0 0 345528729 345528729 0 0 469130793 469130793 1210990 0 0 0 11110 1199880 0 934130 0 0 0 8570 925560 0 0 0 1111000 1111000 0 0 857000 857000 991488 0 0 0 0 991488 0 326329 0 0 0 0 326329 0 0.0475 0.0475 1087 0 20000 5000 -272127 303102 1667 695 101973 108330 -49317 -49318 -1239120 -889555 0 1500 -265000 1500 1210990 934130 -64080 251930 1275070 682200 -229050 -205855 3579 3245 <p style="margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b>Note 1 - Organization and Summary of Significant Accounting Policies</b></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Organization</i></b> &#8211; MultiCell Technologies, Inc. (&#8220;MultiCell&#8221;), has two subsidiaries, Xenogenics Corporation (&#8220;Xenogenics&#8221;), and MultiCell Immunotherapeutics, Inc. (&#8220;MCTI&#8221;). Prior to October 14, 2010, MultiCell owned 56.4% of Xenogenics. Commencing October 14, 2010, MultiCell has increased its ownership of Xenogenics to 95.3% (on an as-if-converted basis). MultiCell holds approximately 67% of the outstanding shares (on an as-if-converted basis) of MCTI. As used herein, the &#8220;Company&#8221; refers to MultiCell, together with MCT, Xenogenics, and MCTI.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">The Company is a biopharmaceutical company developing novel therapeutics and discovery tools to address unmet medical needs for the treatment of neurological disorders, hepatic disease, cancer and interventional cardiology and peripheral vessel applications.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>&#160;</i></b></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Principles of Consolidation and Basis of Presentation</i></b> &#8211; The accompanying consolidated financial statements of MultiCell Technologies Inc. and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which MultiCell exercises control. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Cash and Cash Equivalents</i></b> &#8211; The Company considers all unrestricted highly liquid investments purchased with a maturity of three months or less to be cash equivalents.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Fair Value of Financial Instruments</i></b> &#8211; The carrying amounts of cash and cash equivalents, grant receivable, accounts payable, accrued expenses, and advance from debenture holder approximate fair value because of the short maturity of those instruments. The fair value of convertible debentures was approximately $56,026 and $64,596 at November 30, 2012 and 2011, respectively.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Credit Risk</i></b> &#8211; It is the Company&#8217;s practice to place its cash equivalents in high quality money market securities with major banking institutions. Periodically, the Company maintains cash balances at this institution that exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per bank. The Company considers its credit risk associated with cash and cash equivalents to be minimal. The Company does not require collateral from its customers. The Company closely monitors the extension of credit to its customers while maintaining an allowance for potential credit losses. On a periodic basis, management evaluates its accounts receivable and, if warranted, adjusts its allowance for doubtful accounts based on historical experience and current credit considerations. Typically, accounts receivable consist primarily of amounts due under contractual agreements.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><i>&#160;</i></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Revenue Recognition</i></b> &#8211; In the years covered by these financial statements, the Company's operating revenues have been generated primarily from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of the Company's ongoing operations. When applicable, the Company recognizes revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where the Company receives payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12 - month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">Grant revenue under the Qualifying Therapeutic Discovery Project for the year ended November 30, 2011 was recognized as other income during the period in which the corresponding expenses were incurred.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <div style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Property and Equipment</i></b> &#8211; Property and equipment are recorded at cost. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets, generally three to ten years. As of November 30, 2012, all property and equipment is fully depreciated.</font></div> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Intangible Assets</i></b> &#8211;<i> </i>The Company does not amortize intangible assets with indefinite useful lives. The Company amortizes identifiable intangible assets over the estimated useful lives of the assets. The Company performs its annual intangible asset impairment tests during the fourth quarter of its fiscal year and more frequently if an event or circumstance indicates that impairment has occurred. If the assets were considered to be impaired, the impairment charge would be the amount by which the carrying value of the assets exceeds the fair value of the assets. As of November 30, 2012, all intangible assets are fully amortized or otherwise fully impaired such that there is no carrying value for intangible assets.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><i>&#160;</i></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Impairment of Long-Lived Assets</i></b><i> &#8211;</i> The impairment of long-lived assets that do not have indefinite lives, such as equipment, patents, and license agreements, is recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Stock Based Compensation</i></b><i> &#8211; </i>The Company has stockholder-approved stock incentive plans for employees, directors, officers and consultants. The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award, based on their grant-date fair value. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock, and expected dividend yield of stock.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Research and Development Costs</i></b><i> &#8211; </i>Research and development costs are expensed as incurred. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with the Company&#8217;s intellectual property, and materials and supplies.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Acquired In-Process Research and Development</i></b><i> &#8211; </i>The Company recognizes as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, the Company will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Income Taxes</i></b> &#8211; Deferred income taxes are provided for the estimated tax effects of temporary differences between income for tax and financial reporting purposes. A valuation allowance is provided against deferred tax assets, where realization is uncertain. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the &#8220;more-likely-than-not&#8221; threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of selling, general and administrative expense.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><i>&#160;</i></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Loss Per Common Share</i></b> &#8211; Basic loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average common shares outstanding during each period. Since the Company incurred losses during the years ended November 30, 2012 and 2011, the assumed effects of the exercise of outstanding stock options and warrants, and the conversion of convertible preferred stock and convertible debentures were anti-dilutive and, accordingly, diluted per common share amounts equal basic loss per share amounts and have not been separately presented in the accompanying consolidated statements of operations. The total number of common shares potentially issuable upon exercise or conversion excluded from the calculation of diluted loss per common share for the years ended November 30, 2012 and 2011 was 7,049,066,807 and 1,884,958,275, respectively.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <div style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Use of Estimates</i></b> &#8211; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of these financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Risks and Uncertainties</i></b> &#8211; The Company is dependent on continued financing from investors and obtaining new research grants to sustain the development and other activities necessary to commercialize new products. Management is seeking additional financing in order to fund its future activities. There is no assurance, however, that such financing will be available, if and when needed, or if available, that such financing will be completed on commercially favorable terms, or that such development and other activities in connection with its planned products will be successful.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><i>&#160;</i></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Accounting For Warrants Issued With Convertible Debentures</i></b><i> </i>&#8211;<i> </i>The Company accounts for the value of warrants and the intrinsic value of beneficial conversion rights arising from the issuance of convertible debentures with non-detachable conversion rights that are in-the-money at the commitment date by allocating an appropriate portion of the proceeds received from the debt instruments to the warrants or any other detachable instruments included in the exchange. The proceeds allocated to the warrants or any other detachable instruments are recorded as a discount to the debt. The intrinsic value of the beneficial conversion rights at the commitment date is recorded as additional paid-in capital and as additional discount to the debt as of that date. The discount has been amortized and charged to interest expense over the original term of the debt instrument.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Derivative Liability</i></b><i> </i>&#8211;<i> </i>The Company accounts for the conversion feature of its Series B preferred stock as a derivative liability. The fair value of the conversion feature is estimated using the Black-Scholes option-pricing model.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>&#160;</i></b></font></p> <p style="margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Recently Enacted Accounting Standards</i></b><i> </i>&#8211; In July 2012, the Financial Accounting Standards Board issued updated guidance on the periodic testing of indefinite-lived intangible assets, other than goodwill, for impairment. This updated guidance will allow companies the option to first assess qualitative factors to determine if it is more-likely-than-not that an indefinite-lived intangible asset might be impaired and whether it is necessary to perform the quantitative impairment test required under current accounting standards. This guidance is applicable for reporting periods beginning after September 15, 2012, with early adoption permitted, and is applicable to the Company&#8217;s fiscal year beginning December 1, 2012. The Company currently does not have any indefinite-life intangible assets other than goodwill and does not expect the adoption of this guidance will have a material effect on its consolidated financial statements.</font></p> <p style="margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b><i>Reclassifications - </i></b>Certain amounts of operating expenses from the 2011 consolidated statement of operations have been reclassified in the current presentation to conform to the 2012 presentation of operating expenses. These reclassifications had no effect on the total amount of operations expenses, on the amount of net loss, or on the basic and diluted loss per common share for the year ended November 30, 2011.</font></p> <p style="margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b>Note 2 - Going Concern</b></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times"><b>&#160;</b></font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">These consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of November 30, 2012, the Company has operating and liquidity concerns and, as a result of recurring losses, has incurred an accumulated deficit of $42,254,594. The Company will have to raise additional capital in order to initiate Phase IIb/III clinical trials for MCT-125, the Company&#8217;s therapeutic for the treatment of fatigue in multiple sclerosis patients, conduct further research on MCT-465 and MCT-485 for the treatment of primary liver cancer and initiate clinical trials for Xenogenic's bioabsorbable, drug eluting stent, the Ideal BioStent&#8482;. Management is evaluating several sources of financing for its clinical trial program. Additionally, with its strategic shift in focus to therapeutic programs and technologies, management expects the Company&#8217;s future cash requirements to increase significantly as it advances the Company&#8217;s therapeutic programs into clinical trials. Until the Company is successful in raising additional funds, it may have to prioritize its therapeutic programs and delays may be necessary in some of the Company&#8217;s development programs.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">Since March 2008, the Company has operated on working capital provided by La Jolla Cove Investors (LJCI). As further described in Note 6 to these consolidated financial statements, under terms of the agreement, LJCI can convert a portion of the convertible debenture by simultaneously exercising a warrant at $1.09 per share. As of November 30, 2012, there are 5,602,629 shares remaining on the stock purchase warrant and a balance of $56,026 remaining on the convertible debenture. Should LJCI continue to exercise all of its remaining warrants, approximately $6.1 million of cash would be provided to the Company. The agreement limits LJCI&#8217;s investment to an aggregate ownership that does not exceed 9.9% of the outstanding shares of the Company. The Company expects that LJCI will continue to exercise the warrants and convert the debenture through February 28, 2014, the date that the debenture is due and the warrants expire, subject to the limitations of the LCJI Agreement and the availability of authorized common stock of the Company.</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0in 0in 0pt;"><font size="2" style="font-family:times new roman,times">These factors, among others, create an uncertainty about the Company&#8217;s ability to continue as a going concern. There can be no assurance that LJCI will continue to exercise its warrants to purchase the Company&#8217;s common stock, or that the Company will be able to successfully acquire the necessary capital to continue its on-going research efforts and bring its products to the commercial market. Management&#8217;s plans to acquire future funding include the potential sale of common and/or preferred stock, the sale of warrants, and continued sales of its proprietary media, immortalized cells and primary cells to the pharmaceutical industry. Additionally, the Company continues to pursue research projects, government grants and capital investment. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 6- Convertible Debentures </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company entered into a Securities Purchase Agreement with La Jolla Cove Investors, Inc. (&#8220;LJCI&#8221;) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000 and maturing on February 28, 2012 (the &#8220;Debenture&#8221;). On August 16, 2011, the Company and LJCI amended the Debenture to extend the maturity date to February 28, 2014. The Debenture accrues interest at 4.75% per year, payable at each conversion date, in cash or common stock at the option of LJCI. In connection with the Debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of its common stock (the &#8220;LJCI Warrant&#8221;) at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of the LJCI Warrant, upon the conversion of any portion of the principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the Debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share. The agreement limits LJCI&#8217;s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Debenture is convertible at the option of LJCI at any time up to maturity into the number of shares determined by the dollar amount of the Debenture being converted multiplied by 110, minus the product of the Conversion Price multiplied by 100 times the dollar amount of the Debenture being converted, with the entire result divided by the Conversion Price. The Conversion Price is equal to the lesser of $1.00 or 80% of the average of the three lowest volume-weighted average prices during the twenty trading days prior to the election to convert. During the year ended November 30, 2011, LJCI converted $11,110 of the Debenture into 345,528,729 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 1,111,000 shares of the Company&#8217;s common stock. Proceeds from the exercise of the warrants were $1,210,990. During the year ended November 30, 2012, LJCI converted $8,570 of the Debenture into 469,130,793 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 857,000 shares of the Company&#8217;s common stock. Proceeds from the exercise of the warrants were $934,130. At times, LJCI makes advances to the Company prior to the exercise of warrants. At November 30, 2012 and 2011, LJCI had advanced $50,000 and $301,930, respectively, to the Company in advance of LJCI&#8217;s exercise of warrants.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of November 30, 2012, the remainder of the Debenture in the amount of $56,026 could have been converted by LJCI into approximately 7.0 billion shares of common stock, which would require LJCI to simultaneously exercise and purchase all of the remaining 5,602,629 shares of common stock under the LJCI Warrant at $1.09 per share. For the Debenture, upon receipt of a conversion notice from the holder, the Company may elect to immediately redeem that portion of the debenture that the holder elected to convert in such conversion notice, plus accrued and unpaid interest. After February 28, 2008, the Company, at its sole discretion, has the right, without limitation or penalty, to redeem the outstanding principal amount of the Debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A discount representing the value of 10 million warrants issued in the amount of $73,727 was recorded as a reduction to the note. The discount was calculated based on the relative fair values of the convertible debenture and the warrants. The fair value of the warrants used in the above calculation was determined under the Black-Scholes option-pricing model. Additionally, based on the excess of the aggregate fair value of the common shares that would have been issued if the Debenture had been converted immediately over the proceeds allocated to the convertible debenture, the investors received a beneficial conversion feature for which the Company recorded an increase in additional paid-in-capital of $26,273 and a corresponding discount to the Debenture. These discounts, in the aggregate amount of $100,000, were amortized over the original 60-month term of the Debenture as a charge to interest expense.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 7 &#8211; Series B Redeemable Convertible Stock </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company&#8217;s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 17,000 shares as Series B convertible preferred stock. The Series B preferred stock does not have voting rights.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Series B shares are convertible at any time into common stock at a conversion price determined by dividing the purchase price per share of $100 by the conversion price. The conversion price was originally $0.32 per share. Upon the occurrence of an event of default (as defined in the agreement), the conversion price of the Series B shares shall be reduced to 85% of the then applicable conversion price of such shares. The conversion price is subject to equitable adjustment in the event of any stock splits, stock dividends, recapitalizations and the like. In addition, the conversion price is subject to weighted average anti-dilution adjustments in the event the Company sells common stock or other securities convertible into or exercisable for common stock at a per share price, exercise price or conversion price lower than the conversion price then in effect in any transaction (other than in connection with an acquisition of the securities, assets or business of another company, joint venture and employee stock options). As a result of the Company issuing common stock upon conversion of convertible debentures and upon the exercise of warrants both at prices lower than the conversion price, and due to the Company not paying Series B dividends on a monthly basis, the conversion price of the Series B preferred stock has been reduced to $0.0324 per share as of November 30, 2011 and to $0.0215 per share as of November 30, 2012. The conversion of the Series B preferred stock is limited for each investor to 9.99% of the Company&#8217;s common stock outstanding on the date of conversion.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the &#8220;Settlement Agreement&#8221;) with a Series B preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 7,891 shares of Series B preferred stock into common stock. The carrying value of the converted Series B preferred stock was $769,690, consisting of the original proceeds from the issuance of preferred stock of $789,100 ($100 per share) less allocated issuance costs of $19,410. On the date of the Settlement Agreement, the conversion price of the Series B preferred stock was $0.0223. Accordingly, the conversion resulted in the issuance of 35,385,650 shares of common stock. On the date that the notice was received, the fair value of the derivative liability (as discussed below) associated with the conversion feature of the converted Series B preferred stock was $53,078. On the date of conversion, the fair value of the derivative liability related to the converted Series B preferred stock has been reclassified from non-current liabilities and included in the additional paid in capital for the newly-issued common stock. As discussed below, the Company had previously recorded accrued dividends on the Series B preferred stock held by the Series B preferred stockholders. For this particular stockholder, the Company had recorded accrued preferred dividends in the aggregate amount of $289,948, of which $171,629 were recorded as a current liability in accounts payable and accrued expenses and $118,319 were recorded as permanent equity with the carrying value of the Series B preferred stock. As part of the Settlement Agreement, the Company and the Series B preferred stockholder agreed to settle the payment of accrued dividends by the Company issuing 18,750,000 shares of common stock to the Series B preferred stockholder. Due to the related party relationship between the Company and the Series B preferred stockholder, no gain or loss was recognized on the settlement of the accrued dividends.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Commencing on the date of issuance of the Series B preferred stock until the date a registration statement registering the common shares underlying the preferred stock and warrants issued is declared effective by the SEC, the Company was required to pay on each outstanding share of Series B preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of the Wall Street Journal Prime Rate plus 1%, or 9%. In no event was the dividend rate to be greater than 12% per annum. The dividend was payable monthly in arrears in cash on the last day of each month based on the number of shares of Series B preferred stock outstanding as of the first day of that month. In the event the Company did not pay the Series B preferred dividends when due, the conversion price of the Series B preferred shares was reduced to 85% of the otherwise applicable conversion price. The Company did not pay the required monthly Series B preferred dividends since November 30, 2006, which, in part, has caused the conversion price to be reduced. Subsequent to November 30, 2010, the Company received an opinion of outside counsel providing for the removal of the restrictive legend on the Series B preferred stock, which in turn terminated the requirement to accrue the related dividends. Accordingly, no dividends have been accrued since November 30, 2010. Total accrued but unpaid preferred dividends recorded in the accompanying consolidated balance sheet as of November 30, 2012 and November 30, 2011 are $290,724 and $580,672, respectively, of which $125,516 and $243,835, respectively, are recorded in permanent equity with the Series B preferred stock, and $165,208 and $336,837, respectively, are recorded as a current liability in accounts payable and accrued expenses.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Effective December&#160;1, 2009, the Company adopted new accounting provisions for determining whether an instrument (or embedded feature) is indexed to an entity&#8217;s own stock. These provisions apply to any freestanding financial instruments or embedded features that have the characteristics of a derivative, as defined by standards for accounting for derivative instruments and hedging activities, and to any freestanding financial instruments that are potentially settled in an entity&#8217;s own common stock. The Company determined that the conversion feature to allow the holders of the Series B convertible preferred stock to acquire common shares is an embedded derivative that no longer qualified as equity under the new accounting guidance. As a result of adopting these standards, the Company has evaluated the conversion feature as though it was accounted for as a derivative liability since the issuance of the Series B convertible preferred stock in July 2006 and recorded a noncurrent derivative liability with a corresponding reduction in other components of equity on that date. The fair value of the conversion feature increased by $81,073 during the year ended November 30, 2011, which has been recorded as a loss from the change in the fair value of the derivative liability. The fair value of the conversion feature decreased by $88,663 during the year ended November 30, 2012, which has been recorded as a gain from the change in the fair value of the derivative liability.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;The fair value of the embedded conversion feature was estimated to be $0.0012, $0.0046 and $0.0037 per share of common stock as of November 30, 2012, November 30, 2011 and November 30, 2010, respectively, and has been estimated using the Black-Scholes option-pricing model using the following assumptions:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30, <br />2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30, <br />2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30,<br />2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%;">Fair value of common stock</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0013</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0049</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0040</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Conversion price of preferred stock</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0215</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0324</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0525</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Risk free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.62</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.08</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.81</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected life</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10 Years</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10 Years</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10 Years</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">141</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140</td> <td style="text-align: left;">%</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series B preferred stock shall be entitled to be paid second in priority to the Series I preferred stock holders out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series B convertible preferred stock held plus any declared but unpaid dividends. After such payment has been made in full, such holders of Series B convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 8 &#8211; Series I Convertible Preferred Stock</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company&#8217;s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 20,000 shares as Series I convertible preferred stock. On July 13, 2004, the Company completed a private placement of Series I convertible preferred stock. A total of 20,000 shares were originally sold to accredited investors at a price of $100 per share.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Series I shares are convertible at any time into common stock at 80% of the average trading price of the lowest three inter-day trading prices of the common stock for the ten days preceding the conversion date, but at an exercise price of no more than $1.00 and no less than $.25. The conversion of the Series I preferred stock is limited to 9.99% of the Company&#8217;s common stock outstanding on the date of conversion. In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the &#8220;Settlement Agreement&#8221;) with the Series I preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 5,734 shares of Series I preferred stock into common stock. The carrying value of the converted Series I preferred stock was $573,400 ($100 per share). The conversion price of the Series I preferred stock was $0.25. Accordingly, the conversion resulted in the issuance of 2,293,600 shares of common stock.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Series I preferred stock does not have voting rights. In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series I convertible preferred stock shall be entitled to be paid first out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series I preferred stock held. After such payment has been made in full, such holders of Series I convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 9 &#8211; Common Stock </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On August 10, 2012, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company&#8217;s Amended and Restated Certificate of Incorporation to three billion shares. The Amended and Restated Certificate of Incorporation was filed with the State of Delaware on August 29, 2012.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On July 11, 2011, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company&#8217;s Amended and Restated Certificate of Incorporation to 1.25 billion shares. Additionally, certain prior increases in the number of authorized shares were ratified.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The potential issuable common shares as of November 30, 2012 and 2011 are as follows:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Warrants</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">9,277,030</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">10,792,030</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Stock options</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">26,068,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">18,268,947</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series B Convertible Preferred Stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">16,037,209</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">34,996,914</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series I Convertible Preferred Stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,293,600</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">LJCI Debenture</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;">6,997,683,621</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">1,818,606,784</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; 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;">7,049,066,807</td> <td style="text-align: left; 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;">1,884,958,275</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company does not currently have sufficient authorized shares of common stock to meet the commitments entered into under the Debenture and the related LJCI Warrants. As further discussed in Note 6, upon the conversion of any portion of the remaining $56,026 principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the remaining 5,602,629 warrant shares equal to the percentage of the dollar amount of the Debenture being converted. The agreement limits LJCI&#8217;s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company. Furthermore, the Company has the right to redeem that portion of the Debenture that the holder may elect to convert and also has the right to redeem the outstanding principal amount of the debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 10 &#8211; Stock Compensation Plan</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">On July 11, 2011, at the Company&#8217;s Annual Meeting of Stockholders, the stockholders approved an amendment to increase the number of shares reserved under the 2004 Equity Incentive Plan to a total of 70,974,213 shares. Additionally, an annual increase in the number of shares reserved under the plan was approved and certain prior increases in the number of shares reserved for issuance under the plan were ratified. Furthermore, on December 1, 2011, the number of shares reserved under the 2004 Plan was increased by an additional 1,500,000 shares pursuant to the provisions of the 2004 Plan. </font>The purpose of the 2004 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of the common stock through granting of incentive stock options (ISO), non-statutory stock options, stock purchase awards, stock bonus awards, stock appreciation rights, stock unit awards and other stock awards. As amended, there are 46,405,266<b> </b>shares of common stock available for future awards under the 2004 Plan at November 30, 2012.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Generally accepted accounting principles for stock options require the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements, is measured based on the grant date fair value of the award, and require the stock option compensation expense to be recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period), net of estimated forfeitures. The estimation of forfeitures requires significant judgment, and to the extent actual results or updated estimates differ from the current estimates, such resulting adjustment will be recorded in the period estimates are revised. No income tax benefit has been recognized for stock-based compensation arrangements and no compensation cost has been capitalized in the consolidated balance sheet.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;A summary of the status of stock options at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:&#160;</p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"></td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Remaining</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Under</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Option</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Outstanding at November 30, 2010</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">13,148,947</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0178</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%; font-size: 10pt;">3.9 years</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,250,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.0092</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(130,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.4631</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">&#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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Outstanding at November 30, 2011</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">18,268,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0121</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right; font-size: 10pt;">3.4 years</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,000,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.0028</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(200,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.1250</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding at November 30, 2012</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;">26,068,947</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.0084</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">3.1 years</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Exercisable at November 30, 2012</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">20,680,058</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.0099</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">2.7 years</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On June 1, 2012, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company&#8217;s common stock at $0.0032 per share. These options vest quarterly over one year and expire five years after grant. Additionally, between June 1, 2012 and October 19, 2012, the Board of Directors granted options to an employee and to two new directors for each to purchase one million shares of the Company&#8217;s common stock at exercise prices ranging from $0.0014 to $0.0032 per share. These options vest monthly over three years and expire five years after grant. On July 11, 2011, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company&#8217;s common stock at $.0092 per share. The options vest quarterly over one year and expire five years after grant. On July 11, 2011, the Board of Directors also granted an option to an employee to purchase 250,000 shares of the Company&#8217;s common stock at $.0092 per share. This option vests monthly over three years and expires five years after grant.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during the year ended November 30, 2012 was $0.0026. The weighted-average assumptions used for options granted during the year ended November 30, 2012 were risk-free interest rate of 0.64%, volatility of 171%, expected life of 5.0 years, and dividend yield of zero. The weighted-average fair value of stock options granted during the year ended November 30, 2011 was $0.0087. The weighted-average assumptions used for options granted during the year ended November 30, 2011 were risk-free interest rate of 1.5%, volatility of 170%, expected life of 5.0 years, and dividend yield of zero. The assumptions employed in the Black-Scholes option pricing model include the following. The expected life of stock options represents the period of time that the stock options granted are expected to be outstanding prior to exercise. The expected volatility is based on the historical price volatility of the Company&#8217;s common stock. The risk-free interest rate represents the U.S. Treasury constant maturities rate for the expected life of the related stock options. The dividend yield represents anticipated cash dividends to be paid over the expected life of the stock options.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For the years ended November 30, 2012 and 2011, the MultiCell reported stock-based compensation expense for services related to stock options of $37,232 and $41,040, respectively. As of November 30, 2012, there is approximately $14,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 1.76 years. The intrinsic values at November 30, 2012 are based on a closing price of $0.0013.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In October 2010, Xenogenics adopted the 2010 Stock Incentive Plan (the &#8220;2010 Plan&#8221;) which authorized the granting of stock awards to employees, directors, and consultants. As originally adopted, the 2010 Plan provided that the number of shares of Xenogenics&#8217; common stock that could be issued pursuant to stock awards could not exceed 5,000,000 shares of common stock. On February 3, 2011, the 2010 Plan was amended such that the number of shares of Xenogenics&#8217; common stock that could be issued pursuant to stock awards could not exceed 8,000,000 shares of common stock. The purpose of the 2010 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of Xenogenics&#8217; common stock through granting of incentive stock options (ISO), non-statutory stock options, stock bonus awards, stock appreciation rights, and rights to acquire restricted stock. ISO&#8217;s may be granted only to employees. The exercise price of each ISO granted under the plan must equal 100% of the market price of Xenogenics&#8217; stock on the date of the grant. A 10% stockholder shall not be granted an incentive stock option unless the exercise price of such option is at least 110% of the fair market value of Xenogenics&#8217; common stock on the date of the grants and the option is not exercisable after the expiration of five years from the date of the grant. The Board of Directors of Xenogenics, in its discretion, shall determine the exercise price of each nonstatutory stock option. An option&#8217;s maximum term is 10 years.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In November 2010, Xenogenics granted an option to a prospective executive officer to purchase an aggregate of 2,500,000 shares of its common stock, exercisable at $0.246 per share of common stock and having an expiration date in November 2015. The option to acquire 500,000 of the shares vested on the grant date and the remaining 2,000,000 shares vest in the future upon the achievement of specified milestones. The fair value of these options was estimated to be $576,250, or $0.2305 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 1.23%, volatility of 165%, expected life of five years, and dividend yield of zero.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In March 2011, Xenogenics granted options to prospective officers and to the members of its scientific advisory board to purchase an aggregate of 3,000,000 shares of its common stock, exercisable at $0.246 per share of common stock and having a term of approximately five years. 50% of the options vested immediately and the remaining 50% were to vest upon the closing of a Qualified Financing by December 31, 2011. A Qualified Financing meant a single sale, or a related series of sales, by Xenogenics of its common stock (or common stock equivalents) in which the aggregate gross proceeds (before costs and commissions) received by Xenogenics are equal to or exceed $5,000,000. The fair value of these options was estimated to be $692,700, or $0.2309 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 2.20%, volatility of 165%, expected lives of five years, and dividend yield of zero. A Qualified Financing was not closed by December 31, 2011 and accordingly, options to acquire 1,500,000 shares of Xenogenics common stock were forfeited. As described in the following paragraph, Xenogenics granted replacement options to four of five of these individuals whose options expired on December 31, 2011. The replacement of the options to the four individuals was treated as a modification under generally accepted accounting principles. The forfeiture of the option to the fifth individual resulted in the reversal of $57,725 of previously-recognized stock-based compensation expense.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On February 28, 2012, Xenogenics granted replacement options to four of five of those individuals whose options expired on December 31, 2011, as described in the previous paragraph. The replacement options to purchase 1,250,000 shares of Xenogenics&#8217; common stock are exercisable at $0.253 per share and vest monthly over one year. These replacement options have a term of five years, provided a Qualified Financing has closed by February 28, 2013. If no Qualified Financing has closed by February 28, 2013, these replacement options will expire. The fair value of these options was estimated to be $298,500, or $0.2338 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 0.84%, volatility of 170%, expected lives of five years, and dividend yield of zero.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Xenogenics reported stock-based compensation expense for these options of $289,097 and $950,448 for the years ended November 30, 2012 and 2011, respectively. As of November 30, 2012, there is approximately $130,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 0.47 years.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 11 &#8211; Warrants</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Since the Company&#8217;s inception, it has financed its operations primarily through the issuance of debt or equity instruments, which have often included the issuance of warrants to purchase the Company&#8217;s common stock.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As further described in Note 6 to these consolidated financial statements, the Company also entered into a Securities Purchase Agreement with La Jolla Cove Investors (LJCI) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000. In connection with this debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of our common stock at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of this warrant, upon the conversion of any portion of the principal amount of the related debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the warrant at $1.09 per share. During the year ended November 30, 2011, LJCI exercised warrants to purchase 1,111,000 shares of the Company&#8217;s common stock, resulting in proceeds to the Company of $1,210,990. During the year ended November 30, 2012, LJCI exercised warrants to purchase 857,000 shares of the Company&#8217;s common stock, resulting in proceeds to the Company of $934,130.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A summary of the status of warrants at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: left;" colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: left;" colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Remaining</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Under</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Outstanding at November 30, 2010</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">22,837,991</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.5915</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1.7 years</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Issued</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,111,000</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.0900</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(10,934,961</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.3579</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="text-align: right; font-weight: bold;">&#160;</td> <td style="text-align: left; font-weight: bold;">&#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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Outstanding at November 30, 2011</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,792,030</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.7769</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right; font-size: 10pt;">3.0 years</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Issued</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(857,000</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.0900</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(658,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.6987</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding at November 30, 2012</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;">9,277,030</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.7535</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">2.2 years</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 13 &#8211; Qualifying Therapeutic Discovery Project Grant</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On October 29, 2010, the Company received notification from the Department of Treasury that it had been awarded a total cash grant of $733,437 under the Qualifying Therapeutic Discovery Project (&#8220;QTDP&#8221;) program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provided a grant or tax credit equal to 50% of qualified investment for the Company&#8217;s fiscal years ending November 30, 2010 and 2011. Of the total grant, $430,335 relates to qualifying expenses incurred during the year ended November 30, 2010 and the remainder of $303,102 relates to qualifying expenses incurred during the year ending November 30, 2011. For the year ended November 30, 2011, the Company recognized $303,102 as grant revenue during the quarterly periods in which the corresponding expenses were incurred. The grant income for the year ended November 30, 2011 was collected in December 2011.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The funds were granted in connection with the Company&#8217;s projects MCT-465 and MCT-475 drug development programs for the treatment of cancer and MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 16&#8211; Fair Value Measurements</b></p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: left; width: 2%;">&#160;</td> <td style="text-align: left; width: 3%; font-weight: bold;" nowrap="nowrap">&#8226;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: left; width: 94%;">Level one &#8212; Quoted market prices in active markets for identical assets or liabilities;</td> </tr> <tr> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: left;">&#160;</td> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#8226;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">Level two &#8212; Inputs other than level one inputs that are either directly or indirectly observable; and</td> </tr> <tr> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: left;">&#160;</td> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#8226;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: left;">Level three &#8212; Unobservable inputs developed using estimates and assumptions, which are developed by the Company and reflect those assumptions that a market participant would use.</td> </tr> </table> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Liabilities measured at fair value on a recurring basis at November 30, 2012 and 2011 are summarized as follows:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="14" nowrap="nowrap">November 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="14" nowrap="nowrap">November 30, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 28%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Derivative liability</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">19,245</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">19,245</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">160,986</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">160,986</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As further described in Note 7, the fair value of the derivative liability is determined using the Black-Scholes pricing model.</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 18&#8211; Subsequent Events </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><u>Conversion of Debentures and Exercise of Stock Warrants</u></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the period subsequent to November 30, 2012 through the date of issuance of the consolidated financial statements, LJCI converted $1,510 of the debenture with La Jolla Cove Investors (see Note 6) into 184,404,556 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 151,000 shares of the Company&#8217;s common stock. Proceeds from the exercise of the warrants were $164,590.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The fair value of the embedded conversion feature was estimated using the Black-Scholes option-pricing model using the following assumptions:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30, <br />2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30, <br />2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">November 30,<br />2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%;">Fair value of common stock</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0013</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0049</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0040</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Conversion price of preferred stock</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0215</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0324</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0525</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Risk free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.62</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.08</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.81</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected life</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-family: times new roman, times, serif;">10 Years </font></td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-family: times new roman, times, serif;">10 Years </font></td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-family: times new roman, times, serif;">10 Years </font></td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">141</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">140</td> <td style="text-align: left;">%</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A summary of the status of stock options at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Remaining</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Under</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Option</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Outstanding at November 30, 2010</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">13,148,947</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0178</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;"><font style="font: 10pt times new roman, times, serif;">3.9 years</font></td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,250,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.0092</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(130,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.4631</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">&#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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Outstanding at November 30, 2011</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">18,268,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.0121</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font: 10pt times new roman, times, serif;">3.4 years</font></td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">8,000,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.0028</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(200,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.1250</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding at November 30, 2012</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;">26,068,947</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.0084</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt times new roman, times, serif;">3.1 years</font></td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Exercisable at November 30, 2012</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">20,680,058</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.0099</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt times new roman, times, serif;">2.7 years</font></td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A summary of the status of warrants at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: left;" colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: left;" colspan="2" nowrap="nowrap">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Average</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Remaining</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Under</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2">&#160;</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Outstanding at November 30, 2010</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">22,837,991</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.5915</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;"><font style="font: 10pt times new roman, times, serif;">1.7 years </font></td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Issued</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,111,000</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.0900</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(10,934,961</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.3579</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: left; font-weight: bold;">&#160;</td> <td style="text-align: right; font-weight: bold;">&#160;</td> <td style="text-align: left; font-weight: bold;">&#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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Outstanding at November 30, 2011</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,792,030</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.7769</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font: 10pt times new roman, times, serif;">3.0 years </font></td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Issued</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(857,000</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.0900</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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Expired</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;">(658,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">0.6987</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="text-align: right; padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding at November 30, 2012</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;">9,277,030</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">0.7535</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt times new roman, times, serif;">2.2 years </font></td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Liabilities measured at fair value on a recurring basis at November 30, 2012 and 2011 are summarized as follows:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="14" nowrap="nowrap">November 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="14" nowrap="nowrap">November 30, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 28%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 6%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Derivative liability</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">19,245</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">19,245</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">160,986</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">160,986</td> <td style="text-align: left;">&#160;</td> </tr> </table> 0.953 0.67 0.09990.0999 0.0999 1.09 1.09 6100000 2007-02-28 0.85 336837 165208 The Series I preferred stock does not have voting rights. 5200 44118 5200 44118 566177 522059 13148947 18268947 26068947 2500000 3000000 5000000 250000 5250000 1250000 5000000 2000000 2000000 8000000 0 0 -130000 -200000 0.0178 0.0121 0.253 0.0084 0.0092 0.0092 0.0092 0.0032 0.0014 0.0032 0.0014 0.0032 0.0028 0 0 0.4631 0.1250 0.246 0.0099 P3Y10M24D P3Y4M24D P3Y1M6D P2Y8M12D 0 0 0 0 20680058 41040 950448 37232 289097 P1Y9M4D P5M19D 5000000 8000000 70974213 1500000 1.00 A 10% stockholder shall not be granted an incentive stock option unless the exercise price of such option is at least 110% of the fair market value of Xenogenics' common stock P10Y 0.246 0.246 0.253 2015-11-30 576250 692700 298500 0.50 5000000 1500000 57725 14000 130000 0.0087 0.0026 0.0281 0.0220 0.0208 0.015 0.0162 0.0064 1.40 1.65 1.40 1.70 1.41 1.71 P10Y P5Y P10Y P5Y P5Y P10Y P5Y 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 160986 0 160986 0 19245 0 19245 0 1210990 934130 No No Yes 2964799 159552159552 133540133540 265000 0 0 769690 0 573400 0 30000 769690 224708 -573400 0 -888009 564292 1121825 0 7891 -5734 -7891 56429250 <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 3&#8211; Ideal BioStent&#8482;</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman, times, serif;"><b><i>Purchase of Ideal</i></b></font><b><i> <font style="font-family: times new roman, times, serif;">BioStent&#8482; &#8212; Foreclosure Sale Agreement</font></i></b><i><font style="font-family: times new roman, times, serif;"> </font></i></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On September 30, 2010, Xenogenics entered into a Foreclosure Sale Agreement (&#8220;Foreclosure Sale Agreement&#8221;) with Venture Lending &amp; Leasing IV, Inc., Venture Lending &amp; Leasing V, Inc. and Silicon Valley Bank (collectively, the &#8220;Sellers&#8221;). Pursuant to the Foreclosure Sale Agreement, Xenogenics acquired all of the Sellers&#8217; interests in certain bioabsorbable stent assets (known as &#8220;Ideal BioStent&#8482;&#8221;) and related technologies. In consideration for the purchase of the assets, Xenogenics made cash payments to the Sellers in the aggregate amount of $400,000, payable in three tranches as follows: (i) $135,000 was paid on October 12, 2010; (ii) $135,000 was paid on November 15, 2010; and (iii) $130,000 was paid on December 31, 2010.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Xenogenics is also required to make cash payments to the Sellers as follows based on the achievement of certain milestones:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="text-align: left; width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$300,000 is payable upon the earlier to occur of (i) initiation of pivotal Generation 2 stent human clinical trials, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $3,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments), and (iii) a &#8220;change of control&#8221; of Xenogenics;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$1,000,000 is payable upon the earlier to occur of (i) regulatory approval by any regulatory authority in a European Union member country, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a &#8220;change of control&#8221; of Xenogenics; and</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$3,000,000 is payable upon the earlier to occur of (i) regulatory approval by the U.S. Food and Drug Administration, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a &#8220;change of control&#8221; of Xenogenics.</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued. On September 30, 2011, Xenogenics entered into Amendment No. 1 to the Foreclosure Sale Agreement which extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by twelve months. On October 23, 2012, Xenogenics entered into Amendment No. 2 to the Foreclosure Sale Agreement which further extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by an additional twelve months. Xenogenics is required to use good faith reasonable efforts to achieve these milestones. Failure to achieve any of these milestones could result in all milestone payments, totaling $4.3 million, becoming immediately due and payable. If Xenogenics meets the financial hardship exception set forth in the Foreclosure Sale Agreement, Xenogenics could elect to pay all remaining milestone payments and continue commercialization efforts, or assign all intellectual property acquired by Xenogenics under the agreement to the counterparties to the agreement and cease all development and commercialization efforts.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Rutgers License Agreement </i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>&#160;</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Effective September 30, 2010, Xenogenics entered into a license agreement (the &#8220;Rutgers License Agreement&#8221;) with Rutgers, The State University of New Jersey (&#8220;Rutgers&#8221;).</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Pursuant to the Rutgers License Agreement, Rutgers granted Xenogenics a worldwide exclusive license to exploit and commercialize certain patents and other intellectual property rights, as further described in the Rutgers License Agreement, relating to bioabsorbable stents for interventional cardiology and peripheral vascular applications. In consideration for the license and other rights granted under the Rutgers License Agreement, Xenogenics paid Rutgers a license fee of $50,000. In addition, under the Rutgers License Agreement, Xenogenics is obligated to pay Rutgers a license maintenance fee of $25,000 on the third anniversary of the Rutgers License Agreement, and $50,000 on the fourth anniversary. Additionally, Xenogenics agreed to pay Rutgers for unpaid costs of $136,000 incurred by Rutgers prior to the effective date of the Rutgers License Agreement for preparing, filing, prosecuting, defending, and maintaining all United States patent applications and patents covered under the Rutgers License Agreement, of which $135,000 was paid in March 2011.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Xenogenics is also required to make cash payments to Rutgers as follows based on the achievement of certain milestones with respect to products to be commercialized using the intellectual property licensed pursuant to the Rutgers License Agreement:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$50,000 is payable upon initiation of first in-human clinical trials anywhere in the world;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; and</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;">&#160;</td> <td style="width: 0.25in; font-family: symbol;">&#183;</td> <td style="text-align: justify;">$300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world.</td> </tr> </table> <p style="text-align: justify; text-indent: -0.25in; margin: 0pt 0px 0pt 0.5in; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Upon the sale of products commercialized using the technology licensed pursuant to the Rutgers License Agreement, Xenogenics is required to make royalty payments to Rutgers in an amount equal to three percent of the annual aggregate gross amounts charged for such products less deductions for expenses such as sales/use taxes, transportation charges and trade discounts. Beginning with the first year of sales of products commercialized with the licensed technology, Xenogenics will make certain minimum royalty payments to Rutgers, which payments will be applied against any royalty payments earned by Rutgers for the relevant calendar year. Further, 50% of the Rutgers milestone payments actually paid to Rutgers will be offset against any future royalty payments earned under the Rutgers License Agreement.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The term of the Rutgers License Agreement commences on the effective date of the agreement and terminates on the earlier of (i) the expiration of all valid patents granted with respect to the licensed technology (or products commercialized therefrom) in a country, and (ii) ten years from the date of first commercial sale in a country. However, if either party breaches the agreement, the non-breaching party may terminate the agreement upon written notice to the other party of such breach and the failure of the other party to cure the breach within 90 days of such notice. Xenogenics also has the right to terminate the agreement at anytime and for any reason upon 120 days&#8217; advance written notice to Rutgers.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 4&#8211; Property and Equipment</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Property and equipment are recorded at cost, less accumulated depreciation, and is comprised of the following at November 30, 2012 and 2011:</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Lab Equipment</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">14,717</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">25,893</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Furniture and Office Equipment</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;">25,844</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">40,574</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">40,561</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">66,467</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</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;">(40,561</td> <td style="text-align: left; padding-bottom: 1pt;">)</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;">(66,467</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Property and Equipment, Net</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;">-</td> <td style="text-align: left; 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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company recorded depreciation expense of $0 and $1,087 for the years ended November 30, 2012 and 2011, respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 5 &#8211; License Agreements </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Rhode Island Hospital</i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In September 2001, the Company completed the purchase of its cell line business and, as a result, it acquired an exclusive license agreement with Rhode Island Hospital for the use of four patents owned by the hospital related to liver cell lines and liver assist devices. The primary patent acquired and being utilized is for immortalized hepatocytes. As of November 30, 2006, management tested the carrying value of the license agreement for impairment and concluded that it had been impaired and reduced the carrying value to zero. The Company will pay the hospital a 5% royalty on net sales derived from licenses based upon the patented technology, until it has paid a total of $550,000. As of November 30, 2012, no significant payments had been made under this license agreement. After royalties totaling $550,000 have been paid, the Company pays a 2% royalty instead of a 5% royalty for the life of the patent.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Amarin Neuroscience Limited</i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On December 31, 2005, the Company entered into a worldwide Exclusive License Agreement (the &#8220;License Agreement&#8221;) with Amarin Neuroscience Limited (&#8220;Amarin&#8221;). Among other things, the License Agreement provides that Amarin shall grant to the Company and its affiliates an exclusive worldwide license with respect to therapeutic or commercial uses of certain technology of Amarin, including LAX-202 (to be renamed MCT-125), and the Company shall develop and seek to commercialize products based on such technology. The initial technology to be developed is Amarin&#8217;s LAX-202, which is a potential treatment for fatigue in patients diagnosed with multiple sclerosis. The agreement has a term equal to the life of the patents licensed. The License Agreement provides that the Company will pay future royalty milestone payments in accordance with the following:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">&#160;</td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">$500,000 upon first filing of a new drug application with Food and Drug Administration (FDA) or a reasonably similar filing with any regulatory authority for Active Agent Product,</td> </tr> </table> <p style="text-align: justify; text-indent: -0.25in; margin: 0pt 0px 0pt 0.75in; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">&#160;</td> <td style="width: 0.25in;">(b)</td> <td style="text-align: justify;">$1,000,000 upon first FDA approval for sale in the USA for Active Agent Product,</td> </tr> </table> <p style="text-align: left; text-indent: -0.25in; margin: 0pt 0px 0pt 0.75in; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">&#160;</td> <td style="width: 0.25in;">(c)</td> <td style="text-align: justify;">$1,500,000 within twelve calendar months after the first sale in the USA for Active Agent Product, and</td> </tr> </table> <p style="text-align: left; text-indent: -0.25in; margin: 0pt 0px 0pt 0.75in; font: 10pt times new roman, times, serif;">&#160;</p> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">&#160;</td> <td style="width: 0.25in;">(d)</td> <td style="text-align: justify;">$1,000,000 within twelve calendar months after the first sale in the European Economic Area for Active Agent Product.</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">None of these milestones have been achieved as of November 30, 2012 and, accordingly, none of these obligations have been paid or recorded. If any milestone payment is not paid when due, and if no payment is received from the Company within thirty days after the date of receipt of a written notice of such nonpayment, Amarin shall have the option to either (i) terminate this agreement or (ii) convert the license under this agreement to a worldwide non-exclusive license with the right to sublicense, which non-exclusive license shall be subject to all of the terms and obligations of the agreement. The Company shall also pay Amarin without set-off or counterclaim a royalty of nine percent on net sales of Active Agent Product sold by the Company, its affiliates, or sublicensees and their affiliates. On November 5, 2008 the License Agreement was amended whereby Amarin granted exclusive worldwide rights to the Company related to the treatment of all chronic fatique and pain in addition to the treatment of fatigue in multiple sclerosis patients.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Corning Incorporated</i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On October 9, 2007, the Company executed an exclusive license and purchase agreement (the &#8220;Agreement&#8221;) with Corning Incorporated (&#8220;Corning&#8221;) of Corning, New York. Under the terms of the Agreement, Corning has the right to develop, use, manufacture, and sell the Company&#8217;s Fa2N-4 cell lines and related cell culture media for use as a drug discovery assay tool, including biomarker identification for the development of drug development assay tools, and for the performance of absorption, distribution, metabolism, elimination and toxicity assays (&#8220;ADME/Tox assays&#8221;). The Company retained and will continue to support all of its existing licensees. The Company retains the right to use the Fa2N-4 cells for use in applications not related to drug discovery or ADME/Tox assays. The Company also retains rights to use the Fa2N-4 cell lines and other cell lines to further develop its Sybiol&#174; liver assist device, to produce therapeutic proteins using the Company&#8217;s BioFactories&#8482; technology, to identify drug targets and for other applications related to the Company&#8217;s internal drug development programs. In consideration for the license granted, Corning paid the Company $375,000 upon execution of the Agreement, and an additional $375,000 upon the completion of a transition period. In addition, Corning purchased inventory and equipment from the Company and reimbursed the Company for laboratory costs and other expenses during a transition period. The Company is recognizing the income ratably over a 17 year period. The Company recognized $44,118 in income for each of the years ended November 30, 2012 and 2011. The balance of deferred revenue from this license is $522,059 and $566,177 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through October 2024.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Pfizer Inc.</i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company has another license agreement with Pfizer Inc., for which revenue is being deferred. During the years ended November 30, 2012 and 2011, the Company recognized $5,200 in each year and the balance of the deferred revenue from this license is $26,000 and $31,200 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through January 2018.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>University Health Network</i></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">On July 5, 2011, the Company, entered into a sponsored research agreement with </font>the University Health Network (UHN), a not-for-profit corporation incorporated under the laws of Canada. Under this agreement UHN will evaluate the Company&#8217;s product candidates, MCT-465 and MCT-485, in <i>in vitro</i> models for the treatment of primary liver cancer. The mechanism of action of MCT-465 and MCT-485 and their potential selective effect on liver cancer stem cells will also be evaluated. <font style="color: black;">Under the terms of the agreement, the Company will retain exclusive access to the research findings and intellectual property resulting from the research activities preformed by UHN.</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 12 &#8211; Leasing Arrangements</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the years ended November 30, 2012 and 2011, the Company has leased facilities in Rhode Island that have housed activities related to administration, research and development. The Company currently leases space in Rhode Island under a one-year lease that expires in April 2013. Current rent is $900 per month. Rent expense under the Company&#8217;s operating leases was $10,800 for each of the years ended November 30, 2012 and 2011, respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 14 &#8211; Gain on Extinguishment of Liabilities </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the years ended November 30, 2012 and 2011, the Company determined that recorded accounts payable and accrued liabilities totaling $133,540 and $159,552, respectively, had been extinguished with the passage of time for collection under the laws related to the statute of limitations. Accordingly, the Company removed these accounts from their records and recorded a corresponding gain on the extinguishment of the liabilities.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 15 &#8211; Income Taxes </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company provides for income taxes using an asset and liability based approach. Deferred income tax assets and liabilities are recorded to reflect the tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The significant components of net deferred tax assets and liabilities were as follows at November 30, 2012 and 2011:</p> <p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Operating loss carry forwards</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,914,348</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,522,775</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Stock-based compensation</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">473,598</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">481,606</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Ideal Bio-Stent related intellectual property</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">179,858</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">194,151</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Deferred revenue</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">219,223</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">238,951</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Other</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">450</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">450</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</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;">(10,787,477</td> <td style="text-align: left; padding-bottom: 1pt;">)</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;">(10,437,933</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net Deferred Tax Assets</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;">-</td> <td style="text-align: left; 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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The valuation allowance increased by $349,544 for the year ended November 30, 2012 and increased by $527,662 during the year ended November 30, 2011.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of November 30, 2012, the Company has U.S. Federal operating loss carryforwards of approximately $24.8 million. The operating losses expire, if not used, from 2018 through 2032. <font style="color: black;">The utilization of the net operating losses is dependent upon the tax laws in effect at the time such losses can be utilized. A significant change of ownership control of the Company could cause the utilization of net operating losses to be limited.</font></p> <p style="text-align: center; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b></b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A reconciliation of the expected income tax benefit at the U.S. Federal income tax rate to the income tax benefit actually recognized for the years ended November 30, 2012 and 2011 is set forth below:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Benefit at federal statutory rate (34%)</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(461,924</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(663,707</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">State income tax benefit, net of federal tax</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(85,608</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(109,935</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Change in fair value of derivative liability</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(30,145</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">27,565</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expiration of operating loss carry forwards</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">88,404</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">212,641</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeiture of non-qualified stock options</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">138,540</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Other differences</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,189</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,774</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Change in valuation allowance</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;">349,544</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">527,662</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Benefit from Income Taxes</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;">-</td> <td style="text-align: left; 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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company and its subsidiaries file tax returns in the U.S. Federal jurisdiction and, in the states of California and Rhode Island. The Company is no longer subject to U.S. federal tax examinations for tax years before and including November 30, 2009. The Company&#8217;s subsidiaries are no longer subject to examination by State tax authorities for tax years before and including November 30, 2007. During the years ended November 30, 2012 and 2011, the Company did not recognize interest and penalties.</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Note 17&#8211; Payable to Related Party</b></p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In connection with an acquisition in September 2005, the Company assumed certain liabilities in the amount of $200,000, payable to an individual who is a current director of the Company. The liability is to be paid to this individual over time as determined by the remainder of the members of the board of directors. The balance of the liability owed to this director is $50,000 as of November 30, 2012 and 2011.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Property and equipment are recorded at cost, less accumulated depreciation, and is comprised of the following at November 30, 2012 and 2011:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Lab Equipment</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">14,717</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">25,893</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Furniture and Office Equipment</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;">25,844</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">40,574</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <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="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">40,561</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">66,467</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</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;">(40,561</td> <td style="text-align: left; padding-bottom: 1pt;">)</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;">(66,467</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Property and Equipment, Net</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;">-</td> <td style="text-align: left; 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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The significant components of net deferred tax assets and liabilities were as follows at November 30, 2012 and 2011:</p> <p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Operating loss carry forwards</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,914,348</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,522,775</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Stock-based compensation</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">473,598</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">481,606</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Ideal Bio-Stent related intellectual property</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">179,858</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">194,151</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Deferred revenue</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">219,223</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">238,951</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Other</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">450</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">450</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</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;">(10,787,477</td> <td style="text-align: left; padding-bottom: 1pt;">)</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;">(10,437,933</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <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="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net Deferred Tax Assets</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;">-</td> <td style="text-align: left; 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;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">A reconciliation of the expected income tax benefit at the U.S. Federal income tax rate to the income tax benefit actually recognized for the years ended November 30, 2012 and 2011 is set forth below:</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"><font size="2" style="font-family:times new roman,times">2012</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"><font size="2" style="font-family:times new roman,times">2011</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: center;" colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: center;" colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;"><font size="2" style="font-family:times new roman,times">Benefit at federal statutory rate (34%)</font></td> <td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td> <td style="text-align: right; width: 10%;"><font size="2" style="font-family:times new roman,times">(461,924</font></td> <td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td> <td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td> <td style="text-align: right; width: 10%;"><font size="2" style="font-family:times new roman,times">(663,707</font></td> <td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">State income tax benefit, net of federal tax</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(85,608</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(109,935</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">Change in fair value of derivative liability</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(30,145</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">27,565</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">Expiration of operating loss carry forwards</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">88,404</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">212,641</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">Forfeiture of non-qualified stock options</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">138,540</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">-</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">Other differences</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">1,189</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">5,774</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">Change in valuation allowance</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">349,544</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">527,662</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">Benefit from Income Taxes</font></td> <td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">-</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">-</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td> </tr> </table> 64596 56026 <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Principles of Consolidation and Basis of Presentation</i></b> &#8211; The accompanying consolidated financial statements of MultiCell Technologies Inc. and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which MultiCell exercises control. All significant intercompany balances and transactions have been eliminated in consolidation.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Cash and Cash Equivalents</i></b> &#8211; The Company considers all unrestricted highly liquid investments purchased with a maturity of three months or less to be cash equivalents.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Fair Value of Financial Instruments</i></b> &#8211; The carrying amounts of cash and cash equivalents, grant receivable, accounts payable, accrued expenses, and advance from debenture holder approximate fair value because of the short maturity of those instruments. The fair value of convertible debentures was approximately $56,026 and $64,596 at November 30, 2012 and 2011, respectively.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Credit Risk</i></b> &#8211; It is the Company&#8217;s practice to place its cash equivalents in high quality money market securities with major banking institutions. Periodically, the Company maintains cash balances at this institution that exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per bank. The Company considers its credit risk associated with cash and cash equivalents to be minimal. The Company does not require collateral from its customers. The Company closely monitors the extension of credit to its customers while maintaining an allowance for potential credit losses. On a periodic basis, management evaluates its accounts receivable and, if warranted, adjusts its allowance for doubtful accounts based on historical experience and current credit considerations. Typically, accounts receivable consist primarily of amounts due under contractual agreements.</div> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Revenue Recognition</i></b> &#8211; In the years covered by these financial statements, the Company's operating revenues have been generated primarily from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of the Company's ongoing operations. When applicable, the Company recognizes revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where the Company receives payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12 - month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Grant revenue under the Qualifying Therapeutic Discovery Project for the year ended November 30, 2011 was recognized as other income during the period in which the corresponding expenses were incurred.</p> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Property and Equipment</i></b> &#8211; Property and equipment are recorded at cost. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets, generally three to ten years. As of November 30, 2012, all property and equipment is fully depreciated.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Intangible Assets</i></b> &#8211;<i> </i>The Company does not amortize intangible assets with indefinite useful lives. The Company amortizes identifiable intangible assets over the estimated useful lives of the assets. The Company performs its annual intangible asset impairment tests during the fourth quarter of its fiscal year and more frequently if an event or circumstance indicates that impairment has occurred. If the assets were considered to be impaired, the impairment charge would be the amount by which the carrying value of the assets exceeds the fair value of the assets. As of November 30, 2012, all intangible assets are fully amortized or otherwise fully impaired such that there is no carrying value for intangible assets.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Impairment of Long-Lived Assets</i></b><i> &#8211;</i> The impairment of long-lived assets that do not have indefinite lives, such as equipment, patents, and license agreements, is recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Stock Based Compensation</i></b><i> &#8211; </i>The Company has stockholder-approved stock incentive plans for employees, directors, officers and consultants. The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award, based on their grant-date fair value. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock, and expected dividend yield of stock.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Research and Development Costs</i></b><i> &#8211; </i>Research and development costs are expensed as incurred. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with the Company&#8217;s intellectual property, and materials and supplies.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Acquired In-Process Research and Development</i></b><i> &#8211; </i>The Company recognizes as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, the Company will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Income Taxes</i></b> &#8211; Deferred income taxes are provided for the estimated tax effects of temporary differences between income for tax and financial reporting purposes. A valuation allowance is provided against deferred tax assets, where realization is uncertain. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the &#8220;more-likely-than-not&#8221; threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of selling, general and administrative expense.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Loss Per Common Share</i></b> &#8211; Basic loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average common shares outstanding during each period. Since the Company incurred losses during the years ended November 30, 2012 and 2011, the assumed effects of the exercise of outstanding stock options and warrants, and the conversion of convertible preferred stock and convertible debentures were anti-dilutive and, accordingly, diluted per common share amounts equal basic loss per share amounts and have not been separately presented in the accompanying consolidated statements of operations. The total number of common shares potentially issuable upon exercise or conversion excluded from the calculation of diluted loss per common share for the years ended November 30, 2012 and 2011 was 7,049,066,807 and 1,884,958,275, respectively.</div> 250000 <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Use of Estimates</i></b> &#8211; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of these financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Risks and Uncertainties</i></b> &#8211; The Company is dependent on continued financing from investors and obtaining new research grants to sustain the development and other activities necessary to commercialize new products. Management is seeking additional financing in order to fund its future activities. There is no assurance, however, that such financing will be available, if and when needed, or if available, that such financing will be completed on commercially favorable terms, or that such development and other activities in connection with its planned products will be successful.</div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Accounting For Warrants Issued With Convertible Debentures</i></b><i> </i>&#8211;<i> </i>The Company accounts for the value of warrants and the intrinsic value of beneficial conversion rights arising from the issuance of convertible debentures with non-detachable conversion rights that are in-the-money at the commitment date by allocating an appropriate portion of the proceeds received from the debt instruments to the warrants or any other detachable instruments included in the exchange. The proceeds allocated to the warrants or any other detachable instruments are recorded as a discount to the debt. The intrinsic value of the beneficial conversion rights at the commitment date is recorded as additional paid-in capital and as additional discount to the debt as of that date. The discount has been amortized and charged to interest expense over the original term of the debt instrument.</div> 1884958275 2293600 1818606784 18268947 34996914 10792030 7049066807 0 6997683621 26068947 16037209 9277030 <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Derivative Liability</i></b><i> </i>&#8211;<i> </i>The Company accounts for the conversion feature of its Series B preferred stock as a derivative liability. The fair value of the conversion feature is estimated using the Black-Scholes option-pricing model.</div> <div style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Recently Enacted Accounting Standards</i></b><i> </i>&#8211; In July 2012, the Financial Accounting Standards Board issued updated guidance on the periodic testing of indefinite-lived intangible assets, other than goodwill, for impairment. This updated guidance will allow companies the option to first assess qualitative factors to determine if it is more-likely-than-not that an indefinite-lived intangible asset might be impaired and whether it is necessary to perform the quantitative impairment test required under current accounting standards. This guidance is applicable for reporting periods beginning after September 15, 2012, with early adoption permitted, and is applicable to the Company&#8217;s fiscal year beginning December 1, 2012. The Company currently does not have any indefinite-life intangible assets other than goodwill and does not expect the adoption of this guidance will have a material effect on its consolidated financial statements.</div> 5602629 56026 66467 25893 40574 40561 14717 25844 $1,000,000 within twelve calendar months after the first sale in the European Economic Area for Active Agent Product. $500,000 upon first filing of a new drug application with Food and Drug Administration (FDA) or a reasonably similar filing with any regulatory authority for Active Agent Product. $1,000,000 upon first FDA approval for sale in the USA for Active Agent Product. $1,500,000 within twelve calendar months after the first sale in the USA for Active Agent Product. 375000 17 years 194151 9522775 238951 450 10437933 0 0 -27565 212641 -663707 -109935 5774 527662 0 0 24800000 10800 10800 100000 22837991 10792030 9277030 0 0 -1111000 -857000 -10934961 -658000 0.5915 0.7769 0.7535 1111000 857000 0 0 1.0900 1.0900 P1Y8M12D P3Y P2Y2M12D 0 0 0 P5Y 0.3579 0.6987 0.80 0.0040 0.0049 0.0013 0.0525 0.0324 0.0215 from 2018 through 2032. 135000 $300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world. $50,000 is payable upon initiation of first in-human clinical trials anywhere in the world. $200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; 3000000 5000000 5000000 135000 135000 130000 300000 1000000 3000000 4300000 50000 25000 50000 46405266 vest quarterly over one year vests monthly over three years quarterly over one year vest monthly over three years vest monthly over three years P5Y P5Y P5Y P5Y P5Y 0.0999 0.0999 0.0013 500000 2000000 200000 50000 50000 0.0037 0.0046 0.0012 Company was required to pay on each outstanding share of Series B convertible preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of (i) the Wall Street Journal Prime Rate plus 1%, or (ii) 9%. In no event was the dividend rate to be greater than 12% per annum. 0.12 580672 243835 290724 125516 18750000 789100 19410 289948 <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The potential issuable common shares as of November 30, 2012 and 2011 are as follows:</p> <p style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: left;" colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Warrants</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">9,277,030</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">10,792,030</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Stock options</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">26,068,947</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">18,268,947</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Series B Convertible Preferred Stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">16,037,209</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">34,996,914</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series I Convertible Preferred Stock</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,293,600</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">LJCI Debenture</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;">6,997,683,621</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</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;">1,818,606,784</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <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="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; 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;">7,049,066,807</td> <td style="text-align: left; 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;">1,884,958,275</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table> 100 50% of the Rutgers milestone payments 118319 20000 0.564 0000811779mcet:XenogenicsCorporationMember 2010-10-31 2014-02-28 0000811779mcet:ThirdAnniversaryMembermcet:RutgersLicenseAgreementMember2010-09-012010-09-30 136000 0000811779mcet:FourthAnniversaryMembermcet:RutgersLicenseAgreementMember2010-09-012010-09-30 0000811779mcet:RutgersLicenseAgreementMember2011-03-012011-03-31 0000811779mcet:CorningIncorporatedMember2007-10-09 7000000000 1.09 5602629 0.80 P5Y 2012-02-28 26273 73727 100000 53078 171629 100 2007-02-28 900 430335 9914348 179858 219223 450 10787477 -461924 -85608 30145 88404 1189 349544 0.3400 349544 527662 mcet:Numbers 0000811779mcet:XenogenicsCorporationMember2012-11-30 0000811779mcet:MulticellImmunotherapeuticsMember2012-11-30 400000 5% until $550,000 has been paid, then 2% after that. each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share. P2Y equal to the lesser of $1.00 or 80% 0.25 0.0215 0.0223 0.32 0.0324 0000811779mcet:AccreditedInvestorsMember2004-07-13 20000 100 10000000 733437 0000811779us-gaap:SubsequentEventMember2012-12-012013-02-28 1510 184404556 151000 164590 0.2305 0.2338 0.2309 0.0084 0.0123 1.70 1.65 P5Y 0.00 0.00 1.00 each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share. 0000811779mcet:PfizerIncorporatedMember2012-11-30 26000 31200 <div style="text-align: left; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b><i>Reclassifications - </i></b>Certain amounts of operating expenses from the 2011 consolidated statement of operations have been reclassified in the current presentation to conform to the 2012 presentation of operating expenses. These reclassifications had no effect on the total amount of operations expenses, on the amount of net loss, or on the basic and diluted loss per common share for the year ended November 30, 2011.</div> 00008117792005-12-012006-11-30 481606 473598 138540 0 0000811779mcet:SeriesBConvertiblePreferredStockMember2005-12-012006-11-30 100000 P60M 10000000 EX-101.SCH 12 mcet-20121130.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 007 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 008 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Going Concern link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Ideal BioStent link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Property and Equipment link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - License Agreements link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Convertible Debentures link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Series B Redeemable Convertible Stock link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Series I Convertible Preferred Stock link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Common Stock link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Stock Compensation Plan link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Warrants link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Leasing Arrangements link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Qualifying Therapeutic Discovery Project Grant link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Gain on Extinguishment of Liabilities link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Fair Value Measurements link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Payable to Related Party link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Property and Equipment (Tables) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Series B Redeemable Convertible Stock (Tables) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Common Stock (Tables) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Stock Compensation Plan (Tables) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Warrants (Tables) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Income Taxes (Tables) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Organization and Summary of Significant Accounting Policies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Going Concern (Details Textual) link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Ideal BioStent (Details Textual) link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Property and Equipment (Details) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Property and Equipment (Details Textual) link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - License Agreements (Details Textual) link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Convertible Debentures (Details Textual) link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Series B Redeemable Convertible Stock (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Series B Redeemable Convertible Stock (Details Textual) link:presentationLink link:definitionLink link:calculationLink 044 - Disclosure - Series I Convertible Preferred Stock (Details Textual) link:presentationLink link:definitionLink link:calculationLink 045 - Disclosure - Common Stock (Details) link:presentationLink link:definitionLink link:calculationLink 046 - Disclosure - Common Stock (Details Textual) link:presentationLink link:definitionLink link:calculationLink 047 - Disclosure - Stock Compensation Plan (Details) link:presentationLink link:definitionLink link:calculationLink 048 - Disclosure - Stock Compensation Plan (Details Textual) link:presentationLink link:definitionLink link:calculationLink 049 - Disclosure - Warrants (Details) link:presentationLink link:definitionLink link:calculationLink 050 - Disclosure - Warrants (Details Textual) link:presentationLink link:definitionLink link:calculationLink 051 - Disclosure - Leasing Arrangements (Details Textual) link:presentationLink link:definitionLink link:calculationLink 052 - Disclosure - Qualifying Therapeutic Discovery Project Grant (Details Textual) link:presentationLink link:definitionLink link:calculationLink 053 - Disclosure - Gain on Extinguishment of Liabilities (Details Textual) link:presentationLink link:definitionLink link:calculationLink 054 - Disclosure - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 055 - Disclosure - Income Taxes (Details 1) link:presentationLink link:definitionLink link:calculationLink 056 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:definitionLink link:calculationLink 057 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:definitionLink link:calculationLink 058 - Disclosure - Payable to Related Party (Details Textual) link:presentationLink link:definitionLink link:calculationLink 059 - Disclosure - Subsequent Events (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 13 mcet-20121130_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 14 mcet-20121130_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 15 mcet-20121130_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 16 mcet-20121130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 17 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Depreciation $ 0 $ 1,087
XML 18 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
Nov. 30, 2012
Nov. 30, 2011
Operating loss carry forwards $ 9,914,348 $ 9,522,775
Stock-based compensation 473,598 481,606
Ideal Bio-Stent related intellectual property 179,858 194,151
Deferred revenue 219,223 238,951
Other 450 450
Valuation allowance (10,787,477) (10,437,933)
Net Deferred Tax Assets $ 0 $ 0
XML 19 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plan (Details Textual) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 0 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2010
Mar. 31, 2011
Xenogenics Corporation [Member]
Nov. 30, 2012
Xenogenics Corporation [Member]
Feb. 03, 2011
Xenogenics Corporation [Member]
Oct. 31, 2010
Xenogenics Corporation [Member]
Nov. 30, 2010
Executive Officer [Member]
Xenogenics Corporation [Member]
Mar. 31, 2011
Officers and Members of Scientific Advisory Board [Member]
Xenogenics Corporation [Member]
Nov. 30, 2012
Officers and Members of Scientific Advisory Board [Member]
Xenogenics Corporation [Member]
Nov. 30, 2011
Officers and Members of Scientific Advisory Board [Member]
Xenogenics Corporation [Member]
Oct. 19, 2012
Director [Member]
Jun. 01, 2012
Director [Member]
Jul. 11, 2011
Director [Member]
Nov. 30, 2012
Director [Member]
Nov. 30, 2011
Director [Member]
Oct. 19, 2012
Director [Member]
Minimum [Member]
Oct. 19, 2012
Director [Member]
Maximum [Member]
Oct. 19, 2012
Employee [Member]
Jul. 11, 2011
Employee [Member]
Oct. 19, 2012
Employee [Member]
Minimum [Member]
Oct. 19, 2012
Employee [Member]
Maximum [Member]
Feb. 28, 2012
Replacement Options [Member]
Nov. 30, 2012
Equity Incentive Plan 2004 [Member]
Dec. 02, 2011
Equity Incentive Plan 2004 [Member]
Jul. 11, 2011
Equity Incentive Plan 2004 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized           8,000,000 5,000,000                                   1,500,000 70,974,213
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant                                               46,405,266    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 0.0028 $ 0.0092                     $ 0.0032 $ 0.0092     $ 0.0014 $ 0.0032   $ 0.0092 $ 0.0014 $ 0.0032        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 8,000,000 5,250,000   3,000,000       2,500,000       2,000,000 5,000,000 5,000,000         2,000,000 250,000     1,250,000      
Share-based Compensation Arrangement by Share-based Payment Award, Option, Vesting Period                       vest monthly over three years quarterly over one year vest quarterly over one year         vest monthly over three years vests monthly over three years            
Share-based Compensation Arrangement by Share-based Payment Award, Option, Expiration Period                       5 years 5 years 5 years         5 years 5 years            
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value               $ 0.2305 $ 0.2309           $ 0.0026 $ 0.0087             $ 0.2338      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate               1.23% 2.20%           0.64% 1.50%             0.84%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate               165.00% 165.00%           171.00% 170.00%             170.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term               5 years 5 years           5 years 5 years             5 years      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate               0.00% 0.00%           0.00% 0.00%             0.00%      
Allocated Share-based Compensation Expense                   $ 289,097 $ 950,448       $ 37,232 $ 41,040                    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options                   130,000         14,000                      
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition                   5 months 19 days         1 year 9 months 4 days                      
Closing Price Share                             $ 0.0013                      
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent         100.00%                                          
Share-based Compensation Arrangement by Share-based Payment Award, Option, Maximum Term         10 years                                          
Share-based Compensation Arrangement by Share-based Payment Award, Original Terms of Plan         A 10% stockholder shall not be granted an incentive stock option unless the exercise price of such option is at least 110% of the fair market value of Xenogenics' common stock                                          
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price               $ 0.246 $ 0.246                           $ 0.253      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date               Nov. 30, 2015                                    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Outstanding Number               500,000                                    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest Outstanding Number               2,000,000                                    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period Fair Value               576,250 692,700                           298,500      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 0.0099               $ 0.246                                  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Percentage                 50.00%                                  
Stock Issuance Qualified Financing Milestone for Proceeds                 5,000,000                                  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period                 1,500,000                                  
Reversal Allocated Share-based Compensation Expense                 $ 57,725                                  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 0.0084 $ 0.0121 $ 0.0178                                       $ 0.253      
XML 20 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details 1) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Benefit at federal statutory rate (34%) $ (461,924) $ (663,707)
State income tax benefit, net of federal tax (85,608) (109,935)
Change in fair value of derivative liability (30,145) 27,565
Expiration of operating loss carry forwards 88,404 212,641
Forfeiture of non-qualified stock options 138,540 0
Other differences 1,189 5,774
Change in valuation allowance 349,544 527,662
Benefit from Income Taxes $ 0 $ 0
XML 21 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock (Details Textual) (USD $)
Nov. 30, 2012
Aug. 10, 2012
Nov. 30, 2011
Jul. 11, 2011
Common Stock, Shares Authorized 3,000,000,000 3,000,000,000 3,000,000,000 1,250,000,000
La Jolla Cove Investors [Member]
        
Convertible Debt 56,026      
Shares Remaining under Stock Warrant 5,602,629      
Equity Method Investment, Ownership Percentage 9.99%      
XML 22 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of net deferred tax assets and liabilities were as follows at November 30, 2012 and 2011:

 

    2012     2011  
             
Operating loss carry forwards   $ 9,914,348     $ 9,522,775  
Stock-based compensation     473,598       481,606  
Ideal Bio-Stent related intellectual property     179,858       194,151  
Deferred revenue     219,223       238,951  
Other     450       450  
Valuation allowance     (10,787,477 )     (10,437,933 )
                 
Net Deferred Tax Assets   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the expected income tax benefit at the U.S. Federal income tax rate to the income tax benefit actually recognized for the years ended November 30, 2012 and 2011 is set forth below:

 

    2012     2011  
             
Benefit at federal statutory rate (34%)   $ (461,924 )   $ (663,707 )
State income tax benefit, net of federal tax     (85,608 )     (109,935 )
Change in fair value of derivative liability     (30,145 )     27,565  
Expiration of operating loss carry forwards     88,404       212,641  
Forfeiture of non-qualified stock options     138,540       -  
Other differences     1,189       5,774  
Change in valuation allowance     349,544       527,662  
                 
Benefit from Income Taxes   $ -     $ -  
XML 23 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 24 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Details) (USD $)
Nov. 30, 2012
Nov. 30, 2011
Derivative liability $ 19,245 $ 160,986
Fair Value, Inputs, Level 1 [Member]
    
Derivative liability 0 0
Fair Value, Inputs, Level 2 [Member]
    
Derivative liability 19,245 160,986
Fair Value, Inputs, Level 3 [Member]
    
Derivative liability $ 0 $ 0
XML 25 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Payable to Related Party
 12 Months Ended
Nov. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 17– Payable to Related Party

 

In connection with an acquisition in September 2005, the Company assumed certain liabilities in the amount of $200,000, payable to an individual who is a current director of the Company. The liability is to be paid to this individual over time as determined by the remainder of the members of the board of directors. The balance of the liability owed to this director is $50,000 as of November 30, 2012 and 2011.
XML 26 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warrants (Details Textual) (La Jolla Cove Investors [Member], USD $)
 1 Months Ended 12 Months Ended
Feb. 28, 2007
Nov. 30, 2012
Nov. 30, 2011
La Jolla Cove Investors [Member]
      
Securities Purchase, Agreement Date Feb. 28, 2007    
Proceeds from Convertible Debenture, Principal Amount $ 100,000    
Warrant Issued 10,000,000    
Investment Warrants, Exercise Price $ 1.09    
Class of Warrant, Exercisable Period 5 years    
Exercise of Warrant upon Conversion of Debt each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share.    
Warrant Exercised to Purchase Common Stock, Shares   857,000 1,111,000
Proceeds from Warrant Exercises   $ 934,130 $ 1,210,990
XML 27 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series B Redeemable Convertible Stock (Details) (Series B Convertible Preferred Stock [Member], USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2010
Series B Convertible Preferred Stock [Member]
      
Fair value of common stock $ 0.0013 $ 0.0049 $ 0.0040
Conversion price of preferred stock $ 0.0215 $ 0.0324 $ 0.0525
Risk free interest rate 1.62% 2.08% 2.81%
Expected life 10 years 10 years 10 years
Dividend yield 0.00% 0.00% 0.00%
Volatility 141.00% 140.00% 140.00%
XML 28 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Ideal BioStent (Details Textual) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Nov. 30, 2011
Nov. 30, 2012
Foreclosure Sale Agreement [Member]
Dec. 31, 2010
Foreclosure Sale Agreement [Member]
Nov. 15, 2010
Foreclosure Sale Agreement [Member]
Oct. 12, 2010
Foreclosure Sale Agreement [Member]
Sep. 30, 2010
Foreclosure Sale Agreement [Member]
Milestones One [Member]
Sep. 30, 2010
Foreclosure Sale Agreement [Member]
Milestones Two [Member]
Sep. 30, 2010
Foreclosure Sale Agreement [Member]
Milestones Three [Member]
Mar. 31, 2011
Rutgers License Agreement [Member]
Sep. 30, 2010
Rutgers License Agreement [Member]
Nov. 30, 2012
Rutgers License Agreement [Member]
Sep. 30, 2010
Rutgers License Agreement [Member]
Third Anniversary [Member]
Sep. 30, 2010
Rutgers License Agreement [Member]
Fourth Anniversary [Member]
Nov. 30, 2012
Initiation of First in Human Clinical Trials [Member]
Nov. 30, 2012
Initiation of Pivotal Human Clinical Trials [Member]
Nov. 30, 2012
Submission of Application for Market Approval [Member]
Asset Acquisition, Cost of Acquired Assets, Cash Paid $ 400,000   $ 130,000 $ 135,000 $ 135,000                      
Cash Payments to Sellers, Milestone Criteria           3,000,000 5,000,000 5,000,000                
Accounts Payable           300,000 1,000,000 3,000,000                
Potential Payment for Failure to Achieve Milestone   4,300,000                            
License Costs                   50,000            
Maintenance Costs                       25,000 50,000      
License Agreement, Unpaid Costs                   136,000            
Payments for License Costs                 $ 135,000              
Future Royalties, Milestone Payments, Description                           $50,000 is payable upon initiation of first in-human clinical trials anywhere in the world. $200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; $300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world.
Offset against future royalty payments earned                     50% of the Rutgers milestone payments          
XML 29 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
Qualifying Therapeutic Discovery Project Grant (Details Textual) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Oct. 29, 2010
Qualifying Therapeutic Discovery Project [Member]
Nov. 30, 2011
Qualifying Therapeutic Discovery Project [Member]
Nov. 30, 2010
Qualifying Therapeutic Discovery Project [Member]
Amount of Grant     $ 733,437    
Revenue from Grants $ 0 $ 303,102     $ 430,335
Percentage of Invesment Tax Credit       50.00% 50.00%
XML 30 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plan (Details) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2010
Shares Under Option, Outstanding, Beginning balance 18,268,947 13,148,947  
Shares Under option, Granted 8,000,000 5,250,000  
Shares Under Option, Exercised 0 0  
Shares Under option, Expired (200,000) (130,000)  
Shares Under Option,Outstanding, Ending balance 26,068,947 18,268,947 13,148,947
Shares Under Option,Exercisable 20,680,058    
Weighted Average Exercise Price, Outstanding, Beginning balance $ 0.0121 $ 0.0178  
Weighted Average Exercise Price,Granted (in dollars per share) $ 0.0028 $ 0.0092  
Weighted Average Exercise Price, Exercised (in dollars per share) $ 0 $ 0  
Weighted Average Exercise Price, Expired (in dollars per share) $ 0.1250 $ 0.4631  
Weighted Average Exercise Price, Outstanding, Ending balance $ 0.0084 $ 0.0121 $ 0.0178
Weighted Average Exercise price,Exercisable (in dollars per share) $ 0.0099    
Weighted Average Remaining Contractual Life, Outstanding 3 years 1 month 6 days 3 years 4 months 24 days 3 years 10 months 24 days
Weighted Average Remaining Contractual Life, Exercisable 2 years 8 months 12 days    
Aggregate Intrinsic Value, Outstanding, Beginning balance $ 0 $ 0  
Aggregate Intrinsic Value, Outstanding, Ending balance 0 0 0
Aggregate Intrinsic Value, Exercisable $ 0    
XML 31 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies
 12 Months Ended
Nov. 30, 2012
Accounting Policies [Abstract]  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1 - Organization and Summary of Significant Accounting Policies

 

Organization – MultiCell Technologies, Inc. (“MultiCell”), has two subsidiaries, Xenogenics Corporation (“Xenogenics”), and MultiCell Immunotherapeutics, Inc. (“MCTI”). Prior to October 14, 2010, MultiCell owned 56.4% of Xenogenics. Commencing October 14, 2010, MultiCell has increased its ownership of Xenogenics to 95.3% (on an as-if-converted basis). MultiCell holds approximately 67% of the outstanding shares (on an as-if-converted basis) of MCTI. As used herein, the “Company” refers to MultiCell, together with MCT, Xenogenics, and MCTI.

 

The Company is a biopharmaceutical company developing novel therapeutics and discovery tools to address unmet medical needs for the treatment of neurological disorders, hepatic disease, cancer and interventional cardiology and peripheral vessel applications.

 

Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements of MultiCell Technologies Inc. and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which MultiCell exercises control. All significant intercompany balances and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents – The Company considers all unrestricted highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

 

Fair Value of Financial Instruments – The carrying amounts of cash and cash equivalents, grant receivable, accounts payable, accrued expenses, and advance from debenture holder approximate fair value because of the short maturity of those instruments. The fair value of convertible debentures was approximately $56,026 and $64,596 at November 30, 2012 and 2011, respectively.

 

Credit Risk – It is the Company’s practice to place its cash equivalents in high quality money market securities with major banking institutions. Periodically, the Company maintains cash balances at this institution that exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per bank. The Company considers its credit risk associated with cash and cash equivalents to be minimal. The Company does not require collateral from its customers. The Company closely monitors the extension of credit to its customers while maintaining an allowance for potential credit losses. On a periodic basis, management evaluates its accounts receivable and, if warranted, adjusts its allowance for doubtful accounts based on historical experience and current credit considerations. Typically, accounts receivable consist primarily of amounts due under contractual agreements.

 

Revenue Recognition – In the years covered by these financial statements, the Company's operating revenues have been generated primarily from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of the Company's ongoing operations. When applicable, the Company recognizes revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where the Company receives payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12 - month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.

 

Grant revenue under the Qualifying Therapeutic Discovery Project for the year ended November 30, 2011 was recognized as other income during the period in which the corresponding expenses were incurred.

 

Property and Equipment – Property and equipment are recorded at cost. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets, generally three to ten years. As of November 30, 2012, all property and equipment is fully depreciated.

 

Intangible Assets – The Company does not amortize intangible assets with indefinite useful lives. The Company amortizes identifiable intangible assets over the estimated useful lives of the assets. The Company performs its annual intangible asset impairment tests during the fourth quarter of its fiscal year and more frequently if an event or circumstance indicates that impairment has occurred. If the assets were considered to be impaired, the impairment charge would be the amount by which the carrying value of the assets exceeds the fair value of the assets. As of November 30, 2012, all intangible assets are fully amortized or otherwise fully impaired such that there is no carrying value for intangible assets.

 

Impairment of Long-Lived Assets – The impairment of long-lived assets that do not have indefinite lives, such as equipment, patents, and license agreements, is recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts.

 

Stock Based Compensation – The Company has stockholder-approved stock incentive plans for employees, directors, officers and consultants. The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award, based on their grant-date fair value. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock, and expected dividend yield of stock.

 

Research and Development Costs – Research and development costs are expensed as incurred. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with the Company’s intellectual property, and materials and supplies.

 

Acquired In-Process Research and Development – The Company recognizes as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, the Company will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.

 

Income Taxes – Deferred income taxes are provided for the estimated tax effects of temporary differences between income for tax and financial reporting purposes. A valuation allowance is provided against deferred tax assets, where realization is uncertain. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of selling, general and administrative expense.

 

Loss Per Common Share – Basic loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average common shares outstanding during each period. Since the Company incurred losses during the years ended November 30, 2012 and 2011, the assumed effects of the exercise of outstanding stock options and warrants, and the conversion of convertible preferred stock and convertible debentures were anti-dilutive and, accordingly, diluted per common share amounts equal basic loss per share amounts and have not been separately presented in the accompanying consolidated statements of operations. The total number of common shares potentially issuable upon exercise or conversion excluded from the calculation of diluted loss per common share for the years ended November 30, 2012 and 2011 was 7,049,066,807 and 1,884,958,275, respectively.

 

Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of these financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

Risks and Uncertainties – The Company is dependent on continued financing from investors and obtaining new research grants to sustain the development and other activities necessary to commercialize new products. Management is seeking additional financing in order to fund its future activities. There is no assurance, however, that such financing will be available, if and when needed, or if available, that such financing will be completed on commercially favorable terms, or that such development and other activities in connection with its planned products will be successful.

 

Accounting For Warrants Issued With Convertible Debentures – The Company accounts for the value of warrants and the intrinsic value of beneficial conversion rights arising from the issuance of convertible debentures with non-detachable conversion rights that are in-the-money at the commitment date by allocating an appropriate portion of the proceeds received from the debt instruments to the warrants or any other detachable instruments included in the exchange. The proceeds allocated to the warrants or any other detachable instruments are recorded as a discount to the debt. The intrinsic value of the beneficial conversion rights at the commitment date is recorded as additional paid-in capital and as additional discount to the debt as of that date. The discount has been amortized and charged to interest expense over the original term of the debt instrument.

 

Derivative Liability – The Company accounts for the conversion feature of its Series B preferred stock as a derivative liability. The fair value of the conversion feature is estimated using the Black-Scholes option-pricing model.

 

Recently Enacted Accounting Standards – In July 2012, the Financial Accounting Standards Board issued updated guidance on the periodic testing of indefinite-lived intangible assets, other than goodwill, for impairment. This updated guidance will allow companies the option to first assess qualitative factors to determine if it is more-likely-than-not that an indefinite-lived intangible asset might be impaired and whether it is necessary to perform the quantitative impairment test required under current accounting standards. This guidance is applicable for reporting periods beginning after September 15, 2012, with early adoption permitted, and is applicable to the Company’s fiscal year beginning December 1, 2012. The Company currently does not have any indefinite-life intangible assets other than goodwill and does not expect the adoption of this guidance will have a material effect on its consolidated financial statements.

 

Reclassifications - Certain amounts of operating expenses from the 2011 consolidated statement of operations have been reclassified in the current presentation to conform to the 2012 presentation of operating expenses. These reclassifications had no effect on the total amount of operations expenses, on the amount of net loss, or on the basic and diluted loss per common share for the year ended November 30, 2011.
EXCEL 32 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T M,#8Y8S@X838B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/3E-/3$E$051%1%]35$%414U%3E137T]&7T-! M4SPO>#I.86UE/@T*("`@(#QX.E=O#I7;W)K#I% M>&-E;%=O#I7;W)K5]A;F1?17%U:7!M96YT/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-E#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;6UO;E]3=&]C:SPO>#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E-T;V-K7T-O;7!E;G-A=&EO;E]0;&%N M/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E%U86QI9GEI;F=?5&AE#I. M86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN8V]M95]487AE#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D9A:7)?5F%L=65?365A#I%>&-E;%=O#I%>&-E;%=O#I7 M;W)K#I%>&-E;%=O M#I%>&-E M;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T;V-K7T-O;7!E;G-A=&EO;E]0;&%N7U1A8FQE M#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/DEN8V]M95]487AE#I7;W)K M#I7;W)K#I%>&-E;%=O'1U86P\+W@Z3F%M93X-"B`@("`\>#I7;W)K'1U86P\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K5]A;F1?17%U:7!M96YT M7T1E=&%I;',\+W@Z3F%M93X-"B`@("`\>#I7;W)K5]A;F1?17%U:7!M96YT7T1E=&%I;',Q/"]X.DYA;64^#0H@ M("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I% M>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-E#I7;W)K#I%>&-E;%=O#I7;W)K#I% M>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E=A#I7 M;W)K'1U86P\ M+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K M#I%>&-E;%=O'1I;F=U:7-H;65N=%]O9E],:6%B,3PO>#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/DEN8V]M95]487AE#I%>&-E;%=O&5S7T1E=&%I;'-?,3PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN8V]M95]487AE'1U86P\+W@Z3F%M93X- M"B`@("`\>#I7;W)K#I7;W)K'0\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R M,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V M.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$"!+97D\+W1D/@T*("`@("`@("`\ M=&0@8VQA2!&:6QE3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^4VUA;&QE3QS<&%N M/CPO6UB;VP\+W1D/@T*("`@("`@("`\=&0@8VQA2!#;VUM;VX@4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M,3`M2SQS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^1ED\'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^3F\\2!#=7)R96YT(%)E M<&]R=&EN9R!3=&%T=7,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M2!R M96QA=&5D('1O(%-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S2`H9&5F:6-I96YC>2D\+W-T2`H9&5F:6-I96YC>2D\ M+W-T2`H9&5F:6-I96YC>2D\+W1D/@T*("`@ M("`@("`\=&0@8VQA7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%SF5D/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XS+#`P,"PP,#`L,#`P/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES M92!O9B!W87)R86YT'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$6UE;G1S(&9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$&5R8VES92!O9B!S M=&]C:R!W87)R86YT2!F:6YA;F-I;F<@86-T:79I=&EE65A3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y M86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P M9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X M838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C M.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG M(%!O;&EC:65S/&)R/CPO'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\<"!S='EL93TS1"=M87)G:6XZ(#!I;B`P:6X@,'!T.R<^/&9O;G0@3L@;6%R9VEN.B`P M:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE&EM871E;'D@-C28C.#(R,3L@3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT M:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE2!A8V-E<'1E9"!I;B!T:&4@56YI=&5D(%-T871E&5R8VES97,@8V]N=')O M;"X@06QL('-I9VYI9FEC86YT(&EN=&5R8V]M<&%N>2!B86QA;F-E6QE/3-$)W1E>'0M86QI9VXZ(&IU M2!C;VYS:61E3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE M6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT M:6UE2=S(&]P97)A M=&EN9R!R979E;G5E2!F MF5R+B!-86YA9V5M96YT(&)E;&EE=F5S('-U8V@@2=S M(&]N9V]I;F<@;W!E2!R96-O9VYI>F5S(')E=F5N=64@9G)O;2!L:6-E;G-I;F<@86YD(')E M&ES=',L('1H M92!C;VYT2!R96-E:79EF5D(&%S(')E=F5N=64@87,@=&AE(')E;&%T960@ M3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU MF5D(&%S(&]T:&5R(&EN8V]M92!D=7)I M;F<@=&AE('!E'!E M;G-E2!A;F0@97%U:7!M96YT(&%R92!R96-O3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF M;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;BQT:6UE6QE/3-$)W1E M>'0M86QI9VXZ(&IU3IT:6UEF4@:6YT M86YG:6)L92!AF5S(&ED96YT:69I86)L92!I;G1A;F=I8FQE M(&%S6EN9R!V86QU92!F;W(@:6YT86YG:6)L92!A6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE3L@;6%R M9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6EN9R!V86QU92!A;F0L(&%C8V]R9&EN9VQY M+"!A;&P@;W(@82!P;W)T:6]N(&]F('-U8V@@8V%R6EN9R!A;6]U;G1S+CPO9F]N=#X\+W`^#0H\ M<"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!I;B`P M:6X@,'!T.R<^/&9O;G0@3L@;6%R9VEN.B`P:6X@,&EN M(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;BQT:6UE65E'!E M8W1E9"!T;R!V97-T(&]N(&$@'!E8W1E M9"!V;VQA=&EL:71Y(&]F('-T;V-K+"!A;F0@97AP96-T960@9&EV:61E;F0@ M>6EE;&0@;V8@6QE/3-$)W1E>'0M M86QI9VXZ(&IU3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF M;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;BQT:6UE6QE/3-$)W1E M>'0M86QI9VXZ(&IU3IT:6UE2!A8W%U:7)I;F<@87-S971S('1O(&)E('5S960@:6X@=&AE(')E2!W:6QL(&-A<&ET86QI>F4@86YY(&UI;&5S M=&]N92!P87EM96YT3L@;6%R9VEN M.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE&5S(&%R92!P M"!A;F0@ M9FEN86YC:6%L(')E<&]R=&EN9R!P=7)P;W-E"!P;W-I=&EO;G,@=&%K96X@;W(@<&]S:71I;VYS(&5X<&5C=&5D('1O(&)E M('1A:V5N(&EN(&EN8V]M92!T87@@2UT:&%N+6YO="8C.#(R,3L@=&AR97-H;VQD(&)A6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE2!T:&4@=V5I9VAT960@879E65A6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU3IT:6UE'!E;G-E6QE/3-$)W1E>'0M M86QI9VXZ(&IUF4@ M;F5W('!R;V1U8W1S+B!-86YA9V5M96YT(&ES('-E96MI;F<@861D:71I;VYA M;"!F:6YA;F-I;F<@:6X@;W)D97(@=&\@9G5N9"!I=',@9G5T=7)E(&%C=&EV M:71I97,N(%1H97)E(&ES(&YO(&%S6QE/3-$ M)W1E>'0M86QI9VXZ(&IU3IT:6UE3L@;6%R9VEN.B`P:6X@,&EN(#!P M=#LG/CQF;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;BQT:6UE2!O=&AEF5D(&%N9"!C:&%R9V5D('1O M(&EN=&5R97-T(&5X<&5N3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I>F4],T0R('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UEF4],T0R('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE2!T;R!P97)F;W)M('1H92!Q=6%N=&ET871I=F4@:6UP86ER;65N="!T97-T M(')E<75I2!A9&]P=&EO;B!P97)M:71T960L(&%N9"!I2!D;V5S M(&YO="!H879E(&%N>2!I;F1E9FEN:71E+6QI9F4@:6YT86YG:6)L92!AF4],T0R M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT:6UE'!E;G-E'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA6QE/3-$)VUA3IT:6UE6QE/3-$)W1E>'0M86QI9VXZ M(&IU3L@;6%R9VEN.B`P:6X@,&EN(#!P=#LG/CQF;VYT('-I M>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;BQT M:6UE2!A28C.#(Q M-SMS('1H97)A<&5U=&EC('!R;V=R86US(&EN=&\@8VQI;FEC86P@=')I86QS M+B!5;G1I;"!T:&4@0V]M<&%N>2!I3L@;6%R9VEN.B`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`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/'`@3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`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`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I M;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X M.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E2P@ M;F]N92!O9B!T:&5S92!O8FQI9V%T:6]N'1E;F1E9"!T:&4@9&5A9&QI;F5S(&9O2!A;B!A9&1I=&EO;F%L('1W96QV92!M M;VYT:',N(%AE;F]G96YI8W,@:7,@2!O9B!T:&5S92!M:6QE6UE;G1S+"!T M;W1A;&EN9R`D-"XS(&UI;&QI;VXL(&)E8V]M:6YG(&EM;65D:6%T96QY(&1U M92!A;F0@<&%Y86)L92X@268@6&5N;V=E;FEC2!A;&P@F%T:6]N(&5F9F]R=',N/"]P/@T*/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE3L@;6%R M9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM M97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-EF4@8V5R=&%I;B!P871E;G1S(&%N9"!O=&AE M2!2=71G97)S(&9O6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@ M,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UEF5D('5S:6YG('1H92!I;G1E M;&QE8W1U86P@<')O<&5R='D@;&EC96YS960@<'5R6QE/3-$)VUA6QE/3-$)W=I9'1H.B`P+C(U:6X[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W=I9'1H.B`P+C(U:6X[)SXF(S$X,SL\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&IU6%B M;&4@=7!O;B!I;FET:6%T:6]N(&]F(&9I3L@;6%R M9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM M97,L('-E6QE/3-$)VUA6QE/3-$)W=I9'1H.B`P M+C(U:6X[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`P+C(U M:6X[)SXF(S$X,SL\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU M6%B;&4@=7!O;B!S=6)M:7-S:6]N(&]F(&%N(&%P<&QI8V%T:6]N M(&9O2!A;GEW:&5R92!I;B!T:&4@=V]R;&0N/"]T9#X-"CPO='(^#0H\+W1A8FQE M/@T*/'`@3L@=&5X="UI;F1E M;G0Z("TP+C(U:6X[(&UA"`P<'0@,"XU:6X[(&9O;G0Z M(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UEF5D('5S:6YG('1H92!T96-H;F]L;V=Y(&QI M8V5N2!P M87EM96YT&5S+"!T6UE;G1S('1O(%)U=&=E6UE;G1S('=I;&P@8F4@87!P M;&EE9"!A9V%I;G-T(&%N>2!R;WEA;'1Y('!A>6UE;G1S(&5A2!2 M=71G97)S(&9O65A2!P86ED('1O(%)U=&=E6%L='D@<&%Y;65N=',@96%R;F5D('5N9&5R('1H92!2 M=71G97)S($QI8V5N6QE/3-$)W1E M>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UEF5D('1H97)E9G)O;2D@:6X@82!C;W5N=')Y+"!A M;F0@*&EI*2!T96X@>65A7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!A;F0@ M17%U:7!M96YT/&)R/CPO6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!A;F0@97%U:7!M M96YT(&%R92!R96-O6QE/3-$)W9E'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W9E6QE/3-$ M)W1E>'0M86QI9VXZ(&-E;G1E6QE M/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`W M-"4[)SY,86(@17%U:7!M96YT/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@ M,24[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R!W:61T:#H@,3`E.R<^,30L-S$W/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$ M)V)A8VMG'0M86QI9VXZ(')I9VAT.R<^,C4L.#0T/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[ M/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`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`D,2PP.#<@9F]R('1H92!Y96%R'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE3L@;6%R9VEN.B`P M<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E M3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E71E6EN9R!V86QU92!O M9B!T:&4@;&EC96YS92!A9W)E96UE;G0@9F]R(&EM<&%I6EN9R!V86QU92!T;R!Z97)O+B!4:&4@0V]M<&%N>2!W:6QL M('!A>2!T:&4@:&]S<&ET86P@82`U)2!R;WEA;'1Y(&]N(&YE="!S86QE2P@=6YT:6P@:70@:&%S('!A:60@82!T;W1A;"!O9B`D-34P M+#`P,"X@07,@;V8@3F]V96UB97(@,S`L(#(P,3(L(&YO('-I9VYI9FEC86YT M('!A>6UE;G1S(&AA9"!B965N(&UA9&4@=6YD97(@=&AI2!P87ES(&$@,B4@2!I M;G-T96%D(&]F(&$@-24@2!F;W(@=&AE(&QI9F4@;V8@=&AE('!A M=&5N="X\+W`^#0H\<"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y.R!M M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T M:6UE6QE/3-$)W1E M>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!E;G1E2!O9B!!;6%R:6XL M(&EN8VQU9&EN9R!,05@M,C`R("AT;R!B92!R96YA;65D($U#5"TQ,C4I+"!A M;F0@=&AE($-O;7!A;GD@2X@ M5&AE(&EN:71I86P@=&5C:&YO;&]G>2!T;R!B92!D979E;&]P960@:7,@06UA M2!W:6QL('!A>2!F=71U2!M:6QE3L@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)VUA6QE/3-$)W=I9'1H.B`P+C5I;CLG/B8C,38P.SPO M=&0^#0H\=&0@3LG/B0U,#`L,#`P('5P M;VX@9FER2!S:6UI;&%R(&9I;&EN9R!W:71H(&%N>2!R96=U;&%T;W)Y(&%U M=&AO2!F;W(@06-T:79E($%G96YT(%!R;V1U8W0L/"]T9#X-"CPO='(^ M#0H\+W1A8FQE/@T*/'`@3L@ M=&5X="UI;F1E;G0Z("TP+C(U:6X[(&UA"`P<'0@,"XW M-6EN.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)VUA6QE/3-$)W=I9'1H.B`P+C5I;CLG/B8C M,38P.SPO=&0^#0H\=&0@3LG/B0Q+#`P M,"PP,#`@=7!O;B!F:7)S="!&1$$@87!P"`P<'0@,"XW-6EN.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)VUA6QE/3-$)W=I9'1H.B`P+C5I;CLG/B8C,38P.SPO M=&0^#0H\=&0@3LG/B0Q+#4P,"PP,#`@ M=VET:&EN('1W96QV92!C86QE;F1A6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`M,"XR-6EN.R!M87)G:6XZ(#!P="`P M<'@@,'!T(#`N-S5I;CL@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)W9E6QE/3-$)W=I9'1H.B`P+C(U M:6X[)SXH9"D\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU2!M:6QE M6UE;G0@:7,@2!W:71H:6X@ M=&AI7,@869T97(@=&AE(&1A=&4@;V8@&-L=7-I=F4@;&EC96YS92!S:&%L;"!B92!S=6)J96-T('1O(&%L;"!O M9B!T:&4@=&5R;7,@86YD(&]B;&EG871I;VYS(&]F('1H92!A9W)E96UE;G0N M(%1H92!#;VUP86YY('-H86QL(&%L3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`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`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E2!(96%L M=&@@3F5T=V]R:SPO:3X\+V(^/"]P/@T*/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2`U+"`R,#$Q+"!T M:&4@0V]M<&%N>2P@96YT97)E9"!I;G1O(&$@28C M.#(Q-SMS('!R;V1U8W0@8V%N9&ED871E7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E2!E;G1E2`R."P@,C`Q M,B`H=&AE("8C.#(R,#M$96)E;G1U2!A;F0@3$I#22!A;65N9&5D('1H92!$96)E M;G1U2!D871E('1O($9E8G)U87)Y M(#(X+"`R,#$T+B!4:&4@1&5B96YT=7)E(&%C8W)U97,@:6YT97)E6%B;&4@870@96%C:"!C;VYV97)S:6]N(&1A M=&4L(&EN(&-A2!P;W)T:6]N(&]F('1H M92!P6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@9F]N=#H@,3!P="!T:6UE2!T:6UE('5P('1O M(&UA='5R:71Y(&EN=&\@=&AE(&YU;6)E2!T:&4@9&]L;&%R(&%M;W5N="!O9B!T:&4@1&5B96YT=7)E(&)E:6YG M(&-O;G9E2`Q,#`@ M=&EM97,@=&AE(&1O;&QA2!T:&4@0V]N=F5R65A M2!W:71H('1H97-E(&-O M;G9E28C.#(Q-SMS(&-O;6UO M;B!S=&]C:RX@4')O8V5E9',@9G)O;2!T:&4@97AE&5R8VES92!O M9B!W87)R86YT6QE/3-$)W1E M>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE&EM871E M;'D@-RXP(&)I;&QI;VX@2`R."P@,C`P."P@=&AE($-O;7!A;GDL(&%T(&ET65T(&-O;G9E2!T:&4@:&]L9&5R(&EN=&\@8V]M;6]N('-T;V-K+"!P;'5S(&%C8W)U960@ M86YD('5N<&%I9"!I;G1E6QE/3-$ M)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@ M,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE&-E2!O=F5R('1H92!P2!R96-O7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`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`D M.#$L,#65A2X\+W`^#0H\<"!S='EL93TS M1"=T97AT+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z M(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE2P@86YD(&AA M6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W9E6QE/3-$)V)O6QE M/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I M;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)R!C;VQS<&%N/3-$,CXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO M=&0^#0H\=&0^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,3(E.R<^,"XP,#$S/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/C`N,#,R-#PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R<^,2XV,CPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXE/"]T9#X-"CPO='(^ M#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R<^,3`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/C$T,#PO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXE/"]T9#X- M"CPO='(^#0H\+W1A8FQE/@T*/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!D:7-S;VQU=&EO;B!O2!O2P@:&]L M9&5R2!T;R!T:&4@4V5R:65S($D@<')E9F5R3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R M,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V M.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\<"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y.R!M87)G M:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE M3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2`Q,RP@,C`P-"P@=&AE($-O;7!A M;GD@8V]M<&QE=&5D(&$@<')I=F%T92!P;&%C96UE;G0@;V8@4V5R:65S($D@ M8V]N=F5R=&EB;&4@<')E9F5R2!T7,@<')E8V5D:6YG('1H92!C;VYV97)S:6]N M(&1A=&4L(&)U="!A="!A;B!E>&5R8VES92!P2!E;G1E2!D:7-S;VQU=&EO;B!O2!O2P@:&]L M9&5R6UE;G0@ M:&%S(&)E96X@;6%D92!I;B!F=6QL+"!S=6-H(&AO;&1E7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T97AT M+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@ M=&EM97,@;F5W(')O;6%N+"!T:6UE6QE/3-$)W1E>'0M M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UEF5D('5N9&5R('1H92!#;VUP86YY)B,X M,C$W.W,@06UE;F1E9"!A;F0@4F5S=&%T960@0V5R=&EF:6-A=&4@;V8@26YC M;W)P;W)A=&EO;B!T;R`Q+C(U(&)I;&QI;VX@6QE/3-$)W=I9'1H M.B`W-24[(&)O6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)R!N;W=R87`],T1N;W=R87`^)B,Q-C`[ M/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R<@;F]W M6QE/3-$)W!A9&1I;F'0M86QI9VXZ M(&-E;G1E6QE/3-$)W9E M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)R!C;VQS<&%N/3-$,CXF(S$V M,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R!W:61T:#H@,3(E.R<^,3`L-SDR+#`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO M='(^#0H\='(@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('!A9&1I;F'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R<^,2PX.#0L M.34X+#(W-3PO=&0^#0H\=&0@3L@;6%R M9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM M97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-EF5D('-H87)E M2!H87,@=&AE(')I9VAT M('1O(')E9&5E;2!T:&%T('!O65T(&-O;G9E2!T:&4@:&]L9&5R(&EN=&\@8V]M;6]N('-T;V-K+"!P;'5S(&%C8W)U960@ M86YD('5N<&%I9"!I;G1E'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE M/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N M=#H@,3!P="!T:6UE28C.#(Q-SMS M($%N;G5A;"!-965T:6YG(&]F(%-T;V-K:&]L9&5R2P@86X@86YN=6%L(&EN8W)E87-E(&EN('1H92!N M=6UB97(@;V8@2!W:&EC:"!E;&EG M:6)L92!R96-I<&EE;G1S(&]F('-T;V-K(&%W87)D2!S=&]C:R!O<'1I;VYS+"!S=&]C:R!P=7)C:&%S92!A=V%R9',L('-T M;V-K(&)O;G5S(&%W87)D3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA M;BP@=&EM97,L('-E&-H86YG92!F;W(@86X@87=A65E(&ES(')E<75I&-H86YG92!F;W(@=&AE(&%W87)D("AT:&4@ M=F5S=&EN9R!P97)I;V0I+"!N970@;V8@97-T:6UA=&5D(&9O'1E;G0@86-T=6%L(')E MF5D(&9O3L@;6%R9VEN.B`P<'0@,'!X M.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@ M8F]L9#LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([(&9O M;G0M=V5I9VAT.B!B;VQD.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS M1"=F;VYT+7=E:6=H=#H@8F]L9#LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO M=&0^#0H\=&0@6QE/3-$ M)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R!W:61T:#H@,3(E.R!F;VYT+7-I>F4Z(#$P<'0[)SXS+CD@>65A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T*/'1R('-T M>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^-2PR-3`L M,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^,"XP,#DR/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT M.B`Q,'!T.R<^17AE6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^+3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T M6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('!A9&1I;F'0M:6YD96YT.B`Q M,'!T.R<^17AP:7)E9#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R<^*#$S,"PP,#`\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6)O='1O;3H@,7!T M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('1E>'0M:6YD96YT.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T M9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R M:6=H=#LG/C`N,#$R,3PO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!R:6=H=#LG/BT\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^."PP,#`L,#`P/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^,"XP,#(X/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F'0M:6YD96YT.B`Q,'!T.R<^17AP M:7)E9#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R<^*#(P,"PP,#`\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[ M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG M+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)V)O M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F6QE/3-$)W!A9&1I;F65A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT M9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[ M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[ M/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$ M)W!A9&1I;F65A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E28C.#(Q-SMS(&-O;6UO;B!S=&]C:R!A="`D,"XP,#,R('!E2!O=F5R(&]N92!Y96%R(&%N M9"!E>'!I28C M.#(Q-SMS(&-O;6UO;B!S=&]C:R!A="!E>&5R8VES92!P65A28C.#(Q-SMS(&-O;6UO;B!S=&]C M:R!A="`D+C`P.3(@<&5R('-H87)E+B!4:&4@;W!T:6]N2!O=F5R(&]N92!Y96%R(&%N9"!E>'!I6QE/3-$)W1E M>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!O9B`Q-S$E+"!E>'!E8W1E9"!L:69E(&]F M(#4N,"!Y96%R65A65A'!E8W1E9"!V;VQA=&EL:71Y(&ES(&)A'!E8W1E9"!L:69E(&]F('1H92!S=&]C:R!O<'1I M;VYS+CPO<#X-"CQP('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI M9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE M65AF5D(&-O;7!E;G-A=&EO;B!C;W-T(')E;&%T960@=&\@&EM871E;'D@,2XW M-B!Y96%R6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ M(&IU#L@9F]N=#H@,3!P="!T:6UE&-E960@-2PP,#`L,#`P('-H87)E2!T;R!B96YE9FET(&9R;VT@:6YC M2!S=&]C:R!O<'1I;VYS+"!S M=&]C:R!B;VYU65E'!I65A65A3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E6EE;&0@ M;V8@>F5R;RX\+W`^#0H\<"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y M.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N M+"!T:6UE2!F:79E('EE87)S+B`U,"4@ M;V8@=&AE(&]P=&EO;G,@=F5S=&5D(&EM;65D:6%T96QY(&%N9"!T:&4@2!896YO9V5N:6-S(&]F(&ET M2!O9B`Q-C4E+"!E>'!E8W1E9"!L:79E6EE;&0@;V8@>F5R;RX@02!1=6%L:69I960@1FEN M86YC:6YG('=A2P@;W!T:6]N2!A8V-E M<'1E9"!A8V-O=6YT:6YG('!R:6YC:7!L97,N(%1H92!F;W)F96ET=7)E(&]F M('1H92!O<'1I;VX@=&\@=&AE(&9I9G1H(&EN9&EV:61U86P@2UR96-O M9VYI>F5D('-T;V-K+6)A'!E;G-E+CPO<#X- M"CQP('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE'!I M2!O=F5R(&]N92!Y96%R+B!4:&5S M92!R97!L86-E;65N="!O<'1I;VYS(&AA=F4@82!T97)M(&]F(&9I=F4@>65A M'!I2!O9B`Q-S`E+"!E>'!E8W1E9"!L:79E6EE;&0@;V8@>F5R;RX\+W`^#0H\<"!S='EL93TS1"=T97AT M+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@ M=&EM97,@;F5W(')O;6%N+"!T:6UE'!E;G-E(&9O6UE;G1S('1H870@=VEL;"!B92!R96-O9VYI>F5D(&]V97(@82!W M96EG:'1E9"!A=F5R86=E('!E65A7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE28C.#(Q-SMS(&EN M8V5P=&EO;BP@:70@:&%S(&9I;F%N8V5D(&ET2!T:')O=6=H('1H92!I2!I M;G-T3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2`R."P@,C`P-R!P=7)S=6%N="!T;R!W:&EC:"!T:&4@0V]M<&%N>2!A9W)E M960@=&\@2!I&5R8VES92!P'0@9FEV92!Y M96%R2!P;W)T:6]N(&]F('1H92!P2!E>&5R8VES92!A;F0@<'5R8VAA2!P=7)C:&%S92`Q M,#`L,#`P('-H87)E65A&5R8VES960@=V%R28C.#(Q-SMS(&-O;6UO;B!S=&]C M:RP@65A&5R8VES960@=V%R2!O9B`D M.3,T+#$S,"X\+W`^#0H\<"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y M.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N M+"!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&UA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)R!C;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^)B,Q-C`[ M/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`^)B,Q-C`[/"]T9#X-"CQT9"!S M='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#LG(&YO=W)A<#TS1&YO=W)A<#XF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$ M)V9O;G0M=V5I9VAT.B!B;VQD.R<@;F]W6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)R!C;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^)B,Q M-C`[/"]T9#X-"CQT9"!N;W=R87`],T1N;W=R87`^)B,Q-C`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([(&9O;G0M=V5I M9VAT.B!B;VQD.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`T,"4[)SY/=71S=&%N9&EN9R!A="!.;W9E;6)E6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T M:#H@,3(E.R<^,C(L.#,W+#DY,3PO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^,"XU.3$U/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P M.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('1E>'0M:6YD96YT.B`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`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!F;VYT+7=E:6=H=#H@8F]L M9#LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)V)A8VMG M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,3`L-SDR+#`S,#PO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT M.B`Q,'!T.R<^27-S=65D/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^+3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('1E>'0M:6YD96YT.B`Q,'!T.R<^17AE6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^*#@U-RPP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXI/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^,2XP.3`P/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T M9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M:6YD96YT.B`Q,'!T.R<^17AP:7)E9#PO=&0^ M#0H\=&0@'0M86QI M9VXZ(')I9VAT.R<^*#8U."PP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@ M,7!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`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`P9C)B,C)?,65C.5\T,3,W7V$R-C5? M.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!H87,@;&5A2!L96%S97,@'!I65A2X\+W`^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D M>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y M7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V M+U=O'0O M:'1M;#L@8VAA6EN9R!4:&5R87!E=71I8R!$ M:7-C;W9E'0@0FQO8VM= M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T M97AT+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P M<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE6EN9R!4:&5R87!E=71I8R!$:7-C;W9E2!R96-E:79E9"!N;W1I9FEC871I M;VX@9G)O;2!T:&4@1&5P87)T;65N="!O9B!42!T:&%T(&ET(&AA M9"!B965N(&%W87)D960@82!T;W1A;"!C87-H(&=R86YT(&]F("0W,S,L-#,W M('5N9&5R('1H92!1=6%L:69Y:6YG(%1H97)A<&5U=&EC($1I2!0 M65A6EN9R!E>'!E;G-E65A65A6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@ M9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'1I;F=U:7-H;65N="!O9B!, M:6%B:6QI=&EE3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE M=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6%B;&4@86YD(&%C8W)U960@;&EA8FEL:71I97,@=&]T86QI;F<@)#$S M,RPU-#`@86YD("0Q-3DL-34R+"!R97-P96-T:79E;'DL(&AA9"!B965N(&5X M=&EN9W5I'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA6QE/3-$)W1E>'0M M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)W1E>'0M M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!B87-E9"!A<'!R;V%C:"X@1&5F97)R M960@:6YC;VUE('1A>"!A2!D:69F97)E;F-E&%B;&4@;W(@9&5D=6-T:6)L92!A;6]U M;G1S(&EN('1H92!F=71U3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M87)G:6XZ(#!P M="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE6QE/3-$ M)W!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$ M)V)A8VMG6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^-#@Q+#8P-CPO=&0^#0H\=&0@6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M,36QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SY$969E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,C$Y+#(R,SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/"]T6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V)A8VMG6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/"]T6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$)W!A M9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI M9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE M6QE/3-$ M)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@ M,3!P="!T:6UE2`D,S0Y+#4T-"!F;W(@=&AE M('EE87(@96YD960@3F]V96UB97(@,S`L(#(P,3(@86YD(&EN8W)E87-E9"!B M>2`D-3(W+#8V,B!D=7)I;F<@=&AE('EE87(@96YD960@3F]V96UB97(@,S`L M(#(P,3$N/"]P/@T*/'`@3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`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`Q)3LG M/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T M:#H@,3`E.R<^*#8V,RPW,#<\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/BD\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SY3 M=&%T92!I;F-O;64@=&%X(&)E;F5F:70L(&YE="!O9B!F961E#PO M=&0^#0H\=&0^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!R:6=H=#LG/B@X-2PV,#@\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXI/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^*#$P.2PY,S4\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXI/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SY#:&%N9V4@:6X@9F%I3PO=&0^#0H\=&0^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`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`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ M(')I9VAT.R<^+3PO=&0^#0H\=&0@6QE/3-$)V)O6QE/3-$)V)O M2!A;F0@:71S('-U8G-I9&EA"!R M971U65AF4@:6YT97)E3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y M8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)? M,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!O9B!I;G!U=',Z/"]P/@T*/'`@6QE/3-$)W=I9'1H.B`Q,#`E.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('=I9'1H.B`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`R."4[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H M.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^ M#0H\=&0@6QE M/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H M.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/BT\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,3DL M,C0U/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!R:6=H=#LG/BT\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^,3DL,C0U/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`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`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!4'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^ M/'`@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&UA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[(&UA#L@9F]N=#H@,3!P="!T:6UE6%B;&4@=&\@86X@:6YD:79I9'5A;"!W:&\@:7,@82!C=7)R96YT M(&1I2!O=V5D('1O('1H:7,@9&ER96-T;W(@:7,@)#4P+#`P,"!A3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=? M83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@ M8VAA'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM M97,@;F5W(')O;6%N+"!T:6UE3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E&5R8VES M92!O9B!3=&]C:R!787)R86YT3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P M<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E M3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E&5R8VES960@=V%R M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!497AT($)L;V-K73PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=T97AT+6%L:6=N.B!J M=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W M(')O;6%N+"!T:6UE6EN9R!C;VYS;VQI9&%T960@9FEN86YC M:6%L('-T871E;65N=',@;V8@375L=&E#96QL(%1E8VAN;VQO9VEE2UO=VYE9"!S=6)S:61I87)I97,@;W9E M3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E6EN9R!A;6]U;G1S(&]F(&-A6%B;&4L(&%C8W)U960@ M97AP96YS97,L(&%N9"!A9'9A;F-E(&9R;VT@9&5B96YT=7)E(&AO;&1E2X\+V1I=CX\2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T M:6UE&-E961S('1H92!&961E2!D;V5S(&YO="!R97%U:7)E(&-O;&QA M=&5R86P@9G)O;2!I=',@8W5S=&]M97)S+B!4:&4@0V]M<&%N>2!C;&]S96QY M(&UO;FET;W)S('1H92!E>'1E;G-I;VX@;V8@8W)E9&ET('1O(&ET'!E2!497AT($)L M;V-K73PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E&5D(&]R M(&1E=&5R;6EN86)L92!A;F0@=&AE(&-O;&QE8W1I;VX@;V8@=&AE(&-O;G1R M86-T=6%L(&%M;W5N=',@:7,@2!A6UE;G0@:6X@ M861V86YC92!O9B!T:&4@<&5R9F]R;6%N8V4@;V8@'!E8W1E9"!T;R!B M92!P97)F;W)M960@870@82!L871E6QE/3-$)W1E M>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UEF5D(&%S(&]T:&5R(&EN8V]M M92!D=7)I;F<@=&AE('!E'!E;G-E2!497AT($)L;V-K73PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&1I=B!S='EL93TS1"=T M97AT+6%L:6=N.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P M<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE2!A;F0@17%U:7!M96YT/"]I/CPO8CX@)B,X,C$Q.R!02!A M;F0@97%U:7!M96YT(&%R92!R96-O2!; M4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UEF4@:6YT M86YG:6)L92!AF5S(&ED96YT:69I86)L92!I;G1A;F=I8FQE M(&%S6EN9R!V86QU92!F;W(@:6YT86YG:6)L92!A2!497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/&1I=B!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y M.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N M+"!T:6UE2!S=6-H(&%S6EN9R!V86QU92!M87D@;F]T(&)E(')E8V]V97)A M8FQE+B!);7!A:7)M96YT(&QO2!C M;VUP87)I;F<@=&AE(&9A:7(@=F%L=64@;V8@87-S971S('1O('1H96ER(&-A M2!;4&]L:6-Y M(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\ M9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE65E2!E2!O9B!S M=&]C:RP@86YD(&5X<&5C=&5D(&1I=FED96YD('EI96QD(&]F('-T;V-K+CPO M9&EV/CQS<&%N/CPO2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE'1E2!;4&]L:6-Y(%1E M>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2!A8W%U M:7)I;F<@87-S971S('1O(&)E('5S960@:6X@=&AE(')E2!W:6QL(&-A<&ET86QI>F4@86YY(&UI;&5S=&]N92!P87EM M96YT2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@9F]N=#H@,3!P="!T:6UE&5S(&%R92!P"!A;F0@9FEN86YC M:6%L(')E<&]R=&EN9R!P=7)P;W-E"!P;W-I M=&EO;G,@=&%K96X@;W(@<&]S:71I;VYS(&5X<&5C=&5D('1O(&)E('1A:V5N M(&EN(&EN8V]M92!T87@@2UT M:&%N+6YO="8C.#(R,3L@=&AR97-H;VQD(&)A2!;4&]L:6-Y(%1E>'0@0FQO8VM= M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@ M,3!P="!T:6UE&5R8VES92!O9B!O=71S=&%N9&EN9R!S=&]C:R!O<'1I;VYS(&%N9"!W M87)R86YT2P@9&EL=71E9"!P97(@ M8V]M;6]N('-H87)E(&%M;W5N=',@97%U86P@8F%S:6,@;&]S2!I3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!A M8V-E<'1E9"!I;B!T:&4@56YI=&5D(%-T871E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA M;BP@=&EM97,L('-E'0^/&1I=B!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T M:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O M;6%N+"!T:6UE2!A;&QO M8V%T:6YG(&%N(&%P<')O<')I871E('!O2!O=&AE&-H86YG92X@5&AE('!R;V-E961S(&%L;&]C871E M9"!T;R!T:&4@=V%R2!;4&]L:6-Y(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE2X@ M5&AE(&9A:7(@=F%L=64@;V8@=&AE(&-O;G9E2!T;R!P97)F;W)M M('1H92!Q=6%N=&ET871I=F4@:6UP86ER;65N="!T97-T(')E<75I2!A9&]P M=&EO;B!P97)M:71T960L(&%N9"!I2!D;V5S(&YO="!H879E(&%N M>2!I;F1E9FEN:71E+6QI9F4@:6YT86YG:6)L92!A'!E;G-E3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T M,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B M,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2P@4&QA;G0@ M86YD($5Q=6EP;65N="!;5&%B;&4@5&5X="!";&]C:UT\+W1D/@T*("`@("`@ M("`\=&0@8VQA6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W=I9'1H.B`W-24[(&)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@ M6QE/3-$ M)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C M,38P.SPO=&0^#0H\=&0@'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^-#`L-38Q/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^-C8L-#8W M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[ M/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$ M)V)A8VMG6QE/3-$)V)A8VMG2!A;F0@17%U:7!M96YT+"!.970\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I M;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M86QI9VXZ M(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B M;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R<^+3PO=&0^ M#0H\=&0@7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T97AT+6%L:6=N M.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@ M;F5W(')O;6%N+"!T:6UE6QE M/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE M/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)R!C;VQS<&%N/3-$ M,CXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`U-24[)SY&86ER('9A;'5E(&]F(&-O;6UO;B!S=&]C:SPO M=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^,"XP,#0Y/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE M/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXD M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/C`N,#(Q M-3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^,"XP-3(U/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`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`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/C$T,3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXE/"]T9#X-"CQT M9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^,30P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)3PO=&0^#0H\+W1R/@T*/"]T86)L93X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M2!;06)S=')A8W1= M/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'`@3L@;6%R9VEN.B`P M<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&UA#L@9F]N=#H@,3!P="!T:6UE6QE M/3-$)W9E6QE/3-$)V)O6QE M/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`W M,"4[)SY787)R86YT6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^.2PR-S6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\+W1R/@T* M/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R<^,3@L,C8X+#DT-SPO=&0^#0H\=&0@6QE/3-$ M)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M,38L,#,W+#(P.3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SY397)I97,@22!#;VYV97)T:6)L92!06QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,BPR.3,L-C`P/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^ M#0H\='(@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('!A9&1I;F'0M86QI9VXZ(')I9VAT.R<^-BPY.3'0M86QI9VXZ(')I9VAT.R<^,2PX,3@L-C`V+#6QE/3-$)V)A8VMG M6QE/3-$)V)A8VMG6QE/3-$)W!A9&1I;F'0M86QI9VXZ(')I9VAT.R<^-RPP-#DL,#8V+#@P-SPO=&0^#0H\=&0@6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'`@3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`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`[/"]T9#X-"CQT9"!S='EL93TS1"=F M;VYT+7=E:6=H=#H@8F]L9#LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!C96YT97([(&9O;G0M=V5I9VAT.B!B;VQD.R<@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q M)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^/&9O;G0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^ M#0H\+W1R/@T*/'1R('-T>6QE/3-$)V)A8VMG6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R<^-2PR-3`L,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,"XP,#DR/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT M9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@ M6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('1E>'0M:6YD96YT.B`Q,'!T.R<^17AE6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M+3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D/B8C M,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M:6YD96YT.B`Q,'!T.R<^17AP:7)E9#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R<^ M*#$S,"PP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F6QE/3-$)W!A M9&1I;F6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D M:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[ M/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`Q,'!T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!R:6=H=#LG/C`N,#$R,3PO=&0^#0H\=&0@6QE/3-$)V9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE65A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXD/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG/BT\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^."PP,#`L,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^,"XP,#(X/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T M9#X-"CPO='(^#0H\='(@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F'0M M:6YD96YT.B`Q,'!T.R<^17AP:7)E9#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R<^*#(P,"PP M,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6)O M='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X- M"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V)O6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE M/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q M-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;F6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[(&UA#L@9F]N=#H@,3!P M="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)R!C M;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^)B,Q-C`[/"]T9#X-"CQT9"!N M;W=R87`],T1N;W=R87`^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT M+7=E:6=H=#H@8F]L9#LG(&YO=W)A<#TS1&YO=W)A<#XF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0M=V5I9VAT M.B!B;VQD.R<@;F]W6QE/3-$ M)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)R!C;VQS<&%N/3-$,B!N;W=R87`],T1N;W=R87`^)B,Q-C`[/"]T9#X-"CQT M9"!N;W=R87`],T1N;W=R87`^)B,Q-C`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`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`T,"4[)SY/ M=71S=&%N9&EN9R!A="!.;W9E;6)E6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^,C(L M.#,W+#DY,3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3LG/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R!W:61T:#H@,3(E.R<^,"XU.3$U/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@ M6QE/3-$)V9O;G0Z(#$P<'0@=&EM97,@;F5W(')O M;6%N+"!T:6UE65A6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG M/B0\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T M:#H@,3(E.R<^+3PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X- M"CPO='(^#0H\='(@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('1E>'0M:6YD96YT.B`Q,'!T.R<^17AE6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT.R<^*#$L,3$Q+#`P,#PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;F'0M:6YD96YT.B`Q,'!T.R<^17AP M:7)E9#PO=&0^#0H\=&0@'0M86QI9VXZ(')I9VAT.R<^*#$P+#DS-"PY-C$\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;F6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q M-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D M:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`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`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`[/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@ M,7!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R!P861D:6YG+6)O='1O;3H@,7!T.R<^)B,Q-C`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`P9C)B,C)?,65C.5\T,3,W7V$R-C5? M.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T M:6UE6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V)A8VMG6QE/3-$)W=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^ M#0H\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`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`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T97AT+6%L:6=N M.B!J=7-T:69Y.R!M87)G:6XZ(#!P="`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`Q)3LG/CQF M;VYT('-I>F4],T0R('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;BQT:6UE6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT.R!W:61T:#H@,3`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`P9C)B,C)?,65C.5\T,3,W7V$R M-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O M;6%N+"!T:6UEF5D(&%S(&9O;&QO=W,Z/"]P M/@T*/'`@6QE/3-$)W=I9'1H.B`Q,#`E.R!B M;W)D97(M8V]L;&%P6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I M;F6QE/3-$)W9E M6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E M6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&-E;G1E6QE M/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q M)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P M.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q M)3LG/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3LG/B8C,38P.SPO=&0^#0H\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SY$97)I=F%T M:79E(&QI86)I;&ET>3PO=&0^#0H\=&0^)B,Q-C`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`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA2!O9B!3:6=N M:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S("A$971A:6QS(%1E>'1U86PI M("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S M/3-$=&@@8V]L'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T M,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$2!);G-T'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA2!;365M8F5R73QB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S6UE;G0@9F]R($9A:6QU'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4@ M=7!O;B!I;FET:6%T:6]N(&]F(&9I'0^)#(P,"PP,#`@:7,@<&%Y86)L M92!U<&]N(&EN:71I871I;VX@;V8@<&EV;W1A;"!H=6UA;B!C;&EN:6-A;"!T M3L\2!A=71H;W)I='D@86YY=VAE M6%L M='D@<&%Y;65N=',@96%R;F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\6UE;G1S/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R M,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V M.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2P@4&QA;G0@86YD($5Q=6EP;65N="P@1W)O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!A;F0@ M17%U:7!M96YT("A$971A:6QS(%1E>'1U86PI("A54T0@)"D\8G(^/"]S=')O M;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R M,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V M.6,X.&$V+U=O'0O:'1M;#L@8VAA'1U86PI("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@ M("`@("`@/'1H(&-L87-S/3-$=&@@8V]L2!087EM96YT($-O;6UI=&UE;G0\+W1D/@T*("`@("`@("`\=&0@8VQA2!S:6UI;&%R(&9I;&EN M9R!W:71H(&%N>2!R96=U;&%T;W)Y(&%U=&AO2!F;W(@06-T:79E($%G M96YT(%!R;V1U8W0N/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#0T+#$Q.#QS M<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%SF%T:6]N M(%!E'0^,3<@>65A'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^1F5B(#(X M+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^96%C:"`D M,2PP,#`@;V8@=&AE('!R:6YC:7!A;"!C;VYV97)T960L($Q*0TD@=V]U;&0@ M8F4@'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$&5R8VES86)L92!097)I;V0\ M+W1D/@T*("`@("`@("`\=&0@8VQA65A'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,3`@>65A6EE M;&0\+W1D/@T*("`@("`@("`\=&0@8VQA3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y M86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P M9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6%B;&4L($-U'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S6%B;&4@ M86YD($%C8W)U960@3&EA8FEL:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA M7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&-L=61E9"!F'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQAF5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XS+#`P,"PP,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA&5R8VES86)L93PO=&0^#0H@("`@("`@(#QT M9"!C;&%S&5R8VES92!0'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$&5R8VES92!0&5R8VES92!0'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,R!Y96%R65A M65A7,\ M7,\'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'1U86PI("A54T0@ M)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@ M8V]L&5C=71I=F4@3V9F:6-E2!" M;V%R9"!;365M8F5R73QB2!";V%R9"!;365M8F5R73QB2!";V%R9"!;365M8F5R73QB65E(%M-96UB97)=/&)R/DUI;FEM=6T@6TUE;6)E2!);F-E M;G1I=F4@4&QA;B`R,#`T(%M-96UB97)=/&)R/CPO=&@^#0H@("`@("`@(#QT M:"!C;&%S6UE;G0@07=A'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S6UE;G0@07=A'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S2!3:&%R92UB87-E9"!087EM96YT($%W87)D+"!/<'1I;VYS+"!''0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S6UE;G0@07=A2!O=F5R('1H'0^<75A2!O=F5R(&]N92!Y96%R/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^=F5S="!M;VYT:&QY(&]V M97(@=&AR964@>65A65A2!3:&%R M92UB87-E9"!087EM96YT($%W87)D+"!/<'1I;VXL($5X<&ER871I;VX@4&5R M:6]D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^-2!Y M96%R65A'0^-2!Y96%R6UE;G0@07=A M'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S2!3:&%R M92UB87-E9"!087EM96YT($%W87)D+"!&86ER(%9A;'5E($%S'!E8W1E9"!6;VQA=&EL:71Y(%)A=&4\+W1D/@T*("`@("`@("`\=&0@ M8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^-2!Y96%R65A'0^-2!Y96%R65A2!3:&%R92UB M87-E9"!087EM96YT($%W87)D+"!&86ER(%9A;'5E($%S'!E8W1E9"!$:79I9&5N9"!2871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$65E(%-E65E(%-E65T(%)E M8V]G;FEZ960L(%!E7,\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$6UE;G0@ M07=A'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6UE;G0@07=A6UE;G0@07=A2!3:&%R92UB87-E9"!087EM96YT($%W87)D+"!&86ER M(%9A;'5E($%S&5R8VES92!0'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!3:&%R92UB87-E M9"!087EM96YT($%W87)D+"!/<'1I;VYS+"!697-T960L($]U='-T86YD:6YG M($YU;6)E'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S6UE;G0@07=A2!3:&%R92UB87-E9"!087EM96YT($%W87)D+"!/ M<'1I;VYS+"!'2!3:&%R M92UB87-E9"!087EM96YT($%W87)D+"!/<'1I;VYS+"!%>&5R8VES86)L92P@ M5V5I9VAT960@079E&5R8VES92!0'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$6UE;G0@07=A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5R8VES92!0'0^,R!Y96%R65A65A65A M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'1U86PI("A,82!*;VQL82!#;W9E($EN=F5S=&]R M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^1F5B(#(X+`T*"0DR,#`W/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&5R8VES92!O M9B!787)R86YT('5P;VX@0V]N=F5R2!P=7)C:&%S92`Q,#`L,#`P('-H87)E7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA2!,96%S92P@4F5N=&%L($5X<&5N'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V M-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA M2!06EN9R!4:&5R87!E=71I8R!$:7-C;W9E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=?83(V M-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@8VAA M'1I;F=U:7-H;65N="!O9B!$96)T M+"!'86EN("A,;W-S*2P@3F5T(&]F(%1A>#PO=&0^#0H@("`@("`@(#QT9"!C M;&%S3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S,#!F,F(R,E\Q96,Y7S0Q,S=? M83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5?.6%A-#`V.6,X.&$V+U=O'0O:'1M;#L@ M8VAA3PO=&0^#0H@("`@("`@(#QT9"!C M;&%S"!!7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'!I&5S M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#`\'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S69O'!I'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA6%B;&4@=&\@4F5L871E9"!087)T>2`H1&5T86EL6%B;&4\+W1D M/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S M,#!F,F(R,E\Q96,Y7S0Q,S=?83(V-5\Y86$T,#8Y8S@X838-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,S`P9C)B,C)?,65C.5\T,3,W7V$R-C5? M.6%A-#`V.6,X.&$V+U=O&UL#0I#;VYT96YT M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT M+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U XML 33 R43.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series B Redeemable Convertible Stock (Details Textual) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2006
Nov. 30, 2010
Nov. 30, 2012
Board of Directors Chairman [Member]
Oct. 31, 2012
Series B Convertible Preferred Stock [Member]
Nov. 30, 2012
Series B Convertible Preferred Stock [Member]
Nov. 30, 2011
Series B Convertible Preferred Stock [Member]
Nov. 30, 2006
Series B Convertible Preferred Stock [Member]
Nov. 30, 2012
Common Stock [Member]
Preferred Stock, Shares Designated 963,000 963,000     1,000,000   17,000 17,000    
Reduced Conversion Price Percentage             85.00%      
Preferred Stock, Purchase Price, Per Share, Value             $ 100      
Preferred Stock, Conversion Price     $ 0.32     $ 0.0223 $ 0.0215 $ 0.0324    
Conversion of Preferred Stock Limited to Common Stock, Outstanding, Percentage             9.99%      
Conversion of Series B and Series I Preferred Stock Value into Common Stock and Settlement or Related Accrued Preferred Dividends $ 224,708         $ 769,690 $ (888,009)     $ 564,292
Proceeds from Issuance of Preferred Stock Excluding of Placement Costs                 789,100  
Payments of Placement Costs                 19,410  
Common Stock, Shares, Issued 1,349,803,029 823,385,986       35,385,650        
Gain (Loss) on Derivative Instruments, Net, Pretax 88,663 (81,073)       53,078        
Dividends, Preferred Stock           289,948        
Dividends Payable, Current           118,319        
Shares Issued in Settlement of Accrued Dividends           18,750,000        
Conversion of Series B and Series I Preferred Stock Share into Common Stock and Settlement or Related Accrued Preferred Dividends           7,891 (7,891)     56,429,250
Fair Value of Embedded Conversion Feature $ 0.0012 $ 0.0046   $ 0.0037            
Preferred Stock, Dividend Payment Rate Company was required to pay on each outstanding share of Series B convertible preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of (i) the Wall Street Journal Prime Rate plus 1%, or (ii) 9%. In no event was the dividend rate to be greater than 12% per annum.                  
Preferred Stock, Dividend Rate, Percentage 12.00%                  
Dividends Payable 290,724 580,672         125,516 243,835    
Accounts Payable and Accrued Liabilities $ 165,208 $ 336,837       $ 171,629        
XML 34 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series B Redeemable Convertible Stock (Tables)
 12 Months Ended
Nov. 30, 2012
Series B Convertible Preferred Stock [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]

The fair value of the embedded conversion feature was estimated using the Black-Scholes option-pricing model using the following assumptions:

 

    November 30,
2012		     November 30,
2011		     November 30,
2010		  
                   
Fair value of common stock   $ 0.0013     $ 0.0049     $ 0.0040  
Conversion price of preferred stock   $ 0.0215     $ 0.0324     $ 0.0525  
Risk free interest rate     1.62 %     2.08 %     2.81 %
Expected life     10 Years       10 Years       10 Years  
Dividend yield     -       -       -  
Volatility     141 %     140 %     140 %
XML 35 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment (Tables)
 12 Months Ended
Nov. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]

Property and equipment are recorded at cost, less accumulated depreciation, and is comprised of the following at November 30, 2012 and 2011:

 

    2012     2011  
             
Lab Equipment   $ 14,717     $ 25,893  
Furniture and Office Equipment     25,844       40,574  
                 
      40,561       66,467  
Less: Accumulated depreciation     (40,561 )     (66,467 )
                 
Property and Equipment, Net   $ -     $ -  
XML 36 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
US Federal [Member]
Valuation Allowance, Increased $ 349,544 $ 527,662  
Operating Loss Carryforwards     $ 24,800,000
Operating Loss Carryforwards, Expiration Dates     from 2018 through 2032.
Effective Income Tax Rate, Continuing Operations     34.00%
XML 37 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series I Convertible Preferred Stock (Details Textual) (USD $)
 12 Months Ended 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Jul. 13, 2004
Accredited Investors [Member]
Nov. 30, 2012
Series I Convertible Preferred Stock [Member]
Nov. 30, 2011
Series I Convertible Preferred Stock [Member]
Nov. 30, 2012
Board of Directors Chairman [Member]
Preferred Stock, Shares Designated 963,000 963,000   20,000 20,000 1,000,000
Preferred Stock, Shares Issued     20,000 0 5,734  
Preferred Stock, Purchase Price, Per Share, Value     $ 100   $ 100  
Conversion of Preferred Stock Limited to Trading Price, Percentage       80.00%    
Maximum Conversion Limit of Debt       $ 1.00    
Minimum Conversion Limit of Debt       $ 0.25    
Conversion of Preferred Stock Limited to Common Stock, Outstanding, Percentage       9.99%    
Conversion of Series B and Series I Preferred Stock Share into Common Stock and Settlement or Related Accrued Preferred Dividends       (5,734)    
Conversion of Series B and Series I Preferred Stock Value into Common Stock and Settlement or Related Accrued Preferred Dividends $ 224,708     $ (573,400)    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 7,049,066,807 1,884,958,275   0 2,293,600  
Preferred Stock, Voting Rights       The Series I preferred stock does not have voting rights.    
XML 38 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock (Tables)
 12 Months Ended
Nov. 30, 2012
Equity [Abstract]  
Schedule of Potential Issuable Common Shares [Table Text Block]

The potential issuable common shares as of November 30, 2012 and 2011 are as follows:

 

    2012     2011  
             
Warrants     9,277,030       10,792,030  
Stock options     26,068,947       18,268,947  
Series B Convertible Preferred Stock     16,037,209       34,996,914  
Series I Convertible Preferred Stock     -       2,293,600  
LJCI Debenture     6,997,683,621       1,818,606,784  
                 
      7,049,066,807       1,884,958,275
XML 39 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plan (Tables)
 12 Months Ended
Nov. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of stock options at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:

 

                Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
                         
Outstanding at November 30, 2010     13,148,947     $ 0.0178       3.9 years     $ -  
Granted     5,250,000       0.0092                  
Exercised     -       -                  
Expired     (130,000 )     0.4631                  
                                 
Outstanding at November 30, 2011     18,268,947     $ 0.0121       3.4 years     $ -  
Granted     8,000,000       0.0028                  
Exercised     -       -                  
Expired     (200,000 )     0.1250                  
                                 
Outstanding at November 30, 2012     26,068,947     $ 0.0084       3.1 years     $ -  
                                 
Exercisable at November 30, 2012     20,680,058     $ 0.0099       2.7 years     $ -  
XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical]
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Debt Conversion, Original Debt, Interest Rate of Debt 4.75% 4.75%
XML 41 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warrants (Tables)
 12 Months Ended
Nov. 30, 2012
Warrants Disclosure [Abstract]  
Schedule of Share-based Compensation Award, Shares Under Warrants [Table Text Block]

A summary of the status of warrants at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:

 

                Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Warrants     Price     Life     Value  
                         
Outstanding at November 30, 2010     22,837,991     $ 0.5915       1.7 years     $ -  
Issued     -       -                  
Exercised     (1,111,000 )     1.0900                  
Expired     (10,934,961 )     0.3579                  
                                 
Outstanding at November 30, 2011     10,792,030     $ 0.7769       3.0 years     $ -  
Issued     -       -                  
Exercised     (857,000 )     1.0900                  
Expired     (658,000 )     0.6987                  
                                 
Outstanding at November 30, 2012     9,277,030     $ 0.7535       2.2 years     $ -  
XML 42 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
License Agreements (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Oct. 09, 2007
Rhode Island Hospital [Member]
      
Royalty Payment Commitment 5% until $550,000 has been paid, then 2% after that.    
Amarin Neuroscience Limited [Member] | Milestones One [Member]
      
Future Royalties, Milestone Payments, Description $500,000 upon first filing of a new drug application with Food and Drug Administration (FDA) or a reasonably similar filing with any regulatory authority for Active Agent Product.    
Amarin Neuroscience Limited [Member] | Milestones Two [Member]
      
Future Royalties, Milestone Payments, Description $1,000,000 upon first FDA approval for sale in the USA for Active Agent Product.    
Amarin Neuroscience Limited [Member] | Milestones Three [Member]
      
Future Royalties, Milestone Payments, Description $1,500,000 within twelve calendar months after the first sale in the USA for Active Agent Product.    
Amarin Neuroscience Limited [Member] | Milestones Four [Member]
      
Future Royalties, Milestone Payments, Description $1,000,000 within twelve calendar months after the first sale in the European Economic Area for Active Agent Product.    
Corning Incorporated [Member]
      
Deferred Revenue, Revenue Recognized $ 44,118 $ 44,118  
Payments for Grant of License     375,000
Amortization Period for Deferred Revenue 17 years    
Deferred Revenue 522,059 566,177  
Pfizer Incorporated [Member]
      
Deferred Revenue, Revenue Recognized 5,200 5,200  
Deferred Revenue $ 26,000 $ 31,200  
XML 43 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Gain on Extinguishment of Liabilities (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Extinguishment of Debt, Gain (Loss), Net of Tax $ 133,540 $ 159,552
XML 44 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Nov. 30, 2012
Nov. 30, 2011
ASSETS    
Cash and cash equivalents $ 199,472 $ 405,327
Grant receivable 0 303,102
Other current assets 11,293 10,598
Total current assets 210,765 719,027
Property and equipment, net of accumulated depreciation of $40,561 and $66,467 at November 30, 2012 and 2011, respectively 0 0
Other assets 280 1,685
Total assets 211,045 720,712
LIABILITIES AND EQUITY (DEFICIENCY)    
Accounts payable and accrued expenses 1,106,177 1,304,422
Payable to related party 50,000 50,000
Advance from debenture holder 50,000 301,930
Current portion of deferred revenue 49,318 49,318
Total current liabilities 1,255,495 1,705,670
Non-current liabilities    
Convertible debentures, net of discount 56,026 59,596
Deferred revenue, net of current portion 498,741 548,059
Derivative liability related to Series B convertible preferred stock 19,245 160,986
Total non-current liabilities 574,012 768,641
Total liabilities 1,829,507 2,474,311
Commitments and contingencies 0 0
Equity (Deficiency) MultiCell Technologies, Inc. equity (deficiency)    
Preferred Stock 0 0
Common stock, $0.01 par value; 3,000,000,000 shares authorized; 1,349,803,029 and 823,385,986 shares issued and outstanding at November 30, 2012 and 2011, respectively 13,498,030 8,233,860
Additional paid-in capital 27,755,595 30,064,619
Accumulated deficit (42,254,594) (40,998,344)
Total MultiCell Technologies, Inc. stockholders' equity (deficiency) (539,134) (776,621)
Noncontrolling interests (1,079,328) (976,978)
Total equity (deficiency) (1,618,462) (1,753,599)
Total liabilities and equity (deficiency) 211,045 720,712
Series B Convertible Preferred Stock [Member]
    
Equity (Deficiency) MultiCell Technologies, Inc. equity (deficiency)    
Preferred Stock 461,835 1,349,844
Total equity (deficiency) 461,835 1,349,844
Series I Convertible Preferred Stock [Member]
    
Equity (Deficiency) MultiCell Technologies, Inc. equity (deficiency)    
Preferred Stock 0 573,400
Total equity (deficiency) $ 0 $ 573,400
XML 45 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock (Details)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 7,049,066,807 1,884,958,275
La Jolla Cove Investors Debenture [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 6,997,683,621 1,818,606,784
Series B Convertible Preferred Stock [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 16,037,209 34,996,914
Series I Convertible Preferred Stock [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 2,293,600
Stock Option [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 26,068,947 18,268,947
Warrant [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 9,277,030 10,792,030
XML 46 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) [Parenthetical]
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Debt Conversion, Original Debt, Interest Rate of Debt 4.75% 4.75%
XML 47 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events (Details Textual) (Subsequent Event [Member], USD $)
 3 Months Ended
Feb. 28, 2013
Subsequent Event [Member]
  
Debt Conversion, Original Debt, Amount $ 1,510
Debt Conversion, Converted Instrument, Shares Issued 184,404,556
Warrant Exercised to Purchase Common Stock, Shares 151,000
Proceeds from Warrant Exercises $ 164,590
XML 48 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Xenogenics Corporation [Member]
Oct. 14, 2010
Xenogenics Corporation [Member]
Nov. 30, 2012
Multicell Immunotherapeutics [Member]
Equity Method Investment, Ownership Percentage     95.30% 56.40% 67.00%
Convertible Debt, Fair Value Disclosures $ 56,026 $ 64,596      
Cash, FDIC Insured Amount $ 250,000        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 7,049,066,807 1,884,958,275      
XML 49 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Gain on Extinguishment of Liabilities
 12 Months Ended
Nov. 30, 2012
Debt Disclosure [Abstract]  
Short-term Debt [Text Block]

Note 14 – Gain on Extinguishment of Liabilities

 

During the years ended November 30, 2012 and 2011, the Company determined that recorded accounts payable and accrued liabilities totaling $133,540 and $159,552, respectively, had been extinguished with the passage of time for collection under the laws related to the statute of limitations. Accordingly, the Company removed these accounts from their records and recorded a corresponding gain on the extinguishment of the liabilities.
XML 50 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
La Jolla Cove Investors [Member]
Nov. 30, 2007
La Jolla Cove Investors [Member]
Retained Earnings (Accumulated Deficit) $ (42,254,594) $ (40,998,344)    
Investment Warrants, Exercise Price     $ 1.09 $ 1.09
Shares Remaining under Stock Warrant     5,602,629  
Convertible Debt     56,026  
Potential Proceeds from Warrant Exercises     $ 6,100,000  
Debt Instrument, Convertible Percentage of Equity Instruments, Maximum     9.99%  
Investment Warrants Expiration Date     Feb. 28, 2014  
XML 51 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
 12 Months Ended
Nov. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

Note 16– Fair Value Measurements

 

For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs:

 

  •   Level one — Quoted market prices in active markets for identical assets or liabilities;
       
  •   Level two — Inputs other than level one inputs that are either directly or indirectly observable; and
       
  •   Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the Company and reflect those assumptions that a market participant would use.

 

Liabilities measured at fair value on a recurring basis at November 30, 2012 and 2011 are summarized as follows:

 

    November 30, 2012     November 30, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
                                                                 
Derivative liability   $ -     $ 19,245     $ -     $ 19,245     $ -     $ 160,986     $ -     $ 160,986  

 

As further described in Note 7, the fair value of the derivative liability is determined using the Black-Scholes pricing model.
XML 52 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

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

" + text[p] + "

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

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 53 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Cash flows from operating activities    
Net loss $ (1,358,600) $ (1,952,078)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 0 1,087
Stock-based compensation 326,329 991,488
Interest expense from amortization of discount on convertible debentures 5,000 20,000
Change in fair value of derivative liability (88,663) 81,073
Gain on extinguishment of liabilities (133,540) (159,552)
Gain on disposition of equipment (1,500) 0
Changes in assets and liabilities    
Grant receivable 303,102 (272,127)
Other current assets (695) (1,667)
Accounts payable and accrued liabilities 108,330 101,973
Deferred revenue (49,318) (49,317)
Net cash used in operating activities (889,555) (1,239,120)
Cash flows from investing activities    
Payments for in-process research and development 0 (265,000)
Proceeds from disposition of equipment 1,500 0
Net cash provided by (used in) investing activities 1,500 (265,000)
Cash flows from financing activities    
Proceeds from the exercise of stock warrants 934,130 1,210,990
Increase (decrease) in advance from debenture holder (251,930) 64,080
Net cash provided by financing activities 682,200 1,275,070
Net decrease in cash and cash equivalents (205,855) (229,050)
Cash and cash equivalents at beginning of year 405,327 634,377
Cash and cash equivalents at end of year 199,472 405,327
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 3,245 3,579
Noncash Investing and Financing Activities:    
Issuance of common stock for conversion of 4.75% debentures 8,570 11,110
Conversion of Series B preferred stock into common stock 769,690 0
Conversion of Series I preferred stock into common stock 573,400 0
Issuance of common stock in settlement of preferred dividends $ 30,000 $ 0
XML 54 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Series B Convertible Preferred Stock [Member]
Nov. 30, 2011
Series B Convertible Preferred Stock [Member]
Nov. 30, 2012
Series I Convertible Preferred Stock [Member]
Nov. 30, 2011
Series I Convertible Preferred Stock [Member]
Accumulated depreciation, property and equipment (in dollars) $ 40,561 $ 66,467        
Undesignated preferred stock, par value (in dollars per share) $ 0.01 $ 0.01        
Preferred stock, shares designated 963,000 963,000 17,000 17,000 20,000 20,000
Preferred stock, shares issued     3,448 11,339 0 5,734
Preferred stock, shares outstanding     3,448 11,339 0 5,734
Common stock, par value (in dollars per share) $ 0.01 $ 0.01        
Common stock shares authorized 3,000,000,000 3,000,000,000        
Common stock shares issued 1,349,803,029 823,385,986        
Common stock shares outstanding 1,349,803,029 823,385,986        
Preferred stock, liquidation value (in dollars)     $ 470,316 $ 1,377,735 $ 0 $ 573,400
XML 55 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
 12 Months Ended
Nov. 30, 2012
Equity [Abstract]  
Common Stock Disclosure [Text Block]

Note 9 – Common Stock

 

On August 10, 2012, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to three billion shares. The Amended and Restated Certificate of Incorporation was filed with the State of Delaware on August 29, 2012.

 

On July 11, 2011, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to 1.25 billion shares. Additionally, certain prior increases in the number of authorized shares were ratified.

 

The potential issuable common shares as of November 30, 2012 and 2011 are as follows:

 

    2012     2011  
             
Warrants     9,277,030       10,792,030  
Stock options     26,068,947       18,268,947  
Series B Convertible Preferred Stock     16,037,209       34,996,914  
Series I Convertible Preferred Stock     -       2,293,600  
LJCI Debenture     6,997,683,621       1,818,606,784  
                 
      7,049,066,807       1,884,958,275  

 

The Company does not currently have sufficient authorized shares of common stock to meet the commitments entered into under the Debenture and the related LJCI Warrants. As further discussed in Note 6, upon the conversion of any portion of the remaining $56,026 principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the remaining 5,602,629 warrant shares equal to the percentage of the dollar amount of the Debenture being converted. The agreement limits LJCI’s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company. Furthermore, the Company has the right to redeem that portion of the Debenture that the holder may elect to convert and also has the right to redeem the outstanding principal amount of the debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.
XML 56 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION (USD $)
 12 Months Ended
Nov. 30, 2012
Feb. 21, 2013
May 31, 2012
Entity Registrant Name MultiCell Technologies, Inc.    
Entity Central Index Key 0000811779    
Current Fiscal Year End Date --11-30    
Entity Filer Category Smaller Reporting Company    
Trading Symbol mcet    
Entity Common Stock, Shares Outstanding   1,496,469,696  
Document Type 10-K    
Amendment Flag false    
Document Period End Date Nov. 30, 2012    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2012    
Entity Well-Known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 2,964,799
XML 57 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation Plan
 12 Months Ended
Nov. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 10 – Stock Compensation Plan

 

On July 11, 2011, at the Company’s Annual Meeting of Stockholders, the stockholders approved an amendment to increase the number of shares reserved under the 2004 Equity Incentive Plan to a total of 70,974,213 shares. Additionally, an annual increase in the number of shares reserved under the plan was approved and certain prior increases in the number of shares reserved for issuance under the plan were ratified. Furthermore, on December 1, 2011, the number of shares reserved under the 2004 Plan was increased by an additional 1,500,000 shares pursuant to the provisions of the 2004 Plan. The purpose of the 2004 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of the common stock through granting of incentive stock options (ISO), non-statutory stock options, stock purchase awards, stock bonus awards, stock appreciation rights, stock unit awards and other stock awards. As amended, there are 46,405,266 shares of common stock available for future awards under the 2004 Plan at November 30, 2012.

 

Generally accepted accounting principles for stock options require the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements, is measured based on the grant date fair value of the award, and require the stock option compensation expense to be recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period), net of estimated forfeitures. The estimation of forfeitures requires significant judgment, and to the extent actual results or updated estimates differ from the current estimates, such resulting adjustment will be recorded in the period estimates are revised. No income tax benefit has been recognized for stock-based compensation arrangements and no compensation cost has been capitalized in the consolidated balance sheet.

 

 A summary of the status of stock options at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table: 

              Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
                         
Outstanding at November 30, 2010     13,148,947     $ 0.0178       3.9 years     $ -  
Granted     5,250,000       0.0092                  
Exercised     -       -                  
Expired     (130,000 )     0.4631                  
                                 
Outstanding at November 30, 2011     18,268,947     $ 0.0121       3.4 years     $ -  
Granted     8,000,000       0.0028                  
Exercised     -       -                  
Expired     (200,000 )     0.1250                  
                                 
Outstanding at November 30, 2012     26,068,947     $ 0.0084       3.1 years     $ -  
                                 
Exercisable at November 30, 2012     20,680,058     $ 0.0099       2.7 years     $ -  

 

On June 1, 2012, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company’s common stock at $0.0032 per share. These options vest quarterly over one year and expire five years after grant. Additionally, between June 1, 2012 and October 19, 2012, the Board of Directors granted options to an employee and to two new directors for each to purchase one million shares of the Company’s common stock at exercise prices ranging from $0.0014 to $0.0032 per share. These options vest monthly over three years and expire five years after grant. On July 11, 2011, the Board of Directors granted an option to each of the five directors to purchase one million shares of the Company’s common stock at $.0092 per share. The options vest quarterly over one year and expire five years after grant. On July 11, 2011, the Board of Directors also granted an option to an employee to purchase 250,000 shares of the Company’s common stock at $.0092 per share. This option vests monthly over three years and expires five years after grant.

 

The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during the year ended November 30, 2012 was $0.0026. The weighted-average assumptions used for options granted during the year ended November 30, 2012 were risk-free interest rate of 0.64%, volatility of 171%, expected life of 5.0 years, and dividend yield of zero. The weighted-average fair value of stock options granted during the year ended November 30, 2011 was $0.0087. The weighted-average assumptions used for options granted during the year ended November 30, 2011 were risk-free interest rate of 1.5%, volatility of 170%, expected life of 5.0 years, and dividend yield of zero. The assumptions employed in the Black-Scholes option pricing model include the following. The expected life of stock options represents the period of time that the stock options granted are expected to be outstanding prior to exercise. The expected volatility is based on the historical price volatility of the Company’s common stock. The risk-free interest rate represents the U.S. Treasury constant maturities rate for the expected life of the related stock options. The dividend yield represents anticipated cash dividends to be paid over the expected life of the stock options.

 

For the years ended November 30, 2012 and 2011, the MultiCell reported stock-based compensation expense for services related to stock options of $37,232 and $41,040, respectively. As of November 30, 2012, there is approximately $14,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 1.76 years. The intrinsic values at November 30, 2012 are based on a closing price of $0.0013.

 

In October 2010, Xenogenics adopted the 2010 Stock Incentive Plan (the “2010 Plan”) which authorized the granting of stock awards to employees, directors, and consultants. As originally adopted, the 2010 Plan provided that the number of shares of Xenogenics’ common stock that could be issued pursuant to stock awards could not exceed 5,000,000 shares of common stock. On February 3, 2011, the 2010 Plan was amended such that the number of shares of Xenogenics’ common stock that could be issued pursuant to stock awards could not exceed 8,000,000 shares of common stock. The purpose of the 2010 Plan is to provide a means by which eligible recipients of stock awards may be given the opportunity to benefit from increases in the value of Xenogenics’ common stock through granting of incentive stock options (ISO), non-statutory stock options, stock bonus awards, stock appreciation rights, and rights to acquire restricted stock. ISO’s may be granted only to employees. The exercise price of each ISO granted under the plan must equal 100% of the market price of Xenogenics’ stock on the date of the grant. A 10% stockholder shall not be granted an incentive stock option unless the exercise price of such option is at least 110% of the fair market value of Xenogenics’ common stock on the date of the grants and the option is not exercisable after the expiration of five years from the date of the grant. The Board of Directors of Xenogenics, in its discretion, shall determine the exercise price of each nonstatutory stock option. An option’s maximum term is 10 years.

 

In November 2010, Xenogenics granted an option to a prospective executive officer to purchase an aggregate of 2,500,000 shares of its common stock, exercisable at $0.246 per share of common stock and having an expiration date in November 2015. The option to acquire 500,000 of the shares vested on the grant date and the remaining 2,000,000 shares vest in the future upon the achievement of specified milestones. The fair value of these options was estimated to be $576,250, or $0.2305 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 1.23%, volatility of 165%, expected life of five years, and dividend yield of zero.

 

In March 2011, Xenogenics granted options to prospective officers and to the members of its scientific advisory board to purchase an aggregate of 3,000,000 shares of its common stock, exercisable at $0.246 per share of common stock and having a term of approximately five years. 50% of the options vested immediately and the remaining 50% were to vest upon the closing of a Qualified Financing by December 31, 2011. A Qualified Financing meant a single sale, or a related series of sales, by Xenogenics of its common stock (or common stock equivalents) in which the aggregate gross proceeds (before costs and commissions) received by Xenogenics are equal to or exceed $5,000,000. The fair value of these options was estimated to be $692,700, or $0.2309 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 2.20%, volatility of 165%, expected lives of five years, and dividend yield of zero. A Qualified Financing was not closed by December 31, 2011 and accordingly, options to acquire 1,500,000 shares of Xenogenics common stock were forfeited. As described in the following paragraph, Xenogenics granted replacement options to four of five of these individuals whose options expired on December 31, 2011. The replacement of the options to the four individuals was treated as a modification under generally accepted accounting principles. The forfeiture of the option to the fifth individual resulted in the reversal of $57,725 of previously-recognized stock-based compensation expense.

 

On February 28, 2012, Xenogenics granted replacement options to four of five of those individuals whose options expired on December 31, 2011, as described in the previous paragraph. The replacement options to purchase 1,250,000 shares of Xenogenics’ common stock are exercisable at $0.253 per share and vest monthly over one year. These replacement options have a term of five years, provided a Qualified Financing has closed by February 28, 2013. If no Qualified Financing has closed by February 28, 2013, these replacement options will expire. The fair value of these options was estimated to be $298,500, or $0.2338 per share, as estimated using the Black-Scholes option-pricing model, using a risk-free interest rate of 0.84%, volatility of 170%, expected lives of five years, and dividend yield of zero.

 

Xenogenics reported stock-based compensation expense for these options of $289,097 and $950,448 for the years ended November 30, 2012 and 2011, respectively. As of November 30, 2012, there is approximately $130,000 of unrecognized compensation cost related to stock-based payments that will be recognized over a weighted average period of approximately 0.47 years.
ZIP 58 0001144204-13-011898-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-13-011898-xbrl.zip M4$L#!!0````(`+EE7$+D!.A1]KX``-X`"``1`!P`;6-E="TR,#$R,3$S,"YX M;6Q55`D``\V7+U'-ER]1=7@+``$$)0X```0Y`0``[#UK<^,VDM^W:O^#UI]7 M-L&GZ)OQEL:V9IQXQC[;>=7=E8NF(!D)12I\>*QLU?[V`TA*(B6*+X$422%) M)1F11+\;W4"C\>%?[S.C]P9M!UGFQQ-PRIWTH*E;8V1./Y[\]#3J#T[^=?'W MOWWX1[_?^PQ-:&LN'/<\!S_O7?_5__73P^WR\YYTRIV"4[[W/QQ_QLEG/`>$ M'@?.)?&<&_3NO_Y?[V71N])<[U@4IG-N(/./CR>OKCL_/SO[_OW[*7EV:ME3S%!.."./7S"_3L+7R=,Q M6GT0?5D^"QZN7MT:^KO@OPM453WSGZY>=5#2BWA018XD\4-*^"-Y8?C"&:;9N6P8\FVBZVX?O3F0;GFF:R_B;'.@?CJUWL["AT2!^3X'^@)8?>;9-C:/7=^%3Q,^ M'$.4_`U^D/`Z?-=?D]\G3Q(^0.8;=-SD3X)G"1^9&M*=Y&_\1^03$/_$07KR M!_A!TNONW-[Q/GZ2\('G]*>:-E]],]&<%U^RX8,$*MZ-%/WY]3:BU#,=NK%W M9Y[A(AT:A@OUUU/=FOG#`R!P)\0TB4&<.[ZJ/\!)SS>0\U"[TLWH;&Y;HN M\3XQYZ&'#Q&VBO#%YZ'S?#=Y%KC^(YSC,3GI^0I.(-;/\:4UFT/3T<@X0]O6 MS"DD#N\7[.9NS#%Z0V-/,Z[?=<,CD\#CJV9#WS_?:PORGC,TQ_>6X]K01;;_ MY2<\+4R0ZWQ:/"'7@'>3]3##=^0\7^'W=&R`7^'L!=HG:[SQM\A=K/^,QN07 M['3MGL_U.).7FG-Y\^/)!8?_&@"@*.J'L\V/UP,Z<$H07/XPQB"Q.T`Z<@-< M>F.$GP=37ZA@YX=BT\G%"H,8OSZ<):).:#K;HO(LF;%8%9$UCC#:]\/D"Z(9 M?4[M"]SZZ_73Y2_K[\]B&H=_(7^GJ.&EY[C6[)D?]/%<2/10>;Z%4\PX'T-? M/6ZU'RS#T"ZM-WCC>RK+=IJM*MAGGV]0<7)!C/=\-RU5B!&+R79Q\`$#02I] MCKC&R(B1YRL^CC<^X`=1@,NG^TM^]-LU<3_?K+=`[`_0(//V/49I@8,E;%F^ M)\/F$'W24HU8FFY^(IN@,'(?%%48/%]'745!AKGI@`M]?$=%A=>_IN,5W;6]=67&2ZEJ9K.'M@GHV" MMJWYV'!]RQ-RIZO<@^=.H>W'=G>Z6+6ZQ!=(X4H)\]1UV3CH`XE^ MO!];]@)\?C0^80_ M?"/;*R\&O+?#!7O_I69;Q%8^LDE?:!SYJ*QAA;"Y*L*FS=JGS09KP\'V-J_? MH8YE\H:?3'#F&>[9=2$V;\Y^:#*/]UD7:DS>T5@#6RU;-C*0V0[EJEE*V^(" M1I^(Q0WT&>;0S$@LS2C9NC*-W( MHK(&NVJNBA0X"7@_07]!&P=U838#Q^W0DL+G`'<1RA2E_)'1*_B"6>'9+9GX MJ9P=W:#YJ-7GJ_:[93\MYA"[:Q9EYINB+R0T-FA@H.L$VWMK^";&P?;>FJNS*X,/%@F(3"S3YRY1K%\T M(I>&SV1;OBN)E+7P8S0QV2?.8=\LDPQ@XT@0F]X-_MS&D6#+U&#W%)9&WE%K M!"M//*X)D94G-M\F"VQT8<:9OD/K_);H3DJ/2E4VCZ`VJRQEHP:RVF.%;/&^ M`8OW394XJROJFL1'&K)_U@P/?EJL_O<+YK-FZZ^+6_@&@[!R]>S&G'NNXS\` M[9!Y/@K7.4T*J4SP_@/^>`3/,\%'N"$9^=KL@ M94[A!NS+ZN=V"#L'5:L-V4W:CDVZ(P\G>Z1N$3\/%BLZ*^Q,4KLD>[:R<>B5 MC19(GE7Y=TCN;(>\X1L"A[EFKFH5Y/AETS%VSKU:*?)]KNP-!YE27-T3"/CG MX7?-'J\"Q`R@I7+I\9L7_E'N4L#$5_&^ ME"_`:-OZK'VI+8E3WI2"5;_N5K?4<:7)@!EK/HA\6_>PT M7:FHZO[3.1-$#D5SU#%70/QPWS-6DS?ZK5<\%@;7\\)R&R[8L=[:K*KYJH( M*RAL5-O@3B@*:QM\J+;!G5"?X4RSD?D->K;ED&X*.KQ%,[2RPO6L]JA#$[]J MA:M`!N&Z"9V1Y;5DU[>PEF6PAD9^FLC=$'P2CX]:JUDS[$,VPZY9+RB%WJP= M=LOUH(@6;%W4_>"Y4V@[MPA[5Z<3]W2G4G34TN]`IZVF=IUJKM!K#'3OS*YF M4XV)&< M\,2/"4>6_56S_X`N_LVVWIK>T#\UUXD1F4GB46L(V3Z9P2?M?>BYKY:]]`T_ MG3Z>CN`8VDW7@Z6K3Z8CU(>?G!@M1RWP&A.?I^]6.Y2GO8G/BL5,I\MO>G94 M28\I)MHS*KHQD8O\&.%N,D*VX]Z8_2_>3#,O#63BZ,%XLI%F-%Q14D.B!`IW M$M@]]:C&ESR\6F-XXQB:.?YB.2VZ!:NP*]E)*5.5FD*I5[LMAXU;'$RMF7S4 M>KU[D9#=_7>L.M&0([A-U[$6';7MOLX^LKO_F.S9W7^UWOW77(U@=_\=UX3( M[OYKODUNK\2-+!R^&);CV3#VL-G:GKKTED[24?.-_LSU'/Y!,\Z_U-5_D-)D2VT-3RO.-`5(C6J M(*LC;TIKGZ9(G'4@Z9K$V07#3;I@N!V"9Q<,'ZG@V07#;1;\P3(*?UG];K(, ME)W+5\SPF<9V+G)F&.G\ZY**L@+NPQ=P'VS9BMU_7O<=V`V3+KO_O)NR9[M[ MA][=.Y3DV:G2QLFO+4D#JY9BU5+U5DO5Z21YL+PD6FCNGK7@WYM<]DZ!@JZ& M8ST8J^S!&!,L5U<$`)A0:Q,JJ$NH:9;*ND=UQCZ9*#MCE:Q MQ"RJ:JR`_]'O]WXRD=M[A'Y]1*_7[R]___O?;OX#_G?T\_T7^`ZO)%D9_/8` M_T07O_YT\Q_R\V_?T9LNBJ(N29+^]._7"_G#E^L/XN?/8/3EPSD8C&0)C$9? M_@N'O,ZB14_D7(8?\ATODE\^6 M?R9C)(SXT^/5UG#(L40>*.?X6?'1GN>D'2!!936NOU,++R(O?_-FT-9NM[\N,5-*T9,I.&SS3*9][$8+C8,FC##Z&FG1M^"844[(/9)\Y MV&)^@%/DN*1!$CE\_^S=F/KI MA[-=8Q,"U\\N,4ZV9MR88_C^(USD`QQU-3N'6L*Y]'#,;;HCY.B:\1O4[.O@ MI'4^4/W`M@,XNX:*DS1"!K0O\<]3R\Y)T.-,,_!'O0( M`OKOA*ZE-X8ZPI0Z'T^XDPL@JK(HJ_COF!!3X"XQO+)TC^@RJ1_,1S).@WX, MH$2_78XWQ#^,R8\C0TLF;FO`":8"!B/&OMY$\=[W^X4T;CVAQ#&.#;4))U#) MX)41_LW)!VOT6QS&UC#)<(CJ%X!"_IT$9S4,@;(*P37G=6B.R7](^>>;9D!2 MM.->:K:]P$K@'TI)T<#(&D1$`\E4%%<_61`%1?EP5@AN-8B"5$1%3A+X9B#* MIR(*5%54^#T0_4RF".=A#WFL+XAZQ,N!?;`^.;Y'V@@S_$F^* M7E'@1)&/TIX??)589WE23@;12*8DUE<>?+(B!S.HLE8B*=L:Q=VP*&*4SK9" M&`6]^,=OFJG#D6W-KN`+?H*3[2^6,<9)&<5`!:@D\,\',,CN*2*7BV5%<-LL MWG^`;]#T*$9VHBJ`2"23#.>"#B;IW"F,234^3.$D68DH=KK15^.1>$D252DO M#I$M4JQ*+M6Y7%(ELKZ0"8H>/ADF)'-\47PV-(DN?\0!3@5V:FT5"&59T4`1 M06&$;)P_D=YW$4VC'!-RZD".HI4*D39R68DW'PVC"N!6%;L4>2!'I5@A(AGV MIHA<-)HM@@@%/O"B(@H@F1'[0,W0AP&O2IR2"96LM2)W>2B.P$+F%)HZ'=JY MJ)O;"8@F/KDSS)SXQ`MV:*WGQ3+=+0!4X.]?]IZ>)F$G+8H-(".SABS=-0@B M5[TP"BQ[5`._6F4093`0I`90L9<#;<"+-/YUQ=Y7A(EM326OOZ]^FL*3M#BF@;O%$66 M^4A$M@V%`@X9G)$$%1M=7AR^(M-OK[&L:J+!!561526R6K$)8V_X&1P`G*(* M?$X$MMES8X;M'>Y)N81E#EW71B^>2]8[GZSD8C`*>\;D#0EP:IKDRJ!V(&(S M=`0HDB"IG2&VYJ"XX\RB&GJWFE=9G@X'R*+,=X78>K.)CO.*5L[2:C:5:'*3 M:G`XME+)^F-'V%.B74S!W*'5["G6>"75]RBR(LI"1_A2K(M)H>6)5O.%0DN0 MXPD#RW?32%WG`0)0Q&CRUVHFE>]'46PQK-5,*MW1(74N&_"2)!V#'I5GT>9" M3ZM91*&KP/&DI;3CQJW5W,ZRIUA\M+U]TEG&E)_.MC=3.LND\KYZ:U&;+]J;N-A_?;+^/\-Z$O#'`]G1#!_^;_O M/,A`@^ZDVL0O*:8&P'):]BL]M!6V3E[``95`[H52!;+GD9TQ]17_U":W&<>D0-T?N0+IG,!Q]>(&N/[0F^9*=VK'K4`J1A.W(O%; M%EY^38$4.U&Y`]Z>*('^G>[6-"%(F"192N,T%9+R2W^Y,\&K^^%4.+:@(?[L M&:;DU$F%:QO8A;>7[M"?6_2GA\9^,MN@0WR*HI!2RV*H1SI.U$TNE:W=AE!; M=1FMP@E`;A&U^Q;"EB%TM2C>$O]H)C.6X^L)4@FLZY@:P. M8H5$N1'U->\!.E"S==+M\`KSV[#\W:5+:\=N:69XNLQEM.`09Q%JD;8'8%W[& M"6N9%\$`%(4?W+!^:SG[%B3_"Y#2(5\K)\A]9DS`M2U%]N#+\?Y(S9%2<;N0!_ MUI!)=.#.7/!$PO'[`P5^*;4VL-#LK,1- M,!D,)532F2.K2CY,_&#OFV5:<5\=FN^J()&VNQ(D52%39CGPD7BX"M2S2@QE M?A6SET1]O?EB39!+)P8`JL1S2FS7:CGX16F0-3;FJ139,C7Q8,!QLE0W0_=: M&JJ/H<6JZ.O#JWP1>WTX[E%#+@&1IXMH5E"/XTJ9HPRR35Z%]DD;P$LR+]7- MT`9Y%7IG<^K#JRE>I:J3*3A[S$04IQ[K/+[T69MB(+L9W<3&WP=P%E,V'>!.P$NWNJR8^:0Y2"<+TLCPW!W;Z*D\2"[>$3%2 MW"D7:]V=`9HNEKE*C)981@]?Y<#2SU)^@6CZBG\8XBE`F\)O'O$)=Y/0V_I; MWOOQ-G&K759Y%2=+RG('KS@6D3RO$A*RJP4X00**Q(E@3QIBVP?-+U=-+=)H M1TEJ!234779Z$!(HEI96@'_9AD")J`8]@7A).9CB%T8YH;:J9BZWQ=]0[2;1 M/']36'.2"M_2<29C!_6#5YY-#J7[%X?Z-38!YQQ_B3W"Q4>HXS=WWG-0:"T= M_[79=*$L,K5256];P+:SI,0*2M=80'>!IA,L*;8,)(B2Q$?K8CK!@_)+3GT< M18JQ@IA.,*3T^E8;K2.C9D!26DD4FQLKWEWH&@N.=&ZDMT4BRBH0N,VF4VWG MP1YSHR@/>$7H&D/:,#<&R6;C7PJOHX39!K_9N[=U MK`@:X)%3#);I=]4A[/A%(_UXMCU'!UE1[U)XE_ARG%Z$ZFIL$)I!)6^)NU:1'-]3NT=>3`NTF(+(4E:QYPJKK<[2X&/++331_K>@[HMH/@ M#=E&[3R;;,#+3UW!5001"`Y$^ MMLF"_@ILBPCLY&1!;_4TV&=I$7GEYPJ5ER2Y7<0V;JH(\I/#Q^B[DNXRN!^8 M:@I+#:VBNGA9%XEGN8:3N?\B07/)K&49L854=]%RJ2X!DN"BZ1J]O^'N3^5R M47`X_MT+NA@X3]:.0,&W-8 M_%,_8UG\0U5#6?Q#G;$L_MF?A^7C'S8G=2;^N8(O;J3VRT93A$&17Y>X/V!2 M[R;DEX)K.7-OJ]<*=\J)2N0BZ2+0*\2:KPOK['N7*VQFO@MD!2B6:F^>#S_" MY&7CWLB\2KWS<_P"J+QP*\(UG9]2:53]]>,;4[DWUL9>`Z(W MTD>+0B=UA0>\$JY79\*+K,/3P"TCOPH[FQ=!;_/*H*!1`\(!Z"),[LK$42J*K,RLK*.[.W7GISE<2W@2_\-XO?0#`S M3\`X"V[W0\-G;JL]=$OU&[><_&!+WH#:P6#8[79W73$\/A;"3['U`_9IRNO0 M7X7`I('$T;%*'77V69R_QK2'6VV=HOWW7/"*3>$R]WNFX5:O*+-L/_?!5EP' MP_662Y*%N2FY3Y[TQ@.ERFPQHR%H[6=]-8*SZRWOPK_UHC%U?0'Y%B@7M+3_ MB4-?)+L38Z_CZ'#^U?/L:S$;VB!TW6%[V\5L(,?WH)5&X_V>7)#BNTY_\U&H MF'N+DWN_%6\04@>MUA9G=\."\15@G/@/,L];8*LH7)%YI2PI[($]MH9.H2EN MC=D/N.H-MWS+Z0[,6_Z^JU9Z*MJ[]M`2I3\TA;I\Z!VFW.2QZW0W3_DIN?8B M:>&`6=(XE.TVL=)MBG>V2`%?_-4\#2*1IN]$.DZ"F;*1L(B/`5_P\A@H]BLL M]4T(''0K&%[_9YB]FEEIM@C%7[Z;>LEU$+VTG"#B_\VR5]_]YW7V"I^:P!!6 M&OQ+8%-V]09^>3;QID&X>)D%4SBKD;BS@%EYD4V?]>LC_./7.!.6:YU9)N26 M%_G6E_D49E]8\<3Z$EQ'P208`_NW`?YC;0&@.]6GK08G@& M+==]97VB^%I$P3BUWL;)+$Z8)LSQ\D>*`R+=Y(NZG$[G49S= M@/XP$_,,GJY:VMNOE^8@Y]85L*+$RF+KTSB+1W!]NQW;PBJGMC%V?!<)W^KV MSCO?(X7F"SJWT`LEZ-98.P("'TB&YUL!2%(X9I+>!+/BB+B48?>\_;WU`QT- MRTO/@LG9F&UX\.X(>0,LW!@;Y('4\F:S)/X&+"@3X<+J]6FE@`XK-HJCX"81-I(BEEBLB4:*K'81P$",$E@<;,0 M7H!M+H@JM$TDK^!/IL2R\4)!^O7&DD1EZ68Y,#"="4OCL/.I\K32%-77$+-Z M(BAXS+QBK#O@7M8L`1I,D/5&-&?B(PDR1_)R(6.6`WK-3:R!E\+O8I;QNTCS MOX'@8J?>F,X2W%"WPAH)$5DB#*:`?`GQV-SM1IZX)O/HY;.$NA!AG_XPM**M MSHOB][@K`7)7(IMYA.H%T"#NV4UP?0-4&P8P-.Z@:E&96K-Y,KXA`83I'J#. ML+3+@D6%1`AK"E#=`*TE5HBL'VZ!$:B%N%*1K_1$!3M3P7LO2"P.-@'\ MSNA(NQ4]P'V9$._TIN3KP='&BL+*^V9;UVA4`Q:D?)FV8GY`'.PEHF_02:1Y M$TMH'ANBK`G`!N*$-$61[(DW>2Y\6A,$[99`&XFQ!Q*DDD33FSC)2D07P\]! M#O0Y064,@?#D_NM\9N#K7EGH?='MV4ZK1^M]T>O8W2'\G5F@[5+LC=5V2#!O MT0-H-D!NG,X$FGO@_1-9[\[(H9'MRM<@=&? M>&*0ZH)LSI*DQ38IE%S#A6VN"MZ"&Q3^)V?/;]`,'@M22-`R&(8P)H)"'(!F!?J*0?1) M2TL+X4R'M!5!%B>,!R!+8"8(*QYH7B[,7Q@&A1LXX@K?Q-4BO-_B.V8]L'FS M.$-=`34%'@0F`QYU;GV")TE=P$UD3=:&H2+OFD1'2R`[(8$-Y]1<+V>%B"/; M"B;`5\CU(."31U%X\I7".OQX/LHF\S`?B0+QK!CI$>!)2`="%@JR&[Y$.S!/ M$O+U\=+5'DIEQOJZF"GZJUH?/9YF**,"?0[DEIR"F%N`5Q)'CS?NIH`FI)S MZV-^BD:@&\#[J&&!&I+&(%"R\J)&O0M`'`6N`LI6IJY]8^71=8RC2PB(ZG^_ M@55+K9[D#Y/W)HS8?XE4SV``HQ:*2J<'HJT)#0@'*0?`PM^H`(H$SNT43_5, M^GV`810."QY[Q2V^P4F3B%?/($+Q&DIAD[[A408]4_,C3GP9S2*1*%'M(^X4MCUFWXD(B::J47INJ;@80[LM74/Z M3>2)I*?P]:,'H<>DA@TBVAFK(I*EDR8,5Q%"#._A,_(>!J%2P%6/-@-:U!BC ML4'U93`\S7.5#K[8SV+AFO\2N)_P.9I4R5R7$M$>/#+&H%+RD3Q!)`K` M7])I;3($K5XKS!:B'T#"5DF/L,^/A"*;(@!>@J8279-E@B.<-Y&B?M/*GZQ4 MO#S.?D#^H:=@`N$K*@!&!L)B`'>/24M%54P-`N*&CVK3)"!)97G(6A1:G$/> MB5))BB(4H$I,B,-/@$KU.8"D>:`!^'D8AI(S$# M)"C[L0P`E`R*&BB'>"MD*(F-@V0\GZ*?$T6T"!5YU/5('S7SRR@VXJ/&4.,;H#(0>.-YZ..#-!()5RC-&W>#LM!I>Y8QIVDJ M*!J]3'2O/?++FXELC8^[VG\25NE"NPM2]:."C.5"PE1&\F:`%%A>-]ZB2U,U M\DY[]%KE94YDL.T?0&DZ^P"GT%_#8@RV4N0U_"`=V*`P;(C#AC2L)!NB`#\F M[D/ZI,%BB`LH#2+-;Q90IKR,=50\I$K'S/4PFQ4=+5C=H;9'IY:<#'"(0.4B M,YYY@E-]A#5=HN2'HMT\H@[D:,N:A/%=:G`L/K"Y`@S'4"Y8'PMV:L"D."0< MMQ*1DPF(W8/P)1EB,/HC0=,2GB06"&C0TIM3;T&(&[%$`>P4.2VPF!SI;*FB M962(A2FH?W.I_)-[+N>(!4Z@MB08_1BPVZ8N;1;'[45 MMSE>-RF.S6Z2,W)7X)&C+U$UP%L9CMH,=%D.JA#361@O!)XV'[CS&"VH-I#! M!(Y6PFY;O*/F8>9%Y:O8L):,#2B40D+CT\QG;*ST[KS$)\K2LQ8T7O00,AF3*^K,+WJ,BO"HHUUU/S(&XQD; M2G(!_$WH`7Q?QH!QE%OH]S.TW.`#T]@7H2TO9VG:3DTK,0`]]?X4QLR(,\`\ M&J3)2C.5,R;BVB,N05;WLPD*ZH&,\[20_]@Y*D%/I37+U1J_W,8A;%$HO6$$ MDZT#`^@)D,E1=O.M12!"7S]U.O1[,-XJJR%@]QT'2!$1O`4UZ#2BS%Q*=^ZC,XH7P8$F%64N^MU9=P?!GE*"Q=3'=])%!2%ZR(Q1,LG(\'Q MHM**FZRBZIF$@V0[$C51=%H(%9E`IMGK.;#&.%FPC_\6:158,7MVE>$?OV%F M#@J+%]*!H/MT,J?H!(P]P#N8/"-*!<8#I[$:X.7`JUFYW$VG]Q/JG&0:3&)_ M/I9:YHCK)U5!4O1QD,MDS"4]4.$GGW,`MU<61T+9^?&6\MG'H"T#,,@TOX7E MG3L"\7<29&C@L3ZN&&6F8IZKL*R\"!(66EUND1H92"!9GHP&I(7S?4I1=-(W M(8?2P$C=^\06]F%X(KOT5^^;V!PHI!T>TIJ=X5OLPE$63&4D-[0I[YLE)A,X M[6S^`1$Q3C!%PP_@VT20FC82V1V=+1Z81H'WZ&QJ3V8B2'E"PI@GLYC<]1<6 M^^,I@E1[UDV;JG>-,1=9[J2B@:6)E!UCB<`3(T,H,$Y9"FKG4E.6.FF>A###?9%5P)7!W-HAI1&QD$QF^/R4!! MX49C?I>21?!@X1;/I46%]!&E;$6"S1J&_QZ)1[V?:[ZIC'"P[@2JD4@[:"*Y M%H6YTD*NBC01"V^LO,#GUI=`W;4Z\4%)*=*\8AB6.<2BVN-GQ@!*4^L<_;HF MQZ.P)0ZO)NW-S*,I:)\XE(P:DH8PZ?67Y:'*08PS50!0CB.5^LH@1^1S,&YP MY@?AG,[/LI&*?A+^\MXI9[_`\#A2VXU=+CZ":]"B&,E+*4;,IK/R(*A]B$Q\2J^24Y$ M02%L;0_'*-)(K"O,5).VZ1G>3"CD(^[;3F=H.[V>/7#Z])-K#P8=>]@=V*U^ M]\D$E#;'Y?L;GSYU>6T7%LWI'IH,-B>6<*(#.K+0%K/?M)#M#$UT4QH&)E*. M/&)'4IM"*4KX9J2W5RGFV#JA"\@>U2#&`$)"7N]5+_$\OEK^NH`TQ>.J%E6= MX&+P94,>)+:.XB#;%`!)\Y"J3*!3C05-=;8Q4%QCZ^2\WH'S.T-U'`,.6AQ-*$S=HQI2/B4I7F?IDB<[R\/D0D4('W*'>1.#Q>%JQ,X_!2E4T+D8P!Q@<*"@3W M='E-8]$!ROX4:Q1;D[G,*Y-FA7QJNM6TRY2B^%"1L:V;^`Y6G=A\C$D1R,=6 M09+>K1>$'/1([FRI4F.&)3J,Z,1]:-Q;>QZ'(6"'(<8#1G]YMG+!H)I)I M2N/F(VU$+G/&2$8T'-A4I>-V632SG_=/EQ%QZDK44K[9Y0\K*\*8"YP`Z`$JI]A M6Q5=+H90EZ"&@)IFD&KN00.@1"B#6E=)RP@\!E[Z(@.U087-ET;FFY446="P MQ1GGC,CK#X].P!G-Y)L"O07M$V,O4_D(:"@#@0!_-)S"TF;&X1S:C*D7[V,5 M6B//246Q:C2ADQD0RL?/6+[YCE:\)6,$\9?\Y^=2YI&SR_6R(E][DF)0'&KX MRN^NAD-8>,J*/:70W+7[6HUG&2:@9\UY\LP+_#/D0FPBE8*2^435`BF$O`/A M\)9-1JI@Y>(8+,P@V8GP,BE`XYW'I?RM-\L*/!V3?+U&L/ER.N.*.8*T$'RW MO3^[D:2VM)O[J()P3-_PF,,,?XX\LO@:M^X7-`)AX,0]B!'S.WZ9P[@A/#/W3W(5G,6(6]G@=6\;%!XE@=?26#/-:BMZSY45` M\5#7<>RC"&=SI)\.6T(*1MMZ>682]\AR+XN,!#),@TF4Q.8@25G=3%.9H"F] M<]Z8$P-CG4$C4-0-2"RO,H#+.SO:#)4UQ6O&C-Q4@C7'\],4!85!!K#2XF&5 ML`%RF:6@5:7'^RK13B9W&':"5&V;Q)K&5E`PD2*&EY1@6#(0-R=?33`0]@M: M%\@4Y795P"<).*`KH?G!EYB>(0(SSE=$/:5LC5WES3%*>LY3; MR3"'1J`R&0W9$FMLS:0RRGB9W-A4H<9B!PM;&!5XQ#%-7-)K/*L..Y!V6SP/ M`5>I7&_OV9)G-N4F/BKCDUE,LL:.=695\;FW*B0JM_OD:8G:Z*/%7[*?5MN) MBV9B(Y,Q$49"E91XU9F;&75F6.F/^`S':KI6\9G*]1%M4TID&>@;ST>%/J>J M3!NO98QW<=5YK03Y;/Z4\I&0WBU_94L\6^FV-5"O2EU:1S`K:"8Z4IB.9).\3;-;S*,Q?'0OV5H MM4K?-2V1>+V2Y>$*Z_A8EY>CGRXO+_,0P(QC\)!O?'S[]V5]W]F9$U6 MEG.;`(JNYWB16U,,'9S!39Z.0Y'$&/Z+)=W8&0!8HU"A">;QB"0WYP(?PU5T M>EU5Y.^L,^A63\8QC@O*-$B*!>(DR%5`ZCJ"_Y5B]3MOE,;)B(VE?C('3H\^ M4Q+,*%D!9[WT!8SQ)HB_X'<2(YU!ZU79/"PK1M#K:,M%TLT3W@WS-LK+*'04 MUH?FF.O$FP)5ZBU%7ZTVH%(\!(A=8^#UP802N2?Q>*XL0WIKY#C2D%:HO&F6 MMR#):74Y%6FYIKP)*<=J.Y2J2VE6#:.<=)2697+YZI$KUPJR7US>L'/K-SB[ M8=%[GQKV8D0!GH*R31[$;_DC<7W$@GZ27$&6E10/I M"_?<&>9!&NMOMH2K#W3MGM.R>ZVABJ:`$RY];%+J9%N5*@*7SX?V5%U.`>\K M649K:8!*L,ZM+S?DKF6TJ/L9DTI4T`8E4;$)+1_3")@I%O'JG;L8,AHJWSVR M+)UEJ0FBJ-CRO:KWB,LHI;2D4@2[JH9'!4[ARKZ^QDP.H)"\'J],A-,Z*5K5 MK>'Y<%U%W2(;*:6Q:-X,XQ*6BJ*,B:J"N=Z("U(V9DE*V4T2SZ]OK/=BE,R1 MG;4&1!$=6_OPW0![1K.Z&0Q61E,#^56CF2G+U=)\9J.2B8<3>0"*82A. MX>;FP9M8"&`$U+KRBE-;QBKT:LF:O=S(\_`2-3S=6Q$U'D5-:WAW*Q:T:EDF MS>3^ZB5E`%WHTLB52Q$Z-T'($$5UXZL[Q825`F6C,X96RZV@]@,_Y_,W(HF? M/-[*TRU/1^YDEUD)I@!9K&5'V7W(<.3"I#2&D@W'&N0U8_,"9ZD7"B-&#A;S M$T8C%UT/?-[5H\4@Q#P6`W]/%0MF]Z7($"=8U-D#V6J*7C"*F(#71"C3>)1, MSM](L$L5I@.0_4&4793E7'.SU$+4YJ=S(SEDQF5:L.X%>M@BXBO7!@/4:I!B MW>?WJ1PL$YL5JLGSD_=8-4.?.41)YO#R\:!U%$Q$1O25U&;,0,KE9\TH=")F M;:;."33E>]3$'&;41'E8[>H3NM((M-HV4VP@@VGF7T'@P=:1NYAOUO/#60;_ M^_;*PI6^M%S\7.9V_(6-N:3!Y%6%Z:9WMB*^P2K91.JSZWLNKWAE'&O:@HA! MSFJ?]2[/^I(7OKQ2O#:_M$D%72%-5_1,,(4H[)F`TF!)[G#Z?*P]EJORXA?: MR8J3T^G"#`$NO%8A(4LKKPRW+!A;7[@.U\.4V88<3KB\%+=E_9`5,RHTA10[ M/WR*K(OY-6R&Y?9L(Q1(`@I*D:T>(0SIX(P(-@5N@%L5U:T#Y>G^M=+QC?#G1'2&BNA9 MH<@RLQRBQ5?)$IV?XX'2A$Y6+%-+-(&R.72]Y.['>P.KYI0CAY8IOK0S-#1% MR4@O)!ZF2G62!7Q#R,)8/R!BQ!VZM3'M0HZO-E7N&^<)J(M^Z6D?&4:R:HEP M6(EN/5K$E*M\:V!5X.H>(,$(R\29^Y'I6*] ML]I85&\VZI#52F0I":9"27H&=]D[4TTU[X=*9L9L8D%C23ZD>3#=@L0,=**) M1*T.-U`E5VO2M#*$!SR`BTU^8+AYJN+_R!"N-U"?^BMB8J67@6`9-?778>?, M&[4%"MDC/P67B]#0E9>@#!.EA06EHX]E&`%=.[ M5CE%;6V-DOOV`KZ#W5I&+-%*N].UN\#B^[GUS$A.HGH;UI7(IK,JPU1NCB(E3'S-RS;F:H%6PZE#D&W+8%-#H<.MNBKK6,NH'= M[:_"7*.DVJUS8<[AEUOJ' MV3+M,]LK4WHIID-9R#E/*?=B&ZW4%E)@(X6L8.#NGSO6:$E>+IJ\6(-B&4B5 MX*?QMA7ZI,D]!PR/_I*+H#1O'<'IO31[&!(JB;L4^CXC+'FFW`MB4*#:A^![ MG!=<[K2P8*Y/7LDI&:<(92#^@83&0E5)Z]0FB62,H.K0HBXZ\NW'(T>:)P-7*[H>X&W@Q M\O6-AMG::_7L5K\MG;O% M^N3E=)EWN2N7'4SJ@=36.Z]W8-DB9\LB!7FMV:5$F9YSQM7\S8P9PQ1&=42X MGFY%YLVY:<]>:Z_6P8BJ4]X\X+R9%?,OE@-26+U,U)?P`ZGLHKN7CJJF?X8#' M**U5$S,OKT"!.H=4`!Z#O(B'N055RC/2F];4*N$Y5B9"%;,";F/N4D.@/@O9 MH8`(-+7^:%*M`Q8WD?4MAR0+S9-,^D6J)4-.(;3I=)A=O),RB0EF\ON7*2 M91#1>B@S@RI10!L,X,B$#!1_HH79O];ZP4@NJBA90-'97*;84!YS6&W#FS^2 M.1"\P3SN6.EW_X@!$]:M(4ZKVLG%HE`A,V5TWX%=6C)F7\\6(E<\\"K'01U+3-I>&)L$.*T-RR[VM M3G7YVM#9V,;Q!L[CM%L=LU15I?G&53KJL&$A^ M+"7?X\P%O\XF8V1!FY=;2$YCO=UI\$PT;6!]GT!"P;U9SM-8"FG(LI"]=,7P MPX]S*AWT682D&97=S%7O%=S-LA7RJLUG07#9[5LUKBW5Q8H!#!VS;P^&KB'% MK2:[LG!P7FSY6Y%13@6H5HV'5_N+?F]H]X8.%X0.=+9P05V;+5G+S=H;Y6') MPC$8VBAK_$`2ASZ!/W+#A5QOUN-P35T2489VQW4H',,\"NMQ7)O#$.S((%KM M?IV@B&0G@YC]6%NVN+EU0ASRZ;=OI#Y9V(Q^XUL)+475;+,*X"8SL M3Z+#%0WU9))0L3)*R3AB&>5#5/81<*9P<29M0\5-O%A"=SEK@0JMWP9L@<\M M--*"6K@AUU]\6--?"NCK.5"J3.Z4>@4B`=K@$O.)Y34N+2P?.5_B.@M/"X[U ML#.P2;0@R]0+M^^2!^%.+-6)66JU2'):J;\X6Z1*+<;9N>6Z`[OM5@R-&>X> ME9@EH7QA$'PE+UR%2=I9LS/I:@9C!H%MWIQ"?!L.R1=!7@9[F3*T@[XH$`(* M^MVR@:$@/NC[9_U]]2X7YM0I1,CEF40)%<-45/WF^B#;&`:.)9I18J;LY5(+ M195TDJ-867/+N'@6L@[6XQ6<,%@2^LP;9BVSF.OT.6XYBN7;95EEH@Z54,]? M"^WM+YK(R48?+K3YH*(6[9)'`_5X8,?X%&M@R.85V_KY;:F>O5<,4H-C@""3 MU+R4.;-6`/*T=8P[?G-R+LA.&WY,:CP4#2-6^DR9' MORK*TI"ZF-OB:$]<_U3Y?>0[.(CBF4K'0GX*^,&X1AWYR<0$=R7& M+%+R#6&:[>T%I\I2--0ZW)L[Y6E/#)=TD?-P'#O.0_IJ=>VNV^.G6YVV/6AWRT\7"O@% MT1KI:?7FL3S6Z]HM9R`CC]H]F*R_=K(=I'5CD(*+-6UKHB2Z@J2&C]0,WE1L*G>NFL'?Z(5SL& M/7UCAHE6?*Q_5;1>Q7>F_2$5YMS(31?\Z@+;LPI]:>196&9UR8I%F'V`B`," M+\>B:PE:)\9LA3742ZK+H=P*F%*M2Z4A'@P,,5JT5EJH<8G%[H5_39>;+G5K M*TOBEK#H.J)FW7J6=SFK8"4VEXTZ^M+)'3W:?%"AU>,BJ?8:R2VRQ4+Y>ES7 MJB@FZJV;WD+'G\1XE:5?&N):,XE_EB M611]FVHSE\L$R'(DP@D)7905';`()N>75MN5-1KEG5$V]FR-RD"7]'-Z MTFVK^"':+!0_K)Q:&A^+\1EY5!!J5]K]0$U6:)[A`2VW[D4#+6T._=&18@[^W>X7'=M%K^.J ML-YJ5U&%S%R2::@5BB2,^]5D-1Z>Q,BH9:,\U=WA94/(@QW<OK!&5G#H;8U;*+!4O+?57C;GELL]",8$7G/-N$+WZCI/)9Q[BZB_?.?QY MAO9:_FRL+5$+(]8[]D*%EU&<9?'TE?FL7X4_G!AFC.*[Q)O]Y3O^MPHCF5\U ME%S5&4\'(,]V&4UB5`TV0AK"(2U2)EY9YL+'Y/Q"9,6(JX@J151,7"!EBB%+ M+.LG_`4/P-%`>^2(?UUX?JC-]X7Y!E3XEB#$CF( M^_T6E+=Q*6J4%UN^3(&6^=LM^3I)5>U=%K`5&$T%O3-\OJ"O8]F[@+[UV00U M*Q,[GDSI/UMV!I0T\?VRLOI;H-#>6(,^A/WC^':KQJH=L][Z_2-Z@F_;Q8,K7-G\/AA&*Q39[:%X?C\ M_6?56QM[1S0+IZYC_1U][HUBAR>`#@S00[#Z=RKX8Q&(T&\6CL^>#+6<(&F( M3/^W&,.Y=%^WQJ#5[>SC#GU@$&JI?D\7A`)5_T3^COSS4W3*75:D*/I!FL8R M01"+#`3L:)[/2DE+MHX=P3I>$94(QNX6D?YHF]$&]PCIU(F<%!D1:M"<;/!:*YJ;Q1SOCW5 MURH/)BU%C)H@KHL-H/A^KJY"P1TRB-8(/S/CW*C`#.6IJM!Q[8:<>CYYH+'` MMLPJ"F:="#SB$U4#4.@07BC34J\'`A8B-=RX?:=V& M057=ALM"L08-#I=M(*2=JC:*RZ2,'@,>N(Q\%?JMC-<0W3J*"N":X[B4<)H0TP@Y:_/6]T-J=O+\H&1 MNGV@1&VK.5G,ZS"Q_SSFKMUO=Y9322KV8*<\YN7Q.%&UW[8[%1G'*VI[;*(3 MF1^,%';?[."6W1JV[=[*S+WGQ[OJ5`>RFJ2WK+WGUNLPG"'U8.I(A88$*L@> M=(M[H.3@NL46>H*A6[RELT@_OPO2<1BG\T0T6Z$8%A0*!N!9UGLS>G54-W5% M/1OKKEYP)NA'(51EBR^%'/H+3JF8\N_VDNK`M7IERAPU_E`Y:KKVXJI4RJ($ MEC=`RY,BJB2."]E'T+NVMS^R`ZVY<1W$BS./'R4J$HK16+"//% M5W\XO/DF06B6D?B2R2??B="[(P:C\=\:RB(ZSX3L6&MRJQK$/#.B"45%`U\2EUH(R.0R<(G`+?F["0!XHW[SLRW%9V6U@7 MQ'*0..-[^FB7`HZ'=JO?MYWVH6*.'PD:7&R&TSH@'HX?I_'%+&S:K""!5L]V M>@-[V.GO=]J'C'L8V*W]@_00X6S:+;W)`]H,0L?1#FIN6UU MAC:V%;C"L&_W!K"UK5H1CZMQ>7^E[Q'CT;4'<&GWG)[=']3BLO?"X_%9;U/9 MTJ&F?7(@/32K;9UW=V(0==^O/,^#4 MDNY/&%W->@<@X'9!9^K7RO2\)T:?73AYH3B=BM^0-54M$%>O#V(+'*D]^R\ M7THQ>HS:]A9;BN8-4U6?UXU--V7CWJ!8^7BK3JU4PBWUIM2Z"8W21FOMJM:M MLCBS0F^QW/'2"/7:BK,/63=IXM"Y=+F#,`=KZNJMD5$]OAA!=QJ M4_2#[1T!185P/#,>I^@#*P6#6.]YFS%@<+E,H([2+?107>X;^VYEW]A"%UK5 M.9;JE89IO&:.[?JT^D?NTRH#9M8'OV#?1-58,?_YTP01*Z*47,"?^=B]Q<8= M7W!CWF#MO2L.)DJ;'4?C.L7(?").$SCK*O0B0MJS":G!"?`--8>4`.GN717] MX&6K0PK6QD#L+^8!^_$FMX4(!XQGMW[FFIB7$3)`+,6(.TK<*0]*[SOVL-^Q M6VY[1?Q"7DK>[+2Z[3IF.",5'LU!\[>/B2@/C(&!.KZT/$LA6J+($8&:56EA MJQ"WLC4NKQ0@A5*A7J'GK&MWBRD5LU)@L5$D6+(^/?8Y1Z\A]2D1`]Z>Q:E8 M>A2O5.PA0!7*L>?!5'@1=<_@`IX"#@59`A,!W#90%5)E/,P=U05&AHZ5]X$J M9.O"&5X&\T@FF'%7WHP+?BYM4&6W899D;A(J-WN-][$D^D#37Z$;G/7#Y9=/ M/]K4PP;#;>99G"R*CZC6@7D+]SLNA,M?C^((>7_A.Z0S@3V`*#19IJ:H7A$` MD(0?J5#V]C/0PJ5X.1#(YHN#@DDZ/;OC=.U6KZ=YJ!%LN"KRJ!#..IFSP,;3 M5Q$7,)+EMFS/@>O^%6@MH1P8N,8%%?8N%/4FH0&KBB(>BR0D)4LI&%*?%5.@ MP8Y:%-RLVQ'"V:;D#=T%`!LH?I/5;*DD5K=1S9>YNA7# MLV`F^;07L,?3*:4]R,ZF>,D85Z%B(E6,5P<3,@GR84C+I;1)[8ED0>V`LKU2 M$1FY,'FA8S*+O-P4($C(`+F3%/_O2K$=@WW%"QX_-I#6=L9M>O'5T-\AHFV? M8U5$OU6N=4-`W)%6VT3(C[WN!N+@=]E^^OEBX$CK/D10Z)-G3:<#>CJ@KRXX MW_WY(N#$H1J[-60Y7Q?B_<3A?_9G\[-RZ3U?%%PH9^&).S5L9WY#4^WS)'PXC\6Z=[E$#WEI'F5=)YA.,!T7I@&C%7[:=B,WMUVHLU!S0]T`"?*#3 MX%^"_?4R*_E\R%$%CQ,O.Y)$K`^Q3J^GP@]NN+2^L+N?PX\$PM^_:'!72Z\H!G?-. MK_UX"H<\)*H>9('-6DU#T=40>>IYW70GD$X@/7T1:QNK;M7U^8!8/TSQR9U! MJF=OTV;7>E7-FGH<5EE0._4MJ$WX3=/BHT[H_@ZD7I[J&>_$GR.MWI)Y">!D@- MDKRDH9J++IXD+Y*\'+LW<&RG6R\OYYE>A)1J4*LCXN/"U#$DK]9Y_R1Y-5;R M>@Z=?*B=0R1D3X`6]P1X$\OZW^^"1(RS.$FY@#?W99`5N;/8$M[X1M46GF!Y M>U\_CT6U5PK#+GA'%$O*9]0(93;N%U:?Y;2JHC!9AJG<[6$DLCLL+&UBA4;Y M!(!1]X3AEJA2Z^-F.+KTN"KH?1?3SN0HP[+8A-']X4XW%YHE7/3=BZ[1U$)U MP0FQ;@>GVP[','1VHS"0@55,BR.DVNYZN@OJHK.R!."@22;&G0:%Q`2$BQ=KH>7<`V12! MVB'`\]P<89ZJPNIO4&0]^S*^B;'G@QP'3S`^,(U]$3)IWLFBKF<>UT]SKJ71.D?YY-D,)T[ZI$ MXL@Y[W6^MZW;./2R(,2F%/"EVW?A.^P&,<:YPF!"SW;/':9%+EWO!]C;`?Y8 M!"*DP_8OD<0'1Z&;HW#0/SP*W8TH=,^[%1AT=L2@"8+D3KKX_V9"QI81X=P7 MQ5X!LF5&>57ESB>RV4!J-J=`YA=,C?YMU5N(G2OT^-Q&I-2G#;M^Q/H"+:W( M0"(<[$*G$^"?P,919>=+MX3P;3@S3[9J)TMP_W;^!9Y/J.O*@GI?9,A-@-$` MV60!7?I9WL5D":EF\\0"KG@5I:TW)L?V1MC+#E\<>^F-?C25"*4F=+HC2^7$ MQ0F?PVWQ7NX#WY6KN&'>>P.?_8@M6MZ*$'N^8(\JM5-5[5-4:QSJL9+W^N'] MQ>Z3A>,`V_"BW;=;;9[R1<>UG0XL`O88=PLN]7!!+:'@P:55JOY0@>QM]HUN M-Y`47K@=DD?@I7ED]'U9;N-27IB$:";[!_(I-MO1F'U^/,U/+<5/<5/4D=%M5W[JL?5:NFO&&L M[AXE>ZD5FK@AAY82,2Q7*P6R90U0.'5:E8U@84#``+?9XA7;^9)IB;(-E)_? M'DO=\>"O''*#@Y>;P'G8PG,.'',DJ%^?\`N]\`I0\(-&"]2NBLE?T2Z7M(GW M8I3,L;E/VU0H3P\,U&`C4)4M_Q0XS6GYMQ6J#M$$<.MN?]1) MC?XFM7',/=50A`#6I:^/HGL-@^LU2 M8\HI,"'9D]AU'-W<%UC2GR++AZE&K$1%46727`%.-HSYO65T$47Z@AL#2<\` M!DFH<@=@L2"=IE)(*8-&)T<^&-`]$0)59*#&YW"0SB"!J4,EJV!*=5?K?&(^ M2(;+AK1L*5@%2=Y9+E?$=?.W"J1]K;8]%-9M(^5CIV?LG)T(G,&6N/4%S#X- M(K$":T00$Z;,&B7R@PM[#FN&L1%F5RHAS^6"U1+(T@U;;0Y";JCD M--R$\9S^BK'OND@*)J)"-V[8H%:Y42LRJ*RHAMA%@B-+;*O3RZU%RPT_@6QO MO%L*YHI,PB0*#(H0=DW[FLFGU,J4CL`+1&-493_)O`.\:HO>*M\T9+M3#>FX M#:EN_`Z4&HA;[FR.YQWP2?UST9`(K\618GM+?2L-\RC>M;EYA]6?%]U^C^J+ M88=&1%W;Z>:X`R9MOK+>^'-6T)EM^;2W7MEOM9>U_5ZW2MO/><9:=?^9G,*/ M'IP9*5%5'$'#JF\>/WGH4K-?YY1H79^M=(QB"7;X!/GS-DB1+8Z(!Z\[J>T* ML6F_)Y7Y[9+.E%/%.1Q)?=F9]G"T]$RGP@_XC>63B.^160H@I$.HCYU2IG!: MZW]!,N!#]Y[;RL(/(-GIAM5M:3/'R[[J690%,Q@'1P0$I%XHZ-1YN64#MIAQ MAS_"GL/PQN96X-3Z`08H?(%]6N'\HVCY(W(3%CR)A^@-NP:2P"Z8,8J\(-N- M!"CBW(8WE4K)=`JB,Z+PQ[P';W$U9)PB:0G0ADXA%J!?:+7@G@RI-VS9?<=D M2,/C,:36>9.VY$@KR`&!1WD):8R1NT1)-"KV6$[0WH=^/]-;)R^B MI6[F!?&H2!Q$Y;*M+W;#!7W3%R`V!:.J7J@S+_&`H@E!)/LQEB#[%FZ^.<,.Q/'\S1L#1K\!/MCW^-56[*/JO62P97W[)XW36LX(-ZI;YKV MX'@WC7,^J'(5.KO<-,^!*QCGOYZ?H4@0R(5;@Z'M#/OL5!C"B>QT!MH%M:WK M8U_TERP:__W3/#V[]KS9RW=!B@<6+L)/D[?&(C_S\MZB#$F= M(M_@\J[DZKX");P)8=6O__W?_GLZ%MG+W[V$K$CY>/H9M(DCZ7P6D[]\]Y;_ M_N/]WW_^H^V<`6K/$*/?O3X\@<,$(_SCUQB.+$ACFC&[KRRU?$+12#W^U`_? M%S1.KO0.XX\S-L`%&;'V"3%ZO##1T`T4Y_'I`W8)*PG0<"MMT#@F&NOQ<:1) M7XPRTBI`R$7_=91FR9Q(R98J#=U7\203D7+/^TNCW,E=*MR^6SFWG\-N`K.: MS!/D3$71ANB])R7;5)"+"HLM$/OA+0U`D$6SJ9!;8N"40\.H(PH-1S;`+V*L M'/U7:A\N0!WE*_TN`-GY@V?]`JJ'!^/`QEY&*,6@M?>'#[^\O?P1I;*2>.#T M"WZ=7-'5"\$)F&&B6]I#0"A3`84G(#"8&N5Y+5/4`NB*<)4J>XE< M.(J0T\-*:,$9!J'I88HXD'XG7#KR7B;#`A7.9_C1=2I"`5%N+-NPJM`VI-(7@.C">UQ^7+459@2(@73"<("R`&G#O-O! ME#RJ@O2J'&]X:1M<`+":>E.Z"-'C@G>BG$?ME]P2;>60$3REIWVDVJ2TU)R\ M1@)1+4D/E>ZO*`J@P<7.@VE?N*8Q.8=?OR8AO5..S37PYFI&T2Z0N[L4?*A` M%$GHW'JW71R77(_"K5_-:EW;==U[1'W:4GW&E011;JF2>Z!.&1T!N^4Z]G#H M;+OTUG9+'X".?M"%#]L=&Z2_YW'36.E\.D6NH4.JO&R>%J[HZN`6+6>36?+& MBZYAKE*L(7E%([G=`4H7%/Q59=*B7(F76\'."1H'PW?&*CS.]9?ON('8=VH9 MLFO.H/O]*TLFBHV1R:BC_N4[AS_+W!/\7)7NMUNZ M;OWVB_OHG"OGWM!Z\3#K:&`WX*.ONX$X^%WJO<\7`T=:]R$ZBY[82!,(Z'2$ M+MAF]GP1\(AYR%Z;0S=P:\C8NBXU^XG#_^S/YF<5R/)\47"A0EM.W*EA._,; M&IV>+V&J0NO/%P/HOTN\<3;WPN>+A$N5R?6\^5-ER?)]3E"G6/@N"I'I_'T@ M4)\*+J_0F75"Y.Z(_!!,3GC<`Q[_AA%DQX?S6,Q[EVOTD-?F4=9U@ND$TW%A M.G8M3>DZ[#C?RR#J]:7+UW7_D$.YW^]4=&_7463%/35,2X[3:MF#=M\>#NOU M<+[/:@Z"AYH%!\O@.^?=H=M]G*#O@02JZU2Z]ZI3V1B\[$@2]0I/;@]!(QK6 M75(\706$]T?_+K18'^&;9SM!TMB"V$\0I(8TFVUH(\H?=.!B[6FK6L4]("08 MWOF$NN:>SG>E&N[46)`+8&GJ<=A5<=&I[X]MHD;M5?[6$,L+R>+Z@F2T[W]6._MQV9/ ME=G4M2<]65,?WT%X@B`]=$?4DSVUP$UZW4%=;O+\C*F]X:!_Q,4]7E2=C*E- M1=>IP_SIICZ!]`1!>FAYRFBSO,'X^1P[S`_M5K]?U\#Z7/M].^?];KM>).ZC MPM2^Y(?U#>9;IP;SVQ+<`S:8_^^?-I7N??WO_Z8*_'*Y[P5,C@4/O9F8`P/' M5[`PY>(JB?\AQME?<2#]=C,+_[8+A7]SL"P#+DL#9DG(+`*-\#=2@S[U,G^? MC/:+W'_>*99%U:U$HCC+^S'H%F#OQ,Q+,M7H0;>+I5*=5%$82U^*B)O+43GZ M+,ZP2B8V=N5F2UA9L=]NVYUVWRAXN?6F_:"VNN6\^M^O[Z[T1^SZ.$MBF&3* MU>;Q5_4-E9"?-%VVK;KM':9K0I*`,[L>;NZZFF)FE61=;TN3[:EH'X? MT5R8"X"%)IE(L$0KU5Y/B_UYQG&"Q>1C7J$&A7JV*'B8]G@&^"Z>YCV3-S;Y MQL*1W%<@,#I<$/#/@3E1BX@Y-GXFC*KF(4%58>?JXS)C)I%:']]^/>OTND2B M]'>_:_G)_-KR8=/#>$8'3_*&5&\0-:11S&V,)

5&Y]=^VO";NV=>W+A^ MBP"P/M+%PK7+:][0!ZX*>[@YD;UY:2IDAZ\P\$;8=@0KLD\9'3[JOWD3E2*O MFR,K*M;2O0F`CI+QS8+[QLY`D6Y095TYK\ISESVT*!.T8^;;;AI8O3XY:& M_#US6>R)0UN@*!V^,PA]HQWJ@":U!K^Z9>6)[R3<7;'(%)K=Q04* MO23>9\7420.4E0C>4)3,?)%5&.K?%7"_#6IFC.VYN'&=^C0"_G/KD7$.N/2) M7D_TN@]ZO<$.9";%_A;EE*9(5$J>NM>9ZGW&\@(PU/E4-7IGG07).7]IM"CV M7L'F[F*""H=LO&>,((^#YND>[EPP0Z6&&US,58O#+8Q23U%8^[!1.L-^.-@X M%M5":D3KI<&&'@JT8=R'@716[,]$PES3Q;9GTP)A76S`,>B>2X-8C)ZMRHBXJP+L__/<(C*T?`;MY?XX/@#NT6YU:,>-- MA.*T#8V`XO%O0\^QAX/>8P?CM`];YQ$\19?M16I-Y@D'=XATG`0C#BZE2,0^ M!].9[EL.I?8K[EAL8>^+3"33(-+>>'SX#9I?SKZ,;^)0I!0)A;],8U^$A7C/ MK2(V7QNAG5_FHU3\SN4;;LT+@ MT29[EZ<"<`*`E>;TF\45H1O9#0CWUQR1[GL9;5R0IG,,'E&7MY?X'.H$F*S@VEW7R5F0I!$.?O_@6;]@>(7U%E9C M75(B29RDU@^I$,S,>C\"7X/ENH..W7$Z=K?;LU)J0DR![?%T"L27(GF=6U\" M#%+W(A'/TW"AP^M3(9>3N#V`:>A4LM25G/)U5:3\F\4;+\2]^G(C M1/97V,L9QM\W+&C^:^7-A)3H8S))OE'61'A,*%ZJP\-67U`Q!7N=%>XIX^$\ MD-R(#-LN$NGP3*;:Q2O=`U,FS78VH,I[6U4EH8'S7X1706KWU3@NI.<\#M13L=J69^GU!5C"% MK34H:6+'-.?<<=QUH1D-=ESL`?1.O5X;3PKT>J5M&MHL[[N2PD^Y<7@F9XF8 M"$I_7W4LCV]=!+2WZG6L;**-%*!HMSI/`(IN:Z][\1#^R<]!^B6^=OE$]X??-@J%U[@P>/PR#6LVW5L!P?/[^\[<9 M%^T(@TG#:!L?0J.'>HQR(2?>-`@7+[2@^3;Z@/_*-EPH??9$B2JFH(;G7/[%3ZP(K MU0")?\6IF^;]NY`E`1;*\8>.XSGY5\EX(-UX&VH+<+W"\8T77<.$I:)[5#@J MDK7IL$@9Z&I"%5\KN@)I=YKE!*3I_O(=.PJ^*UFV!OOR"1[?_U>O=,F&`[S/ ML2K<,Y5KW>"Q.?JZ3SAH)`Y^IZ?7-LAYXA@XTKH/X:8\,:FG3YZG`WH!9\2[ MKK+N/1,$G#A48[>&U)MUC1F>./S/_FQ^IOKKH(4\7Q1<7%\GXKK:MWCB3@^Y M,[]A8X#G2Y@JH>/Y8@`-9XDWSN9K:\H\<21<`@Z"*`W&SYL_57;-W><$]P@L MOL]VLMGX(0%]*IB\PHBX$R)W1^2'ZN"3$QYKXI'<3,>'\UBL>Y=+])"7YE'6 M=8+I!--Q87J@3)".(P/A-_3.7>>\;V(U)YTBX+9MMS.PAYW^P5?3T`P)MU\K MXK;BM^@F+C3T.X6ZV MU\Z.MM5@YHI/5T@)K0D[.>MNH7<&DJ.*?[OXGW_\EV>H*DD:?@ M"8)T[.O[9#U=:SUMU9<7GI_UU&UU]X2ADSGPA*YF6T_W9D]Y7M?:":032,]2 MGFJ==Q7[V6!!K=.ZPACU_N(/#6+Y\7P4BOT+5ZM'-RNW]FRGOIEV'9+O=276 M?;_6BFK&6*X9"8T]@UH%JA\7IO8E0)A#AKN9F]U=0WT?U0;LCU3K10;?#\B3 MS':2!DX@/4&0&B2S21,W%XL\R6PDLSEV;^#83K=>%M$SO0@IO:%>,YY'A:G& MR6RM\_Y)9GL<,EM5O>;=:R]C)>?I6&0;A[JX\Q*?2Z!1J2'5+_FQE7+6+6Z; M5L69">54POE^"D?]G&JY'6O=!>L&>V$@# M".ATA)Y]J=5'S$.>>J'14QGD9WXV3V603V60&[LSIS+(IS+(IS+(IS+(*X,Y M'V.M5&5K?4A0GPHN3X60]X3(4R'D_>#Q5`AYY7UTR&OS*.LZP72"Z50(^2D4 M0FZU[$&[;P^']2I?/97:M?Z7:3H_)?F?(#D%..]IVH;4Z&EH_8X?7-MUW7N5Z:G*L']`2-QS9_B$B@V= MSG.Q)KFJ" M@6[WE51LYL,O[LG)!">0'@-(I[K*&S0:Q^X/6[;3;I96($@/74GF M9(HM<)->=W"JIKS)#ML;#G:KAG@R+)[0]4CLL*?*?">03B`]'I`>6IXZ55-> M5YEO:+?Z_;JVV>=:[)_'Q6F]B4_[+$P7VOG<.%'M0-/I#+?'FOI MO?[W?_OW?_MO5>KOO12M(9Z[6F4WF]=1K@,5,RC<0KMU,Y\R["T&[@/$+DK`L+W`TY+U7`^A2U:D81]@DC>N*O<;:V0,QSP\>)BYRX MR(F+-)&+'#?B0BHKK<&#YQC?UR0CA^D=?S$G-)S0<$+#"0TG-)S0<$)#4]RB M]-0[D02W7A;<"BN4]NA%!7CWA_\>/HSZSHJ#^]#O`8`[M%N=6I[!)D)QVH9& M0/'XMZ'GV,-![[&#<=J'&B[?G3RT12?OS_^/#^+:"W^.,ACTXEN0_O%_(HJO112, MT[=Q,HL3\D9_)`?/=]8\"GB\&:SX.\L7XV#JA>E?OFM_]]HY'W;;.:A;KY/` M.R*`'^F%KZO5F8OQ`"/GB_H$/Y;7PK>.8XV0QY!R%WAL/A?6#G]H%OX^E4]1M\ M#'!NL6C=&O&=&&6749HE<\0!+)_D43C_^;.?)HRP_+'TH_N>Z^!_)/%NM73)E"5KYK@LO(/I7KZ:)^,;+Q47UXD0B*UW ML,[-P`*=[@?8USC6F=,Z:PU4S-CZM16@*?Z78?LL_/D8P\SP)*>P(MKO#2RX MO)-?,IB*&$+HI>FG";%&@N4+*-`B?6,RBD1,1`*R#3VTW>TZZ$IH-ZVV*!9= MC,?Q'$CYREN@V'41^?!-,A>^(6F]!>D*WH7??HVC,7_8BO>ZJRG/^>YUN]T; MM`V9X+Y+.2)`K;4`N;UNRQGL"2!-@FJT(E'\+97$U@U.0R&DO!7?B;^"9L-FRUDP.V:.L?R4 M`NG+UUS;[0R&'6,?]K[0A\>"NQ$+@U;OR6.AM0D+K9[SF+#P5U+;+B.0AH/8 M_VL2I]L(3\X?ZI"NF/7W(+NYA"7?!OX<-.UOXW".ZU]:2@IBWE4,*K_(@H37 M*R(Q"3)@+U^##+-:\F&(QX#*-9ZC;^W39`)2?,(,YI[&Q^H=[$KU[X`X?H@M ME':0MGOVT4OX?MHCUMK.D\::ZY[],@\9:P]&^^_@N3$H]EOLR%D/+M;3EAR> M'4UG8;P0H@YK>7(;4E+%-F&A^T314#8T@_!,PWQ=S`01RV-,`UY:T3EO2I.ON*6]).:M]`_\>'!L-:$OF M:K3OYA@&PL]Q$0#V0/,XNK;E/JYU$[[:"SCX\C=NTOZ6O^/FOH^3B0BR.K_WL5EG;GN_)+EQU4U#T4:".&OM^=0>%46&U>AWZN\@_(M;D7C7 M8G.`P3H#Z,K@``[ZD/=(3&V;]K%]VL!,#X#O%VVZPTW=Z^R.1+7>F M8<1P+\G"3*5_*+2--D\YJNT:^"RF7H`9)8BEQ!MG0*]?13)M;1.B_MWKJ_;? M7>=CJ_.NA)[CKK7YJ'()59T3IK;I7X%$];'W=!"U^L"OFM[=$E&MOP\^NJT] M8NH>2]VOO&ILU27,$T1I,*8B//>)HE@3?G2H91[(*7T/7*S/@W]>N%B?0O\@ MN-C/(2U.4LTV=D/&0=9Y()%PKTF&3F_@.-T]AEHM+=3$PD48QF/,YJV>!?0O M^',KA;PISHSUB>*NTS$H;3OHGQJ^CJ@2EM`_[#J=SJ`1^&^,\VU]V9A^R[3, M/T]\/1R]M@9#9]C?!?_*4?-%)+<`1/5[O\94U@ED7F3;*76#,']_"^CZ-<[^ M+K*\A@4;P]['B?P*G]M*?&\,W;^^C_:?(VKV$KRR=N=4OMIS(T5Q_=APE@ M(U1[")I(@NL@8BLD7(U(''M'U>L+RW6^YW*#-W'HB\0"6@M#JCHX$M8U!HE@ MO^+("A25RN*$,6G]@.M0I*F5W0A+2/>.-2,?53RQTOGX1CW(+9)#X:69Y>*D M\#N^17V5IU[RI\A4>^6)E:_YOP!FQ"W/NG.@PC).RW$;]S<(R9@H''O_&W7E M.G\WH=_+,LN%P.^-5UU+_B)-Y]-B-$B-),$G4A/J&#[JC1C?RV6WT[Z>PA*> MVY8W/@/S."C,HXFV*]/]R!G?:X"@>P9:07L?PF@1>7N+/?TK2S(JNDL3PI/? MG;5U4_L]"JH[*(;W&!A;:Q,KBA4^AVNHM,6]8:OO//$MWO7:*5OCAX/N8T+9 MW\ABJ6;8T$+A.9Z*RMX.>^-[J]!O[K"J!N2!$OV_`#[`)_SWH(E&8T#EQR#$ M;AN1>!\GJD7(:?-6WUK*LGI?W!XL!6%M[:#GN'D'-ERNW@$M-V()^"0%L._O MH'Z.&U3N<.D@M]0P\E!_.K*JV96."IKBHUS;`Z13.RE'0=Q27]6/: MKX<[=N4B>T??_[T(P*NRJNA'U//KZ.,-#0%<7PAKC]T<:F*TV9O94":\/@][ MCTEF#[&955;0ST'ZY_M$8"2S`#DJ^[RMY?*`/?@8W:W!/O)JMX7YX1'\',7- M%3O?VH>2\'AVOGS-'?YH.?N(_W^\"&[>U5/9R]QQN\]XFP[:YE76SNW5*4OS M]!#<_',@):_>/NK)/O@^H5UD#%+>W^(0A@GAJFR"M$7!<9U#W;C5,#-!\6,Y#`^\4_<) M=EXWW;8U2/8@;\G`[<.#\X!(>SX2U.NK[E/?S+V+1,_A!#15R'D&]'K_&,!G M@)R]BW3/[S`W1TA[,'K=M[3W#H$4D=\0JY>SG!)Z2(@?'KW/1UX[[?O#6;N> M/7J;)XU\FE#,UV#,QSX+QNR`=QT##"_EDS029E:M[O1\(W(>&0&W\.SCP MMQZF6\KT$2^\C(#FYD2!'P)OA"9*X`EZHW%=89S"Y'NH6>OVG.'`""W<93FO MCPK6'_K--PO]Y_\$L'W)^&;Q0=P*/I/ZM\MH-H>I\0=WBR!HY[DAI;5-9/BS M))?V$R67]56+W6&KTWV,4)TXPYZ1LA5G>([4_NZAG)BI MHB+5F4UE^:=LTOC@_1*'H?<61)Y+RN2)DVT2U]V6ZPR'!I#K%O9Z?P`LE[*Z M)P##=L=M;[]^@,`7P4N>]W<1AO]?%-]%7X27QI'P,2=X1;7TI4X3O\;__=/& MH5X7YOM;',Y!I$P6[X-0)%NAJ3Q/:8CB^&_GH#:AI#J+0?D$E0CTU/F6T_Q= MI.8\U4,5I[N:C\)@_#Z,O>J"?$9-I\7F^ZHU['7ZV%2H<@*3]/[J!5'Z(4YA M1S]%/W_#Y<`-8G5WV.T:\;T;9WR=YSY6_(JOX]N_"OCB MJ_=M[^O;9M*BWK(/'&Z0/]KMKAF[=GP@SW>\/>\"`+OWPH9*^?^+!K7H_L;K_=<79;N!8? MI3DO+;[SUDMO]H':+:9YO;?5K$=:*?]\PXI6T3%PB4HD2RF^@&EZ-LM"#ME( M/HL02TQ1@?0H_)^]!'L$;J/+GA!\4%]K!5T/!@/'&9[0 M7@/MQL3;E(#J=5K#U@G!-1!\X?O4$,8+K[S`OXS>>K,@\\)MC'ENRQWHBELG M;&^#[5_C"`=(XC#D#I64R_O$F#7%'CPZD3G%52_U?!D,W?J8WP,"FH7Y`XI_ ME6@G"?"$]T.*)]5X/]'['N632A2SB-*]!S_?+Y8O?>&%;X(XS>#-KP#TFW!; M"];K_PRS5S,KS1:A^,MW^,B9%P;7T4OK'\"A@\GB%;;+N0[@"V>6P?^^O;(F M,-9+R\7/63`5J16).RN)IUYD\Q>VE0+0DU??_>=U]@HG&.$?O\:9L-K_Z4UG MK_YCT'+=5Q:MVX*%?\&%RU\Z@Q:]\]-(O?W3#/_Z]W\[_%)I!6[/.?*T,`&^ MH>;`O\\FWC0(%R]K81C_"/`/U3`*NQL1D@F>0",T1RW.53V&M>NR*O;5TKL/ M?[^/$Z$<]E^\4%@7UXD@XE]:6=72@WV@SEHWU1,GNT^1]47,,N)T5MNQ+8SO MM(UN6)8@F=:W`F!4EK=FPZP?U,:VG%=K]E4]Y+[ZT;H+LAOK;_`M/O=!4)MW MI@_\'WSCI?C-Y=]LZS(:G]M;/"L?M;S(M[X$80`,T`+).10+ZXT7_6G],`99 M78PQ#B-_!OZ,@]D9IG(RPN;E%/-V"FTK`4S_\B8$"\,E< M]VHN:J(;<9+PE6)E8GP3Q6%\#1?3.:`,;XH4;A7.9@$R2FC!,X.+X&=>1`'. MJ><+:XR6_YGTVBE$26@1,'KW&O!TC7'`T0PYHN.X]@._`]?)F#I8<"G ME25>-+X!"@90)[!I\5WZTOHA^-%ZX;:[^(YU![_,0,NU8,&@0L1(Q&Z+B?@5 M/+KJ6;CYF.+=KGH840,O\!O.TAOOQ%B>$9??.'\.W,'89&RF%Z8QD(\D:MCB MJ??GAHW/=\ZBK$!$)5'"^"80M\PV@`@4U4]5Z?ST94/0F\GS1U/S+&=9/'M9 M>;YOOQLK")9"SUI"&,O5#_``E^9 M;_OJ[;O`SVY@]O-6-X@J0<_\JO?,64,Q@2NS.))5N'+3Q704AX7A!^UMAU=` MT=LOVLPYC/)`T)+PD#.)%`32BQ;69$X7 M:!(OO#!;_*2/G![B1]M@AIYYR;=_RA+S`VYEDP]W M3N*NXWR_TTG/[G?2#WZHCW2$74V[=0XQR`ESD%/B9&%YLUD2`PE;HP41L/D3 M-PZ&PP:GTK-^GB?Q3,"!^2W"DSOE&WN,HD:R:.3![A[U8+_:P\'&(4Z'^W2X MY?V\S\.-K_QV_N4<]*O8)U)]E\ROK0M_"C=TFO'M?3K&^SC&YX_B"!_QPE2%IHMHL*`\0B6 M2\QB="XMXC,8ZG^'4P MG0H?]#01+BQ_+HBGR1ODW+J<%`Q,`NU>B+N)RIP",D_\]":8P;Z,!26^PWG+ M<#L`?&EOVM).QQ`)-`HB`F`1!%0BIEZ`L5<5X-%JD0D.BJ8^,CW.`8(;"*EY$VDX(VV\L*Z>8_'*31$LBK4CP'@N$ M-KKDC]'J!%KM<%;?B,_G=:]8[K.P:2T[.3[/LVLT5GT(QM21+S^/*STFQU]L M$5G'7\G/DPD;S6OZ"T*)U)PX?RB9W%>B?]E3(!^UK:]H8T0?+JIZY&_-B%O] M"B#\`A_%HN"-D.\5K/K/@=;+CHN5J+;U3]?8ID MH#86AE9"]44Z3H(14=0F(,BW@1P; M%E7A0>';FOPMM_"1K]@Q7"0!^D$6?`4!]F98!B0$L3P=@YZ2H)("T+)\M<95 MHDE=`RE5#(73G*.O@<%`/#D?U*/Y49H($OU>=$GEH`4ID<&N/0?($5)Z9$$" M;[_E*?$F!`QBPUL]?8O]*E+78\W*B_@X>HD2'M8M`Q$EH5##3&+<=G.<?Q]-(5L=Y$\`K_=R?JW+^M?M]KT5W3` M38(D147QK-+=AFKFW0T:0>3M3J+&R7UTHC%)8ZT5]N5J+V\-&J-HFSB*\+:' M08AQIO/1-,A(@D0[3'X%TS4/6_.GR'*3->DW5=ZHDY/D1,);!#$0M:6IX<2X M+\%54_A>C?ST90`R)U+!F4)9B3#YWW.-S9-(V`0G0$-$LH-.^YOR.:9HY\4; M00F^*T5>'0!Y'SFWK$,OR?;2?UIQQX5`=;AE%^',> M.7D-BF4JWP7@;@!M,"MRBW0.RIP&F[R3OL`/1!$3=FXB%"D_"G2&R$I_0M]! MYGU#C&+(98HUFY@)\?#2:9E@F*>/95%QZG/KC8`-(R66[DXVSZ.LMQ`>N7II M]'5[H=_3^,_WI(#@NP"=#*0R:94G"J;SZ3HTVU+UU3_1**`$$9O%@W:--84R M#BHICP,P1$4S@3+S)"(4MT@C<#6!6@^P(L#GUGLV6-E6U_F^;#>H\B"0KA4N M6!LWJ$,M,YY,T*-AKK+H&UY:[!8F@6?!#+[2Z4ZFFZTW1)#1&,DT6F/^*7I6 M<.@@(F--*=!!QC?05]]F0:+E4S3SP`T>Y&8<91,L*^PKCH/U`]F9JL\1DIV8 M`#I^Y#@H'?$DXP1@12(B*@4JAL?8A2GAXS.;C\@?TNFU67H)>D:QU;F MF56G>[TN5XDD.\Y5"+1V$?D_PQU%;L"\L&2S$\4Z9J+8E?:7`F8U*`_EF'L@ MAXZ)`Z%P8'EX*0B4##DZ">W>-HL`(`3.IW-.^?#%#)X*9!P5#A$0+YDE`1D9 M)]($CY9'TH&S:C&43,9+EKZ"+BE5JWX7-,<1KBLYP[P;;Y:*EY;ZZQY*)4:? MOY0JQEZ42M92J_7*I;#W[55+N0JM!+NS.F]+C*F71Z$'!Q2&L-(8[A"IC,F% MCWX:!2S-=:VPCR67?.JK#,T;[S>[$ZGUF8_ECOO.`CL.':W?W@$'IF7 M'^C"K;DE*U!^J&F?'$A'9;:-QB^>TMXZ2?=Q@=/KV9U>+>FD8?QE-0_\`.KV M2^MBA;[]C"Z6'^K3[&JL_OB<$%?_=-1!W(FIGN[A1\9<6^==1<_5YE_;^E74 MT7J,`>]_DFD0RX_GHU"LXA/K5-F:@QJ[?+83;Z@+_`EYM8%O8I#7P7VMV+26 MW5S2!6$*/BKJ@,+P'8[Y=VUGT-<.=79,C4-,(P?_X&R^F]@7UF4:(N'\3YQ2]6M: MTX,F\CT,>B[-].^6X[CLFE<'%GU_HS0KF//LF`6D(R7B.QF(@P_T[-AWR+O6N;LBE1A>.PE"?:9SBL^ M%/+&"DE%`6Q1D!A)NU18@@;R,D3[C8?K%9%\4D*08,A7]72`JG^))&8L*!*@ M:"-,GRI@U[.ZW^LP(^#A6*V"P[G@[J4FVQ1'(E>NLE1TX0]&;2F>:QX!6GGA M,@7)XR1Q3F93V6R5*,7$_BBV,)$ZF(!X:5;4T'B@.H0J!@JV;@FO,/@DP[0\ M`HPSIU62NIR?(R=I.%QB\;C,,%;$LUHY:C`R2WCD.B^@+$\)G.AM9J0\BP"L M9:Y\,<4$.1#6YTFO45:]9K-*:11\W/%VJ@7TQB.#X=;84S5=H.A M<10,IX*]%/04GX*!DA-,JJ1PN\(%DZ-#'?2*6+K$FPE@YV,LQ&#$N,U3CDQ5 MX:1&H!U\RVNSK;R6SX>+_P-QKP7(I32Z1$3>%)#S\>W7,[?5E17SS,4S7*JP M$/Z:"O$GA:(5$J1U2)_.\Z-`M'P]S*TYVR4TU\DKD3/P757<'[?_*E4+5[&P MF(IHS6)D1#1<(KQ,WS@3D->OYQ3[![PJ(.;J!]YU%*\M@Z<5I8)3LX84ZV>NW+Q<')2ZVAYTHJS&4 M-;XO92G>*,/?974QGTUQ.]-8S>_%TYV?WI39?T M_7D<1_$4!/D+N']7DN"IKN7J+-/<=37FYET%(Y]AGRJ4 M]3/5>\R<6C:D:M5%9R&E\Y'\4>EWU6\R,*`MP@O_D+JQT9,$X9"EN8Q]+:>^ M%(,5I@ML&"2-V7O M%.78CS2X*H>ORB:15Q5D=5,W=(=-\OV1RIL/9*9T[D MYVZBU24=U]@:J_:B8&24#Q3>!`*77]M4XO'OPQ%$LQ15 MN.6"=(@OM(R1[8&RZ.%J6*"#"GTO<1R:YL91$%/MC\3"-G\9N3P*I0;-DJX` M-@]JEGG5PZ:VSD0ETYM(X,\IV<*0YV"%Q!GG`_IH[0A&<_XT%2`KQ6&03FU+ MA`%==+@"8J?QMV!,94=PFK1H(W[W\>>?OL;?Y&]%8W$Q6(`;G-.(9,_3]73I M:IMA&0)U32&3%]]@@8@=S=NK!BQM--4VP%+`^::E>D."J%AF#T42@T.7M@I% MSB)PQ?EEC3=>1,[^*U9@D`T;SHTOX8V\\B5;CQ'X+PN@"5G/W>UW7E7Y-^V\ MX)LHV+[ANTS@JO+B%U6$_2:(W\,IB+%5Y7_F'<0*3CR809+D@O&3884(6=D3 M\UPS4ZWJ;LIK^/\V'-E!6.+7K3[W=RT4N@A M4.(<"$ZQ%'?Q77*OLO=F^`D&$=4C)3%C(YUT2 M=9G#!-/1/$E%$2;$0@A'-6%[(Y>\S$E+U_SPYPGE]%8MTR1C%KGCZRCX5UX< M$$"%0^5E9/6,B?(LM\^5/JH&42/`6E]T.K;K#BP28F@<*D6"6?@2[=O%__`$ M(R]4O,N7S5!A,L`BL`V)-1+('Q;Q65P1 M$F-@S*;#P;J"Y;<3J[=HO*XO*)I`.M?)G&66.9 M8ZOSUN)"NW33";R M55MB_?#;__R*L0(H:)[!03\#X6828+D.UH2"F.](K1?E!9U"[XX4G+=>Y/E> MKOL4S$@P/!\=@0%?JCI-E;PEPPZL,9RVP&?#"08S='I=.H#T]Z"+.HFE:0W^ MO@VR),Y)RYK&O@CSTE@%DX2*LY/A>6:T)C4?F)+#U8BI%?4('2>;`3A1:@(-N)I,5VF6IR%$A((&%?T-M M]L9C:A(5R\)ADH(F`54#9S%M12%\"J]$)J]EP9P`$?B`XM=FB4!UCN,C8?O/ M"]1HQDAOB'4N%@["7LHB_33!E#8A'DNU(+A4"K'1LB'T19)@6RR"]WGQPAW% M!!1=0D&*RL0;!R&3'!!X(8:78G/(4'X3SZE96DZ>AN;GE;JXY=0<^:;"5]0C MJ%A_E`&WIH6D%GK+Q-(:F$]ZP`C$&8DP]#0OC0JQ\;HO@"6%"&C[W'K+(UN) M=#.\&(*@`F>/G5+GUF?\7J4NY'RXBIGBD>6V$W*1:#)^X3KV`(:\G[*S1;+# MQC/ZVCC07VY`D/H*?.R=&&4-/\6=PBG^*W)48/`_?T,,SX/T1MTO'P)OI(CR M=*YKG&M?L.=*Q9+GEKI#N]MM ME25Z':`M]!Z:Q3]G:$SCMH54.&]"7B.Z$E$P*,E`)6-2FGG9G#U]:*3,5).6 M"]-Y6=1]IO$MFU!2D4.L;ME`N2^555>A!H4T!"NFJ]NZEF294:G',FFR54KC MJ_+\5A])\]!>DKGDJ_?MT5S`Q>0D7K_U%4O+/K,3:MYA.HJ5FP\13JCU.@*,)@'5D$P"WY4"I`;[JFQY\"J6CZ7J MU:F0Y;X6N$,ARXV@;XV;4[G*HY6K_)0KH-@<@-(^4=JXPQZYFV,]&U7#<6@/ MW8[=[@QV6<.CK6`)^E.K9??[W0-!?X@20/CWEPQTDC.6U%!0$5&ZJNK5_7&] M*6.[1;K5I5BAM-,JWVP!X^$,G4 M8D(D*6$<1K/PU^DZ3X86]@Q+0TIN5YB`&J%1'JDHI>O8_4'?[O0/5ICR:2.O MT^[;PW:]LO2'J.I9FUDVE''G4R=)S=+HMLZ-%+.)IIA)D@G:'=[70*14C7QE$4 M7^^V^G:OUU)9%1M&<)]%=/+*RGWEH++?SK^<6^\%)O*$9O24-EXKVS5YE=$# M_BV8>ID(`?&MSOD`$\I#V%QVDA8'$*F,^+(YE3S#!"S?Y@`/#!37T>,MI]W: M)A`4Y^"*D)Z9+(0>V*6I`RR0.!/D$\T3A;3#&H-#VR# M#KGTVZI8TC64))TK>PUS?SY!(Q<4M!&-*4G=H#0=(F!$?HQ$)#!T7-)1X409 MCR44!!Z;65R%MU4/8B,CI%Y59J1XC%V!M[(;&!>8;5,*JCU`Q$#1L_2XFU\^ M`;_Z*6S@%#;0X*4\=-C`F_P.F^ M([B*TAX2#-<9VL-VK?"3H]JEUZ_B+:M'H&9-O"#)J^Q3T7HOXTHV,L"Z88@' MR=KM[`/O#^L,[MO=7GTHFF+#IJ=^1O.!5L"JS!/K8NL>$/F#@=UQ:MU[C?:) MM-R6W>L\@L""]P21V=8%CV8!`)?Q%0>+B[8,&)RVP-,['HR MU%3+B=`\IO2)*T+E^2O-PJYKNX/ADZ&5KMVOUQB[87QG=?A`+B!5>$C60/S4 MXC*D]Z>6OO18+$;'P:!T@!T<@X>*6&\J[SD%MSP2GFK$%2A#&OD8S:SG&OS@ M%*-Q"G`Y)/).`2Y/!L9"T5G9)"V=C]+`#SRLW8KMB*3[5X#>&>F$^H*7^!_S M)$C]8*RJ^MKJ*S6.6W%FJ&1K%5AB#;)F81>9I0L-F:XEO MGJHD+*N&P9?L:1YA)2NA0FUD(>1R9\UA8=Y"%9X"!C!!OW)%Q@(PCH<-SI0_ M+_LT!>)>"^OO7)31#WQ9@%BZXKDHKDBYTL),1-RSLK*8R+I2(69)D<^<6G7E M)=GB*]:!Y>IKZ?XKC#"OVF]YD;Y97>1*UJB!39506006H6?[F)']K+,>U]G+ MG%P..9)5YF*ZO[!J7FOZ7NDEZ:SJ=4L9Q[()IE(R0KD#4JL#]KBUNY MV+HV$);,P#G\X#;P,4/O[B;F_H*R:!=0--!RAC6A"Y%)?(3S0B>!BCOBSIFU*.=HO/Z(UCIYY8E?V--_70=W7K:066BIE7:A%XV54 MG]J&$X#-I,?C^73.1]?L&"\;P:2420R7E/#5'NFFC?NH8W+@D__T(H)VT`P; M$2]S"@T4IT"A@P8*??!&EKYWUN"AB:$Q;L?NNSL%QCS:8B*MKCT8 MULL[?-A*(O>P'+\'_9:=JWCY?YI,L*_;-K3ZU.SQN-DGA\8.".PX=K>>U^^P M_HP]AB`\+\?`$P3I^/$&3<4OGM+>7F."'A2<7L_N]&I))PWC+ZMY(-8E?XEU MF"MU_&=TL?Q0GV9/Q3,("E/+3'Y531_:DX84X5W0]J#CQ5=&^8 MSLJQ::>*[HV!YU31_=`H/E5T?R`F1)+2J:+[(X*E(5$CIXKNIXKNIXKNS>$R M)P?4H^"?IXKN)]?3HT'>1M?3/9U)U?ZHGZFL9]!X/Q?J^3;2*843 MR5[,-5MN.BM2/Q42&N.2MIQA:ZCP5QNWIAC[6]#T)+1Z"5AF+@ MA.Z'/X-'\\SO"&:=FNM;4$'93_R05%CMN=YM12_NLY`5GO@=EU*H*]\`U)QH MI($T8M;A;P!J-M#(`V1`[`9/[?X`S;BS#HR5W99AVJQWI'ZC!\)#X6(C5WQP M?#^];3=[1C1TWQ\DZWHWB&KWLC@1_3&)WNC7T5":/VW[_K?=Z&_2=%0\.N&N M;M^5$^$?D?"-WC+-1\6#X_W);;_9BZ?IN'B$LEZ]'D$GRC\BY9M]D)J/BP=' M_)/;_[-'@85')^Q5][,Z4?8Q.9ONV=5\3#PXVI_<[N<]SIJ.B8VV(F'#H'9.36CR73H>(XPGTB@0;*JF1JU&\3K>UK>0V[8W]+V="5OD_ZVXTJW#DV[?RK= MCBN\OWGK@+2WNY!Z(K83L1V2M:_/)ZV?#&HFE;Z-([H4X/=W8I2]]X($ZU6( MO%%<6ID[>I'^\6EB9(^ZWUGS*.!G?OOR[CO+%^-@ZH4I)L2][G6ZPUZ^^"TF M/<0:6VO7V.TYK9W62!H7H?L*_AHO[I%\ZP>W552YS]3)D?HCP#^ND@"H9!;* M%JPF$)3!^L9+`_KI"N`5499790LTW=*(%E,V=\O$VK/>>,P=&#&J8JP'QOS9 M(/)@4IF,(*:J)NW'>9@%;T486E_%^"8"T>4:2]`"69]7=YZEXK2S1,R\A')_ M:<[$ISZ+W*(2/L\CBNN8Y8!>@["14%(O_(XM*WW=LA:H`SY]T3UI+Z:`O+%G MM&,5W*J2$K=MLU2NK7/YLGXABH?,LT" M<-D\H=:@F-V>"&%-`;H;H).$6UER`],QKE3D*UVU@]OLC+F5FM-]FKQ7)_4R M`D#FT_S-!F\EKM_ZFPI@U2!8!@Q;;2H%@5'W3^I+2R=YK,BDC'S;NDX\JCTX M%O`=7!JVXCZI:F)+WR1SD3,'[CWJ^;?$LDCY\<4(QL/8C)LXQ#:SWFR6Q-_@ MFLJ$&9L[$F-OGNI^LNE-G&0ERHE3M/]KH+D/;3&\=YQ? MCW'OJ6LZO`!'E`I*9`0*'5Z:%<@(Q'#5]UDO#61&/$BP%0%VA99U2S+@`S(& M52X7YB\,@X(!G$Z%;V)(ABN/JI',8BQ\BDQ.#H)1K`)6\`F>1%S1)@+"0)BS M8:C(NR:QRQ+L'!2,,,VP%"6"HG[@=R#+]$.R`;>NCQ],,Y3N@;U"^ M2."2'-L'+C>G9MTD0W$Q%\N[ACMUNN[*7,UEBNWM2=[[S)5A=I+[#UXPI\AGV?@&_)H^-;5!%3SY-SZF-/Y""1?>!_U!Q"RTQA$+A;-U:AW M`0ALU!4^R4H=Y''ET76,HTL(B"Y_OX%5PR4)Z^/+W>2.NEI0JFH91"A> M%"ELTC<\C(EN:Z].N'R>BB4;994*L\@C%2!$7AKCNPMDJR`P^.=('<#(.3FV/6:P MJA1T-4K/K7*IWW3IHM!OZAI3?$'H0>@QJ3^"_'/&PKIDNJ3GP66!$,LB4_*F M!(E-8`\6%.MP4>,09N887!2^-%?465?[62QN#PYR`K,*H]6 MX^EA^KC\5220B("ZV#K`AS)!R3J.T$*9FQG(%@(CX,[Y MQF;EM]K&Z\J\VU9V2GH\*GUUS[*-]USA-:%>HX."FY;X?(K&<9KAD`(T-I]M020;`EZF=+1!S4.9*B3^*9FE M,D#EMBRV%""3@7N);NESZX*>7U+2;#)/K%XKS`8#Z@::BIZ6Y*1MB<0DK+_& ML8^7+3Q^"0)M=(VZ)]=!?#RDE:_J1M+<:I2 MRAVJ/'3VR!8]IA!CLC:9YS#5!U%3%XI2*"O-T8#`)I<)M1/,^0X?NUP+A,,D M%ZR)FVW?,"D."8>F1*IDJ6`/$'Q)]@(X)[!.SYKA>>`;F@8MO3GU%H2X$5_Q MP!217P*CR)'.!A5:1H98F((.-)<:,'E@^+RFJ4^L^(HW>=0%$H% M`Y<2;]#V\M;HIO2)TOKH>*)]`T;"F[OY%GWJ#F41.-;;H;0[3BEL7KP5* M>&13^QF9O&]U%F2@L(2FUB@E7BBFLS!>"%RR#UQTC*8\&S9Z`HM0A$<=WJI[K)!':LB\;S#\X^S+&#". M\@7]?H8&"GQ@&OLBM.4E*FVLJ6FN!*"GWI_"F!EQ!IA'RR@9(Z9RQD1<>\0' MR/Q[-D'9F-REB#/D,':.2E#M!!-7VYC4)5)^]8PV=J[2T_`64`9R[<6 M@0A]_=2*8WV/8UDT.+*]"!Y]!VPXC(F-_\SDT_A3_%E;NP!=QOJ!GM(:%Z-Q ME@LC^L:(J)PQLY9GB[1LK1U;&U[,+9#*N@S[BK;Z)$(3.QPRLF/CRZ@BJ<]I M-O<7/(2MN`!2X(3810@4&=+?2V:;5=Z>R@9F3(!(_4G@A9K(+72#1-=]QD3EYG]"GCO4A&>:4^XIG16`V08?-J5BYWTP'\ MA/H:6;B2V)^/I88V0C9>#4G1O$[6^K$W"S(@IG^AZ+>PI@'<*%D<"65BQIO# M9_.VUJIAD&E^,\I[4);U0SN']7'%*,`2T+075V)9&;`E++2ZW#`S,I!`$C0I MW+?1YV49E]5<& M.&6C-70/[YLE*(J231X@;L6)!SML9(S#-F9W="9X8!H%^Z9'9D!;(DC5P`V= M)R"UHV7FHBH#LV`2]*[1D5[9D-V6OI1$(*5+OS@(5)$4>LZE7KG4N)W.7HJ! MHT%Z(Z'6;]$$Y'HG82D#F2JRR(^LOBHY$/B)(++,SAD"&`8[>R)6J_+7S/ M^(9O7(S.R[292D]_;OVL]U8+?71;"[C`"3W*,02K6X45CPWJ&/.G?#+`?N!, M\C%-X6J&C=8F6!G*@X$#*;F.;_6Y7WEXJ\^B>5Y_]LBOF5Z)A(3'QW-L/V`A M+5@V,NTI[!PM?^/YQ7C3,1?AFI';GMY-;SPV4.$.S*5Y@$1OI5=@159Z*_?( MXMZJ]W,E+Y4^:^M.H,:$6XOZ_K4HS`4T-<_0G$$32*NE\,;*KW=N?0G4%:8N M)7WY2UN!8>O=@=VJ]_=*OYN`W8\:`-`!Y? M+7]=1))BB56+JH[?-]BX(=W1+8#"'2OG@"10]I$:T2W$8J-B!1B&J[&UXB`6 MB1K)?3H6V4N,.,/V<+\I$04!?CPB`"V?L%D`H%9(/5SZOI@A1XS(V,GT,,^/ M`QI8*/:20NIC:81E71)_I#4K/96LFJ1XIP"U)P^`J;G2RQ2.@9&VMRQ,1P)U M+-0(I$R!=P"KGCB\5/S20L@9M7T3%%.+V61X-E`AUXL.4.*F`),8=&^9WB*5 M\'QJNJRTK1>$')U&CE.I@$9"^.C: M1-_>Q'QHW5AXS88B8S$\QP&&Z7FW<<(2ETBF*8V;C[01N7[./E=RDV7@&3A_P[K**:`24'H M\1R_'#H+P+,4?!8#:/W.<9.YL)?#N,$JEO^Z?82#CMU5HHYV%2AY5?-FV#-@ MN2@AZF?81$/F!H*"*,XZCE_<-GH&`""EJ8@C`+3U M3B\>%IF9:1LJ;E"C"3V:@%`^1\;RS7>TWBHY'(BGY*P]ET*&G%VNE_7@VI,4 M0Z)0059.7C4`QQE"\P4,IM2V+SK_XV>IM+P'VGM+FC7[HR9EO6"-M%]D=686,*M2)7'? M!14%-!104'+A9R^+>_T0T/[Q18F6;S&&]M.$/-47WX+TCR^8XI!>&EMUI71M M>N@CZ7:;T-5J#=L]4SUZQ+CZS":W*R_)%E^-_-0W"_,70MX'[Q?,K'D;8U*[ M%.LTI6^'.7?@#GI.KS_H/`GD?<0DK:^+F4BQ@?1(15MFBWQ:)CND+78H;XNG M5F\P[/2?!)8V'<G>Y/:?=;SG#IX6LW>^N8:O?/\S51:K<.]U`[8/*Y'L\%J1\\=:' M0O>W`]N&#%O`1'BJ4PE:!?DL6&^6/9=D?ZCH5E=5]F+%'$%:2(39/F:U2H?? MO/%%%?U7<9>K_5=)',48FP=@WV7"ILP.$>8XY5>?GR*,($L,,^06]UKJE M5CTBPA3C7^8P+N?`4!D)[>*IFL-Z$\,_9`S$[9RQ$^UZ'G"!*!E,HHLC8((2 MY7A/C-P)F62QE`%C2\L892-RE1MF\2:QE90B.E` M#"^YX6#)0,.<_S_!9+(OZ-\DW[G;54E39/$57H(.4%]B>H8(S+BH!7I@RN$C MJP)SS2RU?.YW@!J>E.9Q7>##KLJ]";`%+//+:_I1\1CK\9`2Y M;!5FL*N0OIVX0%4"6X84M6GQ:PH9/A!<=4L?;I47_M>$&B?N7BFRU^GUMT@Q MIOGVO;(_5@[R9H$*C,3Q2'^]!6Y;W<&PW6B`WL]!@D4!"'[_1)E,=>#K.-U^ MYX'@6Q]:!"OKN0^ULD.0DMOINP]U-K8#:#=2@J/2J4-*ZK^L:;VGV(G/\8)# M?'4D_Y4,Y'\GTG$2\,VX9YO/!:8+1;^*.2QL3)6M/F#%,N$ST+FZ^@5D8W@T MIK?T"M/W\3R1^'G]PL4"9U3D3%66N1/A+044"A215#5(%G4H]8ZDQ=0C_RQ] M\_,<<0?"PL\`:3P%\?8B$1Y)3Q<4$FA=4$C5%0=7G$N=I08*7S\)Q'^*A,9[ M5V*=PCP9I9,@E"J!1VJ0G\ROE8B81ZN\!X&,\XKPYPLC!!R>^.']NXL?.0O9 MJ)N4PBI#V$HY`8?M43I1GETRSVZH8NQIU\J[]O4NKC@MQKX!SHLY4.;9^.W+ MQ0FE2RC%ZC$&4KL[LZ!#H#E'M7KB?9Q0T:9/DP^R?,'JR\P9GGT:9X!:IU\' MM;*T'&9K<&U*A=2U=UF[WZ6XYO6K-8CG@L-+N-`RZ;7PM$IG4@7[]DPUJT%[ M[?8Y&%U%I&RQ.L/FR=]_];YQ=M*EDUCML-MJ]A4[!VP,!.IUV?]ANKUG9\KQKE_FKV,XJ ML'Y=ZU`%,^QE!>MUKRU60*N>%U_+:L$R`9-%YDLW8SRQ!SE MU$+3D=TWIM=K]\W(BKTNKS(1NC@PR4F@:WZ(QUB*7#ZS59[1!LA<9SAL=S=" MMFH!6^T:L<$+*L_,(;J[KKK;-VT[6\ZZ!9JY.^UE=%\V70N&5K_7:VV$HL:2 M*@$L4N+.JW8J%ER<8C^KV)J-;[&*'<6GUA]ZC@NE_)*8^MOYEW-YL#=)WF== M8(^=@5-,*MQ.L/H`^CD>O<]`Q%XHP=QY(UUG8"ZE!P MA\U>B[=4KOZ/UN#LO1BQBO4!"][\C#[!G7P3;FDOUZS,N)2K*RU=Y*6RWRSR M1Z1Z=H$4H:+M#0_.KYPDO`T).YL#N@<@,0[5Y;W_93X\#C;G`.AHT2>+@XU1 MI#KJZ!&@X*^WZZBTQGT>P_K@;][@7G=@;'"#@3?X^^^R;LT%EZU1Q'9%33[JRB@@ M;OTQ0_<`SFYBIP,,ZKP[=+L'N*'60=!4I+E;(ZW?[PU/2*M22=8AK=M^$$HS M_\L(E*-H'OXUOI+]&;F.%7%Z9OI;95G=2PNJ%IL+-VJ-=;X^%'2M/4)7N&OO M!]Q^)"GAUZ;[M>:`:JK?NP"X?MG-P])6O.$18TG3[C&H"7BH>^X,]RG*;+'Z M)J)KVRNG`>@:;9YP5/^.^RRF7/@(\2.;MWT5R;2UI6SX^LK]^^"CVWIGXN;( M2WT,F'(!4^V_GY"T00!\?=7Z>ZMAY+0GX?)2E;3A7M/W4+T.==6M7&1S,+'1 M^?5L,+'1`7<,3.38**:SR`L,\Z'6F%UV<_Z\ONHJ/KIA\A4JV[X--T>2V)SS M=K>_-U-!#1@.:)4[DO3FG/>&@_Y#H,.'@; MQL?<6"XVO5FYWF-ICMF\B,,6XG"@F,N]P5@ZD$L'='WGFRTVB>M!+#DYX-,[ MP,X6_+:(56>?=1;6DZCC=`RW]5$0L+D%V/$QOM>J3!LQ/CQA?+^U1#9AW&T_ M`,9WX_LYNR-V5N9Y#>,BW=;.EO$-`.]#'M@=I\?D$^U6YUG@])B+Y]0U\:+?.MPDV+"VL$!Y@I`C) MW"!JBU>Y>/FGT]?:,GD->RQYB[QW1ZJ'HI3. MJ)#*F;=*RU,'LYC2-BMR,KUHP8V99+;;79R$?K.R!Y=1>0G;+D.V)^\Q8>\R M.ON?^=2+WLH6AE^II:"1$5N)QD`/@VCDS+\@.KO!D?+NB)EJ3_C($745W&*K MF'5X:JV@MR*B9CR050-/5;7QB8@SH\;X_2CXU3VW0*N^7GJCGOD:?\%,NR1_ M^RU,@=5EUEO`OHB9E*:6=@`.MY!=0`H_UL[K7INCZF M1CQA!!@)S0=#`26(4&-,;AJ'MR/<4K)3)J>/\)!!M>64$>&V9&+R/1"Q_65> M9[%[A[!KJ$Y/$D*0Q]Z)\4$@=.X/H:YI*2LL7O'U])9KD5U$_J]QI(JQ/0)6 M;13IW`S0(X%_.T[M.D\7`5MRZO8]4<":C&KH)[D[K/F]%X2PY*_QQ?@F$+1%%`1H'O(0U\Z\W0>(;7RIBVR,XK6X!G/*R]PX25H'*;@X+4VF+ MUL%T;S,.9R!]FG"`YH5J+Z:*GVQ;;BSTHE^]*=<5XS+/EQ'ZG0`[^!LH79WM M0DL[O8[3;?5Z>S!4;P!M=]LT6\+_QK5H-[O<7??LEWG(5B"5N+QB1FP<=!E1 MT]PYIGQB.6N88VD9*3#0*Z"%1&0@4]!:.=,W?;/X&F2A^#3)AZ'->4<-[F-= MP0S=^U@.-@%A.5QP-R1DJUA/9E<3805^]F%J?8QH_WDZ"^-%7K4)T9YR92:% M=6R@+0IU?!XYXAU$?,0,HC'T_K1)717-:A+&B<,\;4IO!-ZK6,SCQ'ON>N&1 MW<:S]S+-YU%R^T;%<\9RF<*?')8;>6,^.2PW@EN?L/QD.<86$9I&9J01Z]V< MD%..$AD.A]L'G6X"J8$(JA%/-;*W&\/)=HA&5%';>V%6*0JGPK]G M::@'9%G?Q)C:F7%)?HG6I1R-_Q-1?"VB8)R^E>6`@VT[\75-\_6!L+R_2P<# ML<283A#.==K/Y3)ESCXW=`.ZBUSJ#39>$VEJ>#E5\C\=Y@ON68_.3_;QJ)JL MV$:RZ!':QJ/E=)O)YBHW)&=N>\32ZX=`O@[Z?0S([SY)W#?T?C\J[CD$+J_T M_#.LQ_>%$8G\7O:&O$=Z[UI)I:W2U[:9W0Q^W-=BMT]3=)Q.K^YB#[#@[9,# M00YLW0^[13G['=*LB!2=;UGANO7=Z[>RY]^=E^:M#[%?HK?`/GO"&]]8L='? MCNY@C!'5[4W'N1JQW.I4?L,Q`M9X/L7H3FRRX$=[-@%BYP&2]B'(]HP4]?!-<8PE_>/:'X$?ZYGA"0Z;FEPB,V;5*QD&W5P_A4/LU"#7SYQ_^B<[0IA#YQ>WUCF-M,>9IE[3DLIRTJ=]L"LM/Y@<*Y/[6\- MG7ZKTX1E'G8[W%:WZ_;JPYFK'BF7W;R,OH@,Q`E<*`8]CA.LQ:E&6QOPY.:& MPX/W61_TNV7=:2L`"M=07N,:7\7XG+(12,MC\$/H<:O5-;%'K8\&.W-ZA]WR M_F#HYM%LNP"3!_!)6;.!T&(;HG+&5!4:19*3!ZVL,E+ZI(\P^'__=]60K"? M%NS4F=KM.:_*6^JO&W'+9 M9P@#K/V\&T2OOK/&(@S3F3>&HXST1)]GGN_+S\;:$K4PHM6Q%RJDC.(,2/Z5 M^:R_$GG?@51YEWBSOWS'_U9A)/.KAI*K.N/I`.39+J-)C*K!1G#X_\0A+6JF M_&("?LF3_%+H1:5MCM8+Z#9SM M/D]#%K)B%T9`0]=)/(]\9%QQ\M+ZC_%X,AF/7UD[;9"E.*/S/;^AZ@*M08!\ MQ?U^B^W=./&]1TFP4%$^3$N.,[1;_;[MM)V#+Z;1:'`=NS]L'1`/6]/IW4V0 MB1VIE)YB.3%FK\I^#_`.F&?NW+.=WL`>=OK[G?8!07('=FO_(!V9NS'=*+.B MH1I86J*WB*P:AGL@IW;?;CG#)T-.[8X]'/;LH=MY$'+:'Q-B8KI\/,1T]F1H MJ&6WAFV[Y]2ZTAK&D:Q*21U?_?#+VTOKG1B!0C!/1%U9_R#*2`K6VMTW%JX/+^2M\CQJ-K#^#2[CD]NS^HQ67OAW=A=4(\[0U!8>O;`J27=GS"Z MFO4.0,#M@L[4[^X-HVO/ST]DW\;/RM=V'R?$RNB/0ES1E4CHY1IUW8]2>Y%+ M@U0&1JQ>?RE"9ZGF5QZEL'LIM?6E"EYWG>_1KX+1(/)):ZKK<,SD>B1XVZVS M&$VZPMF\OI#/<5QMKCMHN\.-?G&&Y_\].[/>QW$6`6%;7V0]N+,S="N&0?3G MRXG\[0-\L+[15]EB!N<-`(,QA?^=_#:)\13>9-GLY4\_W=W=G7\;)>%YG%S_ MU'*<]D_X\T_XX'IZKIAU00O)2+M@)_]:FHM^C7?_1ALF]8%#&03,;R`_@5X_W^ M\ITO@I>EY7_WFIC+&B!XXJ5QZ8`4%Y!_4X1WQMG,"OH(`_^RUXC,,_B_MJM! MD[^HS^J]GPK;\QK/6T"[^C+?W$(W`UUD=BNN_5F$\*A_Y279XBL,DGK$7](W M"_.7C7T\8*S.F=,Z:PW^^ZD=J090PVB4"[T5095$6@WP*OK<0":3ZC0.Y\(9WCFZ!.1_Z8WR2\\BCW4B[]L<7@(OC)@ MOT4S+_`?K'B6V^[E46-KUK;;D=E7C:G'>1.)J5D; M[)XY[2TWF![-18J];##+@(Y*OW?Z=40&D*12H],_HV-<7VHT%6,QRB[AQ63.,:I:GU(E[E3)/?7(=GT4]B-*YODN`ZB+P0OWTW%WC;?9K0!V_Q$6N5743^WX57G=5_(+#P@"A5>+=5 MY[9:7?;8Q\!WXF!?XPO?IR18K!4<^)?16V\69%YHL#\<$S-YMTNZ/#0_K\@X MZ+7Z1M6.?4&G$T<4K^`4G/=Q0D@.4LH%;@@.^NU^2^4#KUUO,;,QSZLI8>2A M;JO*HN6FG77EBDW`_@H\'7LG?8K>P=&_I=16X]K^563`^#+O6R,29KIMIV\< M\FW7OJ8V.QQ\F1IFY*[73>X[FA.C[]+UO"LLKP_B@]NK)^$`/CB9.R4`"809 M];A6*U>:<'=LN4Q*A+R?MEF#WIZ/7/SS@X`G/J-@$6)Q%]"$ZW?W+:%PJ%&X M<@[ST'S&5/*Y0%;";2.W:ML('.@?8LPVB?^=>V$PP<3WKSTAQ7@X=#OM0CK?]M/K+5]Z MYQ*6$H:`'$`@H`E&R!9[6*S;'PZZBAZWFG0M8M47W-EO'_G:[K#5:J_!97'& M];N>W6Q99FK]FCI=9]WFXBQKUX&LB,N^8-8B9N;N8R/A1NQW^OTU*UN>UURF M;L;X6/\Z MO"W@ICL,;LL/\=@+]3/;-;9<#]D`U.O!1L!6S6]<82O>-*JOY.*0D@2J>4:= M];<=MZ.:CMYK!:\WK'^9.[Y?QYSKK'TPZ#B=]6M?/?L61$-GWU"F=EZPZPZ& M&TFE/.L6"WU[@_6F+J/[\J9:!-,9=CN;3W*-)16"0R83#,Q!<3U"Q]MN2=D-)T7;'U,&V7Z0^',M0P[L)2F=;F@JWVI--4^UM.1N*Y+3Z MO5YKJ^5H1RP.1_X29:U6-OLI/(JV",-XF2JSO/I-?<9!MG+#F#1R"L79AT/% M;9VYKN$4K1&&L\MF?<326U@@X7(ZG4=QEFLAZ6/;LHV@-&[C]MK[<4O>TC&+ MJMZK627WZ5W(`%@,:@[HHMVW'?/S3>R+RS3T(O]_XI2,KCIB]WL`,0M"ZT57 M]H>^\5)K)$1D88R*C;&\D=7ZWO(FLHY;IMH]KUJ]!D]YK;0;X+<9(B;W>*PT M;NYH#Z&*?"]<`D>&(\^2`"2"&1;88Q.1`-@H0^TNGH<^UJHS2_NE`5;2\R(1 MS]-P8N]>79,DQD[ M3+&681RA,$=8E$-K_TVKAO^&687W#5`US4$@O]6:K3V0BZ90$#$4<-ZHQB%N M@X.5"P?.]\H>M6;%K\TP^F@'P/9;?'^=Y]@Y;W5U1/WJ):^PR.;/;ND7/U(B M!!?^;+G=2CML:=4[P'9P_\):\-#^=%#PRI73MJ:I=NO`*UO)I@Z.]7:KLR5L M6P32NVW9]P=1K83P0$%4G3.,HVK?0W16-7ZZ/0V7"X:@6[[CR_S40IR&,J: M6!CZZV+&[7Y+WS>;TZT`XKO7*QXX<*@PJ,2M+4.%V\H%7#M4>'-,$U-%=3NO MW,-DEH>%:T5=X4['Z72[O57P;5IRF=[P$1]X5\`@7C7@G[$HZZ]8UL%3SR-?D?KA?U6VS%".8Z\"TTC M@++(`[HN3:'/PVG-"]9%K0F50/=N3D2<,7>4M1PQX'+"V- M+_S;((V3Q9L8,'#8TSA\W.2A1[N`2WC*Z_@9P4VMW>/B2]'79WM'FZ49WIOHID6JV8/J5-Y92QPR/RX(?1[`OV MY'=M0WJCW>YZGF:Q;LZISMFM)4ZD7,UL'8U"?XEDB=<;&(5@(V+L"LG?\B\J/U7%UBYY>O3CDO5(PJ+ MK$J:J;-^]^#K;[NM+==_!3N4L,WCLQ@C=T43#E\&.E*_9J%/[LH&0L+ANIK! M^"/U1X!_E!>?6F<6E8$-=*E8>N$M\#XOB"R/?#S4MBU6F126X-RJ5S?N?7U!IXQ9AKK5?C429?B^+&;,(Z:Q1DP?H:XM&HUHJV> MS9^*1&:%<9I2IU[Y*PC*P9BZVOE!.$=TX!/$Y\V&>+";?"TLL+("51A=:H[G MGM.F`)5PC=[[$N2&BF?EB*4#,_J:_EBGN[4_UND5>>WV_M@J=JN35N`/]9W, M3"O(@Y&OQ/]J@1'CDO<1^SQP>TYO34K@'I:Y-M7Q6&C8D+#9;W>'ZQ)R]X2& MM3EQ<3(1`1;)B"=1'/V3@D*`DU%W<=E<:O=TL?:@VW$V).=ML9`C`;.>>/<$ MQ_9,;/?HQH:*NROADM+M=M`=*GCF*,Q:9=7G55TX&J4AM6A<,PYM>95&68#" M3[!9_Z+#L'6F`0B15SWG8_5,I>%65//AE+H'05QU\$IE%%]AL4:-:/S_\/'_ M!U!+`P04````"`"Y95Q":2%AH?L*``#HD0``%0`<`&UC970M,C`Q,C$Q,S!? M8V%L+GAM;%54"0`#S9`L``00E#@``!#D!``#M75MOX[82?B_0 M_Z#COM:Q)=N)(S0M4[?@BD2)M6:*" M@P)=KY?#N7SD<(8SDG_Y;38.K#=(*,+A6<,^:C/+RTVSW_CM MUQ]_^.4_S>;?%T]WUA7VXC$,(^N>C1DBZ%M3%(VLZW^;7Q&<0F)]G<]EL:F. M>D=]BWV\(<@'[S];-W!`8D#>K7;_9\MIVQVK;;N]GNLXUN.]U6P>D(_C=CIN MUSXXGXYK]]Q>IP0^CN.VCW7X7/LHPIM\G*..-7BWKD`$7@CPOE,Y5YNA=>KV M"K+B/0XW^=@?VO7=3L]E'\Z+UT["M>MV3MVN%G:97$_37%]B2+?8GJZV`$>S MO[>RVFQ[CFN?E,W6<9V.VW'*9]MM\_U2,EL&;-?MMZ!41L^FS[KG,0;?^"?KC-V&FO MO#+S&8?Q4W+&QQQ?1VM9B8/4EU%,MCG9RW"8111\Q^HV_AK&`0J_#P"%UFP8O+:<=KO36@YLS$>Z,XHV1D\[R[%VZ^_[NV=O!,>@B4(:@=!;4?%ILNCL MT]/35O*O;"A%+DWH[[`'HN2*,5-88>S!B]+9CVYTVI_[I$H<4!\@'$?0O M0,`U?1Y!&-&&Q2?]\G2[(?DX#B+DP2"(H#UQ+.TN'@>"+PX2.QP MQX39$!/.(ACZT%\*RN?;CV6R*+"WP27@,&"R:8T%D\360T`'B<%CVGP%8-+B M5FK!(*++;Q*[-=OVPNX_+;[^=DXIXWH9$\)6_9)!``8P2-A^RQ[7*EG*2T!' MYZ'/_[C^)T9O(&!2T//H$A#RCL+7KR"(H41Z-?IMM,_)IH*`>$L>[&,*ZLU5 MOQC1HO%XG,S61!$<+^F'!(]E!E[RQ;OH86'B0W+6L-L-*Z9,2#SA`H"@84TA M>AU%[)]*A_!W`IBH3]"#3.Q!`/.7G(C"?)B$NBZ`<4P"YB$:0:+J!C(&FP]' MEH8+)#HF(3$7,=<),[DJMK?(T-DVSG%#95KXD>`))-'[(SMQ(^9(N1.=\'CO M3RA;]5(R8]&0*ZOFBBIR1'_BT-/Q16OCC85#H)Z:(RH3ASL$!BA`$8(*!T+& MX'*E/?<\'+/3]A&\\Z.6K7/V#8FAKZ6&SBP5KC"Q3BE7K&,6\QSU50Q?\!,, M>'[T"(@:B!*B6F`F4[I(=YW.H_DWW\[]-YZ'WC`-KN"`<8T)_`,'C*_8](J$ M1IM?57GS//45'$(FG/\$WV`8*Z14`@*CX$7X]M#+;!SQ'V/L^2D)'RJ]< MHO?;T`MBWIK_B$EBVB@B:!!'/#%[P5P;'$;,7DR4U]LP@@12F:LHB$'55M'2 ML,K%62R@V^LZRS#FQ1[W*,0DT3QW>::&?EKHTD8QSQNMNOU[,)#*DT]DV/+;LT^@R3Q?D[#)DD`;_-]LSWN((3`CTTMR;; MQ&-^.O^;!X^,JAX82?56N\ZOZ*QD@10>PSM,E4[+M=$E)]L@@'1Y82KM;-D> M66&X*S%R:I-OZV=X)*^A6L8FRC]4FGO7?ED.@#>%7/#_2!V6>8$XU-IQHG*W MQF+5\#KOO$M3LCG28RM80_O!L[V\,M0W[[(I?ZF)1M8>G]2P0C=_09W<`(7< MA3V$JV+/;HO:`JAO+O,(8EYURX2$3_WK&;1$C M.N*"/PQYO3P'83GMIX`VQSSF]::LK4=$)Y@B+M##<-DKK+9G,RD_!9Y2TRS0 M[)F#YFWXQO3B*VZNN4)Y1DA2>_S$QE@`=VP.<&Q1#5&4DTBN#:HP>4F+*LQ9 MUM,;PU,RL5:[+DKS:G\LN%"ZL-@<5R$HF0)G/-;R@9QYNNC/93IV M.UA'-0&2E"$/4(+D3^#>!'A:3`5R-5OI!<@5ZY+O5-E2X+S9;GY#3)^+]R\4 M^K?AQUER[K%4*:\I3V.2LN^,]4_X"J_N]<'8WRM75VMAGP.X>]%%2%YS"-5, M]/\2I[$`UJOV.8A6]V!KSV&H7_XJ3U%S6-5-96+MM-S;XEH#K7U7++F):E:# M]"&OBVN/K=IEL>26JB)0#W5?7'M`56Z+3PJ"4U"X9^DT@>S(OX+S/V_#I*Z[ M>O>0J%"?3UA3@%3-LL"G;])AF19[I7#>RX'R:6L*J(9Q%IB>&N5"TW*KO)Q# M"VFE"3\=_&IF_+B-,'NC;SWGK`7_-NVG0SIEG"6H1MTQ"32?UR7WO-+,FF3/ MGC^V;9*\X@:3VY#Q\R"EV`&A2#T]G1!69/LZX+6K'T]@\1# ME%D\>8#Q+T!$_;G*I.:M1`D0FTY'Q3!%5K^UWPDFPD5"45\X9&8PL$,W^S71 MCY`@[&\'5Q(_H#5-A>#NHFY&9X)RU&IX:],!S9%YD"J>@I_0')GN0[&/^S#] M*O/NFA@TJ&>0'ZTC)X%5Z#7*>53(9%N_EE3XKESF\_+KIEA`? M'HI?1B>_`S#$9`J(+XOP=&:I]#)!!I'H37%*IBGET?B41+QB&P30BV(02$HH M&L3&HZ-C"#,;%;9$7WXQ]U\ZFVR+TGCHE$U@8M]!VAOP]Z]K^<2$H+XH+116 M>VJE8G#X#]?,S1L$>+KXQ2IEI#*HZPM;EBF,;`U(28R%.;H[QCE8VZ7ZRT0XTR=8"&(KJ3K_Y$IJSQZU M+,EN`"+)#Q;R!LCMMX8+T^+=)JL#D/O8*C\#*ZC9,$NX]#W+C?@*:L>)Z@Z@ MS$8F9F@B-9(?,?/_&\\?M-_!UZ9FJ`.RVE;);_XU!M++$0A?UWJL=LO)"YC\ M$RP$+5L6VX"L>?9B,H2(E['Q,,3A/S$(DI\[I[S#8"Z(KO-6FK(.&.]O-[7W MC0C2ZH]?5&=_^1]02P,$%`````@`N65<0F16PQC.-P``.N8#`!4`'`!M8V5T M+3(P,3(Q,3,P7V1E9BYX;6Q55`D``\V7+U'-ER]1=7@+``$$)0X```0Y`0`` M[7UI<^.VENCW5_7^@U_/U^E%E+QU?,?=\MA.^LXG%DU"%A**=$#2 M;=U?/P`I2A1%+"0!XE!13=5<1XWE+"!P]O,?__FZ"(Y>$(EQ%/[R9O3NPYLC M%'J1C\.G7][\]G#U]M.;__S___?__,?_>_OVGV=W-T<7D92NF1Y].'3 MOQ^-/XR.CSZ,3D].3L?CH]NO1V_?&MQG?'I\?/IQ9'R?X]/1R>G)<0_[C,>G M'WYJLL^ECY-H>Y_QN^.CQ^71A9NX#\3U_HS%NXXHMSZ?GFBBXMGX^/1XW/^V'S^P[Z7G;2EC/YZ>?.A_6_K]?+2`[<>?3C^<]+_M MR;&%;7\Z'7T^'9_T?5W\='K,KN'^M_WX\^FHT=6O8]N?V;;'G_K?]H2>Y-ZW M_71*K^7CWH_4)_K6TONQ_VVI3#:R0.2/(_8"];XME70U2&S-M_UT.C;RW7Y' M?EC=>/QA^"?&WW&C8\474A_F*:GN-"K$82I1L"^VR*L1N^Y.&DF^[;M/K/WOX>MJ&)+>:7))B#=B@K*/6U%%9]QHT>VPU945NO^GM>HS\*- MF?#RL:'UH].=O]Z8'U\NF7>!S@\,]'-T9'KXL@C']Y M,T^2Y]/W[W_\^/'N]9$$[R+R]'[\X,GZVW*"YR\S__Q#2.72SP2!>@.S8Y6?_YV M=[T[#8?)>Q\OWJ_&O'>#@.[$8#A-EL_HES(:X2S;O4NT(91,M'ZR:P6S&`J`)(MOO`06V$T'HV. M/V2K%+?S)/0OPP0GR^MP%I%%=D6].:IBQZ!:T"\`>R@($N3-WWG1XGV&GW"A MCD">1V$_G""5Q(PCYJY@"[]8EE")S1*%Q`SVP;B^I$?#[ MA/Y_QL!X.IO2HY\QKCV!.N`LTPQY&H;?4`O;.HCT!K^?4J.]@ M"*US-YY?!=$//6=HLYIICG*RG9KIV@-I]BKQ5NC*>+4E7?Z874_;\WU*5I-5' M)UK(()"MCJ3">AU!_NX2XFYN^$;@5>?J!:4-P3A+='U:D1M3:6W"UG[J_KA* M5^L([G_3-?!L2?=XF%.U]QFE%(P+''L1O=B65!+Y`WG)%T:G#EBTWJ2K^.WB MOC(!/\7QG-%O.KO![B,.<-)-NVBZ=E=!/:0[HP?W%;7Z^FJF:P=HU!&B MD7Z06JDRW%4Z@G?E8O*[&Z3H*_VHJ=19_IH;02AUU&87UNCZDZ6.,_DHI$2Y?.EZWDJ4R0'TTPR%F#^P-A6H+7CH,407= M+R!F:W8V1F<^PLC;VBA@7KF(;%.F;-*?N?%C9HM/X[=/KOO\GE'L/0J2N/@E MH^';#Z.5&^[?5C\[:TL0Q0Y=TS_C8I?`?41!MK?#'^Q\R*ED`^('=M)4H,T& M.J,J/R=D&V:7>,5J*[=((S_CC$0+!7(56T828(\BXB/RRQLZ(XTI)-$S@YD= M\-S5L)QPI[U;^ZBCC&\H<[8!&MJ783MF"0`O:(=/?9#\G,)- MW.":WD*O_X660II7QCK'@R'Z+N0%U<<]4_T\)0I(N(COS72.1D`T>OA+NC]L6=Z/Q"7 M)1C>+Q>/4<"A]-88YZ0!\4$*C8,Y//3.GD-$?Z+(<-I2'.)\&0/`*P`5I?^Z9M!,*@\_@N`I#>(H(C7RR?U(YU1A\&0&XNZ`7=/UNB>RXOY6!=T=_J M]&GA>&=D1%,U1/]:\#=*D54F,*%5G07KTTHI=]1$/Q7&/T( M[Y$;1R'RK^,XW:!<*\QPYCBCX6BI`A36#.E;7\TA^ST*TC!Q2:Y7\+Z&VK'. M:`BJ*A?T->'M:*HK%?H./4>$.8X8/MS;2#3%&0U'>>5CL.9&WWIL#MAM^AA@ M[RJ(W$3(@M(X9S0$A;86[#6Q.6KM^VW'AB%7!S^J_>#G./@YH/@Y-##I/'#C M>#K+[!B35ZQTNJISS/A!!(E(`E:NV2-A8PT.7([VS9PR;!=;Z6PU7-D=;,A# MPLFP$_"BCL;U;*E%8G_XX5R44QR-\64[1],88];8:�I@$^\591>!RXU:_ M;DD@)2XTF&W5F55_X+=YT`P7T\S@!Q&K,$,VVZJ3JR$S%'#1[5UO?W=-XIA* MK9-'YOSWZO2'^H'@'6).57*[X"L.U*H/=6++$N6 M)I.44RV_(1$31-/L>NI4>2+#0'=PD9:[Z5L4>DVNI\UXN]Z[%E?4-NBZ@Y&Z M7E/2^\FNBZ[9Q53VQ>D**&I/X%+R$*M7P!2?>110X.*\(H:"LJ&Z!'PW7AN, M`#WI>6&)>)7^0B&GOY`4^25T%!Y\]57L.@0;,8GS03;#%8Q&4)@J&`CJ)S@CFP8"'=\1%RTX*E2CQZSN'K=I/-#`HWJ4X.A/)?@V M2D4S*7)WGC.V:7C0R[5Z[."H7-O%BA(E)9@[QQG;M$[(J.O?L"$?SB)O@%U2(JY)=PIC.V:?=HSS4I4G!DPZ8< MXZ!DT_31ED]<5$!*@VH\<<8#MUE4<(%C260YE#C)ZL(P]W"4E3A%H2=FC6"6 M,QY*W(($"3B?2RO[KN"8CJ&G^*KA`$=[V@Y!D@65U(QVQG:3@(5DYOD&:[$` M(V>7DL.E43Z5H<[8;M9P"V[4H0!'DI[X/LZWOG6Q?QV>N\\X<>O*0DAF.,=V M$XQ;<$:`"1QQ^8Y5+PN1?^F2D#Z"\<3STD6:6>;SXOJBET8^V3FVFY?<@FUJ M2$&6$1K)!LZQW<3E%ARJ1P*.4/`5AQ')*O0EB*!8]`55ASK'=G.76W"C#@4X MUM%=E*Y#+TC]K)T#R>B;)`0_IDE>@I(ISE0?H%2CH#PI<%#/!LZQW5@++5]A M6\3AZ,0R?;]#5(US;#<;NP6'55"2U`.RG#"\W9WFD#VL"O$A>_B0/7S('CYD M#Q^RAP_9PPU#[`[9PX?L8;#,&%;V<-GP]$R0A[-B__3O`&5D#OW)@FE:>?M" M;LJ.R-BJ:8OA9"SK0QC.0=D^R53GF9*,)G[F$+A%)*N1J^R7XBT`OCYP8W3@ MF.&W0V1$G:^&$S"M@P+'?7X.281K@7@ M!E/ESL_4/E[86+,%X-=?;HZ/K$A___Z^-9[Q=#:ERGH&[Z%2\,'7MQ>^/C=` M<9$L)2PY5!D)OCLB'VXX=K75=1(^7;ZRANE(I9(C=P[XUHDJ&,`QF-VC+(SH M"PHIM`$SV_H+2E<&*4M46\$N^F"4%K#J:1)R@O,YJ6)ESN=TAV)$$64U)R_H M=QU$F<'\/*J-HI/,L.I;:D!^.1IP;K5,X#YSZ:-&I7"&6-Y"6O"EU$ZPZO)I M\V7PL(!SIY4]4A5'E(`]@EE6/38M>"1&!8X+8`>U)@*!59],"Z;4(0#'W+^& M[CJDZB&ZB6(E9FQ&6_6_=&''%@IP[/G?HC#:!G&%FX+P+)T['!^,$BIP;K25 M!L8*@.4%J054ZI#AE/37C;RBY)2AQ7P6,4EW"KK.E"P>;8`A']&90QPQL1`&_ M?&6(ISB>,Y"G,U932L)3X5R[?IFNS)2B!N<5*YT]'#]'<4;JZ:R(XE/[+NMF MVG7E:/H<>8C!$>:OPQ=Z][/3E:.ID'[)FV*W1FZW)Y"/D0XQGV.VXX*\SNJ4 MBR/M%K);.K<-J]KC"2=VA]X`,YQ(].7-(+NUDVDQ?Z*CZA;RE#;#I;Q7IE85YRGK1< MR6XY7.58JW:(28(6[<9':HL[&^5!3.R<,]5 M%C[O$3_VJLK"9YU5%K0Y96LT)V[VO\HTJV$,]9\#UQ,K0@(,CZIU)Z7:G"5^XX,-Q^'$JN$HY(YQG-7"N"8-D6,#QWI72B:2\V1D+K7X)EQ]UD.OP MO=FL'0.LD,\.[9OAHL/8;+.LDLV8@X;<4,`%CE%X*$5H!Q-=IP]?.,)&DRS@ MFJ39H=BH:T&'(TID)RO/%[]("3M/]+J)\B(,^9439P$4I>OG'GETI*2E4:=U MAU,6H3.:<(*).*CDY]?`45!<>#AE&+KC:5*>$AS4RU=$/!RCZ>R[2WC1T"U6 M@5^?H252!L.2A(>H,Z-XRPRD=$,+K'3XZX65-?)/>B6DL[+QN?)4TS2*BF%1 M2:?-QB9)[@V:DE5[^(GG$8K>>OH%?L$^"GTNI_N%PFZ88<,:'WT2Q6"<00-D MLB_!^CG3`(7=&$D3YTP34>`4=)KX?Z1YW&[\$'%LIQG2C]4DY#M$5=@8)U3Z M(2_80_DM?H>\Z"EGM:R-G>FMAQ/\V0=J@9`'7K. M'**A]BT:BJ5ZE=YV@I\PA9W]6MA2[RB^TDRY)LL,IH)50Z0D!F>[=]FY&\^O M@NC'H7[>X=[:AWOK&TK8D:;B!%,9_+/E;Q26ZW!=0V/B)529R!K<*52G:+S8 M8.ZP5JC!<9TUE8.MYM:W(K543`;44(,$0?.IZ_2Q4MJ[7OGD0).K#2E`$%4/KE`^?^6<%[Y[Q1T0O5%+->NU*CJ M-<-9QQO/B<_8!22KK4F/.:*/3;VQ5&VBW3C8A@2N"8]00A",U^`(1SM2%R2T.+@L5]?4*#4U MPQD\P_/BH9H\FX+%X,>C=L/-H'A,WXA,\;N*R'5(P?)0'->W#N+)R>HKV`W< M;$GZ&L&Y&<9@).@,4N3'K+\`:W2WT;EO`RKW4\A9\""/URU6L1OAJ87?+;&& M(V>K4T'+C6RW=JA6EC=#&HXLS8'["H=NZ&EZBP6+#:<^:3O<#-8X*5\RFWRY M+!=%EE&H,-5N4=*6Q*Y[?=50-==2M92@7[/J#SSN\&=DC#>0X9T%0\8__#1+07*KPQTUB6 M3U4UJPAXWF099PP]7[LM5G!**SCCH5B'&B`$I]-!$;'%LEJ%9OK-,&=L M-8.W`95YYOAM7,"8>`IT6(4Q^N=&5PW]FH?Z`LEG?%0TGUU M8*JCX,0^EQ`[MFDFTL)@S@W>E2KFU-:::AC;-3`JY2]XRFS3=9QCFP8A`[QN M304=:K`R\CG-LTZC4'W/E5("C\:XKTFS#S(@EN,\%LYQCJZ5XS=W6 M$IPEIEX@R?&'"A_M(#YDRL/-E#]4^+!7XP%6"'0E7+?=-:DE=G?S2.=O[52^[FD8^NX\`-_?.(/(L;I/#&6RD$ M4G<@:W1F`S#:,2"9>B&DKF&*EM(8B><5@&[0L?2WDN>O% M(@TCJF@2]QFE]#=^3SBUB5;J7*B>9@7@X5A\\J*?7U$R9VY[9A_)$JA_A%1' MF./G6_KL,V_7DT@D5%[#:I6*1OW'&V`$)T*IY!E@&MR5BTGF/=@8MD1JB,)L MJZ4E&OGAE'"!\Q5F%KF+Z_/KD,'&JA2EPDCZVO%6:S\T]I+60`\G*6E"KWF? M]:W'+R4GV^4K:\V%?!:JR(H.I8F;%R`H.G_2>R$K2R3EGY;UA]/E3!NZDB"R M?LSJ7R(*'*MT@0B=GIF9DH.9Z6!F`F9FTL"D7`QBWV849D&!]68HI7D#,$RI MX@$F9JL"G[1C?>UX6R8M96J+1/1=7/:-.98M8V:XI--PIH=;J_P?:=?MK7%6 MJ^MR/X!Z3E0!!T/Y57.D6YH$5)P MS!!EX*2WWNY@0[8]Y?>H&=7EG%MC!?*+:\4@(&^2*4[UX-:YW7F!;6)X"VIRF@` M,G$';ARO6_A.R1U^FB?3-(D3-_3I$1-9NR53AV,(5<$$CA6\XD51]QW9K47; MP5%4+BAKH%?[;910L+`;E`M1K`Y#\>7RZW2H3+9;6%:YO:XR+@8;LG/["&R\ MNT5/S%)-^:_N*UZD"QZ3.BUJMY2L,O,ZXZ@[`5F+W/",\\"8"TJ%9H)#>:;= MHK`=18#7=.&&YW0J2RI^(%3)DUBVFZQA)?"[(3L:XF.T@"(Z<$7_(D2^AN) M7MQ`S)]FJUAQ0#3D4&.,#%KL)F&(6;JT2W@1"'7#S/@/](OQNV`;?"I*FXD% MSIV!INS[:B)\#9'$I-P`;;"0VU.U!\G]88Z)7]I;?`/7C[;C`Q&< MQ1KR\B$WJ16E))DK$YB>;QW3L$YS!(A`F80"'=/`(24J>3 M67U41\`!BR0+60MH),DIWQUJM[N?^)S7O"<<#/J@[L./2)6ZZZ%V6^MUH.X6 M!B;+(VQVI..4CV]IL.7F=1U(O(V#01-8UGABU73M(;I'04!EL34@YP0GB&"7 M1W6UV7:;TRG';:@C8](*P!H*3[R_4IQW;S^/XF0ZRWY@J>!9N^$&=8G M3D;ZZE"[?=2:D+\.TN\<`JS!Q!*W@P;,*X?+K@,6*D3 M2&&V[8I,BOQHR,PM_/Y.S`3BVC//U5[J9CRNMY;5RZB.M%JM2?&SJ%-9ZA`Q M&)^3$DHS&17.%`DNG6@EE+X[_57P@A//P\7S"XGB5B)%-M%*W'T; M,5&*!AQ6;=54>2;(R\/2Z=\!RB@*<&C< M*-'$+51U;1Q:(!ZNH/V[@OJN%CP<*VHCI,#8W[K6HK5L*FU&=#GCX!E(.S,( MB/G3%*=Z,'J6FB/^&L7/.)'EA',G6#6!UI_S&HN;"'R#*;4+E^#P&TI)%'L8 MA1ZZP0M,`1;36C+-JM%3F>)R)`R&A%_BV,6EUI1*9!=.LFJM5":Z#`6361%1 M5M;Y.O16V\O(S9T`K?AX/:E%X!L,Q[Z=X7\AHDYEWGBKUCIE(@N@UQ%B#2G? M&7Y]#QG\<-P@FC-I+94*D=*;PQX1(F!T`-TL`J(2:.35`'*=K6;M"(]YS5O" MP0!NKK-50W9[ZFYA`#S7V6H:30<2;^-@4*K?[,E*SZC2>#/61L&@ M0)^'T2]7L?/GT8)J;)P0#.%XRY4G5','1."++XOB_X:4SS&,+/Z&&,'1O*B$ MA`A!_AUZ06&*UO_C14\A51SKLOU5I\)/\F^"B<&>)Z6\K"]9!Z+9RFO,M4CP M)L#/RI?#KR._E6M,+@69(?JJ^12""O/Y%F7YW($DX:NBHB/-U<@MI7XIP4^] M%P`NR7OM)X!ENQ<7Q86^X?Y9&[GDL\7,!\1IJ8`^2=TIYRWY_:<59#G;@?0#TGJH`; M["2(O)1@9HJ^38DW=TL9*)Q6NBK3P.8 MZW8C^Z]NPB[S)>?5DD^R'*'2\,/AXP"G["O_`[\.$T2H2GVW_LI;W8.[RUB. M@=%R^]5C)?:QJ=]Y951CY+U[BEXHNLR^D3,V_[O*TOQ7)S>$,`Q7$FI\^4IO M!QRC6X*]NN].;:+E9B,*;%/'PV"%U//`C>/I;+7U:F=F'\F=L]R723S-Z#-OTE%S'<8K\"RK?T!.2 M?>:_NT&*RL>JI!)N]'FAX;O#NO#C=K2AN3X*]D,/.;CZ]-@(*I1"%TA7JT??F[)_8;+P._KT1:K-:\,!$:*KI7.K.*L`K\%2$ND MUHPRT!YDXK^P3B3,:+J.QOLU"NA^Y]RN7FH3!](J1`F/-0>Z=`S1\\A53-M* M[=>X<^#W&5%"8+KJT"6-C">IO*2/&=)9[^#9#1')'\\7@=ROIAMO&C:/_ M*BPV+J[>.\20IA?T;R%:WW/WEY:W16KN+LB*OF053G#"CK3H0#F)CM,FS2\/K=P;:3[(0TYIBV MZI#8'WY`RW7HQI@>4NA6KW'I#=X.B1"GTZG-MII:5W_@ZUPEJKB`^5HR?]N9 M2]\VEL-!SV;>2H1)?D_9Z3M;;H:LJI9,?KC$GV80QU]R$7$E(UK\.$ M8'K0O'X;V`]]9T#3V M3ZMZ#:6'8!R5TE$C4>.8> MY=@^JF![^?J,/!84BLAB)#ML1C8%G[?8"PG@%!W4^C$5:%[@%^RCT._S2JO; M>S`9F'U0`DY:F1%L?X\"NDR`DZ6-4[>]^W`R1'LBAB1C#I:M_E!*[V"R/YCL M#R;[(9B(#R9[6/PXF.P/)ON_C40D'97$$P?C6)"B83``XP[YJ8>J#GYY MR1[9//C6=64T#/8ZW.9\47ZU@"$[";R0J$;S+?=-5>YSU0`=>?'+/NI+TV"X?G='9)D?/]\M7.S\=5G@N_0&,C5"0- MT_2];$64PTJ+X3C_U28.I$ZC$AXZBF1J,E&N`(PIA)G;75IUA3,#?@-:!00D M%33M*4?E<"&AE-%D.OPJFDVQ6?//O@&5<\HFH:]4VTAE.ORJFTVQT5+S5%,9 M$"_+&"\@IJ#27TB*_!OL/K+X*8SBACQMN^1PRFYVP5!+\54%C6[ERJ7[YW]= MUYAAKL.DK)UD8Y,D#R&:DE4/M15JZ^GK0ZZB_)F'`GY]3DM$T5+:M?M!RP1U MZP=-`Q0#*27:/U%,5HTMMP5BI3=8L<>JH67M3J+_$+A>'G,4Q?S"I)T6'4B= MTLXXFJPO6WC[E!G&&3^0(J4B\+54A]4>2I4[:?):-VH!5>490ZI+RD5`4C2V M72L6'7J6+!%8,@-^'4L%!$P6$BT?A.NP]!C.5J^@5"Y17V$@=2V;(20I+:K% M=[5])"K^337;:W72`/@@P5I9]93M?<,.)#DM,AR6GODIP.4=";J+SA MI&A9)!&8`#5[X:N6<\=L,K_^.#8GX.$4@!\ MDX5*#KALMM7J=O4'OL[8IXH+F*]EY:2\=4FR?*#B5NQZV4-ZMBS_B^2Q45_$ M3/Z4D=>G$5)P:ER6@9->?[N##65&*3]'S:@NY]P:*Y!?7"L&`7F?3'&JAP>+ M>5Z0SS),KNE%'3/I7_Q&<2?8S66K/^@U[Y(0?CA?!M/V94]-,<90WIJ9IZ0, M-)S2M!E84EM`:90S,A,OJ/XZ;!%20.P-O+!.=T-J0[GJ&Y,=GBWLJ_N*%^E" MRH"M<<[(9MQB]237$WX'8#@DIR13(GEYG-W<54625P&&8XTR53!A,.FF>6;[EM"H MB2@&RWG\/1-G]RV?41-1X%0MF80)]G&0LG)#]\A+2999GD>.(9^E]K%0LS3) MXH:FLTN7A/1FC@NQ=[)@6>J"MTG+^O`3(K6CJZ5^"NQ$QZQ<[MC[<9UO>D4)@V!W&*L)<5)^DDA*EWAJVRA0YK0 M(4UH#]*$UNA<_I7B9,E>G"C,HKX5@V'KY@THX4:&!QC/3P4^:9A+[7C;&2Y2 M:M)<_&.JL,Y:AO]1_+N**XPH)0,=8S@>%D58);>@PYA[OK+=I8_CSEBKZ22-/C&>)K"+$"#.Z,Q7'$[&B`@'.`DB M7?/C+">("(E0UTL28?>E9:S4QI/[$UYBSU9$9>/JHU2Y' M#=FA@@P<]:KO#%(S.2BV4TA+F2H`$H,ZIB@:RIHPD43*#_*OQPN,V-"=1T#D M!G/,ZD&4N''_$06!>QZQGE:KS$JJTM&K(27\9"_5J99S8>H_@)IG2Q$5,-_. M,&*#!I-RHPU=B5!C*WKB4&OU$$2Q/T$4?RFN`XJUZ"H(#D=6;R+][9&D M/D!!O1&G+(GIS:5S`+$5]2==422'%V*QTT-$*55=,,M,*$4?W5.V<(!CW2N9 M(CE1])R1A@(A3'"B"C("*M-K-275WD-,ZYQ`RQL@I$X.[VO)BQYCYA-*?+;P`T/ MN10',\#^F`$VI?,Y)??/ECO5]2<_6,GT#,VX=`-_2V7A5[KW,F-4,'#SF<`< MCG#8%;LO[$6/KT/Z`.#(_T*B6'BWZ=_-D/$#WCFJQQV.H)L]N'D%J(N4Y'5, M**"Y:E0*=HPO7ZFP@&.A?MA\,:LZ?;-'J`5J<,3CKL?X*B(SA)E7D35ZN7Q] MQB3O^U&<;(/7AW3OP=@>^J"$1(P?T)E;?4E,Z#,NZ.SL-1@KB@G,BS/4I3KO\T-Y:^8Z!K>`RETU(6#\<1*A5)+#V\GN.QFD8#2 M*61D@E-Y3J,H;.G,*D)@-ZG&DG8B(XB6^G8:#^*C'.O'QC+R'6(LHK^?1V%" M7(^%QSX@LAC+#F6_T)CJ5V/H@/9/'"WU`6$<5OXGRJ-`79%"B]#8[373YV%M M21Q9<<4!/?&ES_6:(HK#&'N\OA/&][2;963)Z+-+@O7Q`N(FT?.!;>/9TY57 MV70XF4QF:;`^86!CFPZ93H<0I_T)<6('^YN[D+44+0\;4+92!6PP,?T%7-)4 ME^V!MO.0JN04$QU>EE%KL@/)+FI'_QYRA_+@Y>N0A2CC%\0@&'_X\%&5.K<,.A?'L/\P:GT%=^)$QL9RBV1/F%WV&N;E^^$'4P@L)>G"0@0HO5(]6# M['.'G@/7R_M_Y18.\4/,&V\WD,?0!UWSD@OP!_/]7ZP*"G*(\1TG\^O09TW= M4C?(B_C@\&F'0,Q-?QO%"4$))KEM#(64O8R:#S@)T'2V648B+M@"R4PLD!') MQ"*)X&2)[$#(T,Y*(K!/;8Z?'Z)+*D(KE-EHN)*I.!QEV<4F^^L/9`L*@KD" M;9XC()++/APH>#T)+E^1EY7!F\YFV$-$VIB@?H+=P*HV7W8]2_G8F1-95UNQ M@YEOQPHO>YB95N@_3/P7'$=D>191R4XLRS9>R&ZT47>NM<=:;"9A_]>K@$MO M(H^N+?WXM@?:#8/0]]'M8J4C_Y-GKET\!]$224K=;H^R&PZ@Z3O910E.QN,= M>\5E!1R+,3O#S.&=E,=%,D>15@W?ZV M&'GOGJ*7]S[".;GI'U4JTY^<&_1$M=SLV>>\FS6CG+$1HY#6EY,#MFY9197. M$JM*=8@S-J,'2]])'MEVB5L%5_.E88ZPEI_$UA3NP>OU3Q1&3RC$7GP>D>W%QP![<93RHK)[^B`+',#7\ M^ISCOTO],P[R.A0U,Z5^?D=QLJX_R1.+=>[AC*'7)C."LHXB>&9.P*9(2PYM M77*ID7V<,?2Z8,;0'E`QNBYO:O:/%Y3.5RXFIA/C&T+BC*%7$+-(&!VEZ2R? MSS4^DSA.%SDE[G#\YQ5!+*D;454DN:-XFSB1JGL[QWM?%ZP)*?:@BET=NO0% M0![]XGZ/6'1"@)-EG^>N?G?G>.]K?C4C!K"Z>A<_1(D;E/_]/(J3;U'R/RBY M0U[T%#(74[GMB2C4OH_]G>.A&,5[(P>@NFK&<,XUY*N(K'YBXT124[^`.,=# ML:+W3Q=93;:^I2LE!U_N:CJ&;@^OAWE-<2!M7=H([K;NRN+]T&!]PKI8R;7[3`A^PF%>SC:>SE@Y`?W^DMT]G&/HUFHC M**^/@*D>*>V+A*Z"GAG`P@.@90?G(W1#L0&$U\ROMP?WG8^H65TWW`)"NJGS M<5!V.6,TV(2>P9!CVB"Z\3%?&+*^;>_@?-Q[&]LNPNN#TL629JA?U^^9(J72 MR]OD=LY'Z)8WT]BOST@7.YVQGFXKCT3$$.CMK$BV=3Y"M[3U187UV3&0WZ\E MA`3Y10R)*)S'Z'[.1^@F,./HKX])O:6K^G^#D%\&US'M9.^C)YH39'TPNX10 M&)6/BN]I96.B2)@5D';W$V5/3?TT'^G;H!G&/E7 M.*3_3=_:KSB@@$4A2SVZ)9&'D%_G:6R[E',"72OJ@MF:;_8#";H>SU*3TN*, M&GQ3:G9S3J`K2H:17Q\F`WK2':(/5.P&K<--6JSBG`Q"BVF.U)I1]KW^78\B MO[=F7]*E(@3."70EQP)!U@?1:M.U[R[)DBE6?=8.#=8.#=:L-EC3K2X5Y]N\ M=9"[DYG6;6`T)!'>.@ILF#H1:CGDQO8RU%8.VJFHQUQ'=0R9QHS\BY2L,Y8S M*./L'PO0BA>9GR3>?"FK'=2:*\R-$#-8K;?S,=&A`+2FP]8ZAI\:/>]C;4P0[:65*CA(Y2 M%.;>J=5[:N4D*>UNMR5:CV^:&BUT%([H2>JQ=*:483#3U0S@R6I"$1TE(G3' M@\O?[CO$B$Y_/X_"A+A>DN:1[F/MD>,=8#'5'`U*C'E'TN@H$-&##']-(<=A MC#TS\5G2'>WVO+(BJ.\20%;KP8JSXH&N0P_TP6=Q\%E8]5GTV-AAF'T=AM)\ MP(Q)OEU3ASK"5H`="E4A=G20D[>'?@XW[C^B('#/HQ=TG94.B(BDCSE_AA7/ M0]VAK)%-A%"#Z>10Q`9>4?3.62D'DF!ZQUV@1U'6O&`6>.^`&@XFG;C(2PFE M#(J+_/G)$T$9V)R\/Y5I`[&L2Y$PZ"5=2=)K(]A#5`!1JER0^P-Y3&BPQ##, MT\T0TEU,OWA]<79!YK=6_G?UOLI_=?*;E"%6-6GR#'YJ$\';?Y71,.BD/`_< M.)[.MH\,DXC%_F?)M&$82.5(&/3D%3Q>[__;,RNLQ-XL)@5.9YSG6GWR0*R& MRKB(W6%]9]2518W*A2LRHXBFV6UOWE;.JL/"H"]@M5T>]"-YTE>#8-.T#BNA M03L[Z?W8*6^0&^/PJ61\/9@L#R9+J";+]DQBYQQ-0O^.0N0&\G*WM>/!AT?+ MH#>H'W^EW)\'RVQG&9$E$V#36(:M6!/NYU;/,TN7]&)_F"/B/J.4CKK`L1=1 MF6M)W_8_D)?DW4<.E_WALH=SV7,NE]6)Y;B?JD,&X'NJ`=F<[7ZU#]<-LCO( MEGNICBQ\PNGT+FDDG64?4CL:]N!"4GJ4Q#ZE!DM8<3+5G\X:ZC=#!(S?B>6P MAREB1H$\6TKP`.Z,'8R/J0YR@Y+SID3+=);M=X<\A%_XM@_NA&%XDT3@&_0C M3191&B:K+7FDW1XT`&)6L!)[>OI1/KY0!*?AY2OKP9KB>,[0F,YNL/O(FGYA M=#`P'70.2#J'IKXHE?/.?!KL2[B)XO@;HC\\N*\"UJE,'XSY21$9R9O:SVUU M'=(_$05H?2\=+J3#A;0'%Q)5Z!`AR*='>Q+'*(FGSX@5U0Z?V&=X[A*RG$4D M:_\CX&"#509S/37#R:#DOP,(:\H;!"A+?J%*(`4K6?)$5:7)PRC=H8J*#NW` MT,=5_)`_)TT^J.V9X*MRJ..A.^Q,YU68S&N-3.()@S%@<,'7$69FB"4L?RO/ M`PN"Z`H1-^$570X^"!;"?"PXM1V@*1_%+^M MO-);>9:A?X9"2ODDKD_$9+T?FS!4QW8#/0Y:*"V.I+.E!8\.:O!!#=X#-7A] MLEG7VM##`E6[/YR>"M!%YE;X^76']7EYLXYA0.0.L./LP03?`+_?$% M%>XHKGFEU6+@-<1.J!E,4N*`M&N8N^*;+-LM!%Y/;(T6')61!SVS2DS\/](\ M-Z[%'5I=83"*I3H^.DH$&N7B^9QECER'W2PZW1<'GPRJ%54=M?XT'XMM64^% MU]LSP*>4RN$WF!7'>[37/7ZB61B%?Q4MI6*6`9[OWO2M5%H2-J>Z4TQ<<,Z6 M4>80,G4PS>RA:6:2)O.(\.N+B2<,(-U#B@"8".]="+FY#[(IMI)(Y,1698ZI M\F5`V&,Y444_GWI(8ODM7IDPQ8DJE6%6HSI$Y[I&;-H%'KXU*OQ+1:!S;@V5!%[)?I1U=>^DZ_T M?*5DJY#.05L_:.M[H*VOC_C9TZ;0^:V7\=/J=)G*$\XIHM M%&99M6(T_@HE7*U%#S3OQJUXMYIEU=9AD'<;].#80>K@/&[%O-4LJ[8.@\S; MH`LO*D7 MI*SAWDYGOG@2^K<1_'$\\?Y*<9P1N.B9E35A8DYB+P_$ M3^DWP03"M;HR\3Q693%>Z08"GFK<93#1*7IQ!J$$WJ>/,?HKI;!>OJ!#2Y2# M_K>/^E_ED#_0_23J&6?&@+0G/@9@'JH:$*4"*'>.;85%0&]E!L'3'#2S"(@V MH)-7\,3R"K!2Z;QVO-WJ?*)/0XE#\*1R5AFXU`F2X"=,P6"_YH7-1P(.2><. M1H)6P02.>W,;VE43;E;WL?#TY(V'\TZ'Z@R4+328@._&:!V:9]OHQ&FI>3:L M?K1#J9D@0:)Y#/A[MLTCY3G]C_\%4$L#!!0````(`+EE7$+=A(A^:&T``$T' M!@`5`!P`;6-E="TR,#$R,3$S,%]L86(N>&UL550)``/-ER]1S9;77X+,]X./?(!9/2<<,UVJX@,``1`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`70((E#^I%NB9C^=?:TI__^1N=E-(#Q?WS&IY#C_W_YUU\0:/3+QXMR%#'"(?WVD#Z[\[R]'"3T;FE8#/7% MMW\F"T#W$V#_XH:%HR"N]42"]0,=1]NR'Q9-N=JFXVA:]9P1UJP+IS4A*PK" M/@*?W_'Y&Y#13QF-`E!_\EOHJ=#E4@?"'B"VIMAO#!;"9A`G33QWOL#EQ+>5AJD)S$!#!.D8!+'--&4#\C?1!)WCYX,4@XO52U^PK'+='?`GWWGH M!?^8FO!HU=@%G]9!57``-".BG7N&G0ZR$\[M,,4@][8YPI:#4^I_%-W MS#H?S+C\.L`478;MYXBE./;TD"1\PKWP!ITY,/O+CAX"GQ8'-FWM'7>ZUG7I;CLA,\3P%QO M0V](W3;;(/%9&[#V0I:_$VC@@M.F08C%:[T+7&>VOM5=6J>581N*@WQ_6V0M MUP9T4)W(ADZ/[W/#C*T->YFB3RWV<<32'"L]!7+FM_R[ONLH=7MDSNT#>)`3 M9)8^;A[B%!R.!M^7.3]7K9UP MN-UP<8=!AGFXS1W+^@U^HV'X?Z+X,;JF7AI'-+A(TP--!OA8W0?56S`,^,#! M&CH\$SU(T87(/NY[P(ZP!9E0^F:=Z*L9P89EW\'6*++M_W\L+!O5UZS?:3[.,G`K9QYV:"I MH>R"Z\\=`GO(\YG?AI8=B.SAT(.[$`;(/ELE^_1X:U6\LRRG7QUN0^:_#6.O M+_J\OQTJ3S3-. MF>;)A%5W%_&V:G2&PUDOMZ3L2(J>#A].S(98;(F8D]A=`R8]`KVG":/KF-(XXF3-V&](KWISR`T`@YGE/=[>]WD";WEAO08V1Z>S]HB-Y M0VI=2=FW8!;9?7X&#W+WKWC*Z`:WG>CM[%&H'1!D0;F8)"C:WKB" M8H#,`#-=K%Y0EL)-"LHWCB7%E`U[),60!_',HI,TI5EJ<(!N-40TASH@=F*4 M1(,5G'WUD%Y?G]][;>OT+C:BK>ZE]R=1`/^<_W%@#U[(U4YZDIUZ M2?+$HKM?O?"@>NYOUA_3HC=$J&,P\PXBFX3X4.NZ(2<9*7H3T=V9Y3\5-Q\^ MT*KK[(CL.YF.\)`A7D9NZ1V+(E@H?O1YHM[\-][[5OXI7/PH_WX`,]2CG(W6 MZ)SN+%0&GB+\&1Y4IQ^I3SE$W&3([X84JF^H!Z*R&P:ZS56R):F:;HH[/%?* MS!)VDI0M77*^ADW:O*[F$3SNOLSN:2)-#3UC]S1&Y.E>4-LL(1H1V_,.I1O+="OU5$O,%R)ZN."%%,CQN+.[!*_:!JG2`LANB2M"`WV:0 MHOF&B`XRL6'194-XI_D%L9:*=&XT,.`W5'I3,*`5!A$5`1.>[Q]VAQ`2LI*` M[KE5RF3*2?[;?__N^>;['UZ(GO_]AQ\VW_WP)SBT?8@?A,>1O)(U)EZ*!OS# MBPVW:M,]]3/V0$,GZ25LA*VM'@PDS8F%^X&C;&/DUMJ[L7,;`*M-W:KI"JQ= M`[C=[W1*QE#8NAVNP#9WM78NOH$[:-FZ-6@'[2WW%JPE:/@FH-KV0V?]=\R[ M92'+&$WYCB*NZ^[C,."6"NPNV9/!]9GQ$(CB8X%6FUUJ74NCBELG[J_@IN!T MG%Z'*$NOO"?P1G+@^#?)@08UB`V\+!:C8&Y15LAU]K&\-\F["UG+!R"U M$=S[<.9!?MC1HF6=" MK.!)\``UO=YR,,_H+1_RD-"_B)UNF*D-.V)%")J@T%&BL@^!Y2%E+R*[.>/Q M>=`)2G2DR>(FMG$,&F6,CK<#]<]/6."3XP=Z6'8P;X3_ZA$?PP6X[RU\W`D6C"G,2$:<9RF2@)Q]\[#2#_2!QH= M#&)$!CI@[MI#('=V["+^-V_I?J\VA;QXC"Y><4M/?%`@D\C.3K=L)=-TMFL5 MQSCQP^BYW.VYS^CY-(TQXHV?K9?UA;E)(P2`K(;Y/J![QZ# M^0Y!`7C'@*F]PX+&BU[S&D5]K!9ZTY<2(^$OSW]I&?`1L%2X$YW&V^NDH!-C MKQ$!9T[N/NX*1DH>[9R;T(C((_*>#/F;_8T/*CU8J.47H9T'$1I@PD M[,&#(*_>S54I">J>J/*@0Z++544/,F#FN9.-";@4QMU3>2N0Q:1,/N#7=I-] M^:8ZA3M@M])CQ()=&3+A/\?G(]MSD?/SD/DY:%6'G\$3?V1V]$'W5,P'NO-3 MF]5IS:58F@FC(Q%4"]X*A&V03]J&Z-53`=X_696N96Z'>WIUO8`H*O@H%7)^`EHVZ7@$=#V&FPQP1 MVKN.8%ZK4-=ZXR^+X-V3+$O8[2$3X44W,81'K,E6; M;*K=%-GP:8'99RI4!6U7P;SF4*<2ZO_^_)OG+R#,E3Q`^_])7FV>/W]>_(^D MLDJO=\CNXX3]DP;_D[S8O/KNI\V/SWG#ES\)$^G'EZ\VKW[\?O/3CS\4'9B@ M@O@UKBKB'LOCV"$6[;.O>O@3\7U'$(@DYUYXY;'@(CKU]HP?S!0B-=0#\]W& M(-#=*,>B)8&FW*@@>6-GCS'&P+[G39^QB/C]L*.^ME`S3.=EA9);\/C\(\T\ M%M'@W$L@V5MZ4CW*E\:HZA!AT!F1^XU0:3-3T8D4OMJA>CTGZ4&WJ?+,G#90-3A!X[B# MG:'GUD%@[AA`E_'W+.(F>?9T$664+[MJ!^PT193O'C!'23?<=L51QN<,X211 M#.=*W`W0:D',\I9.G25CD^H,GONJ+<1NJ@FUI.HQ7$WY@BT(EW*;-%KF)+P,1H M38F9#,)]5.(R(1-&KF.O(<.`=#S7'\[./UR?GQ'^Z?KRW<79R0W_X\W)NY,/I^?D^B_GYS?7 M33S=5?PR%J%&D@A3^4%-LE;Y>ZL$P?QS2(4M$@4G.S!+_BF^'\RBJ[JUFVL* MW/1L2UH."5L)D'U)U6H=46:&2"U`>AUC)V-C$?G8,8FT8FJ[) MV2`B[D1_B`AJD1\0$;>B+J-V+<4\[^18Q$O035EI3>'UQB@TQ9KUHN!:$II, M9"(%#0YR*P&759BVI1C4>SJ6A282I@)1Z[4FJ3!%IBD:\3`RKN6CA\5,A*3+ M7TX>JXPXC9GT=O.DQ>*@TGSELLI#V"3$CN#$9<&%BBKD1 M(H-S25-X5G.^&H6$$)3NB["5"(;I843/1@X%07L,&>KA4@`&K?<^YE_1`TDS MZ!M<[_[1YM6W>S_@K.&:,PZ,A`BLY7Y@PE%88 MQITL!B*":BE8FZ>8=^R/`PO$3=/0@W?+`;`BA&Q04F79;1V\2:V[/$(X"1B: M@EWG]!W64.H<(^:/"C2*()J"X,T];>`D;Z@H!$M)]"!9['#J2W=11=9BV(@N MLI5!O!WT(O+C'17'MYU9C8"A'HC[YC#0;7Z3+4G9=`6YD18!'G./U+!,>WM4 M\POBTR\OI&F1Q)DJWW"U6F(^QNH`V7VS7Z0&I^Z>1)E"Z?2M2/]Z=QY]]"XV M'EM>[FGB00*]\[QJJH$*'NZ#R*HJP-OL4+8E1>,5*.)Q"*RAN*V69]I,KF,8 M1"U,Q6.IGVG$(0HA8B[8L8@!-)"@*8=/I9S-!L#4V:8H=1[(RHX;DG>5P<6- MSH6\.-/TDW&[J^'F-3H[W1RLV+"S9]CPX(2S_T>:4H[8/9_AC.]082S"1T_C MWA?HNAY8IWLET%T[0386[%%K3J"]D^/[>/"#JKF;@[D5Z'`2]^[N$A%/SL_< M:982)C._!_P#\MX?D4#F*<4+\A,E'3(P?9],L+WM+/+:#I'R9K''$B?P$ MQ_B(/I+?H_@QI,$=)8\LNQ=%=._C/>4?>.OTP$>MMPA#"[(T+PV6SZ\._>#7A,T_`U:-8"XX8-+ M](V7TN`TWH%>[&7ANFKN[X"YH0^!W-GDH.$ST9+4FSK;K8T!!]_3LUL!N*\` M''5+5C)*9PM6<0EF2:;J'4CK^8>"Q56]4$LQJ8#OEBXR?1'W(8YRW>E0%L8C MY[:^DI:?NK65=,SDT)EAX\1PZKPP;>O5^#2 M'X/3979/P4\@D2ZHHU*"G4KLK>5\C>M/`G,=TJ#-H M/(I!,?6@+7G:"M)2N^!JSA0@HQRV\T]P^CBP]!Z@NMR>T5O5D5C?%UE7ZA#I MX\%4,B&5>K+9D5QN"71UDPAP+$8@3K2)!U<:2U8/M]#T*T?(7K>C((2MZHPT M0I^.,U$'3LQ"EN[C5!2NN]P6R?W,K,'>GFZ,P`$D=+9?U0T46M%Q!?:>#3X< M^*"&")<7.G^>UM&FW4*8.#)Q5,*BL&P4DH+I6('P-B"F]*(:U/T9[(+J:AD$ MN^L?*)KF;OR-\SH[5M#GW@WIM7?KW%"S2M?+H>23"<'"@\[_LHB)WE\X6M:[6I7/LD9T,W#[(PNN-:]I;Z.%$R"KR>!:M&/+:WBP_2HF]C M*.])O,AG\`;\B=P>4A;1-'V64)F-VX-*Y[+TRED\;?F`H&'SG M_2-.ZFVYODM90"'Z>^\E8FH(UX[B9%=%Z?`VQ0_%O%]_0T["-`8X^="0S*3E M>G87-#U:(S9BJ<>J0\R\B_&699H`H%HCU&R*-=`ZJI@6UD=^TEA3=4`C]XH6 MO9#_Y"[YHPO@C"*51H&&FV>R+5+=E)(M>4(,0:)9%0`UL5ZI_5B8(4HC$-4J MF;77&YT#::C10:)RGQX3B3:K%3TJ'(O;XCH)=]GRWZN1-H>G0[H1`2_`W)%+D48:(6IF0WY MKRTT9LPWPRS@@I-W&N9,H40RF2@CKQXLY!`N/%R M7".YXO&VF>=7$*B6[U1F0P`]=$AE[@7?"WVH,P<_^O5DJ;)?;;NEH@]=#9OTQ\R08(M3-/E`D-.3*L-[SR[R"^PI>$DW'+;;% M@@TS=I(O6'"BDV3@[RF(OT*6NFW=I/TN`57E^B9_D\V<,LP@=17IL!ND1:R< M'00B@L0+KSP67$2GWI[Q<[:6*=3],&M<:Q#HE"@NVQ/H\(QO[7F70=91XC`" MI+'Z=P94,*7`B`R=NL$&?(7Y)#/SP%0LSHI:L1CH@/HX0[!(?'J^8;PI7HQ.]S2E\!/!TDV M)^Q+>H8DR.>1-E![)H#1,^J95+!Q7Q!3'!=D$:FS`^3KO!+K(FIBR.(9J0@) MKQ72N*;^(1&Q:TJ?R91Q47TITPC0F^$Q+XI&Y(A$#KF1M7$VI!H6?!7UPCK5 MR.[<+_.2XZ+F_VQX5+>0UK9!B.^^^=/W_X,$])9&V2&Q),$"J)A?)JN>RB[$ M#[@NJQD(V75E35<0SM6DU-\+Z$G3@=TK2G,2V$A&8>S51.,2354:1:#.3HX) MFG)10VW:QN&$'O-?8](MBX0KZ6>H&A:-V7?0!.68]A!+!6JXB=AISPE1&:I- M[/P337R6TLOM;UXRE()MS"A8T1C6R(TP?8IQ@&F+D9R$84Q&5JFN:`W-QZ70 M-(JUF(SGKT4B&XE='ED1R-6MXAJ(EQ*/<#0.8?FDJ4X%V;N@A5V`YV229DK56L2[OX M)OM4HKLE%SZ7-?,WGHNF;DRB0GRZ: M%92%TK^(LK@6=R+:9EDH8Y22C_)E](GO)QR#LOL9>V`!C8)!?8T,!6[Y=43B M]M=P+[PIJK<.[P+CYB8'S=.*X'S+JQ(/2()78P2+$=RB4+U#BD,P>)EQ$[:& M=(C.>@^4PHU9U M8CE(=?$O9#G,N&!C+8?Y]D#,AR7_.,CDC>E-/!#5+_"Z;1>F_0CI65.6T6M9 MMUHZ4#Y2/[Z3%[K"D%($:"P^->KSEL7)V'U64DX)N4E:KTRXI5"\,LG=F3U% MG3>DG)WDT^=;M%M:WYUDDB@5,OO7\;QH^I7?Z`;CU;ZT<8(+BV'(FR?R%8S$5?K7I*K%78VV`IF;!76!]E8(7[T0-L>U M2HCM.$'>2%;NR:(WCH\=':K![H74YK21_N\FGD^R%YG.U>%Y/G)I#LSE1*2; M^)/_?'QZQ`$9LY@D)1G+Y+S\6_CL`P6+_%]KTT=+BJCR)#VO?&*>GO=\J9DX MX///(84/)U%PLH.L]O_LO7MHG&`,NJ.>EHW0Z9XJH&GMK8QYH7/C(9!]389H]?I>JKZ;^HNJC?,B13,@ MV*Y3GE>WJ7&A*%;,4E_6PXF*^T[QIFSXJ1VVO\F&;?M\318\BUD&ST^HE](S M*O^M[;&Y2]O`WK88!+54G@5J7::5GOX0:ILG3+C&7.S=Q)>,K:X2)3 MK)>FE)NPL'.OI,2L/7-V2_%9S)W=L>8ZW2"-(Q52FK,#1. MQ,8SSK[(^Z[#K"@1L;8F9,\56A"#*%T*L?$/"50`RFT'5P6VEX)_);9.4SXL M3)R&<+@4]1-?G.W2*^\)E`\X(63`W[O*T+22?Z,!G2H%0Y0--44Q&LF'D_ZU M/$#UW;"U[DZ#C,2_1'1?0[2((U<<2]RI&F1$W>HD&T'6*RH+*7:IO<[RH.2/ M](%&R@A>?5^G.JF+B*'Z*3J2O.=ZU(P>I1+V9&[8IVJ.Z;"[508#%I?QD]W61D6`D7&:YU!3].#G=:B52ZB!YK. M%9RH&LR]EE&C:JEMRL'6%50T"^KMX$16XKIJ.35@94-YU?/QA(L8?IP0L45O MX^0BXC/[-$T_TI1R(MQ#;4!N=83Q'IH,WX0=Q]9 M#`Z$"O4+/>HSEC@W.P&Y7UVTVQI[U=.XMK'6.WC6C8"&!NE;CO"U%]+++?^& M6UW9TQ5?JHQ#!Z4AA[3JF%$0[1D[Y#K#1,68Y6ZSS3#'/66+]!XB9 M#@Y.'1?FRR=,FWVQ?+=\^7(OQM='?#R:?BQ:BXIYRR(O\F=R8Z@&CZ>X,6IV2)6`661DT66A-^F*YK@P M0D-M4Y=IQR$[H$C;Y3"[_$2$A*2H:U2X<;\<'UIF/I=1>)7.%A8)7XM`;Q@U MX8?AX-_#W7F1GT]D-X2JK/N$!A1B4T7=ZGW"?.HNH-1"K31]$\8Z98+..PD> MH.P"S'%6//SY2QP&O?6H=3VP-)P2Z.YK8=%8ZK6R.9'MG0B^%?@7/:':\'8D MQTKZ!4JL[I?!RDCNQZQ*$0#.I;07D]P!"542Q)NU\FV:&Y\J^LJA*2F]'FCH M)JT26./Q:99CTSJ/2_,^);76F9B;B" M+/:]F^-;NE^007R@U>!N5,X,B!;H66&'J73&R&5;[8P02L1\E(?]7N;L]L(B M#^!%Q*WAG3#"35)3&HZ`F:72&*E.GL=:SRK/(ZEU7H&/=R;TSECJAW$JJG_7 MLUK6L7WM-*VE'6]V,EQ:,2;F0Q29&@023"ODJM$,]7E)`[S!K"_PN[OW(DH8 M!2OO(3F\C"N2C=T^LNBN>?<]16?!<0U0$)`/'!_^L;JPC((>^[A2'08;Q.2A MD0W5B63H9488TA<+64F/M:/$= M6];,%N&ADJ9=G&T*D[FLD66DL715KDS4U:R*]F(F1:L9QYVBU2)HI&B[M=[6 MJ6BG8!O7L#T617N\^(Y4M-8(+U,[VJ&B-=-8&D5KI*X0,Q87I0B;8(%EKCC, MJGIAYB56`M])-U&TWK15ZD:X_9PE'[;"XB)-#R*D@0M5HU`M5)RM5?KT3EYA+9LA%OF0V7SXB?0J#IEO6*ICN!-FP0T5Z`.9F\#[4+1>@>]E M0110RU!HF:A33$+'07@2<)G<>5&>TYSO:RF'1^8:?>.E+(5W9#0MS(HWAY1% M-$W/:.HG;%_DYN\@C*B8N@I%W-OJ#D/6)W@Q?HXAM3K0 M+U$%!0RWQ?)&#`#:2:P=BV3_LIW#;7X)F-$.BBJF:!P&%1PQ$T^JME-%8Q=< MJ=*QK25VN,NL%6PC'XXIW#=Y(OB$BCHU^85K0D.97"V+R9W`S)=#N7/)*%E] M4-1FU/\7`?7"-RQ.,TXOW0;0WQBMV,4`J!U_`K0C14/7>\#L4.-5,E"Q1K-Z M@8(OYN)-[48PT-H)=ZIT4WNAG2M58\C[M:H(Q1(XW18X>7<)%4Z[.=]9C96Y MF=;"C=BI]P0ERZ.FFNI/MV/@3]3WQ4TKI46DYT%U/6U4,VO4"OR,F#@A)XXR M8[J>=%%&'+<"^:GBPTR\BE;#K$&J^M&S8\9Z/.4*?'=KP'454JA@76.!'.;; M"4;E.^9#XSKA7I0#[&,#Y`X%=6MWMD, M=$"NEF[T^D/41E_5$Y<%0$<-,5(R2U_5\DEO2N;A\'=Q='=#$TCMHG3;J=LC M\O<0P!UER-L]@X9$<,L:#AQ6H&=&H&/RMY)5VNRMXI,)5E7^7$`&MF;L-J3- MX#S=`<&X/Y;%98%0YR%Y\7*DUKD3KN_X0.$./33KQI8E&[:.)3\N*#G:XXGY M`&N1'96.->,NUW?_QXVAT8%M"HJ*T`&.8187;SYN"20)I3M1"]:OD:/U%,1= M;(&U=%IID=DWX(N)&[!!?UPE8H30@(1=K'\#=H$>LNR8LV2/Z!CSXX*28[@! MFPRP%MDQV)XTW+6.#?A8,;38@,>A:+H!7ZQYU[4022O5XN'E3M``WWU+ M7V4_T%_T.W@Z;K(8K8?BFI7`??QON1[#UWC@1$TWQ-O!HQS^(?)$`G9XO'S/ M1Z#\JX3=W6>IB-[8)^R!A51\'53/M>&G.+NG"=EY&22GJ&]P`]D"L)_1%UA? M;CGU]C1*!84_2CA/XS1+KZ%BQJV7TJ`HA&ERG35M8-3'^!-)T'VO7W(2).:L M#4GR,8D8=$/$L,_$N*0LINI^WSH>BN#F`9A#5+JI`F:0DQ7JBS=U<$VN!Z>. MO$:-,4@$A8!U1T]5%W=[^+SH7JQ$98!=^J)&]UK('S8!3 M;(L3OF08,%V_L.@Y;H+1]1\'+V3;)Q;=\2TQ\?;TD#$?9HKYHCU=)?$_J)_] M#/N+[D`Q8B0L$VT4DFU.JP8AM5%(.0S)QR%B(-=GDW6AC&8[C6?GADDUFI=1 M)%%[+!HSU/ID4:7V;3G3]0GK\\/:Z%`V#]K#A[4_*H)D-8($)4'V.4'N8`YW M1[H)LCU2+[D[`E[?QTEF\Q9IH`-FD<,AD#NQ8-!P9<^1+(%?WX,D-<-T2A&J MN`6S\J`?[^B-]\GJ7:FJ%VI=0A7PW3*%T)KPYNOPO>-@@5O24,M,W0J'.DYR M*@LF>E_9S:TT*!.8]3/2"G:"Q1%Q+!/:O<&`H_"DXJW'DE^A[KAA_B4BRB+(Y-=0]L5448,T&CS5A%" M)OJ0>J<5["!8^&!*BRFKM07&D,_>7=09=K5K!O+(>!2\[77X%HN`>/]QO5U42IM"<3 M]E=V0Y0`#?@]Q;?K=?ID!_*W_-\5R`,6/IC28<)B;0$QX"]$&?'2^Y,H@'_@ MO?Z#%X+,6@B+47],J3%$J,-NO(-XA2T^U+JN4I1<(HDJ7S;LV1$T"]YTX&6^ MW+YED1?YS`LO(FX>BH"E'#P3;[.ROPNOLP8AAF[#LH!?;@%]1;4.?3Y_(A[`L_?TTH0'+X)/:-!SLA6L9*H#O,:2JU@0: M;8CLD/^Q/AESAB"R[:ACP1[34<-_F+YM?KP[T(_4C^\B9G?$TO=%]6/K$>EZ M=44?4NNT1CER@!JNM]J0!;L^:C/^6T')-W.A,AYB#:7>]'RH+'VV1F%;`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`X/%<,G0?I\@-I,;I2,)Q$Y<[& M+9T@W;E8999]O1^&DT7!T$7]U6DY]4L M`V;&#&K%A=UQ1K"SIY!/KB]7O:X4@D?W`M3E,M""R"?D;-$(7FMD`Q>!KQ9(7W#J\ MWDOQH)SH+-YYK..\R&%N-$'BOA98G5=%^5K*!D[8;AJ$6/S6M[QU9NM9VPEN MX_=^]O$^#NA%RFD1G,;)_CW=W=*DA['4[;%([&C$_A5%CF617S;FJ+EC, MJP:[S0!5:U)KWL/`Z%Q@0/X&(^AI/T6%'<*,^30,+W:[0Q1G]S3Q]O3`OTLU MNDS;$4VI&:#040]%']+MY%K)C47G=``=UTK/E,.:VL^0O1`?ZO]QX*;#>YIQ MI7P1/=`T$SGE'B.:I/=L?T43R";EW=$>B;$?`_/QO@5B';-/]"6R,ZEZ;TC9 MGU0#.'O&[PQ#U`?]M@S:>=IOR9VH12QJKPRSOGK1"JDSZ8U;U,(`F9[:#_4G MJ)S_^BN!.ZQD@8@5GEV<7D3"&7BR@P="*NGI;8]< MZ*P/X+Z:7YQ_`N:3O"F1;5T6+[,`G+?4`([*]2HVZ2M`-L0C>)Q]$F4L8.$! M[KFNP<,MO-[GG_SP$-#@+4<1PF,.TOR^W+8SV6@E89[Q$25G+H)T4B;4QB75 MP*08F<#0I#:VN*7NR8SD5CZ=D6?;)D]L0QY,+3"K2+6UQISRA)FPM[_L^YNG M^B\#%UPC!D%-WVN!6C>WK6A"1!M']V-HB.`FW[5EN&X.7DMN_XS#T3F.(E@(O2)QH?.&*'EA. M<"70G0`!CXC6!)J3LKUCQ_<<*#CSUG+,V/@')D:3^E=^;FM>^>W? M*P=?\2[@_!--?);2JX3Y?4YLPXX('&^,0C>/<=&C?#*S(44G(GIAJVI,7#"D MP8Z]"J&PXBU$7UGHI>GE-@?F,OG([NZSRT.69EX4\+.(RFVFZXKI0=.CT?%) M01=H*"6Z+8AM8[./&OV".7OY1(*1@*$@,H78JEX?YN_$[-"9QQ8QI3( M:%+180"9CRUDY&/BW_J1074>&A*BXT1A9>*0HJ/T*1>[ M4=EW=DYNZ-VE<=KBX&3RJ'TZ5OL&5OF62NAB6!D=*L>B=7-/B>^E]X1%VS!^ M)'Q?BGTF_"0B(S2\.*_R^'C"%W0PV=<)_@Y<@[35U='$S/\1N^+#_UD;#"Q-X\6W, M;2\94=<87WUOH^F%Q:%:X#MOG:L.I,T&`U:L(6^H.V&QA@[TSEVN;$_R#FMB#*-5:/"%R1),8(N+B&4LCRUZRY(T MNXC^\CO-^'=)_."%:NFR M'`7M&&.+7.>\4`X@RFY50XB"6W(04HSBGO?&+6;SI#%F):?4]HPBQL4_]9*A M\-_>9F@U-SO@=0/7RQ8N?3!S`(K&IP.+WJRAV+OB\W":VO'2;>B`VP9=&(UE M=.EQF0M8%URG<+4,K?X$SKNY9TE0&U>]EPZTQN+!06"[MWV\(6FLL.O]3TWH MQC(KJ3S)J79(LGOCQ1YJCN=&&P*WZS^#ENM:;PVQ6PXS%:414_IF7B9<,M<^ MC;R$Q9I73_WM,9/P#@#2_1.F> M^FS+:*!]B338Q-5[9JBK^R M=3`5*\N;K6EE.\0=6-DV9>=96=[.6&KKC1VL;@-4U?I"PU6M<)?(0VODRB_?1-?TS#DMGLYUVG",IHP;VC9#7MC\8$Q,GVY;DC1D]S$).]+ MRLZDZ.W$$S038EF)V&8J9J,A-*9+.Y"Z+Q;Z063DBK=D5V*SET`0/Y]2W".( MF.E]C0RB-)<$TEVDLQW-&MK`2O"FN'2A8L^)_\>!I0S6X31.L\NM^`(R*HEZ M/A(6%@QZ>VW&0',$VR'6<;M"`U+K3V``>)E8#%%4?,8= M/#G%CH"T],[DY=C"%-T_%N+XB(:=)\'U8@ MY5I-E"0^)`G$!$?!!TX:^8?"\V'2&S/%F1$R'1[,>Y&\F[,,9(M`CYH@S)R9 M.NF_C#EICK-5L8=766S/:,I-EWW?Z['.H4'=&_WTI4-F\#A66:A5UPVI=7:4 M\WPL8E4[V%"*Z->.C9J2H!JFLZ^@V`>C4;S<;L$T\.X\%G'O((.P[B9^\ M,'NJ$*1>$M&.18!_O#:2L_[SMHF0S?*L6L[S-D[>>BSDU+R)3_Q[1A]H""(GH]1'60=/U">"YJH%?*A6:4&&U2BT# ME73*QH>4DKLX%M]D][RAE\:1J*A'MYRXZWC:;$[^@1?.QH*.9\'G+R+@5*&Z M;F\T0[3)6^!U4K?E;U/$[ZXL[RDP8MK7?4O=-J1[UAF/%]]SLX2+BL>QT?%C MIRDB3_:`V3&2JR9N>7,.6#%Y=(@%VGPZL/Y34G6VGH;]$H$[:8@/M5W0DG4J MP1[21=5;/ME^(28UR]5IA4$.KY\[-,,<(:]$*#@D>7H4LJ<)BP,W9[2)Z[)1 M+@Q>*E*]4#1SD6HE8LJA*S_3:T-$/W'2+7MN"/1T'`V,C1>F"6G! M@&VKTIS[5B!/`)$VN-BD]QKDJ8',*+YS''Z,C]DJ9*K+A,8RU>'`2746;LMQ M=?45.BWQZBKT`-DM1G!;<8#[4,=APK9J$`Q0=5!6]!'*0/9:$T<8+TOSF9GAFJQ@7_TYB=-1)JKLN(;=M$#! MZ:DL#L/@[H1A>2]W'/%H:KT8P'-5J**8]+8E$;\R+RXV0?)YZ6.88[ MH#TA48#>#/8H>X4NT\& M>>;W!:?QCN\9N_[P?'5[-*MO&.".T9<'L!:W457C:K51KY]FAGU$S*!NN>>( M#ZQ%U)(D+_R:O]+SRPG%O5HKPC@O,08-._?W[N+\="1KFN@J\6C_-]$-!FX3 M.1^C:2?"V>#I@<40?W^!Z!RS0:SK)A,^LK([Z7F7T/L6`541S(OCI@=)Y8L+ M1*>@#8?U.PC-*?7MGS&C(::M85U)QMOFDPM@VY[W)??>`QQ0O(@PD?,V)*!" MR_J,&4UV*631II]\FJ8P*G1_HE[R39/-\9RI9W1+DX0&'^D#C0ZT_,>/[R)N ML?:],C;NBNA0-4"CN[ZR"\D;;XH/I.KFRJ6*A`ZF4]64T=IN54,NFRPUZN>,D8_\4:%R) M(&`.;$L%#+NZ#?KB^;N-$.G)BU!V([*?D-NV=G>3W6(^G+93<1H)VVQ':$B' MX]41VU>(@9`$!7))O@NW3L[^*D[.-E1KW648RYHS6];<='5HJ1I8WO(S(-]B3;,F]_9SD3UY`($VC\AFI&JWEG3*,\/O M)+^RBHD&\RPK.`A/#EI`:,.A^]LC\OT0P#I^<1[?/#O@F)RN9),VAZMX!(^S M\RK/@Q>Q_>T0.;D-8)L1\M^=7KPJB=E>]SY*3JD@1OU#PL#'>\5)?^_57D4. M5)(WZH96(TP+?B>I>MF#%%UJ[XQ=E)"?#Y'-TI@8>5[L4;F1=[$B,0MO1<'* M9A&D2"1IA>6^6*[:*VH^GKL#I:'L-"NT&0D.:GRY3VF0ON6HG<819]6,W8;T MC-ZJ4B*J>N%&EBN`[XG$%JT)+".IM2?0P6%`^5PX"XG, M/#K6UV3!(R8$X7(]7"74;G&0`^1UV/=$QVO$`]-/=)M)&$19R(3=L<@+X=NS M`P65<[D5?WA/[^,(2BP%?Z6>RI0;.2"JUVDDREV7SVU&JI$VI!A+,.6&\.'$ M/@MW3"YU"#["<3_"N#ZP*8S==96-YFHW"0P`FHLHS1)AD+WW,C`KG@9L=H-. MR/(Y"'HO2U:M-Z1H[\161T`!6X;43-0G)TH.FG`6S8^VYY]HXK.4!C=Q82-# MY&(<76>Q__OUOA<:C,$UAG5#JTA!T79'?*3EB=7.0(10Q`YAIM#WS0D M/QS`FP&[RJ,<)R6TQ)>?`\NCGR_Q36$T-SE[YE[-;&`U-P/+B7:Z'2&-C9.N MK2C.%(AYS0'X90_5",J=?3MPM+7HC*4X3%'I.+?S?B!/!<,=]J*.2-&W M:\"A"A$J9B,"+*R8:.%'"K2&,_R=:TC(2+ACH=9&S&K<.8"RM" M-M2'C2A.>D9:C7B5Y/?E0C7E[U5OXIO$"UAT=Y4PGU:)VH=4R/@!\9ZACD>Y M^TRUY#=^!BY'RPV2X@4SMUCR$8D8LE:*P8VU,B<)F@496D*X+RDB3!82YA0! MV1N+2 MYZ]0R@IBR<+@'X=4O-5.;^*3(!!%%:$V"PLNHE-/9%MJ72W^QK+[ROAX2\$W MJ[H,F&T*S.*'\Y&E\W*C&EJ4@"H'%X5'^69&\O$WG>MI`G/4?1#Y+,Z*+.)0 M*>M2B:FH]&A&)4S;8&XQZU1\G%?&$$/WP3'[QDMI`"&F-$K%IG("*O*.RES3 M59/\K=T)WR*"2^'$2G^6NC1_+R/^@DNBBRA+6)0R7VPK"N6$,S_F4P(D@G;" M!&'09V)44I^9U*8F;YY(O5V1Y47,OR$Y!!OY)#4%52BAR+^1(0$E)$2`XNS) M@R,ZO_584M6,K]]3.7T\@2G&G4<8B#(\)01Z+)B5EA:>G+:[9^A0MMA\:$'7 MRQ&L5WL10^U%>K17W=Z0ON>NG]I-P#<>$6LD$,YF4%`MQ[2C2'$\&GRD'.-4 MFJUM%WU.$H^D,)G#>/*%%5$S$'U9+70$EBKLV&(+.>$G_IW<W"84] MAG)^R3ZJX^F6G_L8+%0+0BY@G0K#2WJI:O-O"$!```12P$`^.HP8=$%=08(M MD(`5)$AL2>`(%?.-AFY%_K$X^OG``JBT.^K#!3!-=B]TN\HRDV)O)TN1#E'`BZD)S.UT]\`B M9HEQR+;S;!:+2M`Q[!)*)D+?&Q9=CMY-84EM=J1'C0*5,_;``AH%F$>-WKF/ M]:@Q0$@7TEV`\/F<-`R)6R+^Q&AHETG6$0;'MW4HF>MHSQ>JY5GT?*'0@4>^ MH_P:AWR8D&5/+O:4UNS'OJMTB.E"]"L@/K^=14O@JL$J]Y5^:3NJG47#7D>_ MM_0O$)G303$^BX"I.LX1F+)&T MH!'GWBQ]\W3#LI!>;JMA-,D]G8'D(.^M`[(/IJU]$T>'5)2?O4IB/H;0&.(A M#F\/=RQB1+@>K\9TG+[T^,AX6Y`Q-B"CBXS!KA3!4&IB1UH`3P-WH`#4/L(3 M7]@F[MG^)CZ/,LBAH:'8NC)MZ MXK&#<:;%&%.+C&3FMO"/XV0\F7T30Q#B]HRK%)]/D9[>:CH@2 MJ46AS8ZB@TB>4'0A19_!Y+BVYR\SNHZ0TCF0P90C,T*TQ<:(NZ847Z7!P:?M M`"]]R@-M/[1BK'H$NG&!HDLW3'3!%`5&M5F/`Q6C,,]1N#3"-1,807@]6-2- MW=R7(SDLRVHH.\WRK&:",Z7<6R,VLTC`5$PCS.FAESAV_=&*P9DCU$TQV\Q) M4:;=*J4D#R-?YOV*6=6R.="3J4;*G&FED,CX9OE(Q4W"D?E6;]-:ODVU?IO^ M!<2KEV38"-U-J`8.,);64;9>'+,V\2"0PF2,;DG;H%>5%,B##Z`Q) MC52.M=&=;]_+T`5R_N\;J9.ZN ML;B:8+7IEJ8QF#KQ4C.[9&WX8TG"9*J$;-,Q&6J@"1JVO"&ZW)[SLUH0U(V^ MX4P-YGVQ=*0A(KV/8\M,(D5/92X`5,G$0PN[XKT%XS4+W9MQ'6J%^PF+5#[, MIL4BU7:;K>Q;,Y&]M-@[$KJ'XI]\,VG5FG&4J"T/5DJOO"?O-J2G!Z[.>O,_ MZ7I@WH8.`CT41IB2O.F&Y(V=74$N`#OJO9^:83K7Z(CA5OXQ9\)N"2!C#G2^>YQ$P0=.D;%;2;.[ M^WVEC8Y64:]L;YD,_PKVEUZ6,MQL^O@),?&>+Q+^%3!Q8/@WR8$&[YAW"X%\ MC*:6N/1[J2(RXL$Q0"OSD.21\+'Z:^ZBQN6T.U5Q:9[[1AE/56V+PWJ(#RU74<=SP%1G0> M5(Y_8[K#3+S-:[ MT0YSO5L`=M9;_KZ.]>XC9F>]>RCIZO[@UQAN\#ZRNWMEX2)%)V=W!2W0M8YT MV9[(#NNX%9@5!7?^_SXF4GO]>S@(_Y#V)Z`IQ>*(>!3CK\E)557_'YXMY,(Q'8(AK,5@Q9]>6 ML.',5;,HQ3).'0 M6OO=MIC9BGH`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`82; M)FF5[_/KU1ZT_X6X=%4[VORJUWI7FUWO3@B]G^E<36TW*<3)L<+_L4C9*^S$ MT$=+>GRTA:A7M^#KVH><4E=KVE=$6\<.]%^\.)&^1BG+71$8BFL\YEV>>3E! M9!T@+RVJ:^0G2\Z`E&:R2(:7D<=[YM^3.V$NT93X7D0\_X\#XPL!G5+I>8;B M7,D#I_8V3@A+TX,8B:\@O-_A7XNDZ;!`?*X\B+Y1F0.NJ?.\@.$3H>4J'H1' M6TQ4"\`G>PZIN]I>J+M?XVD4YM:WHH/OU-MH1Y[O:7"MZ7"\\`(X#X8YUB,T M\KH86#4BIF8E-LV_"!E7=5#&4-7HT4R?U6Y9N]-VM"^:0G!$.Z`Y4='B7C[+ M'>V_Z.P@9FNV[4V<..L!;5B&`N(-^O%SZ#'9$Y:;V8+Q8>NS$6[U>-U:7Y%_ MI)#%B7]_&D=9XOG9P0MO:+)[J;,7D*'!MAW0B8V6%*6C/4JH2`TL`G`YM"F< MT]^03._8MAG8X]0^<$XUO!@]O=")ECZ>?7%XOQ_"\<6"^^(8 M:(YH7QQ';+2W2)_]OC@/_:WVQ;6\=7).-;RSX.>Y+TY0U'/OB^.U]/'XE&M[ M_P5'A44I\T5I=IQW1:TYC\AOK"(08!+"_7U MG,Q0>6J!\]?2/.7F3=1,G/6YOG^:C3R?Y5NG_IUQP==-O=OB41ZVFY@@G:G; MDQ[GT;E+.K03\GKL"BQ2*O3;YW6T->6J!4ZP&JXZTE/J@(9;\##:K]X02_)Q M=OG@[715AQO-,,ON-<'K5*GC?Q'XW7%]L(E@HI;/ZUGP3L&\[FKCK MH0.N'*P[55MPQ]6S9@#5!7>JZUSUKOR$AY2R2-8%AS#*V`.%X3GPWZFK%ZD[ M83U7NZ\\EG9@8CUARZ#I8HF(V#T*,L6$0%R/S:RC[.'24;`I86"I014YC$S3;(:K?-H`=^U\\1H0&CLV"R8!BJM[>96]KWKXU7]$%R>#K M_`KN*#`V,!:9;DW7(N/(I>)BQ];.>C!>E7=T@EC,ER!#*Q,3#+B/=!]ZOI@_ M/V*K;;?!]EAFFP+@-K/5FI8/[-V::A.!W[DUSW2\TK#,-(R"M_6=?Z+^`8S# MR^V6^3315M$=Z("X_0R"W#F3%`U)WG(51775%&_K126Y)VBV?#AX$BF'3"^W MUSZ#@P+_X21X8&FE^>C0):+:AQ2#$3$ M2#TL9EN0:]KZC+!ZED`:6?F.)E=#*X_E93QU?<82ZO.QM6JZU1!1/7=`;+-7 MT6`5VKB?H&TMW$O-*8[!W3Z,GZBFCGFK%9KKKPU<9U_-&[@7^WXZ-GU@?41< MD6MAZ%@C,])S_0._IB>'[#Y.V#_5)>QFGVM-3H41A%H@%D+.Q@U*V2@EU82K M=4[,1KE)]_TYY6(#RJW*R3%60&<+_=)(Y_'IL@>/A1"C\#9.1%I3!)76F?(( M-5L/V5`47#$O)-N2B7^/7=,94W)FA5=2@Q;1]-5DN12^.4N.;T"S7 M^I`BFXI@KERYY)FRJ4@EFFZ@$,>75]%?H_?1V4WT%_[/]9=$Z.;L*/6Q,3O- MHY,[#'6L:GE03\VIFH>4U!$X(DR*J8@?S[R,OO58LO0S=UM(CL%M,9K(2SY= MRPL6J7*"BR8$@"(`U4+/VI">B<]%_7F>>!F4BS*B_E&X1Z8IF;E?#(_3,(A1 MX:$8G`;]B/+-AG]4J6##`3#CR$U1ZL1_%AW)H.K+.SN+/)\+M1Z],H`::JRZ M%3-V@MAM.!$QQ"_W%%U+OTX_[M2M6LC,I=A65+Y2<;*J-&I&(JB$Z`*Z)V^`QTKC3CWL9) M_A6T4V5,00;D<]#"0R1VIHYS)R!KM]CGQ9!1C7-`N*VAWK"7BAU763!$:@_IJJH8> MLWM([]M[[Q/;'78`DE(_SS,#JG:>BRB]^D:C;@K5W*-MBD"Y?))EJM08J^5% MB31/`-BBA#)7R4M1ZN:>DEV.(JA0T*`04BBC"!WKT5D52U>+SJE5CB#"K0SD M.$G3PZZ1%GBYRM_Z28\A;LV$=`N<_ZMH)U*;>'/LA:;'4W.21A]'S:.(*S,6 M[=E"R$SE^@CT8A6T#.%N2RC!U@S'H/$Z1%E`O=5BZV&2H]-CAC2:I+0T-#H* M[=0O8+.IHE[I]%Y%:\^^4:&)H>HH`/61TK^WUT*_<&C^+6F1Y)R%DW!@Q[ M!(Y.(RTYYZLTC8ITN%5`W+?/0;N)`42T+4,W[;%L'7KR+;>%%'.3FUB(YV>S MF=@3==JF\LC"$+8+6A"4_P);S+_H!C.2IV=GYCF7/41!LN![L\PFPFF49HE`@&^^(O]3=L_WW;B@ M)<2^TT_>;@^U.6\/&8GBC(1LQ^3VL+>C=+;;G#,YW+'N.@F"+^\BJ M+:>:]RBW'%LBSNJZJ>>W6)".B-Y&(T)6/\*64V4];?$8/VS`V2T3#[#:&]/1 M[@8Z-;>`BVM0QTW1]K`G7Z3I`4[V_W'P0K9E-'C+(OXW/\B\9R&?.HX@Y^I5 M$ON4!GTO_D4XI!R(E".)5YO%6&Y4ZBPX%S\1D)_F MT_4RML)5XM59$+RY9]PJ#J7:3R@W85-A%7-[.)/^+6\7'R!UZI;LRM4%^WC? M(`TKV`+\8(),TF_U1\DEVP(R.]_5/&@;DSZCR7"%("L)V"HD`$_/CZ=64X6/ MUFY'$"23"S2'?4M9=N`<6.PU2P3,*&8[AN`9);&63&57F[$RW(\NKF8$^>:Q MU>OD8RX3?B*(Z]S)Y(9E=5*15.S@0W9A2\@JR6R'4KGL2B"ST60QE?SN,IXX=8!/>2T"X//,T=Q$<6WK-:7;A^?[IVKYW'DZ[; M:%V:&HF"^)U-U3P?'(R'?_> M:48%\7U[_ZPVQZ_X]ED+@/FZN,XDP2$!72SV2#'!$5YP&FBE>57RL$J:XV*3 M!F=B4>3HDKW%C\7TY2V6]F+38BCTBTTK-(>O=3@/RW$*A9?K`]FBU(O+W?Q9 MW6Q.0[I?TY5=5J#L9L'S@[$6HR7J-3WF'Y($=D;G^FR\0/=?Y%E+LTL343R# MK4)`%C,/V_,E(B;][#;D\"7H=*=(54FI2X0IY MI)QM?/!PA&%3A294>/CY7U*)@D_$`V?,(11A);$OE:P,'O%$JB86>:('?0#^ M2_?4EX$6G.)0SC?Q_.S@A74W#1\[\YAP`N8A=_4W5L>:.4^C`.>U1/NUWTIN M(%HEO'3)G7#G/YI]PIR@2'Z[3D&\A?,_N;C_\>!;R!R M\]5?N51[=&E)'.'3YL]%LQZ/+61I%"QV@6)@$3B_5J'MTJ(6MQV?Y;8REL+#Q!`:;].\'_ML MMI;1Y"K8J;H\DSM#[^[Q.6T75OIP;C^MN3)1'W M1/F6N-0-IN%=\%%137='[/(R^)@)V;PD/K*2>0L1L3C<)R41ZZ:2J+LGG`&% MPA3OZ1HYK^$='/GR*OIK]#XZNXG^PO^Y_A(Z[2`'42,7YY=7+_[Z_?L7K\Z^ M;"8K*LP]\%OSF85]%U&A./@([(&2'0?J/MV(1WK9/>--*;>VO:?N6[OUUP&< MP>:8IV+@=(-C)=%E%QPX%J7,7R9!M'[&H_$]J(B&%-E0SMM.;GS446)::I[< M\6/GG9?1-@'6O-NOC3BKV<'1"%.F[PO8=DNEP^.69H^P_VT;:;-A&Q4^EO`) M:*0,X8)MM'49S$6$S2'KO"W]+W- M-NJ&F-Q.`_Y@DD]H7VPYI9<6_;WS5"RV1EA@IGHS8:=VSC8#7L*3AW>4R^Q) M%'P$U1X.IV13MT>4@"&`VTQSR;=RZ?(6/?CY"'JXRJBV+/28'*]DF#:KJ[AE MPOF(2]`_J)^=?&*#^33J3;!.($VP>K08_$K^!K__7R=.TBD`HMDV/8O;,$:Z M*SN=D\YB.,MK>"EOA,Q-)6B#RR5;..4H=T`:'4M,H90-7'-^DQG[>+_!B1.X M7Z:[AB/1S3W?;_;TD#'_C*5^S-?^*9_L/54E2+09`DMR[-!J,T/5F]2ZD[(_ M*7E:#N&(IY&0W(D1W)UT1[!H0V+L^7/*;E(6\+C[SSC@XRVYB!YH*KRQ-]XG0GQD?\C(7QY:X6%.8PQ7!^YI M:%88A8"1#\W)$$J8I_`1K-D^F]OSY82=L3/9191!7*.X->6[,`0;/@WMDF:= ML79,4U0,1(;4NY*BKY.M="Q6%P'EH+]A\;/KC(KM2.XZK([9?BG,C';8L:CE M]TN>3&J?Y_$/BE7,^"IZ;9S]#:3?,7FYR:9Y"O6#4L/P1Z+Y1N;<,Z7^C-P!I3.&1F"`^0809\_WV$R`P;SN[I[9+- M>Y$QXOFR)RF[KD8"C+"J$/#F1^`GB4`DXJ,&8[861\"I=`\+BE;4!Z7$H=Q_ MH)F-H$-SEY(MP3429=X4_*9KENA^;`#P'HQFAUI4$L>%V:GDUEA=*ZH5G^/) MIK1K.0@?*:#(0B;XMOPZC^=X0R.Z9=E)]I8&-/'":WX M>1"UP=P$ZCA7Q.^"?9LS;$CMIWP6\E4^S]<;7.'J0D6$:RV"EE"JISK'H`.`LK>\9G#LHTR M=-=V)/?Z0X&DA880HXAH=C%.3?S=!?Y.1UABQ20NX(.]E?R[(1$5UYZ%S//? M5BCB.OXU%&(E\Q;_3;JP&9CXK<<2$;A_N3VC"7O@7S[0=\R[Y0V&+W#YU MH3,656-9)#"4?+,#!X!J-%(.Y^3.9R[$3^_A'0@\=6V^N@DJ1,/%$#6Z`IH+ M4TC>PG5/`F'-Y*N`RD]?=]-_`3%$D1VX1A55,`NB#)*(16F6'&3NE?+)KY>6 MI&,](1Q+>TY6PR9HEV>3]%[C,FV*TIM?<7]^`QCDY((5]60H,#)(L\9`?93OR0 MSR?3?='(\[,\DB#T'AT&Z(W6&28*3ZLPG!\JQ8W72?"/0YJ)[=?^,-D9P?TA ML@=AED\CY><__C?$.^F>#6_27-[^?5S_';S;!P8Y\#+J>YZV+(8"I9>W? MKL[R5'5I[J^N7,Z\3!FB9#[&*F2CBY@-I^558:3/1@RP/N%9&L-U2-<`@YH+ M6S]WXLE>>9?^YJG\^!?&H4W\^Z=W]($36GV:-1P`4>J,46HS9!5CM"%E!\?' M711D,&7)CN':@F3%;0ZDZ#WUTD,BRS]U`=0>FNW&<2%3A@BJN+$^Q*8>V%=C M4\<'[Y6@ZT0N;5AX4#PM^->!E%Y$^T.6"G7Q8M`98-++A03V`J]B0-EA0T07 M\L+IB=QB*09Y:W`=W'+2RU&<]'(=G/1R!">]7"TGO;3GI)-92QL._JT+@2Z`AAV<8PSZM8+5) MPZ(^*Y^$?O?Y>1E17XY':@-N2&W(AEE7#3M_%`!-3%ZD?_Z$,'Z8G3B2#*1R>UX3>DF$`6+R?5%!N23]+4%L4\ M))_(E:+X'&B%J7D6$+RV(II?ZO#TTO7A-J5_'#A0YU`K_H;/I_&B#_5`U!?# M0'<>D) M#@/'?*]V,NNXQQGO:]TV_>W=\?R@JZ;#+6OPSRBIK6$29SZ9V^PTCK@\I_#6 M+&%W_%`5PK-%UQ?5NZ)'I'MCIRDDR`SYE M^?)E$3)V=F`M$:Z/PU""NHX,,_%QI0SDIPQ27Q?N%5$`.+U(TP,-S#6#=B!G M:L(`12U#EF/4?(X;61,^)7*<=0B<(V3=R:(I`ZL%TXA[9TG'==6/`=2=L)X&Z$#O9"J!]J36@>0]W$?C&ZU"(S9?OP3SL,R!7G&"\D;/->RA[(3&'AK0.^PAVI.R`X$>!+HX+L@X(R*RZ*([-C?A MIB:;&[`2GJUR_@FBE0\LO8=%@SQ;M]G/W-B%^.4/E']QXWU26"A&W0W%HV?G MM8'.1KJZ&9_J\T!.)&D6PUSD*YCM:YF3G/]RXS99I@U)VCNRQ6I-4+#OXRB[ M#Y]$/?/>RN=MY3KKY]T5&1OC[\9[Q+[B:S1-QB7Q@0CQ82O8<%_Z1RJ8[?CC>'78D%+D> M]]Y3'C#`61H83M8Z`WP@\Q>D%CO6E)WE#=:D:UL4UF4MXBG1K? M1!KYIT\%U0^<\/EKE#A2W4A9##)!D5M#.DF=%[.U\[B+DU<^):GF=*K/K2G3 MT>JV"SBI-N5M5AW@\C,=X])"@RDDJ7%[R7#9X6%+U&7M>,H!C MTI$I)W$U@?13R@S_MW8W:4L!K]^CZKQ2(A(*1&J[BEWB^:6PT>1M&5R1N']% M\`YD!O@WSV0Z>9A%4C\VR%?"T+:8R.%729X#65C+%9PBY'Z(Q96=QO.X$2Q3 MF+R<0)ZZ-G5N%Y,XXW(=1?O87$TN7#[7+5WW\%L2?B]>PW#FWI>K(\Y>\Q^S MKI+8IS1(WW+:0[0)Y/>^W#9!/__DAP?P(_$?0L^GTA&2]A:XF&'0T9(R`R;3 M)$D"D">4SD&`56S)&"G!$#\6@!`!R21;"HT&.O.Q20M6HX7O[5DF:JD")6B= M$ON2$C[`D]^R[9/X@04T%;=I'DGWU&=;YI.`P==1(+V8<._F,>&#A`U!.#RE M5S,MBNQXT5/9*86&=:]&T1:NX.2\F?<[%9=Y/@VH`)Y+9V^?O$8;?U4N>OJ5LXH[K46S3?8",I661Q61?)-BI.R[F=R.> MAEZ:EC=/Y_*VR9-14MPL&8Q3TG0;&ZAD!LVD2"68HG:+"+GZRVF(G&>2SIT1 M!]VF4N)27O/2&BXSVY@SXJ792<8L$5XXF1D9FO%D1M(R08KEH_#+[<\P_I#, M-AJ-WT-ZYYHBD7)`6&\QI+.5;=.G;R6;R.-N(FW"=YQ74&53NJ_NQ*:L4@`S M;1_=&K,7D9_`4Y+!K4/5921+&D`QA4%[:BE##N!\ADE*=2;(3?R:+!^X.'[T MU$V&4/$X";@!XI4QY[=>*'Y*[RGE+,5-7F"F+`^[*6YMY-T.N#Z*0T#F?>*C MI+Q/X]T5?)6F,CJ=3[+S`IK?`XFKH!W<]X3L=QH^P=<1B>),_LZ!).(>:1\G MQ2DJ/?!!>V9\9+PQ]+P%E+R0_1-^OD_BP]T]_R+T,@%IJCQ+S#'0CU%,[0GVI"K.&3^$_E;_N\-_921-YPBOSM-.#>6-NV7F*.66_IZ>1,$O'&MA=T".7$EJH+0@]-#N8]1WY!9D`]G M^&@]XF7F]?SJ#$XW8%/N)5Y@-B8"=PCM.=2AFK9;S8VH9M/Z6.)@O7YH^Y<- M21J;F(6`8::JDR<"*,,-YX&4?RB^RW,;G,8[^%=JL2AX0R.Z95DJKOK>@.%< M;P`Q!(K];I'IQN^)2V(_[6EX?DX35=X%9!OQN?PAAPXBF:OIA>04$.;IY)[= M`I#-9@#F6+6P%M+I+MSA"B#'W:]-XS:KWG(DZ^;>6TS0)M@G58(*"C1C(1.# MOXV3+67@5(BW41S]0A1UHS,V`Q13G44YHT`"`F$$PR M!Y`P-SFIUUQ;XF#.MIRYJ7`WWM+LD=*(9,+)FVV(6TNWDMO!>9=0 M&$N&Y->EB7L]I")JR$^`K@)JZ4#2O+%>U:N7O$27JZ?\!'&',[DD:7@=TQK M)*.?^)\"#^]3',6[B?&;2&RFV4*,2>/,%)V!3@T+=;HNG9A9",XY(%WR^F9( MY7=;CG>.#L\ZS7Z[S4@Q[*ATX?/"J>%T(W!1T]MTEK>/77MH@GO+V+LH?9N5 M5U[;!GGS\FH%]'`[&=%\KSQ;$/(M\Y\"(W7$BKK7;,(V`,V\@E=.,D>\RGP( M6$ND#@]7XMEE#@-1;1/.J=AV5['7WI3&GG@?E[^=NZ>YB5D*-3CG.IG%P/*2 ML]!@/LDNPN!DG)P,NQ^2Y[ZVDP,C>V>>(3ZRC)*7([N.DVP3K8^[>RGB)&JR MO2C#SS,>6V&4Z@"8_/,[/O6?^6?^#[A6^$__/U!+`P04````"`"Y95Q"6].S M%?Q$``"([00`%0`<`&UC970M,C`Q,C$Q,S!?<')E+GAM;%54"0`#S9`L``00E#@``!#D!``#M?6MSXS:6Z/=;=?]#W^S7[71+;B?=KIW=DE\] MFK5;7MM)SWYBT20D(Z%(AP^W/;_^`J1$41*>),@#TJI4S3@*`9P7@(/S_(__ M>ED&[YY1G.`H_-M/HY\__O0.A5[DXW#QMY]^N[]\__FG__K/__M__N/_O7__ MS]/;JW?GD9.[BW^]_QVC'RA^]WLQUSLRU<_'/W]^ M1_Z\C+'OOO[[NTOT$&=N_/KNX^=_?S?^.#IZ]W%TC=P^N[.\&JGTZ.OIQ\^M28IE_V M5[W/4+*S[)?-%J#<_-P86>UEC\RG MD^./W2]+]L^GSGE+3MA?3CX>=[_L\1'`LK^K3R5A+YVNP%+FFM/2\!DM]H?=_!TN1A^U'8V]HZ5)$ M4>YH*?+P&6M=L@V6(KI:\_N<\7P6+DR5ET^:G&MTYI<+4]$\&;5RI\NV!7E7 M=GB][FS]"H\#'/[YX";HW'./@YBA7)2X*WOOYQM/YV].&?UU=WWB-:NN]QF*1NZ&U&T6E8XT9?OGSY MD/]7\FF"3Y)\_%7DN6EN8I3"]8[[!?VW]^O/WM.?WH_&[X]&/[\D_D^4!G$4 MH%LT?YXS1_&\_+3V4DO&C\6AT])&._KB]&@%[;]*.@#HKM(36 MF9L\7@;1#S,RM)FM;7#-DY\S=4-$9O'"#?&_\HU%#MV[;+DD-^5L?H<7(;EX M/9>0P#ASU>U%NA(5I?(S(9H:2'8KT+:&M@0R"F/G*#4QPE M*>&7%A3;(QN"<1-'Y.A,7^F=2K;PTU(7&N8$#8&Z(NN$"9HL8E0(N!9$^Z.; M[^=G@B)^"-`Y>B`S9K&FF+-G:`C6'8K)9CB]13[!TR535U:Y2R/O3RT0Y;,9 M`7=:F?:&?(GBF)YD]:`53-:8Y8!Y#*D,-J':&FKL[ M:L"R/[J->Z0&8*)Y("P`YRAU<9#MN8I!'_[S71<0WA#] M-_(OPGJ@[HSN%.:[E$A@`Z@KXSN"^SY*W:`6Q)61'<'Z#=6C;3FN*YJB.$'U M:+H9:1#6=!].;4)N*$A.J:<8)>0$RQ\"5P2,+0#)<89"'_EK$.D$C8-F\^#F MR-M:**#AQ%$L.\'I+XYH\LE#DL:NEZXG"BBF^?2.\ECG8W%^*\&XHD5.Y[F; M/.3$SI+W"]=]^D!A_X""-%G_DF/S_N-H%>/\;ZN?G3*J+C>@,X!G?^BL-*$J M#R?Q-M1N[*WG(W_N,7`[('OUQ8>G/*#OO?>(@Y+W\SA:ZE-R#4LDP>-=%/LH M_MM/9$26$!"CI]R'2<3Z:6TON2K(P04^AYR\$QZBS;X#8B/92&A*_DQ46%E^ M[(Q!V,GGB81W5<`MXE^"O)\7T?,''^&"=>2/78Z1GYQ";&_1`E-I#=-O[I*U M]7B?.D=V<&N+"]L<$X#.Y5<7-#\C8,=N,"57R\M_HU^=3[UB.K[L*_) M/NJ8[F=93-&[Q(GG!O^+W)CHU.<$%0[I>9\[Q[V@O@#\-0/&(()_B0,4GQ%( M%E$L%ONM+YU?>D%V-N1KBA]U3/'[V*5%K^Y>EP]1P*'UUC?.K[V@\B[,:_I^ M@CG*-ZZ9NT>"9S++4II82$$4G^N"@<[G7G!""9$U>XX[9L]:/[\GTW(84?W$ M^=(+DN^`O";N+QT3=T)@\"D`WY-^<]`E"^TIP*L2_(;ZRTK_-X96?*>5>0`$X$U%[Z` MK@(D2I9T_8@M(/L]"C)"O;AX:/!V!/-;9]2/]RL7^)+T,,_7U;OZ%CU%,0UG MH/APSR31$&?4IQ2'UT_;@O`;K*'`'N70>2R'![,[YQ1/UZY3,!+ MNA]VG5F[B%Z9L=TQ?7.0,>`?!%.K>)U'2Q>'`F[N?VR+YXS%'C9'F3@` MLY(3';%*G>`F'%RCY0/S`:,Q&M@)Q^;&-N?TL#'%RL`D#_E)(RH\E(T&=N5I M\E`!&[YKM64FVA$[8LF#2C]VY!=SG`.]%"=)0O1_!9U[^T/[O(Z_\)BW!_@P ME!DW>9R$/OT_FD3[[`:$&LDD/7/CF&:BY`'T(OU&93RP1W.?2LW/\8VD6KRD8V MY/RXICZQ4)5[.^C#FGU4&;<'-#\R2I-G:35]HUN.K4M0T!SBM%J'XAL2,5`T M#-IOK,I/&0[\P*P^;J]"> M:KT#M>J2WH\#Z\])6LD(IT6HJ&WC,0H(6DE1YESA9:DZA85^<.ZC4P>G8>BQ MJUICR2HCFF!-?HDS`OJ&%`HJDOHLT-YX+19SC@(];`?Q?CW/MK/EE<2"/P@Z M,L"`%(B1@SX=.,;^B?],PPRU;(<* MOWD^ZNGM^^.<,:QYRRS'V?@-XWF]73$T53*7<,2"*%AZ-W; M-Y02F[ECG#&L9:PNFX4(06O:IO@.8^ MX=1EE5"2C'".H//Q:O!5@,LP;M9;6JHZ1/Z%&X=$<4@FGIJB/@3[B#:\(2=5P2>#V<,X$\G>`M0J8A`0Z5L"CD4W!&'+SPBMN#3[^WZ7ZOZ56PY%&A M[U48B*?]S@U0LD[T%I;UW/G2%A_[%;_7%!_R0;!N==N$BXN7)Q0F2*4^/7<, ML,==AYTB'(9A@K]#>63J5Q023`/J@?*7.,042YJAO\);M%>5)@#VT`OYR-G) MJGC9&3IS2^A,:$3+\)^3XRB(>):)P_"35<,"=J(!!,P5C`+V?=?@L!B98?C+]LBB MHT8!>[=KL)2%PA#J])5X%0_TJRA18N3F:V@_=A->;F-AS+\%R,YO41AM8[F2Y(^0; M2F]BE+HO`C:K3@'MLF["?QTOMS.;KL'FU$X$U$MH=;N@@X*$VC"C$ M:?A,[CLJU06)%.I6\(9`MRQI=O'S<8(..N28IKGHEJ4TY"IY M85S;6ZBK\A^Z=TEMWAIM2@*XL]<%#=5JJ2Q\?E,O=;X`CD.H7Z&"@8 M\]W!<)#3%4'*3>$X6\J%J7-6ALXPHAQWNR%(N

8$N!+W7VN!!MCUCZ@*[9A-5Q+W"^-JN%^`3?CV9$O:TN1+?V$V4I` M$J4P#R1Y.%C%5'"'//*EI)-QHWFAXZKU3XWZ*\,)S@E&F/\C#U4W#ZWR(L6(195!NUJ:0M#\?FJ>A?$@*XR"Y.085]4 M/E\*ML$V5CX6,$6R+_9C^^+[6[$U'>^6G(=OME`U+9)1>='&>($)"O37 M]>U]2U"75AG1F<:6X/$K>1J<)EKM203\Q7CF)H^70?2C\QX,E6.WA$'O[ML; M=KCR]*\\%A$/-]WAINL-_[ZAE,KP31Q1TZI_^OI;@OQI6!;YG'@I?L[=T2HU M,+4GZ]&M5PNY0+3Y)[8&?C/$2T!JX9>6F)NK0PP':*EAQ'YD[ M#]I8#CB+RZ1TM42>800^5ZO`D[\#5+\B/F\X<-I86^SG/=J4"#*("VL8S3&Z ME0]I7XV^'R?4.K$NAUN)MU0O%JTZ!7!&6]?'BC)1AA$7W64Y:MCXB6X%28,H MS8.B;:EKWF+Y:MBHB^YE1TJ.YE'6MDA-2R6O88VJ8*<-CQC-8[5MD!="O1@1 MK>X<%?]?H=4PVNGLHSKQO"@CU^Z- M^TJ%GMJ$BKC[*^P^X$"6SUEO0NA\OI;$1A5UZ-NB+5DZ7\&^:BZF)38[8Z$3 M`5N2$`:6PRCVI:YZ&?$@0V?PF=0T];`>2*,(%L9%+QM#80>"R2S,J].-.Y!@ M!VVUYSQ'R+V8/_$OHW@:$I0\E"3L;NV\=XGZ#-#Y9S49QWBHZ.'<^,5B@YJ: M8XG\A+8GO7,#M+'-W`3DC4:PIA'F/$FI,0MTGIH1::F)-_1AT?6=8N0N@4Y9 M,RHP>F@;>[W8IX%=#40"7;03UR>!E(Y&C=%6O+4)5DE M&X6AT+UN:K**I7.H(0MJ'N6P>.(_$VSSSN;GZ(%0+8O1W_.T-!YG^2.DVS\#> M-=P)Y$5G&F=L774S?F%L3;R&8)=BXSPA.R..7\DFD-7441KOC*TK/J8I!`R$ MC!4Q!"^AVY$,],<"J8R0L?*&T-5,LJ>GHA29&ZPS/*?A/(J7!9L4\FS59G#& MUI7(XDJ!!DK0%01->3>+"&9:`TSHR-Q\YAP!%[O2X!'/8;F-S2#R0=:DH(68 MR)\;JU;H,]3;IG2QLRDIHVCJ=JG4G2JI//.5[CS.$:R5L@5)J4T'8[ZO=DMR3PT)AG@> MYPC6VMF=8,CI8,["!1?Y6Q9,WL:6DEEP"PE&.4>P%L\6[Q@)UBT&Z5E4QLJ6 MPHZ'FE:'FE:'FE:'FE:'ZHV'ZHW-K[U9O'##58T3VFDB6R[=^)6H@G@1XCFY MZL)TE;B1E_`.:)7CSBLZ[D.@4F&).PC@YJN2>:-ID'\Y=1..O>$YZS/* M+@;N`!.7P][DT@N"/P+RDA`1B751"+$8@N!6/+%EM'GG3VIJPM"*YF`/`+@7 MKJ)P<8]B&JDOU)F$WP.?]%QBI*N M5JC,N^W'DAWSJN--G/JRM:27@/($D'>"!D595X0.CL/9(E,NOH9V"'\!M1TB M'V]NA_#74MPA"A/`[Q`EBO)WB!J.0]@AU8"?CO41Y>:*#;HH$;4V4(%UI9<*'I';&>2.FQ M+QEAXL[:GUUZ80F&0*IH0CJQKBTQ'D.0VBOD)C3,E.*YT+7*&C(/T9QKE8MH M^T,(0U8.P&Q^A9($(3VOAG0L\.6P1UR>84L!CR%LC/_)W`#/:4;P_2.*W2>4 MD:\HNA&!ZO4FCOY`7IJ7V&Y\X*LO);L(]&`SA(URZ>(XSZ"^)OHIP0_D)5," ML:&SRKM&-`Q@T[#`4=DUPG'`VT9"8LZ^D6$TA(VS:NY!VY3EUKH;EW9>ZUCD MJFO?$RTW(6PA2*IL'ME0@`W$`TGO$M*8!7AS*;"`L\'T`O'"V0%%Z9'#&P.=I,PG*^^E(\!D"'NCFNKEEIF-D3BS M<5@9CNM_.BTH5LVJR^%Z5=E7HF'`&<1U\@PEZ)25=?J<2\XI@JO.I,76*L\\T3C'=C*.G6$0!6OLG9.GX4@ M3SD-T[B(T\#)GV<$;)S2O\1'/F^4`UL*O.:)+\"F+`'=9S:O^C+2#N1$A=*[ MWZ5C'=C"WW58KH)36?>YSXSG9A>J\U]U"@>V]G<=,=!`K:S^W&=I^!I%_@\< M!`35*>%0N*#AY44O:'5Y4)_$@:T#7DB\.3>]O@<)T]1 MX@:S.4U;N\+/R->5CCK3.2/8`N-U!*4NGFN9^=QGF=D$\5;#?&?K0CO37)\B M9*#GJOPA46,V9]2_`D8UT5P+S)<^"PR[K^O%"R4#D@J(PFC:K;QO`J&(UC#Z MF$I:_$IE0&F\,^J?O5$9L5(.>FUZ+$-0-%0*SA!GU#\+HPB7DL&]-BM>N'%( M2$);JN4WGCJ?)2.=4?]LB0HHE5SOM1WQ-]I']2))\=)-AG!LR$W":_T:J"J8O#=.TF%6Y'Y;'.J#^&/RVD2GX"F?YX'8!+ M?"^C>)V15O2/^8[31V9Q(D5V&YB:]F'OE308PKD4%B#+($=8SE&,GUWZGERG M4+PJRH)\I#/JCV%/`Z62D[VVYWU#/RKTB:.0_.FABNM272'3G:!*T3KJ19`KXFG!UJB;6P'((6ZM2)PSFM@*L#7?G/2(_ M"]!L?A/1DOLT_I`\2XL#)B<+-24F.5WD)1/K3-:'2G)U$1O"[F#6F8/9)X=J MNQR>R]JF5G#.4AW*25NBHP]^<0JJML).I\Q7<" M61$!29[_E1).-:X[K1G[6).E/JJ#:&N[0?]B/D?T@D8E&6G+5IJB$7J$!#DS M:PB0_K3`K8X;2E$M?%N,,00N_0-SJ@^L`%#E%%K1UI\1S=W+XAB'B[P!JY:E M3F>^?A<,TL1T""K5K$Y?ZG.4NCC(:9$1=`=1PZ'3:W3=*ST_[T07X]:'/>P# MO8>`16I0@KR?%]'S!Q_A@G7DCUV.D9^<*[1P@PN">/HZ><&L<$G&5\!JR3[= MM_G#AIC+G'8)7,!P'BU=S(I;V/T$J$P)AV3[=-V!U0!1.<:6:R^]?8Q\-$T" M-_3/HOCI&BT?4,R@H?![H-H?+%HQ+"`"J(TIPH'F,<)AR#]1&"U0B+V$@AD5 M-0K$/!$,`:K&H<@6,>!ES15+.'.]UGZFRV461NFF7'(@,)H MX!(7.LQ7PV88!P"MX'9Y/CV;AKG)9;*DSTP1IUG?0Y>ET&(N#P%C:A,H/R=$ M+_%QD%&[]AVUGN46M8L7+\A\Y%\2TE$/9E:P:#;?3;N4\M_(_-!%*73DQ1C" MQE0]T-XS$4&..DA03(;GELA4UQ+)>2;D4Y\54\L"*5C?'FR)*D$0',KUT(1H M@&V%ED?W;Q3F051L$Z/2.,N-CJHX#(+!.[AQK9O"[X$K,DL9)7JX[*,R"+ZN M`JRX5B/F=\#5E;D,8?-O%_06`BX[9!BO6\7I:_6_2(Y=]4F`:RBKGL%:"`WC MF5E%3'H<[W\,7"M9CV%RII=(`9_*'$W\ROU'%`3N641#HZCM*XHEEGK^"&`3 M+YOJ#&.]$(-^'\)-C?266&WUC?2?!V+3N:4/[1#Y:]O"Q/,R\CZG@GV.YMC# MXFY?LL'V668_\P]1!61LV*WK\`NXJX[),)2A,UH68S9?83F+;_'B,9UE:9*ZH4_$6F1^EPRU MT++*WC09?JU6+F/N@M&KR;:+=E$G1>31;Y";7AKX1P M?>"P-"3UP=#%=57XIH=-V=H%9!MR"[<]I)MV0]6*$:5W?C8OS"^5KD37[@M> M9DL>@QM-"EUG5YGQC;$L6[[T7LEZPD7XW#DAG9Z651T)77*WH9JUBTK9PZ7/ MOLJIC]S@%$<)/>3JIDUPSIZMN67>2N;'!W>EBKN21[J>^"MYF?IN@":+&.6@ MX!'[AF:=ZG0`Y"/HUEO+#%&!20 M\T]$>P:7I#A`F;1X]=*S=$$4^2MRZ8:)*J.$@X`\=YI\DJ%@6T[,E'9L7`6F M7>(X(3K_W[.E&YZ1H=AS@_N8O/TDKAV=.8#<=)I3I*5A53B;WP[4;_XE2\EL:E=XX!XHF85(4M=@_U-P_Y&0X(Q#E(.# M9=?:!LK['Y$J4\I/H7LN-F#*%@ZVF:4J8)+OE#=+Y6/HAHI-.+.-!9AUR8[8 M8N!6B`V"BRL-#2TS(M$,]W59^/OH#@4!47-+`3R+<8IB[/+VF]IHZ,:&'(8P M=IXZ/M!Z(\]J02L<3[R_,IQ@"@]M`#";YS_0^@5Y_>,"2>SSF*HS!W1O0G76 MZF(%;98R6H(S(4*=MW#)8DK52>A_BT*O^!?!&:PPVAE;%T.\+P":^%AZ5)?G MT/J$VL3?B?M):HQVQI;$C$CWLSH^FYUL%S\W`;4%!I=1?.GB((O1?30A=$+/ MJ$12'F(LG\,96V*KD?)6%RMC[AO0LWH5*9#W[!$5#YY<9'8,VASW9QZ#)+R=5[ M&[VZ0=YQ85?S4M`^-:9PQI:8>:2% MJ\\V%1NN$1F$ M0K15:HO`[179-N3O`.7,"6DM_3A=]3/D$D7LFS2RA"T5ZQ1DQR#*S8^3+X68 MA6A!X;'L./F&:CW^R3!;:J&(LAM.[>]BA*[S$!$LQBR3#@'T:RHR2 MHV%;=N(%3EQBN895SB#K"O2PV; M0R($P%K)\X)`Y_A?*%9G#N][8&N^,F\$\(/5HK*IK(@E5OA:547@2UI9653$ MDD31759Q."O"PTZ]OFE-$>`\3B'!&2HN>49BA\O^\:!'B?VT\TLP@`?%0&ROXJ$`7H\@]<#TPE@A811YG?`<>#<1G"YM\NZ`,Y:FMZF2Q) M_M9W,GVVU<=TA[PLQM0T?Y/%WJ-;R9,Y)UCP%!K),%L"PK88P-!JY&@,XP*\ MB2,/(3^Y)*3:MKU(,J!YHZR)#Q-P6!$-Z(UISGQ5()?W48WQ`A,4RL9^:.HSC\*[-/+^G/T( M"6J/^&E3:I]WG(M'@4=/J1[GY6/A;07N2V#_%IF"+"H_2V/)9J'=W[TU@3N-7HP&;CU9[+6OV8K@I& M@KR?%]'S!YP;T`JQ*/[>%8CB5Z>PM%'JK)Z!R<4+.@1I7' MS/QF#4NN6*P2)^^C^]CU<;C(Q5!%PZHYH84!7SSEJP&&Y3,;ZIW-"V]W7_`R M6VYPRW'AWL#2,18&@W'Z=4F0`._291SFB09\L^)0DED,S^=?G>##%4% MNF(WV-B,A+;+!O-:&'/&U*$UL8ZZ8K2!J8 MEI+4V"SCHSD.\[:C7S/LTQY:!@SM(OS6.FVI+W'[*6E.8V''.8XE7A^ODM^6 MA8Z+CL3&C.;,8F%O.BT^"]`JV=SX&5_K@N#%G?O/]%R@/H4R@O7O44`@/>/V MZ54;:&$#.TZ+9A5,2NXU?IT#7N\[7B.E9LS<,1:VON->RD(D2M8V#D4'9.VV M6;F"[[>,1ES,YD6\QN83D;:F/YF%W?,4+?"JV)528EF7Q#70ZZOF%M%`''(A M_1:BU3W$M=&IC'7&/8F!4$6F9&0+#1&;,'(-=Z%4Y#E/168![1W/XZ!PD'/4 M$Y.;%(LRMJ'?^;03_X^L<`(D]]'$]W&!PXV+_6EXYN8E(G>NJN\X?=R\&B\1 M]1>*G*2FEG".[#?PM8%S*6GFPV@:&_/WWA6_/45AU:0@LN:J#;:=Y3ITL+/O M=/5HFRQ%9SOCRUZPAX7A>E=9YA;9`74G[UB1,;NC^LBD/[8WJ2V2R"?Q!, MK>(ES;/;_]B61D@L]G!,I"P<[,Q;EAU$XAQFM='`^?K`IX37ZXL3_+L4V^%@KQ MZGV2_QN-F9^&:8S#!'NYXU4D$UVL;TMJ]9;X<$2M(WI8>H/4Q7YC9!G%W3K47\W_CQ>.GB.-]KDR3)EL7>O,7)GYA0O1S)1;651^S+]Q3+:%A&& M4;C8Z#9>D^@O4`^.\X-7Z.`5.GB%#EZA@U>HQ7R6 MLDZ2M';FWK?`/B$57HI@!VMN:"I?I0"1HU[3^-QIZ-.''E$9+UZ\(*,5%_9T M[F02^C<1T3!0BN-",4MC7YHK#$ M)$L?HUC2DE$\T$*OPA<>=^68&-,83-9:N$5^YJ'=F`9YS379.`L-ZWNL4T8$ M>I/R^FANB=RZROH:_EP$>2%H6N-IW_I>\%('H7;K3'=1)+%:D3E+D]0-_:+F M2_-RB;*I+:QLRY8(0[A"-V@U:T>0E7CIX9_,+\B[P_>I]QL_/5QYK84UC]G97 M1<9<>9TV;_1U3,G*V,")EE`;:&%M8Y4[G(,)>+T40P;G%78)02\/4I!6ON*, M<$:6/($5CEL!"N;JE5KT&JY&A@F5,YWA%E:N5GP9\_$1))/WB?L<^9Z$OE)M M.Y7A%E:ZUMWN>_B`E^,P5$[)R\M7K+$E:))?XHR`CMT'&F>'4:(I$76GM+#4 M-5=*FN#88GDD8T_X5?`#@;WX:\HP%T[#M/H8S;]-TR`GX2Q>=1->D:4<7FXO ME==^^U!86!5;;ACHABQVUMK5H$/^L`(74@-06%BXN[&0&B*+L7X_)F6TVF22 MEA^BE9%WS7FECY[\A\#UBI#"*.'7`&\TJ84EP7FOZ8986EJQ;AU_H'.S=,OCLNN.6F'-MS;BP3P57^5(@&R MT<#IEFQNL(PNJMCT^Y!=N>)NW#A]O2=O0:.GVM_A?)J:L^B2W%+B7' ML!9"T#DYY@5!>B[O?PR<^:C',#G32Z3L/*BIW1?Y-&MD2HZGA"I_XK.9.P`Z ML9%-=,9Y+,2@YVX=E_P,EM*6;7UG3."M3KM,H+-KCV0^WWT7>-0C5/5[YP1K`%'D5.[ M(/>\)E73TABV).KJU\:HI-WVNXAR:\4Q+#'*;+.,S5\Y*K#5,=KCM#2*C3_( MPK1;/0YOT##V6M<]A<%+9UAB>A&Q4!LCZ(=%_9H9][&;5W=0*W)3>T(+\W$Y M;&^$8GOW\]#KI]B7P%E?/E20'4:(^D[*3902/&_QXI&9=R`?9&&"INK]OHL& M>.;^(;W-YAQ,A<.E&[K86;_G;68*6Y>$V5Q*#='%6.H/X%MX$J;8QT%&JVG= M(2^+\QS^(FX/^30?D0;Z907?9_,+-P[)C9*LWQJ3):T'(+A6CD)P M,>*F4N`A^Y]5[I]5VI!ZOI"9\__BKPRGKX(D(O:'AVPA17'?(YO,LS*HM*`2 MJX(,].*+PCSZ7S%2F36N)PDV,AP&P>`=W*2Q<EMQF,4F[\\5`;!U^\N M3>E)I:$'6]\!IXYP&<+FWR[H/8\5<`SC/1X&UMX;`E&<64'D:]/CGDTB-][UO@I!0M9O%4 ML7V4^GW71VUWFBQ3,[W M#5IV7KM7[C^B('#/(MKL:97:2%X!A%19S$\W4QT*GBS#Y@3CK%9$9B"OFJM# M%DU/S]=^Q)/T*2?'&,;M'?"0#G/M.IL'O_G!;V[[*=KU@V5P[Y6!N->;OE9Z M\UC1>:OTZ:FB_T*QPI7.IKKBLV0@'O6FCY'>OD6&XA+?:]JAE,TO&&5+><4M M5G$<*T(L^KTQ*_9J3L@YYTM@1[8>_W8A'\B>+'P3J]BK69RG)E;24>7^3NY0 M6[S8*MR5HV+,H0V86U2\X:X1.7E6=>GRW*H?(0'I$3\I=5E6GL,6Y[<"^W5P M:M'KTF'+E**IRZ9@_$W@AD`)#^;>V_,I\V*I6+S?T M-)OX8!A2[3_0E,QORI#4]!'3#\,0$_!A\*_LF\'IMW'ZNM=:8_*#=C[(L4TJ M2L6W3!;X:7HM6_(ZMJ2"(T$MX&Y*`)]0C".?8!.G_13"KU3+3:;A38[(USA* MA*>0^=6`K6E="B(;^V$\'G,ULBA6=Y[%1?$BNC-R`T"$J-$Z$=A[] MR6RQZ*E(41WDAO#D;+I]+J-XCC"-J:$-JBY>GG!<=!Y:[Z@6#R[IVO;9'UL[ MQE1H,8R`Q'YK>-995#O4\'XU%[)5J'@7H=]/&5S=(O21UKH,[JUEG]VW-1ED MX;Z6P>,W?&M7]N9W1&WIR)^00]U=H+5^P^N?W3$$]AFINS@O)10Q5LG'_H=R MHO5Z:TN6S4$!G;!F5*#-DH5?$0RP@J6A"PCIBF9WBT,GWZE(9+?4,%;3N<<* M@O0Y":0V-(++FC1#&^P!,D(-H5;KVU&3@;,L;=231R:K8@_'W@`DR(H00.>7 M`ADG9"0!KVQL4(P?Y!1[T-[ZMXC&W)/?SZ(PCUO)W.`>QZ>/.8Z;D`K'@UHQS\:>+1C%;8&A,;"A.'6!+TF>4I!;^R.@Q9T,\K`WJ6E_3PKZ$76C1^T0H1=.0G\YF"W._!/3MN.Z$1"@%M+$3SX:'G9F[ M9YM*'>D#.XM:V!^RBVN?08520AL[Z79O=SNR4("JB!R240[)*.SXS2$FH]#] M]LU=(DG=DNIG/4E`V0%Y4-R2UAW9_A`XZ6.7$V)^65Y1I$@4G88T'10_(PHU M6>J3N*B(<1D"EI449H([^EB#2>M!P(D&]9E40:#G%8-SS9@V M'9#<55O?V1*?+[FL=F$>2')0[?"N#3U"7_G2:V,YX&CZ/;DP'458<+O:H2N.7;LB[,$8IC@O##`K1'%,6W.,T("_)S322VP<*)%O"V"47'2!Y MAM&/9@\[2K+W+V`.@P\+KL(\M"'S\C)TYAA[&*P#I)BB`I$UI/$P?C.0_3/QG MG$3QZVE$%`RQ4J4]$71D='-NU\>[O:QH^D^WSI$8>61NZ9;?_A`ZYM+<5M_' MRUC"L2G;U_(IB%Z1I!'+]E?008.&-N<^4L8R<6'>-[=4NY&5E%]_8TU`G*QD M?!7@812,R%&2GHF5KZ#CP+9Y(.#3!MQ!J*[7.,3+;"EEU=9WT#%1NXQ@LVL/ MY'Z;=J[=%S5.5;^##@Y2Y-0NR%8X9A+D_;R(GC_X"!=<(G_L,H?\Y%RA!7E? MY[U?9INPLM]VQJK/[^ M$X71`H782\ZB^"DJ4E+%NK!@B#.&>;4R:<;0>"6@]_L*:%PHUY*,U1J5WO%J<:6V*B,R*]9N@S#%-9"L>PVSEE!:>ZQ M?2F:YH]8,?[&?!H^FN,0T[%?,^R[(3F'H`NF_8Z2M*R^S7L2FES#&=N74LD. M(#:--?0;IAT!VE2Z*C!EY4&VLHXSMB3&JVU!8F)NK"3I@*[''94B_X_GA$F7 M+H[;3B'7A,0YLL0"W/VUJD0;8[5)^RG>)2TF29(M"RK>XN3/RQC1W&=$A":] M)31K0Z!5UW:.[*MC:EZ$=:AAK(YI(SW10M$E-QCRR);_/:(Q+`%.7[L47O;J MSI$EB;N=BR^?'L9*D-HBP'6J38A(UEKA+^FBSI$E[AME<6V-#.:*C-HBIJ9W M]CF-&T2A#W'*5M=VCMZ"RTB'&N;JBEH@NY,@GQSY;-)1&H2)2`#5)G".>N3E M44?)7-U-V/27593Q'8J?L8?8:'^+\B;BJ$C63.ZCU`VJ_YV6H?D6I?^+TEOD M18N0>ERK30!%V31=K.\<]_42_$VF/W0+B'/7( ML],]:X_NRH.>%WM;1F%^ M9!,9IT5PVGBW2A=UCGK@I>F&#.8J5-KB`(SQ`H=%A>UD-J?%-\P[__;7<#[U MP'?2"M:E!#6V,+<@0?4KNZXR0"BR0ODQLH+SJ0=NBQ9P+F7'O$NMZ[1KPY:: MEOOQ2!=U/O7-M-L:&4HA;>R!@-?AZA!I$^IQWI+I=GL%Y]-;,-#NX[R)E[;P M(FT0:?%[_OS=:P3?4D@6;SGG4P\,MFT3H!0QJ&R1UAKLKMQQ$46^,U&3+.M\ MZH&!MBM"E*('Y5EH2?3R4#'DKP/)1&%]K:[G?.J!Y;1U"I12UDX=I^H_O=#= M>M?Y\_@M!$#ITZ24Z\:&_UIMXEK5#-<;>665).BWJQKNK^<<]^"QVSH%2AFS M+1>$FJRGY(%.XTG^)W,#/,?(O\0A^7>B8ESC@"`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`WJ0(> MEC8%7;,Y1<]0'6QC;P&:B,C;MM>3LN@925;W;N6A$ MKQ31,`M]L$K:+0L/2Z.C5J`6*2,256CUD>T<8>'%37`I=TIW-NXKY"8X7%0\ M`K7-W69V+@4()0*+./O#@R%<46CWR-9#^_C:$PV#(Y0K MI#@.]-U/+-<0&.!:376N:WW_(Z!;G451/LWEOG50JBMM;[&C7F,*(,\]FQ\, MGNFA8[8_Z@4K=O#BGG`=ORR_DLMV M%EZ\I.1.S7#R2%&9S:^P^X"#/+(#UO9,_6!*4=GB`8>GI*(X<\G7DQ>C':J7 MW2_.X=ND=X\S*M7TH+N*DN0;(C_XLQ;T@IN'AXCI<7+WAW_D*4B+,DR1!:3)[0K3+;+B@ MA_69&\>O\RBFV:`BQFK,TJ-K3`\K:!,2YW6[A\0T3,EEAO)_U!<7CJ;>7ND+6;>.AMX#Q/HB/.V#O'TD>F=$0^P MSP*L<32O$(".1&^)H;022,&/((A^T'Y].MS='VV?.5F=U4QLFH>M?RGX'J(% M[4EF"=_):UF'T>1S^U*_U#E;@&\LS2N-4C>`RS_80X\^&%>_K6+$M@JRA/XI M"M$BM*1FC=7@8PI)UJ=#!4'0Q5!T/5P5#5*_Z5HGR+ MO"CT<(!S'I0_KT[YU;$^22\1P=D-*$$R`M+K9CR[2D(KZ_3(V&4:;VAS6*M2 MEQ.6*!%79.6@ICUIYBI:[C<\RE'&0N71SGU3BI,S/&S^3' M9[2.6>&:3VM-U@,K3"/DFIM7F[W4]1B_;_*_Y+M#ZDW4`UM,;<2&85_E84YM MCA/_CZRH:E+C]-^=H4?&&W6,VJLH88$,G#W2G/EIV,QBVWQR^\H`Z4J.'K(V MU8(R(%3;VK6*I&R/L+"8D)S_^R@8JTFR8_IM126,XCG":1:C:!Y&X5]YHA!& M?D)KEA5PZ^H(2E/:SN;F-&O/A0=I=@6*9S\87P_&5WONN4F6/D8QOQ:Y>$!/ MC+!ROU;LK+2BM.U=SX#-CV*J,S0-/:!'\0N M.^1B]]QS4"N.6A!@;)U5F)N=+40"NJIZV\S-6\#FW*'UR.OQ>F<.^^S#-5B_ MCQ-TF#7GSMRW-I$+*:;5O;A)^Z(AMG-.CK,X;[S#37I.V7,VT\Q@. M,R)S*^%CFUUJ3&([Z^K0A>N.Z=@\4GH)KXF4D8=QM>ALUQ:2$I;-.UVE]JQH MV,%&HBCG$B*^*2-)28O3U_+/OV.R=V/O\?4*/:-`8C11FZ`G1A1E9(;%^^IY MN(^WU-*B-0^P^46=PQ()4<1U6((R#9^R-,G)-.*:=Q1&`5M[M)DHD04F@OTN MR\?";5R+Y:M1P,:A%EF^0="8$GA_5XOEJ%+#]J$6>;Q`T9EOJ9_E-2\Q$ M^B9?^*9]IA+^UO&NESAT0P_3N&?RELER::]4N&.\>@2L;C*M?0&%O_($HR&: M[6EWW5E%;MQ7NGGNHUL4T-#F&S=.7V'#1ZJ0W,=NF)"'.34E*1A(9$,/1A+% M7:1`R#=E*%E'B&YE]&Z:5WW'Z>,T]/$S]C/:C<,+,A^'BTVB+]EF^9DR"?V; MB)`0I;C02-8YP:>O]S@-T&R^F49B>H$"J2?&'$#R#$+B]Y"C%,N/!7H./.*G M^^BBTH=>(*B:,P&;B"#EABW)^O0;A`">$[IY9&[I$W3[0V#C4@UF<']E.,$4@W7C]+R7-O7C>T5631;'.0G*Y]/$\VA= M^&3UV!!PWN`J/0I?,HOU$)ZE=]E#@O[*R+P7SPB\.>PN-`HO4=Z0PPM4=?_P M"?BF7IX[=+@GZTD>AIP1/7FW\:$?*CNE#RCN&.A:+WQ6*?-V6&^6'02E3Q?F M]]!U6$1,4N+KX++8L!MI#Y"S*"0P)+1,1(P7F*!`?RWZ5(T$_)2.[='S M0@6701R_VX@6?Z6T]/;:IY>;Z9)IDF3(5^>^;");W.#:HJ"`&/1)P$F9^.Y2 MDVQZ\8)B#R?(OX_6#^:S:+FDE<`B[\\"%UX*A<84]KFTV4D5>B@-(R_J)HX\ MA/R$=N;'-D550)``/- MER]1S9L5A-%]FTE8]6%5D ML8HLDK_^_75E:L^8.L2VOARU3LZ.-&SIMD&LIR]'C[/A\<71WW_[S__X];^. MC_^X>KC5;FS=6V'+U>X`9D&PH;T0=ZD-_CS^G>`73+7??5H:D#KIGEQH\.>0 M$@-M_J8-\9QZB&ZTLXN_:>VS5D<[:_6ZW5Z[K4WNM./C-^33[G4ZO?/6F_/I M]%K=7K=S`#[M=N_L4Q$^`X.X=IQ/^Z2CS3?:#7+1C"+]AY/-M076NNQU:]+B MG6W%^;2VTEWT.MT>_-&O7[H,KN>]SF7OO)#MI%PO1:XS#SL)MI>[(<"L>5%9 MV,)LN^U>Z_.AV;9[[4ZOTSX\V_,S-EX.S!8,>][KGAV>+8R?\W>0]OQ3[ZQ[ M>+;=SCNP_=1K7?;:W4.[BT^]#G/#AV=[_KG7*N3ZZV#[F;'M7!R>;1=Z\L'9 M7O3`+7<.WJ4N8*X%_WAXMA"3M=Y!R>>@Y(/WY`L6Z=80L15G>]%KOXFTW[%A M)1FWSW9>&7Q&]TVLF\WX$[-ONQ#C]"!UMO1HDE,K#(><#I-3'T(S9V]"5>(0V;F+$=VG1U@Q?( M,]TO1S\]9/(V'&FO*]-ROAPM77?=.SU]>7DY>>F8X<'(*SKX:[18@"=T_]CUM0,X/N'[=`.$J49``3 MRW&1I>\:(30Z$+%U>7EYRK^&H!9^0BXV4HE?GE+;Q*XQ?UR:R$`S[S1#^ MO56(;5G>2D[$<.DI:_$I`!T#%*9$W^+M1PH17$2?L'N/5MA9(QW'T%;@'(B. M3=/%^O)$MU=<.:U6YRQDM-*QFQ>%^2!D6;:+7'!KO_V*UFMB+6SV,QMR/::- M&;1-(Z"VT#OV+6-@N<3=C`"4KCCJD<9`'Q]&>SAS]682VO(V\()8A+<+W)QV MO//.\.?X^O%N<#_3^OV8Z@].8DN5:O[8MQS:)P;KN%3*9TYPN M,7:=0BI/IR+7=QN4/`75X$#AU^/[Z?AV=-.?#6ZTJ_YM__YZH$V_#0:SZ5]" MV1,$7MM=8M`M,NO1?)RDW`R=_&;0_B=&\'^;:I:M.ISQ8KS&E%,N/QA2R,G- M<9YECND,_L>#^^M__?=?T3KU.+/\'.1V^U3);G]%=W>-G.70M%_J M\78[:G+[?,YOG^O^])LVO!U__TLXNZWBZA]'*:3E!KHH8Z`FCYLQ?4(6^9,3 M@=QBZJU6B&[&BREYL@BX)@0IA\X3=V(]34#_X*R*C:5R'.3FNV1Y#'%TTW8\ MBN$?4>(:L@PM(*_9"RW"0-MQT$(63;+B5QLD@P&B8UHLK8PA2G7>.DOJG.-H M`5*3M#@R,#*OB.VXT-9":HQCRO782NJ1(VF`-65835+DA-J0%K@;ME@!4@,*_4FPD&Y%;+EB.TG%!HC:#K-) M2@5_]@S=ALQ-?(/GT%X0NG#0**$@5^YY4KD19&V'W20%3S&%6??J`1O0>Q#( M&1%YZMKZCT+*WD]-KOAN4O$^(>U*VY&*&8,3:YX=1A$9)Q0O,*4LK"YGA@QB M':7JULJ[B^HWARU7X6/0M#:9X*N4`@W!HF)4YI8J)B MP:^<@ERM%T*/9'%+ MT)R8T)2"4?5^:G*#"'DA(\3*C>*DV$)1A%B3[#"R0(EXAEX+:CR*)]>MD!KZ M*!K':9(*AXC0WY'IX3MPJR!J<5((V+.6:V0_8 M9"O[$T3=8ENA<@IR#0O97X"LN;86H&LB4,D)>FW!I"KIIKK;"1QHFL.Y4P@X@M M57A'R&:C:U>-U*MT":I,1\^@(]>UD+"F+&@U4NWAHE,)32=0YC;(YKVG2_9(FPY?3+6'*##)R"PEYRMEM2$>N]]SI;4#FKZ+V,KT^!SFY$82L M=H\1&CD&A"*X"I;81TMJAG-QYU8HKVNV":3E>W!1"*BPOQFNV.?8N ME969(G(3E1M&2*-S+L`U2N7FST2P@V8,IT_B2O7$(I9?IT"@FI>KM"OBRHMY']5E(*7F6I8B\UN?*%#%E69MYL0^2O$*]@ MG]),Y&83\N=B1>G--NC>PO(*=BQ*6VX^(:'.5<+>;*M%J@7*3.42=+GNA<0X M7FW0Q!E=U$VKHFY;*SAT+R%$>5A8AL4G(SB)74 MR>,AC=,_^P^[,OP!+S1^%W>/75C\Y<@AJ[7)[O#FORTI7GPY8M%`A-4#A1>6) MVT@I:4PT+RH-H&!3.4&@7Q<5)#$4ZA7G-+Q(&_[:7:\-'T`2F[J:);W;.^V* M?/^5@%M;YV0R4-B_CD.\8_;3<:M]W&F=O#J&W[`"_+<2%>0?XA7C+W]V("?G M$(&Q[.9@EGGY?PI/SD^*>(I-UPE_.=Z1RBMUQAW\66V1H`5_5VB#[%F#/(V( MXH7_J-(,V2L)N=H11=S^JT)+A+<4\K1BB\3_JL!=?&(A#_L=EO_G\8Y`T08D MGVS(PS[$87]489U\R"$7[Q")_U6,^[Z'1/(X(Y/2&!;S2)?,";8^56E!3E<8 MX>Y6Y9S]%D;>UD2I#'9$BC4N\S&4/+TBQ&%_%!N->U[JR*.&)%8%P\C?%RG6 M"-NZ+]..[$=9RL^9G);4)L&C2+PMV8^/].>.2WFW9/DABPS_G0_<#R_Y6T4] M^(U83R,7KUCJP#F2$ MP-1C7[]2VUN'3`B0!^DT0;R@:BVU`.H.K^:81@3,B^"+Z#]:TS/L%2+6^\J8 M7N25(N-^!(5D[!O/+/8>4GNU+;;]9IL&IM<\%HGVT1RPT0ZZLL&K([J1B;9` MIB.5S4\&W/#3W'^`Y,N1#CHD;AT21]\TB5TM+AF5.6#5&9*IW>Z6_/38U>U` MB2^"1@0L@/,!3/N`'0P3^!*T3T$KAOIY'ZS/X=DZQP3IR M'`\;-Q[S/A/.B(_9P2NF.G'P>+&[3'(W5Q5$_`@=(44FWXIEM)&.J5`7\'TX M>^9SO`BB+':2V8]%XEZ=6Q?&N!TIX^6PKNN3'--@8Z:OZ]`<8XM^0YZ)@2W# M$2:/PS'^"%VP@$YXYWH/8]3"6*$!`+,7QPAS8=61-JZ]AQY'%-1/0B2!]AJ'$1L.&P?&3GHGEOEGCX7-`? MP/3I25BN3.UCF%;BS.(N+.&]LOW@'M0/8'11J%%Y?>Q#_0#ZB+Z<)$G;Y9_5 MR=2C[6,5%U=FW&8IWV/+1F[X^_M-N]&K/R162/FNCAEB#939(0U`,4,(=R!( MC)$!HXY!A$;*C)(%I)AA]JUY2^R4'T4=L^UKL\R*!7"4-&KZ(G^J4?.@J&;4 M]#:G&S47CF)&W9Z&V]9)2LR8!:2.X<16RDR5":68)&II%:J"FFH1N@^PS4GG%X$&V3 MKH`\P(K)-]67V/!,/%Y,;!:($V0RB_E7Y>QV:?AEJ-)9J1R^LEK@S;U"#C:B MUPCT7Q`-]BL>+0/3V%7)V6JI1E`Q/=WI[L/2-O#(,9$%`M&U4*:1#J)08<8? MV+*?L$5TAS70]@D+HF1"*23-77B>9;1:>9;M[J8C1S3/?EB%)+M%_["!QC5, MJ2->S&Q34:0L((5DV?K'Z&)Y,.[#-?/8FGH^^`^PH#A%YFY%H?]*8GO#XK<# M!XB&VS,(<&>KN*-<(MSP?I0F1/A5H:X'X1@.$I%84X6AM`]0(9D>//<)4R>Y M8"6(M`=.(8E&[%P8IS9>#`EUW)'US5LAZ]HD%BN+FU%P!J+[*X:FJ+P3\FR[ MR"PJ[WXTA>2=>O,5A4:0`*R3"T/>HNLX1(A5!( MBCMBLIC4PL[8PF(\+ONJ9.MG+W9&ZR-?U6S]$B;^K/9'OZLH05A@-('(GQV( M?\(WV-$I6?N<1)'V(.1SM^^RQ?IHK1$Q6-%X=,+(A/H`65"D0BP0)2EA*H22 M546R;'V^?61!DJ6+'Q4:9T./0ES)=ITL8[Q8@/K312(6DNK:A-_E'1OQ%1HD\&3`* M23)9D#\QS10D'40A.791`8LO,X*&Z&>%VO]@;Y#I;H+IA&W#$#=1KIP.DA47 M9#R"C4AGPR^%D2JV9"->LC9D=-CI2&>OOA8DU%/FP8D8\\'D)46#A M2-/CVK:BI<(W>!X=C#GAE1J9T>8E#[?RF79FSRABIQXG%`*D71*24CU=D$;@ M;<'5KOU?%>C@0:D#1._,7KP2Q+-D)4XI], MS4V9M'?4M;T9BUB?\8]IO9>G?\"&I^-DDZ6#9#_H.XX%X=!05..AOPX;S%6> M/".?'Z6B^;8'Y&L9\CE<5V2:&GLN8V[X1U]+.<+]U-3I!MM;9<>+`03'AA'M MOD.,6'06#==R@;^O^:6=@!W@9,LGV$@O3LB`42ACD)50;&OT4;M8>L:ZSQY M9,*^I3+WF M,?OX1PT)-H8P15HZ#*SMGM;0IN'Y`-F-:T6P/T+O>L"\T,_LFR:[7A@;\KX@ MWLY8%/$C**/T.`@W(MYD3L@@WH!I()3NJ[^3$_@08.HX=2I/2OX]=SF+7`89 MN_=KNYB5]T+(-&R5I*]J7IX=[J:@.GN.0+I)>HOXE+=>BRW,\ATW*-[$N;W] M%\GS ME_G:=:R$56)?>RZHUSPZCN&[=/C8!7;THGIGR^/%"9) M;G:*WWM>!O\CK#&EB#9>!R^=W-J.LL7\W1#DXAB2(UGMGW2^X#C,DD MN37LC4\+)(]30=R]-#>WF#^J#).@*2[/9\!DNX0Z1*Y.X(YBO)' M!J,7M$9F_;`;AF!.L'L?FT\KTW;*?PF^H?.)O94Q87T=U1M&L*+:$$10=U M3@3E)=]=7.9+`[,[1$(F(26TDHV#E0W#]\]( M$1@_\N/'S&P_THKEYOG`LQ+4P[KUR&T%/*,9+X)+"^0W&B1AWJL;Y[=?],C% MBP6#<4G6*<Q84^(T6^IY,`%.)8%VMW*&E3;)TUN#U^#E M3U[0ZA\5$"Y]J4;G$G)7LCL;;##B@51L,>&`0\7X]%Q]/.OH3L$_[\?U!+ M`0(>`Q0````(`+EE7$+D!.A1]KX``-X`"``1`!@```````$```"D@0````!M M8V5T+3(P,3(Q,3,P+GAM;%54!0`#S9 M`Q0````(`+EE7$)I(6&A^PH``.B1```5`!@```````$```"D@4&_``!M8V5T M+3(P,3(Q,3,P7V-A;"YX;6Q55`4``\V7+U%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"Y95Q"9%;#&,XW```ZY@,`%0`8```````!````I(&+R@``;6-E M="TR,#$R,3$S,%]D968N>&UL550%``/-ER]1=7@+``$$)0X```0Y`0``4$L! M`AX#%`````@`N65<0MV$B'YH;0``30<&`!4`&````````0```*2!J`(!`&UC M970M,C`Q,C$Q,S!?;&%B+GAM;%54!0`#S9`Q0````(`+EE7$);T[,5_$0``(CM!``5`!@```````$```"D@5]P`0!M M8V5T+3(P,3(Q,3,P7W!R92YX;6Q55`4``\V7+U%U>`L``00E#@``!#D!``!0 M2P$"'@,4````"`"Y95Q"&-C-ZL(6``"]`P$`$0`8```````!````I(&JM0$` M;6-E="TR,#$R,3$S,"YX`L``00E#@``!#D!``!02P4& 2``````8`!@`:`@``M\P!```` ` end XML 59 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Revenue $ 49,318 $ 49,318
Operating expenses    
Selling, general and administrative 869,858 812,239
Research and development 427,994 556,363
Stock-based compensation 326,329 991,488
Depreciation 0 1,087
Total operating expenses 1,624,181 2,361,177
Loss from operations (1,574,863) (2,311,859)
Other income (expense)    
Grant revenue 0 303,102
Interest expense (8,137) (23,588)
Change in fair value of derivative liability 88,663 (81,073)
Gain on extinguishment of liabilities 133,540 159,552
Gain on disposition of equipment 1,500 0
Interest income 697 1,788
Total other income (expense) 216,263 359,781
Net loss (1,358,600) (1,952,078)
Less net loss attributable to the noncontrolling interests (102,350) (151,420)
Net loss attributable to MultiCell Technologies, Inc. $ (1,256,250) $ (1,800,658)
Basic and Diluted Loss Per Common Share (in dollars per share) $ (0.0012) $ (0.0026)
Basic and Diluted Weighted-Average Common Shares Outstanding (in shares) 1,035,175,041 692,921,670

XML 60 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment
 12 Months Ended
Nov. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

Note 4– Property and Equipment

 

Property and equipment are recorded at cost, less accumulated depreciation, and is comprised of the following at November 30, 2012 and 2011:

    2012     2011  
             
Lab Equipment   $ 14,717     $ 25,893  
Furniture and Office Equipment     25,844       40,574  
                 
      40,561       66,467  
Less: Accumulated depreciation     (40,561 )     (66,467 )
                 
Property and Equipment, Net   $ -     $ -  

 

The Company recorded depreciation expense of $0 and $1,087 for the years ended November 30, 2012 and 2011, respectively.
XML 61 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Ideal BioStent
 12 Months Ended
Nov. 30, 2012
Ideal Biostent [Abstract]  
Ideal Biostent [Text Block]

Note 3– Ideal BioStent™

 

Purchase of Ideal BioStent™ — Foreclosure Sale Agreement

 

On September 30, 2010, Xenogenics entered into a Foreclosure Sale Agreement (“Foreclosure Sale Agreement”) with Venture Lending & Leasing IV, Inc., Venture Lending & Leasing V, Inc. and Silicon Valley Bank (collectively, the “Sellers”). Pursuant to the Foreclosure Sale Agreement, Xenogenics acquired all of the Sellers’ interests in certain bioabsorbable stent assets (known as “Ideal BioStent™”) and related technologies. In consideration for the purchase of the assets, Xenogenics made cash payments to the Sellers in the aggregate amount of $400,000, payable in three tranches as follows: (i) $135,000 was paid on October 12, 2010; (ii) $135,000 was paid on November 15, 2010; and (iii) $130,000 was paid on December 31, 2010.

 

Xenogenics is also required to make cash payments to the Sellers as follows based on the achievement of certain milestones:

 

  · $300,000 is payable upon the earlier to occur of (i) initiation of pivotal Generation 2 stent human clinical trials, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $3,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments), and (iii) a “change of control” of Xenogenics;

 

  · $1,000,000 is payable upon the earlier to occur of (i) regulatory approval by any regulatory authority in a European Union member country, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics; and

 

  · $3,000,000 is payable upon the earlier to occur of (i) regulatory approval by the U.S. Food and Drug Administration, (ii) execution of an agreement in which Xenogenics grants a third party rights to develop or exploit the purchased assets, valued at no less than $5,000,000 (including all up-front payments and the net present value of any future royalty/milestone payments); and (iii) a “change of control” of Xenogenics.

 

None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued. On September 30, 2011, Xenogenics entered into Amendment No. 1 to the Foreclosure Sale Agreement which extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by twelve months. On October 23, 2012, Xenogenics entered into Amendment No. 2 to the Foreclosure Sale Agreement which further extended the deadlines for the achievement of these milestones under the Foreclosure Sale Agreement by an additional twelve months. Xenogenics is required to use good faith reasonable efforts to achieve these milestones. Failure to achieve any of these milestones could result in all milestone payments, totaling $4.3 million, becoming immediately due and payable. If Xenogenics meets the financial hardship exception set forth in the Foreclosure Sale Agreement, Xenogenics could elect to pay all remaining milestone payments and continue commercialization efforts, or assign all intellectual property acquired by Xenogenics under the agreement to the counterparties to the agreement and cease all development and commercialization efforts.

 

Rutgers License Agreement

 

Effective September 30, 2010, Xenogenics entered into a license agreement (the “Rutgers License Agreement”) with Rutgers, The State University of New Jersey (“Rutgers”).

 

Pursuant to the Rutgers License Agreement, Rutgers granted Xenogenics a worldwide exclusive license to exploit and commercialize certain patents and other intellectual property rights, as further described in the Rutgers License Agreement, relating to bioabsorbable stents for interventional cardiology and peripheral vascular applications. In consideration for the license and other rights granted under the Rutgers License Agreement, Xenogenics paid Rutgers a license fee of $50,000. In addition, under the Rutgers License Agreement, Xenogenics is obligated to pay Rutgers a license maintenance fee of $25,000 on the third anniversary of the Rutgers License Agreement, and $50,000 on the fourth anniversary. Additionally, Xenogenics agreed to pay Rutgers for unpaid costs of $136,000 incurred by Rutgers prior to the effective date of the Rutgers License Agreement for preparing, filing, prosecuting, defending, and maintaining all United States patent applications and patents covered under the Rutgers License Agreement, of which $135,000 was paid in March 2011.

 

Xenogenics is also required to make cash payments to Rutgers as follows based on the achievement of certain milestones with respect to products to be commercialized using the intellectual property licensed pursuant to the Rutgers License Agreement:

 

  · $50,000 is payable upon initiation of first in-human clinical trials anywhere in the world;

 

  · $200,000 is payable upon initiation of pivotal human clinical trials anywhere in the world in connection with submitting an application for market approval to a regulatory authority; and

 

  · $300,000 is payable upon submission of an application for market approval to a regulatory authority anywhere in the world.

 

None of these milestones were achieved as of November 30, 2012 and, accordingly, none of these obligations have accrued.

 

Upon the sale of products commercialized using the technology licensed pursuant to the Rutgers License Agreement, Xenogenics is required to make royalty payments to Rutgers in an amount equal to three percent of the annual aggregate gross amounts charged for such products less deductions for expenses such as sales/use taxes, transportation charges and trade discounts. Beginning with the first year of sales of products commercialized with the licensed technology, Xenogenics will make certain minimum royalty payments to Rutgers, which payments will be applied against any royalty payments earned by Rutgers for the relevant calendar year. Further, 50% of the Rutgers milestone payments actually paid to Rutgers will be offset against any future royalty payments earned under the Rutgers License Agreement.

 

The term of the Rutgers License Agreement commences on the effective date of the agreement and terminates on the earlier of (i) the expiration of all valid patents granted with respect to the licensed technology (or products commercialized therefrom) in a country, and (ii) ten years from the date of first commercial sale in a country. However, if either party breaches the agreement, the non-breaching party may terminate the agreement upon written notice to the other party of such breach and the failure of the other party to cure the breach within 90 days of such notice. Xenogenics also has the right to terminate the agreement at anytime and for any reason upon 120 days’ advance written notice to Rutgers.
XML 62 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 15 – Income Taxes

 

The Company provides for income taxes using an asset and liability based approach. Deferred income tax assets and liabilities are recorded to reflect the tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The significant components of net deferred tax assets and liabilities were as follows at November 30, 2012 and 2011:

 

    2012     2011  
             
Operating loss carry forwards   $ 9,914,348     $ 9,522,775  
Stock-based compensation     473,598       481,606  
Ideal Bio-Stent related intellectual property     179,858       194,151  
Deferred revenue     219,223       238,951  
Other     450       450  
Valuation allowance     (10,787,477 )     (10,437,933 )
                 
Net Deferred Tax Assets   $ -     $ -  

 

The valuation allowance increased by $349,544 for the year ended November 30, 2012 and increased by $527,662 during the year ended November 30, 2011.

 

As of November 30, 2012, the Company has U.S. Federal operating loss carryforwards of approximately $24.8 million. The operating losses expire, if not used, from 2018 through 2032. The utilization of the net operating losses is dependent upon the tax laws in effect at the time such losses can be utilized. A significant change of ownership control of the Company could cause the utilization of net operating losses to be limited.

 

A reconciliation of the expected income tax benefit at the U.S. Federal income tax rate to the income tax benefit actually recognized for the years ended November 30, 2012 and 2011 is set forth below:

 

    2012     2011  
             
Benefit at federal statutory rate (34%)   $ (461,924 )   $ (663,707 )
State income tax benefit, net of federal tax     (85,608 )     (109,935 )
Change in fair value of derivative liability     (30,145 )     27,565  
Expiration of operating loss carry forwards     88,404       212,641  
Forfeiture of non-qualified stock options     138,540       -  
Other differences     1,189       5,774  
Change in valuation allowance     349,544       527,662  
                 
Benefit from Income Taxes   $ -     $ -  

 

The Company and its subsidiaries file tax returns in the U.S. Federal jurisdiction and, in the states of California and Rhode Island. The Company is no longer subject to U.S. federal tax examinations for tax years before and including November 30, 2009. The Company’s subsidiaries are no longer subject to examination by State tax authorities for tax years before and including November 30, 2007. During the years ended November 30, 2012 and 2011, the Company did not recognize interest and penalties.
XML 63 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warrants
 12 Months Ended
Nov. 30, 2012
Warrants Disclosure [Abstract]  
Warrants Disclosure [Text Block]

Note 11 – Warrants

 

Since the Company’s inception, it has financed its operations primarily through the issuance of debt or equity instruments, which have often included the issuance of warrants to purchase the Company’s common stock.

 

As further described in Note 6 to these consolidated financial statements, the Company also entered into a Securities Purchase Agreement with La Jolla Cove Investors (LJCI) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000. In connection with this debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of our common stock at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of this warrant, upon the conversion of any portion of the principal amount of the related debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the warrant at $1.09 per share. During the year ended November 30, 2011, LJCI exercised warrants to purchase 1,111,000 shares of the Company’s common stock, resulting in proceeds to the Company of $1,210,990. During the year ended November 30, 2012, LJCI exercised warrants to purchase 857,000 shares of the Company’s common stock, resulting in proceeds to the Company of $934,130.

 

A summary of the status of warrants at November 30, 2012 and 2011, and changes during the years then ended is presented in the following table:

 

                Weighted        
          Weighted     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Warrants     Price     Life     Value  
                         
Outstanding at November 30, 2010     22,837,991     $ 0.5915       1.7 years     $ -  
Issued     -       -                  
Exercised     (1,111,000 )     1.0900                  
Expired     (10,934,961 )     0.3579                  
                                 
Outstanding at November 30, 2011     10,792,030     $ 0.7769       3.0 years     $ -  
Issued     -       -                  
Exercised     (857,000 )     1.0900                  
Expired     (658,000 )     0.6987                  
                                 
Outstanding at November 30, 2012     9,277,030     $ 0.7535       2.2 years     $ -  
XML 64 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series B Redeemable Convertible Stock
 12 Months Ended
Nov. 30, 2012
Series B Convertible Preferred Stock [Abstract]  
Series B Convertible Preferred Stock [Text Block]

Note 7 – Series B Redeemable Convertible Stock

 

The Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 17,000 shares as Series B convertible preferred stock. The Series B preferred stock does not have voting rights.

 

The Series B shares are convertible at any time into common stock at a conversion price determined by dividing the purchase price per share of $100 by the conversion price. The conversion price was originally $0.32 per share. Upon the occurrence of an event of default (as defined in the agreement), the conversion price of the Series B shares shall be reduced to 85% of the then applicable conversion price of such shares. The conversion price is subject to equitable adjustment in the event of any stock splits, stock dividends, recapitalizations and the like. In addition, the conversion price is subject to weighted average anti-dilution adjustments in the event the Company sells common stock or other securities convertible into or exercisable for common stock at a per share price, exercise price or conversion price lower than the conversion price then in effect in any transaction (other than in connection with an acquisition of the securities, assets or business of another company, joint venture and employee stock options). As a result of the Company issuing common stock upon conversion of convertible debentures and upon the exercise of warrants both at prices lower than the conversion price, and due to the Company not paying Series B dividends on a monthly basis, the conversion price of the Series B preferred stock has been reduced to $0.0324 per share as of November 30, 2011 and to $0.0215 per share as of November 30, 2012. The conversion of the Series B preferred stock is limited for each investor to 9.99% of the Company’s common stock outstanding on the date of conversion.

 

In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with a Series B preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 7,891 shares of Series B preferred stock into common stock. The carrying value of the converted Series B preferred stock was $769,690, consisting of the original proceeds from the issuance of preferred stock of $789,100 ($100 per share) less allocated issuance costs of $19,410. On the date of the Settlement Agreement, the conversion price of the Series B preferred stock was $0.0223. Accordingly, the conversion resulted in the issuance of 35,385,650 shares of common stock. On the date that the notice was received, the fair value of the derivative liability (as discussed below) associated with the conversion feature of the converted Series B preferred stock was $53,078. On the date of conversion, the fair value of the derivative liability related to the converted Series B preferred stock has been reclassified from non-current liabilities and included in the additional paid in capital for the newly-issued common stock. As discussed below, the Company had previously recorded accrued dividends on the Series B preferred stock held by the Series B preferred stockholders. For this particular stockholder, the Company had recorded accrued preferred dividends in the aggregate amount of $289,948, of which $171,629 were recorded as a current liability in accounts payable and accrued expenses and $118,319 were recorded as permanent equity with the carrying value of the Series B preferred stock. As part of the Settlement Agreement, the Company and the Series B preferred stockholder agreed to settle the payment of accrued dividends by the Company issuing 18,750,000 shares of common stock to the Series B preferred stockholder. Due to the related party relationship between the Company and the Series B preferred stockholder, no gain or loss was recognized on the settlement of the accrued dividends.

 

Commencing on the date of issuance of the Series B preferred stock until the date a registration statement registering the common shares underlying the preferred stock and warrants issued is declared effective by the SEC, the Company was required to pay on each outstanding share of Series B preferred stock a preferential cumulative dividend at an annual rate equal to the product of multiplying $100 per share by the higher of the Wall Street Journal Prime Rate plus 1%, or 9%. In no event was the dividend rate to be greater than 12% per annum. The dividend was payable monthly in arrears in cash on the last day of each month based on the number of shares of Series B preferred stock outstanding as of the first day of that month. In the event the Company did not pay the Series B preferred dividends when due, the conversion price of the Series B preferred shares was reduced to 85% of the otherwise applicable conversion price. The Company did not pay the required monthly Series B preferred dividends since November 30, 2006, which, in part, has caused the conversion price to be reduced. Subsequent to November 30, 2010, the Company received an opinion of outside counsel providing for the removal of the restrictive legend on the Series B preferred stock, which in turn terminated the requirement to accrue the related dividends. Accordingly, no dividends have been accrued since November 30, 2010. Total accrued but unpaid preferred dividends recorded in the accompanying consolidated balance sheet as of November 30, 2012 and November 30, 2011 are $290,724 and $580,672, respectively, of which $125,516 and $243,835, respectively, are recorded in permanent equity with the Series B preferred stock, and $165,208 and $336,837, respectively, are recorded as a current liability in accounts payable and accrued expenses.

 

Effective December 1, 2009, the Company adopted new accounting provisions for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. These provisions apply to any freestanding financial instruments or embedded features that have the characteristics of a derivative, as defined by standards for accounting for derivative instruments and hedging activities, and to any freestanding financial instruments that are potentially settled in an entity’s own common stock. The Company determined that the conversion feature to allow the holders of the Series B convertible preferred stock to acquire common shares is an embedded derivative that no longer qualified as equity under the new accounting guidance. As a result of adopting these standards, the Company has evaluated the conversion feature as though it was accounted for as a derivative liability since the issuance of the Series B convertible preferred stock in July 2006 and recorded a noncurrent derivative liability with a corresponding reduction in other components of equity on that date. The fair value of the conversion feature increased by $81,073 during the year ended November 30, 2011, which has been recorded as a loss from the change in the fair value of the derivative liability. The fair value of the conversion feature decreased by $88,663 during the year ended November 30, 2012, which has been recorded as a gain from the change in the fair value of the derivative liability.

 

 The fair value of the embedded conversion feature was estimated to be $0.0012, $0.0046 and $0.0037 per share of common stock as of November 30, 2012, November 30, 2011 and November 30, 2010, respectively, and has been estimated using the Black-Scholes option-pricing model using the following assumptions:

 

    November 30,
2012		     November 30,
2011		     November 30,
2010		  
                   
Fair value of common stock   $ 0.0013     $ 0.0049     $ 0.0040  
Conversion price of preferred stock   $ 0.0215     $ 0.0324     $ 0.0525  
Risk free interest rate     1.62 %     2.08 %     2.81 %
Expected life     10 Years       10 Years       10 Years  
Dividend yield     -       -       -  
Volatility     141 %     140 %     140 %

 

In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series B preferred stock shall be entitled to be paid second in priority to the Series I preferred stock holders out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series B convertible preferred stock held plus any declared but unpaid dividends. After such payment has been made in full, such holders of Series B convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.
XML 65 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
License Agreements
 12 Months Ended
Nov. 30, 2012
License Agreements [Abstract]  
License Agreements [Text Block]

Note 5 – License Agreements

 

Rhode Island Hospital

 

In September 2001, the Company completed the purchase of its cell line business and, as a result, it acquired an exclusive license agreement with Rhode Island Hospital for the use of four patents owned by the hospital related to liver cell lines and liver assist devices. The primary patent acquired and being utilized is for immortalized hepatocytes. As of November 30, 2006, management tested the carrying value of the license agreement for impairment and concluded that it had been impaired and reduced the carrying value to zero. The Company will pay the hospital a 5% royalty on net sales derived from licenses based upon the patented technology, until it has paid a total of $550,000. As of November 30, 2012, no significant payments had been made under this license agreement. After royalties totaling $550,000 have been paid, the Company pays a 2% royalty instead of a 5% royalty for the life of the patent.

 

Amarin Neuroscience Limited

 

On December 31, 2005, the Company entered into a worldwide Exclusive License Agreement (the “License Agreement”) with Amarin Neuroscience Limited (“Amarin”). Among other things, the License Agreement provides that Amarin shall grant to the Company and its affiliates an exclusive worldwide license with respect to therapeutic or commercial uses of certain technology of Amarin, including LAX-202 (to be renamed MCT-125), and the Company shall develop and seek to commercialize products based on such technology. The initial technology to be developed is Amarin’s LAX-202, which is a potential treatment for fatigue in patients diagnosed with multiple sclerosis. The agreement has a term equal to the life of the patents licensed. The License Agreement provides that the Company will pay future royalty milestone payments in accordance with the following:

 

  (a) $500,000 upon first filing of a new drug application with Food and Drug Administration (FDA) or a reasonably similar filing with any regulatory authority for Active Agent Product,

 

  (b) $1,000,000 upon first FDA approval for sale in the USA for Active Agent Product,

 

  (c) $1,500,000 within twelve calendar months after the first sale in the USA for Active Agent Product, and

 

  (d) $1,000,000 within twelve calendar months after the first sale in the European Economic Area for Active Agent Product.

 

None of these milestones have been achieved as of November 30, 2012 and, accordingly, none of these obligations have been paid or recorded. If any milestone payment is not paid when due, and if no payment is received from the Company within thirty days after the date of receipt of a written notice of such nonpayment, Amarin shall have the option to either (i) terminate this agreement or (ii) convert the license under this agreement to a worldwide non-exclusive license with the right to sublicense, which non-exclusive license shall be subject to all of the terms and obligations of the agreement. The Company shall also pay Amarin without set-off or counterclaim a royalty of nine percent on net sales of Active Agent Product sold by the Company, its affiliates, or sublicensees and their affiliates. On November 5, 2008 the License Agreement was amended whereby Amarin granted exclusive worldwide rights to the Company related to the treatment of all chronic fatique and pain in addition to the treatment of fatigue in multiple sclerosis patients.

 

Corning Incorporated

 

On October 9, 2007, the Company executed an exclusive license and purchase agreement (the “Agreement”) with Corning Incorporated (“Corning”) of Corning, New York. Under the terms of the Agreement, Corning has the right to develop, use, manufacture, and sell the Company’s Fa2N-4 cell lines and related cell culture media for use as a drug discovery assay tool, including biomarker identification for the development of drug development assay tools, and for the performance of absorption, distribution, metabolism, elimination and toxicity assays (“ADME/Tox assays”). The Company retained and will continue to support all of its existing licensees. The Company retains the right to use the Fa2N-4 cells for use in applications not related to drug discovery or ADME/Tox assays. The Company also retains rights to use the Fa2N-4 cell lines and other cell lines to further develop its Sybiol® liver assist device, to produce therapeutic proteins using the Company’s BioFactories™ technology, to identify drug targets and for other applications related to the Company’s internal drug development programs. In consideration for the license granted, Corning paid the Company $375,000 upon execution of the Agreement, and an additional $375,000 upon the completion of a transition period. In addition, Corning purchased inventory and equipment from the Company and reimbursed the Company for laboratory costs and other expenses during a transition period. The Company is recognizing the income ratably over a 17 year period. The Company recognized $44,118 in income for each of the years ended November 30, 2012 and 2011. The balance of deferred revenue from this license is $522,059 and $566,177 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through October 2024.

 

Pfizer Inc.

 

The Company has another license agreement with Pfizer Inc., for which revenue is being deferred. During the years ended November 30, 2012 and 2011, the Company recognized $5,200 in each year and the balance of the deferred revenue from this license is $26,000 and $31,200 at November 30, 2012 and 2011, respectively, and will be amortized into revenue through January 2018.

 

University Health Network

 

On July 5, 2011, the Company, entered into a sponsored research agreement with the University Health Network (UHN), a not-for-profit corporation incorporated under the laws of Canada. Under this agreement UHN will evaluate the Company’s product candidates, MCT-465 and MCT-485, in in vitro models for the treatment of primary liver cancer. The mechanism of action of MCT-465 and MCT-485 and their potential selective effect on liver cancer stem cells will also be evaluated. Under the terms of the agreement, the Company will retain exclusive access to the research findings and intellectual property resulting from the research activities preformed by UHN.
XML 66 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Convertible Debentures
 12 Months Ended
Nov. 30, 2012
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]

Note 6- Convertible Debentures

 

The Company entered into a Securities Purchase Agreement with La Jolla Cove Investors, Inc. (“LJCI”) on February 28, 2007 pursuant to which the Company agreed to sell a convertible debenture in the principal amount of $100,000 and maturing on February 28, 2012 (the “Debenture”). On August 16, 2011, the Company and LJCI amended the Debenture to extend the maturity date to February 28, 2014. The Debenture accrues interest at 4.75% per year, payable at each conversion date, in cash or common stock at the option of LJCI. In connection with the Debenture, the Company issued LJCI a warrant to purchase up to 10 million shares of its common stock (the “LJCI Warrant”) at an exercise price of $1.09 per share, exercisable over the next five years according to a schedule described in a letter agreement dated February 28, 2007. Pursuant to the terms of the LJCI Warrant, upon the conversion of any portion of the principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the warrant shares equal to the percentage of the dollar amount of the Debenture being converted. Therefore, for each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share. The agreement limits LJCI’s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company.

 

The Debenture is convertible at the option of LJCI at any time up to maturity into the number of shares determined by the dollar amount of the Debenture being converted multiplied by 110, minus the product of the Conversion Price multiplied by 100 times the dollar amount of the Debenture being converted, with the entire result divided by the Conversion Price. The Conversion Price is equal to the lesser of $1.00 or 80% of the average of the three lowest volume-weighted average prices during the twenty trading days prior to the election to convert. During the year ended November 30, 2011, LJCI converted $11,110 of the Debenture into 345,528,729 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 1,111,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $1,210,990. During the year ended November 30, 2012, LJCI converted $8,570 of the Debenture into 469,130,793 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 857,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $934,130. At times, LJCI makes advances to the Company prior to the exercise of warrants. At November 30, 2012 and 2011, LJCI had advanced $50,000 and $301,930, respectively, to the Company in advance of LJCI’s exercise of warrants.

 

As of November 30, 2012, the remainder of the Debenture in the amount of $56,026 could have been converted by LJCI into approximately 7.0 billion shares of common stock, which would require LJCI to simultaneously exercise and purchase all of the remaining 5,602,629 shares of common stock under the LJCI Warrant at $1.09 per share. For the Debenture, upon receipt of a conversion notice from the holder, the Company may elect to immediately redeem that portion of the debenture that the holder elected to convert in such conversion notice, plus accrued and unpaid interest. After February 28, 2008, the Company, at its sole discretion, has the right, without limitation or penalty, to redeem the outstanding principal amount of the Debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.

 

A discount representing the value of 10 million warrants issued in the amount of $73,727 was recorded as a reduction to the note. The discount was calculated based on the relative fair values of the convertible debenture and the warrants. The fair value of the warrants used in the above calculation was determined under the Black-Scholes option-pricing model. Additionally, based on the excess of the aggregate fair value of the common shares that would have been issued if the Debenture had been converted immediately over the proceeds allocated to the convertible debenture, the investors received a beneficial conversion feature for which the Company recorded an increase in additional paid-in-capital of $26,273 and a corresponding discount to the Debenture. These discounts, in the aggregate amount of $100,000, were amortized over the original 60-month term of the Debenture as a charge to interest expense.
XML 67 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Series I Convertible Preferred Stock
 12 Months Ended
Nov. 30, 2012
Series I Convertible Preferred Stock [Abstract]  
Series I Convertible Preferred Stock [Text Block]

Note 8 – Series I Convertible Preferred Stock

 

The Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions of these shares of preferred stock. The Board of Directors originally designated 20,000 shares as Series I convertible preferred stock. On July 13, 2004, the Company completed a private placement of Series I convertible preferred stock. A total of 20,000 shares were originally sold to accredited investors at a price of $100 per share.

 

The Series I shares are convertible at any time into common stock at 80% of the average trading price of the lowest three inter-day trading prices of the common stock for the ten days preceding the conversion date, but at an exercise price of no more than $1.00 and no less than $.25. The conversion of the Series I preferred stock is limited to 9.99% of the Company’s common stock outstanding on the date of conversion. In October 2012, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with the Series I preferred stockholder. Pursuant to the Settlement Agreement, the preferred stockholder converted 5,734 shares of Series I preferred stock into common stock. The carrying value of the converted Series I preferred stock was $573,400 ($100 per share). The conversion price of the Series I preferred stock was $0.25. Accordingly, the conversion resulted in the issuance of 2,293,600 shares of common stock.

 

The Series I preferred stock does not have voting rights. In the event of any dissolution or winding up of the Company, whether voluntary or involuntary, holders of each outstanding share of Series I convertible preferred stock shall be entitled to be paid first out of the assets of the Company available for distribution to stockholders, an amount equal to $100 per share of Series I preferred stock held. After such payment has been made in full, such holders of Series I convertible preferred stock shall be entitled to no further participation in the distribution of the assets of the Company.
XML 68 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
 12 Months Ended
Nov. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

Liabilities measured at fair value on a recurring basis at November 30, 2012 and 2011 are summarized as follows:

 

    November 30, 2012     November 30, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
                                                                 
Derivative liability   $ -     $ 19,245     $ -     $ 19,245     $ -     $ 160,986     $ -     $ 160,986  
XML 69 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Leasing Arrangements (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Operating Leases, Rent Expense $ 10,800 $ 10,800
Monthly Lease, Rental Expense $ 900  
XML 70 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Qualifying Therapeutic Discovery Project Grant
 12 Months Ended
Nov. 30, 2012
Qualifying Therapeutic Discovery Project Grant [Abstract]  
Qualifying Therapeutic Discovery Project Grant [Text Block]

Note 13 – Qualifying Therapeutic Discovery Project Grant

 

On October 29, 2010, the Company received notification from the Department of Treasury that it had been awarded a total cash grant of $733,437 under the Qualifying Therapeutic Discovery Project (“QTDP”) program. The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act, and provided a grant or tax credit equal to 50% of qualified investment for the Company’s fiscal years ending November 30, 2010 and 2011. Of the total grant, $430,335 relates to qualifying expenses incurred during the year ended November 30, 2010 and the remainder of $303,102 relates to qualifying expenses incurred during the year ending November 30, 2011. For the year ended November 30, 2011, the Company recognized $303,102 as grant revenue during the quarterly periods in which the corresponding expenses were incurred. The grant income for the year ended November 30, 2011 was collected in December 2011.

 

The funds were granted in connection with the Company’s projects MCT-465 and MCT-475 drug development programs for the treatment of cancer and MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients.
XML 71 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
 12 Months Ended
Nov. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 18– Subsequent Events

 

Conversion of Debentures and Exercise of Stock Warrants

 

During the period subsequent to November 30, 2012 through the date of issuance of the consolidated financial statements, LJCI converted $1,510 of the debenture with La Jolla Cove Investors (see Note 6) into 184,404,556 shares of common stock. Simultaneously with these conversions, LJCI exercised warrants to purchase 151,000 shares of the Company’s common stock. Proceeds from the exercise of the warrants were $164,590.
XML 72 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warrants (Details) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Shares Under Warrants, Outstanding , Beginning balance (in shares) 10,792,030 22,837,991
Shares Under Warrants, Issued (in shares) 0 0
Shares Under Warrants, Exercised (in shares) (857,000) (1,111,000)
Shares Under Warrants, Expired (in shares) (658,000) (10,934,961)
Shares Under Warrants, Outstanding, Ending balance (in shares) 9,277,030 10,792,030
Weighted Average Exercise Price, Outstanding, Beginning balance (in dollars per share) $ 0.7769 $ 0.5915
Weighted Average Exercise Price, Issued (in dollars per share) $ 0 $ 0
Weighted Average Exercise price,Exercised (in dollars per share) $ 1.0900 $ 1.0900
Weighted Average Exercise Price, Expired (in dollars per share) $ 0.6987 $ 0.3579
Weighted Average Exercise Price, Outstanding, Ending balance (in dollars per share) $ 0.7535 $ 0.7769
Weighted Average Remaining Contractual Life, Outstanding, Beginning balance 3 years 1 year 8 months 12 days
Weighted Average Remaining Contractual Life, Outstanding, Ending balance 2 years 2 months 12 days 3 years
Aggregate Intrinsic Value, Outstanding, Beginning balance $ 0 $ 0
Aggregate Intrinsic Value, Outstanding, Ending balance $ 0 $ 0
XML 73 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Convertible Debentures (Details Textual) (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Warrant [Member]
Nov. 30, 2011
Warrant [Member]
Nov. 30, 2012
La Jolla Cove Investors [Member]
Numbers
Nov. 30, 2007
La Jolla Cove Investors [Member]
Securities Purchase, Agreement Date           Feb. 28, 2007
Proceeds from Convertible Debenture, Principal Amount           $ 100,000
Debt Conversion, Original Debt, Due Date of Debt           Feb. 28, 2012
Debt Conversion, Original Debt, Interest Rate of Debt 4.75% 4.75%        
Investment Warrants, Exercise Price         $ 1.09 $ 1.09
Exercise of Warrant upon Conversion of Debt         each $1,000 of the principal converted, LJCI would be required to simultaneously purchase 100,000 shares under the LJCI Warrant at $1.09 per share.  
Class of Warrant, Exercisable Period       2 years   5 years
Common Stock Ownership, Percentage         9.99%  
Maximum Conversion Limit of Debt           equal to the lesser of $1.00 or 80%
Conversion of Preferred Stock Limited to Trading Price, Percentage           80.00%
Stock Issued During Period, Value, Conversion of Convertible Securities 8,570 11,110        
Stock Issued During Period, Shares, Conversion of Convertible Securities     469,130,793 345,528,729    
Stock Issued During Period, Shares, Exercise of Warrants     857,000 1,111,000    
Stock Issued During Period, Value, Exercise of Warrants 934,130 1,210,990        
Advance from Debenture Holder, Current 50,000 301,930        
Convertible Debt, Noncurrent 56,026 59,596        
Debt Instrument, Convertible, Number of Equity Instruments         7,000,000,000  
Number of Warrants, Remaining Unexercised         5,602,629  
Warrants Issued Number         10,000,000  
Debt Discount, Amount         100,000  
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature         26,273  
Warrants Issued for Debt Discount         $ 73,727  
Debt Discount, Amortization Period 60 months          
XML 74 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) (USD $)
Series B Convertible Preferred Stock [Member]
Series I Convertible Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Noncontrolling Interest [Member]
Total
Balance at Nov. 30, 2010 $ 1,349,844 $ 573,400 $ 4,767,463 $ 31,317,428 $ (39,197,686) $ (825,558) $ (2,015,109)
Balance (in shares) at Nov. 30, 2010 11,339 5,734 476,746,257        
Issuance of common stock for conversion of 4.75% debentures 0 0 3,455,287 (3,444,177) 0 0 11,110
Issuance of common stock for conversion of 4.75% debentures (in shares) 0 0 345,528,729        
Issuance of common stock for exercise of warrants 0 0 11,110 1,199,880 0 0 1,210,990
Issuance of common stock for exercise of warrants (in shares) 0 0 1,111,000        
Stock-based compensation 0 0 0 991,488 0 0 991,488
Net loss 0 0 0 0 (1,800,658) (151,420) (1,952,078)
Balance at Nov. 30, 2011 1,349,844 573,400 8,233,860 30,064,619 (40,998,344) (976,978) (1,753,599)
Balance (in shares) at Nov. 30, 2011 11,339 5,734 823,385,986        
Issuance of common stock for conversion of 4.75% debentures 0 0 4,691,308 (4,682,738) 0 0 8,570
Issuance of common stock for conversion of 4.75% debentures (in shares) 0 0 469,130,793        
Issuance of common stock for exercise of warrants 0 0 8,570 925,560 0 0 934,130
Issuance of common stock for exercise of warrants (in shares) 0 0 857,000        
Conversion of Series B and Series I preferred stock into common stock and settlement or related accrued preferred dividends (888,009) (573,400) 564,292 1,121,825 0 0 224,708
Conversion of Series B and Series I preferred stock into common stock and settlement or related accrued preferred dividends (in shares) (7,891) (5,734) 56,429,250        
Stock-based compensation 0 0 0 326,329 0 0 326,329
Net loss 0 0 0 0 (1,256,250) (102,350) (1,358,600)
Balance at Nov. 30, 2012 $ 461,835 $ 0 $ 13,498,030 $ 27,755,595 $ (42,254,594) $ (1,079,328) $ (1,618,462)
Balance (in shares) at Nov. 30, 2012 3,448 0 1,349,803,029        
XML 75 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern
 12 Months Ended
Nov. 30, 2012
Going Concern [Abstract]  
Going Concern [Text Block]

Note 2 - Going Concern

 

These consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of November 30, 2012, the Company has operating and liquidity concerns and, as a result of recurring losses, has incurred an accumulated deficit of $42,254,594. The Company will have to raise additional capital in order to initiate Phase IIb/III clinical trials for MCT-125, the Company’s therapeutic for the treatment of fatigue in multiple sclerosis patients, conduct further research on MCT-465 and MCT-485 for the treatment of primary liver cancer and initiate clinical trials for Xenogenic's bioabsorbable, drug eluting stent, the Ideal BioStent™. Management is evaluating several sources of financing for its clinical trial program. Additionally, with its strategic shift in focus to therapeutic programs and technologies, management expects the Company’s future cash requirements to increase significantly as it advances the Company’s therapeutic programs into clinical trials. Until the Company is successful in raising additional funds, it may have to prioritize its therapeutic programs and delays may be necessary in some of the Company’s development programs.

 

Since March 2008, the Company has operated on working capital provided by La Jolla Cove Investors (LJCI). As further described in Note 6 to these consolidated financial statements, under terms of the agreement, LJCI can convert a portion of the convertible debenture by simultaneously exercising a warrant at $1.09 per share. As of November 30, 2012, there are 5,602,629 shares remaining on the stock purchase warrant and a balance of $56,026 remaining on the convertible debenture. Should LJCI continue to exercise all of its remaining warrants, approximately $6.1 million of cash would be provided to the Company. The agreement limits LJCI’s investment to an aggregate ownership that does not exceed 9.9% of the outstanding shares of the Company. The Company expects that LJCI will continue to exercise the warrants and convert the debenture through February 28, 2014, the date that the debenture is due and the warrants expire, subject to the limitations of the LCJI Agreement and the availability of authorized common stock of the Company.

 

These factors, among others, create an uncertainty about the Company’s ability to continue as a going concern. There can be no assurance that LJCI will continue to exercise its warrants to purchase the Company’s common stock, or that the Company will be able to successfully acquire the necessary capital to continue its on-going research efforts and bring its products to the commercial market. Management’s plans to acquire future funding include the potential sale of common and/or preferred stock, the sale of warrants, and continued sales of its proprietary media, immortalized cells and primary cells to the pharmaceutical industry. Additionally, the Company continues to pursue research projects, government grants and capital investment. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
XML 76 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
Payable to Related Party (Details Textual) (Director [Member], USD $)
Nov. 30, 2012
Nov. 30, 2011
Sep. 30, 2005
Director [Member]
      
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable $ 50,000 $ 50,000 $ 200,000
XML 77 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Nov. 30, 2012
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]
Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements of MultiCell Technologies Inc. and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which MultiCell exercises control. All significant intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents – The Company considers all unrestricted highly liquid investments purchased with a maturity of three months or less to be cash equivalents.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments – The carrying amounts of cash and cash equivalents, grant receivable, accounts payable, accrued expenses, and advance from debenture holder approximate fair value because of the short maturity of those instruments. The fair value of convertible debentures was approximately $56,026 and $64,596 at November 30, 2012 and 2011, respectively.
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Credit Risk – It is the Company’s practice to place its cash equivalents in high quality money market securities with major banking institutions. Periodically, the Company maintains cash balances at this institution that exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per bank. The Company considers its credit risk associated with cash and cash equivalents to be minimal. The Company does not require collateral from its customers. The Company closely monitors the extension of credit to its customers while maintaining an allowance for potential credit losses. On a periodic basis, management evaluates its accounts receivable and, if warranted, adjusts its allowance for doubtful accounts based on historical experience and current credit considerations. Typically, accounts receivable consist primarily of amounts due under contractual agreements.
Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition – In the years covered by these financial statements, the Company's operating revenues have been generated primarily from license revenue under agreements with Corning and Pfizer. Management believes such sources of revenue will be part of the Company's ongoing operations. When applicable, the Company recognizes revenue from licensing and research agreements as services are performed, provided a contractual arrangement exists, the contract price is fixed or determinable and the collection of the contractual amounts is reasonably assured. In situations where the Company receives payment in advance of the performance of services, such amounts are deferred and recognized as revenue as the related services are performed. Deferred revenues associated with services expected to be performed within the 12 - month period subsequent to the balance sheet date are classified as a current liability. Deferred revenues associated with services expected to be performed at a later date are classified as non-current liabilities.

 

Grant revenue under the Qualifying Therapeutic Discovery Project for the year ended November 30, 2011 was recognized as other income during the period in which the corresponding expenses were incurred.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment – Property and equipment are recorded at cost. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets, generally three to ten years. As of November 30, 2012, all property and equipment is fully depreciated.
Goodwill and Intangible Assets, Policy [Policy Text Block]
Intangible Assets – The Company does not amortize intangible assets with indefinite useful lives. The Company amortizes identifiable intangible assets over the estimated useful lives of the assets. The Company performs its annual intangible asset impairment tests during the fourth quarter of its fiscal year and more frequently if an event or circumstance indicates that impairment has occurred. If the assets were considered to be impaired, the impairment charge would be the amount by which the carrying value of the assets exceeds the fair value of the assets. As of November 30, 2012, all intangible assets are fully amortized or otherwise fully impaired such that there is no carrying value for intangible assets.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-Lived Assets – The impairment of long-lived assets that do not have indefinite lives, such as equipment, patents, and license agreements, is recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock Based Compensation – The Company has stockholder-approved stock incentive plans for employees, directors, officers and consultants. The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award, based on their grant-date fair value. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock, and expected dividend yield of stock.
Research and Development Expense, Policy [Policy Text Block]
Research and Development Costs – Research and development costs are expensed as incurred. Research and development costs primarily consist of external clinical and preclinical study costs, consulting fees, legal fees associated with the Company’s intellectual property, and materials and supplies.
In Process Research and Development, Policy [Policy Text Block]
Acquired In-Process Research and Development – The Company recognizes as incurred the cost of directly acquiring assets to be used in the research and development process that have not yet received regulatory approval for marketing and for which no alternative future use has been identified. Acquired in-process research and development costs are expensed as incurred. Once the product has obtained regulatory approval, the Company will capitalize any milestone payments made and amortize them over the period benefitted. Milestone payments made prior to regulatory approval of the product will generally be expensed when the event requiring payment of the milestones occurs.
Income Tax, Policy [Policy Text Block]
Income Taxes – Deferred income taxes are provided for the estimated tax effects of temporary differences between income for tax and financial reporting purposes. A valuation allowance is provided against deferred tax assets, where realization is uncertain. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of selling, general and administrative expense.
Earnings Per Share, Policy [Policy Text Block]
Loss Per Common Share – Basic loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average common shares outstanding during each period. Since the Company incurred losses during the years ended November 30, 2012 and 2011, the assumed effects of the exercise of outstanding stock options and warrants, and the conversion of convertible preferred stock and convertible debentures were anti-dilutive and, accordingly, diluted per common share amounts equal basic loss per share amounts and have not been separately presented in the accompanying consolidated statements of operations. The total number of common shares potentially issuable upon exercise or conversion excluded from the calculation of diluted loss per common share for the years ended November 30, 2012 and 2011 was 7,049,066,807 and 1,884,958,275, respectively.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of these financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Risks and Uncertainties [Policy Text Block]
Risks and Uncertainties – The Company is dependent on continued financing from investors and obtaining new research grants to sustain the development and other activities necessary to commercialize new products. Management is seeking additional financing in order to fund its future activities. There is no assurance, however, that such financing will be available, if and when needed, or if available, that such financing will be completed on commercially favorable terms, or that such development and other activities in connection with its planned products will be successful.
Accounting for Warrants Issued with Convertible Debentures [Policy Text Block]
Accounting For Warrants Issued With Convertible Debentures – The Company accounts for the value of warrants and the intrinsic value of beneficial conversion rights arising from the issuance of convertible debentures with non-detachable conversion rights that are in-the-money at the commitment date by allocating an appropriate portion of the proceeds received from the debt instruments to the warrants or any other detachable instruments included in the exchange. The proceeds allocated to the warrants or any other detachable instruments are recorded as a discount to the debt. The intrinsic value of the beneficial conversion rights at the commitment date is recorded as additional paid-in capital and as additional discount to the debt as of that date. The discount has been amortized and charged to interest expense over the original term of the debt instrument.
Derivative Liability [Policy Text Block]
Derivative Liability – The Company accounts for the conversion feature of its Series B preferred stock as a derivative liability. The fair value of the conversion feature is estimated using the Black-Scholes option-pricing model.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Enacted Accounting Standards – In July 2012, the Financial Accounting Standards Board issued updated guidance on the periodic testing of indefinite-lived intangible assets, other than goodwill, for impairment. This updated guidance will allow companies the option to first assess qualitative factors to determine if it is more-likely-than-not that an indefinite-lived intangible asset might be impaired and whether it is necessary to perform the quantitative impairment test required under current accounting standards. This guidance is applicable for reporting periods beginning after September 15, 2012, with early adoption permitted, and is applicable to the Company’s fiscal year beginning December 1, 2012. The Company currently does not have any indefinite-life intangible assets other than goodwill and does not expect the adoption of this guidance will have a material effect on its consolidated financial statements.
Reclassification, Policy [Policy Text Block]
Reclassifications - Certain amounts of operating expenses from the 2011 consolidated statement of operations have been reclassified in the current presentation to conform to the 2012 presentation of operating expenses. These reclassifications had no effect on the total amount of operations expenses, on the amount of net loss, or on the basic and diluted loss per common share for the year ended November 30, 2011.
XML 78 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 137 282 1 false 46 0 false 5 false false R1.htm 001 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.multicelltech.com/role/DocumentAndEntityInformation DOCUMENT AND ENTITY INFORMATION true false R2.htm 002 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.multicelltech.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS false false R3.htm 003 - Statement - CONSOLIDATED BALANCE SHEETS [Parenthetical] Sheet http://www.multicelltech.com/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS [Parenthetical] false false R4.htm 004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.multicelltech.com/role/ConsolidatedStatementsOfOperations CONSOLIDATED STATEMENTS OF OPERATIONS false false R5.htm 005 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) Sheet http://www.multicelltech.com/role/ConsolidatedStatementsOfEquityDeficiency CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) false false R6.htm 006 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) [Parenthetical] Sheet http://www.multicelltech.com/role/ConsolidatedStatementsOfEquityDeficiencyParenthetical CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) [Parenthetical] false false R7.htm 007 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.multicelltech.com/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS false false R8.htm 008 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] Sheet http://www.multicelltech.com/role/ConsolidatedStatementsOfCashFlowsParenthetical CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] false false R9.htm 009 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://www.multicelltech.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies Organization and Summary of Significant Accounting Policies false false R10.htm 010 - Disclosure - Going Concern Sheet http://www.multicelltech.com/role/GoingConcern Going Concern false false R11.htm 011 - Disclosure - Ideal BioStent Sheet http://www.multicelltech.com/role/IdealBiostent Ideal BioStent false false R12.htm 012 - Disclosure - Property and Equipment Sheet http://www.multicelltech.com/role/PropertyAndEquipment Property and Equipment false false R13.htm 013 - Disclosure - License Agreements Sheet http://www.multicelltech.com/role/LicenseAgreements License Agreements false false R14.htm 014 - Disclosure - Convertible Debentures Sheet http://www.multicelltech.com/role/ConvertibleDebentures Convertible Debentures false false R15.htm 015 - Disclosure - Series B Redeemable Convertible Stock Sheet http://www.multicelltech.com/role/SeriesBRedeemableConvertibleStock Series B Redeemable Convertible Stock false false R16.htm 016 - Disclosure - Series I Convertible Preferred Stock Sheet http://www.multicelltech.com/role/SeriesIConvertiblePreferredStock Series I Convertible Preferred Stock false false R17.htm 017 - Disclosure - Common Stock Sheet http://www.multicelltech.com/role/CommonStock Common Stock false false R18.htm 018 - Disclosure - Stock Compensation Plan Sheet http://www.multicelltech.com/role/StockCompensationPlan Stock Compensation Plan false false R19.htm 019 - Disclosure - Warrants Sheet http://www.multicelltech.com/role/Warrants Warrants false false R20.htm 020 - Disclosure - Leasing Arrangements Sheet http://www.multicelltech.com/role/LeasingArrangements Leasing Arrangements false false R21.htm 021 - Disclosure - Qualifying Therapeutic Discovery Project Grant Sheet http://www.multicelltech.com/role/QualifyingTherapeuticDiscoveryProjectGrant Qualifying Therapeutic Discovery Project Grant false false R22.htm 022 - Disclosure - Gain on Extinguishment of Liabilities Sheet http://www.multicelltech.com/role/GainOnExtinguishmentOfLiabilities Gain on Extinguishment of Liabilities false false R23.htm 023 - Disclosure - Income Taxes Sheet http://www.multicelltech.com/role/IncomeTaxes Income Taxes false false R24.htm 024 - Disclosure - Fair Value Measurements Sheet http://www.multicelltech.com/role/FairValueMeasurements Fair Value Measurements false false R25.htm 025 - Disclosure - Payable to Related Party Sheet http://www.multicelltech.com/role/PayableToRelatedParty Payable to Related Party false false R26.htm 026 - Disclosure - Subsequent Events Sheet http://www.multicelltech.com/role/SubsequentEvents Subsequent Events false false R27.htm 027 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) Sheet http://www.multicelltech.com/role/OrganizationandSummaryofSignificantAccountingPoliciesPolicies Organization and Summary of Significant Accounting Policies (Policies) false false R28.htm 028 - Disclosure - Property and Equipment (Tables) Sheet http://www.multicelltech.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) false false R29.htm 029 - Disclosure - Series B Redeemable Convertible Stock (Tables) Sheet http://www.multicelltech.com/role/SeriesBRedeemableConvertibleStockTables Series B Redeemable Convertible Stock (Tables) false false R30.htm 030 - Disclosure - Common Stock (Tables) Sheet http://www.multicelltech.com/role/CommonStockTables Common Stock (Tables) false false R31.htm 031 - Disclosure - Stock Compensation Plan (Tables) Sheet http://www.multicelltech.com/role/StockCompensationPlanTables Stock Compensation Plan (Tables) false false R32.htm 032 - Disclosure - Warrants (Tables) Sheet http://www.multicelltech.com/role/WarrantsTables Warrants (Tables) false false R33.htm 033 - Disclosure - Income Taxes (Tables) Sheet http://www.multicelltech.com/role/IncomeTaxesTables Income Taxes (Tables) false false R34.htm 034 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.multicelltech.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) false false R35.htm 035 - Disclosure - Organization and Summary of Significant Accounting Policies (Details Textual) Sheet http://www.multicelltech.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetailsTextual Organization and Summary of Significant Accounting Policies (Details Textual) false false R36.htm 036 - Disclosure - Going Concern (Details Textual) Sheet http://www.multicelltech.com/role/Goingconcerndetailstextual Going Concern (Details Textual) false false R37.htm 037 - Disclosure - Ideal BioStent (Details Textual) Sheet http://www.multicelltech.com/role/IdealBiostentDetailsTextual Ideal BioStent (Details Textual) false false R38.htm 038 - Disclosure - Property and Equipment (Details) Sheet http://www.multicelltech.com/role/PropertyAndEquipmentDetails Property and Equipment (Details) false false R39.htm 039 - Disclosure - Property and Equipment (Details Textual) Sheet http://www.multicelltech.com/role/PropertyAndEquipmentDetailsTextual Property and Equipment (Details Textual) false false R40.htm 040 - Disclosure - License Agreements (Details Textual) Sheet http://www.multicelltech.com/role/LicenseAgreementsDetailsTextual License Agreements (Details Textual) false false R41.htm 041 - Disclosure - Convertible Debentures (Details Textual) Sheet http://www.multicelltech.com/role/ConvertibleDebenturesDetailsTextual Convertible Debentures (Details Textual) false false R42.htm 042 - Disclosure - Series B Redeemable Convertible Stock (Details) Sheet http://www.multicelltech.com/role/SeriesBRedeemableConvertibleStockDetails Series B Redeemable Convertible Stock (Details) false false R43.htm 043 - Disclosure - Series B Redeemable Convertible Stock (Details Textual) Sheet http://www.multicelltech.com/role/SeriesBRedeemableConvertibleStockDetailsTextual Series B Redeemable Convertible Stock (Details Textual) false false R44.htm 044 - Disclosure - Series I Convertible Preferred Stock (Details Textual) Sheet http://www.multicelltech.com/role/SeriesIConvertiblePreferredStockDetailsTextual Series I Convertible Preferred Stock (Details Textual) false false R45.htm 045 - Disclosure - Common Stock (Details) Sheet http://www.multicelltech.com/role/CommonStockDetails Common Stock (Details) false false R46.htm 046 - Disclosure - Common Stock (Details Textual) Sheet http://www.multicelltech.com/role/CommonStockDetailsTextual Common Stock (Details Textual) false false R47.htm 047 - Disclosure - Stock Compensation Plan (Details) Sheet http://www.multicelltech.com/role/StockCompensationPlanDetails Stock Compensation Plan (Details) false false R48.htm 048 - Disclosure - Stock Compensation Plan (Details Textual) Sheet http://www.multicelltech.com/role/StockCompensationPlanDetailsTextual Stock Compensation Plan (Details Textual) false false R49.htm 049 - Disclosure - Warrants (Details) Sheet http://www.multicelltech.com/role/WarrantsDetails Warrants (Details) false false R50.htm 050 - Disclosure - Warrants (Details Textual) Sheet http://www.multicelltech.com/role/WarrantsDetailsTextual Warrants (Details Textual) false false R51.htm 051 - Disclosure - Leasing Arrangements (Details Textual) Sheet http://www.multicelltech.com/role/LeasingArrangementsDetailsTextual Leasing Arrangements (Details Textual) false false R52.htm 052 - Disclosure - Qualifying Therapeutic Discovery Project Grant (Details Textual) Sheet http://www.multicelltech.com/role/QualifyingTherapeuticDiscoveryProjectGrantDetailsTextual Qualifying Therapeutic Discovery Project Grant (Details Textual) false false R53.htm 053 - Disclosure - Gain on Extinguishment of Liabilities (Details Textual) Sheet http://www.multicelltech.com/role/GainOnExtinguishmentOfLiabilitiesDetailsTextual Gain on Extinguishment of Liabilities (Details Textual) false false R54.htm 054 - Disclosure - Income Taxes (Details) Sheet http://www.multicelltech.com/role/IncomeTaxesDetails Income Taxes (Details) false false R55.htm 055 - Disclosure - Income Taxes (Details 1) Sheet http://www.multicelltech.com/role/IncomeTaxesDetails1 Income Taxes (Details 1) false false R56.htm 056 - Disclosure - Income Taxes (Details Textual) Sheet http://www.multicelltech.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) false false R57.htm 057 - Disclosure - Fair Value Measurements (Details) Sheet http://www.multicelltech.com/role/FairValueMeasurementsDetails Fair Value Measurements (Details) false false R58.htm 058 - Disclosure - Payable to Related Party (Details Textual) Sheet http://www.multicelltech.com/role/PayableToRelatedPartyDetailsTextual Payable to Related Party (Details Textual) false false R59.htm 059 - Disclosure - Subsequent Events (Details Textual) Sheet http://www.multicelltech.com/role/SubsequentEventsDetailsTextual Subsequent Events (Details Textual) false false All Reports Book All Reports Element mcet_PreferredStockConversionPrice had a mix of decimals attribute values: 2 4. Element us-gaap_CommonStockSharesAuthorized had a mix of decimals attribute values: -7 0. Element us-gaap_EquityMethodInvestmentOwnershipPercentage had a mix of decimals attribute values: 3 4. Element us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice had a mix of decimals attribute values: 3 4. Element us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice had a mix of decimals attribute values: 3 4. 'Shares' elements on report '050 - Disclosure - Warrants (Details Textual)' had a mix of different decimal attribute values. Process Flow-Through: 002 - Statement - CONSOLIDATED BALANCE SHEETS Process Flow-Through: Removing column 'Nov. 30, 2010' Process Flow-Through: 003 - Statement - CONSOLIDATED BALANCE SHEETS [Parenthetical] Process Flow-Through: Removing column 'Aug. 10, 2012' Process Flow-Through: Removing column 'Jul. 11, 2011' Process Flow-Through: Removing column 'Oct. 31, 2012 Series B Convertible Preferred Stock [Member]' Process Flow-Through: 004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Process Flow-Through: 006 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (DEFICIENCY) [Parenthetical] Process Flow-Through: 007 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS Process Flow-Through: 008 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] mcet-20121130.xml mcet-20121130.xsd mcet-20121130_cal.xml mcet-20121130_def.xml mcet-20121130_lab.xml mcet-20121130_pre.xml true true XML 79 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment (Details) (USD $)
Nov. 30, 2012
Nov. 30, 2011
Property, Plant and Equipment, Gross $ 40,561 $ 66,467
Less: Accumulated depreciation (40,561) (66,467)
Property and Equipment, Net 0 0
Lab Equipment [Member]
    
Property, Plant and Equipment, Gross 14,717 25,893
Furniture and Office Equipment [Member]
    
Property, Plant and Equipment, Gross $ 25,844 $ 40,574
XML 80 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Leasing Arrangements
 12 Months Ended
Nov. 30, 2012
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block]

Note 12 – Leasing Arrangements

 

During the years ended November 30, 2012 and 2011, the Company has leased facilities in Rhode Island that have housed activities related to administration, research and development. The Company currently leases space in Rhode Island under a one-year lease that expires in April 2013. Current rent is $900 per month. Rent expense under the Company’s operating leases was $10,800 for each of the years ended November 30, 2012 and 2011, respectively.