0000814676-13-000026.txt : 20130513 0000814676-13-000026.hdr.sgml : 20130513 20130513155503 ACCESSION NUMBER: 0000814676-13-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130330 FILED AS OF DATE: 20130513 DATE AS OF CHANGE: 20130513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPS TECHNOLOGIES CORP/DE/ CENTRAL INDEX KEY: 0000814676 STANDARD INDUSTRIAL CLASSIFICATION: POTTERY & RELATED PRODUCTS [3260] IRS NUMBER: 042832509 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16088 FILM NUMBER: 13837256 BUSINESS ADDRESS: STREET 1: 111 SOUTH WORCESTER STREET CITY: NORTON STATE: MA ZIP: 02766 BUSINESS PHONE: 508-222-0614 MAIL ADDRESS: STREET 1: 111 SOUTH WORCESTER STREET CITY: NORTON STATE: MA ZIP: 02766 FORMER COMPANY: FORMER CONFORMED NAME: CERAMICS PROCESS SYSTEMS CORP/DE/ DATE OF NAME CHANGE: 19920703 10-Q 1 q1201310q.htm Q1 2013 10Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the period ended March 30, 2013
or

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

 

Commission file number 0-16088

 

CPS TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware
(State or Other Jurisdiction
of Incorporation or Organization)
04-2832509
(I.R.S. Employer
Identification No.)

 

111 South Worcester Street
Norton MA
(Address of principal executive offices)

 

 

02766-2102
(Zip Code)

 

 

(508) 222-0614
Registrant’s Telephone Number, including Area Code:

 

CPS TECHNOLOGIES CORPORATION
111 South Worcester Street
Norton, MA 02766-2102
Former Name, Former Address and Former Fiscal Year if Changed since Last Report

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

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X ] Yes [ ] No

 

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

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 [X] No

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Number of shares of common stock outstanding as of May 10, 2013: 12,871,759.

 

 
 

PART I FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS (Unaudited)

CPS TECHNOLOGIES CORPORATION
Balance Sheets (Unaudited)

 

March 30,  December 29,
  2013  2012
ASSETS      
Current assets:         
Cash and cash equivalents $305,674   $306,854 
Accounts receivable-trade, net  4,144,115    2,876,149 
Inventories, net  2,053,169    2,457,315 
Prepaid expenses and other current assets  133,114    140,723 
Deferred taxes  353,105    354,825 
Total current assets  6,989,177    6,135,866 
Property and equipment:         
Production equipment  7,430,783    7,430,783 
Furniture and office equipment  354,490    354,490 
Leasehold improvements  735,099    735,099 
Total cost  8,520,372    8,520,372 
Accumulated depreciation         
and amortization  (7,039,120)   (6,877,285)
Construction in progress  325,296    138,133 
 Net property and equipment  1,806,548    1,781,220 
Deferred taxes, non-current portion  2,432,148    2,432,148 
 Total Assets $11,227,873   $10,349,234 

 

See accompanying notes to financial statements.

 

(continued)

 

 

 
 

CPS TECHNOLOGIES CORPORATION
Balance Sheets (Unaudited)
(concluded)

 

LIABILITIES AND STOCKHOLDERS’ March 30,  December 29,
EQUITY 2013  2012
Current liabilities:         
Line of credit $600,000   $500,000 
Equipment lease line of credit  163,155    —   
Accounts payable  1,366,532    1,179,313 
Accrued expenses  1,345,855    938,043 
Current obligations under capital leases  108,102    123,366 
Total current liabilities  3,583,644    2,740,722 
Obligations under capital         
leases  55,848    76,372 
Total liabilities  3,639,492    2,817,094 
Commitments (note 9)         
Stockholders’ equity:         
Common stock, $0.01 par value,         
authorized 15,000,000 shares;         
issued 12,921,942 shares;         
outstanding 12,871,759 shares;         
at March 30, 2013 and December 29, 2012  129,281    129,281 
Additional paid-in capital  33,875,592    33,821,961 
Accumulated deficit  (26,282,177)   (26,284,787)
Less cost of 56,283 common shares         
repurchased  (134,315)   (134,315)
Total stockholders’ equity  7,588,381    7,532,140 
Total liabilities and stockholders’         
 equity $11,227,873   $10,349,234 

 

See accompanying notes to financial statements.

 
 

CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)

 

Fiscal Quarters Ended
March 30,  March 31,
  2013  2012
Revenues:         
Product sales $4,913,347   $3,342,653 
Research and development under         
cooperative agreement  117,731    212,123 
Total revenues  5,031,078    3,554,776 
Cost of product sales  4,018,754    3,405,575 
Cost of research and development         
under cooperative agreement  97,887    183,041 
Gross Margin  914,437    (33,840)
Selling, general, and         
administrative expense  899,915    808,723 
Income (loss) from operations  14,522    (842,563)
Interest expense, net  (10,192)   (5,772)
Income (loss) before taxes  4,330    (848,335)
Income tax provision (benefit)  1,720    (314,000)
Net income (loss) $2,610   ($534,335)
Net income  (loss) per         
basic common share $0.00   $(0.04)
Weighted average number of         
basic common shares         
outstanding  12,871,759    12,865,659 
Net income (loss) per         
diluted common share $0.00   $(0.04)
Weighted average number of         
diluted common shares         
outstanding  13,112,626    12,865,659 

 

See accompanying notes to financial statements.

 
 

CPS TECHNOLOGIES CORPORATION
Statements of Cash Flows (Unaudited)

 

    
March 30,  March 31,
  2013  2012
Cash flows from operating activities:         
Net income (loss) $2,610   $(534,335)
Adjustments to reconcile net income (loss)         
to cash used in operating activities:         
Depreciation and amortization  161,835    197,616 
Share-based compensation  53,631    58,034 
Deferred taxes  1,720    (314,000)
Changes in:         
Accounts receivable-trade  (1,267,966)   627,835 
Inventories  404,146    (282,074)
Prepaid expenses and other current assets  7,609    19,715 
Accounts payable  187,219    (89,235)
Accrued expenses  407,812    21,657 
Net cash used in operating activities  (41,384)   (294,787)
Cash flows from investing activities:         
Purchases of property and equipment  (187,163)   (150,958)
Net cash used in investing         
activities  (187,163)   (150,958)
Cash flows from financing activities:         
Payment of capital lease obligations  (35,788)   (75,634)
Proceeds from equipment lease line  163,155    —   
Proceeds from line of credit  100,000    —   
Net cash provided (used) in         
financing activities  227,367    (75,634)
Net decrease in cash and cash equivalents  (1,180)   (521,379)
Cash and cash equivalents at beginning of period  306,854    1,142,429 
Cash and cash equivalents at end of period $305,674   $621,050 
Supplemental cash flow information:         
Cash paid for taxes, net of refunds $—     $—   
Interest paid $10,192   $5,772 

 

See accompanying notes to financial statements.

 
 

CPS TECHNOLOGIES CORPORATION
Notes to Financial Statement
(Unaudited)

(1) Nature of Business

CPS Technologies Corporation (the “Company” or “CPS”) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company’s primary advanced material solution is metal-matrix composites which are a combination of metal and ceramic.

 

CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc.

In 2008 the Company also entered into a cooperative agreement with the U.S. Army to further develop its composite technology to produce armor.

 

(2) Interim Financial Statements

As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles.

 

The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods.

 

The Company’s balance sheet at December 29, 2012 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Certain items in the 2012 financial statements have been reclassified to conform with the 2013 presentation.

 

For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10-K for the year ended December 29, 2012.

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

 

 

(3) Net Income Per Common and Common Equivalent Share

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive.

 

The following table presents the calculation of both basic and diluted earnings per share (“EPS”):

 

  For period ended
  March 30,  March 31,
   2013  2012
  
Basic EPS Computation:      
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
Basic EPS  $0.00  $(0.04)
Diluted EPS Computation:          
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
stock options   240,867   —  
Total Shares   13,112,626   12,865,659
Diluted EPS  $0.00  $(0.04)

 

(4) Share-Based Payments

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted.

 

There were no shares granted under the 2009 Stock Incentive Plan (the “Plan”) during the quarters ended March 30, 2013 or March 31, 2012. During the quarters ended March 30, 2013 and March 31, 2012, the Company recognized $53,631 and $58,034 respectively as shared-based compensation expense related to previously granted shares under the Plan. During the quarters ended March 30, 2013 and March 31, 2012 there were no option exercises.

 

As of March 30, 2013, there was $535,766 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans; that cost is expected to be recognized over a weighted average period of 3.25 years.

 

 

(5) Inventories

Inventories consist of the following:

  March 30, December  29,
   2013  2012
  
Raw materials  $369,959  $312,213
Work in process   1,050,957   1,145,843
Finished goods   944,253   1,306,259
  
Total inventory   2,365,169   2,764,315
Reserve for obsolescence   (312,000)   (307,000)
  
Inventories, net  $2,053,169   $2,457,315 
  

 

 

(6) Accrued Expenses

Accrued expenses consist of the following:

  March 30,   December  29,
   2013  2012
    
Accrued legal and accounting  $86,319  $92,000
Accrued payroll   596,038   388,029
Accrued other   663,498    457,558 
Accrued income taxes   —     456
  
Total Accrued Expenses  $1,345,855  $938,043
  

 

(7) Line of Credit and Equipment Lease Facility Agreements

In early May 2013, the Company renewed its $2 million revolving line of credit (“LOC”) and $500 thousand of an equipment finance facility (“Lease Line”) with Sovereign Bank.   Both agreements mature in May 2014.  The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime plus one percent (1%) and a one-year term. Under the terms of the agreement, the Company is required to maintain its operating accounts with Sovereign Bank. The LOC and the Lease Line are cross defaulted and cross collateralized. The Company is also subject to certain financial covenants within the terms of the line of credit that require the Company to maintain a targeted coverage ratio as well as targeted debt to equity and current ratios. At March 30, 2013, the Company was in compliance with existing covenants. At March 30, 2013, the Company had $327 thousand net carrying value of capital equipment financed by advances and capital lease obligations under the Lease Line and $173 thousand available remaining. Equipment financed by the Sovereign equipment lease qualifies for treatment as a capital lease once converted from the Lease Line to a lease. At March 30, 2013 the Company had borrowed $600 thousand under this LOC and its borrowing base at the time would have permitted an additional $ 1,174 thousand to have been borrowed.

 

(8) Income Taxes

At December 29, 2012, the Company had approximately $3,303,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

 

The Company recorded a tax expense of $1,340 for federal income taxes and $380 for state income taxes during the quarter ended March 30, 2013.

 

The Company has a current and non-current deferred tax asset aggregating $2,785,253 and $2,786,973 on the Company’s balance sheet at March 30, 2013 and December 29, 2012, respectively. A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.

 

(9) Commitment

In July 2006, the Company entered into a lease for its current operating facilities of approximately 37,520 square feet of rentable space located on approximately seven acres at its current site in Norton, MA. The term of the lease is ten years. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are $100,000 in year one increasing to $150,000 in year ten.

 

In February 2011, the Company entered into a one-year lease, with five options to renew for one year periods, for approximately 13,800 square feet of rentable space inside a larger building located at 79 Walton Street, Attleboro, Massachusetts. Monthly rent, which includes utilities, is $6,900. In October 2012, the Company renewed the lease through February, 2014.

 

(10) Subsequent Events

See Note 7 for a description of the Line of Credit and Equipment Lease Facility Agreements renewal with Sovereign Bank

 

 

ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of financial condition and results of operations is based upon and should be read in conjunction with the financial statements of the Company and notes thereto included in this report and the Company’s Annual Report on Form 10-K for the year ended December 29, 2012.

 

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. There are a number of factors that could cause the Company’s actual results to differ materially from those forecasted or projected in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or changed circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Critical Accounting Policies

The critical accounting policies utilized by the Company in preparation of the accompanying financial statements are set forth in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 29, 2012, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. There have been no material changes to these policies since December 29, 2012.

 

Overview

CPS Technologies Corporation (the ‘Company’ or ‘CPS’) provides advanced material solutions to the electronics, power generation, automotive and other industries. In 2008 the Company also entered into a cooperative agreement with the U.S. Army to further develop its composite technology to produce armor.

 

The Company’s products are generally used in high-power, high-reliability applications. These applications always involve energy use or energy generation and the Company’s products allow higher performance and improved energy efficiency. The Company is an important participant in the growing movement towards alternative energy and "green" lifestyles. For example, the Company’s products are used in mass transit, hybrid and electric cars, wind-turbines for electricity generation as well as routers and switches for the internet which in turn allows telecommuting.

 

The Company’s primary advanced material solution is metal matrix composites (MMCs), a new class of materials which are a combination of metal and ceramic. CPS has a leading, proprietary position in metal matrix composites. Metal matrix composites have several superior properties compared to conventional materials including improved thermal conductivity, thermal expansion matching, stiffness and light weight which enable higher performance and higher reliability in our customers’ products.

 

Like plastics several decades ago, we believe metal-matrix composites will penetrate many end markets over many years. CPS management believes our business model of providing advanced material solutions to a portfolio of high growth end markets which are, at any point in time, in various stages of the technology adoption lifecycle, provides CPS with the opportunity for sustained growth and a diversified customer base. We believe we have validated this model as we are now supplying customers at all stages of the technology adoption lifecycle.

 

CPS is the leader in supplying metal matrix composites to certain high growth electronics end markets which are well along in the adoption lifecycle and therefore generating significant demand. These end markets include high-performance integrated circuits and circuit boards used in internet switches and routers, as well as motor controllers used in high-speed electric trains, subway cars and wind turbines. CPS supplies heat spreaders, lids and baseplates to customers in these end markets. CPS is a fully qualified manufacturer for many of the world’s largest electronics OEMs.

 

CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites; they may include components made of more traditional materials such as aluminum, copper-tungsten, etc.

 

A market at an earlier stage of the adoption lifecycle is the market for hybrid and electric automobiles. The Company recently announced a multi-year supply agreement with a major tier one automotive supplier for the supply of AlSiC pin fin baseplates for use in motor controllers for hybrid and electric automobiles.

 

We are also actively working with customers in end markets at the beginning stages of the adoption lifecycle. An example of such a market is the market for armor. In 2008 the Company entered into a cooperative agreement with the Army Research Laboratory to further develop large hybrid metal matrix composite modules which integrally combine metal matrix composites and ceramics by enveloping ceramic tiles with MMCs. This system offers a lighter weight, durable, multi-hit capable and cost competitive alternative to conventional steel, aluminum and ceramic based armor systems. CPS hybrid hard face armor modules are comprised of multiple materials completely enveloped within and mechanically and chemically bonded to lightweight and stiff aluminum metal matrix composites.

 

The Company believes that its hybrid hard face armor tiles will find application in many military vehicles as well as armored commercial vehicles.

 

Our products are manufactured by proprietary processes we have developed including the QuicksetTM Injection Molding Process (‘Quickset Process’) and the QuickCastTM Pressure Infiltration Process (‘QuickCast Process’).

 

CPS was incorporated in Massachusetts in 1984 as Ceramics Process Systems Corporation and reincorporated in Delaware in April 1987 through a merger into a wholly-owned Delaware subsidiary organized for purposes of the reincorporation. In July 1987, CPS completed our initial public offering of 1.5 million shares of our Common Stock. In March 2007, we changed our name from Ceramics Process Systems Corporation to CPS Technologies Corporation.

 

 

Results of Operations for the First Fiscal Quarter of 2013 (Q1 2013) Compared to the First Fiscal Quarter of 2012 (Q1 2012); (all $ in 000’s) 

Total revenue was $5,031 in Q1 2013, a 42% increase compared with total revenue of $3,555 generated in Q1 2012. This increase was due in large part to the sales of baseplates for traction products.

 

Gross margin in Q1 2013 totaled $914 or 18% of sales. In Q1 2012, gross margin was negative $ 34, or minus 2% of sales.   This improvement was due to two primary factors:  first, the increase in sales volume and secondly, to a lesser extent, the absence of additional costs associated with an outside finishing operation incurred during Q1 2012.  

 

Selling, general and administrative (SG&A) expenses were $900 in Q1 2013, up 11% compared with SG&A expenses of $809 in Q1 2012.  This increase was due principally to an increase in sales commissions associated with the higher sales volume.

 

As a result of the higher revenues and the absence of additional finishing costs, the Company earned an operating profit of $15, compared with an operating loss of $843 in the same quarter last year.  Interest expense increased to $10 in Q1 2013, from $6 in Q1 2012, reflecting higher average bank borrowings in Q1 2012. The net income for Q1 2013 totaled $3 versus a net loss of $534 in Q1 2012.

 

 

Liquidity and Capital Resources (all $ in 000’s unless noted)

The Company’s cash and cash equivalents at March 30, 2013 totaled $306 while, at the same time the Company had bank borrowing of $600. This compares to cash and cash equivalents at December 29, 2012 of $307 and bank borrowings of $500. The increase in borrowings was due to a combination of factors including a $1.3 million increase in receivables due to higher sales, offset in large part by a reduction in inventories of $404, an increase in payables and accruals of $595 and an increase in the equipment lease line of credit of $163.

 

Accounts receivable at March 30, 2013 totaled $4.1 million compared with $2.9 million at December 29, 2012.   Days Sales Outstanding (DSOs) increased to 74 days in Q1 2013 from 63 days in Q4 2012. Since this calculation is based on the ending accounts receivable balance over sales for the quarter, the fact that sales were greater in the latter part of the period had a ballooning effect on the DSO. The accounts receivable balances at December 29, 2012, and March 30, 2013 were both net of an allowance for doubtful accounts of $10.

 

Inventories decreased to $2.1 million at March 30, 2013, from $2.5 million at December 29, 2012.

During 2011, the Company increased inventories to meet forecasts provided by a key customer; actual demand was short of the forecasts. During 2012, primarily in the Fourth Quarter of 2012, the Company was able to draw down on this inventory as sales from this customer increased and this trend continued in Q1 2013. The Company did not experience any obsolescence as a result of this situation. The inventory turnover in 2012 was 4.4, for the most recent four quarters ending Q1 2013 the turnover improved to 4.9.

 

All consigned inventory is shipped under existing purchase orders and per customers’ requests. Of the inventory of $2.1 million at March 30, 2013, $787 thousand was located at customers’ locations pursuant to consigned inventory agreements. Of the total inventory of $2.5 million at December 29, 2012, $1.4 million was located at customers’ locations pursuant to consigned inventory agreements.

 

The Company financed its working capital during Q1 2013 with a combination of cash balances and borrowings under its committed bank line of credit.  The Company expects it will continue to be able to fund its working capital requirements for the remainder of 2013 from a combination of operating cash flow, existing cash balances and borrowings under its line of credit, when necessary.

 

The Company continues to sell to a limited number of customers and the loss of any one of these customers could cause the Company to require additional external financing. Failure to generate sufficient revenues, raise additional capital or reduce certain discretionary spending could have a material adverse effect on the Company’s ability to achieve its business objectives.

 

 

Contractual Obligations

In early May 2013, the Company renewed its $2 million revolving line of credit (“LOC”) and $500 thousand of an equipment finance facility (“Lease Line”) with Sovereign Bank.   Both agreements mature in May 2014.  The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime plus one percent (1%) and a one-year term. Under the terms of the agreement, the Company is required to maintain its operating accounts with Sovereign Bank. The LOC and the Lease Line are cross defaulted and cross collateralized. The Company is also subject to certain financial covenants within the terms of the line of credit that require the Company to maintain a targeted coverage ratio as well as targeted debt to equity and current ratios. At March 30, 2013, the Company was in compliance with existing covenants. At March 30, 2013, the Company had $327 thousand net carrying value of capital equipment financed by advances and capital lease obligations under the Lease Line and $173 thousand available remaining. Equipment financed by the Sovereign equipment lease qualifies for treatment as a capital lease once converted from the Lease Line to a lease. At March 30, 2013 the Company had borrowed $600 thousand under this LOC and its borrowing base at the time would have permitted an additional $ 1,174 thousand to have been borrowed.

 

The covenants with Sovereign Bank are identical for the line of credit and equipment financing facility. The covenant requirements are shown below together with the actual ratios achieved:

Covenant Requirement Actual
Net Income Minimum of $1.00 $3k
Current Ratio minimum of 1.5X 2.0X
Liabilities to Net Worth maximum of 1.0X 0.5X
Capital Expenditures for 2013 maximum of $900k $187k
Borrowings under the lease line maximum of $500K $327K
Borrowings under the line of credit maximum of $1,774k* $600K
  *(based on receivables at 3/30/13)

Management believes that cash flows from operations, existing cash balances and the leasing and credit line in place with Sovereign Bank will be sufficient to fund our cash requirements for the foreseeable future. However, there is no assurance that we will be able to generate sufficient revenues or reduce certain discretionary spending in the event that planned operational goals are not met such that we will be able to meet our obligations as they become due.

As of March 30, 2013 the Company had $325 thousand of construction in progress and outstanding commitments to purchase $225 thousand of production equipment. The Company intends to finance production equipment in construction in progress and outstanding commitments under the lease agreement with existing cash balances and funds generated by operations.

 

In July 2006, the Company entered into a 10-year lease for its current operating facilities of approximately 37,520 square feet of rentable space located on approximately seven acres at its current site in Norton, MA. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are $100 thousand in year one increasing to $150 thousand in year ten.

 

In February 2011, the Company entered into a lease for an additional 13.8 thousand square feet in Attleboro, MA for monthly rent, including utilities of $6,900. The lease term was for one year and had an option to extend the lease for five additional one year periods. In October 2012 the Company renewed the lease for one additional year through February, 2014.

 

The Company’s contractual obligations at March 30, 2013 consist of the following:

 

  Payments Due by Period
  Remaining in   FY 2014-       
  Total  FY 2013  FY 2016  FY 2017-
Capital lease obligations including interest  $169,611   $91,545   $78,066   $—   
Purchase commitments for production equipment  $225,000   $225,000   $—     $—   
Operating lease obligation for facilities  $509,833   $167,100   $342,733   $—   

 

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The Company is not significantly exposed to the impact of interest rate changes or foreign currency fluctuations. The Company has not used derivative financial instruments.

 

 

ITEM 4 CONTROLS AND PROCEDURES

 

(a) The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-14(c) and 15d - 14(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Form 10-Q (the “Evaluation Date”). Based on such evaluation, such officer has concluded that, as of the Evaluation Date, 1) the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports the Company files under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and 2) the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.

 

(b) Changes in Internal Controls. There has been no change in our internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

 

 
 

PART II OTHER INFORMATION

 

ITEM 1 LEGAL PROCEEDINGS
None.

 

ITEM 1A RISK FACTORS
There have been no material changes to the risk factors as discussed in our 2012 Form 10-K.

 

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.

 

ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None.

 

ITEM 4 MINE SAFETY DISCLOSURES
Not applicable.

 

ITEM 5 OTHER INFORMATION
Not applicable.

 

ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K:
(a) Exhibits:

Exhibit 31.1 Certification Of Chief Executive Officer Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 302 Of The Sarbanes-Oxley Act Of 2002

Exhibit 31.2 Certification Of Chief Financial Officer Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 302 Of The Sarbanes-Oxley Act Of 2002

Exhibit 32.1 Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 Of The Sarbanes-Oxley Act Of 2002

 

(b)Reports on Form 8-K:

On March 29, 2013 the Company filed a report on Form 8-K relating to the announcement of its financial results for the year ended December 29, 2012 as presented in a press release dated March 29, 2013.

 

SIGNATURES

 

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

 

CPS TECHNOLOGIES CORPORATION
(Registrant)

 

Date: May 13, 2013
/s/ Grant C. Bennett
Grant C. Bennett
Chief Executive Officer

 

Date: May 13, 2013

/s/ Ralph M. Norwood

Ralph M. Norwood

Chief Financial Officer

 

 

EX-101.PRE 2 cpsh-20130330_pre.xml XBRL PRESENTATION FILE EX-101.LAB 3 cpsh-20130330_lab.xml XBRL LABEL FILE Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash and cash equivalents Accounts receivable-trade, net Inventories, net Prepaid expenses and other current assets Deferred taxes Total current assets Property and equipment: Production equipment Furniture and office equipment Leasehold improvements Total cost Accumulated depreciation and amortization Construction in progress Net property and equipment Deferred taxes, non-current portion Total Assets LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Line of credit Equipment lease line of credit Accounts payable Accrued expenses Current obligations under capital leases Total current liabilities Obligations under capital leases Total liabilities Commitments (note 9) Stockholders equity: Common stock, $0.01 par value, authorized 15,000,000 shares; issued 12,921,942 shares; outstanding 12,871,759 shares; at March 30, 2013 and December 29, 2012 Additional paid-in capital Accumulated deficit Less cost of 56,283 common shares repurchased Total stockholders equity Total liabilities and stockholders equity Common Stock, authorized Shares Common Stock, issued shares Common Stock, outstanding shares Common Stock, par value Income Statement [Abstract] Revenues: Product sales Research and development under cooperative agreement Total revenues Cost of product sales Cost of research and development under cooperative agreement Gross Margin Selling, general, and administrative expense Income (loss) from operations Interest expense, net Income (loss) before taxes Income tax provision (benefit) Net income (loss) Net income (loss) per basic common share Weighted average number of basic common shares outstanding Net income (loss) per diluted common share Weighted average number of diluted common shares outstanding Statement of Cash Flows [Abstract] Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to cash used in operating activities: Depreciation and amortization Share-based compensation Deferred taxes Accounts receivable-trade Inventories Prepaid expenses and other current assets Accounts payable Accrued expenses Net cash used in operating activities Cash flows from investing activities: Purchases of property and equipment Net cash used in investing activities Cash flows from financing activities: Payment of capital lease obligations Proceeds from equipment lease line Proceeds from line of credit Net cash provided (used) in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental cash flow information: Cash paid for taxes, net of refunds Interest paid Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Business Quarterly Financial Information Disclosure [Abstract] Interim Financial Statements Earnings Per Share [Abstract] Net Income Per Common Share and Common Equivalent Share Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Share-Based Payments Inventory Disclosure [Abstract] Inventories Payables and Accruals [Abstract] Accrued Expenses Investments, All Other Investments [Abstract] Line of Credit and Equipment Lease Facility Agreements Income Tax Disclosure [Abstract] Income Taxes Commitments and Contingencies Disclosure [Abstract] Commitment Subsequent Events [Abstract] Subsequent Events Calculation of both basic and diluted earnings per share Inventories Accrued expenses Basic EPS Computation: Net income (loss) Weighted average common shares outstanding Basic EPS Diluted EPS Computation: Stock options Total Shares Diluted EPS Raw materials Work in process Finished goods Total inventory Reserve for obsolescence Inventories, net Accrued legal and accounting Accrued payroll Accrued other Accrued income taxes Total Accrued Expenses Assets, Current Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Assets, Net Liabilities, Current Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Revenues Gross Profit Operating Income (Loss) Net Income (Loss) Attributable to Parent Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Inventory Disclosure [Text Block] Schedule of Inventory, Current [Table Text Block] Schedule of Accrued Liabilities [Table Text Block] Inventory, Gross Inventory Valuation Reserves EX-101.DEF 4 cpsh-20130330_def.xml XBRL DEFINITION FILE EX-101.CAL 5 cpsh-20130330_cal.xml XBRL CALCULATION FILE EX-101.SCH 6 cpsh-20130330.xsd XBRL SCHEMA FILE 0001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - Nature of Business link:presentationLink link:calculationLink link:definitionLink 0007 - Disclosure - Interim Financial Statements link:presentationLink link:calculationLink link:definitionLink 0008 - Disclosure - Net Income Per Common Share and Common Equivalent Share link:presentationLink link:calculationLink link:definitionLink 0009 - Disclosure - Share-Based Payments link:presentationLink link:calculationLink link:definitionLink 0010 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 0011 - Disclosure - Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 0012 - Disclosure - Line of Credit and Equipment Lease Facility Agreements link:presentationLink link:calculationLink link:definitionLink 0013 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 0014 - Disclosure - Commitment link:presentationLink link:calculationLink link:definitionLink 0015 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 0016 - Disclosure - Net Income Per Common Share and Common Equivalent Share (Tables) link:presentationLink link:calculationLink link:definitionLink 0017 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 0018 - Disclosure - Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 0019 - Disclosure - Net Income Per Common Share and Common Equivalent Share - Calculation of both basic and diluted earnings per share (Details) link:presentationLink link:calculationLink link:definitionLink 0020 - Disclosure - Inventories - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 0021 - Disclosure - Accrued Expenses - Accrued expenses (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.INS 7 cpsh-20130330.xml XBRL INSTANCE FILE 0000814676 2012-12-30 2013-03-30 0000814676 2013-05-10 0000814676 2013-03-30 0000814676 2012-12-29 0000814676 2012-01-01 2012-03-31 0000814676 2011-12-31 0000814676 2012-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares CPS TECHNOLOGIES CORP/DE/ 0000814676 10-Q 2013-03-30 false --12-28 No No Yes Smaller Reporting Company Q1 2013 12566213 12871759 305674 306854 1142429 621050 4144115 2876149 2053169 2457315 133114 140723 353105 354825 6989177 6135866 7430783 7430783 354490 354490 735099 735099 8520372 8520372 7039120 6877285 325296 138133 1806548 1781220 2432148 2432148 11227873 10349234 600000 500000 1366532 1179313 1345855 938043 3583644 2740722 3639492 2817094 33875592 33821961 -26282177 -26284787 7588381 7532140 134315 134315 11227873 10349234 55848 76372 4913347 3342653 5031078 3554776 4018754 3405575 97887 183041 914437 -33840 899915 808723 14522 -842563 1720 -314000 2610 -534335 12871759 12865659 0.00 -.04 13112626 12865659 117731 212123 -10192 -5772 0.00 -.04 2610 -534335 53631 58034 1720 -314000 -1267966 627835 404146 -282074 7609 19715 187219 -89235 407812 21657 100000 163155 161835 197616 -41384 -294787 -187163 -150958 227367 -75634 -1180 -521379 10192 5772 -187163 -150958 129281 129281 15000000 150000000 12921942 12921942 12871759 12871759 .01 .01 108102 123366 163155 4330 -848335 -35788 -75634 <p style="margin: 0">(1) Nature of Business</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">CPS Technologies Corporation (the &#147;Company&#148; or &#147;CPS&#148;) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company&#146;s primary advanced material solution is metal-matrix composites which are a combination of metal and ceramic.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In 2008 the Company also entered into a cooperative agreement with the U.S. Army to further develop its composite technology to produce armor.</p> <p style="margin: 0">(2) Interim Financial Statements</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Company&#146;s balance sheet at December 29, 2012 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Certain items in the 2012 financial statements have been reclassified to conform with the 2013 presentation.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">For further information, refer to the financial statements and footnotes thereto included in the Registrant&#146;s Annual Report on Form 10-K for the year ended December 29, 2012.<br /> <br /> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.</p> <p style="margin: 0">(3) Net Income Per Common and Common Equivalent Share</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The following table presents the calculation of both basic and diluted earnings per share (&#147;EPS&#148;):</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"></td><td>&#160;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">For period ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right">March 30,</td><td>&#160;</td> <td colspan="3" style="text-align: right">March 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right"></td><td></td> <td colspan="3" style="text-align: right"></td></tr> <tr style="vertical-align: bottom"> <td>Basic EPS Computation:</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt; width: 56%">Numerator:</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Net income (loss)</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">2,610</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(534,335)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">common shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Outstanding</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,871,759</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Basic EPS</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">0.00</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(0.04)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Diluted EPS Computation:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Numerator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Net income (loss)</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">2,610</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(534,335)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">common shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Outstanding</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,871,759</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">stock options</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">240,867</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">&#151;&#160;&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Total Shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">13,112,626</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Diluted EPS</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">0.00</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(0.04)</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"></td><td>&#160;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">For period ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right">March 30,</td><td>&#160;</td> <td colspan="3" style="text-align: right">March 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right"></td><td></td> <td colspan="3" style="text-align: right"></td></tr> <tr style="vertical-align: bottom"> <td>Basic EPS Computation:</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt; width: 56%">Numerator:</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Net income (loss)</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">2,610</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(534,335)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">common shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Outstanding</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,871,759</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Basic EPS</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">0.00</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(0.04)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Diluted EPS Computation:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Numerator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Net income (loss)</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">2,610</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(534,335)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 1.5pt">Denominator:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">common shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Outstanding</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,871,759</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">stock options</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">240,867</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">&#151;&#160;&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Total Shares</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">13,112,626</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">12,865,659</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Diluted EPS</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">0.00</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">(0.04)</td></tr> </table> <p style="margin: 0">(5) Inventories</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Inventories consist of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td style="color: black">&#160;</td> <td colspan="3" style="color: black; text-align: right">March 30,</td><td></td> <td colspan="3" style="text-align: right">December&#160;&#160;29,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="color: black; text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td style="color: black">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Raw materials</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">369,959</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">$</td><td colspan="2" style="color: black; text-align: right">312,213</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Work in process</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">1,050,957</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">&#160;</td><td colspan="2" style="color: black; text-align: right">1,145,843</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Finished goods</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">944,253</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: right">1,306,259</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td style="color: black">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Total inventory</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">2,365,169</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">&#160;</td><td colspan="2" style="color: black; text-align: right">2,764,315</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Reserve for obsolescence</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">(312,000)</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: right">(307,000)</td></tr> <tr style="vertical-align: bottom; background-color: White"><td>&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; width: 56%">Inventories, net</td><td style="padding-bottom: 2.5pt; width: 8%">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</td><td style="border-bottom: Black 2.5pt double; text-align: right; width: 12%">2,053,169</td><td style="padding-bottom: 2.5pt; text-align: left; width: 1%">&#160;</td><td style="color: black; padding-bottom: 2.5pt; width: 8%">&#160;</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left; width: 1%">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right; width: 12%">2,457,315</td><td style="padding-bottom: 2.5pt; color: black; text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"><td>&#160;</td><td>&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td style="color: black">&#160;</td> <td colspan="3" style="color: black; text-align: right">March 30,</td><td></td> <td colspan="3" style="text-align: right">December&#160;&#160;29,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="color: black; text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td style="color: black">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Raw materials</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">369,959</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">$</td><td colspan="2" style="color: black; text-align: right">312,213</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Work in process</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">1,050,957</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">&#160;</td><td colspan="2" style="color: black; text-align: right">1,145,843</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Finished goods</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">944,253</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: right">1,306,259</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td style="color: black">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Total inventory</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">2,365,169</td><td style="color: black">&#160;</td> <td style="color: black; text-align: left">&#160;</td><td colspan="2" style="color: black; text-align: right">2,764,315</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Reserve for obsolescence</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">(312,000)</td><td style="color: black; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; color: black; text-align: right">(307,000)</td></tr> <tr style="vertical-align: bottom; background-color: White"><td>&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; width: 56%">Inventories, net</td><td style="padding-bottom: 2.5pt; width: 8%">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</td><td style="border-bottom: Black 2.5pt double; text-align: right; width: 12%">2,053,169</td><td style="padding-bottom: 2.5pt; text-align: left; width: 1%">&#160;</td><td style="color: black; padding-bottom: 2.5pt; width: 8%">&#160;</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left; width: 1%">$</td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right; width: 12%">2,457,315</td><td style="padding-bottom: 2.5pt; color: black; text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"><td>&#160;</td><td>&#160;</td></tr> </table> <p style="margin: 0">(6)&#9;Accrued Expenses</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Accrued expenses consist of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right">March 30,</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;December&#160;&#160;29,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Accrued legal and accounting</td><td>&#160;</td> <td style="text-align: right">$</td><td colspan="2" style="text-align: right">86,319</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">92,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Accrued payroll</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">596,038</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">388,029</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt; width: 56%">Accrued other</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%; vertical-align: middle">663,498</td><td style="text-align: right; width: 1%; vertical-align: middle">&#160;</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">457,558</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Accrued income taxes</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">456</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total Accrued Expenses</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td colspan="2" style="border-bottom: Black 2.5pt double; text-align: right">1,345,855</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td colspan="2" style="border-bottom: Black 2.5pt double; text-align: right">938,043</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td>&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right">March 30,</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;December&#160;&#160;29,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right"></td><td>&#160;</td> <td colspan="3" style="text-align: right"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt">Accrued legal and accounting</td><td>&#160;</td> <td style="text-align: right">$</td><td colspan="2" style="text-align: right">86,319</td><td>&#160;</td> <td style="text-align: left">$</td><td colspan="2" style="text-align: right">92,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 1.5pt">Accrued payroll</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">596,038</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right">388,029</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 1.5pt; width: 56%">Accrued other</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%; vertical-align: middle">663,498</td><td style="text-align: right; width: 1%; vertical-align: middle">&#160;</td><td style="width: 8%">&#160;</td> <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">457,558</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Accrued income taxes</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">456</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total Accrued Expenses</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td colspan="2" style="border-bottom: Black 2.5pt double; text-align: right">1,345,855</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td colspan="2" style="border-bottom: Black 2.5pt double; text-align: right">938,043</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>&#160;</td><td>&#160;</td></tr> </table> <p style="margin: 0"><u>(8)&#9;Income Taxes</u></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">At December 29, 2012, the Company had approximately $3,303,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Company recorded a tax expense of $1,340 for federal income taxes and $380 for state income taxes during the quarter ended March 30, 2013.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Company has a current and non-current deferred tax asset aggregating $2,785,253 and $2,786,973 on the Company&#146;s balance sheet at March 30, 2013 and December 29, 2012, respectively. A valuation allowance is required to be established or maintained when it is &#34;more likely than not&#34; that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.</p> <p style="margin: 0">(<u>9) &#9;Commitment</u></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">In July 2006, the Company entered into a lease for its current operating facilities of approximately 37,520 square feet of rentable space located on approximately seven acres at its current site in Norton, MA. The term of the lease is ten years. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are $100,000 in year one increasing to $150,000 in year ten.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">In February 2011, the Company entered into a one-year lease, with five options to renew for one year periods, for approximately 13,800 square feet of rentable space inside a larger building located at 79 Walton Street, Attleboro, Massachusetts. Monthly rent, which includes utilities, is $6,900. In October 2012, the Company renewed the lease through February, 2014.</p> <p style="margin: 0">(10)&#9;Subsequent Events</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">See Note 7 for a description of the Line of Credit and Equipment Lease Facility Agreements renewal with Sovereign Bank</p> 663498 457558 596038 388029 456 86319 92000 369959 312213 1050957 1145843 944253 1306259 2365169 2764315 312000 307000 240867 <p style="margin: 0">(4) Share-Based Payments</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">There were no shares granted under the 2009 Stock Incentive Plan (the &#147;Plan&#148;) during the quarters ended March 30, 2013 or March 31, 2012. During the quarters ended March 30, 2013 and March 31, 2012, the Company recognized $53,631 and $58,034 respectively as shared-based compensation expense related to previously granted shares under the Plan. During the quarters ended March 30, 2013 and March 31, 2012 there were no option exercises.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">As of March 30, 2013, there was $535,766 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans; that cost is expected to be recognized over a weighted average period of 3.25 years.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"></p> <p style="margin: 0">(7) Line of Credit and Equipment Lease Facility Agreements </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">In early May 2013,&#160;the Company renewed its $2 million revolving line of credit (&#147;LOC&#148;) and $500 thousand of an equipment finance facility (&#147;Lease Line&#148;) with Sovereign Bank.&#160;&#160; Both agreements mature in May 2014. &#160;The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime plus one percent (1%) and a one-year term. Under the terms of the agreement, the Company is required to maintain its operating accounts with Sovereign Bank. The LOC and the Lease Line are cross defaulted and cross collateralized. The Company is also subject to certain financial covenants within the terms of the line of credit that require the Company to maintain a targeted coverage ratio as well as targeted debt to equity and current ratios. At March 30, 2013, the Company was in compliance with existing covenants. At March 30, 2013, the Company had $327 thousand net carrying value of capital equipment financed by advances and capital lease obligations under the Lease Line and $173 thousand available remaining. Equipment financed by the Sovereign equipment lease qualifies for treatment as a capital lease once converted from the Lease Line to a lease. At March 30, 2013 the Company had borrowed $600 thousand under this LOC and its borrowing base at the time would have permitted an additional $ 1,174 thousand to have been borrowed.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> EX-31.1 8 ex311q103301310q.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Grant C. Bennett, certify that:

  1. I have reviewed this quarterly report on Form 10-Q;
  2. Based on my knowledge, this quarterly 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 quarterly report;
  3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;
  4. The registrant`s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

 

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

 

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

 

d) Disclosed in this quarterly report any change in the registrant`s internal control over financial reporting that occurred during the registrant`s most recent fiscal quarter that has materially affected or is reasonably like to materially affect, the registrant`s internal control over financial reporting.

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

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

 

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

 

Date: May 13, 2013
/s/ Grant C. Bennett
Grant C. Bennett
President and Chief Executive Officer

 

EX-31.2 9 ex312q1201310q.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ralph M. Norwood, certify that:

  1. I have reviewed this quarterly report on Form 10-Q;
  2. Based on my knowledge, this quarterly 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 quarterly report;
  3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;
  4. The registrant`s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

 

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

 

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

 

d) Disclosed in this quarterly report any change in the registrant`s internal control over financial reporting that occurred during the registrant`s most recent fiscal quarter that has materially affected or is reasonably like to materially affect, the registrant`s internal control over financial reporting.

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

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

 

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

 

Date: May 13, 2013
/s/ Ralph M. Norwood
Ralph M. Norwood
Chief Financial Officer

 

EX-32.1 10 ex321q1201310q.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of CPS Technologies Corporation (the "Company") on Form 10-Q for the three month period ended March 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Grant C. Bennett, President and Chief Executive Officer of the Company, and I, Ralph M. Norwood, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

  1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 13, 2013
/s/ Grant C. Bennett
Grant C. Bennett
President and Chief Executive Officer

 

Date: May 13, 2013
/s/ Ralph M. Norwood
Ralph M. Norwood
Chief Financial Officer

 

 

 

XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Payments
3 Months Ended
Mar. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Payments

(4) Share-Based Payments

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide services in exchange for the award, the requisite service period (usually the vesting period). The Company provides an estimate of forfeitures at initial grant date. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. The company uses the Black-Scholes option pricing model to determine the fair value of the stock options granted.

 

There were no shares granted under the 2009 Stock Incentive Plan (the “Plan”) during the quarters ended March 30, 2013 or March 31, 2012. During the quarters ended March 30, 2013 and March 31, 2012, the Company recognized $53,631 and $58,034 respectively as shared-based compensation expense related to previously granted shares under the Plan. During the quarters ended March 30, 2013 and March 31, 2012 there were no option exercises.

 

As of March 30, 2013, there was $535,766 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans; that cost is expected to be recognized over a weighted average period of 3.25 years.

EXCEL 13 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=%\V-F$Q,S(S-U\X-F-B7S1D.31?.3$Y85\U9C9C M83%C9C)D8S$B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I% M>&-E;%=O#I% M>&-E;%=O#I.86UE/E-T871E;65N='-?;V9?3W!E M#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T871E;65N='-?;V9?0V%S:%]&;&]W#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DYA='5R95]O9E]"=7-I M;F5S#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN M=&5R:6U?1FEN86YC:6%L7U-T871E;65N=',\+W@Z3F%M93X-"B`@("`\>#I7 M;W)K#I7;W)K6UE;G1S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T M4V]U#I%>&-E;%=O#I7;W)K M#I%>&-E;%=O#I% M>&-E;%=O&5S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T M4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U8G-E<75E;G1?179E;G1S/"]X.DYA;64^#0H@ M("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=F5N=&]R:65S7U1A8FQE#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D%C8W)U961?17AP96YS97-?5&%B;&5S/"]X M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=F5N=&]R:65S7TEN=F5N=&]R:65S7T1E=&%I M;#PO>#I.86UE/@T*("`@(#QX.E=O#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I!8W1I=F53:&5E M=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF M72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U M;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T M7S8V83$S,C,W7S@V8V)?-&0Y-%\Y,3EA7S5F-F-A,6-F,F1C,0T*0V]N=&5N M="U,;V-A=&EO;CH@9FEL93HO+R]#.B\V-F$Q,S(S-U\X-F-B7S1D.31?.3$Y M85\U9C9C83%C9C)D8S$O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!);F9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$"!+97D\+W1D/@T*("`@("`@("`\=&0@ M8VQA'0^36%R M(#,P+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^9F%L2!A(%=E;&PM:VYO=VX@4V5A'0^3F\\2!A(%9O M;'5N=&%R>2!&:6QE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!&:6QE M3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^4VUA M;&QE3QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^,C`Q,SQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!A M;F0@97%U:7!M96YT.CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$6%B;&4\+W1D/@T*("`@("`@("`\=&0@ M8VQA'!E M;G-EF5D(#$U+#`P,"PP,#`@'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\V-F$Q,S(S-U\X-F-B7S1D.31?.3$Y85\U M9C9C83%C9C)D8S$-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-C9A M,3,R,S=?.#9C8E\T9#DT7SDQ.6%?-68V8V$Q8V8R9&,Q+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6%B;&4\+W1D/@T*("`@ M("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$6UE M;G0@;V8@8V%P:71A;"!L96%S92!O8FQI9V%T:6]N7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'`@ M28C,30X.PT*;W(@)B,Q-#<[0U!3)B,Q-#@[*2!P6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E M=&EC82P@4V%N"!C;VUP;W-I=&5S(&]R('1H97D@ M;6%Y#0II;F-L=61E(&-O;7!O;F5N=',@;6%D92!O9B!M;W)E('1R861I=&EO M;F%L(&UA=&5R:6%L6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL M($AE;'9E=&EC82P@4V%N'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!&:6YA;F-I86P@26YF;W)M871I;VX@1&ES M8VQO6QE/3-$)VUA M6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC82P@ M4V%N'0M:6YD96YT.B`P+C5I;B<^5&AE($-O;7!A;GDF(S$T M-CMS(&)A;&%N8V4@2!A8V-E<'1E9"!I;B!T M:&4@56YI=&5D(%-T871E'0M:6YD96YT.B`P+C5I;B<^1F]R(&9U6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC M82P@4V%N'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)VUA6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC M82P@4V%N2!D:79I9&EN9R!N970@:6YC;VUE M(&)Y('1H92!S=6T@;V8@=&AE('=E:6=H=&5D(&%V97)A9V4@;G5M8F5R(&]F M(&-O;6UO;B!S:&%R97,@<&QU6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE M;'9E=&EC82P@4V%N6QE/3-$ M)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC82P@4V%N6QE/3-$)V)O6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SY- M87)C:"`S,2P\+W1D/CPO='(^#0H\='(@6QE/3-$ M)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)W9E6QE/3-$)W=I9'1H.B`X)2<^)B,Q M-C`[/"]T9#X-"B`@("`\=&0@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H M.B`Q)2<^)B,Q-C`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/CQT M9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^,BPV M,3`\+W1D/CQT9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T)SXD/"]T9#X\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO M=&0^/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SXF(S$V,#L\+W1D/CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(S$V,#L\+W1D/CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P M.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@("`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`@(#QT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!R:6=H="<^)B,Q-C`[/"]T9#X\=&0@6QE/3-$ M)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!R M:6=H="<^,BPV,3`\+W1D/CQT9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T)SXD/"]T9#X\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT)SXF(S$V,#L\+W1D/CQT9"!S='EL93TS1"=T97AT M+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^ M/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@("`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`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L:6=N.B!R M:6=H="<^*#`N,#0I/"]T9#X\+W1R/@T*/"]T86)L93X-"@T*/'`@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6UE;G1S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL M93TS1"=M87)G:6XZ(#`G/B@T*2!3:&%R92U"87-E9"!087EM96YT'0M:6YD96YT.B`P+C5I;B<^5&AE M($-O;7!A;GD@;65A65E(&ES(')E M<75I2!B87-E M9"!O;B!A8W1U86P@9F]R9F5I='5R92!E>'!E2!U6QE/3-$)V9O;G0Z(#$P<'0@ M07)I86PL($AE;'9E=&EC82P@4V%N6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E M=&EC82P@4V%N2!R96-O9VYI>F5D("0U,RPV,S$@86YD("0U."PP,S0@&5R8VES M97,N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T($%R:6%L+"!(96QV M971I8V$L(%-A;G,M4V5R:68[(&UA'!E8W1E M9"!T;R!B92!R96-O9VYI>F5D(&]V97(@82!W96EG:'1E9"!A=F5R86=E('!E M'0M:6YD96YT.B`P+C5I;B<^/"]P/CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA2!$:7-C;&]S=7)E(%M!8G-T M6QE/3-$)VUA6QE/3-$)V-O;&]R M.B!B;&%C:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@8V]L6QE/3-$)W9E'0M M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V-O;&]R.B!B;&%C:R<^)B,Q M-C`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B0\+W1D/CQT9"!C;VQS<&%N/3-$ M,B!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^,S8Y+#DU.3PO=&0^/'1D M('-T>6QE/3-$)V-O;&]R.B!B;&%C:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@ M6QE M/3-$)V-O;&]R.B!B;&%C:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M M86QI9VXZ(')I9VAT)SXQ+#$T-2PX-#,\+W1D/CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V-O;&]R.B!B;&%C:SL@<&%D9&EN9RUB;W1T;VTZ M(#%P="<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI M9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('-T>6QE/3-$ M)V)O6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('!A9&1I;F'0M86QI9VXZ M(')I9VAT)SXR+#6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('!A9&1I;F'0M86QI9VXZ(')I M9VAT)SXH,S$R+#`P,"D\+W1D/CQT9"!S='EL93TS1"=C;VQO6QE/3-$)V)O'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E)SXR+#`U,RPQ-CD\+W1D/CQT M9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ M(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\=&0@'0M86QI9VXZ M(&QE9G0[('=I9'1H.B`Q)2<^)#PO=&0^/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\+W1R M/@T*/'1R('-T>6QE/3-$)W9E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E M;G-E6%B;&5S(&%N9"!!8V-R=6%L6QE/3-$)VUA6QE/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC82P@ M4V%N6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\+W1D/CQT9#XF(S$V,#L\ M+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,R!S='EL93TS1"=T97AT+6%L:6=N M.B!R:6=H="<^36%R8V@@,S`L/"]T9#X\=&0^)B,Q-C`[/"]T9#X-"B`@("`\ M=&0@8V]L6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX\+W1D/CPO='(^#0H\='(@ M6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXX-BPS,3D\ M+W1D/CQT9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T)SXD/"]T9#X\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G M/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)W1E>'0M86QI M9VXZ(')I9VAT)SXU.38L,#,X/"]T9#X\=&0^)B,Q-C`[/"]T9#X-"B`@("`\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\ M=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F&5S/"]T9#X\=&0@'0M M86QI9VXZ(')I9VAT)SXF(S$U,3LF(S$V,#LF(S$V,#L\+W1D/CQT9"!S='EL M93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SXF(S$V,#L\+W1D/@T*("`@(#QT M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('-T M>6QE/3-$)V)O6QE/3-$)W9E6QE/3-$)V)O6QE/3-$)V)O'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!!9W)E96UE;G1S/&)R/CPO'0^/'`@2!!9W)E96UE;G1S(#PO<#X-"@T*/'`@'0M:6YD96YT.B`P+C5I;B<^26X@96%R;'D@36%Y(#(P,3,L)B,Q M-C`[=&AE($-O;7!A;GD@2!I2!A;F0@8W5R&ES=&EN M9R!C;W9E;F%N=',N($%T($UA2!H M860@)#,R-R!T:&]U7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)VUA6QE/3-$)V9O;G0Z M(#$P<'0@07)I86PL($AE;'9E=&EC82P@4V%N2!H860@87!P0T*)#,L,S`S+#`P,"!O9B!N M970@;W!E2!R96-O"!E>'!E;G-E(&]F("0Q+#,T M,`T*9F]R(&9E9&5R86P@:6YC;VUE('1A>&5S(&%N9"`D,S@P(&9O'0M:6YD96YT.B`P+C5I;B<^ M5&AE($-O;7!A;GD@:&%S(&$@8W5R"!A2X@02!V86QU871I;VX@86QL;W=A;F-E(&ES(')E<75IF5D+B!4:&4@0V]M<&%N>2!B96QI979EF4@=&AE('1A>"!B96YE9FET7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/'`@2`S-RPU,C`@2!T:&4@<')O<&5R='D@86YD(&$@9FER65A6QE M/3-$)V9O;G0Z(#$P<'0@07)I86PL($AE;'9E=&EC82P@4V%N6QE/3-$)V9O;G0Z(#$P M<'0@07)I86PL($AE;'9E=&EC82P@4V%N65A2!R96YE=V5D('1H92!L M96%S92!T:')O=6=H($9E8G)U87)Y+"`R,#$T+CPO<#X\'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA6QE/3-$)V9O;G0Z M(#$P<'0@07)I86PL($AE;'9E=&EC82P@4V%N7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V)O6QE/3-$ M)W9E6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E6QE/3-$)W1E>'0M M86QI9VXZ(')I9VAT)SY-87)C:"`S,2P\+W1D/CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)W9E6QE/3-$ M)W=I9'1H.B`X)2<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q M)2<^)B,Q-C`[/"]T9#X\=&0@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\+W1R/@T*/'1R('-T M>6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT+6%L M:6=N.B!R:6=H="<^,BPV,3`\+W1D/CQT9#XF(S$V,#L\+W1D/@T*("`@(#QT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXD/"]T9#X\=&0@8V]L6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0G/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(S$V,#L\+W1D/CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P M.SPO=&0^/"]T6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@("`@/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(S$V,#L\+W1D/CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CPO='(^#0H\='(@ M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXP+C`P/"]T9#X\=&0^)B,Q-C`[ M/"]T9#X-"B`@("`\=&0@6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SXH,"XP-"D\+W1D/CPO='(^#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C,38P.SPO=&0^/"]T6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SXF(S$V,#L\+W1D/CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CQT9#XF(S$V,#L\+W1D/@T* M("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D M/CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^)B,Q-C`[/"]T9#X\ M=&0@6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS M1"=T97AT+6%L:6=N.B!R:6=H="<^,BPV,3`\+W1D/CQT9#XF(S$V,#L\+W1D M/@T*("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXD/"]T9#X\ M=&0@8V]L6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^#0H@ M("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^ M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SXF(S$V,#L\+W1D/CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SXF(S$V,#L\+W1D/CPO='(^ M#0H\='(@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0G/B8C,38P.SPO=&0^/"]T6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0G/B8C,38P.SPO=&0^/'1D/B8C,38P.SPO=&0^ M#0H@("`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`@/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS M1"=T97AT+6%L:6=N.B!R:6=H="<^*#`N,#0I/"]T9#X\+W1R/@T*/"]T86)L M93X\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)V-O;&]R.B!B;&%C:R<^ M)B,Q-C`[/"]T9#X-"B`@("`\=&0@8V]L6QE/3-$)W9E'0M86QI9VXZ(')I M9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)V-O;&]R.B!B;&%C:R<^)B,Q-C`[/"]T9#X\ M+W1R/@T*/'1R('-T>6QE/3-$)W9E6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0G/B0\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS M1"=T97AT+6%L:6=N.B!R:6=H="<^,S8Y+#DU.3PO=&0^/'1D('-T>6QE/3-$ M)V-O;&]R.B!B;&%C:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@6QE/3-$)V-O;&]R M.B!B;&%C:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I M9VAT)SXQ+#$T-2PX-#,\+W1D/CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F6QE/3-$)V)O6QE/3-$)V-O;&]R.B!B;&%C:SL@<&%D9&EN9RUB;W1T;VTZ(#%P="<^)B,Q M-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(&QE9G0G M/B8C,38P.SPO=&0^/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O6QE/3-$ M)W9E6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F6QE/3-$)V-O;&]R.B!B;&%C M:R<^)B,Q-C`[/"]T9#X-"B`@("`\=&0@'0M86QI9VXZ(')I9VAT)SXR M+#6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;F'0M86QI9VXZ(')I9VAT)SXH,S$R M+#`P,"D\+W1D/CQT9"!S='EL93TS1"=C;VQO6QE/3-$)V)O M'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,3(E)SXR+#`U,RPQ-CD\+W1D/CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\=&0@'0M86QI9VXZ(&QE9G0[('=I M9'1H.B`Q)2<^)#PO=&0^/'1D('-T>6QE/3-$)V)O'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)2<^)B,Q-C`[/"]T9#X\+W1R/@T*/'1R('-T M>6QE/3-$)W9E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E6%B;&5S(&%N9"!!8V-R=6%L6QE/3-$)V)O6QE/3-$)W9E6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M)SXF(S$V,#M$96-E;6)E6QE/3-$)W!A9&1I;F6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT)SX\+W1D/CQT9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N M/3-$,R!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^/"]T9#X\+W1R/@T* M/'1R('-T>6QE/3-$)W9E6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT)SXY,BPP,#`\+W1D/CPO='(^#0H\='(@7)O;&P\+W1D/CQT M9#XF(S$V,#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T)SXF(S$V,#L\+W1D/CQT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=T97AT M+6%L:6=N.B!R:6=H="<^-3DV+#`S.#PO=&0^/'1D/B8C,38P.SPO=&0^#0H@ M("`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`R+C5P="!D;W5B;&4[ M('1E>'0M86QI9VXZ(')I9VAT)SXQ+#,T-2PX-34\+W1D/CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/B8C,38P.SPO=&0^#0H@("`@/'1D M('-T>6QE/3-$)V)O6QE M/3-$)V)O3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\V-F$Q,S(S-U\X-F-B7S1D.31?.3$Y85\U9C9C83%C9C)D M8S$-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-C9A,3,R,S=?.#9C M8E\T9#DT7SDQ.6%?-68V8V$Q8V8R9&,Q+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\V-F$Q,S(S-U\X-F-B7S1D.31? M.3$Y85\U9C9C83%C9C)D8S$-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO-C9A,3,R,S=?.#9C8E\T9#DT7SDQ.6%?-68V8V$Q8V8R9&,Q+U=O'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%\V-F$Q,S(S-U\X-F-B7S1D.31?.3$Y85\U9C9C83%C9C)D8S$- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-C9A,3,R,S=?.#9C8E\T M9#DT7SDQ.6%?-68V8V$Q8V8R9&,Q+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'!E;G-E6%B;&5S(&%N9"!!8V-R=6%L'0^)FYB'!E;G-E XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Per Common Share and Common Equivalent Share
3 Months Ended
Mar. 30, 2013
Earnings Per Share [Abstract]  
Net Income Per Common Share and Common Equivalent Share

(3) Net Income Per Common and Common Equivalent Share

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the sum of the weighted average number of common shares plus additional common shares that would have been outstanding if potential dilutive common shares had been issued for granted stock options and stock purchase rights. Common stock equivalents are excluded from the diluted calculations when a net loss is incurred as they would be anti-dilutive.

 

The following table presents the calculation of both basic and diluted earnings per share (“EPS”):

 

  For period ended
  March 30,  March 31,
   2013  2012
  
Basic EPS Computation:      
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
Basic EPS  $0.00  $(0.04)
Diluted EPS Computation:          
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
stock options   240,867   —  
Total Shares   13,112,626   12,865,659
Diluted EPS  $0.00  $(0.04)

 

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Mar. 30, 2013
Dec. 29, 2012
Current assets:    
Cash and cash equivalents $ 305,674 $ 306,854
Accounts receivable-trade, net 4,144,115 2,876,149
Inventories, net 2,053,169 2,457,315
Prepaid expenses and other current assets 133,114 140,723
Deferred taxes 353,105 354,825
Total current assets 6,989,177 6,135,866
Property and equipment:    
Production equipment 7,430,783 7,430,783
Furniture and office equipment 354,490 354,490
Leasehold improvements 735,099 735,099
Total cost 8,520,372 8,520,372
Accumulated depreciation and amortization (7,039,120) (6,877,285)
Construction in progress 325,296 138,133
Net property and equipment 1,806,548 1,781,220
Deferred taxes, non-current portion 2,432,148 2,432,148
Total Assets 11,227,873 10,349,234
Current liabilities:    
Line of credit 600,000 500,000
Equipment lease line of credit 163,155   
Accounts payable 1,366,532 1,179,313
Accrued expenses 1,345,855 938,043
Current obligations under capital leases 108,102 123,366
Total current liabilities 3,583,644 2,740,722
Obligations under capital leases 55,848 76,372
Total liabilities 3,639,492 2,817,094
Stockholders equity:    
Common stock, $0.01 par value, authorized 15,000,000 shares; issued 12,921,942 shares; outstanding 12,871,759 shares; at March 30, 2013 and December 29, 2012 129,281 129,281
Additional paid-in capital 33,875,592 33,821,961
Accumulated deficit (26,282,177) (26,284,787)
Less cost of 56,283 common shares repurchased (134,315) (134,315)
Total stockholders equity 7,588,381 7,532,140
Total liabilities and stockholders equity $ 11,227,873 $ 10,349,234
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business
3 Months Ended
Mar. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

(1) Nature of Business

CPS Technologies Corporation (the “Company” or “CPS”) provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company’s primary advanced material solution is metal-matrix composites which are a combination of metal and ceramic.

 

CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc.

In 2008 the Company also entered into a cooperative agreement with the U.S. Army to further develop its composite technology to produce armor.

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

"+ text.join( "

\n" ) +"

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

" + text[p] + "

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

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Financial Statements
3 Months Ended
Mar. 30, 2013
Quarterly Financial Information Disclosure [Abstract]  
Interim Financial Statements

(2) Interim Financial Statements

As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles.

 

The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods.

 

The Company’s balance sheet at December 29, 2012 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Certain items in the 2012 financial statements have been reclassified to conform with the 2013 presentation.

 

For further information, refer to the financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10-K for the year ended December 29, 2012.

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Mar. 30, 2013
Dec. 29, 2012
Statement of Financial Position [Abstract]    
Common Stock, authorized Shares 15,000,000 150,000,000
Common Stock, issued shares 12,921,942 12,921,942
Common Stock, outstanding shares 12,871,759 12,871,759
Common Stock, par value $ 0.01 $ 0.01
XML 20 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Tables)
3 Months Ended
Mar. 30, 2013
Inventory Disclosure [Abstract]  
Inventories
  March 30, December  29,
   2013  2012
  
Raw materials  $369,959  $312,213
Work in process   1,050,957   1,145,843
Finished goods   944,253   1,306,259
  
Total inventory   2,365,169   2,764,315
Reserve for obsolescence   (312,000)   (307,000)
  
Inventories, net  $2,053,169   $2,457,315 
  
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
3 Months Ended
Mar. 30, 2013
May 10, 2013
Document And Entity Information    
Entity Registrant Name CPS TECHNOLOGIES CORP/DE/  
Entity Central Index Key 0000814676  
Document Type 10-Q  
Document Period End Date Mar. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-28  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 12,566,213
Entity Common Stock, Shares Outstanding   12,871,759
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
ZIP 22 0000814676-13-000026-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000814676-13-000026-xbrl.zip M4$L#!!0````(`.E^K4)`GG/\"20``&Y2`0`1`!P`8W!S:"TR,#$S,#,S,"YX M;6Q55`D``R5%D5$E19%1=7@+``$$)0X```0Y`0``[%WK MI"95DLT;9,_,EL>/Q)6)[8QG-G<_(FA)O4&@\+"M_>OO.0U((`'B)8_L)4E- M--#=Y]>GSYMN>/_WY[G-/1+/IZ[SX4@XYH\XXIBN19WIAZ-O#\/SAXN;FR/N M[Q__^[\X^.?]_PR'W#4EMG7*7;KF\,:9N&?$;C>&?)Q%^Y\89.`P(V(TBDG' MCAWWT7ARO3_]8].M-MR#&WHF68WUE\#SBL"+O"`)_%_'SQ-`?VD$<`N-ST1>5XX^;_?/C^8,S(WAM3Q`\,QR5'2RZ;.GWG]A-%H=,+N)DVW6B+Q MA(9T@K?'AK\>&0&6M-]"`G>M8-4AW5@YB6YFFM+O# MT;7GSADT^$_B`Q<'&_+2<$U_U8TX`0V6JZNKZ]3".Q,*BL]0D@RKDU6\N/GU MZ"-JA2[(JJ:^/]GLO"9WDDLOIK8@'G6M;10@HEZ`FOQQ/9UDI/6]K6Y@;)). M\;S7Y*U,E^1Z!D!R,69I,9_/_;M)1$,9"J^-MY$!"#ZN)[`B$=_IFDFO4`"S M3$I+TEZ8Q$1<'+U>)L43V`^35F8-+"XO,+,FLD417AG#-LP:FTX]LQ;/>Z]F M36#V]K7Q-B6,\03VK+&O40`S&IN1I/9,"AT:<>C;P^466^;$\$./?(RCLU-H MDPR6W,J2P-$*QG^8&1[Q"TG$ZL0:-:8!^.X+Z%CT$=9CF[?8]S:<1UE4ZG9] M'FQBS!LU1?22..Z<.KO([N;+)MV\@9/[&2[D,10"_=,K)IQ?R)3Z@0?2A2D6 M%PO/%PQYRP)6B*BYKU<7O]S>?;[[^>;J@;NX^W)_@'YYA MWS@6>?Z5+"L33^M@X6AI(U2M3$?CA[]'XZ>YYP]XS-;R*S'WE M\=/12^%H:7+G<-?"%M>V,:U,9@+Y#HDH9`9(CWP1>AY>IKYIV/\DAE=W+D,6 M8>@1F:+1M@7@#V+;OSKND_,`HNXZQ+KQ_1",<%6RMVY:``I&VR;[#]<.'?#H M2U9#\1N2VQ@E1[PC/GPA"]<+J#.-JA>5J?T3+<&NT;:I,C07P.ZIZU57J8>Y M86,]:34\JRP9SC(-(3-TGB)$2QX)\#5,?R=1VXU MTC97[\.Q3TU(M$U05-&&?$J(99`BZLRIQ>& M/SMW+/S?U5\A?31L8*%_'EP8GK>$]JP\5X"0K4`9FR1>437Y_4DM8ITA3'*] MF,(520+]%(5Y%%-"#?.(_`*3'*+R8N\(@EJBG)Z MT+H$*TU55C0IS>TR@O<>61C4NGI>$,M3:)*M,614D15?5BB1_,\P9=8BW!$%!^[G`J.9G MS_4;ZXC!N)!'0\MK^HR__%:,`5F41RG/54B@ M%9**6M$,R6=(D,C,M:V;^<)S'PDRKQU3-$GA1RGW44RA'99*PM(8R[WG+H@' M8;EM.$%GFJ0K(B]I8MJTEY%I#ZH*DUJ"@L`DG(!WS;! M'S#`^1PSR7^SZX6#-Y8W7AH)(I^)E#H!])(3K>0&=$T3=67_$[UP'3_P0A,[ MW6"W*5B/EI925,11RH.5D&B)IE*`)>D0\S5"4\C$%A&WH/,J1#45%#`W(*X' MJ!)_-%T0TRI5!U!>0';K.F:[L$N4)5%(\ZB<3'M0U3*75J!631H+#JR2IFO2 M9F28EYR6T:HD$[PDCT1)KD#K,X1C=Y,+X`,-K@V3VC18@B&"['5WV6IW_,UV M>:5<>A5BG2&LPBFE"X1)NG]O+#'7;YFT")*J*I*X74W(#M\<1"4)$K21)$@- M0'@AL3Y38XRLHZ1M!B=(LJ(K63^:3Z$5E"HL&4DZ+TL-D'3'#4@M)566T^+: M#?%*!E3#4H?8D'CC*:O2"&Q9+M6:Y*J5\@2-'^5S>$O"+#`2$(48]KU!K1OG MPEC0P+`;SU32-45)3[6`0`L%D2K4QO&%!`:83^O*@'S6F?J9D'=" M3=I8[H>B*@*H="5G-[%NX%7A&(,G@W-O`X\]P\%TEW@^AFS!LG&2I>@Z!,UK M,-M#-R->*8M7,,SBZQ#_ZK$=$TO6LM5#*/`6F>+T]LC-:%?+4^K23ID6"-.[ M6__M2',7I2Z0-8M+ZR*+30^K#=V-;3IEV;+?/F=1%#V='.RDTPFP2@JE9NH] MM8%](8_$"0E[#/&;X803P\0*HP5IH@59=.7'[Z7/X$:0HLL9\U=.M!N0VUM7 MR_V:+$)@W1ID)QQ3>$G@-7T+3$VB-3F@*+*FJ;N)7KA^<#?YV74M_P&TL1,1 MX04(;]*/W[,T&D&H.7V95Q1-J0DAYE$7/!AI>CI&R(S?@'B]V0NZQ,M"1>JL MG`9Z,-D(BII.7)!E*37SU/"U*=>;]1"BV70T4D+Y@=@VA&K1H3T;Z['6G#IL M)V1`'TG\1+<+=NBCT2@=*E2CW"7>>DS4>3WSC+L9WKL%;KB%?C>.Z<[)Y\V: M<$-F"K*23DISJ#0&4E/4=%E45*D6E#AOCAI\-9YCUGT"SG:D>H*6K@V7T^L" M75WUA%R!;PSPE@3="I.H"BDPF>$;T*[)"P4R"$FI2/X/0JR.6Y=OFFTEO1*DQJJH[ESX(B1[ MF<@^);CJ1))$`$%=/0?$)Z@2<)VYI%+L`-T]4RO*,"_ MVYEA-70W0!ZX&]OJV&%M/KQKR+:AP`OIBG`1K7:8ZOHI36L`:=,V-'1,C8UD M)=O=T-$T-I"YH*+T9#\AS7KLNE1;!C/%A!-&$`O/KH#TL(I6)T4624W;G'Q" M;>#4XXFB\^G29S4XH%982":7)/K_C9/L6UC%R-U4I+*)0B6R'6)MF39T!'=[ MWWXW1EQ4M5%Z3W`5RMVAK<=;5=1T2>D::W),8//1;.-JHBS(I0Q-$>P`74WQ M%'613Q^&:@DO>Z:@"_YI*C\J@Y>EV`W"FN7*D2:42F%=B!L;6#HQF;HF"J5\ MW"#:$U;L:@*EH[J!`1F818+,G` M;6=^LN^L$]'_;IJ4/M#TJ[A=!/+0-RG*`6S M1R(-4;2>;5>[P*,3UIM2UPWKA(S[WR_B0^!/;;^D"NKWX@^>ES/\&8R";PJQ M/BV_^1CBKIXTG)L!?>S,(`]E0=)384QUZEWCKAM_C;*[L3H'CN&;OP>&0T0A MI!\A52??-?":'!<4?J3H>P1^31W#,3OGN"AJDKI;4G*H=XV[)L,U195VJV8% MW/DG^/?G8(:"H.]\@4`U:]@>>MVBEBA(VL[W,U0#GRI,X*[:Y@7C73%'54*M M@YND$MQN.AMA;&[Y.Z;0"$#-FEUNK;N`?J%S3S90[\=)[";;%="63J$^T-3K M;=@6V@[.)`GB2-0S^Z`*2;1$4VE';"=HHF*U'I5 M54U8-1C5$:Q[P[OS\&5NQ&**FCS1JVR6BAX8'O/YYJ"(8$<8U:0UP5^]U;Y@K-J]3%5L^^2E'[R4Q-3ZJP[EJ7:'W/8K(P54VB'I8`WU6)5 M?$J,,0>0A%PQ!$6,,W6`\(E,7(^D8MI+^`$I9;.M!)L5:$G*/E1L"F;O\ZJ] M-567-IX!=#6UO!/3409$S7MCR6I;'H4D=+%Q)+%I^"LIFIX**NO0[QY[NZR] M#?9;`P^KW$W62U:5NQ]_M(.S!><'2YM\.)H;WI0ZIQQ_].,T.'LG_,1%(W/N MA/L4^O@(P,<.)PN\_^/?!"G^(SW(!"B?<@*_"+ASCQKV@/N%V(\$Q,48<`^& MXP\?8%J3,VY%[8Q#J$/JX&NXX>_'"G48`O:*8F+.'-=VIU@MN7"]A1M-D7L7 MS`CWHS%?G/U-D+6S^&6GR04]0N9ZZ2;W#^O;/W&+J$#B.8@6.!>/ M$7$PGQ#,).`^9EB^PC@;*-4S'V"`4'C+$A0<];DY`5?8;%G2]$X#.J7G\DFL73U'ES[JF.O1P?R.C'5^P MR238)4>@=RYG^#Z9CVW@V\Q%>9[Z#`WR:&&8?QI3N`.VCILMQQX%OE'/#&G@ M'W.P=CY9=>(R'>;&$M;:M$.+1"OC8.4'+EMDM0PY*P=D0$R6V)V!*!L"S"\7 M>$9R]'HE(C[GA[C\@,@.YV"WYP/HOP`S,`Q"`!H0$$X2=+_R]=?@QN%$GM>9 M-L5:P-:$02&LF&(!&T'?4)#=R)*A/DT]PM[WQ3W18,:Z?SM^.`:4\R5JYR3T MF+99Y)'8[H*C[(1@S&4`$UL/UG;!3O/!F!YP-,635.UTRY)NVMK?0\,#L/8R MKJ?BZ\I!9.:L]5>8^R<;HM].[*_X$\>J3'3.K8BQ#VA%[S][26T^!SM%O#D- M<-/X>,F6P0M1D4`\\2\/!"+`J*0-RL&P7#V;,\.9LN6>4Q\_;<89BX4-Y'$[ M`ZS'7PDO.8^]M!I&<[AK8":';VX?X,"@=8Z+ZA+G*A;N\+"8`EHNWF*<-B@, M;=N<17W3=O&5^Y%B>^2OD'H1Y,A>VT#,,$VRP(D8T68'3"07D6^UT5AWS]<] M6\2RE4.O@_-D&HX*%!87UEU0)W$HA@,&#SNP MI5EWR!\3>J#A]<@$G2=;'P<5Q89+F"X@&,/Z%_C(J/W:E3G$A$@#G"(#PA07 M!`%,P,2@*"U(?$V2J3H3+A`*:!C:$7%W'0VA36>6,OKV:`4V+L`BFV(:#` M[\98:,W`$.$H\G`I#IU77&18T@*4%@-L MZA'H$LO.:GG77R!)B_:YXX2P+M&W#M)>XU>V[-AQ20R/(PX.E<@]!S(?R3XL M+UN,L<>=K)F5=^$E=;C8>-$X#HCM5Q2U>LPWKJPEM3$.A70Q"IQBQ4O&!-:. M(8]Y7H`M1I6.N30)04>15;GA4+5@9]=)BFZC(@FR4C!G43F"NX^^H#J/S4K\ M<_T$EF,(7G(AHW,C#F%F$"$NV.=0&"[V=2!,YTS#-J.=0@P+F#WVP1\T>JF> M<:#U%!_HXHSH1!?GL"-=N,+I<4%N4I5Q*V0.%OM'0G/,)8?^A8GMS0ME+V-CT[.@&W#]E-@-;9PGFAR&?) MS`PKZDBCARHH\E,T)/#;QQ(U*%FD82@YT95%Z$'0ZI/(*^%\T$O$P[(69/UP MG\4JY#FV5RNO:25G*V,>,A)/,P!B,`;:>*Z&HJMA15,+TS>6"483'F,-(:## M9%9O)&O?9?LFKFV[3TQD67H0^TW&FC0KH[+.A!N[X&7'3-=8,A`SG<2VATEV M),[OUA6@JTP%Z/3[N>-HCB:Q[04J`GY/FC]B?_<7AIG\/48Q=CT(S88F<,A8 M^.242WZ=0:QA!3-$R/]PQE5$>Y3Q;X&7D`&MQ:;VT+#I%.8"'`[<^;HUVGC6 MPTIZL.6,6YLLAX]:XZ0#*_D9_\KR)+ZX,2Y,#.;O?#C2CHIIG'$Q0R*`I]PG MVP#%%&#:OFM3:Q6;1'8OB@$V,)T$WEZXP$Q&5TR02!)"F;'#L`L\2:I[[C4V]N0GT% MI!>>UQJD]!60MS"AO@+25T!>M`*2+'YFX]\!6"M=L`(XT$4(3W<(>K[ M5Q?/03Y\)T=179>D@0#ZI(KJ(8-\-0J?5QT[O#3O%1<]3]@>UO6E5W&69;W] M:^.D0^&9A:UO`I@S8H4VGM5?;TJ^FZQ*9N>.E>/I'9J^(YV]N0OTCL_Z16;]I^.W4S_M-P[U?.!2_T&\:[D7HNYNF MO@+2VN_T%9"#T:DW-Z&^`M(+SVL-4OH*R%N84%\!Z2L@_:;ALK"TWS3<;QH^ M0)"O1N'[3<,MDL]ZFX;76V^[W5&[_;FU1^)`O^7EZML@S7;?%KV/7,&OM$0T M*'G1C[*DR.),?.H'R;NX5V]3+GS'\=O;3%RR!S!I'MN,,>Y_K+[1*6>+8'J@ M>'WJ[K2M12^?PNI['CF^%#]UT,[:YO&]8EQ_,%M:BW?=9E>P:\`[Y..E=N16 M=YAU5K>B%KU4!%?=JW\QGM:?3CL\#RJIH\$H)W5K9[UV2F1-[%5,GP0AG[BE M?(<;[OWA>G_B!V<6GFLFW[@\T%AZP"L\2,EVDO=24E)S&E7$11@(LC+0Y7T( M3`OSD7(&Q:)S31WJ0P#+35W\,,]>/&(V"BOP&=TL5QT:ZP4BW#'H-/%-XIC;CQK_,RSZ.PSA>)[?WGS1V_1- M3O%:'J;7:WZBA&)_:V%7+K%%^JTC7`;ZA55DHQFV7`EA MHW*6&XYMLBV(FP?/AT*7;6 M=+861E:T'+^XFE@K3.#=!+OD!D_;2A['E`\;L^5KTN\).-3M"_Q:,O MO/>%][[PWB?H?>&]+[SWA?=76KKI"^^OO$S3%][[PGM?>.\+[P?J[OO">U]X M[POO!Z>.?>&]+[SWA?>^\)Z[";^\U+U9(C\W38`=^/?&$MO!7[V06)_I_[=W M[;UMXTC\JQ"%#V@`U2M;EFQO[@Y(N]M%%WUAT][]34NTS5U9\HJ2$]^GOYDA MJ8>E)([S:)H:V$=L2^3P-^\9BN(S&1(QKOW7?CW-7V-RE'S$)('IYH$>X[T+7E#+3)UF2:K%ZS;<9 MN,`G7)/RIX'C>I,G3*$WF3CN\+MX:K>5N5HY2#'XO-+E/-UCST_9+IHK&46Q MUI(@\)S1M"TZ>XQ\_LNSV7Y4]!_-T'V4KQ2`KV;3;DWF\%\>HMO.V!CYMXC[6Y8VWN6)L[ MUN:.M;EC;>Y8FSO6YHZUN6-M[EB;.];FCK6Y8VWN>U"X8VWN6)O[T6IS77OV M;JIMM0_%11_TA5\^T*&X^%.!?[RV!,2&4X?A MPAS:C(2GQ<-=X2/3W/\5P/TRO(G*5K/)H8M(7A M"XI8R+-L.T^S"YY%BO$-ES'5!_,4;I@KN&%>Y("Q]?WXJ,/7_GF?O14@SO0( MC8T)V+K(UJD2_0<`YLIB[,-#_Z4&:OT=%AGQ!KOY=\"P'7HL$9RMKCLAW[QGCN^2`$@MU89SP M2M+DE?T5WD4E%-P:3`D23M!!B%9B8$/8F]D9&1#[Z`455. M4[0'KNE0_7R5JUW+KAL"L%8R7P$*ZJ%.9R\]T?2$64]43?MM_-"[A/U>@"`. M73=H^A^X4&24(P)?.41'7(G2'"+;K197#FC.0^/R45@;SHMYD&X/7:;0$(+7 M0^"_$-&"0,>8,$)0R370@EY5?POJFPG9,#1:_=4:=]!; M'4%$UGR[(C3F*,FD+&070G@^LP\&2C'6S'+0&)100:#ZQ2$"`&47A$6A+`# MAC9?`G\VPKZP1]O11%SH1TP!5+H@.&$>RDU@P6 MP[K`L=5KSZRUTJ]E>S!1X:;CZ5WR&2-VO*1^X92Y13<3T M3(\IH>="@-$#&S/6H@.>485@Q6S`@$"_AT@$_B8ZWH#`2AV(_0HAS)I,UGOB MQ%MMO+?L#*(OH4T!\0ML`\GQ>;I!:[A(V&N>_-7%H2LQ[WA2Z^:-%0U&G:E/ M\QIS6)%(_P*I#T)=8X4Z'?P>!-YI.&ILZ;I[LWB@D41I.KZ5PY(]] M_YXH/(=@%Q^)-9M/#@7-GP:NUR9I9_3#:=@'%F\R<8?3`VDH8[U#H+A4\N=$ MQO]ZD<-0+]A/=YIC/PD(6NMLCWX%&9^S="Z4`A7G\5MQ9]9/`F_01OV*2>Y. MTC[P3"$<=0\EJ7QH]`]^\<$>]'4H.%XPG?K3CB,;ZX,?3,%>6C$8#@?>H13@ MH5;ODL_Z2*M#01BXOCOUQQTT-(8_G(A]0'AN,.R4R?V(^"U+#Q>%H1?X@Z!KR;HH6JNSDTQPS'Y$HPQ>JD[W![)_&>@UQ=_39Y-WWFZ",3O0+0U_1',Q. M\JWJP"M(,0`/10D)EC\P.1&K=9QN(8-!<96A*>UD(A20,6->S<1EN.3)0G,(X=C7H5DA>(%7!@F!6Z%QE1@LU5>%%QK&^C-67.9<9E1F%38AH%"RX\%S3 M0B6=,%TD6#O5B3S(DJZU4&9N"RDZ"P9"2M)WBL&F8EFNJ+6( MF3O,A$3$RT(5/(YUT0?TF6I'^O>39KW(3$OU(KP.:P>X6IAQ+F1.R&/)#"09 M>%I#I\_^$%$1ZMH$T!K6Q)5HL!T1KE0:2JHC4#*HCXV@T1%U4]W`$H6=GPH. M5*PUQ-"L#N6>^1)PJRZLR&14D<9B'.FIX89>,_9``8R2SSS,L7Q5NQF)A4PA M"86&)S3P%,I('C5I7YV'2SS9RU;6UIG$7?)LE48B1B9&`HMEF#73*D%^B(J& M##5>PZR7)J)G5O[Z@M5/=H'_25+SHGJ[5+"*D5$1<(U3=HYX$#60QL`X6//Z M'(,XOL1+;'=F?(K?V4^3TY..%IGJ[)%A*\1\,]`-FS[[Y?I[B9I&TZJ6%L:XU90_1=$5T;PLM@]C(M%!P MNX70(%HAB>#YW"A;R"'*($O6/%XC#JL^IR]/2P`HP:E`@+C,1F M.F8R#V]0=`&IH@%9JR)-VD^NQL=V](FQ_H2$Q@'$L2>H)<7$IE>KEF MM5VCM39T];SAN%(K;#33?BT&UL550)``,E19%1 M)461475X"P`!!"4.```$.0$``-5=WW/;-A)^OYG['W#J2_M`2[+BMG;CZSBR MG7I&B3U6TKNW#DQ"%L84H0"D+=]??PN*I"B)^"&%,M`\)!*U"WZ[WV*Q`$'D M_>^+68R>"1>4)>>=_E&O@T@2LH@FC^>=K^/@8CR\N>D@D>(DPC%+R'DG89W? M__W/?R#X\_Y?08"N*8FC,W3)PN`FF;#?T&<\(V?H(TD(QRGCOZ$_<9S)*^R: MQH2C(9O-8Y(2^&%YXS,T.'I'4!!8-/LG22+&O][?5,U.TW1^UNV^O+P<)>P9 MOS#^)(Y"9M?+":"_Q"G\(B]U>R?=_N!+ M__2L]^M9[]3R#BE.,U'=H;?H%7^6ZN]CFCR=R;\>L"`(Z$C$V4+0\T[-KI?! M$>./W>->K]_][Z?1.)R2&0YH(FD)2:?4DJTTZ?5/3T^[^:^EZ);DXH''Y3T& MW1).U3+\2C7R-22"GHDY"SF-R3"9+_0G14=\6QH"&$PZPK?^D".]F,).E%$ETE*4U?)55\EB,%]'E3 M4TXFYYUP+J:!9+TW&/3D_7ZPT4U?Y]!%!)41WD'=?2!^P+'TY7A*2"I,F!J% MVP9QASF8/24I#7&\$Z)&S1;@R4Y%)!?B=G([EWD&.#`Z2Z_5,JPA%M/KF+WL MA&I+J050GR'_<'([^9`)FA!AQ*.2;P'*39(23F?7-($0H3A>F6X"9=9LPU,D MO8'!;T;N"(=!:L:2\10"&/K[\MO5MXP^XQCNFE\W.G*_YMJ(0]E>\`%R9G2' M7ZT+.4F$&81"O`4@(^A3T,\YB6@^ MD$`,S*6W1P1C[:8,.\!*A?;3AQT@K=+; MTQX,<1QF<5[TP.C.TBED>QJ"^"6-LQ2`8I[`O$]`<[G")4DQC=L.E.^%T6YH M!;7/EO;::;?3CUP1G,$*3Z*=R MUEH"C%FX!BJ6TV;&UUDM,.5SXPD6#_D$.1/!(\9SF"CWC[LD3D5Y1?)_'/3Z MQ3SYA^+R7Q="`)AAQGEM)(SQ`XGSV_XUO!O_L2'3=8=63H5D#H%_5AE$7*1# MS/DKY(=\/45AA:7NIG6U8+G@(6(\(OR\T^_URMM@'JX%R?:"12'1%=EL&9`! ML#XK]2>"'V&JE#= M0Q2R=K2\QH^?$&3TV!GO($IL3 MGK[>06FUMM;QD3.AYDFOY-">3SBNP"\SF!B M*M?&`?(U771MYQJ;,[74;;O6,K7P&=LCBZFUZN?^KHTBDX+H-V MY\MLO7>$*8U45T=Z%5]S8KT48CN3[!MM4.IE,^E6$EV2.2H"N*7F?OKY11;NWKH0_+=0KK6M1KG1U;.=K(FM>N`X?-8,>;G>7^$5:; M"(P83HS5D$[!\9,'2Z*,%GM'4LTPDZ:N"HR9!EP5J!.,]^!C'=YA&-TG!@*H\54D[[OIJ M[Z\5IWI;O8NI>[E+,5GM#5U;')W0D*KR@(VBXT1@QYB]![PC[PN'));QU]Q0 MW;:])D'',P8[5,UJ M_M2F6KL4!:O7R_7[V*:1TIKXOKMIX0B^'W[S>_,KO=5.^(%A)_R:^D^'VJYO M>-.W0OMN`^U*#[$)6FEZLH/_GCR3)%-.05<_.RW5S?(E$9=@ZE7T+\XS`B&F4C9#+*1(FN]XRC?$@"1-%%.3!K1-%'CK[2$3Z>WD(V.1&,.@K"R)-Z0< M1[W!ZPJC?)R<2*!%D&A]7\DXGB!:>7[#(/_\7E0ZR>/R3=Z1>@M6HZ3CG*-! M7^>BB2K?TL^8Q-#FX_+PK%CN\8MF-*$BE08^D^*-#=6"JJ6RXV1E2==NKO"O M3U7OQ6MZTX:,XW[4B+A.B8XYWWI2?F(0$85%1;3H7D55B3ON+4923(9ZQTSQ MS+$Z%::`_`$ZNKK&-2DY+@.,+-D9;7!9A?9G>8`$%6',!$C"EZ6*A+I2.@PXBP/,*IB_;,(LE%&EC>KJ!_+F MGJ>755;\NN5LDJ)ED^AN>0PH-(-R[?PTC^+"JF%4M'R@-4+-B6>5$:>;1M2T MT$KM4#&S?11:B:S?VPZ2FO1A`*F.1:M`]3=!%1IHI7(89*,]ST&KD!]O(ISM&VK0]5>89#I]`%3H0<+*]:(E M,$0*9`AFF$@LH[1`]Q9A&F@.R((?U;ND-$I^)*H3)0H;?5G\7#',V>K"LNX?%"[1*HBW(-:ZX`OMSJUHCP: MSOSZDZ6NZV,AC"_E:M_@U;C#N]Q8H)?/NZ&VA%T?B+$'3PJ#?>6GMB!K15&3O.M37/=@26WVGKO5BQ_D7_+_ M^((K_P=02P,$%`````@`Z7ZM0BL\??\/,F,_1@#KCIJV)OB`99"I8,X;_ORHX5)TYB M)]B9\@"QO-_51]*N9"\Y^3J-.'F%6#$I3CM^U^L0$($,F7@Z[3S>.V?W%X-! MARA-14BY%'#:$;+S]>]??R'X<_*;XY!K!CSLDTL9.`,QDE_(=QI!GWP#`3'5 M,OY"?E*>F!9YS3C$Y$)&$PX:\$;6<9_TNH=`'*>&VY\@0AD__AA8MV.M)WW7 M?7M[ZPKY2M]D_*RZ@:SG[EXF<0#6UXOO>4>^=^#Y/=][Z4Y'2'])-=XQ3:YW MY/J]!_^X[WWN>\]!4)\KVX$V]V4\F/^%,//?-KR%50'`YA.I/%3OM%,;U MUNO*^,D]\#S?_?>?F_M@#!%UF##+$D`G5QDOJW3^\?&QF][-34N6TV',\SYZ M;HYC/>/=4%M!T?C(S6X63=D&UP5HQ?HJ'S MJG&4DB)]ZFH=?0,H`Z$A9M$U$Q@BC/+YT*N@ MJI5-S!3H`9Z3$=Q!C.=9),7]&`,8\SV[NGI)V"OEV&O:7CF1N[EK(@Z-/^<< M]\SPCK[7FN`-DD86_A4]RIA!C94NF38`XV[/`C2_9#S1"$IC@:^("MVE@DO0E/&F`^6C M&,V&EE/X7'.\]=3-!YVS=%T3=SLOF[!I'.3DJXR+&&M>Z/+W2O,F=Y32C=%% M'"1#<$*&&[1*7Z5F'16GQGIA0KMHZLYLW)4.VN>VG3FAC"C;$KJLW@-QVI,3 M032$>$O<16G[K)3S[0A30?M<0NJS;=%RS5YC$D8TX7KGH,SEB\S8S`0S^S8^ M=3XO<,-4@P@AS,F-PX^48+#9./`\SR<.R17%CU2$)).3!7TKR*NK+);Q`,'L M"RE^GIF3S)Y\>A0TP>=S"/_8!]_JFHN%[57`+LC;`JZHQ%C8PR78N8[($9DK M]S#'F\LTEOAH([$1DE2Y!^*UA1P+^Z?)**8"+A5:XD4F,:1S42ML->HYEO*O M9-U52;+=%1*8BLAN>;_L(4NE4LL?_G,VFTC)9^R'MHZ?=>7H^Q05AQL M5M,VWN;BE$4L'5O+NUC;G/NN+MF1EPZ[7>,,LW[.9/;1(5*1H<%*=6$&1F!& M1O"IEJ@L1&=T>XC13:6L?$X.-IVSR^';,OJ692T[A,ICN=`$-L87!W.2?G/! M?K\#6_X#4$L#!!0````(`.E^K4*;-2&N-QP``$^#`0`5`!P`8W!S:"TR,#$S M,#,S,%]L86(N>&UL550)``,E19%1)461475X"P`!!"4.```$.0$``-U=^W/D MMI'^_:KN?T"4J\JZ2EJ]XL22[;AF]=A,65XIDFQ?ZNK*Q2$Q(V8YQ)@@M9K\ M]0>`CR&))T<2V#I7);L[[`:_!CXV&J_&=S\\+1/TB#,:D_3[GNHQQ$IVB M0[&_X#0BV<^WTZ;8ASQ?G>[O?_GRY7U*'H,O)/M,WX?$K;@[4F0A M;LKZ_?#@X.O#@Z.#P^/#@]_?/\T9^O,@9T_X3_L'7^\?'M\?GIP>?'-Z<.+X MACS("]J\X>#IH/JO5/\NB=//I_S_9@'%B#5'2D^?:/S]3LNN+\?O2;;8/SHX M.-S_[Y^N[L('O`SVXI0W2XAW:BU>BDKO\.3D9%\\K44ER:=9EM3O.-ZOX30E MLZ>Q0;Z%A,:G5,"[(F&0"U997X.T$OQ?>[78'O]I[_!H[_CP_1.-=NK*%S68 MD03?XCD29I[FZQ5C*HTYT7:JWQXR/%>#2;)LG^OOIWC!&COB+SKA+SK\"W_1 M'ZN?KX(93G80EV3\T]IUTBFK4MKW#?8&9S&)+M+M4/>U1X+/OITL?X8!;7WO M)MR3/$BV`M_6]`[[$]ZNQC=Z_FN:=2-XNYIN:79A)_S'*_:W#G#\E+/^!T[S?.3@^/A#VGMW<_?TWUL$4 M2YSFDY1]H'F`WGX?*2]ADM5P@RRTV%Q) M[(>$=0BK?"\I:[=4GV=D.0A.54ED@-)OR:QY7UF[#)+&L(Y8AJF(!@8U;MNZ MH;5=(5TF3)/'6SC=^_ENYV^U*F*ZJ%1&+>WO]C,3_PBEWM'=P6'6S?V0__5:BN,6+F"-/H<#2E(<32DM<*8PUR+O-YRTP.Z& ME1IA$"1R0=AGTI36`],`<$6R/$X7Y3J-?OBE$?<\AC6"[@UE ME;*`V&,$J"71GRAJ-*K%-525-"*;!)O/6#^Z()E^!J0GY9<[2HA=RG1$`#%% MA4LS\U$M,5>RXQ'BII@E<7B9D*`_&:^1\4L&!;PN%5H"@(@@H]+0H!1$0G+$ M/H8LER2]RTGX^>XA8-5Q7>1B*P7S77JW:%3RW-\X&-#K=0P:@(CD`%,WM2HT MD5#=1:4R:FF/.0=7#NS*:9]+]ILJG#'(^IZ+T\+MS\=)@B"89$.GG9>KQM_5 M])Q0&9\U?#;`C3,MR7$8(T%5\Z41`\B6/C8;5\1H+`:*)&IUN4"(3.*0S:G`7T89)&_(^+ MWXOX,4@81#K)SX(L6[,@7VSFUACOJ.N35H/,:=/,21$,[8:@E6C(E!`;P:&0 M_P5OU&$0K9%'6 M".\QOQ?A793B%YV#VIY%T_2149ID:SUYNB(^.:,"UZ9*^SD8ABA`22L7E4B, M*2`JW&1X%<31Q=,*IQ0SKWF=/^"L[+@UMII5?%+%!7R;.B9Y,%1R`-FG5J6" M<*E#10=&N!H*.V$5#,Z=XSEFJ*+[X*DTBWTT5?BGJ1.CAD_&.4!O$\X@#H9O M=HS2I%2E@?+@"0/A5&>HX3(<&7%`9QW(>>5&WCIE9J\V#27$4360SN8F(RN< MY>L;AE>WO+$I@G)`K4KGG*_5$CX=K)2"S!S\% MX4.&`X@>2 M1-/E*B./8J7'2"V3@D]NV8&WR:67!L,N*\0^O1H%%+%BO<\^?ZBE=*;KW^1LOU\"\I4/*_:TOK%@;IX%+7*%U%!T"H8 MQF=U1E(V^BKCX"DW=L&JW1@2\+G7:H7<6./7B8*(".T9I,;.E@>(4K2H= M&.S2?CSZ52FS"HB@0+-J99)_(P&!?FF+/>'<4LS$P&"::HK[$VOCP6L.;:6Q MEQUD`VPK#QL-,#[-":9Y_6$7I23=JZ>>Q8DP*/UG8Y)Q9MW_KHP^+'DA`IQ7 MZL-2CT@F@!8>KN)@%B=Q'F/*O*@X)\)'Z#BCW*/F:\OZ@[NZUZF6@49U)EX< M=<$XIX&`I4F9Z>3#]&IZ/[VX0Y-/Y^CN_OKLQ[]?7YU?W-ZABW_\/+W_)SBF MNNV0-2F,Q$:'O;)Z:8B,&[9K-MDH`EG\NHI3?#T_8]UTG%\&(0>W9D/G(LWU MAQ\'ZOJEV@!SNJQS4`1$0'>TDK]CNOQD2"BT8;"P/0*^(D%JC?I-"F/-7ZB! MZZ8ONM)@F&6%*)VSK<>0*.&K&\S%P:-7O=GW)ECSC;Z6[4<:X3$V9*L!JW9D M=R7!T,D(3[LG>U5*@R%/5N!([O/U)NOD/5/(#+O'(K4P)"(9$2JXQ.6;O;8P MN'06K&(^@N:>\GJ6Q`NQBF`AE$W)[]$D%P.Z9Y),&F#XY013%]:3C0(JTHCO MYRZ+*_M$(.1S]F!CNRXWGS6RL[).A3F[JNZFW-80$09M-%^&/42WZP'P7):` MW:8$W7]9P_?KM^:Z[%_;:,[*XJ7`NB>C7X+GC\AR&>=BYQP_/4Q2GEH0IR$# M>![3,"&4[_I23'Z.0K&)P= MO*P$92%IV-+1&U@L&KP\U%80&R;R-9"I^U92/)$JP3YA;]3P[>0LT/LN32,. MAEAVC"IW15)$R]2$_W7P_N`0K8(,/7+U7104^0/)XG_C"!U^O7MP<,#_AZC( M8/@MBGG*;O;D:/?DZ'#WY,]'S1.R>3%__,U?#W?_^O5)\SC(T4^LBA[0\<&N MN"93[`0ZQR%>SECT=W0B?CV"0?%)%(F<54%R$\31-*VB7-TZ&M,EFUP+#.V>HYGW;0A(&]^XS-I@NLO6F>]"8KA+TR2T]T#:79"EH M!P2T".4C692*$S)\S?+KO^P>?7/,_EEVS&6RX`RO&,"'@.((!IGD$-8YUAU[ M\.`V:(`U4:+%IYXOH?)X`09M;-OD[/-$&C5(&QLM4W!*'5ATR1&,3LY=)H<_$#M"L>;O$C3@MLN^1! M%O,[KZH&V9U%[:76@\/V(4+#*,X62X MJ*VU5,8XS#*1"-8<:0^5>BXTJX1@M/P9H?GU_",A$;TCB7X.JB?E=ZRFA-@= MEW5$P'@1-2YYO%4N\ZW@=4ZE`16OC48V,OZIT8,G$Z,2`$:++BH=*;(WVZF( MU&(LX)IK=[!T)'SR1@&MS9K68U@=C`RL3QLAP7?2+6(@68SN<,+*7'S$*>-I MPC,@1LLXC?EPD+.VNJA$M\CMJ.QU^\`@@SI;"IPTP;BI07"E_MKO1I*I62/BEH@-KFFT(,EC_3`]1,);Y+F,A7 MB-<&JCH^D@*)E:8I&R9BFI=0JZ_#=$6:3MSOW+09='=R6BT+QF%9`,J<*L5K M-P3H7K7-]\`G(,IC1P7[3JX;SG_`)S(\9W^A>1P:9^ZW+-'_:LFS M3)=75+8J#A"OGVN#V9W.A#:D^[BJD^F-0=6W_('%$OKAA$W)Z\C4R8#.4-6H M`8:+3C`U=&,$XY,$SZ6-8B:>#2S#)_^V,J_-RT$%@.'K-JC[ M/*[+0$%9"$I%*7P.6"8S;6\2A,'L_C=['B=%KMW5K)4>TUOV()O\924*AH%F M?&X^,RIUWH[7K(QTW?<\N!0`GM-FHH/OU!4!AKO;X1[@/U7$!NA!FWV2U_.S M@#Y<)N2+;6>B6<7OH4H[^.[Q2KT\&&8Z@)3SLM2;71GQN!(26N"VOO)KVAFZ M&SX/Y;'_L!ZUWQ53\&P1X+T1B9N)M&_ M"EHF7>/))AEUI\POTWMRBWDSQ0GNS$K=DY?QAJ__6K])@_Q48C?[T.N^$\R7 MYF(?1V=DR=<0!3;= M0$PC['6$:P3<&=LJ)<$PT@A/&L]RX;T9E^;S)XTX#!+U/X=I6M_NV=H+H=]5 MX:+K>>^+NSF]72YV1:\$?,39C%!L6A8>`MI\B2M4,M8W![&(#L>/_.X@YZI0 MJ8Y+1;TQ9B;*>F`\X0"PVDNALD9RCX7=$9`5$]FR:?K(H@B2Z>\JL.B,RSX% M?#/M6@J`^2:CE/=.-1)0J76389Y:UWR4PZXV+L'41I@YUM6!W[\J\\ZP"$5(:F.3D"-,58.]O3>!`W5F-_&!8[N:WS/7B2$NGK[O%5;,"'B8,BJ M]3CKK#T,UFZN9JAW5UPD8N\$Y4$O';CPME59XUS!L86YZ@LZ!A0$AN'/06_; MDA#7)U@:+%AB".D.51D[5A0RTRN8B2A'# M)UP7`8.+FDY&\?T-ZZ64!0`(%PR&.80+"FTP7!T,V1HNJ%PH#-;J.X[+.`W2 M\&7"!6-9,,(%!W/=P@5#06`8_ASTMG!A7I<`+URXBE-\/3_+,+/^,@CYH'1= M;@&(PYM@+78$9#$#O]+>.S>L"+_7I0PWKGMUBKL^&")O`5H*,$HQ'EYTKL-& M9'-=-@SZL@XIQ#@2"0NN2&`*;OMRGF-9-Z-H5`D,I'3)%VELA5WJ])ABM MR,-*!C*AVK&'H:+U]^)B?U=^-!:I8&O9U!:&R2H%0C.[.)N$@Q(J,'BEB9(5 M`<2P,%M9`(#QCL$PA_&.0AL,-P=#UHYW5E41Z!T?^7S%ASZJ?C7@,$AX`#]JL/*P(K[ERMC"NDSEG@#X8(F\!6D7EJ!)!XEIC6J:)%7_! MFU)-'/;>KA/V`6?9FGUEVGMY$:[^T=!GQ0LV*^N\:E03UNS2]6JW*.93/I M,DWG)%N*(:;M3+JKMM?-^\-,ZNSF=U,%T[,,PROM]V]IEWSE\V6L>VD*`#)! MUMHC?A/$D2G1JBSH/Z&E"JBU!B)>8V4Z8@`XHL*ES;[+B<,#%I<9XL@K0[)G9&4DB2.@NJ, MW@V_B($Y1?[/ZWDUW@R2)MV';<'IA7M*;_D;3+ MWD6=TD5`V2Z?>]GF#9M+%P&FG@GX56W7\TWZ8MUDCT+0Z^R:%FAG%DV2`D-- M+31I*D$(<@9]*"B?\@724?^C8.-MG"7KAMBM2/8\IF%"*`-N\;V#2_%)LBU- M;#-P8!%@Z+D=[CYWFU):WJ]5#MH4!,X3&BO@'C_E']C+/V]3>RUE,&26#'+F M<*/Y-JC;AZL,?>.ELK>&00R=;)@"&8!V*=4+8Z8/!(* MX)Q=WR*;?S/(C\DJHQ?3"H/EE^B=E:=NG!P#MNYCCZTZ\CFUI]=*LCOQUP%6WU` MZB+?WA=DM$.=;NI#Y\.`\374>3C6SM,.1@V_:PE6Z-UU!:TX&/;9,>KRJ*PA M3P@HS++Y4[/*R#0S>D*3/+R,`5:LX!/W5"DV*,\XR;,8!(DMU#5J>-UA;8?> MV6.M%P?CP>P8%:<_A(88=]4ZX%Q8+Z&+G%B#&7S-LPFU?MI\5-7U@C:G]](O M\9QI]Q4JJ)=9]P7?`.:+>16S=/E=+D#E=RG/\Y9CT"011K9_LL>A+LJ^8P5W M@_I1@UT3#&D'P56%$)7D+F+J2.BCUL_@W']K/83A*@1(]V#66=LG5P>:U":K MHRH8M@[#VZ?K577TJSPM)L*4)G<&NA+'%.J#KVBRR#"D%:]FD^.`X;U!8Y0- MIJ[#>ZTX&![:,6JNF&8JL,?WDEWV\;U)962>6<;W>GG(3+,/[&NJFDQ,85(#GHU8.TS';P9?VJV]*J=8R6^5`=B,M MX.Z.Q*;D]3'))7116F%P=+*NAK;YQ40,H4/."H2 MOO`<)"&_6TL&1I(37L!XY#3U3`U/6W: M<`GJB/QMW-70[S,^<-<_\(!%3V?,_?!*^*8]\1T%,#V_"\H^OX0,NKBY$WM] MB]R>'N,5VZ5S6;2J'3H"\*;TU/">==O\*];VKSA>/+`P;<(L"Q:8!8@SG%W/ M!77H=9'3G,5RC$^"(JK6&%0`O-;:#GZ_->M24%`6PV^8Y:=)1+A+$=F4,U(S M*[V"LY.#UVQFF%K_!K/C/"]'2@.[3DEKS,Y38X*)63T5L!VH&J=\9*8<[0[I M1/TQ3NGE*LB2JYM$_RK*73E#?*9+:3X9^DR3K5V?FDN-6<#%416 MUB3M_J,6G4T#XA9=$?"ZP&T-Z+?G/>$9\DIY(-%)9<.`7@1>\]B`&CH0&'U& M,YEV&WSY*>")'H)$?PNH4G:40SLJN,K3.FU!,+[:A*Y/&2:"EK4,,-+\2K+/ M_)YF$F)J94U/>!3:*`$K>=.1A$<<%3QIO,ID>*;M52D%C#N7<1K3!QQ])"2R MBP(C!$YM7Q_HISAX-]YGK%48AC!:XDCR2M!\BG91$2O&" MITQPHI(.J13DE(]%)F8RH^PU-,2L^D8:JC3XM;F,-\\]#TK,[KE9`650S9_&*N$7Q$F-:K?-K[+4I>3XLZV!`[_"K00-,[.`$4[>@G3"' MD8C=0D%Y)M:R0N*=<'=!$O!/P8EHDO`(!-,`5A"K)PF-4&IX.B*M@C4K.`'% M'?.!;K/U-MT1F.5FCH)H9D5HO'-"JZ,AX>*@2-BZ\\+)AZGD1R";'K:"8+(P M-%)I$>J(5&T-R4<\FB=_#_:6D(6AQ$L7]\P;#GK!)JS_]K)&[,&H&9P!*JX&5>H[2*A MV,V(L(N$\GANJE@6(E7C.5YE.(S+K/MXE>#J\I+)DF1Y=?F(M@(T7NU%R@9$ M@!K5+>@;_1HSU3-`R*\ENC8H8=E1-T>B8*L:I0,XY?[(2O1/J!1&DSS/XEF1\]->*"?H)H#A9%CW[]8Z-AU`;>4, MU>"CFO@F-RYDOV(CW>)'G!;J;J!^!JC2)4CR.FXI,%)UBB$J7Z2*E:%,ZS&@ M2E6AZM>KD$&ET$AU6]W*F"[,Y_848H#JVH1.NLVTEJUO%'IW->(1OH$')H_! M5+D:E^'BIK*:876F#!H/M?`Y+O^1:U!H MH7>U_E=\`VI=!`*0BU`V\";#_%+O:L[?K1&[.J#;3P/5L>DJ[7I%!$RC];*K MN[5:3PETL^FP.K9;K8XJ?4@-UUN:"TW6#(TOQ-50!/:=84TD=GWE M;$H0V]89M*EU%7X43O,./C$"IYDTP+0.<]P-!"]VT@)@`^A!ZGNO1@?52HJ& M:?]TQ?[&?JY_8O_'[X-EO_P?4$L#!!0````(`.E^K4)QAP/SD1,``'<8`0`5 M`!P`8W!S:"TR,#$S,#,S,%]P&UL550)``,E19%1)461475X"P`!!"4. M```$.0$``.U=6W?;-A)^WW/V/W#=E]T'Q9*=M+7;;(]\R_K4B;VVT^X^Y4`D M)'%#$0I`^M)?OP!(411)W"C2@'S:A\:69Z"9^3#`8``,?O[E:1%Y#Q"3$,7O M]T9OAGL>C'T4A/'L_=[GN\'X[O3R>Q]@##%($/[)^PU$*?L$7801Q-XI6BPC MF$#ZA^R+C[W#-V^A-QAH-/L;C`.$/]]>%LW.DV1YO+__^/CX)D8/X!'AK^2- MC_2:NT,I]F'1UK?1CH^/A MC\?#(\UO2$"2DN(;AD_#_+^,_>L_]-`($>A2,FQT\D?+]7TNOQ\`W" ML_V#X7"T_Y^/5W?^'"[`((P9+#[<6W&Q5IKX1D='1_O\KRO2&N73!$>K[SC< M7XE3M$S_&DKH2Y*0\)AP\:Z0#Q+>JY1?XPDIV&^#%=F`?308'0P.1V^>2+"W M,CZW($81O(53C_U+>T?QK2`BH4^[PV*?_66?HI,N8)R,X^`\3L+DF4&%%UQ2 M*CUO:H[A]/V>OR3S`4-]>'@X9-_WG0YO\KRD+D)"UL/WO/TV(IZ`B-GR;@YA M0E0R-1)W+<0-P%3M.4Q"'T1&$C5R=B`>-*!M$;: M@0#,B<*$J:7Z_CIE%SZ63@C\EM)&SQ^T'$Q`__+CUCV81&K0MFJTVR%#3V`A M0_?#AYY`4J:7AWUP"B(_C7C00V=WE,SI:!_ZE/PLC-*$"@IP3-=]A#;'&XDAH=IRY.B\\W6#!3XE M=&4.@U5#3(-M%F'T8]8`72>/O(&WXBC_".+`R]B],G\N\DKH"/D;FR,%@.,J7R=_1C[YD,MS"63-I5=)R7QACWT,X@)C" MM6H48'^C!]27]CG%_I(O$0?^/(R*SC/%:&%JR]QN2*5)V;Y4AA<'X91J@D%T M29WEZ5?X+$6A1JL)P\A!'`1ZVP!BI<@];5;AOQF)IMD/G#)[DY8VK4WG\Q!1 M%0*64%68O4*K:?]#)^W?J+<-(,94FH!)=!&!F0"`"HVFX=\Z9?A&/6T8_#3% M3,>+D/@@^B\$6-[YQ>2:,+QS"@:5]O:FX-]A%/T:H\?X#@*"8AA<$I)"+)V* MA3R:V'SO%#9:=K`'T&\H2JD)\3/?,"128&JTFH#\X"`@`KTM!JN9#]_")<() M791GFYGRF%7`H@G+CP["(K>"/71X+SFE0^H,8?E"HD*IB<61@U@TZFP/@IMT M$H7^182`*!/00*>]BG/0_@T*6QR>LG1C@ORO/%5(KM.$'U6A3BH?I*2,NO@X MNZM:>TUVU, M"#6T0HLJD6ULI(JZ@<7J-,&S&()-$JOI>6W+-ZGEAL%O,%R"<'46@GKN M=3*'.%-,`(";ZA"\2- M0\**>%F#SVI27PVGMN9N^--'0+6-(7XNB_H!(R*:C&0,5G/\^H9'>MJX!--% MBN.0W9&ALBN/\A0DC'8 MW1!H!9-:?S=P$BHGPTK%9'>'H!5>>G;8]5"$+L+3!3O\#X,S2#7P0XX)_3F" M')PX&"_8)OL?_'.A4<0)BHZ:M[NCH1&H=FQ(\XYUE'6L&,Z8$/:[UBF*J;E2 MGZE[R12>4HZ/L"+DUQR%EUD^DRRM!K)F]-?.SF. M-Z4H/J'8-T[-E)ET@>TS/6.:EZDK[8;7%0)*TS)&_M1/3F:[3IN9QPPU+4NOM4P'.&(!F\)S>R+XJ55,HBBW!*S:/!,2ZP/2S.C<#1JZP,Z"PF@!U MQ<2XB.AUH>EGW6P,C5QM-]`Y!G?E;1AF.; ME@'<`$O;A[9QGGY6P*;!@8;7[.1*3-#=U*&$FD\7X'XVS#OQ.E<#BY)R:H_3 M1\+95?"K\;:B.!OA):-B=L,24HM`2O#OM90;=%;U70!:N?);19EDI#=3EG)6T&C%C1W3\`4K>$=G"A#V(_ M*V\S$,6*[OI:0+7'U'+O4Q_>OO:X6VZ628W0*=CV;K8W/Q%17',_5%QSWV#_ M\ZI[[XN"K*C(.$WF"(=_K/$6+PKJ'+MX"5[#!&[$,C5!>5$W;9Q6U%9OQ7<& MTJ;NC@)DM,1N7ZZHKR5V1U`YN]HN24HGFVO,-0YX\+PJ4:^&3FM.1RKK9$\N%$(J(@PAM=5LR0.,4ZBJH%,G MLSHU*>R^F05I5M"-82V7CE_]_PCB=$HE3.D2X@:C(/6%]0_4;%:G(Z'-Z[@H M-7<*)W)!]3RGXQZ.072:DH3V0F%E7`6/U2G'`"&YSF[!HT#"`%6HK)9PT<%)H)<;[I`)EZLA-7E!8[4HB[[!*SJY86Y^ MWX_.6U/AUM(&A=7J*SJF;M!GUX>A.QC1-F?9<]@1NY<;+,*8/TF4A`\P+\(D MR@QJ,ENMPZ(#K)D5W'"N?,T7S[*8_TI\D[B1TFH!%AU,)/KMNM/QYX(AR1\F MS'N7K*J>B-QN@18=%%6JNN%+ZR[&8OKL\%I*N]XZKW("IPC#TE.Q9_0'DH2^ M-*71LD6[!5WT8-W:8&X@GY\T+N3,>^@)G0G$48N*R6Z!%ZV@44MM-R`J7G"5 M3'$5&KOU470`:%1JU^>UZMNX_.E<`6("6KN%3720DRKIAL?\#L/9/('!^(&. MQC/X*5U,(+Z>UG:R9/@8MF&W[(D.;JV,X@:>M3>GLZ>H-3VKH+9;P:2-;U44 M=0,-04?*9=7=-#=NQ6XAE"T\3&48E[9@66W\BP@]-NS`OI/NP#)&CW,ZL@-; MVCLOE-(_Z-7`8C<"9`+=8/004E!/GC\3&%S&189@["?A0W8D4:YAFX8<.0XF M!+$25;8TE!M#:Y9;E<3Y90*K&^U;6!HUJ^,2#N/@?RG)+O.Q"[54T4O:#\D] MNH4^_3WDKU.LUR_WJ!OW[/]KK>[^=]-G7@H;1WIB1Y5$LQ?MJ%G8%1-X!K-_ M1?VPYR^U>L*AHU[X(KBXT0=7RWP8G*(%RY-QE41!E(#8Z@&+;C"7V\$-K*H] MZ3)>U<4LI:+%.7L=7JM',+I!TLA*K;.2=!DX003:STO6U:T_MZ7=)YI8K1X2 MZ:M+B&WDJJNOGO(2%UE1\%@]@=(7C@U6<17`S:>_M#&LLED];](7C,VV>UBN6.>5=H1*!423OE!CM7M:IL?^(##2[G<)?9MMG?"U M?>JFF^YA;C`W0H%U`9U5GOL\RC976/1"#+.(K=JR>VC'--._E<'[PDYH`0\S]"0 M'2?V\YJ]=XXO![;?.GK9[L'T[:2#G,.O78^@O&0N[<%,P6:S`@6<@ MS@^XL@E,R4JEZY?K2D&(0[ZAMF\O;'-UZ5]H<3^N5?VRA:8K;IF2TA+?N@F8UL^V5QD^<&XKRH,3N#SQ]8 M8[^M%T2;18T+9_VQ-H'"Q,N:]&B;7M:,Q[D]$`>K#]8-9W^SZ,?5.^$*AQ63 M.W2!7^6,$GJ;_J>"0G:5WSG?XE(-^'66?`>N8;([JOI/BZX=:LVG;:;+E)V[8Z,;'L` M:+H7L7+\T;`>Y:ZI;68N,BF>M0-8*8?5'$Q-+I4;REEL^I@&+)OY&+7N'1_> M?E'/RH^DYU=5&KQK5/6NG,,K6"R>I\CN5;#7S;A45#>%BTDY[-Z=+]\4J5\4 MH`+S9P9*'ZU1R4L$JIRRZR^QZ<8:T%?NP/=@7]O3XE7IJ%KYQ/$5VV-?G5T; MSS`4)(A&!U7G9BWR&DF\3;[,+%KU>+/>JEVOU+#=N2DOL3&.(@YA^2/UA*O# M;'%@*.4^J#0I%TQ_&M;FMCTCZT-8]FI#X]AVUZ8+^X4K'M:C6)[ZR<@=V!8U M"&,E'"YL\)J$L3(6NTZCA*5QF]=A]V#YS)`[?=T[WE:]HT1L\XV2E1"$YWE9 M:>T9I"-2.7A0>(MA&Y:?+\PEU?<@%9--'VH%7_7Q0K5%;/O573HA\%M*VSI_ M:`X#W]52IP6+E_/8/&&U*;[R2)6(W.HIL4VA5%XCH;=:XU(!Q>89,(7*MMW" M<,/NGB\WZ[Y3/_?2;MO.^WOV#38+T;Z&_;L[?PZ#-&+K8A#YK.P=/__QB:X. M,/M.BN\9C-&"+AWH;Y=Q;?.+H:#TSXZ_9%=V"OLQKNV1H+1?(/+RAI,T!8\+ MGOMZ-AO67:R0<)5^,_-,%;OME(?!)H2I35[1AH3((6NG9:K;$BYXY>O9GUCW MP'KJW-`OU0WLT+Z"N5UVV3<-0^;!1I!P@I(Y?["%!0G9.Q.U-T1@`L*HP=MK M9WO:!MD#KR03V^B84*F\"1.+\P698![,)?.6M'62Q>>Y='\&Z#V\/&6H2(5G M5\)G+=7=N'?3XTMN+P)#LVE[>]7-F3)\[KXGUL_U=6/.81E>$\6N.R^O3!-E.I0/\=G4P-:@+T<^-;U[RB";6#2_[. MN-J+3ZD&Z/=SG[P%^L8*ONK>(7I'$4*FX.[5$&;0QG[)JZ M0^#*:M"52:RNQ]L"V%QP;GMOM'F`:%#Y71BJ*R\ZESZ"Q2$C!X+VUW/**#!,BJF'3I-I*>_&U%*+NL=B`!;OFIA5".V&L^W`T>@ ML%.@R.^URS%2\5J-]MM!IF<.IQ`L7176\JPF>JO[]>V0$JOM%#JEWJ.%3A.] MU0A_:S\2H]-GM)C_A?V/5<"BG_P?4$L#!!0````(`.E^K4(E1'2G408``,DK M```1`!P`8W!S:"TR,#$S,#,S,"YXG=G_H,U3^^#8)H62-&D'`H%T*60:Z';WI:/82J)! MEHTDD_#O]\K?<>)`4OJRYH&QK^XYNO?H2I9`W4]+CZ%'(B3U>:]A-ZT&(MSQ M7Z2#+@@G M`BM??$#?,`NUQ1]01@3J^U[`B"+0$/?40:WF.X(,XP6TWPAW?7'W=9C1SI4* M.J:Y6"R:W'_$"U_%OSJ;O"WV5_>!V[[XOS;8AAW MV97.G'@8P5ASV6L4]%NTFKZ8F0>699O?OUR-([]&[-A9,LKO-[G;[7;;C%I3 MUS7/Y42PE+IEZN8)EB1CAE:ZQ9]RJ3!W5OQ=E0&*SH=FW+CB2C>Z'L6N-'5U M2<:(Q[A:N`+[XQ,<<@@R8<0,SJEQ&T@A<6,*%T7,L`.V4:55A;F MW(<"A$F66+0M""A4&!A^Z^JAZ`B?D=NG@"#]`%-K`[%N,:$V0QW?"7?/N:+J M21>J\"+Z!J)NK['50W<(W4==NF1*.8WB@JE@(P.ET.(CYBZ*>5"!J&N6*0K$ MH23N#?\8/0>"2*")0%=@2(")2P7(P8Z?H?SPE1 M,E9ZU50M[0'HJ9<@DFB;X%`,1&_N.`Y=JHC[MN:RCK"`I.9$40AU@\:K[=6" MMYX1?(6GAJ)GVLB;Z4V@MPC055+4%6W58K\KB9T3('^*@`(.(X(B7N^#`B7J9!E8[68=EG,!(I2;/T4!5;8 M7_0%@8V7/H+#*ACH&7I%8+X.L$,9'*5/9H(4/YN[@JI'Y*`\(IHZVA=&Y/%Q M/J5'$3]*.T!Y#_4;M_B+=HN7^7*2&ZKU;JTO)]&7,<+53T7][:=*EU`L8N&] M6L-W90US5/T4'(<321Y"R.7\L;!C*%NKU3Q-:/E?MMI]&;N*L:'NT+.[;B2*V;JT=APY$S`]=8V=+.KZCNYJ9JA=>. MC>6M88UEWG%-,?IY#C?34U_-X>Q''7`_HRQ4,"A8<,IG$N@BP!E1F++]%K"] M.ZLNA;4#[+Y+'NP,\N#TIG8"X:&)CB_"N7&$B"0AH@#89;Q:)F'6L-H*2YM1 M>%XIDF=\*L?V8-MQNKRLUG<(2HNG47I?&8H7^E8/R;.'\H*)9(OQ_V]P]"]] MQ>$KF:+H:D1'07NO(:F^^])(;'-!IKV&$\BYD?[G_@>DUEQZ+'71U%NN1D0C M7%8CZ3BEP,)98UF[N@$D/JQ8"B:+F0:?$BBJ-'Q4Z$8?[>^A:,S72)GAR:XI M`X2P7YCKE>9_U22A^G9-LE2PORC5XF?M-1.&J;-KPJNS[1?E>Y9U4DPWN1MC MYI=CDO?R!9HN).X+A?C:-9QM%Y?B*U=7OA-1;8'H-R/%&=IDV`=&RVXNI9M' MNDL0N0R[!9'B]@ABZ_6IBB@V8O2#D8-?VO_6NUC;^M\(-`E3,K7\9#1Z\LA7 M"B?BVB.>E?%VE3`UDM2L8]^,IC]`GDNBN1^ M7?S7P='X\L>V^VHG$ZD$=E0CBGK[W;;<%R=/O8:"30Y@*6/ZJ)F^1W<=.[!$ M4=^]C592-Q3)#;IX98T]@`5.$4-%/.T%0H1`3%6H/2^$'P:I(P67.,6N&:L% MC_\!4$L!`AX#%`````@`Z7ZM0D"><_P))```;E(!`!$`&````````0```*2! M`````&-P&UL550%``,E19%1=7@+``$$)0X```0Y`0`` M4$L!`AX#%`````@`Z7ZM0E8#SO@D"@``E&X``!4`&````````0```*2!5"0` M`&-P`Q0````(`.E^K4(K/'WW)04``',C```5`!@```````$```"D@<`L``00E#@``!#D! M``!02P$"'@,4````"`#I?JU"FS4AKC<<``!/@P$`%0`8```````!````I($[ M-```8W!S:"TR,#$S,#,S,%]L86(N>&UL550%``,E19%1=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`Z7ZM0G&'`_.1$P``=Q@!`!4`&````````0```*2! MP5```&-P`Q0````(`.E^K4(E1'2G408``,DK```1`!@```````$```"D M@:%D``!C<'-H+3(P,3,P,S,P+GAS9%54!0`#)461475X"P`!!"4.```$.0$` 7`%!+!08`````!@`&`!H"```]:P`````` ` end XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued Expenses (Tables)
3 Months Ended
Mar. 30, 2013
Payables and Accruals [Abstract]  
Accrued expenses
  March 30,   December  29,
   2013  2012
    
Accrued legal and accounting  $86,319  $92,000
Accrued payroll   596,038   388,029
Accrued other   663,498    457,558 
Accrued income taxes   —     456
  
Total Accrued Expenses  $1,345,855  $938,043
  
XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (Unaudited) (USD $)
3 Months Ended
Mar. 30, 2013
Mar. 31, 2012
Revenues:    
Product sales $ 4,913,347 $ 3,342,653
Research and development under cooperative agreement 117,731 212,123
Total revenues 5,031,078 3,554,776
Cost of product sales 4,018,754 3,405,575
Cost of research and development under cooperative agreement 97,887 183,041
Gross Margin 914,437 (33,840)
Selling, general, and administrative expense 899,915 808,723
Income (loss) from operations 14,522 (842,563)
Interest expense, net (10,192) (5,772)
Income (loss) before taxes 4,330 (848,335)
Income tax provision (benefit) 1,720 (314,000)
Net income (loss) $ 2,610 $ (534,335)
Net income (loss) per basic common share $ 0.00 $ (0.04)
Weighted average number of basic common shares outstanding 12,871,759 12,865,659
Net income (loss) per diluted common share $ 0.00 $ (0.04)
Weighted average number of diluted common shares outstanding 13,112,626 12,865,659
XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Line of Credit and Equipment Lease Facility Agreements
3 Months Ended
Mar. 30, 2013
Investments, All Other Investments [Abstract]  
Line of Credit and Equipment Lease Facility Agreements

(7) Line of Credit and Equipment Lease Facility Agreements

In early May 2013, the Company renewed its $2 million revolving line of credit (“LOC”) and $500 thousand of an equipment finance facility (“Lease Line”) with Sovereign Bank.   Both agreements mature in May 2014.  The LOC is secured by the accounts receivable and other assets of the Company, has an interest rate of prime plus one percent (1%) and a one-year term. Under the terms of the agreement, the Company is required to maintain its operating accounts with Sovereign Bank. The LOC and the Lease Line are cross defaulted and cross collateralized. The Company is also subject to certain financial covenants within the terms of the line of credit that require the Company to maintain a targeted coverage ratio as well as targeted debt to equity and current ratios. At March 30, 2013, the Company was in compliance with existing covenants. At March 30, 2013, the Company had $327 thousand net carrying value of capital equipment financed by advances and capital lease obligations under the Lease Line and $173 thousand available remaining. Equipment financed by the Sovereign equipment lease qualifies for treatment as a capital lease once converted from the Lease Line to a lease. At March 30, 2013 the Company had borrowed $600 thousand under this LOC and its borrowing base at the time would have permitted an additional $ 1,174 thousand to have been borrowed.

 

XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued Expenses
3 Months Ended
Mar. 30, 2013
Payables and Accruals [Abstract]  
Accrued Expenses

(6) Accrued Expenses

Accrued expenses consist of the following:

  March 30,   December  29,
   2013  2012
    
Accrued legal and accounting  $86,319  $92,000
Accrued payroll   596,038   388,029
Accrued other   663,498    457,558 
Accrued income taxes   —     456
  
Total Accrued Expenses  $1,345,855  $938,043
  

 

XML 27 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Per Common Share and Common Equivalent Share - Calculation of both basic and diluted earnings per share (Details) (USD $)
3 Months Ended
Mar. 30, 2013
Mar. 31, 2012
Basic EPS Computation:    
Net income (loss) $ 2,610 $ (534,335)
Weighted average common shares outstanding 12,871,759 12,865,659
Basic EPS $ 0.00 $ (0.04)
Diluted EPS Computation:    
Net income (loss) $ 2,610 $ (534,335)
Weighted average common shares outstanding 12,871,759 12,865,659
Stock options 240,867   
Total Shares 13,112,626 12,865,659
Diluted EPS $ 0.00 $ (0.04)
XML 28 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

(10) Subsequent Events

See Note 7 for a description of the Line of Credit and Equipment Lease Facility Agreements renewal with Sovereign Bank

XML 29 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Mar. 30, 2013
Income Tax Disclosure [Abstract]  
Income Taxes

(8) Income Taxes

At December 29, 2012, the Company had approximately $3,303,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

 

The Company recorded a tax expense of $1,340 for federal income taxes and $380 for state income taxes during the quarter ended March 30, 2013.

 

The Company has a current and non-current deferred tax asset aggregating $2,785,253 and $2,786,973 on the Company’s balance sheet at March 30, 2013 and December 29, 2012, respectively. A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.

XML 30 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitment
3 Months Ended
Mar. 30, 2013
Commitments (note 9)  
Commitment

(9) Commitment

In July 2006, the Company entered into a lease for its current operating facilities of approximately 37,520 square feet of rentable space located on approximately seven acres at its current site in Norton, MA. The term of the lease is ten years. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities. The Company also has an option to buy the property and a first right of refusal during the term of the lease. Annual rental payments are $100,000 in year one increasing to $150,000 in year ten.

 

In February 2011, the Company entered into a one-year lease, with five options to renew for one year periods, for approximately 13,800 square feet of rentable space inside a larger building located at 79 Walton Street, Attleboro, Massachusetts. Monthly rent, which includes utilities, is $6,900. In October 2012, the Company renewed the lease through February, 2014.

XML 31 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income Per Common Share and Common Equivalent Share (Tables)
3 Months Ended
Mar. 30, 2013
Earnings Per Share [Abstract]  
Calculation of both basic and diluted earnings per share
  For period ended
  March 30,  March 31,
   2013  2012
  
Basic EPS Computation:      
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
Basic EPS  $0.00  $(0.04)
Diluted EPS Computation:          
Numerator:          
Net income (loss)  $2,610  $(534,335)
Denominator:          
Weighted average          
common shares          
Outstanding   12,871,759   12,865,659
stock options   240,867   —  
Total Shares   13,112,626   12,865,659
Diluted EPS  $0.00  $(0.04)
XML 32 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accrued Expenses - Accrued expenses (Details) (USD $)
Mar. 30, 2013
Dec. 29, 2012
Payables and Accruals [Abstract]    
Accrued legal and accounting $ 86,319 $ 92,000
Accrued payroll 596,038 388,029
Accrued other 663,498 457,558
Accrued income taxes    456
Total Accrued Expenses $ 1,345,855 $ 938,043
XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Mar. 30, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income (loss) $ 2,610 $ (534,335)
Depreciation and amortization 161,835 197,616
Share-based compensation 53,631 58,034
Deferred taxes 1,720 (314,000)
Accounts receivable-trade (1,267,966) 627,835
Inventories 404,146 (282,074)
Prepaid expenses and other current assets 7,609 19,715
Accounts payable 187,219 (89,235)
Accrued expenses 407,812 21,657
Net cash used in operating activities (41,384) (294,787)
Cash flows from investing activities:    
Purchases of property and equipment (187,163) (150,958)
Net cash used in investing activities (187,163) (150,958)
Cash flows from financing activities:    
Payment of capital lease obligations (35,788) (75,634)
Proceeds from equipment lease line 163,155   
Proceeds from line of credit 100,000   
Net cash provided (used) in financing activities 227,367 (75,634)
Net decrease in cash and cash equivalents (1,180) (521,379)
Cash and cash equivalents at beginning of period 306,854 1,142,429
Cash and cash equivalents at end of period 305,674 621,050
Supplemental cash flow information:    
Cash paid for taxes, net of refunds      
Interest paid $ 10,192 $ 5,772
XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
3 Months Ended
Mar. 30, 2013
Inventory Disclosure [Abstract]  
Inventories

(5) Inventories

Inventories consist of the following:

  March 30, December  29,
   2013  2012
  
Raw materials  $369,959  $312,213
Work in process   1,050,957   1,145,843
Finished goods   944,253   1,306,259
  
Total inventory   2,365,169   2,764,315
Reserve for obsolescence   (312,000)   (307,000)
  
Inventories, net  $2,053,169   $2,457,315 
  

 

XML 35 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 7 105 1 false 0 0 false 3 false false R1.htm 0001 - Document - Document and Entity Information Sheet http://alsic.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 0002 - Statement - Balance Sheets (Unaudited) Sheet http://alsic.com/role/BalanceSheets Balance Sheets (Unaudited) false false R3.htm 0003 - Statement - Balance Sheets (Parenthetical) Sheet http://alsic.com/role/BalanceSheetsParenthetical Balance Sheets (Parenthetical) false false R4.htm 0004 - Statement - Statements of Operations (Unaudited) Sheet http://alsic.com/role/StatementsOfOperations Statements of Operations (Unaudited) false false R5.htm 0005 - Statement - Statements of Cash Flows (Unaudited) Sheet http://alsic.com/role/StatementsOfCashFlows Statements of Cash Flows (Unaudited) false false R6.htm 0006 - Disclosure - Nature of Business Sheet http://alsic.com/role/NatureOfBusiness Nature of Business false false R7.htm 0007 - Disclosure - Interim Financial Statements Sheet http://alsic.com/role/InterimFinancialStatements Interim Financial Statements false false R8.htm 0008 - Disclosure - Net Income Per Common Share and Common Equivalent Share Sheet http://alsic.com/role/NetIncomePerCommonShareAndCommonEquivalentShare Net Income Per Common Share and Common Equivalent Share false false R9.htm 0009 - Disclosure - Share-Based Payments Sheet http://alsic.com/role/Share-BasedPayments Share-Based Payments false false R10.htm 0010 - Disclosure - Inventories Sheet http://alsic.com/role/Inventories Inventories false false R11.htm 0011 - Disclosure - Accrued Expenses Sheet http://alsic.com/role/AccruedExpenses Accrued Expenses false false R12.htm 0012 - Disclosure - Line of Credit and Equipment Lease Facility Agreements Sheet http://alsic.com/role/LineOfCreditAndEquipmentLeaseFacilityAgreements Line of Credit and Equipment Lease Facility Agreements false false R13.htm 0013 - Disclosure - Income Taxes Sheet http://alsic.com/role/IncomeTaxes Income Taxes false false R14.htm 0014 - Disclosure - Commitment Sheet http://alsic.com/role/Commitment Commitment false false R15.htm 0015 - Disclosure - Subsequent Events Sheet http://alsic.com/role/SubsequentEvents Subsequent Events false false R16.htm 0016 - Disclosure - Net Income Per Common Share and Common Equivalent Share (Tables) Sheet http://alsic.com/role/NetIncomePerCommonShareAndCommonEquivalentShareTables Net Income Per Common Share and Common Equivalent Share (Tables) false false R17.htm 0017 - Disclosure - Inventories (Tables) Sheet http://alsic.com/role/InventoriesTables Inventories (Tables) false false R18.htm 0018 - Disclosure - Accrued Expenses (Tables) Sheet http://alsic.com/role/AccruedExpensesTables Accrued Expenses (Tables) false false R19.htm 0019 - Disclosure - Net Income Per Common Share and Common Equivalent Share - Calculation of both basic and diluted earnings per share (Details) Sheet http://alsic.com/role/NetIncomePerCommonShareAndCommonEquivalentShare-CalculationOfBothBasicAndDilutedEarningsPerShareDetails Net Income Per Common Share and Common Equivalent Share - Calculation of both basic and diluted earnings per share (Details) false false R20.htm 0020 - Disclosure - Inventories - Inventories (Details) Sheet http://alsic.com/role/Inventories-InventoriesDetails Inventories - Inventories (Details) false false R21.htm 0021 - Disclosure - Accrued Expenses - Accrued expenses (Details) Sheet http://alsic.com/role/AccruedExpenses-AccruedExpensesDetails Accrued Expenses - Accrued expenses (Details) false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - Balance Sheets (Unaudited) Process Flow-Through: Removing column 'Mar. 31, 2012' Process Flow-Through: Removing column 'Dec. 31, 2011' Process Flow-Through: 0003 - Statement - Balance Sheets (Parenthetical) Process Flow-Through: 0004 - Statement - Statements of Operations (Unaudited) Process Flow-Through: 0005 - Statement - Statements of Cash Flows (Unaudited) cpsh-20130330.xml cpsh-20130330.xsd cpsh-20130330_cal.xml cpsh-20130330_def.xml cpsh-20130330_lab.xml cpsh-20130330_pre.xml true true XML 36 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories - Inventories (Details) (USD $)
Mar. 30, 2013
Dec. 29, 2012
Inventory Disclosure [Abstract]    
Raw materials $ 369,959 $ 312,213
Work in process 1,050,957 1,145,843
Finished goods 944,253 1,306,259
Total inventory 2,365,169 2,764,315
Reserve for obsolescence (312,000) (307,000)
Inventories, net $ 2,053,169 $ 2,457,315